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.
On June 9, 2022, FirstEnergy Corp. (FE) announced amendments to its previously disclosed cash tender offer for up to $800 million in outstanding debt securities. The amendments extend key deadlines and modify the fixed spread for the 7.375% Notes due 2031 and 4.85% Notes due 2047. FirstEnergy aims to reduce leverage and enhance its financial stability. The financing conditions were satisfied following a minority stake sale in FirstEnergy Transmission, LLC on May 31, 2022. Investors can find more details in the Offer to Purchase dated May 25, 2022.
FirstEnergy Corp. has finalized a $2.375 billion sale of a 19.9% stake in its subsidiary, FirstEnergy Transmission, LLC, to Brookfield Super-Core Infrastructure Partners. This transaction strengthens FirstEnergy's balance sheet, retaining an 80.1% stake in FET. Along with a previous $1 billion equity investment from Blackstone, the total proceeds of $3.4 billion will fund a sustainable capital investment program of $17 billion targeting grid modernization and clean energy initiatives from 2021 to 2025.
FirstEnergy Corp. (NYSE: FE) announced a cash Tender Offer to purchase up to $800 million of its outstanding 7.375% Notes, due 2031, and 4.85% Notes, due 2047. The offer will expire on June 23, 2022, unless extended. The acceptance of notes is subject to conditions, including the sale of a minority interest in FirstEnergy Transmission, LLC. Holders can withdraw their notes until 5:00 PM on June 8, 2022. Barclays and Morgan Stanley are acting as dealer managers for the offer.
Mon Power and Potomac Edison, subsidiaries of FirstEnergy Corp. (NYSE: FE), are launching a solar renewable energy initiative in West Virginia. They are accepting commitments for solar renewable energy credits (SRECs) from five planned solar facilities totaling 50 megawatts. The initiative aims to generate over 87,000 SRECs annually and is expected to support economic development in the region. Customers can subscribe for SRECs at a cost of 4 cents per kilowatt hour, with options for residential and commercial customers. Final construction awaits further commission approval.
FirstEnergy Corp. (NYSE: FE) held its 2022 Annual Meeting, where CEO Steven E. Strah emphasized the company's commitment to innovation and sustainability. With a $17 billion investment plan from 2021 to 2025, FirstEnergy aims to enhance its grid and embrace renewable technologies. Shareholders reelected 10 directors and welcomed new members to the board. However, proposals for labor practice audits and reducing shareholder meeting thresholds were not approved. The new Board chair is John W. Somerhalder, with Lisa Winston Hicks serving as lead independent director.
West Penn Power, a subsidiary of FirstEnergy, is enhancing its distribution system in Butler County, benefiting approximately 15,000 customers by reducing power outages, especially during severe weather. The enhancements include replacing worn equipment, repairing underground lines, and installing protective devices on power lines. Over $100 million has been invested since 2016, with a $147 million Long Term Infrastructure Improvement Plan aimed at improving electric service reliability. This initiative also complements ongoing developments by sister utility Penn Power to accommodate a growing population and energy demands.
FirstEnergy Corp. has donated 500 trees to the City of Rittman's William T. Robertson Nature Preserve on May 6, 2022. This initiative continues its commitment to environmental sustainability, with over 17,000 trees planted since April 2021 and plans to plant more than 14,000 trees this spring. The project, led by FirstEnergy's Green Team, supports local ecosystems and enhances community spaces. Additionally, $41,000 was donated for a renewable energy lab at the preserve in December 2021.
Penelec, a subsidiary of FirstEnergy Corp. (NYSE: FE), has initiated a $300,000 project to rejuvenate underground power lines in Girard Township, Erie County. Beginning on May 4, 2022, this innovative injection process uses a silicone-based fluid to extend the life of existing lines by up to 30 years, benefiting 380 residential customers and local businesses. Instead of replacing over 6 miles of underground cable, this method minimizes excavation while enhancing service reliability. In 2022, Penelec plans to rejuvenate 34,000 feet and replace an additional 11,000 feet of aging lines as part of its $200 million Long Term Infrastructure Improvement Plan.
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Potomac Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), has been awarded the 2022 ENERGY STAR® Partner of the Year Award by the EPA and the U.S. Department of Energy for its energy efficiency programs in Maryland. This recognition highlights Potomac Edison's commitment to environmental stewardship and its role in helping customers manage energy use effectively. The company offers various incentives such as recycling programs for old appliances, home energy efficiency kits, and discounts on ENERGY STAR certified products. This achievement marks Potomac Edison's second award in this category.