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.
FirstEnergy Corp. (NYSE: FE) is engaged in a massive power restoration effort in Northeast Ohio following a historic storm that included two tornados. The company has restored power to over 215,000 customers, with 265,000 still affected. More than 3,050 line workers and 1,000 support personnel are working around the clock in 16-hour shifts to repair damages.
The storm, which hit on Tuesday, was the most impactful to hit The Illuminating Company service territory since July 1993. FirstEnergy is setting up staging sites across the Cleveland area to handle the influx of workers and make the restoration process more efficient. The company expects power to be restored to the majority of customers by 11:30 p.m. on Wednesday, Aug. 14, with some hard-hit areas potentially waiting until Saturday.
FirstEnergy Corp. (NYSE: FE) is working around the clock to restore power to customers affected by severe thunderstorms across northeast Ohio, Pennsylvania, and New Jersey. The storms caused outages for nearly 578,000 customers, with power restored to over 230,000 so far. More than 4,100 additional line workers and field personnel have been deployed to assist in the restoration efforts.
The storm system brought winds exceeding 75 mph and heavy rainfall, causing widespread damage including broken poles, downed power lines, and fallen trees. Northeast Ohio was the hardest hit area, with over 333,000 outages across five counties. Restoration work is expected to continue over the next few days, particularly in Ohio.
FirstEnergy emphasizes safety, urging customers to stay away from downed lines and report them immediately. The company provides various ways for customers to report outages and receive updates, including a 24/7 Power Center and text message alerts.
FirstEnergy Corp. (NYSE: FE) reported second quarter 2024 results with GAAP earnings of $0.08 per share and operating (non-GAAP) earnings of $0.56 per share, a 19% increase from Q2 2023. The company affirmed its full-year 2024 operating earnings guidance of $2.61 to $2.81 per share and its long-term 6-8% annual operating earnings growth target. Key highlights include:
- Q2 2024 revenue of $3.3 billion, up from $3.0 billion in Q2 2023
- Deployment of final $1.2 billion from $3.5 billion FET transaction
- Progress in settling legacy issues with SEC and Ohio Attorney General
- Weather-adjusted distribution deliveries increased 3% year-over-year
- Introduced new segment reporting to enhance transparency
The company provided Q3 2024 earnings guidance of $0.85 to $0.95 per share and reaffirmed its $26 billion, five-year capital investment plan, Energize365.
FirstEnergy Corp. (NYSE: FE) has announced a quarterly dividend of $0.425 per share on its outstanding common stock. The dividend will be payable on September 1, 2024, to shareholders of record as of the close of business on August 7, 2024. FirstEnergy is a major player in the electric utility sector, serving over six million customers across six states through its electric distribution companies. The company also operates approximately 24,000 miles of transmission lines connecting the Midwest and Mid-Atlantic regions, demonstrating its significant infrastructure presence in the industry.
FirstEnergy Corp.'s subsidiary Met-Ed is installing smart, automated equipment on power lines serving 24,160 customers in York and Adams counties, Pennsylvania. This project, part of a $153 million Long-Term Infrastructure Improvement Plan (LTIIP) II, aims to prevent or minimize power outages, especially during severe weather. The upgrades include 53 automated switching devices with SCADA technology, which can remotely isolate damage and restore service more efficiently.
This initiative is part of Energize365, a multi-year grid evolution program with planned investments of $26 billion between 2024 and 2028. The program focuses on creating a smarter, more secure grid to meet future challenges, including electric vehicle adoption and clean energy integration. Met-Ed serves approximately 592,000 customers across 3,300 square miles in eastern and southeastern Pennsylvania.
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.