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.
Penn Power, a FirstEnergy Corp. electric company, has completed proactive inspections and maintenance of its electric grid to prepare for extreme summer weather. This summer, the company plans to invest over $20 million in upgrades, which include advanced thermovision technology to identify potential infrastructure issues. A new distribution substation in Cranberry will enhance service for over 20,000 customers. Additionally, customers are advised on energy-saving tips during heat waves, emphasizing thermostat adjustments and proper air conditioning usage to manage rising energy costs.
FirstEnergy Corp. (NYSE: FE) is advancing its environmental initiative by exceeding its goal of creating 225 acres of pollinator-friendly habitats by 2025. Launched in 2020, the program has led to the development of approximately 190 acres by the end of Q3 2022. Efforts include seeding various areas, such as substations and transmission lines, with native plant mixes designed for pollinator support. This initiative underscores FirstEnergy's commitment to environmental stewardship while enhancing biodiversity across its service territory.
Potomac Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), is launching a program to install and maintain up to seven Level 2 electric vehicle charging stations at multifamily properties in Maryland, with no installation costs for property owners. This initiative is part of the EV Driven program, which aims to support Maryland's goal of 300,000 zero-emission vehicles by 2025. Property owners can also receive $20,000 rebates for self-installed chargers. The program runs until the end of 2023, enhancing EV infrastructure in the region.
FirstEnergy Corp. (NYSE: FE) has announced the results of its cash Tender Offer, with a maximum purchase price of $1.1 billion for its 7.375% Notes, Series C, due 2031 and 4.85% Notes, Series C, due 2047. The company accepted all validly tendered 2031 Notes and approximately 65.9% of 2047 Notes. Settlement for accepted Notes will occur on June 15, 2022, with the offer set to expire on June 28, 2022.
Penn Power, a subsidiary of FirstEnergy Corp. (NYSE: FE), is enhancing the electric infrastructure in Mercer and Crawford counties, targeting over 15,000 customers. This project, part of the second phase of the Long Term Infrastructure Improvement Plan, aims to reduce service disruptions, especially during severe weather. New automated equipment, such as reclosing devices and voltage regulators, will streamline power restoration. The initiative has already led to a 20% reduction in outages in previously upgraded areas, benefiting both residential and business customers.
FirstEnergy Corp. (NYSE: FE) announced on June 14, 2022, the results of its cash tender offer, increasing the maximum tender amount from $800 million to $1.1 billion. This decision aligns with the company’s strategy to reduce debt at the holding company level. The early settlement date for validly tendered notes is set for June 15, 2022. The tender offer will expire on June 28, 2022, unless extended. The company aims to enhance its financial standing by retiring specific outstanding debt obligations.
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