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.
Jersey Central Power & Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), has donated $65,000 to 13 local police chiefs associations in New Jersey. The funds will support emergency response training and equipment purchases following major storms. This initiative aims to enhance safety around downed power lines. The donation highlights the crucial role of police in managing public safety during storm-related power outages, as seen during Tropical Storm Isaias, where over 8,000 line workers restored power with police assistance.
FirstEnergy Corp. (NYSE: FE) will announce its financial results for Q3 and the first nine months of 2020 on November 2, prior to market opening. The management will host a conference call at 1 p.m. EST on the same day to discuss these results, followed by a Q&A session. Interested parties can access the live webcast and presentation on the Investor Information website, which will remain available for replay for up to one year. The presentation materials will be posted before the call on the same date.
Mon Power, a subsidiary of FirstEnergy Corp. (NYSE: FE), has completed electric line enhancements in Morgantown, WV, reducing outages for over 400 customers. Additionally, a new project in Fairmont will benefit 900 customers by providing alternative power sources during outages. Each project costs $250,000 and aims to improve reliability and operational flexibility. Mon Power serves approximately 385,000 customers across 34 West Virginia counties, showcasing a commitment to enhancing service amidst future economic growth.
A newly operational substation in Warren Township played a crucial role in maintaining power for JCP&L customers during Tropical Storm Isaias. The Martinsville Substation, activated in June 2020, significantly reduced power outages caused by falling trees, protecting about 9,200 customers. This infrastructure enhances the electric system's reliability and allows for quicker power restoration. Part of FirstEnergy's 'Energizing the Future' initiative, the substation was built to improve service across northern New Jersey, impacting nearly 1.1 million customers.
FirstEnergy Corp. (NYSE: FE) is donating school supplies to nearly 11,400 students in Akron, Ohio, supporting kindergarten through sixth-grade kids. The drive-through event takes place on October 4, 2020, at North and Kenmore-Garfield High Schools, where backpacks filled with essential items will be distributed. These supplies, sourced from diverse suppliers, aim to assist students affected by the cancellation of the annual 'Stuff the Bus' program due to the coronavirus pandemic. FirstEnergy's initiative reflects its commitment to community support during challenging times.
Jersey Central Power & Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), received the 2020 Companies that Care award from the Commerce and Industry Association of New Jersey for a donation to Lake Riviera Middle School. The funds supported the purchase of a greenhouse for the school's culinary arts program and local food banks. This initiative is part of JCP&L's commitment to community support. The award was presented at the annual Best Practices Conference on September 30, 2020.
FirstEnergy Corp. (NYSE: FE) announced a Request for Proposal (RFP) for Ohio-compliant Renewable Energy Credits (RECs) for its Ohio utilities, including Ohio Edison, The Illuminating Company, and Toledo Edison. The RFP aims to purchase 373,000 RECs to meet 2020 renewable energy targets under Ohio's alternative energy law. RECs must be compliant as per the Public Utilities Commission of Ohio (PUCO) regulations and generated between January 1, 2018, and December 31, 2020. Bidders are required to meet specific credit qualifications, with proposals due by November 10, 2020.
FirstEnergy's subsidiaries, Mon Power and Potomac Edison, have filed with the West Virginia Public Service Commission to lower electric rates by $50 million in 2021. This follows a $55 million reduction in fuel and power costs. If approved, typical residential bills will decrease by 3% or $3.24 monthly, averaging $103.62. The new rates, effective Jan. 1, 2021, are projected to remain 22% below the national average. Additionally, a separate filing seeks to recover $5 million for boiler modernizations, ensuring environmental compliance.
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