FirstEnergy Corp. - FE STOCK NEWS

FirstEnergy Corp.'s subsidiary Potomac Edison is investing $14.7 million in tree trimming and vegetation management in Maryland.

The initiative aims to enhance power service reliability by preventing tree-related outages during severe weather. Since the beginning of the year, contractors have trimmed trees along 300 miles of power lines, with a goal to cover an additional 1,800 miles by year-end.

This program involves notifying municipalities and residents before work begins. Potomac Edison serves about 285,000 customers in Maryland.

FirstEnergy's Toledo Edison has initiated a $342,000 project to install 1,650 LED streetlights in Sylvania, Ohio. The new LEDs are expected to save the city almost $77,000 in annual electricity costs, being 50% more efficient than previous lights and lasting up to 20 years compared to 3-5 years for the old lights. The return on investment is estimated at 4.5 years. Improved visibility and reduced crime rates have been observed in areas with similar installations. The project aims to enhance security and cost-efficiency for Sylvania residents and businesses.

FirstEnergy Corp. (NYSE: FE) is using helicopters equipped with infrared technology to conduct aerial inspections of transmission lines to ensure they remain clear of trees and vegetation. The inspections cover nearly 7,000 miles of lines in multiple states and help prevent power outages. The company's commitment to safety, reliability, and operational excellence is showcased through this proactive approach.

American Transmission Systems, Inc. (ATSI), a subsidiary of FirstEnergy Corp. (NYSE: FE), has started construction to upgrade a 138-kilovolt substation in Lucas County's Springfield Township and reconfigure connecting high-voltage power lines. The project will benefit nearly 23,000 Toledo Edison customers by enhancing reliability, reducing power outages, and allowing for easier maintenance. The $24 million project is part of the Energize365 program, aimed at creating a smarter, more secure grid to meet future energy needs.

Mon Power, a subsidiary of FirstEnergy Corp., has been chosen by the U.S. Department of Energy to receive up to $5 million in federal funding for a project aimed at enhancing electric reliability for over 3,000 customers in rural West Virginia. The project includes rebuilding power lines and connecting a tie line with a substation, benefiting customers by providing backup power during outages.

FirstEnergy Corp. (NYSE: FE) is donating nearly 500 trees to Mahoning Valley locations on Arbor Day, with employee volunteers planting at Mill Creek MetroParks and Beaver Township Nature Preserve. This initiative aligns with the company's commitment to sustainability, aiming to reduce its carbon footprint and promote responsible use of natural resources.

FirstEnergy Corp. reports strong first quarter 2024 financial results with GAAP earnings of $0.44 per share and operating earnings of $0.55 per share. The company affirms a 6-8% long-term annual operating earnings growth target and increases total equity by 25% with a $3.5 billion transaction. Despite challenges like a mild winter, the company shows solid performance and receives upgrades to investment grade ratings.

FirstEnergy Corp. (NYSE: FE) plans to plant over 25,000 trees in 2024, with nearly 17,000 trees set to be planted in April. The company aims to support the environment and communities it serves, following a successful 2023 where more than 25,000 trees were planted. FirstEnergy's tree-planting initiative, launched in 2020, has seen over 67,000 trees planted or donated so far.

FirstEnergy Pennsylvania Electric Company, a subsidiary of FirstEnergy Corp., is upgrading the electric system in Erie County, Pennsylvania, benefiting over 8,000 Penelec customers. The installation of automated reclosing devices and other equipment in substations aims to prevent service interruptions during severe weather. The $200 million Long-Term Infrastructure Improvement Plan II will enhance the Penelec system reliability over five years. Communities like East Springfield, Erie City, Fairview Township, Millcreek Township, Platea, and western Erie County will benefit from these upgrades.