Welcome to our dedicated page for Firstenergy news (Ticker: FE), a resource for investors and traders seeking the latest updates and insights on Firstenergy stock.
FirstEnergy Corp. reports developments for an investor-owned electric utility holding company with distribution companies in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York and transmission subsidiaries that connect the Midwest and Mid-Atlantic regions.
Recurring updates cover GAAP and core earnings, distribution and transmission rate-base growth, capital spending for grid reliability, and regulatory proceedings such as Ohio distribution rate plans. Company news also covers projects by American Transmission Systems, Potomac Edison, Ohio Edison, Toledo Edison and The Illuminating Company, including line rebuilds, tree trimming, time-of-use rates, storm restoration and operational leadership changes.
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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.