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 utility of FirstEnergy (NYSE: FE), has initiated a project to inject silicone-based fluid into 1.5 miles of aging underground electrical cable in Erie County. This innovative method aims to extend the cable's lifespan by 20 to 30 years, significantly reducing replacement costs by approximately 50% while minimizing disruption to neighborhoods. The $80,000 project is part of Penelec's $200 million initiative to enhance electric service reliability for 585,000 customers across northern and central Pennsylvania. This is the first use of fluid injections in cable rehabilitation for Penelec, marking a potential shift in their maintenance strategy.
FirstEnergy Corp. (NYSE: FE) has announced a rebate program for its Ohio utility customers, including The Illuminating Company, Ohio Edison, and Toledo Edison. Customers can receive up to $75 when purchasing an ENERGY STAR® certified smart thermostat until September 30, 2020. This initiative aims to help customers save energy costs, as heating and cooling can account for nearly half of a household's energy expenses, exceeding $900 annually. The program reflects FirstEnergy's commitment to energy efficiency amidst the increased electricity use during summer and the coronavirus health crisis.
Ohio Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), is enhancing electric service reliability for 193,000 customers in Trumbull and Mahoning counties through significant upgrades. This includes the installation of over 500 new utility poles and replacement of 11 miles of power lines with more durable materials. The initiative also features automated reclosing devices for quicker outage responses and is part of a broader Grid Modernization Plan approved by the Public Utilities Commission of Ohio. The upgrades began in March 2020 and are expected to conclude by year-end.
The Pennsylvania Power Company (Penn Power), a subsidiary of FirstEnergy Corp. (NYSE: FE), is launching a four-year project in Lawrence County to modernize its electric infrastructure. This initiative includes installing 300 new poles and over 50,000 feet of robust power lines, enhancing service reliability by decreasing outage durations and frequencies. Automated reclosing devices will also be installed to expedite power restoration. Penn Power's ongoing improvements are part of its Long Term Infrastructure Improvement Plan, approved by the Pennsylvania Public Utility Commission, to better serve over 160,000 customers.
FirstEnergy Corp.'s subsidiary, Jersey Central Power & Light (JCP&L), has completed maintenance and inspections across its 13-county service area to enhance reliability for customers this summer. The efforts include helicopter patrols over 780 miles of transmission lines and the use of thermovision cameras for early detection of equipment issues. JCP&L is prepared for potential power outages during the active hurricane season, leveraging data from certified meteorologists to optimize resource allocation. The company continues to invest in infrastructure improvements to boost system resiliency and reliability.
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