Firstenergy Corp Stock Price, News & Analysis

FirstEnergy Corp. (NYSE: FE), based in Akron, Ohio, announced a Request for Proposal (RFP) to buy 470,000 Ohio-compliant Renewable Energy Credits (RECs) for its utilities, including Ohio Edison, The Illuminating Company, and Toledo Edison. This initiative aims to meet the 2022 renewable energy targets set by Ohio's alternative energy law. The RFP is managed by Guidehouse Inc. and focuses on RECs generated between Jan. 1, 2020, and Dec. 31, 2022. Interested bidders must meet credit qualifications, with proposals due by Nov. 9, 2022.

FirstEnergy Corp. (NYSE: FE) announces the completion of smart grid upgrades in Ashtabula County, Ohio, impacting nearly 18,000 customers. This project included the installation of new automated equipment in substations and power lines, enhancing service reliability during severe weather. A new four-year, $626 million plan (Ohio Grid Mod II) has been filed to further expand smart grid technology investments, building on previous upgrades. The plan aims to introduce electric vehicle charging incentives and improve customer service through advanced technology.

The Illuminating Company, a subsidiary of FirstEnergy Corp. (NYSE: FE), is concluding a smart grid modernization project in greater Cleveland. This initiative includes the installation of automated equipment in substations, impacting over 76,000 customers. Additionally, a new proposal for a $626 million smart grid investment plan, termed Ohio Grid Mod II, aims to expand these efforts with multiple pilot programs. The upgrades enhance power restoration during severe weather, improve service reliability, and support energy efficiency through new technology.

On October 5, 2022, FirstEnergy's Potomac Edison announced the donation of 650 trees to be planted in various locations across Maryland. The initiative is part of a broader effort to plant 20,000 trees this year, with 16,000 already planted. Events are scheduled across multiple sites, including Shafer Park, Monocacy National Battlefield, and Toms Creek. The initiative aims to reduce the company's carbon footprint and promote sustainability. This volunteer effort highlights FirstEnergy's commitment to environmental stewardship and community engagement.

Potomac Edison, a FirstEnergy subsidiary, has commenced plans for a high-voltage substation to supply power for the first phase of Quantum Frederick, a 2,100-acre data center campus in Frederick, Maryland. The 230-kilovolt substation will support an initial 240 megawatts of power, with design capacity for up to 1,000 megawatts for future phases. The project aligns with FirstEnergy's commitment to economic development, having attracted $5.4 billion in corporate investment in 2021. The substation plan is subject to regulatory review by various local and regional organizations.

FirstEnergy Corp. (NYSE: FE) is giving away 1,500 trees during the 2022 Mountain State Forest Festival in Elkins, West Virginia, as part of its initiative to plant 20,000 trees this year. The event will take place on October 7 and 8, with nearly 16,000 trees already planted across its service area. The company's efforts aim to reduce its carbon footprint and promote sustainable practices. Additionally, FirstEnergy is donating $2,000 to the festival and providing in-kind contributions valued at $10,000 for event logistics.

Potomac Edison, a subsidiary of FirstEnergy Corp. (FE), is enhancing power reliability by trimming trees along over 180 miles of high-voltage power lines in Maryland, West Virginia, and Virginia. Utilizing a helicopter with an aerial saw, the initiative aims to reduce outages caused by trees, especially during severe weather. With a 20% reduction in service interruptions in 2021 versus 2019, the program includes clearing vegetation along 3,100 miles of distribution lines, totaling $33 million in vegetation management.

Jersey Central Power & Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), has installed protective devices to safeguard New Jersey's bald eagle population. The measures include guards on electrical equipment, insulated caps, and reflective tags along power lines to prevent nesting and enhance visibility. Over five years, more than 100 projects have been completed to protect birds of prey. The bald eagle population in New Jersey has significantly increased, with 247 territorial pairs documented in 2021, reflecting efforts to bolster wildlife conservation while minimizing service disruptions for customers.