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 issued a Request for Proposal (RFP) to acquire 137,000 Solar Photovoltaic Alternative Energy Credits (SPAECs) annually over two years for its Pennsylvania utilities, including Pennsylvania Power Company, Pennsylvania Electric Company, and Metropolitan Edison Company. The RFP will be managed by The Brattle Group, with application submissions due by February 9, 2021, and bids by March 3, 2021. Successful bidders will enter agreements to supply SPAECs starting in 2021, supporting FirstEnergy's commitment to sustainable energy solutions.
FirstEnergy Corp. has been honored for the 15th consecutive year by the Edison Electric Institute for its emergency response efforts. The company received the 'Emergency Recovery Award' after restoring service to over 800,000 customers in New Jersey and Pennsylvania following Tropical Storm Isaias and the 'Emergency Assistance Award' for aiding Entergy in Texas and Louisiana after Hurricane Laura. The restoration included more than 9,000 workers and substantial equipment replacements, achieving 85% service restoration within three days.
Metropolitan Edison (Met-Ed), a subsidiary of FirstEnergy Corp. (NYSE: FE), is conducting comprehensive visual inspections of eight 500-kilovolt transmission lines using a helicopter. This three-week operation will cover approximately 220 miles, focusing on structural integrity and potential repairs. Inspections will identify issues like broken crossarms and damaged insulators. Met-Ed serves around 570,000 customers in Pennsylvania and conducts these inspections every four years to ensure reliable operations, supplementing routine patrols.
FirstEnergy Corp.'s transmission subsidiary, Mid-Atlantic Interstate Transmission (MAIT), has completed a new power line project in Altoona, PA. This initiative enhances the electricity distribution system, allowing quicker restoration of power to Penelec customers affected by severe weather, accidents, or equipment failures. The project, part of the Energizing the Future investment program, includes a new 46-kV line improving reliability for approximately 38,000 customers in Altoona and Blair County. The upgrades also focus on modernizing infrastructure to promote cybersecurity and enhance grid resilience.
Mon Power and Potomac Edison, subsidiaries of FirstEnergy Corp. (NYSE: FE), are encouraging West Virginia customers to apply for the Low Income Energy Assistance Program (LIEAP) by January 29, 2021. The program helps eligible residents cover home heating bills, with income eligibility set at or below 60% of West Virginia's State Median Income. The maximum allowable monthly income limits range from $1,931 for a household of one to $7,277 for a household of ten. Applications are available online and at local offices, providing crucial relief to those in need.
FirstEnergy Corp. (NYSE: FE) has appointed Hyun Park as senior vice president & chief legal officer, effective January 11, 2021. Park brings extensive legal experience from roles at PG&E Corporation and various law firms. He will oversee FirstEnergy's Legal, Risk & Internal Audit departments and lead the company's ethics and compliance program. The board expressed confidence in Park's ability to strengthen corporate governance and rebuild trust with stakeholders during this transformative phase. FirstEnergy operates one of the largest investor-owned electric systems in the U.S.
Mon Power, a subsidiary of FirstEnergy Corp. (NYSE: FE), has donated $5,000 each to the Jack Strong Foundation and the Mountaineer Food Bank in West Virginia as part of its 'Gifts of the Season' campaign. These contributions aim to support local communities during challenging times, especially due to COVID-19. The Jack Strong Foundation aids families affected by childhood cancer, while the Mountaineer Food Bank is the state's largest emergency food provider, distributing over 20.7 million pounds annually to various feeding programs. Since 2016, the campaign has granted nearly $500,000 to community organizations.
Penn Power, a subsidiary of FirstEnergy Corp. (NYSE: FE), donated $10,000 to the LindenPointe Entrepreneurship Academy to support classroom upgrades during the pandemic. This contribution is part of the FirstEnergy Foundation's annual holiday campaign, 'Gifts of the Season,' aimed at benefiting local organizations. The eAcademy offers high school students practical work experience and entrepreneurial skills. Since 2016, the campaign has awarded nearly $500,000 to strengthen community initiatives. This support reflects FirstEnergy's commitment to enhancing educational opportunities in its service areas.
The Illuminating Company, a subsidiary of FirstEnergy Corp. (NYSE: FE), awarded $5,000 "Gifts of the Season" to two nonprofit organizations in Northern Ohio: the USO of Northern Ohio and Taking Back Our Youth. This initiative, part of the FirstEnergy Foundation's holiday campaign, supports local veterans and at-risk youth. Since 2016, nearly $500,000 has been granted through this campaign. The USO aids approximately 45,000 military members, while Taking Back Our Youth focuses on mentoring and resources for incarcerated youth.
FirstEnergy Corp.'s subsidiary, Ohio Edison, donated $5,000 to two local nonprofits, Miriam House and the Nord Center, as part of its holiday "Gifts of the Season" campaign. The initiative aims to support organizations aiding underserved individuals during challenging times. Miriam House provides transitional housing for homeless women and children, while the Nord Center offers comprehensive behavioral health services. Since 2016, the campaign has awarded nearly $500,000 to strengthen community support services.
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