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.
Service restoration for FirstEnergy Corp. (NYSE: FE) is underway following severe storms that affected over 454,000 customers across Ohio, Pennsylvania, and West Virginia on March 25, 2023. Approximately 293,000 customers have regained power. The storms produced winds exceeding 60 mph and significant rainfall, prompting extensive damage. Nearly 2,000 personnel are involved in repair efforts, which are projected to continue into the work week. Customers can report outages via phone or online. Restoration times vary by location, with many customers expected to have power restored by March 28.
FirstEnergy Corp. (NYSE: FE) is prepared for significant storm impacts in Ohio, Pennsylvania, and West Virginia this weekend, expecting high winds exceeding 50 mph and heavy rainfall. Meteorologists have been tracking a storm system that may cause localized flooding and complicate power restoration efforts due to hazardous conditions for repair crews. The company has implemented storm response plans, including additional staffing and coordination with emergency management. Customers are urged to report outages and prepare for potential disruptions, emphasizing safety measures and generator operation guidelines.
Potomac Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), has filed for a $44 million electric rate adjustment with the Maryland Public Service Commission. This adjustment is aimed at enhancing service reliability through grid upgrades and maintenance. If approved, the average residential customer using 1,000 kWh monthly would face a 9.7% increase, approximately $9.50 more per month.
The filing supports ongoing investments in infrastructure and customer assistance initiatives. Potomac Edison intends to maintain the lowest rates among Maryland’s regulated utilities, even as it serves an additional 20,000 customers since the last review.
West Penn Power, a subsidiary of FirstEnergy Corp. (NYSE: FE), has completed a $13.7 million upgrade on a high-voltage transmission line in Westmoreland County, Pennsylvania. This project involved installing larger wires along nearly eight miles of line, increasing capacity to support the electric grid in case of nearby outages. The initiative, part of the multi-year 'Energizing the Future' program, aims to enhance grid reliability and reduce outage durations. Since 2014, FirstEnergy has invested over $10 billion in modernizing its transmission system, reinforcing its commitment to reliable electricity delivery across its service regions.
On March 22, 2023, FirstEnergy Corp. (NYSE: FE) announced an unchanged quarterly dividend of 39 cents per share, payable on June 1, 2023, to shareholders of record by May 5, 2023. The company's electric distribution network serves customers across Ohio, Pennsylvania, New Jersey, West Virginia, Maryland, and New York. FirstEnergy emphasizes integrity, safety, and operational excellence within its services, which comprise approximately 24,000 miles of transmission lines. Caution is advised regarding forward-looking statements in the release, as several risks associated with ongoing government investigations and compliance issues could materially affect future performance.
FirstEnergy Corp. (NYSE: FE) is enhancing electricity reliability in northwest Ohio with a $20 million upgrade to its transmission lines in Ottawa County. This project involves helicopter crews installing larger wires on a 138-kilovolt line, which extends nearly eight miles. The upgrade aims to support increased electricity demand, especially during service interruptions. ATSI, a subsidiary of FirstEnergy, is also replacing six transmission structures and modifying 42 more to accommodate the new wiring. The initiative is part of the multi-year Energizing the Future program, which aims to enhance the entire transmission system with an investment exceeding $10 billion.
Jersey Central Power and Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), has requested a base electric rate review from the New Jersey Board of Public Utilities to support a $185 million investment aimed at enhancing service reliability and customer assistance programs. If approved, residential customers would experience a 7.5% increase, translating to an additional $8.45 per month. Additionally, JCP&L has invested over $794 million since 2020 to modernize the grid. New initiatives proposed include discounts for seniors and increased funding for tree maintenance to reduce outages.
On March 16, 2023, Potomac Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), announced the energization of a new substation in Frederick County, Maryland. This development aims to enhance grid reliability for approximately 7,900 customers in the Brunswick, Jefferson, and Petersville areas. Driven by a significant population increase of 37% since 2010, this $9.9 million investment is part of ongoing efforts to improve electric service and minimize outages. The Maryland Public Service Commission has approved further reliability projects for 2023.
FirstEnergy's Ohio Edison has completed energy grid upgrades in Mantua, Portage County, aimed at enhancing economic growth and providing alternative power sources for local residents and businesses. These enhancements include the relocation of two miles of power lines and the installation of 22 new transformers to improve energy capacity and durability. The upgrades will support future industrial development on a large property, while also providing backup power for outages. This initiative complements FirstEnergy's ongoing grid modernization efforts, which have resulted in fewer outages and strengthen the local energy delivery system.
FirstEnergy Corp. (NYSE: FE) has donated nearly $46,000 to the Akron-Summit County Public Library to fund a mobile library, using an electric vehicle called an eTuk. This initiative aims to improve access to library services for residents, particularly children, in the Akron area. The pop-up library will travel to local schools, parks, and events, offering educational resources and the ability to check out books. FirstEnergy has a history of supporting library and literacy programs, including a $50,000 grant during the pandemic to help bridge the digital divide.