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.
Penn Power, a FirstEnergy electric company, has completed proactive inspections and maintenance to enhance the electric system ahead of summer's extreme heat and severe weather. This year, FirstEnergy invested over $15 million in technology and equipment upgrades. Inspections covered nearly 750 miles of high voltage power lines, utilizing thermovision cameras to identify potential issues. The company also conducted readiness exercises to improve restoration processes for storm-related outages, ensuring reliability for over 160,000 customers in western Pennsylvania.
FirstEnergy Corp. (NYSE: FE) received the 'Emergency Recovery Award' from the Edison Electric Institute for restoring power to over 371,000 customers after severe winds in November 2020. The company's response involved well-developed storm restoration plans, facilitating rapid service restoration despite challenging conditions. Additionally, the award was presented during the EEI's online meeting on June 8, 2021, recognizing the efforts of crews who worked diligently during the pandemic and adverse weather events, including Tropical Storm Isaias and Hurricane Laura.
Jim Fakult, president of Jersey Central Power and Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), has been elected chairman of the New Jersey Chamber of Commerce.
Fakult, with 33 years at FirstEnergy, has led JCP&L since 2013. He aims to drive economic growth and recovery in New Jersey post-pandemic. Under his leadership, JCP&L has gained recognition for sustainability efforts, including being the only electric utility on the New Jersey Sustainable Business Registry.
On June 9, 2021, FirstEnergy Corp. (NYSE:FE) shared energy-saving tips to help customers manage costs during high summer temperatures. With increasing demand for air conditioning, customers can reduce energy usage by setting thermostats higher, using fans, and operating HVAC systems efficiently. The company is proactively inspecting its infrastructure to handle increased electricity demands and prevent outages. Customers are encouraged to check their energy efficiency and consider rebates for ENERGY STAR appliances. More resources on energy savings and bill assistance are available on their website.
Jersey Central Power and Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), has completed inspections and maintenance projects across its service area to enhance reliability ahead of the summer and hurricane season. JCP&L utilized helicopters and ground teams to inspect over 780 miles of transmission lines, addressing potential issues. The company invested $97 million in automation and infrastructure improvements. Additionally, JCP&L's certified meteorologists are strategically staging equipment and resources to mitigate storm impacts.
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