Power Restored to Most FirstEnergy Customers Following Winter Storm

Rhea-AI Summary

FirstEnergy Corp. (NYSE: FE) has restored power to 97% of the 373,000 customers who lost power following a significant storm. Crews continue to work to restore service to the 12,600 customers who remain without power in Pennsylvania and New Jersey. FirstEnergy is preparing for a new storm system that will impact its entire service territory beginning Friday through early Sunday morning. Wade Smith, President of FirstEnergy Utilities, thanked customers for their patience and support of the hardworking crews. More than 5,000 line workers, hazard responders, forestry crews, contractors, safety, and other support personnel have been involved in the storm response.

Insights

Energy Sector Analyst

The recent update on FirstEnergy Corp.'s power restoration efforts following severe weather conditions and the preparation for upcoming storms is significant for investors and market analysts. The swift restoration to 97% of affected customers demonstrates the company's operational resilience and efficiency in crisis management. This is crucial for maintaining customer trust and minimizing financial impact from such disruptions.

Moreover, the proactive approach towards the impending weather system indicates a robust risk management framework, which is vital for the utility sector known for its susceptibility to environmental factors. Investors typically look for such capabilities as they can lead to reduced downtime and financial stability.

FirstEnergy's coordination with external resources to bolster its response teams reflects positively on its strategic partnerships and resource management. The direct operational costs and potential overtime expenses will likely affect short-term financials, but the long-term benefits of sustained customer loyalty and service reliability can outweigh these costs.

Market Research Analyst

FirstEnergy's recent service disruptions and their response to weather-related challenges are of interest to market researchers analyzing utility industry trends. The frequency and severity of weather events can shape market expectations regarding the resilience of utility infrastructure. The company's performance in the face of such challenges can influence its reputation and stock performance.

Investor perception of FirstEnergy's preparedness and agility in restoring services can impact its market valuation. The utility sector is often considered a defensive investment, with expectations of stable returns. However, operational disruptions can lead to volatility in stock prices. Market research can help investors understand the potential risks and rewards associated with such events.

Analyzing the broader industry response to similar situations provides context for FirstEnergy's performance. If the company's response is faster or more efficient than its peers, it may gain a competitive advantage. Conversely, if the response is lacking, it could signal underlying operational weaknesses.

Risk Management Expert

FirstEnergy's current situation underscores the importance of risk management in the utility sector. The company's ability to quickly restore power after a significant weather event and prepare for another is a testament to its emergency preparedness plans and infrastructure resilience. This is essential for mitigating financial losses and ensuring regulatory compliance, as prolonged outages can result in penalties and customer dissatisfaction.

Investors and stakeholders closely monitor such risk management practices, as they can have material implications for a company's financial health. Effective risk management can lead to lower insurance premiums and a better credit rating, which are critical for a capital-intensive industry like utilities.

The utility's forward-looking statements regarding restoration times and preparedness for upcoming weather events are indicative of its commitment to transparency and customer service. This can enhance stakeholder confidence and potentially lead to a more favorable perception of the company's long-term prospects.

Work continues to restore service to remaining customers impacted by inclement weather; FirstEnergy prepares for new storm system this weekend

AKRON, Ohio, Jan. 11, 2024 /PRNewswire/ -- FirstEnergy Corp. (NYSE: FE) has restored power to 97% of the 373,000 customers who lost power following a significant storm that impacted its service territory Tuesday and Wednesday this week. Crews will continue working to restore service to the 12,600 customers, primarily in Pennsylvania and New Jersey, who remain without power.

At the same time, FirstEnergy is preparing for a new weather system that will impact its entire service territory beginning Friday through early Sunday morning. Throughout the day Friday, winds are expected to gust in excess of 40 mph throughout most of Ohio, western Pennsylvania, West Virginia, western Maryland and central New Jersey, with higher gusts exceeding 55 mph along the Lake Erie shoreline, West Virginia ridgetops and the shore in New Jersey. On Saturday, strong winds will continue in Ohio and West Virginia and expand throughout all of Pennsylvania, Maryland and New Jersey.

In addition, Friday's winds will be accompanied by wet, heavy snow turning to rain in northwest Ohio, north central and southwest Pennsylvania, eastern West Virginia and western Maryland. Rain totaling up to an inch will fall in Ohio, western Pennsylvania and western West Virginia, and up to two inches will fall in eastern Pennsylvania, Maryland and New Jersey.

Wade Smith, President of FirstEnergy Utilities: "We know it has been a challenging week for customers who experienced power outages due to this week's weather, and we thank them for their patience and support of our hardworking crews. We continue to work diligently to restore service to those who remain without power. In addition, we are keeping a close eye on the incoming weather and diligently preparing to address any resulting outages safely and efficiently."

