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.
FirstEnergy Corp. (NYSE: FE) encourages struggling residential customers in Pennsylvania, served by Penelec, Penn Power, Met-Ed, and West Penn Power, to enroll in payment plans and bill assistance programs.
Amid ongoing financial challenges due to the pandemic, the company highlights multiple support initiatives including the Pennsylvania Customer Assistance Program (PCAP) and the Low Income Home Energy Assistance Program (LIHEAP). Customers are urged to contact their utility provider for enrollment and assistance options. FirstEnergy aims to help mitigate rising customer debt and ensure continued service during winter months.
FirstEnergy Corp. (NYSE: FE) subsidiary Potomac Edison is urging residential customers facing financial challenges to enroll in payment plans and bill assistance programs. Linda Moss, president of Maryland Operations for FirstEnergy, noted the ongoing economic uncertainty affecting many customers. Eligible programs include the Electric Universal Service Program, Utility Service Protection Program, and Maryland Energy Assistance Program. Customers can also access the 2-1-1 Helpline for local resources. Potomac Edison serves approximately 275,000 customers across Maryland and the Eastern Panhandle of West Virginia, emphasizing its commitment to customer support during tough economic times.
FirstEnergy Corp. (NYSE: FE) encourages its West Virginia residential customers facing financial difficulties to enroll in various bill assistance programs. Programs include the Low Income Energy Assistance Program (LIEAP), Emergency Assistance Program, and Dollar Energy Fund, all aimed at preventing service termination for nonpayment. James Myers, president of West Virginia Operations, highlights the importance of reaching out to the utility for options during winter. Mon Power serves around 395,000 customers, while Potomac Edison serves about 151,000 in the area. More information can be accessed through local DHR offices or the FirstEnergy website.
FirstEnergy Corp. (NYSE: FE) has been awarded the Emergency Recovery Award by the Edison Electric Institute (EEI) for its exceptional response to power outages affecting over 287,000 customers in Ohio and West Virginia due to severe weather in June 2022. This marks the seventeenth consecutive year FirstEnergy has received recognition for its storm response. The award was presented on January 11, 2023, after more than 1,800 employees worked to restore power, replacing 263 poles and 149 transformers under challenging conditions.
FirstEnergy Corp. (NYSE: FE) will announce its financial results for Q4 and full year 2022 after market close on February 13. A conference call for financial analysts is set for 11 a.m. EST on February 14, featuring a Q&A session. Interested parties can access the live webcast and presentation on FirstEnergy's Investor Information website. The company is recognized for its commitment to integrity, reliability, and operational excellence, serving customers across several states including Ohio and Pennsylvania.
FirstEnergy alerts customers to conserve electricity due to extreme cold, predicting high electric demand today as temperatures plummet. The PJM Interconnection recommends energy-saving measures until 10 a.m. on December 25. Customers are advised to lower thermostats, turn off non-essential appliances, postpone using major electric appliances, and close curtains to retain warmth. The utility company warns of potential short, rotating outages if demand continues to rise. FirstEnergy serves multiple states and operates about 24,000 miles of transmission lines.
FirstEnergy Corp. (NYSE: FE) is gearing up for a severe winter storm expected to impact its service territories in Ohio, Pennsylvania, West Virginia, Maryland, New Jersey, and New York from Dec. 22, 2022, through Dec. 24, 2022. The storm will bring extreme cold, ice, snow, and winds exceeding 60 mph. FirstEnergy's utility teams are implementing enhanced storm response plans, including additional staffing for damage assessments and restoration efforts. Customers are advised to prepare for potential outages and can report issues via multiple channels.
FirstEnergy Corp. (NYSE: FE) launched a free drone safety video game to promote electrical safety awareness during the holiday season. As drones become popular gifts, the company urges users to follow safety tips, emphasizing the risks of flying near power lines and substations. Key recommendations include becoming a licensed pilot, registering drones, and avoiding flying in unsafe conditions. The game teaches safe practices in an interactive manner, enhancing public understanding of electricity safety around drone use. Additional safety tips for holiday gifts and decorations are also provided.
FirstEnergy Corp. (NYSE: FE) declared a quarterly dividend of 39 cents per share, remaining unchanged from previous periods. This dividend will be payable on March 1, 2023, to shareholders of record on February 7, 2023. The company's extensive electric distribution network serves states including Ohio, Pennsylvania, New Jersey, and more. Despite ongoing government investigations and potential risks affecting operations, FirstEnergy remains committed to operational excellence.
Potomac Edison, a subsidiary of FirstEnergy Corp (NYSE: FE), has launched a $1.4 million battery energy storage project in Myersville, Maryland, alongside two new electric vehicle (EV) fast-charging stations. The 500-kilowatt battery will power the charging stations during peak demand and outages, offering about eight hours of uninterrupted charging. This initiative is part of Maryland's Energy Storage Pilot Program and aims to enhance system reliability amid increasing EV adoption. The project is the first of two planned energy storage projects by Potomac Edison.
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