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) announced an unchanged quarterly dividend of 39 cents per share, payable on June 1, 2022, to shareholders of record as of May 6, 2022. This decision reflects the company’s ongoing commitment to providing returns to its shareholders amidst operational challenges. FirstEnergy operates across several states, delivering electricity through its extensive distribution and transmission network. The company emphasizes integrity, reliability, and safety in its operations.
FirstEnergy Corp. (NYSE: FE) has announced a $1 million contribution to the UBIZ Venture Capital program to support minority-owned businesses in northeast Ohio. This funding aims to establish the UBIZ Access Fund II, providing loans and support to high-growth potential businesses in Cuyahoga, Summit, Lake, and Lorain counties. Contributions will be made quarterly for $250,000 each. FirstEnergy strives to increase its diversity spending to 20% by 2025, having reached 16% in 2021, emphasizing its commitment to fostering inclusive economic growth.
Potomac Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), has launched four new electric vehicle (EV) fast-charging stations in Frostburg and Friendsville, Maryland. This initiative is part of the EV Driven pilot program, focusing on environmental benefits and supporting Maryland's goal of 300,000 zero-emission vehicles by 2025. The program includes the installation of 59 charging stations across seven counties by 2023. Potomac Edison also offers rebates for residential and multifamily property owners to encourage EV charger installations.
On March 4, 2022, Jersey Central Power and Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), received the 2022 New Jersey Alliance for Action Leading Capital Construction Projects award. The recognition was for JCP&L's role in constructing a combined heat and power plant at Morristown Medical Center, which aims to meet the hospital's electricity and heating needs efficiently. JCP&L, alongside nine partners, showcased commendable collaboration, focusing on energy efficiency and sustainability, further solidifying its commitment to the community.
Jersey Central Power & Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE:FE), will launch a smart meter installation program in 2023, approved by the New Jersey Board of Public Utilities. Over 1.1 million smart meters will be installed within 36 months, enhancing billing accuracy and energy management for customers. JCP&L's president, Jim Fakult, highlighted previous successes in Ohio and Pennsylvania. Customers will receive advance notification and can opt-out for a fee. This initiative aims to improve power restoration and outage detection.
Potomac Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), is urging customers facing financial hardship to seek assistance before the winter utility disconnection rules lift on March 31. The company highlights available support programs, such as the Community Energy Fund and Maryland Energy Assistance Program, designed to help qualifying customers manage their electric bills. FirstEnergy employees share personal stories in a video to encourage customers to utilize these resources. Potomac Edison serves approximately 257,000 customers across seven Maryland counties.
FirstEnergy's West Virginia electric companies, Mon Power and Potomac Edison, are advising residential customers facing financial difficulties to reach out for assistance before winter shut-off restrictions end on March 31. A video titled "We're Customers Just Like You" features employees sharing personal experiences to encourage customers to seek help. Available programs include the Low-Income Energy Assistance Program, Emergency Assistance Program, and more. The company emphasizes the importance of awareness regarding assistance options to help customers manage their electric bills.
Jersey Central Power & Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), is encouraging residential customers facing financial difficulties to reach out for assistance before the winter utility disconnection moratorium ends on March 15. The company highlights various assistance programs available, including the Lifeline program offering up to $225 annually and the Universal Service Fund, providing monthly credits of up to $180. FirstEnergy's employees share personal experiences to foster a supportive environment, urging customers to utilize available resources.
FirstEnergy Corp. (NYSE: FE) urges Pennsylvania residential customers facing financial difficulties to contact their utilities for assistance before the winter disconnection moratorium ends on April 1. Employees share personal stories in the video "We're Customers Just Like You". Several assistance programs are available, including LIHEAP, PCAP, and emergency fund options. Customers are encouraged to apply before funds are exhausted.
FirstEnergy Corp.'s electric companies in Ohio, including The Illuminating Company, Ohio Edison, and Toledo Edison, are urging customers facing financial hardship to seek assistance before the suspension of shut-offs for nonpayment ends on April 15. The company encourages customers to utilize various assistance programs such as the Percentage of Income Payment Plan (PIPP) and Home Energy Assistance Program (HEAP). With programs available to help manage utility bills, FirstEnergy emphasizes the importance of reaching out for support during challenging times.
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