More than 5,000 line workers, hazard responders, forestry crews, contractors, safety and other support personnel have been involved in storm response, including resources from outside the company. Staffing of appropriate resources will continue through the weekend to respond to any outages that may occur from the new storm.

Current outage updates as of 10 a.m. today include:

• The Illuminating Company: Approximately 37,700 customers in northeast Ohio lost power due to the storm, and 150 customers remain without service. The majority of customers are expected to have power restored by 4 p.m. today.
• Ohio Edison: Approximately 23,400 customers in northern, eastern and central Ohio lost power due to the storm, and 20 remain without service. Power is expected to be restored to these customers today.
• Penn Power: Approximately 4,100 customers in western Pennsylvania lost power due to the storm, and less than 20 remain without service. Power is expected to be restored to these customers today.
• Penelec: Approximately 79,500 customers in northern and central Pennsylvania lost power due to the storm, and 3,300 remain without service. Work will continue to restore power to many customers throughout the day today, with restoration in the hardest hit area of Erie County expected by 11 p.m. on Saturday, Jan. 13.
• West Penn Power: Approximately 41,000 customers in western Pennsylvania lost power due to the storm, and 600 remain without service. The majority of customers are expected to have power restored by 11 p.m. today.
• Met-Ed: Approximately 31,600 customers in eastern Pennsylvania lost power due to the storm, and 1,400 remain without service. The majority of customers are expected to have power restored by 11 p.m. today.
• Mon Power: Approximately 31,600 customers in West Virginia lost power due to the storm, and 2,100 remain without service. Power is expected to be restored to these customers today.
• Potomac Edison: Approximately 21,400 customers in the West Virginia panhandle and Maryland lost power due to the storm, and 800 remain without service. The majority of customers are expected to have power restored by 11 p.m. today.
• JCP&L: Approximately 97,300 customers in New Jersey lost power due to the storm, and 4,300 remain without service. The majority of customers are expected to have power restored by 11:30 p.m. today.

How to Report Power Outages and Downed Lines

Customers who have experienced a service interruption due to the storm are encouraged to report their outage if they have not already done so by calling 1-888-LIGHTSS (1-888-544-4877), texting OUT to LIGHTS (544487) or clicking the "Outages" link on firstenergycorp.com.

FirstEnergy customers can sign up to receive email and text message alert notifications for updates after they've reported a power outage. Customers can also use two-way text messaging to report outages, request updates on restoration efforts and make other inquiries about their electric accounts. More information about these communication tools is available at firstenergycorp.com/connect.

The high winds have brought down trees and branches onto power lines. Customers should assume all downed or low-hanging power lines are energized and dangerous. Stay at least 30 feet away and use extra caution where downed lines are tangled in trees or other debris. Report downed lines ASAP by calling 911.

For updated information on the company's current outages, the company's storm restoration process and tips for staying safe, visit FirstEnergy's 24/7 Power Center at firstenergycorp.com/outages.

Operate Backup Generators Safely

Emergency power generators offer an option for customers needing or wanting uninterrupted service. To ensure the safety of the home's occupants as well as that of electric company employees who may be working on power lines in the area, the proper generator should be selected and installed by a qualified electrician.

When operating a generator, the power coming into the home should always be disconnected. Otherwise, power from the generator could be sent back onto the power lines, creating a hazardous situation for company workers. Locate the generator outside of your home and far away from windows, doors and vents. Never locate a generator inside your home.

View additional generator safety information.

FirstEnergy is dedicated to integrity, safety, reliability and operational excellence. Its 10 electric distribution companies form one of the nation's largest investor-owned electric systems, serving customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. The company's transmission subsidiaries operate approximately 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Visit FirstEnergy online at firstenergycorp.com and follow FirstEnergy and its operating companies on X, formerly known as Twitter, @FirstEnergyCorp, @ToledoEdison, @IlluminatingCo, @OhioEdison, @MonPowerWV, @JCP_L, @Penn_Power, @Penelec, @Met_Ed, @PotomacEdison, @W_Penn_Power.

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SOURCE FirstEnergy Corp.

FAQ

How many customers lost power following the significant storm?

Approximately 373,000 customers lost power following the significant storm.

How many customers remain without power?

12,600 customers remain without power in Pennsylvania and New Jersey.

What is the ticker symbol of FirstEnergy Corp.?

The ticker symbol of FirstEnergy Corp. is FE.

Who is the President of FirstEnergy Utilities?

Wade Smith is the President of FirstEnergy Utilities.

How many personnel have been involved in the storm response?

More than 5,000 line workers, hazard responders, forestry crews, contractors, safety, and other support personnel have been involved in the storm response.

How can customers report power outages and downed lines?

Customers who have experienced a service interruption due to the storm are encouraged to report their outage by calling 1-888-LIGHTSS (1-888-544-4877), texting OUT to LIGHTS (544487) or clicking the 'Outages' link on firstenergycorp.com.