Firstenergy Corp Stock Price, News & Analysis

FirstEnergy Corp (NYSE: FE) reported a full year 2022 GAAP earnings of $0.71 per share on revenue of $12.5 billion, down from $2.35 per share in 2021. The operating earnings for 2022 were $2.41 per share, exceeding guidance. The company announced 2023 earnings guidance at $2.44 to $2.64 per share. It affirmed a long-term annual operating earnings growth target of 6-8% and introduced a new dividend policy with a 60-70% payout ratio. The fourth quarter saw a GAAP loss of $0.71 per share primarily due to a non-cash tax charge. Improved capital investments and customer demand partially offset operating expenses.

FirstEnergy Corp. (NYSE: FE) emphasizes the hazards of helium-filled foil balloons as Valentine's Day approaches. Public education initiatives have led to an 18% reduction in balloon-related power outages, totaling 102 incidents in the past year. The goal remains to continue raising awareness about safely handling these balloons to prevent future outages. February often sees an upsurge in balloon releases, with peak outage occurrences in June. FirstEnergy advises customers to securely tie balloons down, deflate them when no longer in use, and avoid overhead electric lines to maintain safety.

Potomac Edison, a subsidiary of FirstEnergy Corp (NYSE: FE), invested nearly $10 million in 2022 to enhance electric service reliability in Maryland, with additional projects planned for 2023. The Maryland Public Service Commission approved these upcoming projects, which include distribution automation that connects customers to multiple power sources, minimizing outages for approximately 4,900 customers. The installation of reclosers at eight substations will benefit around 10,000 customers. Moreover, Potomac Edison replaced over 30 miles of underground cable in 2022, with a plan for 50 more miles in 2023. The company serves about 275,000 customers in Maryland and West Virginia.

FirstEnergy Foundation has announced a grant of $25,000 to the American Red Cross for its Sickle Cell Initiative in the Central Appalachian Region. This funding aims to enhance health and wellness for individuals affected by sickle cell disease, primarily among the African American community, which faces significant health disparities. The initiative seeks to improve blood donor engagement from this demographic, addressing a critical shortage of compatible blood units. FirstEnergy's commitment underscores its dedication to support low-income and underserved communities.

FirstEnergy Corp. (NYSE: FE) announced a definitive agreement to sell an additional 30% ownership interest in FirstEnergy Transmission, LLC (FET) to Brookfield Super-Core Infrastructure Partners for $3.5 billion in cash. This transaction is expected to enhance FirstEnergy's financial standing, enabling a nearly $1 billion increase in its five-year capital plan aimed at smart grid initiatives and the clean energy transition. Following this deal, FirstEnergy will maintain majority ownership and operational control of FET, which oversees significant transmission assets across several states. The agreement will bolster FirstEnergy's credit profile and facilitate long-term sustainable growth.

On January 31, 2023, American Transmission Systems, Inc. (ATSI), a subsidiary of FirstEnergy Corp. (NYSE: FE), commenced construction on a new 20,000-square-foot operations service center in North Jackson, Ohio. This facility aims to enhance electric service reliability and expedite response times for service disruptions. It will centralize operations for nearly a dozen transmission line workers and include a 15,000-square-foot storage facility for large transmission equipment. Both facilities are expected to be ready by late spring 2023, supporting ATSI's extensive network of over 8,100 miles of transmission lines.

West Penn Power, a subsidiary of FirstEnergy Corp. (NYSE: FE), is enhancing its distribution system in Allegheny and Washington counties to minimize service interruptions, especially during severe weather. This initiative includes the installation of automated equipment for around 6,400 customers in South Park, Bethel Park, and Peters Township. The project, part of the $147 million Long Term Infrastructure Improvement Plan (LTIIP II), aims to boost electric service reliability. Completion is expected by early 2023, with smart reclosing devices improving outage management and reducing repair times for the utility.