Firstenergy Corp Stock Price, News & Analysis

FirstEnergy Corp. (NYSE: FE) has received two prestigious awards from the Edison Electric Institute (EEI) for its exceptional storm response efforts in 2024. The company earned an Emergency Recovery Award for restoring power to hundreds of thousands of customers after a historic August 2024 weather event in northeast Ohio, and an Emergency Assistance Award for supporting restoration efforts following Hurricanes Helene and Milton.

The August 6 storm, the most severe since 1993, affected over 627,700 customers across multiple states, with 497,500 in Ohio alone. FirstEnergy crews worked more than 384,000 man-hours, replacing nearly 500 poles, 231 transformers, and 75 miles of wire, achieving 94% power restoration by August 11. Additionally, the company deployed approximately 645 line workers and 300 trucks for hurricane restoration efforts in the Carolinas, Florida, Georgia, and Virginia, logging over 150,000 man-hours.

FirstEnergy Corp. (NYSE: FE) has announced two key appointments to strengthen its financial and regulatory leadership. Arsalan Azarsa will serve as Vice President, Finance and Regulatory for West Virginia and Maryland starting February 10, while Kevin Keller will take the same role for Ohio beginning February 24.

These appointments align with FirstEnergy's new business structure, which aims to bring decision-making and service closer to customers. Both executives will be responsible for developing financial strategies, including budgeting, forecasting, and financial planning, while overseeing relationships with state commissions.

Azarsa joins from Vicinity Energy with over three decades of experience at Pepco Holdings. Keller comes from American Electric Power (AEP), where he served as Director of Financial Forecasting. Both executives bring extensive utility industry experience and are Certified Public Accountants.

FirstEnergy Corp. (NYSE: FE) has issued a safety reminder about the risks of helium-filled foil balloons to power infrastructure ahead of Valentine's Day. In the previous year, metallic balloons caused 109 power outages across FirstEnergy's service areas, with JCP&L reporting the highest number at 22 incidents. The company serves over six million customers across six states.

The metallic coating on foil balloons conducts electricity and can interfere with power lines when released outdoors. FirstEnergy's Director of Distribution System Operations, Lisa Rouse, noted that while community outreach has helped reduce balloon-related outages, continued vigilance is necessary. The company provided safety guidelines including proper balloon securing, careful handling near power lines, and proper disposal procedures.

FirstEnergy Corp. (NYSE: FE) has filed its sixth Electric Security Plan (ESP6) with the Public Utilities Commission of Ohio for its Ohio electric companies. The plan, extending through May 31, 2028, focuses on grid maintenance, customer assistance, and energy efficiency initiatives.

Key components include enhanced tree-trimming programs, smart thermostat rebates, and low-income energy efficiency programs. The company commits to spending $6.5 million annually on customer assistance initiatives without recovery from customers. The plan maintains customer choice in energy suppliers and auction processes for electricity pricing.

If approved, average residential customers using 750 kilowatt-hours monthly would see an initial 2.7% increase ($3.40) on their bills, with an estimated average impact of 1.7% increase over the plan's term. The proposal affects Ohio Edison's 1 million customers, The Illuminating Company's 750,000 customers, and Toledo Edison's 315,000 customers.

FirstEnergy Corp. (NYSE: FE) subsidiary The Illuminating Company is constructing a new power line to enhance service reliability for approximately 700 customers in Avon Lake, Lorain County. The project involves connecting customers to an upgraded substation with automated reclosing devices, which function like circuit breakers but can automatically restore power within seconds for certain outages.

The company is installing about 90 new utility poles and replacing a mile of aged underground wire, with project completion expected in June 2026. This initiative is part of Energize365, FirstEnergy's $26 billion grid evolution program planned for 2024-2028 across six states. The program aims to create a smarter, more secure power grid to meet current and future customer needs.

FirstEnergy Corp. (NYSE: FE) subsidiary JCP&L has initiated a $3.2 million grid upgrade project in Burlington and Ocean counties, New Jersey, benefiting approximately 2,500 customers. The two-phase project, scheduled for completion in July 2025, covers over four miles of power lines across North Hanover, New Hanover, and Plumsted townships.

The first phase includes infrastructure upgrades with stronger wires and poles, enhanced fuses, reclosers, and TripSaver devices for improved outage management. The second phase involves constructing a new power line to meet current and future demand. This initiative is part of JCP&L's Supplemental High Priority Circuit Program and FirstEnergy's broader Energize365 program, which plans to invest $26 billion between 2024-2028 across six states for grid modernization.

FirstEnergy Corp. (NYSE: FE) subsidiaries The Illuminating Company and Ohio Edison have been recognized as 2024 Business Customer Champions by Escalent, a leading data analytics firm. This recognition comes from Escalent's Utility Trusted Brand & Customer Engagement study, which evaluated 78 utilities nationwide based on business customer engagement metrics.

The companies were among 24 utilities honored for their exceptional performance in areas including customer service, energy-saving programs, emergency preparedness, safety commitment, and billing clarity. The study particularly noted strong performance in serving small businesses with under $500,000 in annual revenue.

The Illuminating Company serves approximately 755,000 customers across five Ohio counties, while Ohio Edison serves over one million customers across 34 Ohio counties. Both companies offer business customers various tools and resources, including the Business Energy Analyzer, to help manage their electric accounts efficiently.

FirstEnergy Corp. (NYSE: FE) has issued safety and energy-saving guidelines as extreme cold weather approaches its six-state service area. The company anticipates sub-zero temperatures early next week lasting several days. FirstEnergy has completed pre-winter equipment inspections and is reviewing staffing levels and operational procedures to handle potential outages.

The company is coordinating with regional grid operators to ensure reliability and has postponed non-critical planned outage work. Key recommendations include proper use of heating appliances, generator safety, and energy conservation measures like proper ceiling fan usage and sealing air leaks. FirstEnergy also reminds customers about available bill payment assistance programs and outage reporting options through their emergency hotline 1-888-LIGHTSS.

FirstEnergy Corp. (NYSE: FE) subsidiary JCP&L is undertaking a $50.3 million upgrade of a transmission substation in Franklin Borough, Sussex County. The 18-month project aims to enhance reliability for approximately 4,500 customers across Franklin Borough, Hamburg Borough, Hardyston, Ogdensburg, and Sparta.

The upgrades include substation reconfiguration for increased redundancy, installation of new electrical equipment and control enclosure, addition of a third transformer, and replacement of wooden utility poles with steel monopoles. This project is part of Energize365, FirstEnergy's $26 billion grid evolution program planned for 2024-2028 across six states.