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.
On December 21, 2021, the FirstEnergy Foundation donated $10,000 to Ravens Care in Defiance, Ohio, as part of its annual "Gifts of the Season" campaign. This contribution aims to support emergency assistance programs for families in need within the Toledo Edison service area. Ravens Care, established in 1993, provides crucial support such as food vouchers and temporary lodging. The Foundation's president emphasized the importance of this support during challenging times, especially for low-income families. Since 2016, the campaign has awarded nearly $500,000 to various organizations to strengthen communities.
FirstEnergy Corp. (NYSE: FE) has declared a quarterly dividend of 39 cents per share, which will remain unchanged. The dividend is scheduled for payment on March 1, 2022, to shareholders of record by the close of business on February 7, 2022. This decision reflects the company's commitment to financial stability while operating one of the largest investor-owned electric systems in the U.S., serving customers across multiple states including Ohio and Pennsylvania.
Mon Power and Potomac Edison, subsidiaries of FirstEnergy (NYSE: FE), have proposed a $142 million environmental compliance program for their Fort Martin and Harrison power plants. The plan aims to meet U.S. EPA wastewater treatment guidelines, with completion expected by the end of 2025. Upgrades will facilitate continued operation until 2035 and 2040, creating local jobs and reducing environmental impact. Cost will be covered by a ratepayer surcharge starting at 51 cents per month for residential customers in West Virginia.
FirstEnergy Corp. introduces its first hybrid electric bucket trucks to enhance service reliability for JCP&L customers in New Jersey while reducing greenhouse gas emissions. Five trucks are undergoing inspections, with plans for fleet electrification targeting 30% by 2030 and 100% by 2050. The initiative aims to eliminate approximately 10,000 metric tons of GHG emissions annually, equating to removing nearly 2,200 cars from roads. These vehicles reduce noise pollution and operational costs, signaling a commitment to environmental stewardship as part of FirstEnergy's broader climate strategy.
FirstEnergy Corp. (NYSE: FE) announced that its utility subsidiaries have filed procurement plans with the Pennsylvania Public Utility Commission for electric generation supply starting June 2023. These companies serve over two million customers in Pennsylvania and will use an auction process for electric supply. CRA International will manage the procurement process, starting auctions in November 2022 and continuing semiannually until 2026. Additionally, they aim to meet alternative energy standards, including solar projects. A decision from the PaPUC is expected in mid-2022.
On December 14, 2021, FirstEnergy Corp. announced a new investment in Energy Impact Partners' Fund II, joining leading utilities and companies to raise over $1 billion in capital. This initiative targets advancements in sustainable energy technologies such as electrification, energy storage, and cybersecurity. The investment aligns with FirstEnergy's commitment to achieving carbon neutrality by 2050 and reducing greenhouse gases by 30% by 2030. The company aims to leverage EIP’s portfolio for innovative solutions in its operations.
FirstEnergy Corp. (NYSE: FE) has announced its annual "Merry & Bright" Holiday Lights Sweepstakes, urging utility customers to showcase their outdoor holiday lighting displays. Participants can enter by submitting photos or videos via their local utility's Facebook page until December 17, 2021. Weekly winners will receive a $100 Amazon gift card. FirstEnergy emphasizes the importance of safety when decorating outdoors, advising customers to maintain safe distances from electrical hazards. For more details and safety tips, customers can visit FirstEnergy’s public safety website.
Jersey Central Power & Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), is enhancing service reliability ahead of winter by conducting inspections and maintenance across its 3,200-square-mile area. Proactive measures, such as tuning up substations and tree trimming along 2,970 miles of electric lines, aim to prevent service interruptions due to winter weather conditions. JCP&L serves 1.1 million customers in New Jersey and emphasizes safety through winter preparation for both equipment and employees.
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