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.
Penelec, a subsidiary of FirstEnergy Corp. (NYSE: FE), is converting 2,300 high-pressure sodium streetlights to smart LED streetlights in Erie, Pennsylvania. This initiative aims to enhance public safety and energy efficiency in eight opportunity zones, including downtown.
The smart streetlights will feature advanced monitoring through Wi-Fi, allowing for real-time data reporting on functionality. With nearly 600 conversions completed, the project is expected to finish by summer, supporting Erie's Smart City Project to attract tech jobs and drive economic growth.
FirstEnergy Corp. (NYSE: FE) has invested over $120 million in infrastructure projects in Pennsylvania over the past year, aimed at enhancing electric service reliability for two million customers. This investment is part of the $572 million Long Term Infrastructure Improvement Plan (LTIIP II) running from 2020 to 2024. Key upgrades include replacing older power lines, installing automated technology, and improving safety measures. The upgrades have resulted in notable reductions in service interruptions by up to 20 percent in certain areas.
Jersey Central Power and Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), has invested over $97 million in infrastructure enhancements as part of the JCP&L Reliability Plus program. This initiative aims to improve electric service reliability for its 1.1 million customers in northern and central New Jersey. Key upgrades included automated reclosing devices, distribution automation technology for quicker service restoration, and enhanced substation reliability through flood mitigation efforts. These projects were completed between June 1, 2019, and December 31, 2020.
On January 25, 2021, Potomac Edison, a subsidiary of FirstEnergy (NYSE: FE), announced the installation of its first electric vehicle (EV) fast-charging stations in Maryland. Four DC fast chargers were installed in Hancock and McHenry, capable of providing up to 80% charge in under an hour. This initiative is part of the EV Driven pilot program aimed at promoting zero-emission vehicles. The program will ultimately install 59 charging stations in Maryland, supporting the state's goal of 300,000 zero-emission vehicles by 2025. Potomac Edison also offers rebates for charger installations.
Potomac Edison, a subsidiary of FirstEnergy Corp (NYSE: FE), has completed two distribution automation projects in Maryland, benefiting nearly 6,500 customers. These enhancements, costing $2.6 million, will automate power restoration during outages by connecting customers to alternate power lines. The projects are expected to reduce service interruptions, especially during severe weather. Future projects are planned to further improve reliability. Potomac Edison serves approximately 270,000 customers in Maryland and 145,000 in West Virginia.
On January 19, 2021, Toledo Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), awarded a $15,000 donation to the Imagination Station's Girl Power 2021 program, supporting STEM education for girls. This contribution is part of the FirstEnergy Foundation’s annual holiday campaign, demonstrating the company's commitment to fostering a skilled workforce. The event, which began in 2014, will be held virtually this year due to the pandemic. Through its Gifts of the Season initiative, FirstEnergy has donated nearly $500,000 to community organizations since 2016.
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.
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