FirstEnergy Corp. reports developments for an investor-owned electric utility holding company with distribution companies in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York and transmission subsidiaries that connect the Midwest and Mid-Atlantic regions.
Recurring updates cover GAAP and core earnings, distribution and transmission rate-base growth, capital spending for grid reliability, and regulatory proceedings such as Ohio distribution rate plans. Company news also covers projects by American Transmission Systems, Potomac Edison, Ohio Edison, Toledo Edison and The Illuminating Company, including line rebuilds, tree trimming, time-of-use rates, storm restoration and operational leadership changes.
FirstEnergy (NYSE: FE) reported strong Q1 2025 financial results with GAAP earnings of $360 million ($0.62 per share) and Core Earnings of $0.67 per share, significantly improving from Q1 2024's $0.44 and $0.49 per share respectively. Revenue increased to $3.8 billion from $3.3 billion year-over-year.
The company invested over $1 billion in customer-focused capital improvements during Q1, advancing its $5 billion investment plan for 2025 and five-year Energize365 program of $28 billion through 2029. FirstEnergy affirmed its 2025 Core Earnings guidance of $2.40-$2.60 per share and 6-8% compound growth target through 2029.
Distribution deliveries increased 4% compared to Q1 2024, with residential and commercial sales up 10% and 5% respectively, while industrial sales declined 3%. The company's transmission rate base grew 19%, though earnings were partially offset by dilution from the FirstEnergy Transmission equity interest sale in March 2024.
FirstEnergy Corp. (NYSE: FE) has announced four key executive appointments to strengthen its leadership team across transmission business and regional operations. Satvir Deol has been named Vice President of Transmission Operations, Don McGettigan becomes Vice President of West Virginia/Maryland Operations, Pat Mullin takes the role of Vice President of New Jersey Operations, and Chris Beam assumes the position of Vice President of Generation Project Development.
These appointments, effective April 21, 2025, align with FirstEnergy's core business model focused on enhancing system investments and customer experience at the local level. The executives will oversee critical areas including transmission line operations, safe electricity delivery, regulatory compliance, and development of renewable and conventional energy projects.
Wade Smith, President of FirstEnergy Utilities, emphasized that these appointments will strengthen the leadership team's ability to execute investment plans for improved reliability while enhancing customer experience. FirstEnergy serves more than 6 million customers across six states and operates approximately 24,000 miles of transmission lines connecting the Midwest and Mid-Atlantic regions.
FirstEnergy Corp. (NYSE: FE) is commemorating Lineworker Appreciation Day on April 18, 2025, honoring its workforce of nearly 2,500 line workers. The company's crews demonstrated exceptional performance in 2024, particularly during a severe storm in northeast Ohio that affected over 627,700 customers, where they replaced 500 poles, 231 transformers, and 75 miles of wire, achieving 94% power restoration within days.
FirstEnergy lineworkers also provided important mutual assistance during Hurricanes Helene and Milton, with approximately 645 workers contributing over 150,000 personnel-hours to restoration efforts across multiple states. Their outstanding service earned FirstEnergy both the Emergency Recovery Award and Emergency Assistance Award from the Edison Electric Institute (EEI) in February 2025.
Jersey Central Power & Light Company (JCP&L), a FirstEnergy Corp subsidiary, has announced an exchange offer for its 5.100% Senior Notes due 2035. The company is offering to exchange up to $700 million aggregate principal amount of outstanding notes for an equal amount of new notes registered under the Securities Act.
The exchange offer will expire on May 15, 2025 at 5:00 p.m. New York City time, unless extended. This exchange offer fulfills the company's obligations under a registration rights agreement and does not represent a new financing transaction. JCP&L currently serves 1.1 million customers across 13 New Jersey counties.
FirstEnergy Corp. (NYSE: FE) subsidiary Ohio Edison is implementing significant grid upgrades in Clark County to enhance power reliability for approximately 2,700 customers in the Springfield area. The project aims to support local manufacturing expansion and potential job creation.
The upgrades include:
- Rebuilding power lines with larger diameter wire for increased electricity capacity
- Installing new equipment to ensure constant high-voltage electricity flow
- Implementing automated reclosing devices to minimize service interruptions
This initiative is part of Energize365, FirstEnergy's multi-year grid evolution program with planned investments of $28 billion between 2025 and 2029. The program focuses on creating a smarter, more secure grid capable of accommodating electric vehicles, home and business electrification, and clean energy sources.
