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.'s subsidiary, Penelec, is enhancing system resiliency and service reliability across its 31-county service area in Pennsylvania by completing winter inspections and maintenance on weather-sensitive equipment. With the potential for increased electricity demand due to frigid temperatures and inclement weather, Penelec is ensuring safety and reliability. This includes checking heaters, inspecting substation components, and conducting helicopter patrols of transmission lines. Penelec serves approximately 585,000 customers within 17,600 square miles in northern and central Pennsylvania.
Toledo Edison, a subsidiary of FirstEnergy Corp (NYSE: FE), is undertaking inspections and maintenance of its weather-sensitive equipment to ensure reliable power delivery during the winter months. With an increased demand for electricity expected due to cold weather, the company is proactively checking substation components, inspecting vehicles for safe winter operations, and utilizing helicopter patrols for line inspections. This initiative is vital for enhancing service reliability for over 300,000 customers in northwest Ohio.
Jersey Central Power & Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), is undertaking inspections and maintenance of weather-sensitive equipment to prepare for the winter season. These actions aim to enhance system resiliency and service reliability for JCP&L's 1.1 million customers in New Jersey. The maintenance includes inspecting substations, vehicles, and trimming trees along 2,950 circuit miles. Additionally, safety protocols are being reviewed for field employees to ensure safe operations during winter.
FirstEnergy Corp.'s subsidiary Mon Power is preparing for winter in West Virginia by conducting extensive inspections and maintenance to enhance system reliability. This initiative aims to prevent service interruptions during high-demand periods caused by snow, ice, and wind. Key activities include inspecting substations, winterizing control buildings, and preparing fleet vehicles. Mon Power serves approximately 385,000 customers in 34 counties, ensuring power reliability through proactive measures, including tree trimming and aerial inspections of 2,100 miles of transmission lines.
Penn Power, a subsidiary of FirstEnergy Corp. (NYSE: FE), has completed the installation of new interior fencing in three substations to prevent climbing animals from causing power outages. This initiative follows a successful installation last year that eliminated such outages in two Mercer County substations. The latest installations are part of the Long Term Infrastructure Improvement Plan II, approved by the Pennsylvania Public Utility Commission. The fencing protects equipment and enhances service reliability for nearly 15,000 customers in western Pennsylvania.
Potomac Edison, a subsidiary of FirstEnergy (NYSE: FE), is enhancing winter preparedness in Maryland and West Virginia by conducting inspections and maintenance on its power infrastructure. The company is focusing on substation components, fleet vehicles, and tree trimming to ensure service reliability during high-demand winter months. Approximately 1,400 miles of transmission lines are being inspected, and over 2,600 circuit miles of tree trimming is expected to be completed this year. These proactive measures aim to prevent service interruptions and maintain customer satisfaction.
West Penn Power, a subsidiary of FirstEnergy (NYSE: FE), is enhancing its system resiliency and service reliability by inspecting and maintaining weather-sensitive equipment ahead of winter in Pennsylvania. To counter increased electricity demand during colder months, the company is focusing on inspections of substations, heaters, and tree trimming, having already trimmed approximately 4,000 circuit miles this year. With a commitment to employee and public safety, West Penn Power is preparing its crews for adverse winter conditions and potential operational challenges.
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.
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