Welcome to our dedicated page for FirstEnergy news (Ticker: FE), a resource for investors and traders seeking the latest updates and insights on FirstEnergy stock.
FirstEnergy Corp. (NYSE: FE) is a leading investor-owned utility headquartered in Akron, Ohio. The company operates through its 10 regulated distribution utilities, serving over six million customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland, and New York. FirstEnergy's vast transmission network spans more than 24,000 miles, connecting the Midwest and Mid-Atlantic regions, making it one of the largest electric systems in the nation.
Committed to operational excellence, safety, and reliability, FirstEnergy is actively engaged in various projects that enhance the quality of life for its customers and communities. The company has an impressive portfolio of ongoing initiatives aimed at fostering environmental sustainability. For instance, FirstEnergy has pledged to plant over 25,000 trees in 2024 as part of its environmental responsibility efforts, which have already seen over 67,000 trees planted since 2021.
Financial performance remains strong. FirstEnergy reported first-quarter 2024 GAAP earnings of $253 million on revenue of $3.3 billion. The company continues to maintain a healthy balance sheet and aims for a long-term annual operating earnings growth rate of 6% to 8%, supported by its $26 billion five-year capital investment plan, Energize365.
The company's latest projects include aerial inspections of nearly 7,000 miles of transmission lines using advanced infrared technology to ensure the safety and reliability of its network. Additionally, FirstEnergy's Toledo Edison has embarked on a $342,000 LED streetlight conversion project in Sylvania, Ohio, expected to save the city $77,000 annually in energy costs.
FirstEnergy also focuses on improving infrastructure in rural areas. Mon Power, a subsidiary, has been selected to receive up to $5 million in federal funding to upgrade power lines in West Virginia, enhancing reliability for thousands of customers.
In leadership news, Nikhil Rao has been promoted to Associate General Counsel, emphasizing the company's focus on robust legal and regulatory compliance. Rao brings extensive experience in litigation and labor law, reinforcing FirstEnergy's commitment to integrity and operational excellence.
For those interested in career opportunities, FirstEnergy actively engages with potential employees through its FirstEnergy Careers Facebook community, sharing job postings and career tips.
Overall, FirstEnergy Corp. continues to lead with a steadfast commitment to making lives brighter, the environment better, and communities stronger.
On January 27, 2023, FirstEnergy Foundation announced a $20,000 grant to We Have Your Six, Inc., a nonprofit supporting U.S. veterans. This grant, part of the Gifts of the Season program, aids local nonprofits in enhancing community welfare within the Mon Power service area. The funding will help veterans secure housing, food, and healthcare. FirstEnergy has a longstanding commitment to veterans, employing over 1,000 military personnel and recognized as a military-friendly employer. Since 2016, the Gifts of the Season initiative has provided over $500,000 to community organizations.
FirstEnergy Corp. announces the completion of a 13-mile upgrade to a high-voltage transmission line in Carroll and Columbiana counties, Ohio. This project, part of a larger 64-mile initiative, enhances grid reliability and accommodates growing electricity demand. An investment of
FirstEnergy Corp. (NYSE: FE) announced a clean energy commitment from Harpers Ferry, allowing subsidiaries Mon Power and Potomac Edison to advance plans for five solar facilities. The initiative aims to generate 50 megawatts of solar energy, with conditional approval granted by the West Virginia Public Service Commission. The agreement includes a 100% subscription for streetlights and town hall energy usage and has garnered support from local government. The solar program is part of a 2020 legislative bill permitting utilities to develop renewable energy sources, enhancing West Virginia's attractiveness for business development.
FirstEnergy Corp. (NYSE: FE) encourages residential customers in Ohio, served by its subsidiaries Ohio Edison, The Illuminating Company, and Toledo Edison, to enroll in payment plans and apply for bill assistance programs due to ongoing economic challenges. Patricia Mullin, acting president of Ohio Operations, emphasizes the urgency for customers struggling to pay bills to contact the utility. Programs include the Percentage of Income Payment Plan (PIPP), Home Energy Assistance Program (HEAP), and emergency funds for those facing hardships. The Winter Reconnect Option allows service restoration for $175. Customers can find more assistance details online.
FirstEnergy's subsidiary, Jersey Central Power and Light (JCP&L), encourages residential customers in financial distress to enroll in payment plans and seek bill assistance. This initiative is crucial as many customers face economic challenges exacerbated by the pandemic. President Jim Fakult highlights the importance of contacting JCP&L for support options. Eligible programs include the Universal Service Fund, Low-Income Heating Energy Assistance Program, and Payment Assistance for Gas and Electric Program, which provide financial relief based on income levels. JCP&L serves about 1.1 million customers across New Jersey.
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