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.
American Transmission Systems, a FirstEnergy Corp. subsidiary, is conducting proactive aerial inspections of 345-kV transmission lines over 235 miles in the Toledo area. These inspections, performed every four years using helicopters equipped with high-resolution cameras, aim to detect early-stage equipment issues to prevent outages. The inspections will benefit Toledo Edison's 315,000 customers, ensuring reliable power delivery. The helicopter operations, expected to last three weeks, allow for efficient monitoring of electrical structures, complementing ongoing on-the-ground inspections.
Penn Power, a subsidiary of FirstEnergy Corp. (NYSE: FE), is enhancing its power infrastructure in Butler County, Pennsylvania, to meet rising energy demands. The project involves constructing a new 8,000-square-foot distribution substation and deploying automated technologies, benefiting over 20,000 customers in areas such as Cranberry and Mars. Completion is expected by year-end 2022. These upgrades aim to reduce service interruptions and improve reliability. Past enhancements have already led to a 20% reduction in outage frequency and duration.
Ohio Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), has completed significant power system upgrades in Alliance, Stark County, aimed at enhancing service reliability for nearly 5,000 customers. The upgrades include the installation of 13 new automated reclosing devices and nearly 18 miles of power lines, designed to quickly restore service during outages. These advancements are part of a broader three-year portfolio of grid modernization that has improved restoration times in some areas by almost an hour. Ohio Edison serves over one million customers across 34 counties in Ohio.
FirstEnergy Corp. (NYSE: FE) will announce its financial results for Q4 and the full year of 2021 post-market on February 10. Management will discuss the findings during a conference call with financial analysts at 9 a.m. EST on February 11, followed by a Q&A session. Interested parties can listen to the live webcast and view presentation materials on FirstEnergy's Investor Information website. The presentation and supporting documents will be available for viewing after the earnings release.
FirstEnergy Corp. (NYSE: FE) is mobilizing its utility personnel in anticipation of a powerful winter storm expected to impact Ohio, Pennsylvania, and West Virginia. The storm may bring up to 2 feet of snow and various forms of precipitation. To address potential power outages, the company is implementing storm response plans, enhancing staffing, and coordinating with contractors and mutual assistance groups. Customers are urged to prepare for possible outages and can report issues via a dedicated hotline or online platforms. FirstEnergy aims to restore power quickly and effectively.
On February 1, 2022, FirstEnergy Corp announced a $2.5 million investment in Energy Impact Partners' Frontier Fund, aiming to support early-stage decarbonization technologies. This investment aligns with FirstEnergy's goal of achieving carbon neutrality by 2050 and a 30% reduction in greenhouse gas emissions by 2030. The company has previously invested $20 million in EIP’s Fund II and $2.5 million in the Elevate Future Fund. FirstEnergy emphasizes its commitment to innovation and sustainable energy solutions.
Potomac Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), has initiated a utility pole recycling program in Maryland and West Virginia, aimed at sustainability. This program allows used poles to be repurposed for various applications such as fencing and landscaping, significantly reducing landfill waste. Each participating service center will collect poles and work with Blackwood Solutions for distribution at no cost to interested parties. The program, first piloted in 2020, highlights FirstEnergy's commitment to environmental responsibility in its operations.
On January 25, 2022, FirstEnergy Corp. (NYSE: FE) appointed Steve Fortune as vice president and chief information officer, effective February 7. Fortune will lead the company's IT organization, focusing on cybersecurity, innovation, and digital transformation. His experience includes over 30 years at BP, where he held various IT leadership roles, ultimately overseeing BP's global IT strategy and cybersecurity. FirstEnergy aims to enhance operational efficiency and customer experience through its FE Forward initiative, guided by Fortune's leadership.
The Illuminating Company, a subsidiary of FirstEnergy (NYSE: FE), is enhancing the power infrastructure in Parma, Ohio, to strengthen the local grid and reduce service disruptions during severe weather. This initiative will benefit nearly 15,000 residents and businesses, featuring new automated equipment in two substations and on power lines. The upgrades include 41 automated reclosing devices to minimize outages and 35 capacitor banks for better power distribution. The project commenced in November 2021 and is expected to conclude in 2022.
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