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) 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.
FirstEnergy's Ohio subsidiaries – Ohio Edison, The Illuminating Company, and Toledo Edison – have completed proactive inspections and maintenance to enhance service reliability during the summer season. This includes the use of thermovision cameras to detect potential issues in substations and on power lines, as well as inspecting transformers and other equipment. The company has invested over $500 million since 2020 in automated equipment and technology upgrades. Additionally, approximately $52 million is being invested this year in tree trimming along 8,000 miles of power lines to help prevent outages. Helicopter patrols have inspected 7,200 miles of transmission lines to identify and address potential reliability issues. FirstEnergy also offers tips for customers to manage rising temperatures and energy costs.
FirstEnergy Pennsylvania Electric Company (FE PA), operating as Met-Ed, is nearing completion of critical inspections and maintenance work to boost service reliability for around 592,000 customers in eastern Pennsylvania. With the summer season expected to bring high electric usage and severe weather, the company has conducted thermovision inspections using infrared cameras to detect potential equipment issues like loose connections and corrosion. Helicopter patrols have also inspected 970 miles of power lines, identifying and addressing hardware problems. Additionally, tree trimming has been carried out along 950 miles of power lines, with 2,160 more miles scheduled by year-end. Met-Ed also conducted storm-readiness exercises to enhance response to power outages. The company provides tips to manage energy costs during high-demand periods, including using programmable thermostats and sealing leaks. Customers can access payment assistance programs if needed.
FirstEnergy Pennsylvania Electric Company (FE PA), known as Penelec, is wrapping up inspections and proactive maintenance to enhance service reliability during the summer. Penelec's efforts include thermovision inspections using infrared technology, helicopter patrols over 2,500 miles of power lines, and tree trimming along 1,225 miles with an additional 3,000 miles planned. These measures aim to increase system readiness for higher electrical demand and reduce the impact of power outages. The company also offers tips for customers to manage energy bills and cope with rising temperatures.
FirstEnergy Pennsylvania Electric Company (FE PA), operating as West Penn Power, is finalizing inspections and maintenance to enhance service reliability amid anticipated high summer electrical demand. This includes thermovision camera inspections to detect hidden issues and helicopter patrols inspecting over 1,700 miles of power lines for potential problems. Since the year's start, tree trimming along 1,840 miles of power lines has been completed, with an additional 2,860 miles scheduled. Storm-readiness drills were also conducted to improve outage response. West Penn Power offers energy-saving tips to manage rising temperatures and costs and serves approximately 746,000 customers in 24 Pennsylvania counties.
Jersey Central Power & Light (JCP&L), a subsidiary of FirstEnergy (NYSE: FE), has concluded inspections and maintenance to ready its electric grid in central and northern New Jersey for summer heat and severe weather, including hurricanes. Visual inspections, helicopter patrols covering 700 miles, and infrared thermovision imaging were employed to identify potential issues, which were promptly addressed. With the National Oceanic and Atmospheric Administration (NOAA) forecasting an 85% chance of an above-normal hurricane season, JCP&L has strategically positioned critical equipment to ensure swift response and power restoration. Additionally, customers can manage energy costs by using fans, closing blinds, and utilizing programmable thermostats. JCP&L serves 1.1 million customers across 13 counties in New Jersey.
FirstEnergy Corp. (NYSE: FE) announced that its distribution and transmission system is ready to handle the increased electricity demand due to an approaching summer heat wave in the Midwest and Mid-Atlantic regions. Wade Smith, President of FirstEnergy's Utilities, emphasized the importance of system inspections and maintenance programs to ensure reliability during high temperatures. FirstEnergy provided tips for customers to use electricity wisely, such as setting thermostats high, using fans, and sealing leaks. The company also highlighted proactive measures like thermovision camera inspections and helicopter patrols to prevent power outages. Employees are briefed on safety measures to avoid heat-related illnesses. Follow FirstEnergy on social media for more tips and resources.