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 utility holding company whose electric distribution companies serve more than six million customers across Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. Its transmission subsidiaries operate approximately 24,000 miles of transmission lines connecting the Midwest and Mid-Atlantic regions. The news surrounding FirstEnergy reflects its role in nuclear electric power generation, electric distribution and transmission within the utilities sector.
This news page brings together company-issued updates and other coverage related to FE. Readers can find announcements about quarterly and annual financial results, earnings teleconferences and investor presentations, often referenced in Form 8-K filings and news releases. These items provide insight into how management views performance, uses GAAP and non-GAAP measures and communicates core earnings guidance and strategic priorities.
Because FirstEnergy operates regulated utilities, a significant portion of its news flow centers on regulatory developments and settlements. Examples include Public Utilities Commission of Ohio (PUCO) proceedings and comprehensive settlement agreements that address riders, audits and customer restitution and refunds for Ohio Edison, The Illuminating Company and Toledo Edison customers. Such updates can be important for understanding potential impacts on rates, customer bills and regulatory relationships.
Operational and infrastructure news is another key theme. FirstEnergy and its subsidiaries, including entities like Mid-Atlantic Interstate Transmission and Jersey Central Power & Light, issue releases on grid modernization projects, high-voltage line rebuilds, substation upgrades and other investments intended to enhance reliability and support growth in local communities.
In addition, the FirstEnergy Foundation regularly announces “Gifts of the Season” and other grants to nonprofits in the company’s service territories, highlighting community and philanthropic initiatives. Investors, customers and observers can use this news page to follow developments across financial, regulatory, operational and community dimensions of FirstEnergy’s business.
FirstEnergy Corp. (NYSE: FE) has initiated construction of a new substation in Frederick County, Maryland, aimed at enhancing reliability for approximately 4,300 customers. Located on over nine acres in Jefferson, the substation will reduce the need for additional construction by tapping into an existing overhead transmission line. This project responds to rising power demand and is expected to be operational by early 2023. Additionally, Potomac Edison is investing in infrastructure upgrades, including replacing 50 miles of underground cable annually to improve service reliability.
FirstEnergy Corp. has appointed Joseph McClelland as vice president of External Affairs, effective July 18, 2022. With nearly 40 years in the energy sector, McClelland will oversee government relations, engaging with legislators on issues that affect the company and its customers. Previously, he served as director of the Office of Energy Infrastructure Security at FERC, focusing on security threats. FirstEnergy operates one of the largest investor-owned electric systems in the U.S., serving several states with over 24,000 miles of transmission lines.
FirstEnergy Corp. (NYSE: FE) urges the public to prioritize electrical safety during summer celebrations, particularly around the Fourth of July. Foil balloons and fireworks pose significant risks of power outages and damage to electrical systems, with nearly 60 outages attributed to foil balloons in recent months. The company recommends securing helium-filled balloons and avoiding the release of balloons outdoors. To prevent accidents, guidelines include avoiding power lines while handling kites and fireworks. FirstEnergy promotes its 'Stop. Look. Live.' safety campaign to enhance public awareness.
Penelec, a subsidiary of FirstEnergy Corp. (NYSE: FE), is investing in service reliability enhancements for over 400 customers in Millcreek Township, Erie County. The project involves replacing underground electric cable, transformers, and more, with completion expected this summer. This initiative is part of Penelec's $200 million Long Term Infrastructure Improvement Plans (LTIIP II) aimed at improving electric service reliability for 585,000 customers in Pennsylvania. New equipment is designed to last decades and facilitate easier repairs.
Ohio Edison, a subsidiary of FirstEnergy (NYSE: FE), completed significant grid modernization in Salem, Ohio, enhancing service reliability for over 8,200 customers. The upgrades include automated equipment and technology aimed at minimizing power outages during adverse weather. Key features include five newly installed automated reclosing devices and additional power lines for faster service restoration. Previous upgrades have improved average restoration times by nearly 30 minutes during severe weather. Future work includes tree-trimming and equipment inspections across 500 miles of power lines.
FirstEnergy Corp. (NYSE: FE) subsidiary JCP&L has enhanced service reliability by completing inspections and maintenance across its New Jersey service area ahead of anticipated high electric usage this summer. Helicopter patrols and thermovision cameras were utilized to identify potential issues, while critical equipment has been staged closer to high-demand areas like the Jersey Shore. JCP&L has also tested flood walls at vulnerable substations and conducted a storm restoration drill in preparation for an above-average hurricane season. Customers can find energy-saving tips and assistance programs online.
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Penn Power, a FirstEnergy Corp. electric company, has completed proactive inspections and maintenance of its electric grid to prepare for extreme summer weather. This summer, the company plans to invest over $20 million in upgrades, which include advanced thermovision technology to identify potential infrastructure issues. A new distribution substation in Cranberry will enhance service for over 20,000 customers. Additionally, customers are advised on energy-saving tips during heat waves, emphasizing thermostat adjustments and proper air conditioning usage to manage rising energy costs.
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