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) announces a $40 million tree-trimming program by its subsidiary Jersey Central Power & Light (JCP&L) aimed at enhancing service reliability. Covering 3,400 miles of power lines, the initiative includes pruning to reduce outages caused by trees during severe weather. Already, 700 miles have been trimmed since January, with 2,700 miles expected by year-end. Additionally, nearly 20,000 ash trees affected by the Emerald Ash Borer have been removed since 2017. The proactive effort is designed to keep electricity flowing to JCP&L's 1.1 million customers.
Penelec, a subsidiary of FirstEnergy Corp. (NYSE: FE), is actively engaging in tree-trimming efforts across Pennsylvania to enhance electric service reliability. As part of a $37.7 million vegetation management program, approximately 700 miles of power lines have been cleared this year, with 3,500 additional miles planned by year-end. The proactive measures aim to reduce tree-related outages during severe weather, ensuring safe clearances around electrical equipment. Penelec serves about 585,000 customers across 17,600 square miles of the state.
FirstEnergy Corp. has donated $100,000 to Lunch Break, a food and social services resource center in Red Bank, New Jersey, to support its "Renew the Promise of Hope Capital Campaign." This initiative aims to renovate and expand facilities to meet the increasing needs of the Monmouth County area. In 2021, Lunch Break served nearly 90,000 meals and distributed over $900,000 in COVID-19 emergency funds. The donation demonstrates FirstEnergy's commitment to community support and involvement.
FirstEnergy has donated 300 trees to Mill Creek MetroParks in Mahoning County, Ohio, to celebrate Earth and Arbor Days. This initiative, part of a larger commitment to environmental sustainability, has seen the company plant over 17,000 trees since April 2021, with plans to plant an additional 14,000 this spring. The tree-planting event involved employee volunteers and aims to restore forested habitats. The company will also donate 400 trees to the Poland Municipal Forest to celebrate Arbor Day, reflecting its ongoing commitment to reducing carbon footprint and supporting community efforts.
FirstEnergy Corp. announced the construction of a new transmission substation in Ashland County, Ohio, through its subsidiary American Transmission Systems, Inc. This $11.6 million project, which began in September 2021, aims to meet future energy demands and enhance service reliability for over 22,000 Ohio Edison customers. The substation, covering 89,500 square feet, will connect several high-voltage lines, improving flexibility and reducing outage frequency. Completion is targeted for August 2022 as part of the multi-year Energizing the Future initiative, which has already reduced equipment-related outages by 50% in Ohio.
FirstEnergy Corp. (NYSE: FE) is partnering with the West Virginia Herbert Henderson Office of Minority Affairs to enhance job opportunities for minority candidates and identify minority-owned businesses for its supplier diversity program. This collaboration aims to increase the number of racially and ethnically diverse employees by 30% by 2025 and achieve 20% of its supply chain spend with diverse suppliers by the same year. FirstEnergy has job openings in various fields, including meter reading and engineering. The company plans to participate in HHOMA's Minority Expo on April 28, 2022.
FirstEnergy's subsidiary, Ohio Edison, is enhancing electric service in the Youngstown area through grid modernization. The initiative benefits over 20,000 customers by installing new automated equipment in substations and power lines to reduce outages. Key upgrades include nearly 40 automated reclosing devices aimed at improving service reliability. This work builds on previous upgrades, reducing average restoration times by about 30 minutes during severe weather. The project is expected to finish by the end of the year and includes additional tree-trimming and equipment inspections to further bolster infrastructure.
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