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 Pennsylvania Electric Company (FE PA), a subsidiary of FirstEnergy Corp. (NYSE: FE), has reached a $225 million settlement in its base rate review, pending approval from the Pennsylvania Public Utility Commission. The agreement aims to expand bill assistance for low-income customers and enable electric grid investments for improved service reliability.
Key points of the settlement include:
- Increased vegetation management investments
- Support for the Long-Term Infrastructure Improvement Plan III
- Selective underground placement of distribution facilities
- Increased funding for Hardship Fund grants
- Improved enrollment in the Pennsylvania Customer Assistance Program
- Hiring 10% more field workforce
If approved, the settlement would result in average monthly bill increases ranging from 1.9% to 6.2% for residential customers using 1,000 kilowatt-hours per month, effective January 1, 2025.
FirstEnergy Corp. (NYSE: FE) has reached a settlement agreement with the U.S. Securities and Exchange Commission (SEC) to resolve a previously disclosed investigation. The settlement requires FirstEnergy to pay a civil penalty of $100 million, which the company had already reserved in its second quarter 2024 earnings.
Brian X. Tierney, President and CEO of FirstEnergy, stated that the company is focused on investing in its regulated electric companies to improve customer experience and support the energy transition. FirstEnergy operates one of the nation's largest investor-owned electric systems, serving customers across six states and managing approximately 24,000 miles of transmission lines.
Jersey Central Power & Light (JCP&L), a FirstEnergy Corp. (NYSE: FE) subsidiary, has relaunched its EV Driven residential electric vehicle charging incentives program in New Jersey. The program offers up to $7,000 in incentives to eligible customers for property preparation for EV charger installation. This includes up to $1,500 for customer electrical upgrades and up to $5,500 for utility upgrades. The $39.8 million program, approved by the New Jersey Board of Public Utilities in 2022, aims to support the state's goal of increasing EV adoption to reduce greenhouse gas emissions. New Jersey ranks in the top five states for EV sales nationally. The program's relaunch follows a $4.1 million reallocation from non-residential portions after the initial residential incentives were fully awarded in September 2023.
FirstEnergy Pennsylvania Electric Company (FE PA), operating as Met-Ed, has energized a new transformer at its substation in Lebanon, Pennsylvania. This upgrade will enhance electric service reliability for over 7,000 customers in Lebanon, North Lebanon Township, and West Lebanon Township. The new transformer replaces a failed unit from June, ensuring long-term grid stability for the area's underground distribution network.
The installation is part of FirstEnergy's Energize365 program, a multi-year grid evolution initiative with planned investments of $26 billion between 2024 and 2028. This program aims to create a smarter, more secure grid to meet future energy demands, including electric vehicles and clean energy sources. Additional investments are planned for another Met-Ed substation in West Lebanon in the next 18 to 24 months.
Jersey Central Power & Light (JCP&L), a FirstEnergy Corp. (NYSE: FE) subsidiary, is upgrading two power lines in Morris and Monmouth counties in New Jersey. This is part of the $95 million New Jersey Reliability Improvement Project, approved in February. The upgrades, set to complete in November, include:
- Replacing infrastructure with stronger wires and poles
- Upgrading fuses and installing remote-access devices
- Installing TripSaver devices
- Additional tree trimming and vegetation management
The project will enhance 10 miles of lines in each county, benefiting over 4,300 customers. It's the first of 18 line upgrades in a two-phase effort to improve reliability, with the second phase targeted for completion by 2028.
FirstEnergy Corp. (NYSE: FE) subsidiary Potomac Edison has begun construction on a new substation in Morgan County, West Virginia, aimed at enhancing reliability for 1,800 customers in the area. The $4 million project, part of the Energize365 program, will replace an existing substation with a more accessible and reliable facility. Key features include:
- Fed by a more reliable 138-kV power line
- New automated reclosing devices to limit outages
- Smart technology for faster fault location and restoration
- Expected completion in 2025
- Serving 1,600 customers in Great Cacapon and 200 in Little Orleans, Maryland
This initiative is part of FirstEnergy's broader $26 billion investment plan for 2024-2028, focusing on grid modernization and accommodating future energy needs.
FirstEnergy Corp. (NYSE: FE) subsidiary Mon Power is upgrading equipment at eight transmission substations in West Virginia to enhance electric service for over 13,000 customers. The project involves replacing existing equipment with new communication equipment and electrical relays to reduce the frequency and severity of power outages. The upgrades are taking place in Preston, Wood, Taylor, Roane, Braxton, and Hancock counties, with completion expected by year-end.
This initiative is part of FirstEnergy's Energize365 program, a multi-year grid evolution plan with planned investments of $26 billion between 2024 and 2028. The program aims to create a smarter, more secure grid to meet future challenges, including electric vehicle adoption and clean energy integration.
CRA International (NASDAQ: CRAI) has announced an upcoming auction process for FirstEnergy Corp.'s (NYSE: FE) Ohio subsidiaries to procure full requirements service for their Standard Service Offer customers. The auction, scheduled for October 1, 2024, will use a descending-price clock format and will be managed by CRA International as the Auction Manager.
Key dates include:
- Information Session for prospective bidders: August 21, 2024
- Part 1 Applications acceptance: August 22 - September 3, 2024
- Part 2 Application submission window: Begins September 9, 2024
The auction process is subject to approval from the Public Utilities Commission of Ohio (PUCO). Interested parties can find more information on the Auction Information Website at firstenergycbp.com.
Jersey Central Power & Light (JCP&L), a FirstEnergy Corp. (NYSE: FE) company, has installed 64 artificial bat roosts along transmission rights-of-way in New Jersey as part of a collaborative research study with the Electric Power Research Institute (EPRI). The project aims to protect endangered bat species, including the Indiana, northern long-eared, and little brown bats, by providing alternative roosting habitats. The 16-foot tall structures are built on wooden posts and placed strategically in Warren, Morris, and Union counties.
EPRI researchers will monitor the roosts for two years using acoustic monitors and guano catchers to assess their effectiveness and identify ideal conditions for bat occupation. This initiative is part of JCP&L's ongoing efforts to protect wildlife, which also includes safely relocating osprey nests and monitoring over 60 nesting sites this year.
FirstEnergy Corp. (NYSE: FE) has reached an agreement with the Office of the Ohio Attorney General and the Office of the Summit County Prosecutor to resolve all outstanding proceedings between the parties, effective Aug. 12, 2024. The resolution acknowledges FirstEnergy's efforts to establish a highly effective compliance program and instill a culture of ethics and integrity throughout the organization.
CEO Brian X. Tierney emphasized that FirstEnergy, under new leadership, is now a stronger organization focused on investing in its regulated electric companies to improve customer experience and meet future energy needs. The company operates one of the nation's largest investor-owned electric systems, serving customers across six states and managing approximately 24,000 miles of transmission lines.
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