FirstEnergy Corp. reports developments for an investor-owned electric utility holding company with distribution companies in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York and transmission subsidiaries that connect the Midwest and Mid-Atlantic regions.
Recurring updates cover GAAP and core earnings, distribution and transmission rate-base growth, capital spending for grid reliability, and regulatory proceedings such as Ohio distribution rate plans. Company news also covers projects by American Transmission Systems, Potomac Edison, Ohio Edison, Toledo Edison and The Illuminating Company, including line rebuilds, tree trimming, time-of-use rates, storm restoration and operational leadership changes.
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Jersey Central Power & Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), has installed protective devices to safeguard New Jersey's bald eagle population. The measures include guards on electrical equipment, insulated caps, and reflective tags along power lines to prevent nesting and enhance visibility. Over five years, more than 100 projects have been completed to protect birds of prey. The bald eagle population in New Jersey has significantly increased, with 247 territorial pairs documented in 2021, reflecting efforts to bolster wildlife conservation while minimizing service disruptions for customers.
FirstEnergy Corp. (NYSE: FE) has declared a quarterly dividend of 39 cents per share, maintaining its previous rate. The dividend is set to be paid on December 1, 2022, to shareholders recorded as of November 7, 2022. This decision reflects the company's ongoing commitment to return value to its shareholders amid various operational challenges. FirstEnergy serves a broad customer base across several states and operates a vast transmission network, positioning itself as a significant player in the electric utility sector.
FirstEnergy Corp. (NYSE: FE) announced the retirement of Steven E. Strah as president and CEO, effective September 16, 2022. John W. Somerhalder II, chair of the Board, is appointed as interim CEO while a search for a permanent successor begins. Somerhalder aims to enhance value for customers and shareholders during this transition. The company anticipates strong 2022 results, focusing on improving its balance sheet through organic cash flow growth and potential asset transactions. The Board expresses gratitude for Strah's service and aims to maintain operational momentum during the leadership change.
The Illuminating Company, a subsidiary of FirstEnergy Corp. (NYSE: FE), has completed a $3 million tree-trimming project to enhance electric service reliability for over 25,000 customers in Cleveland. This initiative, part of a broader $16.5 million investment this year, addresses vegetation issues that have historically caused outages. The project involved extensive coordination and has trimmed trees along 1,500 miles of power lines, with plans to complete an additional 500 miles by year-end. The company aims to prevent tree-related outages during severe weather, benefiting the local community's power service.
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FirstEnergy's subsidiary, Met-Ed, is enhancing its electric distribution system in Berks County, Pennsylvania, investing $153 million over five years as part of its Long Term Infrastructure Improvement Plan. The upgrades will benefit approximately 1,100 customers by minimizing service disruptions during severe storms. Key project elements include installing remote-controlled devices on power lines and injecting silicone fluid into underground cables to extend their lifespan by up to 30 years. The work is set to begin this summer and complete by fall.
FirstEnergy Foundation awarded over $3.43 million in its final round of "Investing with Purpose" grants, supporting nearly 100 organizations across its service area. This initiative, aimed at addressing health, safety, workforce development, education, and social justice, has collectively contributed $7 million since 2020. FirstEnergy Corp. also contributed $220,000 to five organizations. The Foundation aims to strengthen communities affected by the COVID pandemic by funding critical services and support for vulnerable populations.
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FirstEnergy Corp. (NYSE: FE) has successfully closed the ash landfill at the former R. Paul Smith Power Station in Berkeley County, West Virginia, marking a significant step towards creating a utility-scale solar facility. The closure allows for the repurposing of the 26-acre site, where a six-megawatt solar project will be established as part of a broader initiative to develop five solar facilities totaling 50 megawatts. Over 20 years, 3.1 million tons of ash were beneficially reused in cement production, contributing to economic growth in the region.