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.
On June 9, 2022, FirstEnergy Corp. (FE) announced amendments to its previously disclosed cash tender offer for up to $800 million in outstanding debt securities. The amendments extend key deadlines and modify the fixed spread for the 7.375% Notes due 2031 and 4.85% Notes due 2047. FirstEnergy aims to reduce leverage and enhance its financial stability. The financing conditions were satisfied following a minority stake sale in FirstEnergy Transmission, LLC on May 31, 2022. Investors can find more details in the Offer to Purchase dated May 25, 2022.
FirstEnergy Corp. has finalized a $2.375 billion sale of a 19.9% stake in its subsidiary, FirstEnergy Transmission, LLC, to Brookfield Super-Core Infrastructure Partners. This transaction strengthens FirstEnergy's balance sheet, retaining an 80.1% stake in FET. Along with a previous $1 billion equity investment from Blackstone, the total proceeds of $3.4 billion will fund a sustainable capital investment program of $17 billion targeting grid modernization and clean energy initiatives from 2021 to 2025.
FirstEnergy Corp. (NYSE: FE) announced a cash Tender Offer to purchase up to $800 million of its outstanding 7.375% Notes, due 2031, and 4.85% Notes, due 2047. The offer will expire on June 23, 2022, unless extended. The acceptance of notes is subject to conditions, including the sale of a minority interest in FirstEnergy Transmission, LLC. Holders can withdraw their notes until 5:00 PM on June 8, 2022. Barclays and Morgan Stanley are acting as dealer managers for the offer.
Mon Power and Potomac Edison, subsidiaries of FirstEnergy Corp. (NYSE: FE), are launching a solar renewable energy initiative in West Virginia. They are accepting commitments for solar renewable energy credits (SRECs) from five planned solar facilities totaling 50 megawatts. The initiative aims to generate over 87,000 SRECs annually and is expected to support economic development in the region. Customers can subscribe for SRECs at a cost of 4 cents per kilowatt hour, with options for residential and commercial customers. Final construction awaits further commission approval.
FirstEnergy Corp. (NYSE: FE) held its 2022 Annual Meeting, where CEO Steven E. Strah emphasized the company's commitment to innovation and sustainability. With a $17 billion investment plan from 2021 to 2025, FirstEnergy aims to enhance its grid and embrace renewable technologies. Shareholders reelected 10 directors and welcomed new members to the board. However, proposals for labor practice audits and reducing shareholder meeting thresholds were not approved. The new Board chair is John W. Somerhalder, with Lisa Winston Hicks serving as lead independent director.
West Penn Power, a subsidiary of FirstEnergy, is enhancing its distribution system in Butler County, benefiting approximately 15,000 customers by reducing power outages, especially during severe weather. The enhancements include replacing worn equipment, repairing underground lines, and installing protective devices on power lines. Over $100 million has been invested since 2016, with a $147 million Long Term Infrastructure Improvement Plan aimed at improving electric service reliability. This initiative also complements ongoing developments by sister utility Penn Power to accommodate a growing population and energy demands.
FirstEnergy Corp. has donated 500 trees to the City of Rittman's William T. Robertson Nature Preserve on May 6, 2022. This initiative continues its commitment to environmental sustainability, with over 17,000 trees planted since April 2021 and plans to plant more than 14,000 trees this spring. The project, led by FirstEnergy's Green Team, supports local ecosystems and enhances community spaces. Additionally, $41,000 was donated for a renewable energy lab at the preserve in December 2021.
Penelec, a subsidiary of FirstEnergy Corp. (NYSE: FE), has initiated a $300,000 project to rejuvenate underground power lines in Girard Township, Erie County. Beginning on May 4, 2022, this innovative injection process uses a silicone-based fluid to extend the life of existing lines by up to 30 years, benefiting 380 residential customers and local businesses. Instead of replacing over 6 miles of underground cable, this method minimizes excavation while enhancing service reliability. In 2022, Penelec plans to rejuvenate 34,000 feet and replace an additional 11,000 feet of aging lines as part of its $200 million Long Term Infrastructure Improvement Plan.
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