STOCK TITAN

FirstEnergy Corp. - FE STOCK NEWS

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.

Rhea-AI Summary

FirstEnergy Corp. (NYSE: FE) has announced a quarterly dividend of $0.425 per share on its outstanding common stock. The dividend will be payable on September 1, 2024, to shareholders of record as of the close of business on August 7, 2024. FirstEnergy is a major player in the electric utility sector, serving over six million customers across six states through its electric distribution companies. The company also operates approximately 24,000 miles of transmission lines connecting the Midwest and Mid-Atlantic regions, demonstrating its significant infrastructure presence in the industry.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
1.35%
Tags
dividends
-
Rhea-AI Summary

FirstEnergy Corp.'s subsidiary Met-Ed is installing smart, automated equipment on power lines serving 24,160 customers in York and Adams counties, Pennsylvania. This project, part of a $153 million Long-Term Infrastructure Improvement Plan (LTIIP) II, aims to prevent or minimize power outages, especially during severe weather. The upgrades include 53 automated switching devices with SCADA technology, which can remotely isolate damage and restore service more efficiently.

This initiative is part of Energize365, a multi-year grid evolution program with planned investments of $26 billion between 2024 and 2028. The program focuses on creating a smarter, more secure grid to meet future challenges, including electric vehicle adoption and clean energy integration. Met-Ed serves approximately 592,000 customers across 3,300 square miles in eastern and southeastern Pennsylvania.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.53%
Tags
none
-
Rhea-AI Summary

FirstEnergy Corp. (NYSE: FE) has renewed its title sponsorship with The International Soap Box Derby (ISBD) for three years, from 2025-2027. This extension continues a partnership that began in 2012 between the two Akron-based organizations. The announcement came during race week activities for the 86th FirstEnergy All-American Soap Box Derby, featuring over 320 competitors from the US, Canada, and Japan competing for $36,000 in college scholarships.

The World Championship races are scheduled for July 20, 2024, at Derby Downs in Akron, Ohio. FirstEnergy's CEO, Brian Tierney, emphasized the company's commitment to supporting this event that promotes design, engineering, and construction skills while fostering teamwork among youth. ISBD's President, Scott Taylor, praised FirstEnergy's financial and volunteer support, which enables the expansion of derby racing and STEM education programs globally.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.33%
Tags
none
Rhea-AI Summary

FirstEnergy Corp. (NYSE: FE) has received the final $1.2 billion from the $3.5 billion sale of a 30% stake in FirstEnergy Transmission, to Brookfield Super-Core Infrastructure Partners. This completes the transaction, with the initial $2.3 billion received in March. The proceeds will be used to strengthen FirstEnergy's balance sheet and support its $26 billion Energize365 grid investment program.

Since late 2021, FirstEnergy has completed about $7 billion in strategic equity financings at an equivalent share price of $87, or 36x trailing P/E. Following the transaction, FirstEnergy's credit rating was upgraded to investment grade by all three major agencies. CEO Brian X. Tierney emphasized the company's strong position to become a premier electric company, benefiting stakeholders through its regulated business investments.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
1.36%
Tags
none
-
Rhea-AI Summary

FirstEnergy Corp. (NYSE: FE) has been honored with the Emergency Recovery Award from the Edison Electric Institute (EEI) for its exemplary power restoration efforts following Winter Storms Finn and Gerri in January 2024. The storms caused significant damage across Ohio, Pennsylvania, West Virginia, Maryland, and New Jersey, affecting hundreds of thousands of customers.

FirstEnergy’s extensive response involved thousands of workers and contractors, who collectively put in over 422,000 man-hours to replace 927 poles, 625 transformers, and about 72 miles of wire. By January 11, the company had restored power to 97% of the 373,000 customers impacted by Winter Storm Finn, with subsequent efforts addressing the 192,000 outages caused by Winter Storm Gerri.

