Firstenergy Corp Stock Price, News & Analysis

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.

FirstEnergy Corp. (NYSE: FE) has proposed an Electric Security Plan (ESP) to the Public Utilities Commission of Ohio (PUCO) aimed at enhancing electric distribution reliability and expanding customer assistance programs. The plan, effective from June 1, 2024, to May 31, 2032, includes measures to modernize the grid, with a notable investment of $626 million pending PUCO approval, and an additional $52 million dedicated to customer assistance without recovery from customers. Initial estimates suggest a 2.2% increase in electric bills for residential customers using 750 kilowatt-hours monthly. The proposal emphasizes energy efficiency and aims to keep electricity competitively priced while reinforcing the grid against severe weather.

FirstEnergy Corp. (NYSE: FE) has restored power to over 506,000 of the 637,000 customers affected by severe storms in early April 2023. The storms brought winds exceeding 60 mph, causing significant damage across Ohio, Pennsylvania, West Virginia, Maryland, and New Jersey. Currently, about 131,000 customers remain without power, with restoration efforts expected to take multiple days. More than 3,000 employees and 1,500 contractors are working to restore service. The company has provided specific restoration estimates for various regions, highlighting ongoing challenges following consecutive storms.

FirstEnergy Corp. (NYSE: FE) is preparing for severe weather affecting regions in Ohio, Pennsylvania, New Jersey, West Virginia, and Maryland this weekend, as strong winds and thunderstorms are forecasted. Wind gusts are anticipated to reach 40 to 50 mph, complicating restoration efforts for any outages. Following heavy rain and wind last weekend, the company has kept over 200 contractors ready for potential service interruptions. FirstEnergy has implemented action plans including staffing control centers and coordinating with emergency officials to ensure prompt response and safety for customers.

FirstEnergy Corp. (NYSE: FE) has appointed Brian X. Tierney as president and CEO effective June 1, 2023. He succeeds interim CEO John W. Somerhalder II, who remains chairman of the board. Tierney has a strong background in the energy sector, notably serving at Blackstone and American Electric Power for over 23 years, where he held several leadership roles including CFO. The board's decision aims to leverage Tierney's extensive operational, financial, and strategic experience to drive growth and enhance value for shareholders. This leadership transition comes as the company continues to position itself for long-term stability and success.