Firstenergy Corp Stock Price, News & Analysis

FirstEnergy Corp. (NYSE: FE) has dispatched approximately 200 line workers and support personnel to assist Duke Energy Carolinas and Georgia Power with anticipated power restoration efforts following Hurricane Helene. Crews from FirstEnergy's electric companies in Pennsylvania, New Jersey, Maryland, and West Virginia are part of this mutual assistance effort. The hurricane is expected to make landfall in Florida on Thursday evening, bringing extreme weather conditions to the region.

Wade Smith, President of FirstEnergy Utilities, emphasized the company's commitment to supporting large-scale power restoration efforts. FirstEnergy is a member of multiple electric utility mutual-assistance groups and has been honored multiple times by the Edison Electric Institute for its emergency assistance during storms.

FirstEnergy Corp. (NYSE: FE) has announced that its Board of Directors has declared an unchanged quarterly dividend of $0.425 per share on outstanding common stock. The dividend will be payable on December 1, 2024, to shareholders of record at the close of business on November 7, 2024.

FirstEnergy is a major player in the electric utility sector, with its distribution companies serving over six million customers across six states: Ohio, Pennsylvania, New Jersey, West Virginia, Maryland, and New York. The company's transmission subsidiaries manage approximately 24,000 miles of transmission lines connecting the Midwest and Mid-Atlantic regions.

Mon Power and Potomac Edison, subsidiaries of FirstEnergy Corp. (NYSE: FE), have begun construction on their third utility-scale solar site in West Virginia. The Marlowe solar project, located on a former ash disposal site in Berkeley County, will produce up to 5.75 megawatts of renewable power when completed in 2025. This project is part of the companies' West Virginia solar program, which aims to develop 200 megawatts of solar renewable generation over time.

The companies have already completed an 18.9-megawatt project at Fort Martin Power Station and started construction on a 5.5-megawatt site in Rivesville. In total, five projects will create over 87,000 solar renewable energy credits (SRECs) available for purchase by customers. The program has enrolled both residential and large commercial customers, with SREC purchases costing 4 cents per kilowatt hour in addition to normal rates.

Ohio Edison, a FirstEnergy Corp. (NYSE: FE) company, will showcase its live wire electrical safety trailer at the Balloon A-Fair in Ravenna, Ohio, on September 21, 2024. The interactive demonstrations, using 7,200-kilovolt power lines, aim to educate attendees about electrical safety and hazard recognition. Demonstrations will occur at 10 a.m. and 12 p.m. in the festival's "Motor Alley" section.

The trailer simulates common neighborhood electrical equipment and depicts causes of power outages. Ohio Edison facilitators will highlight safety practices around household objects and power lines. This initiative is part of FirstEnergy's "Stop. Look. Live." safety campaign. The 45th Ravenna Balloon A-Fair runs from September 19-22, 2024.

FirstEnergy Pennsylvania Electric Company (FE PA), a subsidiary of FirstEnergy Corp. (NYSE: FE), has reached a $225 million settlement in its base rate review, pending approval from the Pennsylvania Public Utility Commission. The agreement aims to expand bill assistance for low-income customers and enable electric grid investments for improved service reliability.

Key points of the settlement include:

• Increased vegetation management investments
• Support for the Long-Term Infrastructure Improvement Plan III
• Selective underground placement of distribution facilities
• Increased funding for Hardship Fund grants
• Improved enrollment in the Pennsylvania Customer Assistance Program
• Hiring 10% more field workforce

If approved, the settlement would result in average monthly bill increases ranging from 1.9% to 6.2% for residential customers using 1,000 kilowatt-hours per month, effective January 1, 2025.

FirstEnergy Corp. (NYSE: FE) has reached a settlement agreement with the U.S. Securities and Exchange Commission (SEC) to resolve a previously disclosed investigation. The settlement requires FirstEnergy to pay a civil penalty of $100 million, which the company had already reserved in its second quarter 2024 earnings.

Brian X. Tierney, President and CEO of FirstEnergy, stated that the company is focused on investing in its regulated electric companies to improve customer experience and support the energy transition. FirstEnergy operates one of the nation's largest investor-owned electric systems, serving customers across six states and managing approximately 24,000 miles of transmission lines.

Jersey Central Power & Light (JCP&L), a FirstEnergy Corp. (NYSE: FE) subsidiary, has relaunched its EV Driven residential electric vehicle charging incentives program in New Jersey. The program offers up to $7,000 in incentives to eligible customers for property preparation for EV charger installation. This includes up to $1,500 for customer electrical upgrades and up to $5,500 for utility upgrades. The $39.8 million program, approved by the New Jersey Board of Public Utilities in 2022, aims to support the state's goal of increasing EV adoption to reduce greenhouse gas emissions. New Jersey ranks in the top five states for EV sales nationally. The program's relaunch follows a $4.1 million reallocation from non-residential portions after the initial residential incentives were fully awarded in September 2023.

FirstEnergy Pennsylvania Electric Company (FE PA), operating as Met-Ed, has energized a new transformer at its substation in Lebanon, Pennsylvania. This upgrade will enhance electric service reliability for over 7,000 customers in Lebanon, North Lebanon Township, and West Lebanon Township. The new transformer replaces a failed unit from June, ensuring long-term grid stability for the area's underground distribution network.

The installation is part of FirstEnergy's Energize365 program, a multi-year grid evolution initiative with planned investments of $26 billion between 2024 and 2028. This program aims to create a smarter, more secure grid to meet future energy demands, including electric vehicles and clean energy sources. Additional investments are planned for another Met-Ed substation in West Lebanon in the next 18 to 24 months.

Jersey Central Power & Light (JCP&L), a FirstEnergy Corp. (NYSE: FE) subsidiary, is upgrading two power lines in Morris and Monmouth counties in New Jersey. This is part of the $95 million New Jersey Reliability Improvement Project, approved in February. The upgrades, set to complete in November, include:

• Replacing infrastructure with stronger wires and poles
• Upgrading fuses and installing remote-access devices
• Installing TripSaver devices
• Additional tree trimming and vegetation management

The project will enhance 10 miles of lines in each county, benefiting over 4,300 customers. It's the first of 18 line upgrades in a two-phase effort to improve reliability, with the second phase targeted for completion by 2028.