FirstEnergy Corp. - FE STOCK NEWS

FirstEnergy Corp. (NYSE: FE) has successfully closed the ash landfill at the former R. Paul Smith Power Station in Berkeley County, West Virginia, marking a significant step towards creating a utility-scale solar facility. The closure allows for the repurposing of the 26-acre site, where a six-megawatt solar project will be established as part of a broader initiative to develop five solar facilities totaling 50 megawatts. Over 20 years, 3.1 million tons of ash were beneficially reused in cement production, contributing to economic growth in the region.

Toledo Edison, part of FirstEnergy Corp (NYSE: FE), is nearing completion of a smart grid modernization project in Lucas County, enhancing reliability for over 59,000 customers. This three-year investment includes upgrading seven substations and 31 power lines, installing 134 automated devices to reduce service interruptions, and deploying nearly 130,000 smart meters. The company plans to invest $626 million in the next phase of smart grid technology to further improve service reliability and customer benefits, including support for electric vehicle adoption.

FirstEnergy Corp. (NYSE: FE) is upgrading its transmission infrastructure in northeast Ohio by replacing over 1,100 insulators along a 68-mile corridor. This initiative, part of the Energizing the Future project, focuses on enhancing system reliability. Work began in July and is expected to be completed by fall, with minimal service disruption for customers. The $7 billion initiative aims to strengthen the power grid and reduce outages. Innovative aerial techniques are employed for efficiency, allowing crews to access 80-foot towers quickly.

FirstEnergy's subsidiary, Met-Ed, has completed a crucial upgrade to its electric distribution system in southern Monroe County, aimed at enhancing service reliability for nearly 2,300 customers. This initiative, part of a $153 million Long Term Infrastructure Improvement Plan, involves rebuilding power lines and installing automated equipment to prevent service disruptions, especially during severe storms. The upgrades include creating a new 34.5 kV source line and SCADA technology for real-time monitoring, promising improved power restoration and reliability for the community.

FirstEnergy Corp. reported second quarter 2022 GAAP earnings of $0.33 per share and operating earnings of $0.53 per share, aligning with guidance. Revenue reached $2.8 billion, up from $2.6 billion in Q2 2021, with net income increasing to $187 million from $58 million. The company completed the sale of a minority interest in FET LLC, generating $2.4 billion and reducing debt by over $2.5 billion year-to-date. Full-year GAAP earnings guidance is updated to $1.24 billion to $1.35 billion, with FFO/Debt anticipated at approximately 13%.

On July 25, 2022, FirstEnergy Corp. (NYSE: FE) announced the hiring of 20 graduates from its Power Systems Institute (PSI) training programs, which prepare students for careers in the utility sector. This cohort includes 10 lineworkers and 10 substation electricians from Brookdale and Raritan Valley Community Colleges. Since its inception, the PSI program has successfully trained over 2,400 personnel for FirstEnergy's electric utility companies. The new hires will work across JCP&L's service area, contributing to safe and reliable electric service for 1.1 million customers in New Jersey.

Metropolitan Edison Company (Met-Ed), a subsidiary of FirstEnergy Corp. (NYSE: FE), has onboarded 14 graduates from its Power Systems Institute (PSI), enhancing its workforce of line and substation workers. This educational program, in collaboration with Reading Area Community College, educates utility workers for FirstEnergy's operations. The newly hired include 10 lineworkers and four substation electricians. Notably, over 2,400 individuals have been hired through PSI since its inception, supporting Met-Ed's commitment to safe and reliable energy service for approximately 570,000 customers in Pennsylvania.

Mon Power, a subsidiary of FirstEnergy (NYSE: FE), has hired 10 graduates from the Power Systems Institute (PSI), enhancing its workforce in West Virginia. The new employees comprise nine lineworkers and one substation electrician, all prepared through PSI, which has been operational since 2000. Mon Power aims to maintain reliable electric service for approximately 395,000 customers across 34 counties. The PSI program, developed in partnership with Pierpont Community & Technical College, has successfully trained over 2,400 individuals for FirstEnergy's electric utility companies.