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. is bracing for a severe winter storm forecasted to impact its service area from February 24 through February 25, 2022. Expected conditions include ice accumulation, heavy rain, and gusty winds across several states, including Ohio, Pennsylvania, New Jersey, and Maryland. To mitigate potential service interruptions, FirstEnergy is activating its storm response plans by mobilizing additional personnel and securing 500 outside contractor line workers. The company encourages customers to prepare for possible outages and has provided a set of safety tips for storm readiness.
CRA International, Inc. (NASDAQ: CRAI) has announced an RFP auction for FirstEnergy Corp.'s (NYSE: FE) Ohio utilities, focusing on their Percentage of Income Payment Plan (PIPP) customers. The winning supplier will provide service for a 12-month period from June 2022 to May 2023. The auction will be managed by CRA, and an Information Session for bidders is planned for February 24, 2022, with applications accepted starting February 25 and due by March 10. Bids from Registered Bidders will be submitted on March 21.
Jersey Central Power and Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), has appointed Amy Overman as its new external affairs consultant. Overman, with 14 years of experience in the New Jersey legislature, will enhance community engagement and liaise with local officials. JCP&L aims to strengthen relationships within the communities it serves, which include over 1.1 million customers across multiple counties. This move underscores FirstEnergy's commitment to community involvement and operational excellence.
Mon Power, a subsidiary of FirstEnergy Corp (NYSE: FE), has enhanced its distribution system to improve service reliability for 2,883 customers. Key improvements include the installation of animal guards to prevent outages due to wildlife, new equipment for isolating issues on power lines, and backup power feeds for quicker service restoration. Notably, upgrades benefit customers in Barbour, Greenbrier, Webster, Lewis, and Roane counties. Mon Power emphasizes its commitment to safe electric service and plans additional reliability projects in 2022.
FirstEnergy Corp. has been recognized for its emergency response for the 16th consecutive year by the Edison Electric Institute (EEI). The company received the "Emergency Recovery Award" for restoring power to over 175,000 customers in New Jersey and Pennsylvania post-Hurricane Ida, and the "Emergency Assistance Award" for aiding Entergy in Louisiana. FirstEnergy mobilized over 525 personnel to help restore power and completed significant repairs, including replacing 217 poles and 125 transformers.
FirstEnergy Corp. (NYSE: FE) reported a strong financial performance for the full year 2021, achieving GAAP earnings of $1.3 billion ($2.35 per share) on revenue of $11.1 billion, up from $1.1 billion ($1.99 per share) in 2020. Operating earnings per share rose 9% to $2.60, reflecting growth from capital investments. For 2022, the company updated its GAAP earnings guidance range to $1,375 million to $1,490 million ($2.41 to $2.61 per share) and affirmed non-GAAP earnings guidance between $1,315 million and $1,430 million. Fourth quarter earnings were $427 million ($0.77 per share).
FirstEnergy Corp. (NYSE: FE) announced a settlement to resolve multiple derivative lawsuits, subject to court approval. The settlement includes corporate governance enhancements and a $180 million insurance payment to the company. Key governance changes involve the non-re-election of six long-serving Board members and the formation of a special committee to review the executive team. The company emphasized its commitment to compliance and integrity following significant achievements in 2021, including transformative transactions raising $3.4 billion.
On February 9, 2022, FirstEnergy Foundation announced a $250,000 donation to Alvernia University to support its new engineering program at Reading CollegeTowne, enhancing local economic development. This grant makes the foundation a founding member of the program, which will include an Engineering Lab for hands-on student projects. The initiative, part of a $20 million investment, aims to accommodate 1,000 students and create over 300 permanent jobs. The first installment of the grant has been distributed, with the second planned for later in 2022.
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