FirstEnergy Corp. - FE STOCK NEWS

FirstEnergy's Ohio electric companies, including Ohio Edison, The Illuminating Company, and Toledo Edison, have filed a request with the Public Utilities Commission of Ohio (PUCO) to review their base electric rates. The proposed annual revenue increase is approximately $93.6 million. This increase aims to recover investments in strengthening the distribution system, enhancing customer service, and supporting a new customer assistance program for income-eligible residential customers. Key investments include a $516 million Grid Modernization Plan, installation of automated devices to reduce outages, and transitioning to energy-efficient LED streetlights. If approved, typical residential customers could see a 1.5% increase in their monthly bills. The rate reviews are subject to PUCO approval, with public comments and meetings planned.

FirstEnergy held its 2024 Annual Meeting on May 22, 2024. CEO Brian X. Tierney emphasized the company's progress and resilience, highlighting their $26 billion grid modernization plan, Energize365. The company aims to become a premier electric company by focusing on investing, operating, recovering costs, and financing. Notable achievements include improvements to their balance sheet, increased dividends, and upgrades to investment-grade credit ratings. Preliminary voting results showed the reelection of 10 directors and the ratification of PricewaterhouseCoopers LLP as the independent auditor for 2024. However, three shareholder proposals related to climate metrics and compensation policies were not approved.

FirstEnergy Corp. (NYSE: FE) has appointed four new executives to oversee its Ohio, Pennsylvania, and New Jersey state electric companies and its transmission business. Effective in June 2024, the appointees are John Hawkins for Pennsylvania, Torrence Hinton for Ohio, Doug Mokoid for New Jersey, and Mark Mroczynski for Transmission. This restructuring aims to improve customer investments and operational efficiency at the local level. Additionally, Jim Fakult, President of New Jersey Operations, will retire after 37 years of service. The company is finalizing the appointment for its combined West Virginia/Maryland division.

FirstEnergy's subsidiary, American Transmission Systems, completed a $5 million upgrade to a 22-mile transmission line in Mahoning and Columbiana counties, Ohio. Approximately 250 new horizontal post insulators were installed, replacing crossarms and some poles. This project aims to enhance grid reliability and prevent outages for about 1,500 Ohio Edison customers. The work started in August 2022 and concluded in March 2024. This is part of the Energize365 program, which plans $26 billion in grid investments from 2024 to 2028 to enhance reliability and support future energy demands.

FirstEnergy Pennsylvania Electric Company (FE PA), a subsidiary of FirstEnergy Corp. (NYSE: FE), recently held its annual storm restoration drill to test its storm response processes. The drill, conducted both remotely and in-person, aimed to prepare employees for severe weather events, focusing on scenarios involving strong thunderstorms with wind gusts exceeding 70 mph. Participants tackled simulated challenges such as widespread power outages affecting over 400,000 customers and significant damage to substations and communication lines. The exercise utilized the Incident Command System (ICS) to coordinate efficient response efforts. Met-Ed, operating in eastern Pennsylvania, serves 592,000 customers and emphasizes service reliability through initiatives like tree trimming and infrastructure hardening.

FirstEnergy (NYSE: FE) emphasizes the importance of electrical safety as summer begins, coinciding with National Electrical Safety Month. The company warns against the hazards of foil balloons, drones, and fireworks near power lines.

Foil balloons caused over 35 power outages in recent months across FirstEnergy's service area. The company advises securing these balloons to prevent disruptions and urges customers to leave fireworks displays to professionals. Additional tips include flying kites and drones away from power lines, and ensuring electrical devices are dry and kept away from water sources.

FirstEnergy's

FirstEnergy Corp. (NYSE: FE) has appointed Deandra Williams-Lewis as Chief Privacy Officer, effective May 19, while she continues her role as Director of Ethics & Compliance. Williams-Lewis will manage sensitive customer and employee information and oversee ethics and compliance risks. She will report to Antonio Fernández, VP & Chief Ethics & Compliance Officer. Williams-Lewis joined FirstEnergy in 2021 and has previously worked at ReliabilityFirst, GE Lighting, KPMG, and others. FirstEnergy serves over 6 million customers in several states and operates a vast network of transmission lines.

Ohio Edison, a subsidiary of FirstEnergy Corp., has initiated a $26 million tree-trimming program aimed at enhancing electric service reliability across northeast and northcentral Ohio. This initiative seeks to prevent power outages caused by trees, especially during severe spring and summer storms. Since the start of the year, contractors have trimmed trees along 600 miles of power lines, with an additional 4,200 miles planned for completion by year-end. The program includes vegetation inspections and tree removals to maintain safe clearances. This annual effort involves certified forestry experts and uses advanced techniques like aerial saws for hard-to-access areas. The initiative spans several Ohio counties and aims to serve over 1 million customers more reliably.

Toledo Edison, a FirstEnergy Corp. subsidiary, is investing $7 million in tree trimming and vegetation management across northwest Ohio to enhance electric service reliability and prevent power outages during severe weather. The initiative includes trimming along 1,850 miles of power lines by year-end, following 100 miles already completed. The work spans multiple counties including Defiance, Fulton, Henry, Lucas, and Sandusky. Helicopters with aerial saws are used for hard-to-access areas. This project is part of an ongoing annual effort to maintain power systems and involves collaboration with municipalities and certified forestry experts.