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. 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.
JCP&L, a FirstEnergy Corp. (NYSE: FE) subsidiary, is executing a $1.75 million power line relocation project in Bernardsville, Somerset County. The project involves moving lines from the New Jersey Transit railroad tracks to Route 202/Mine Brook Road, with 1,500 feet being installed underground and 1,400 feet of new overhead wires being added. The upgrade includes installing stronger wires and supporting regional industrial growth. The project, prompted by accessibility issues and tornado damage in June 2023, will enhance service reliability for customers in Bernardsville and nearby Bedminster Township by providing backup power sources and reducing demand on the Greater Crossroads substation.
FirstEnergy Corp. (NYSE: FE) has been named a Military Friendly® Company for the ninth time in 10 years, receiving four distinct awards from the national military support organization. The company earned a Silver Award as a Military Friendly® Employer, along with designations for Military Friendly® Company, Spouse Employer, and Supplier Diversity Program.
Through its Veterans and Allies Employee Business Resource Group (EBRG), FirstEnergy has raised over $100,000 for military support organizations since 2016. The company maintains a strong commitment to veterans through recruitment, comprehensive benefits, and development opportunities. This recognition marks FirstEnergy's 14th Military Friendly Employer award in 16 years.
FirstEnergy Corp. (NYSE: FE) has announced two key executive appointments. Karen Sagot will become Vice President of Investor Relations effective Nov. 10, leading the company's investor relations strategy and communications. She brings 20 years of finance experience, most recently as Head of Investor Relations at Enphase Energy. Sean Davies will assume the role of Vice President of Continuous Improvement effective Nov. 18, focusing on driving innovation and operational efficiency. Davies joins from J.P. Morgan Chase with over 30 years of experience in transformation and operational excellence.
JCP&L, a FirstEnergy Corp. (NYSE: FE) subsidiary, received approval from New Jersey BPU to expand its energy efficiency programs. The two-and-a-half-year initiative includes expanded residential, commercial, and industrial offerings such as whole home assessments, HVAC incentives, and building decarbonization support. The program introduces zero-interest financing for qualifying customers across all sectors. Residential customers using 777 kWh monthly will see a rate increase of $1.06 (0.8%) in the first year, rising to $4.03 (3%) by the final program year, while maintaining the lowest rates among New Jersey's regulated electric distributors.
FirstEnergy Corp. (NYSE: FE) Ohio electric companies have filed to withdraw their current Electric Security Plan (ESP) 5 with the Public Utilities Commission of Ohio (PUCO). If approved, they would revert to their previous ESP4 plan, which was effective through May 31, 2024. The change would restore about $6 million in annual, nonrecoverable spending for energy efficiency programs, economic development funding, and low-income assistance. The reversion is expected to reduce bills by approximately $2.00 for typical non-shopping residential customers using 750-kWh monthly. The companies plan to propose enhancements to the auction process to ensure competitive pricing and increase supplier participation.
FirstEnergy (NYSE: FE) reported Q3 2024 GAAP earnings from continuing operations of $419 million ($0.73 per share) on revenue of $3.7 billion, compared to $421 million ($0.74 per share) in Q3 2023. Operating earnings were $0.85 per share, within guidance. The company narrowed its 2024 operating earnings guidance to $2.61-$2.71 per share and increased its capital investment plan by $300 million to $4.6 billion. Total distribution deliveries increased 2.5% year-over-year, with residential usage down 1.4%, commercial unchanged, and industrial up 2.1%. The company maintains its 6-8% long-term annual operating earnings growth target.
FirstEnergy Corp. (NYSE: FE) has appointed Karen McClendon as Senior Vice President and Chief Human Resources Officer (CHRO), effective Nov. 11. McClendon brings over 30 years of HR experience and will lead the company's human capital strategy, overseeing talent management, benefits, compensation, and labor relations. She previously served as CHRO at Paychex, where she enhanced employee experience and transformed HR operations through technology-driven solutions. At FirstEnergy, she will report to CEO Brian Tierney and focus on building an inclusive workforce aligned with the company's goal of becoming a premier electric company.
FirstEnergy's Pennsylvania Electric Company (Penelec) has installed and energized a new transformer at a Bradford substation, enhancing service reliability for over 1,000 customers, including the University of Pittsburgh's Bradford campus. The 40,000-pound transformer replaced a faulty unit and features forced-air cooling fans for increased capacity. This installation is part of Energize365, a multi-year grid evolution program with planned investments of $26 billion between 2024-2028. Additionally, Penelec completed a forestry project in the Bradford area, removing approximately 1,400 hazardous trees and utilizing helicopter-mounted saws for efficient tree trimming along power lines.
FirstEnergy Pennsylvania Electric Company (NYSE: FE) is upgrading its power system in Allegheny County with 12 new remote-controlled reclosing devices along three neighborhood power lines, benefiting nearly 4,900 customers in Oakdale, North Fayette Township and Findlay Township. The devices will help prevent lengthy service interruptions by automatically isolating outages and transferring customers to nearby power lines while repairs are made. This upgrade is part of the company's $147 million Long Term Infrastructure Improvement Plan (LTIIP II) and falls under FirstEnergy's broader $26 billion Energize365 grid evolution program for 2024-2028.
FirstEnergy Pennsylvania Electric Company (FE PA), operating as Met-Ed, has upgraded its distribution system in southeast Monroe County to prevent service disruptions and accommodate growth. The project involved rebuilding 1.6 miles of a 34.5-kV power line along Marshalls Creek Road, benefiting about 1,300 customers in Marshalls Creek and Middle Smithfield Township. Upgrades included:
- Replacing wire with larger capacity conductors
- Installing 43 new utility poles and 110 crossarms
- Adding protective devices against lightning and animal-caused outages
This work is part of Met-Ed's $153 million Long Term Infrastructure Improvement Plan (LTIIP) and FirstEnergy's broader Energize365 program, which aims to invest $26 billion from 2024 to 2028 across six states. The project also involved tree trimming to enhance reliability.