FirstEnergy Corp. - FE STOCK NEWS

On July 27, 2020, FirstEnergy Corp. CEO Charles E. Jones provided clarifications following a conference call about the company's Q2 financial results. The statement addressed the separation from FirstEnergy Solutions (FES), noting that FirstEnergy leadership no longer influenced FES after it filed for bankruptcy in March 2018. Jones emphasized FirstEnergy's commitment to ethical business practices while clarifying that the company was not running external affairs for FES post-separation. He reiterated that integrity and transparency are foundational principles for FirstEnergy.

FirstEnergy Corp. (NYSE: FE) reported second quarter 2020 GAAP earnings of $309 million ($0.57 per share) on revenue of $2.5 billion, consistent with Q2 2019 results. Operating earnings were $0.57 per share, nearing guidance expectations. The company affirmed its full-year GAAP earnings forecast of $1.02 billion to $1.13 billion, projecting a 6%-8% compound annual growth rate in operating earnings through 2021. Challenges included a 3.1% decline in total distribution deliveries, mainly due to the pandemic's impact on commercial sales. A Department of Justice investigation into the company's involvement in Ohio legislation is ongoing.

FirstEnergy Corp. (NYSE: FE) announced on July 21, 2020, that it received subpoenas related to the ongoing investigation concerning Ohio House Bill 6. The company is currently reviewing the investigation's specifics and intends to cooperate fully. Forward-looking statements made in the announcement caution stakeholders about various risks and uncertainties, including the company's strategic and financial goals, operational challenges, and potential impacts from regulatory actions and economic conditions.

FirstEnergy Corp. (NYSE: FE) has declared a quarterly dividend of 39 cents per share, payable on September 1, 2020, to shareholders of record by the close of business on August 7, 2020. The decision reflects the company's commitment to providing steady income to its investors despite ongoing challenges. FirstEnergy operates one of the largest investor-owned electric systems in the U.S., serving multiple states and managing around 24,500 miles of transmission lines. Shareholders can expect stable returns as the company emphasizes operational excellence and safety.

FirstEnergy Corp. (NYSE: FE) advises customers on managing energy costs amid rising summer temperatures. To reduce electricity usage, customers can implement strategies like raising thermostat settings, using fans, and keeping refrigerators full. The company is proactively inspecting its electrical system to handle increased demand and avoid outages. FirstEnergy emphasizes safety and efficiency in energy usage while offering resources for bill assistance to support customers during high-demand periods.

FirstEnergy Corp. (NYSE: FE) will release its financial results for Q2 2020 on July 23. A conference call with management for analysts is scheduled for 10 a.m. EDT on July 24. Interested parties can listen to a live webcast and view presentation slides on the company's Investor Information website. The webcast will be available for replay for a year. FirstEnergy operates one of the largest investor-owned electric systems in the U.S., serving customers in several states including Ohio and Pennsylvania.

FirstEnergy Corp. has initiated construction of a new 46-kilovolt transmission line in Altoona, Pennsylvania, as part of its Energizing the Future investment program. The project aims to enhance power restoration capabilities for approximately 3,000 customers, including key local institutions. The $4 million line will link existing substations, priorly dependent on a single line for power. Additionally, a related project to rebuild an existing line for 35,000 customers is set for October completion. These upgrades are part of FirstEnergy’s broader efforts to improve transmission reliability across its service area.

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.