FirstEnergy Corp. - FE STOCK NEWS

The Illuminating Company, a subsidiary of FirstEnergy Corp. (NYSE: FE), is enhancing service reliability ahead of the winter months through extensive inspections and maintenance. This includes helicopter patrols of nearly 2,500 miles of transmission lines and tree trimming along 1,600 circuit miles, with an additional 300 miles expected by December's end. Proactive equipment checks using thermovision cameras aim to identify potential issues. The company serves over 750,000 customers in Ohio and is committed to ensuring reliable power during increased winter demand.

FirstEnergy Corp (NYSE:FE) has announced a commitment to achieve carbon neutrality by 2050, with an interim goal of a 30% reduction in greenhouse gases by 2030 based on 2019 levels. The company will enhance its climate strategy by hardening its infrastructure, transitioning to electric vehicles, and cutting emissions from its generation fleet. FirstEnergy has already achieved a 80% reduction in CO2 emissions since 2005, reflecting its transformation into a fully regulated utility. This strategic move aligns with their operational goals and addresses climate change challenges.

FirstEnergy Corp.'s subsidiary, Jersey Central Power and Light (JCP&L), is constructing two automated flood walls at Sussex and Canoe Brook substations in New Jersey to prevent power outages during severe weather. The project includes a four-foot high, L-shaped concrete wall with an automatic waterproof gate that activates without electronic sensors. The Sussex substation's flood wall was completed earlier this year, while the Canoe Brook wall is set to finish by November 2020. These measures follow a history of flooding and aim to enhance the reliability of electricity for JCP&L's 1.1 million customers.

FirstEnergy Corp. reported GAAP earnings of $454 million, or $0.84 per share, for Q3 2020, slightly above the company's guidance. Revenue remained steady at $3 billion. In comparison, Q3 2019 earnings were $391 million, or $0.73 per share. The company updated its full-year GAAP earnings forecast to $700 million to $1.16 billion. Additionally, FirstEnergy aims for a 6% to 8% annual growth rate through 2021, supported by a planned $600 million equity issuance starting in 2022.

FirstEnergy Corp. announced a leadership transition, terminating CEO Charles E. Jones and two other executives due to policy violations amid ongoing government investigations. Effective immediately, Steven E. Strah, current President, is appointed Acting CEO, with Christopher D. Pappas named Executive Director. Non-Executive Chairman Donald T. Misheff expressed confidence in the new leadership to drive shareholder value. The company will report its third-quarter results on November 2, 2020, maintaining focus on growth strategies.

Jersey Central Power & Light (JCP&L), a subsidiary of FirstEnergy Corp (NYSE: FE), has received approval for a $94 million rate increase from the New Jersey Board of Public Utilities. This settlement aims to enhance service reliability and recover costs incurred during power restoration after severe storms. Despite the rate hike, JCP&L will maintain the lowest residential electric rates in New Jersey. A typical residential customer will see an increase of about $4 per month starting November 2021. Investments will focus on tree trimming and modernizing the electric system.

FirstEnergy Corp. (NYSE: FE) subsidiary Metropolitan Edison Company (Met-Ed) plans to install over 160 automated "TripSaver" reclosing devices across its service area in 2020. This $1.4 million initiative is part of a larger $153 million infrastructure improvement plan aimed at enhancing service reliability for approximately 570,000 customers. The TripSavers automatically restore power within seconds during temporary outages and isolate more serious issues, limiting customer disruption. Installation locations include Boyertown, Easton, and York, enhancing efficiency and safety for service restoration.

On October 24, 2020, Jersey Central Power & Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), participated in Clean Ocean Action's fall Beach Sweeps at Belmar's 16th Avenue Beach. This marks JCP&L's fourth consecutive year supporting the cleanup initiative, demonstrating their commitment to environmental sustainability in New Jersey. The company is recognized on the New Jersey Sustainable Business Registry, serving 1.1 million customers across various counties. The annual Beach Sweeps, now in its 35th year, has seen over 144,000 volunteers removing millions of debris from local beaches.

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.