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.
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.
CRA International, Inc. (NASDAQ: CRAI) announced an RFP auction for FirstEnergy Corp.'s (NYSE: FE) Ohio utilities, aimed at procuring full requirements service for Percentage of Income Payment Plan (PIPP) customers. The auction, managed by CRA, will obligate the winning supplier to serve all PIPP loads for June 2023 through May 2024. An information session for prospective bidders is scheduled for March 9, with supplier applications open from March 10 to March 23, and bids from registered bidders due on March 28. This initiative underscores CRA's expertise in economic and management consulting services.
FirstEnergy Corp. (NYSE: FE) has successfully demolished three emissions stacks at the Hatfield's Ferry Power Station in Masontown, Pennsylvania, marking a significant milestone in the site's redevelopment. The controlled implosion occurred on March 4, involving two 700-foot stacks and one 540-foot operational stack. This demolition is a critical step towards making the 236-acre site attractive for energy-intensive industries. FirstEnergy aims to maintain the site as open land until a new use is determined. The overall demolition project is expected to complete by early 2024, enhancing public safety by eliminating risks associated with the abandoned plant.
FirstEnergy's subsidiary, Jersey Central Power & Light (JCP&L), has launched a $6 million project to upgrade a high-voltage transmission line across Hunterdon, Morris, and Warren counties in New Jersey. This initiative involves the installation of 53 new wood pole structures, enhancing system reliability for over 3,000 customers. Previously, 12 structures were replaced in 2022, with plans to complete the installations by the end of 2023. The project is part of FirstEnergy's broader Energizing the Future initiative, which has seen over $10 billion invested since 2014 to improve the power grid and reduce outages.
Toledo Edison, a subsidiary of FirstEnergy (NYSE: FE), has initiated a $251,000 project to install approximately 1,000 LED streetlight fixtures in Perrysburg, Ohio. This initiative is expected to save the city around $30,000 annually in electricity costs due to the improved efficiency of the LEDs, which are 50% more efficient than previous high-pressure sodium lights.
The project is funded entirely through federal aid from the American Rescue Plan Act and is projected to yield a return on investment in about six years. LEDs also promise to enhance visibility and security in the community, aiding local safety efforts.