Firstenergy Corp Stock Price, News & Analysis

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.

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.

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.

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.

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.

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.

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.

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.

FirstEnergy Corp. (NYSE: FE) has been recognized by Newsweek and Plant-A Insights as one of America's Greatest Workplaces for 2024. The company was honored in three categories: America's Greatest Workplaces for Diversity 2024, the inaugural America's Greatest Workplaces for Mental Wellbeing 2024, and the flagship America's Greatest Workplaces 2024.

Christine L. Walker, Senior VP and Chief HR Officer, emphasized the company's commitment to diversity, equity, inclusion, and employee wellbeing. FirstEnergy achieved a maximum five-star rating in both the diversity and mental wellbeing categories.

The rankings were based on over 1.5 million reviews from 250,000 employees and detailed analyses of various key performance indicators (KPIs) related to workforce management, compensation, benefits, career progression, and corporate culture.

Newsweek's Global Editor in Chief, Nancy Cooper, highlighted the importance of mental wellbeing and diversity in the workplace. For more details, visit FirstEnergy's career page.