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) has declared a quarterly dividend of 39 cents per share, to be paid on December 1, 2021, to shareholders of record as of November 5, 2021. This decision maintains the company's commitment to returning value to its shareholders. FirstEnergy operates one of the largest investor-owned electric systems in the U.S., providing services across several states, including Ohio and Pennsylvania. The dividend reflects the company's stable operational performance despite ongoing governmental investigations and regulatory challenges.
Mon Power, a subsidiary of FirstEnergy Corp. (NYSE: FE), has initiated a sustainability program aimed at recycling and repurposing utility poles in West Virginia. The initiative will allow for the redistribution of used poles to farmers, mills, and charitable organizations for various applications including fencing and landscaping. Each full load consists of approximately 25 poles, weighing between 300 and 4,100 pounds. Mon Power will evaluate the program over the next year, with potential expansion based on its success.
On September 10, 2021, FirstEnergy Foundation announced a $20,000 donation to the Friends of Flight 93 National Memorial, commemorating the 20th anniversary of the September 11 attacks. This contribution supports the education and preservation of the memorial, which honors the bravery of United Flight 93 passengers. Previously, in 2011, the foundation donated $5,000 for the memorial's tenth anniversary. FirstEnergy is committed to supporting non-profits in its service areas and operates one of the largest investor-owned electric systems in the U.S.
ICP Group has appointed Chris Pappas to its Board of Directors, bringing extensive experience in specialty chemicals, coatings, and adhesives. Pappas, former CEO of Trinseo and former board member at FirstEnergy (NYSE: FE) and chairman at Univar (NYSE: UNVR), aims to guide ICP’s growth strategy. CEO Doug Mattscheck expressed confidence in Pappas enhancing the company's market position through organic growth and acquisitions, as ICP expands its leading platform in the coatings and adhesives industry.
FirstEnergy Corp. (NYSE: FE) has dispatched around 500 personnel, including line workers and support teams, to Louisiana to aid in power restoration following Hurricane Ida. The deployment reflects the company's commitment to mutual assistance among electric utilities during emergencies. Over 1 million customers are currently without power in Louisiana due to the hurricane's impact. FirstEnergy's utilities include several from the Northeast and Mid-Atlantic, aiming to expedite recovery efforts in the hardest-hit areas.
Penelec, a subsidiary of FirstEnergy (NYSE: FE), has initiated a project to reconstruct a 5-mile power line between Dushore and New Albany, enhancing its capacity to carry more electricity with a new 34.5-kV line. The upgraded infrastructure will allow line workers to quickly restore power for nearly 4,000 customers in Sullivan County, Pennsylvania, especially after outages. The project, executed in three phases, aims to improve reliability and flexibility in the local electric grid, with the first phase underway and subsequent phases planned for 2022 and 2023.
Toledo Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), has upgraded equipment and inspected the electric grid in preparation for the upcoming Solheim Cup, beginning August 31, 2021. These enhancements include new automated equipment, increased staffing, and improved street lighting to ensure reliable power during the international women's golf event. The company's efforts aim to support the local economy and enhance community pride as Toledo hosts this prestigious competition.
On August 25, 2021, The Illuminating Company, a subsidiary of FirstEnergy Corp. (NYSE: FE), completed protective measures for young eagles near Redwood Elementary School in Avon Lake, Ohio. They installed a tall wooden extension on a utility pole for safer perching and insulated nearby power lines to prevent accidents. This initiative is part of FirstEnergy's broader commitment, having executed over 100 projects in the last five years to protect birds of prey. The company employs innovative solutions like drones and mobile apps to enhance bird protection and reduce power outages.
Potomac Edison, a subsidiary of FirstEnergy Corp (NYSE: FE), has successfully upgraded its electrical system in Grant County, West Virginia, enhancing service reliability for over 2,100 customers. The $1.4 million project involved splitting a 286-mile power line into two smaller circuits and installing automated reclosers to improve outage management. Customers are now less likely to experience prolonged outages, especially during severe weather. This initiative marks Potomac Edison’s first automation project of this kind in West Virginia.
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