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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.

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FirstEnergy Corp. (NYSE: FE) announced that its distribution and transmission system is ready to handle the increased electricity demand due to an approaching summer heat wave in the Midwest and Mid-Atlantic regions. Wade Smith, President of FirstEnergy's Utilities, emphasized the importance of system inspections and maintenance programs to ensure reliability during high temperatures. FirstEnergy provided tips for customers to use electricity wisely, such as setting thermostats high, using fans, and sealing leaks. The company also highlighted proactive measures like thermovision camera inspections and helicopter patrols to prevent power outages. Employees are briefed on safety measures to avoid heat-related illnesses. Follow FirstEnergy on social media for more tips and resources.

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Jersey Central Power & Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), is promoting Utility Assistance Awareness Week, from June 10-14, in collaboration with the New Jersey Board of Public Utilities. JCP&L is encouraging residential customers facing financial difficulties to enroll in various payment assistance programs designed to help manage utility bills.

These programs include the Universal Service Fund (USF) Program, Low-Income Heating Energy Assistance Program (LIHEAP), Payment Assistance for Gas and Electric (PAGE) Program, NJ SHARES, Lifeline Utility Assistance, and the 2-1-1 Helpline. Customers can visit firstenergycorp.com/billassist or call 1-800-662-3115 for more information and assistance.

JCP&L serves 1.1 million customers across multiple New Jersey counties. FirstEnergy emphasizes its commitment to safety, reliability, and operational excellence, serving customers in various states through its extensive transmission network.

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FirstEnergy Corp. (NYSE: FE) has promoted Nikhil Rao to Associate General Counsel, Litigation and Labor & Employment, effective June 16, 2024. Rao, who joined the company in 2014, previously served as Senior Corporate Counsel II in the Federal Regulatory Group. In his new role, he will manage various legal matters, including litigation and labor law issues. Rao will report to the company's Senior VP and Chief Legal Officer, Hyun Park. With extensive experience in both law and business, Rao's appointment reflects his commitment to FirstEnergy's core values. FirstEnergy serves over 6 million customers across six states and operates a vast network of transmission lines.

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On June 11, 2024, FirstEnergy Corp. (NYSE: FE) announced the appointment of Stephen Avila as Vice President of Customer Care, effective June 3. Avila, formerly with Macy's, brings extensive experience in leveraging technology and strategic leadership to drive customer experience. He will oversee key functions such as customer account management, payment systems, and self-service options. Reporting to Michelle Henry, Senior VP of Customer Experience, Avila aims to innovate and enhance FirstEnergy's customer care processes. FirstEnergy serves over 6 million customers across multiple states and operates a vast transmission network.

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Mon Power, a subsidiary of FirstEnergy Corp. (NYSE: FE), recently held an annual emergency preparedness drill at its Fairmont headquarters. The exercise tested storm restoration processes to handle outages caused by severe weather. The drill simulated a storm with 70 mph gusts affecting over 270,000 customers and a prior substation incident impacting 10,000 customers.

Jim Myers, President of FirstEnergy's West Virginia Operations, emphasized the importance of these drills in maintaining service reliability. Key activities included safety, logistics, operations, and planning. Mon Power activated its Incident Command System to manage the response, prioritizing restoration to critical facilities first.

Mon Power serves approximately 395,000 customers across 34 West Virginia counties. For more information, visit FirstEnergy's 24/7 Power Center.

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FirstEnergy Pennsylvania Electric Company (FE PA) recently completed its annual storm restoration drill, aimed at preparing employees for severe weather events that can cause power outages. This comprehensive exercise involved both in-person and remote participation, simulating real-life storm restoration conditions. The drill tested the emergency response capabilities of West Penn Power and Penn Power, detailing a scenario where severe thunderstorms with wind gusts over 70 mph resulted in widespread outages affecting over 525,000 customers. Additionally, the exercise included a hypothetical situation where two electric substations were significantly damaged. The company's Incident Command System (ICS) was activated to manage the situation. Key focus areas included prioritizing critical facilities and using electronic storm tools to expedite the restoration process.

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FirstEnergy Corp.'s Ohio Edison is proactively addressing the mayfly season by suspending streetlight service along roads in Port Clinton, Marblehead, and Erie Township. Mayflies, attracted to lights, can create hazardous driving conditions. The suspension will last until the end of the hatching season, typically from late June to September. This measure aims to prevent mayfly swarms and ensure safety for motorists and bikers. Pedestrians are advised to use extra caution on unlit roads. Ohio Edison serves over a million customers in 34 Ohio counties.

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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.

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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.

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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.

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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.

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