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) will announce its second quarter and first half of 2022 financial results after market close on July 26. Management will discuss these results in a conference call for analysts at 11 a.m. EDT on July 27, followed by a Q&A session. Interested parties can access a live webcast and view presentation materials on the company's Investor Information website. The presentation will be available for replay for up to a year.
FirstEnergy Corp. (NYSE: FE) has proposed a four-year investment plan, known as Grid Mod II, totaling $626 million to enhance smart grid technology in Ohio. This initiative aims to reduce power outages and improve service reliability for customers. Key upgrades include the installation of automated equipment on nearly 240 grid sections and 700,000 smart meters, contributing to a projected $280 million in net benefits. The plan, pending approval from the Public Utilities Commission of Ohio, would add approximately $2.40 to a typical residential customer's monthly bill.
Jersey Central Power & Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), has introduced the EV Driven program in New Jersey, a $39.8 million initiative aimed at bolstering electric vehicle charging infrastructure. The program, approved by the New Jersey Board of Public Utilities, seeks to facilitate the state’s goal of registering 330,000 electric vehicles by 2025. Incentives include up to $1,500 for residential upgrades, $6,700 per commercial charger, and $25,000 for public DC fast chargers. The initiative aims to reduce emissions and enhance clean energy adoption.
FirstEnergy Corp. (NYSE: FE) has initiated construction of a new substation in Frederick County, Maryland, aimed at enhancing reliability for approximately 4,300 customers. Located on over nine acres in Jefferson, the substation will reduce the need for additional construction by tapping into an existing overhead transmission line. This project responds to rising power demand and is expected to be operational by early 2023. Additionally, Potomac Edison is investing in infrastructure upgrades, including replacing 50 miles of underground cable annually to improve service reliability.
FirstEnergy Corp. has appointed Joseph McClelland as vice president of External Affairs, effective July 18, 2022. With nearly 40 years in the energy sector, McClelland will oversee government relations, engaging with legislators on issues that affect the company and its customers. Previously, he served as director of the Office of Energy Infrastructure Security at FERC, focusing on security threats. FirstEnergy operates one of the largest investor-owned electric systems in the U.S., serving several states with over 24,000 miles of transmission lines.
FirstEnergy Corp. (NYSE: FE) urges the public to prioritize electrical safety during summer celebrations, particularly around the Fourth of July. Foil balloons and fireworks pose significant risks of power outages and damage to electrical systems, with nearly 60 outages attributed to foil balloons in recent months. The company recommends securing helium-filled balloons and avoiding the release of balloons outdoors. To prevent accidents, guidelines include avoiding power lines while handling kites and fireworks. FirstEnergy promotes its 'Stop. Look. Live.' safety campaign to enhance public awareness.
Penelec, a subsidiary of FirstEnergy Corp. (NYSE: FE), is investing in service reliability enhancements for over 400 customers in Millcreek Township, Erie County. The project involves replacing underground electric cable, transformers, and more, with completion expected this summer. This initiative is part of Penelec's $200 million Long Term Infrastructure Improvement Plans (LTIIP II) aimed at improving electric service reliability for 585,000 customers in Pennsylvania. New equipment is designed to last decades and facilitate easier repairs.
Ohio Edison, a subsidiary of FirstEnergy (NYSE: FE), completed significant grid modernization in Salem, Ohio, enhancing service reliability for over 8,200 customers. The upgrades include automated equipment and technology aimed at minimizing power outages during adverse weather. Key features include five newly installed automated reclosing devices and additional power lines for faster service restoration. Previous upgrades have improved average restoration times by nearly 30 minutes during severe weather. Future work includes tree-trimming and equipment inspections across 500 miles of power lines.
FirstEnergy Corp. (NYSE: FE) subsidiary JCP&L has enhanced service reliability by completing inspections and maintenance across its New Jersey service area ahead of anticipated high electric usage this summer. Helicopter patrols and thermovision cameras were utilized to identify potential issues, while critical equipment has been staged closer to high-demand areas like the Jersey Shore. JCP&L has also tested flood walls at vulnerable substations and conducted a storm restoration drill in preparation for an above-average hurricane season. Customers can find energy-saving tips and assistance programs online.
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