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 launched its annual "Merry & Bright" Holiday Lights Contest, inviting utility customers to showcase their outdoor holiday light displays for a chance to win weekly prizes. Customers can submit their entries via their utility's Facebook page until December 18. Each week, one entry from each of FirstEnergy's 10 utility companies will be randomly selected to win a $100 Amazon gift card. The company also emphasizes holiday safety, offering guidelines for safe decoration practices around electricity.
FirstEnergy Corp. (NYSE: FE) is nearing the completion of a modernization project for a 138-kilovolt power line, enhancing service reliability for over 100,000 customers in Portage and Trumbull counties, Ohio. The project involves rebuilding nearly 140 structures and installing higher-capacity conductors, which will reduce outages and improve response times for disturbances. This initiative, part of the multi-year "Energizing the Future" program, aims to upgrade transmission facilities, achieving a 50% reduction in equipment-related outages since 2014.
Potomac Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), has installed new interior fencing at the Thomas Street substation in Cumberland, Maryland, to reduce outages caused by animal intrusions. This 433-foot perimeter fencing targets climbing animals including squirrels and raccoons, preventing access to electrical equipment. Since 2014, Potomac Edison has installed similar fencing at 17 substations, resulting in a significant reduction in animal-related outages. The Cumberland substation serves nearly 3,800 customers, emphasizing the importance of this proactive measure to enhance service reliability.
Ohio Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), has completed grid modernization efforts to improve electric service reliability for over 200,000 customers in Trumbull, Mahoning, Ashtabula, and Columbiana counties. The project involved installing 20 automated reclosing devices that can quickly restore power during outages. Additionally, 11 miles of power lines were replaced with more durable materials to withstand severe weather. This initiative is part of a broader Grid Modernization Plan approved by the Public Utilities Commission of Ohio, enhancing service ahead of winter.
The Illuminating Company, a subsidiary of FirstEnergy Corp. (NYSE: FE), is completing grid modernization in Ashtabula and Lake counties, enhancing service reliability for over 150,000 customers. This project includes the installation of 37 automated reclosing devices, replacement of 11 miles of power lines, and installation of nearly 30 capacitor banks. These upgrades aim to improve outage response and service distribution. The work is part of a Grid Modernization Plan approved by the Public Utilities Commission of Ohio, with further phases planned for 2021.
FirstEnergy Corp. (NYSE:FE) provides energy efficiency tips to customers as winter temperatures drop. Key recommendations include lowering thermostat settings, dressing for warmth, and sealing drafts to improve heating efficiency. Customers can save up to 3% on heating costs by reducing thermostat settings by one degree. Other tips include regular filter changes, proper insulation, and utilizing ENERGY STAR® appliances. FirstEnergy's commitment to energy efficiency aims to help customers manage rising energy usage and costs during the cold months.
Potomac Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), is set to replace 15 substation reclosers by the end of 2020, part of a reliability enhancement initiative started in 2019. The new reclosers utilize single-phase technology, allowing for segment isolation during outages. This upgrade aims to reduce power interruptions and improve service efficiency for about 270,000 customers in Maryland. The project costs $1 million annually and is scheduled to replace 25% of reclosers by the end of 2022, alongside other reliability efforts approved by the Maryland Public Service Commission.
On November 17, 2020, FirstEnergy Corp. (NYSE: FE) was notified by the NYSE of non-compliance with listing requirements due to the delayed filing of its Q3 2020 Form 10-Q. The report, originally due on November 16, 2020, has a six-month grace period until May 17, 2021, for compliance. This delay stems from ongoing internal investigations into executive conduct and a review of the company’s control framework. The firm aims to address its SEC reporting obligations promptly, with no immediate impact on its NYSE stock listing or bonds.
FirstEnergy Corp. (NYSE: FE) has successfully restored power to over 371,000 customers impacted by windstorms, with approximately 72,000 still without service across Ohio, Pennsylvania, West Virginia, Maryland, and New Jersey. Winds of 45-55 mph caused significant damage, including downed wires and broken utility poles. The company mobilized over 800 additional resources to aid in restoration efforts. Current estimates predict that power will be restored to most affected customers by mid-week, with utility companies working continuously to ensure safety and efficiency during repairs.
Metropolitan Edison (Met-Ed), a subsidiary of FirstEnergy Corp (NYSE: FE), is proactively conducting inspections and maintenance on essential equipment ahead of the winter season in Pennsylvania. This initiative is aimed at enhancing system resiliency and service reliability for approximately 570,000 customers. Key actions include inspecting substation components, ensuring winter readiness of vehicles, and completing aerial inspections of 1,400 miles of transmission lines. The emphasis on employee safety and the importance of preventing service interruptions are highlighted throughout the maintenance activities.
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