FirstEnergy Pennsylvania Electric Company (Penelec) has completed infrastructure upgrades in Venango and Crawford counties to enhance service reliability for nearly 1,000 customers. The project involved replacing over 40 wood poles, 53 crossarms, and 700 porcelain insulators along a 13-mile, 34.5-kV power line connecting substations in Utica and Polk.
The improvements include new switches for better power rerouting during repairs and a remote-control switch in Utica. This work is part of Penelec's $538 million Long Term Infrastructure Improvement Plan (LTIIP III) and falls under FirstEnergy's broader Energize365 program, which plans $28 billion in investments between 2025-2029 for grid modernization.
The upgraded line serves communities including Cochranton, Utica, and Polk, addressing equipment-related outages experienced over the past five years. The project, which began in November 2024, particularly benefits about 540 customers connected to the Polk substation.
FirstEnergy PA (NYSE: FE) is upgrading its electric grid infrastructure in northwestern York County through its Met-Ed subsidiary. The project aims to enhance service reliability for approximately 300 customers in the Dillsburg area by replacing over a mile of older copper wire with larger-diameter aluminum wire.
The upgrade includes replacing 1.3 miles of wire, 32 wooden poles, 40 fuses, and 149 porcelain insulators along a 13.2-kilovolt power line. Additionally, 49 wildlife guards are being installed to prevent animal-related outages. The project, scheduled for completion in April 2025, is part of FirstEnergy's Long Term Infrastructure Improvement Plan (LTIIP III), a $382 million initiative for Met-Ed's distribution system.
This improvement is part of Energize365, FirstEnergy's broader $28 billion grid evolution program planned for 2025-2029, designed to create a smarter grid capable of accommodating electric vehicles, home electrification, and clean energy sources. The upgrade addresses York County's growing electrical needs, which has seen an 8% population increase since 2010.
FirstEnergy Corp. (NYSE: FE) subsidiary JCP&L has initiated a major grid enhancement project targeting over 5,000 customers across Morris, Passaic, and Sussex Counties in northern New Jersey. The comprehensive upgrade includes 11.5 miles of infrastructure strengthening with more robust poles and wiring, plus 3 miles of new underground lines.
The project, part of JCP&L's New Jersey Reliability Improvement Program, involves installing nearly 60 devices including TripSaver technology for automated fault detection, enhanced tree-trimming, and transferring 2,400 customers to neighboring power lines. This initiative represents a portion of the program's first phase, which includes $95 million in upgrades over three years.
The project is part of FirstEnergy's broader Energize365 grid evolution program, which plans to invest $26 billion between 2024-2028 across six states to create a smarter, more secure power grid.
FirstEnergy Corp. (NYSE: FE) has appointed Nick Pearson as Vice President, Federal Government Affairs, effective April 7. Pearson will manage the company's Washington, D.C. offices and lead federal energy policy engagement strategies. With over 22 years of experience, he previously served as Head of Congressional Affairs for Google Cloud and Global Head of Energy Policy for Google.
Prior to Google, Pearson led TVA's Washington office, focusing on energy policy, nuclear power, and transmission planning. His experience includes working with federal agencies like FERC, DOE, and EPA. He also served as VP of Government and Political Affairs at the Georgia Chamber of Commerce and worked on legislative staff for U.S. Senator Johnny Isakson.
FirstEnergy serves over 6 million customers across six states through its electric distribution companies and operates more than 24,000 miles of transmission lines connecting the Midwest and Mid-Atlantic regions.
FirstEnergy Corp. (NYSE: FE) has announced it will release its first quarter 2025 financial results after market close on Wednesday, April 23, 2025. The company will host a conference call with financial analysts on Thursday, April 24, at 9 a.m. EDT, followed by a Q&A session.
The earnings call will be accessible via live webcast on FirstEnergy's Investor Information website, with presentation slides available for viewing. Both the webcast and presentation materials will remain accessible for replay up to one year. FirstEnergy serves over 6 million customers across six states through its electric distribution companies and operates approximately 24,000 miles of transmission lines connecting the Midwest and Mid-Atlantic regions.