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. subsidiary, Jersey Central Power & Light (JCP&L), is implementing a major tree trimming initiative across 4,900 miles of power lines in New Jersey. This annual vegetation management program includes a $57 million investment, with 900 miles designated for enhanced management to combat severe weather impacts. So far, 1,800 circuit miles have been completed, and 3,100 more are expected by year-end. The program has contributed to a 25% reduction in tree-related outages over the last decade.
Metropolitan Edison Company (Met-Ed), a subsidiary of FirstEnergy Corp. (NYSE: FE), is advancing its tree trimming initiatives to enhance electric service reliability in Pennsylvania. In 2020, Met-Ed allocated over $28 million for vegetation management, trimming about 1,300 miles of power lines so far, with an additional 1,800 miles planned by year-end. The budget has increased by $4 million to target hazardous trees. Met-Ed serves roughly 570,000 customers across 3,300 square miles, collaborating with certified forestry experts to ensure safety and health in vegetation management.
Ohio Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), is initiating tree trimming and vegetation management across its 34-county service area in Ohio. This $22.5 million program aims to enhance service reliability by maintaining clearances around electrical equipment, reducing power outages, especially during adverse weather. Since early 2020, contractors have been working on nearly 5,000 circuit miles of electric lines, with completion expected by year-end. The program is crucial as it supports the increased demand for stable power during the COVID-19 health crisis.
Mon Power, a subsidiary of FirstEnergy Corp (NYSE: FE), is enhancing service reliability through ongoing tree trimming across West Virginia. As part of a $68 million vegetation management program, the company has trimmed over 2,900 miles of power lines and plans to complete an additional 2,700 miles by year-end. The program includes removing over 25,000 ash trees affected by the Emerald Ash Borer, with nearly 10,000 already removed. Mon Power prioritizes safety and efficient power service for its 385,000 customers across 34 counties.
Pennsylvania Electric Company (Penelec), a subsidiary of FirstEnergy Corp. (NYSE: FE), is advancing its tree trimming initiatives to improve electric service reliability. The 2020 vegetation management program is budgeted at $37.4 million, with plans to trim over 4,300 miles of power lines. This program includes removing dead ash trees due to the Emerald Ash Borer. As of now, contractors have addressed 2,000 miles of lines, aiming for completion by year-end. The effort has reportedly reduced tree-related outages, contributing positively to customer service.
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