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 announced a donation of personal protective equipment (PPE) valued at $2.2 million to the United Way, aimed at enhancing community health and safety. The donation includes 7,300 face masks, 18,800 N-95 respirators, and 172,000 disinfectant wipe packets. CEO Steven E. Strah highlighted the company's commitment to safety and community support during the pandemic. The supplies will be distributed across 15 United Way chapters within FirstEnergy's service areas in Ohio, West Virginia, Maryland, New Jersey, and Pennsylvania.
FirstEnergy Corp. announced that Electric service has been restored to over 111,000 Jersey Central Power & Light (JCP&L) customers after severe thunderstorms caused power outages. As of 12:30 p.m. today, approximately 21,000 customers remain without power, mainly in Sussex, Morris, Monmouth, Ocean, Hunterdon, and Warren counties. Crews are addressing over 460 safety hazards and 105 road closures while assessing damage. Restoration efforts are ongoing, with estimates for restoration times provided for specific counties. JCP&L is also preparing for potential impacts from Tropical Storm Elsa.
Penelec, a subsidiary of FirstEnergy Corp. (NYSE: FE), has successfully converted over 2,300 high-pressure sodium streetlights to smart LED technology in downtown Erie. This upgrade will enhance energy efficiency and public safety, allowing for features like real-time monitoring of light statuses and adjustable brightness for specific areas. The initiative is part of Erie's Smart City Project aimed at attracting tech jobs and economic growth. The project commenced in November and concluded in June, benefiting approximately 585,000 Penelec customers across northern and central Pennsylvania.
FirstEnergy (NYSE: FE) issued a reminder urging the public to prioritize electrical safety during the summer and Fourth of July celebrations. The company highlighted the risks associated with foil balloons and fireworks, which have led to a 40% increase in balloon-related power outages in the past three months. To mitigate hazards, FirstEnergy provided safety tips such as securing helium balloons, avoiding fireworks near power lines, and keeping electrical devices away from water. The company is dedicated to ensuring safe electricity service across its six-state service area.
FirstEnergy Corp. (NYSE: FE) has announced the election of Lisa Winston Hicks and Paul Kaleta to its Board of Directors, expanding the board to 16 members. Hicks brings extensive legal and leadership experience from various sectors, while Kaleta has decades of expertise in the energy field. Both will serve on a new Special Litigation Committee focused on handling pending shareholder derivative litigation. This addition aims to strengthen governance and oversight as the company navigates ongoing regulatory challenges and seeks to enhance its operational integrity.
The Illuminating Company, a subsidiary of FirstEnergy Corp. (NYSE: FE), has welcomed 17 new graduates from its Power Systems Institute (PSI) program, aimed at training line and substation workers. This two-year program, in partnership with Cuyahoga Community College and Stark State College, has been operating for 20 years and has trained over 2,000 personnel. The new hires include 10 line workers and 7 substation electricians, enhancing the workforce focused on providing reliable electric service in Northeast Ohio.
Jersey Central Power & Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), has welcomed 36 new graduates from its Power Systems Institute (PSI) training program. This initiative, which has been operational for 20 years, focuses on developing skilled line and substation workers. The new hires, comprising 23 line workers and 13 substation electricians, will enhance JCP&L's workforce serving 1.1 million customers in New Jersey. The PSI program has successfully trained over 2,000 personnel since its inception, contributing to the company's commitment to safety and reliability in electric service.
FirstEnergy Corp. (NYSE: FE) subsidiary Met-Ed has welcomed 33 new employees from its Power Systems Institute (PSI), a program designed to prepare skilled line and substation workers. This cohort includes 24 line workers and 9 substation electricians, all graduates of a partnership with Reading Area Community College. The PSI program, operational for 20 years, emphasizes safe work practices and has produced over 2,000 trained personnel. Met-Ed serves about 570,000 customers across Pennsylvania, ensuring reliable electric service.
Mon Power, a subsidiary of FirstEnergy Corp. (NYSE: FE), has expanded its workforce by hiring 18 graduates from its Power Systems Institute (PSI) program. This initiative aims to train future line and substation workers, with the latest hires comprising 16 line workers and two substation electricians in West Virginia. The PSI program, established in 2012, has successfully graduated over 2,000 personnel and emphasizes safe work practices and hands-on experience. Mon Power serves approximately 385,000 customers across 34 counties in West Virginia.
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