This award marks the 19th consecutive year FirstEnergy has been recognized by EEI for exceptional storm response. The award was presented during EEI’s 2024 summer Board of Directors and CEO meeting.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
1.41%
Tags
none
-
Rhea-AI Summary

FirstEnergy Corp. (NYSE: FE) subsidiary Jersey Central Power & Light (JCP&L) is investing $78 million to upgrade a transmission substation in Morristown, NJ. This project aims to mitigate power outages by elevating the station's equipment above floodwaters, benefiting 23,000 customers in northern New Jersey. The Whippany River, which has recently become more flood-prone, borders the site. Scheduled for completion by December 2025, the upgrade will also include aesthetic improvements to the property's exterior. The substation plays a important role in local power distribution and in connecting other substations in the region.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-0.16%
Tags
none
Rhea-AI Summary

FirstEnergy's Pennsylvania Electric Company (Penelec) conducted an emergency drill to test storm restoration processes. The exercise, held in Erie, PA, involved both remote and in-person participation at Penelec's Clearfield facility. It aimed to prepare employees for restoring power during severe weather events, such as thunderstorms with wind gusts over 70 mph, which could cause extensive damage. The drill simulated an outage affecting 425,000 of Penelec's 597,000 customers and included a scenario with damaged substations. Participants used the Incident Command System to coordinate responses, emphasizing safety, logistics, and rapid restoration.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-0.16%
Tags
none
-
Rhea-AI Summary

FirstEnergy Corp. (NYSE: FE) will release its financial results for the second quarter and first half of 2024 after markets close on July 30, 2024. The results will be discussed during a conference call with financial analysts at 10 a.m. EDT on July 31, followed by a Q&A session. Investors can access a live webcast and presentation slides via FirstEnergy's Investor Information website, which will be available for replay for up to one year. The company’s electric distribution network is among the largest in the U.S., serving over 6 million customers across several states. FirstEnergy's transmission subsidiaries operate around 24,000 miles of transmission lines, linking the Midwest and Mid-Atlantic regions.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.1%
Tags
conferences earnings
-
Rhea-AI Summary

Mon Power and Potomac Edison, subsidiaries of FirstEnergy Corp. (NYSE: FE), have completed extensive inspections and maintenance across West Virginia to enhance reliability and reduce outages during the summer. This includes inspecting over 300 substations, using infrared thermovision cameras to identify issues, and maintaining more than 700 capacitors along power lines. Tree contractors have cleared vegetation along 3,000 miles of power lines, with a goal of 6,800 miles by the end of 2024, to prevent weather-related outages. Key equipment at Fort Martin and Harrison Power Stations has also been cleaned and inspected. Customers are advised on energy-saving tips to manage electric bills amid rising temperatures.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.42%
Tags
none
Rhea-AI Summary

Potomac Edison, a subsidiary of FirstEnergy (NYSE: FE), has completed preventive maintenance and equipment inspections across its Maryland service area to improve reliability during summer. This includes inspecting over 200 substations, conducting infrared inspections with thermovision cameras, and maintaining hundreds of line capacitors. Additionally, crews have cleared vegetation along 750 miles of power lines, with plans to cover 1,800 miles by year's end. Customers are advised on energy-saving tips and can access payment assistance programs. The initiative aims to reduce outages and improve service reliability amidst rising temperatures and seasonal storms.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.42%
Tags
none

FAQ

What states does FirstEnergy serve?

FirstEnergy serves customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland, and New York.

How many customers does FirstEnergy have?

FirstEnergy serves over six million customers.

What is FirstEnergy's commitment to environmental sustainability?

FirstEnergy has pledged to plant over 25,000 trees in 2024 and has already planted over 67,000 trees since 2021.

What are FirstEnergy's latest financial results?

For the first quarter of 2024, FirstEnergy reported GAAP earnings of $253 million on revenue of $3.3 billion.

What is the Energize365 plan?

Energize365 is FirstEnergy's $26 billion five-year capital investment plan focused on enhancing reliability and the customer experience.

How is FirstEnergy improving infrastructure in rural areas?

Mon Power, a FirstEnergy subsidiary, has received up to $5 million in federal funding to upgrade power lines in rural West Virginia.

What recent project has Toledo Edison undertaken?

Toledo Edison has started a $342,000 LED streetlight conversion project in Sylvania, Ohio.

Who is the new Associate General Counsel of FirstEnergy?

Nikhil Rao has been promoted to Associate General Counsel, overseeing litigation, claims, employment, and labor law issues.

How does FirstEnergy ensure the safety of its transmission lines?

FirstEnergy uses helicopters equipped with infrared technology for aerial inspections of its transmission lines.

Where can I find FirstEnergy's job postings and career tips?

You can find job postings and career tips on the FirstEnergy Careers Facebook community.

FirstEnergy Corp.

NYSE:FE

FE Rankings

FE Stock Data

23.28B
575.52M
0.13%
91.44%
2.04%
Nuclear Electric Power Generation
Utilities
Link
United States of America
AKRON