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, 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.
FirstEnergy Corp. (NYSE: FE) will announce its financial results for Q3 and the first nine months of 2020 on November 2, prior to market opening. The management will host a conference call at 1 p.m. EST on the same day to discuss these results, followed by a Q&A session. Interested parties can access the live webcast and presentation on the Investor Information website, which will remain available for replay for up to one year. The presentation materials will be posted before the call on the same date.
Mon Power, a subsidiary of FirstEnergy Corp. (NYSE: FE), has completed electric line enhancements in Morgantown, WV, reducing outages for over 400 customers. Additionally, a new project in Fairmont will benefit 900 customers by providing alternative power sources during outages. Each project costs $250,000 and aims to improve reliability and operational flexibility. Mon Power serves approximately 385,000 customers across 34 West Virginia counties, showcasing a commitment to enhancing service amidst future economic growth.
A newly operational substation in Warren Township played a crucial role in maintaining power for JCP&L customers during Tropical Storm Isaias. The Martinsville Substation, activated in June 2020, significantly reduced power outages caused by falling trees, protecting about 9,200 customers. This infrastructure enhances the electric system's reliability and allows for quicker power restoration. Part of FirstEnergy's 'Energizing the Future' initiative, the substation was built to improve service across northern New Jersey, impacting nearly 1.1 million customers.
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