Firstenergy Corp Stock Price, News & Analysis

FirstEnergy Corp. (NYSE: FE) has announced that its Ohio electric companies, including Ohio Edison, The Illuminating Company, and Toledo Edison, will see an increase in the price of electric generation starting June 1, 2023. This change is due to results from recent competitive auctions. Customers should expect a roughly 47% increase in total bills for typical non-shopping residential customers using 750 kilowatt hours.

The new 'price to compare' rates will be 12.39 cents/kWh for Ohio Edison, 12.40 cents/kWh for The Illuminating Company, and 12.41 cents/kWh for Toledo Edison. Customers are encouraged to explore competitive energy supply options to potentially reduce costs. The new rates will be seasonal, with higher winter prices expected compared to the previous winter.

FirstEnergy's Mon Power has installed a solar-powered electric vehicle (EV) charger at its Fairmont, West Virginia headquarters, utilizing an array of 28 solar panels and an energy storage battery. This Level Two charger is designed to provide 8 to 24 miles of range per hour of charging. The facility will operate independently, significantly reducing reliance on the conventional electric grid, which draws from various energy sources.

The project aligns with FirstEnergy's commitment to sustainability and aims to lessen the environmental impact as electricity demand increases with the rise of electric vehicles. Mon Power is also seeking approval for five additional solar facilities, offering customers renewable energy options without large upfront costs.

Currently, Mon Power serves approximately 396,000 customers in West Virginia, highlighting its ongoing efforts to diversify the energy mix and improve reliability.

FirstEnergy Corp. (NYSE: FE) subsidiary Met-Ed is enhancing electric service reliability for rural customers in southern York County, Pennsylvania. The project involves upgrading a power line along New Park Road to a higher voltage as part of a $153 million Long Term Infrastructure Improvement Plan. This initiative spans five years to boost the electric grid's reliability, helping to prevent service disruptions especially during severe weather.

The current upgrade includes rebuilding a 2.5-mile section, replacing 38 poles, and installing new transformers. Scheduled for completion by late 2023, the project will allow much of the local network to operate at 13,200 volts. This will enhance local grid performance and ensure Met-Ed meets current and future electrical demands of approximately 587,000 customers in the region.

Potomac Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), is proposing to buy out its contract with AES's Warrior Run generating station, potentially saving customers nearly $80 million. This move aims to end a coal-fired power station contract established in 2000, which has caused fluctuating costs for power generation due to its linkage with market prices. By negotiating this buyout, Potomac Edison hopes to stabilize electricity bills for approximately 285,000 customers across Maryland, eliminating the Cogeneration PURPA Project Surcharge tied to market volatility. The contract buyout has a 90% probability of being cost-effective for customers if approved by the Maryland Public Service Commission (PSC).

FirstEnergy Corp. (NYSE: FE) and the Cleveland Browns have mutually agreed to terminate their stadium naming rights agreement, effective April 13, 2023. The terms of this agreement were not disclosed. John Somerhalder, interim president and CEO of FirstEnergy, stated that this decision aligns with the company's transition from a competitive energy supplier to a regulated utility. He emphasized the commitment to community initiatives and maintaining strong relationships within civic and arts organizations. The Cleveland Browns' home stadium will revert to its original name, Cleveland Browns Stadium, after a successful partnership lasting over two decades.

FirstEnergy Corp. (NYSE: FE) will release its first quarter 2023 financial results after market close on April 27, 2023. A follow-up conference call for financial analysts is scheduled for 10 a.m. EDT on April 28, 2023, where management will discuss the results, followed by a Q&A session. Investors and interested parties can access a live webcast of the call, along with presentation slides, via the Investor Information website. The company aims to maintain integrity and operational excellence while serving customers across multiple states including Ohio and Pennsylvania. The presentation materials will be available post-results on the investor site.