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) announced the appointment of John Hawkins as vice president of Operations Support, effective October 24, 2022. Hawkins succeeds David Karafa, who is retiring after 40 years. In his new role, Hawkins will oversee departments such as Workforce Development and Emergency Preparedness. With extensive experience from Entergy Louisiana and Florida Power & Light, Hawkins is expected to enhance FirstEnergy's operational performance and smart grid investments. His educational background includes a degree from Purdue University and an MBA from Indiana University.
FirstEnergy Corp. (NYSE: FE) underscores the importance of safety during the Halloween season in a recent announcement. The company advises the public to take precautions while decorating to prevent electrical hazards. Key safety tips include avoiding decorations near utility equipment, inspecting electrical cords, using proper light clips, and opting for UL-approved lights. Additionally, FirstEnergy emphasizes safe practices for trick-or-treating, such as keeping paths clear and being visible. Customers are encouraged to report streetlight issues promptly. For further safety information, visit FirstEnergy's public safety campaign online.
FirstEnergy Corp. (NYSE: FE) announced a Request for Proposal (RFP) to secure long-term solar power purchase agreements (PPAs) for its four Pennsylvania utilities. The firm seeks bids to procure up to 20 megawatts (MW) of solar capacity during the RFP process, managed by The Brattle Group. Key dates include qualifying applications by Nov. 7, 2022, and bid submissions by Dec. 5, 2022. The projects must align with Pennsylvania's Alternative Energy Portfolio Standards Act. For more details, visit FirstEnergy's website.
FirstEnergy Corp. (NYSE: FE) will announce its third quarter and first nine months of 2022 financial results on October 25, following market closure. A conference call is scheduled for 11 a.m. EDT on October 26 to discuss the results, including a question-and-answer session. Investors can listen to the live webcast on FirstEnergy's Investor Information website. Supporting materials will be available post-announcement. The company emphasizes integrity, safety, and operational excellence, serving customers across multiple states.
Jersey Central Power & Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), is offering Google Nest thermostats for just $1 to customers until December 31, 2022. This initiative aims to help New Jersey residents manage rising energy costs, attributed to increasing temperatures and inflation. Studies show that Nest thermostats can save users 10%-12% on heating and 15% on cooling bills. The promotion is part of JCP&L's efforts to enhance energy efficiency and accessibility for all customers.
FirstEnergy Corp. (NYSE: FE), based in Akron, Ohio, announced a Request for Proposal (RFP) to buy 470,000 Ohio-compliant Renewable Energy Credits (RECs) for its utilities, including Ohio Edison, The Illuminating Company, and Toledo Edison. This initiative aims to meet the 2022 renewable energy targets set by Ohio's alternative energy law. The RFP is managed by Guidehouse Inc. and focuses on RECs generated between Jan. 1, 2020, and Dec. 31, 2022. Interested bidders must meet credit qualifications, with proposals due by Nov. 9, 2022.
FirstEnergy Corp. (NYSE: FE) announces the completion of smart grid upgrades in Ashtabula County, Ohio, impacting nearly 18,000 customers. This project included the installation of new automated equipment in substations and power lines, enhancing service reliability during severe weather. A new four-year, $626 million plan (Ohio Grid Mod II) has been filed to further expand smart grid technology investments, building on previous upgrades. The plan aims to introduce electric vehicle charging incentives and improve customer service through advanced technology.
The Illuminating Company, a subsidiary of FirstEnergy Corp. (NYSE: FE), is concluding a smart grid modernization project in greater Cleveland. This initiative includes the installation of automated equipment in substations, impacting over 76,000 customers. Additionally, a new proposal for a $626 million smart grid investment plan, termed Ohio Grid Mod II, aims to expand these efforts with multiple pilot programs. The upgrades enhance power restoration during severe weather, improve service reliability, and support energy efficiency through new technology.
On October 5, 2022, FirstEnergy's Potomac Edison announced the donation of 650 trees to be planted in various locations across Maryland. The initiative is part of a broader effort to plant 20,000 trees this year, with 16,000 already planted. Events are scheduled across multiple sites, including Shafer Park, Monocacy National Battlefield, and Toms Creek. The initiative aims to reduce the company's carbon footprint and promote sustainability. This volunteer effort highlights FirstEnergy's commitment to environmental stewardship and community engagement.
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