FirstEnergy Corp. - FE STOCK NEWS

FirstEnergy Corp. (NYSE: FE) announced significant investments to enhance its Toledo Edison electric system, facilitating a $700 million expansion at North Star BlueScope Steel. Recent upgrades include $2.5 million for a substation in Delta to improve high-voltage electricity flow. Planned improvements also feature a $67 million transmission substation and a new 8.5-mile power line, projected to support over 10,000 customers. FirstEnergy has invested over $5 billion in infrastructure, emphasizing its role in regional economic growth, attracting 30,000 jobs and $17.5 billion in investments over five years.

Penelec, a utility of FirstEnergy Corp. (NYSE: FE), is set to enhance service reliability by injecting silicone-based fluid into aging underground distribution lines at a condominium complex in Erie, Pennsylvania. This innovative method, costing $125,000, aims to extend the cable's lifespan by up to 40 years without the need for extensive excavation. Scheduled to begin on May 11, the rejuvenation will cover over 8,500 feet of cable, part of a broader $200 million Long Term Infrastructure Improvement Plan aimed at enhancing electrical service for 585,000 customers.

West Penn Power, a FirstEnergy subsidiary, is upgrading the 17.3-mile Springdale-Kittanning transmission line to improve electric service reliability in Allegheny, Armstrong, and Westmoreland Counties. This project, part of FirstEnergy's multi-year 'Energizing the Future' initiative, involves replacing aging hardware to reduce outage frequency. Aerial construction techniques were employed to minimize environmental disruption. The Springdale-Kittanning line has been operational since 1923 and serves approximately 725,000 customers in central and southwestern Pennsylvania.

FirstEnergy's subsidiary, Ohio Edison, is modernizing its power systems in Summit and Portage counties to enhance reliability for over 30,000 customers. Upgrades include new automated equipment in substations and along power lines, aiming to reduce outage frequency and duration. More than 30 automated reclosing devices and 50 capacitor banks will be installed, improving service restoration times. Previous upgrades led to fewer outages and a one-hour reduction in average restoration time during severe weather. This is part of a three-year modernization plan expected to complete in 2022.

Jersey Central Power and Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), received the Environmental Leadership Award from The Commerce & Industry Association of New Jersey for its exceptional recycling and pollution prevention initiatives. In 2019, JCP&L recycled over 400 tons of materials, contributing to responsible environmental stewardship. The company also received the Certificate of Innovation in Sustainability from the New Jersey Department of Environmental Protection. JCP&L showcases a commitment to sustainable practices, serving 1.1 million customers across New Jersey.

FirstEnergy Corp. reported first quarter 2021 GAAP earnings of $335 million, or $0.62 per share, on revenue of $2.7 billion, matching last year’s revenue but marking a substantial increase in earnings from $74 million, or $0.14 per share. Operating earnings were $0.69 per share, exceeding the midpoint of guidance. Looking ahead, the company forecasts second quarter earnings between $260 million and $315 million and maintains a full-year GAAP earnings forecast of $1.27 billion to $1.38 billion. Key growth was driven by increased residential usage and strategic investments.

FirstEnergy Corp. (NYSE: FE) will announce its first quarter 2021 financial results after market close on April 22. Management will discuss these results during a conference call with analysts on April 23 at 10 a.m. EDT, followed by a Q&A session. Stakeholders can access a live webcast of the call and view presentation materials on their Investor Information website. The webcast will be available for replay for up to one year. FirstEnergy serves customers across several states and operates an extensive transmission network.

Toledo Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), has collaborated with the U.S. Fish and Wildlife Service to enhance osprey conservation by installing a 55-foot wooden pole with a nesting platform at Cedar Point National Wildlife Refuge. This initiative addresses the growing osprey population by providing a safe nesting area, thereby reducing nesting near electrical equipment, which could lead to power outages. The installation reflects Toledo Edison’s commitment to wildlife protection, having previously installed deterrents to prevent nesting on utility poles.