FirstEnergy Corp. - FE STOCK NEWS

FirstEnergy Corp. (NYSE: FE) has appointed Steven E. Strah as the new CEO and Board member, effective immediately. Strah, who served as acting CEO since October 2020, is focused on enhancing compliance and transparency, and has launched the FE Forward initiative aimed at transforming operations. By 2024, the initiative is expected to yield $300 million in annualized capital efficiency and $250 million in working capital improvements. The company also plans to issue $600 million in equity over the next two years to strengthen its financial position.

On March 4, 2021, The Illuminating Company, a subsidiary of FirstEnergy Corp (NYSE: FE), announced the completion of electrical grid upgrades in eastern Cuyahoga County, Ohio. This initiative aims to enhance reliability for over 20,000 customers in Solon, Chagrin Falls, and Bedford Heights. The upgrades include over 50 automated reclosing devices and new power lines to expedite outage restoration. With work commencing in 2020 and slated for completion in April, the modernization plan is expected to reduce service interruptions significantly. FirstEnergy serves over 750,000 customers overall.

Penn Power, a subsidiary of FirstEnergy Corp (NYSE: FE), has teamed up with the Erie Bird Observatory to install nesting platforms for ospreys on utility poles in Pennsylvania. This initiative aims to protect the birds and prevent potential power outages during nesting season. Over the last two years, FirstEnergy Foundation has donated $10,000 to support these efforts, leading to the installation of multiple platforms due to an increase in the osprey population. This proactive measure aligns with Penn Power's commitment to enhancing avian protection and reducing service disruptions caused by nesting.

Jim Fakult, President of Jersey Central Power and Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), has been honored by ROI-NJ and NJ Biz for his leadership over 1,500 employees serving 1.1 million customers in New Jersey. He was included in esteemed "power" lists recognizing key influencers in the state's economy. Under his guidance, JCP&L's Reliability Plus Infrastructure Investment Program has enhanced service reliability. Fakult emphasizes the importance of community support and sustainable practices, marking JCP&L as a leader in environmental efforts in New Jersey.

FirstEnergy Corp. (NYSE: FE) has appointed John W. Somerhalder as vice chairman of its Board of Directors, effective March 1, 2021. Somerhalder will also act as executive director during a transitional period focused on strategic priorities, including enhancing governance and compliance. His extensive experience in the energy sector includes previous leadership roles at CenterPoint Energy and Colonial Pipeline. This appointment aims to rebuild stakeholder trust and supports FirstEnergy's growth strategy led by president Steven E. Strah.

FirstEnergy Corp. reported full-year 2020 GAAP earnings of $1.1 billion, or $1.99 per share, on $10.8 billion in revenue, up from $908 million in 2019. Operating earnings were $2.39 per share, down from $2.58 in 2019. For 2021, the company expects GAAP earnings of $1.305 to $1.415 billion, or $2.40 to $2.60 per share. Fourth-quarter 2020 GAAP earnings reached $242 million, a significant recovery from a loss in Q4 2019. Total distribution deliveries fell 3.1% due to pandemic impacts, but residential sales slightly increased.

FirstEnergy Corp. (NYSE: FE) announced plans to address regulatory challenges in Ohio by engaging with stakeholders. The company will not seek recovery of lost distribution revenue until May 31, 2024, as part of a collaborative approach with the Public Utilities Commission of Ohio (PUCO). This decision follows a partial settlement regarding decoupling revenues. FirstEnergy expects to report 2020 GAAP earnings of $1.99 per share, with a $0.15 charge due to regulatory settlements. The company is taking steps to improve compliance and governance, including hiring new executives and launching an internal investigation.

FirstEnergy Foundation is partnering with Junior Achievement of North Central Ohio to launch JA Virtual Inspire, an online career exploration event for students in grades 7-12, set for March 10, 2021. Over 15,000 students from 60 schools will participate, connecting with more than 60 companies and universities. The initiative aims to guide students in career planning, addressing challenges exacerbated by the COVID-19 pandemic. The Foundation's support is part of its $3.4 million investment in community programs focused on health, education, and workforce development.

FirstEnergy Corp. (NYSE: FE) is preparing for the impact of Winter Storm Uri, which is forecasted to bring severe weather, including up to 12 inches of snow and ice, across its service areas in Ohio, Pennsylvania, West Virginia, Maryland, and New Jersey. The company has activated storm response plans, deploying additional personnel and securing around 100 additional line workers for restoration efforts. FirstEnergy emphasizes safety and quick restoration of services, coordinating with emergency officials and mutual assistance groups to address potential power outages.