Firstenergy Corp Stock Price, News & Analysis

FirstEnergy Corp., Dominion Energy Virginia, and American Electric Power have entered into a joint planning agreement to propose new regional electric transmission projects across multiple states within the PJM footprint. This collaboration aims to address the growing power demand in the PJM region due to rapid expansion of energy-intensive industries, electrification, and changing power generation mix.

The companies jointly proposed several projects through PJM's Regional Transmission Expansion Plan Open Window process in September. These include new 765-kV, 500-kV, and 345-kV transmission lines in Virginia, Ohio, and West Virginia. The projects are still in early stages of development and, if selected by PJM, would undergo an extensive process of route selection, environmental studies, community engagement, and permitting before construction.

Dominion Energy Virginia, American Electric Power, and FirstEnergy Corp. have entered a joint planning agreement to propose new regional electric transmission projects across the PJM footprint. This collaboration aims to address the growing power demand in the region due to expanding energy-intensive industries, electrification, and manufacturing onshoring. The companies jointly proposed projects through PJM's Regional Transmission Expansion Plan Open Window process in September, including new 765-kV, 500-kV, and 345-kV transmission lines in Virginia, Ohio, and West Virginia.

The partnership leverages the expertise of these industry leaders to develop comprehensive, cost-effective solutions that promote regional grid reliability. If selected by PJM, the projects would undergo an extensive process of route selection, environmental studies, community engagement, and permitting before construction.

Jersey Central Power & Light (JCP&L), a FirstEnergy Corp. (NYSE: FE) subsidiary, has intensified its efforts to remove dead and diseased ash trees in its New Jersey service area to reduce power outages. In 2024, JCP&L has already removed over 7,000 vulnerable ash trees, surpassing 2023 figures. The program, which began in 2017, has led to the removal of more than 64,000 ash trees affected by the invasive Emerald Ash Borer.

JCP&L invests at least $32.4 million annually in vegetation management along power lines. However, 86% of tree-related outages in 2023 were caused by trees outside these areas. The company's Green Team has also planted and donated over 2,500 trees in 2024 as part of its environmental stewardship efforts.

FirstEnergy Corp. (NYSE: FE) has released safety tips for Halloween decorating and celebrations to help prevent electrical hazards and keep power flowing reliably. The company emphasizes the importance of being aware of potential electrical and fire risks during the festive season.

Key safety measures include:

• Avoiding decorations near utility equipment
• Inspecting electrical cords for damage
• Using proper clips for securing lights
• Ensuring decorative lights are UL-approved
• Using GFCI outlets for outdoor decorations
• Replacing traditional candles with flame-free options

For trick-or-treating, FirstEnergy advises maintaining well-lit paths, using reflective materials on costumes, and staying in well-lit areas. The company also reminds customers to report streetlight outages and provides methods for doing so.

FirstEnergy Corp. (NYSE: FE) subsidiary American Transmission Systems, Inc. (ATSI) is expanding and upgrading a high-voltage substation in Sylvania Township, Lucas County, Ohio. The $15 million project aims to enhance electric service reliability for over 20,000 Toledo Edison customers in northwestern Ohio. Key aspects include:

- Expanding the substation from 17,000 to 49,900 square feet
- Implementing a new setup with separate sections to isolate issues and minimize outages
- Adding enhanced equipment for proactive issue identification
- Expected completion in early 2025

This project is part of FirstEnergy's Energize365 program, a multi-year grid evolution initiative with planned investments of $26 billion between 2024 and 2028. The program aims to create a smarter, more secure grid to meet future challenges, including electric vehicle adoption and clean energy integration.

FirstEnergy Corp. (NYSE: FE) has introduced an innovative AI-driven program called the Advanced Vegetation Analytics Tool (AVAT) to predict and reduce tree-related power outages across its six-state service area. This technology, among the first in the electric utility industry, analyzes various data sets including soil, weather, roadway, historical outage data, and aerial photos to identify high-risk trees near power lines.

The AVAT complements FirstEnergy's existing vegetation management methods, which include annual assessments and aerial inspections. Tyler Woody, General Manager of Distribution Vegetation Management Operations, highlighted that the tool enhances crew efficiency and budget management by recommending appropriate equipment for trimming operations.

FirstEnergy's service territory covers densely forested areas in Ohio, Pennsylvania, New Jersey, Maryland, West Virginia, and part of New York, presenting unique vegetation management challenges. The company maintains a four-year trimming cycle and uses various methods to control vegetation near its power lines and equipment.

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.