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) announced a customer credit of approximately $26 million across its Ohio utilities—Ohio Edison, The Illuminating Company, and Toledo Edison. This credit relates to revenues previously collected through a decoupling mechanism as authorized by Ohio law. To mitigate regulatory uncertainty, the company has opted not to recover lost distribution revenue through May 31, 2024, following a partial settlement with the Ohio Attorney General. FirstEnergy aims for transparent engagement with stakeholders while focusing on operational excellence.
The Emergency Rental Assistance Program (ERAP) has been introduced to support low-income renters facing challenges due to the pandemic in Pennsylvania, specifically for customers of FirstEnergy Corp. (NYSE: FE). Signed into law on February 5, 2021, the program will run until December 31, 2021, or until funds are depleted. ERAP funds can cover rental and utility costs. Additional assistance programs are also available for customers of Met-Ed, Penelec, Penn Power, and West Penn Power, including LIHEAP and the Pennsylvania Customer Assistance Program.
FirstEnergy Corp. (NYSE: FE) announced that Sandra Pianalto will not seek re-election to the Board of Directors at the 2021 Annual Meeting, prioritizing other commitments. Melvin D. Williams has been nominated to fill her position, keeping the Board at 14 members. Williams brings over 32 years of utility experience, focusing on regulatory matters and operations. Pianalto, who served since 2018, contributed significantly to the company. The changes aim to strengthen the Board’s leadership and support FirstEnergy's long-term growth and shareholder value.
FirstEnergy Corp. (NYSE: FE) is launching the PSI Equal Access Scholarship Program in 2021, offering up to 50 scholarships to underrepresented candidates. Each scholarship provides $1,000 per month, totaling up to $21,000, for students attending the Power Systems Institute (PSI) training program. This initiative aims to promote diversity and inclusion in skilled trades, particularly targeting candidates from various ethnic backgrounds. The program combines classroom education with hands-on training, leading to an Associate of Technical Studies degree in electric utility technology.
FirstEnergy Corp. (NYSE: FE) announced the appointment of Antonio Fernández as vice president and chief ethics and compliance officer, effective April 12. Fernández will lead a compliance team and report to senior management and the Board's Audit Committee. Previously, he served at PSEG, enhancing their ethics and compliance programs. His background includes roles at GE Power and as a senior attorney at Florida Power & Light. This appointment aims to strengthen FirstEnergy’s commitment to integrity and compliance amidst ongoing efforts to rebuild stakeholder trust.
FirstEnergy Corp. (NYSE: FE) has announced its agreement with Icahn Capital to appoint Andrew Teno and Jesse Lynn to its Board of Directors, effective March 18, 2021. This addition will expand the board to 14 members, pending regulatory approvals. The agreement emphasizes Teno and Lynn's roles in committees focused on audit and compliance oversight. FirstEnergy's leadership noted this move aligns with ongoing efforts to enhance shareholder value and improve corporate governance amidst past challenges. The company aims to reduce regulatory uncertainties and foster transparency.
FirstEnergy Corp. (NYSE: FE) has declared a quarterly dividend of 39 cents per share, maintaining the previous rate. This dividend is set to be paid on June 1, 2021, to shareholders recorded by the close of business on May 7, 2021. The company operates one of the largest investor-owned electric systems in the U.S., with services extending across multiple states including Ohio and Pennsylvania. This announcement reflects the company's commitment to delivering consistent returns to shareholders amidst present operational challenges.
Penelec, a subsidiary of FirstEnergy Corp. (NYSE: FE), conducted its annual emergency preparation drill virtually to test its storm restoration process. This drill follows a severe windstorm that affected 90,000 customers in Pennsylvania last November. Over 30 employees participated, focusing on refining storm restoration capabilities and managing new storm-management tools. The exercise aligns with pandemic protocols and aims to ensure readiness for upcoming severe weather. Penelec serves approximately 585,000 customers across 17,600 square miles in northern and central Pennsylvania.
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