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.
FirstEnergy Corp. (NYSE: FE) has expanded its Educate to Elevate program, initially launched for Ohio employees, to include partnerships with Alvernia University in Pennsylvania and Pierpont Community and Technical College in West Virginia. This initiative allows employees to pursue college degrees after work hours at company facilities. The program aims to enhance workforce skills and personal development, with 51 students currently enrolled across the three locations. Following the successful transition to online learning during the pandemic, the company demonstrates its commitment to employee growth and career advancement.
Jersey Central Power & Light (JCP&L), a FirstEnergy Corp. subsidiary, is implementing a significant tree trimming initiative over 3,700 miles of power lines in its service area to prevent outages. As of April 2021, 400 miles have been trimmed, with an additional 3,300 miles scheduled for completion by year-end, totaling an expenditure of $41 million. The program also aims to eliminate deteriorated ash trees affected by the Emerald Ash Borer, having removed over 980 trees this year. JCP&L serves 1.1 million customers across various New Jersey counties.
Met-Ed, a subsidiary of FirstEnergy Corp. (NYSE: FE), is actively engaged in tree trimming across Pennsylvania to enhance electric service reliability. This initiative is part of a $28 million vegetation management program for 2020, aiming to clear 3,200 miles of lines. Since the start of the year, 650 miles have been trimmed, contributing to an 11% reduction in tree-related outages from 2019. Work is scheduled across multiple counties, with certified forestry experts managing the program. Met-Ed serves approximately 570,000 customers across 3,300 square miles.
Mon Power, a subsidiary of FirstEnergy, has launched its 2021 tree trimming program to clear nearly 5,700 miles of power lines in West Virginia. With an investment of over $70 million, the initiative aims to improve service reliability and reduce power outages, which have dropped by more than 40% since 2015. The program will involve the proactive removal of deteriorated ash trees and is executed by certified forestry experts. Mon Power serves approximately 385,000 customers in 34 counties and operates on a four-year trimming cycle.
Ohio Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), is investing $22 million in a tree-trimming program across its 34-county Ohio service area. The initiative aims to enhance service reliability by preventing tree-related power outages, particularly during storm seasons. Currently, contractors have trimmed trees along nearly 1,200 miles of electric lines and plan to complete an additional 3,850 miles by year-end. The program is executed every four years and employs both ground crews and aerial saws for efficiency and safety.
Penelec, a subsidiary of FirstEnergy Corp. (NYSE: FE), is enhancing electric service reliability through a $39.4 million vegetation management program in Pennsylvania. The initiative includes tree trimming along 1,000 miles of lines and aims to complete an additional 3,200 miles by year-end. This proactive approach is designed to reduce tree-related power outages, notably during severe weather. In 2020, tree-related outages decreased by 3% compared to 2019. Penelec also completed a five-year effort to remove over 200,000 ash trees affected by the Emerald Ash Borer.
Penn Power, a subsidiary of FirstEnergy Corp. (NYSE: FE), is investing $9.5 million in a tree-trimming program aimed at enhancing service reliability within its western Pennsylvania service area. This initiative will prevent tree-related power outages, especially during the spring and summer storms. Already, nearly 300 miles of electric lines have been trimmed, with an additional 900 miles targeted by year-end. The program includes health-preserving pruning and the removal of dangerous or diseased trees, conducted by certified forestry experts.
Potomac Edison, a subsidiary of FirstEnergy, has initiated its 2021 tree trimming program, planning to clear 1,670 miles of power lines in Maryland and 1,550 miles in West Virginia. The program's cycle has been shortened to four years, enhancing service reliability and reducing tree-related outages. The company will invest approximately $38 million this year and aims to trim over 6,000 circuit miles in Maryland alone. In 2020, tree-related outages decreased by 45%, and service interruptions fell by 75%, showcasing the program's benefits.
The Illuminating Company, a subsidiary of FirstEnergy Corp. (NYSE: FE), is investing $15.5 million in a tree-trimming program aimed at enhancing electric service reliability in northeast Ohio. The initiative covers nearly 600 miles of power lines trimmed so far this year, with plans to complete an additional 1,800 miles by year-end. Aerial saws will be deployed for hard-to-access areas, reducing tree-related outages, especially during severe weather. This proactive approach involves certified forestry experts and aligns with the company's maintenance cycle.
On April 7, 2021, Toledo Edison, a FirstEnergy subsidiary, announced a $7.7 million tree trimming initiative to enhance service reliability for its customers in northwest Ohio. This program aims to prevent tree-related power outages, particularly during storm seasons, with over 450 miles of electric lines already trimmed this year and an additional 1,100 miles scheduled for completion. The tree trimming is conducted on a four-year cycle, focusing on maintaining tree health and safety near power lines.
FAQ
What is the current stock price of FirstEnergy (FE)?
What is the market cap of FirstEnergy (FE)?
What states does FirstEnergy serve?
How many customers does FirstEnergy have?
What is FirstEnergy's commitment to environmental sustainability?
What are FirstEnergy's latest financial results?
What is the Energize365 plan?
How is FirstEnergy improving infrastructure in rural areas?
What recent project has Toledo Edison undertaken?
Who is the new Associate General Counsel of FirstEnergy?
How does FirstEnergy ensure the safety of its transmission lines?
Where can I find FirstEnergy's job postings and career tips?
