FirstEnergy Corp. - FE STOCK NEWS

FirstEnergy Corp. (NYSE: FE) is giving away 1,500 trees during the 2022 Mountain State Forest Festival in Elkins, West Virginia, as part of its initiative to plant 20,000 trees this year. The event will take place on October 7 and 8, with nearly 16,000 trees already planted across its service area. The company's efforts aim to reduce its carbon footprint and promote sustainable practices. Additionally, FirstEnergy is donating $2,000 to the festival and providing in-kind contributions valued at $10,000 for event logistics.

Potomac Edison, a subsidiary of FirstEnergy Corp. (FE), is enhancing power reliability by trimming trees along over 180 miles of high-voltage power lines in Maryland, West Virginia, and Virginia. Utilizing a helicopter with an aerial saw, the initiative aims to reduce outages caused by trees, especially during severe weather. With a 20% reduction in service interruptions in 2021 versus 2019, the program includes clearing vegetation along 3,100 miles of distribution lines, totaling $33 million in vegetation management.

Jersey Central Power & Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), has installed protective devices to safeguard New Jersey's bald eagle population. The measures include guards on electrical equipment, insulated caps, and reflective tags along power lines to prevent nesting and enhance visibility. Over five years, more than 100 projects have been completed to protect birds of prey. The bald eagle population in New Jersey has significantly increased, with 247 territorial pairs documented in 2021, reflecting efforts to bolster wildlife conservation while minimizing service disruptions for customers.

FirstEnergy Corp. (NYSE: FE) has declared a quarterly dividend of 39 cents per share, maintaining its previous rate. The dividend is set to be paid on December 1, 2022, to shareholders recorded as of November 7, 2022. This decision reflects the company's ongoing commitment to return value to its shareholders amid various operational challenges. FirstEnergy serves a broad customer base across several states and operates a vast transmission network, positioning itself as a significant player in the electric utility sector.

FirstEnergy Corp. (NYSE: FE) announced the retirement of Steven E. Strah as president and CEO, effective September 16, 2022. John W. Somerhalder II, chair of the Board, is appointed as interim CEO while a search for a permanent successor begins. Somerhalder aims to enhance value for customers and shareholders during this transition. The company anticipates strong 2022 results, focusing on improving its balance sheet through organic cash flow growth and potential asset transactions. The Board expresses gratitude for Strah's service and aims to maintain operational momentum during the leadership change.

The Illuminating Company, a subsidiary of FirstEnergy Corp. (NYSE: FE), has completed a $3 million tree-trimming project to enhance electric service reliability for over 25,000 customers in Cleveland. This initiative, part of a broader $16.5 million investment this year, addresses vegetation issues that have historically caused outages. The project involved extensive coordination and has trimmed trees along 1,500 miles of power lines, with plans to complete an additional 500 miles by year-end. The company aims to prevent tree-related outages during severe weather, benefiting the local community's power service.

FirstEnergy's subsidiary, Met-Ed, is enhancing its electric distribution system in Berks County, Pennsylvania, investing $153 million over five years as part of its Long Term Infrastructure Improvement Plan. The upgrades will benefit approximately 1,100 customers by minimizing service disruptions during severe storms. Key project elements include installing remote-controlled devices on power lines and injecting silicone fluid into underground cables to extend their lifespan by up to 30 years. The work is set to begin this summer and complete by fall.