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 received recognition from the Edison Electric Institute for exceptional service to multisite National Account customers, including major brands like Costco and Walmart. This marks the fifth time the company has been honored, reflecting its commitment to providing efficient support with energy management strategies. The award was announced on September 9 and highlights FirstEnergy's role in serving over 200 national brands, facilitating effective energy solutions across its six-state service area.
FirstEnergy Corp. (NYSE: FE) has announced that starting in 2021, 100% of its new aerial and light duty truck purchases will be electric or hybrid vehicles. This initiative aims to reduce greenhouse gas emissions across its fleet. By 2030, the company plans to electrify 30% (1,034 vehicles) of its approximate 3,400 vehicle fleet, potentially eliminating 10,000 metric tons of GHG emissions annually and saving over 3.8 million gallons of fuel from 2021-2030. The company also has a purchase agreement with Lordstown Motors for 250 electric pickup trucks.
FirstEnergy Corp. (NYSE: FE) has initiated the "Stop. Look. Live." safety campaign to enhance public awareness about electrical safety. The campaign promotes three essential safety steps: STOP to consider personal safety, LOOK for hazards, and LIVE by taking precautions against electrical contact. It targets first responders and contractors, launching educational programs for school children. The multi-channel initiative includes radio spots, digital ads, and brochures, emphasizing FirstEnergy's commitment to community safety. For additional details, visit www.firstenergycorp.com/publicsafety.
FirstEnergy Corp. is deploying 190 line workers and support personnel to assist Alabama Power in restoring power following Hurricane Sally, which struck Alabama as a Category 2 storm with 100 mph winds. This mutual aid effort underscores FirstEnergy's commitment to helping other utilities during crises, having also recently aided in Texas and Louisiana after Hurricane Laura. Although Hurricane Sally's remnants are not expected to affect FirstEnergy's service areas, the company is prepared to maintain reliable operations for its customers.
FirstEnergy Corp. (NYSE: FE) declared a quarterly dividend of 39 cents per share, remaining unchanged from previous periods. This dividend is payable on December 1, 2020, to shareholders on record by November 6, 2020. The company aims to maintain its commitment to safety and operational excellence across its extensive electric distribution network serving multiple states including Ohio and Pennsylvania. Financial stability remains a focus for FirstEnergy amidst ongoing challenges, including COVID-19 impacts and government investigations.
West Penn Power, a subsidiary of FirstEnergy Corp. (NYSE: FE), will implement a $147 million Long-Term Infrastructure Improvement Plan (LTIIP II) over the next five years to enhance service reliability for its 725,000 customers. This plan includes the installation of 6,000 to 7,500 fuses, costing around $21 million, intended to reduce outage impacts caused by severe weather and equipment failures. The initiative should improve equipment protection and decrease the average number of customers affected by outages by over 10% compared to previous installations.
FirstEnergy Corp. (NYSE: FE) has dispatched over 525 line workers and support teams to Beaumont, Texas, to aid Entergy's recovery efforts following Hurricane Laura. The hurricane, classified as a category 4 storm, is expected to hit Texas and Louisiana, prompting FirstEnergy to respond despite no expected impact on its own services. Notably, eight of FirstEnergy's utilities are participating in this mutual assistance initiative, showcasing the company's commitment to safety and reliability during crises.
FirstEnergy Foundation has awarded a $27,000 grant to the Western Reserve Land Conservancy for a conservation project at Chagrin River Landing in Eastlake, Ohio. This funding completes a total project budget of $386,000, aimed at transforming a former marina into a public access park for fishing, canoeing, and kayaking. The project will enhance recreational opportunities and support environmental goals by restoring natural habitats. Work is expected to commence this fall, with efforts including property cleanup and native plantings.
The Pennsylvania Electric Company (Penelec), a subsidiary of FirstEnergy Corp. (NYSE: FE), is set to install around 2,000 automated "TripSaver" reclosing devices over the next five years to enhance service reliability. The initiative, part of a $200 million Long Term Infrastructure Improvement Plan, aims to reduce service interruptions for Penelec's 585,000 customers. Approximately 400 TripSavers will be installed in 2020, costing about $3.5 million. This technology helps to quickly restore power during outages, improving efficiency and safety for both customers and employees.
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