FirstEnergy Corp. - FE STOCK NEWS

FirstEnergy Corp. (NYSE: FE) has joined the Electric Highway Coalition to expand electric vehicle (EV) charging infrastructure across key highway systems. This coalition aims to alleviate 'range anxiety' for EV drivers and facilitate long-distance travel through efficient fast-charging solutions. FirstEnergy is also engaging with regulators to support EV infrastructure development and plans to electrify 30% of its fleet by 2030, targeting carbon neutrality by 2050. The company will install 59 charging stations in Maryland as part of its EV Driven pilot program.

FirstEnergy Corp. (NYSE: FE) has appointed Soubhagya Parija as vice president and chief risk officer, effective August 16. His role includes developing an enterprise-wide risk program and supporting compliance frameworks. Parija, who has extensive experience in risk management, previously held senior positions at the New York Power Authority and Walmart. FirstEnergy serves customers across several states and operates a large transmission network. This leadership change aims to enhance the company’s risk management practices.

FirstEnergy Corp. reported Q2 2021 GAAP earnings of $58 million ($0.11 per share) on revenue of $2.6 billion, down from $309 million ($0.57 per share) on $2.5 billion a year earlier. Operating earnings were $0.59, exceeding guidance. The third quarter forecast ranges from $380 million to $435 million. The company updated its full-year GAAP earnings guidance to $1,000 million to $1,110 million. Key drivers included increased revenue from capital investments and new rate implementations, which were offset by higher interest expenses and the absence of lost distribution revenues.

On July 22, 2021, FirstEnergy Corp. announced compliance with a deferred prosecution agreement related to a Department of Justice investigation. The company admitted to using 501(c)(4) entities to influence Ohio's legislative process by concealing payments made to public officials in exchange for official actions. This method was chosen due to the lack of donor disclosure requirements associated with 501(c)(4) organizations, enabling significant financial contributions without limits. FirstEnergy is committed to integrity and operates one of the largest investor-owned electric systems in the U.S.

FirstEnergy Corp. (NYSE: FE) has reached a deferred prosecution agreement with the U.S. Attorney's Office for the Southern District of Ohio regarding a previous investigation. The company will pay a $230 million penalty, shared equally between the U.S. Treasury and Ohio's Development Service Agency. This agreement includes a charge of conspiracy to commit honest services wire fraud, which will be dismissed if FirstEnergy complies. The company is committed to enhancing its compliance program and has taken significant remedial actions, including leadership changes and policy improvements.

FirstEnergy Corp. (NYSE: FE) announced an unchanged quarterly dividend of 39 cents per share, payable on September 1, 2021. Shareholders of record as of August 6, 2021 will be eligible for this dividend. The company is recognized as one of the largest investor-owned electric systems in the U.S., serving several states including Ohio, Pennsylvania, and New Jersey. FirstEnergy operates approximately 24,000 miles of transmission lines. The company emphasizes integrity, safety, and operational excellence while navigating ongoing government investigations and various operational risks.

FirstEnergy's subsidiary Mon Power is deploying two helicopters with aerial saws to trim trees along 187 miles of transmission lines in West Virginia. This operation aims to improve electrical clearances and minimize tree-related outages, particularly during severe weather. Scheduled from mid-July to September, the $70 million vegetation management program is part of a broader effort to enhance service reliability, having reduced customer outage minutes by over 40% since 2015. Mon Power serves approximately 395,000 customers across 34 counties.

FirstEnergy Corp. (NYSE: FE) is set to release its financial results for Q2 and the first half of 2021 after market close on July 22. A conference call detailing these results will occur at 10 a.m. EDT on July 23, followed by a Q&A session. Interested parties can access a live webcast and presentation materials on FirstEnergy's Investor Information website, with the content available for replay for up to a year. The company emphasizes its commitment to integrity, safety, and operational excellence, serving customers across several states including Ohio and Pennsylvania.