FirstEnergy Corp. - FE STOCK NEWS

FirstEnergy (NYSE: FE) crews, along with support from 17 states, are working to restore power to customers in Greater Cleveland following historic storms on Aug. 6. Over 627,700 customers across FirstEnergy's footprint lost power, with approximately 430,000 in Northeast Ohio. As of 10 a.m., The Illuminating Company has restored power to 198,400 of 310,000 affected customers, with 112,000 still without service. The global Estimated Time of Restoration (ETR) is Wednesday, Aug. 14 at 11:30 p.m., though most customers will have service restored earlier. Ohio Edison has restored power to over 99% of the 118,100 affected customers, with the remaining 600 expected to have service by 11:00 p.m. tonight.

FirstEnergy Corp. (NYSE: FE) subsidiary Mon Power will demonstrate electrical safety at the State Fair of West Virginia from August 12-16, 2024. Located at 947 Maplewood Ave., the live demos will occur at 10 a.m. and 1 p.m. daily. The demos will showcase the dangers of electricity using a trailer with 7,200-kilovolt power lines and typical neighborhood electrical equipment.

Attendees will learn to recognize and avoid hazardous conditions and common causes of power outages. Facilitators will simulate electrical arcs to illustrate the risks of contact with live wires.

This initiative is part of FirstEnergy's "Stop. Look. Live." safety campaign. Mon Power serves 395,000 customers in 34 counties in West Virginia. For more information, visit statefairofwv.com.

FirstEnergy Corp. (NYSE:FE) is actively restoring power to approximately 194,500 customers in Northeast Ohio following severe thunderstorms, wind, and tornados. Over 6,000 workers are engaged in round-the-clock restoration efforts, which are expected to continue into next week. Key points include:

- More than 627,700 customers across FirstEnergy's footprint lost power due to the storm.
- Four confirmed tornados with winds between 100-110 mph struck in the service areas.
- To date, over 350 broken poles have been identified and are being replaced.
- Five staging sites have been set up to handle the influx of outside workers.
- Free water and ice are available for customers without power.

The Illuminating Company expects to restore power to the majority of its 192,300 affected customers by August 14, while Ohio Edison aims to complete restoration for its remaining 2,200 customers by August 10.

FirstEnergy Corp. (NYSE: FE) is preparing for potential service interruptions due to the remnants of Tropical Storm Debby, expected to impact Maryland, New Jersey, Pennsylvania, and West Virginia starting Friday. The storm is forecast to bring heavy rains of 1-3 inches, with some areas receiving up to 5 inches, and wind gusts of 25-35 mph, potentially reaching 40 mph in some regions. FirstEnergy is implementing storm response plans, including 16-hour shifts for personnel, deploying additional crews, and enacting flood mitigation measures. The company prioritizes safety and prompt restoration of electric service, focusing on widespread outages first. Customers are encouraged to report outages and prepare for potential power disruptions.

FirstEnergy Corp. (NYSE: FE) is engaged in a massive power restoration effort in Northeast Ohio following a historic storm that included two tornados. The company has restored power to over 215,000 customers, with 265,000 still affected. More than 3,050 line workers and 1,000 support personnel are working around the clock in 16-hour shifts to repair damages.

The storm, which hit on Tuesday, was the most impactful to hit The Illuminating Company service territory since July 1993. FirstEnergy is setting up staging sites across the Cleveland area to handle the influx of workers and make the restoration process more efficient. The company expects power to be restored to the majority of customers by 11:30 p.m. on Wednesday, Aug. 14, with some hard-hit areas potentially waiting until Saturday.

FirstEnergy Corp. (NYSE: FE) is working around the clock to restore power to customers affected by severe thunderstorms across northeast Ohio, Pennsylvania, and New Jersey. The storms caused outages for nearly 578,000 customers, with power restored to over 230,000 so far. More than 4,100 additional line workers and field personnel have been deployed to assist in the restoration efforts.

The storm system brought winds exceeding 75 mph and heavy rainfall, causing widespread damage including broken poles, downed power lines, and fallen trees. Northeast Ohio was the hardest hit area, with over 333,000 outages across five counties. Restoration work is expected to continue over the next few days, particularly in Ohio.

FirstEnergy emphasizes safety, urging customers to stay away from downed lines and report them immediately. The company provides various ways for customers to report outages and receive updates, including a 24/7 Power Center and text message alerts.

FirstEnergy Corp. (NYSE: FE) reported second quarter 2024 results with GAAP earnings of $0.08 per share and operating (non-GAAP) earnings of $0.56 per share, a 19% increase from Q2 2023. The company affirmed its full-year 2024 operating earnings guidance of $2.61 to $2.81 per share and its long-term 6-8% annual operating earnings growth target. Key highlights include:

- Q2 2024 revenue of $3.3 billion, up from $3.0 billion in Q2 2023
- Deployment of final $1.2 billion from $3.5 billion FET transaction
- Progress in settling legacy issues with SEC and Ohio Attorney General
- Weather-adjusted distribution deliveries increased 3% year-over-year
- Introduced new segment reporting to enhance transparency

The company provided Q3 2024 earnings guidance of $0.85 to $0.95 per share and reaffirmed its $26 billion, five-year capital investment plan, Energize365.

FirstEnergy Corp. (NYSE: FE) has announced a quarterly dividend of $0.425 per share on its outstanding common stock. The dividend will be payable on September 1, 2024, to shareholders of record as of the close of business on August 7, 2024. FirstEnergy is a major player in the electric utility sector, serving over six million customers across six states through its electric distribution companies. The company also operates approximately 24,000 miles of transmission lines connecting the Midwest and Mid-Atlantic regions, demonstrating its significant infrastructure presence in the industry.

FirstEnergy Corp.'s subsidiary Met-Ed is installing smart, automated equipment on power lines serving 24,160 customers in York and Adams counties, Pennsylvania. This project, part of a $153 million Long-Term Infrastructure Improvement Plan (LTIIP) II, aims to prevent or minimize power outages, especially during severe weather. The upgrades include 53 automated switching devices with SCADA technology, which can remotely isolate damage and restore service more efficiently.

This initiative is part of Energize365, a multi-year grid evolution program with planned investments of $26 billion between 2024 and 2028. The program focuses on creating a smarter, more secure grid to meet future challenges, including electric vehicle adoption and clean energy integration. Met-Ed serves approximately 592,000 customers across 3,300 square miles in eastern and southeastern Pennsylvania.