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.
FirstEnergy Foundation has announced a grant of $25,000 to the American Red Cross for its Sickle Cell Initiative in the Central Appalachian Region. This funding aims to enhance health and wellness for individuals affected by sickle cell disease, primarily among the African American community, which faces significant health disparities. The initiative seeks to improve blood donor engagement from this demographic, addressing a critical shortage of compatible blood units. FirstEnergy's commitment underscores its dedication to support low-income and underserved communities.
FirstEnergy Corp. (NYSE: FE) announced a definitive agreement to sell an additional 30% ownership interest in FirstEnergy Transmission, LLC (FET) to Brookfield Super-Core Infrastructure Partners for $3.5 billion in cash. This transaction is expected to enhance FirstEnergy's financial standing, enabling a nearly $1 billion increase in its five-year capital plan aimed at smart grid initiatives and the clean energy transition. Following this deal, FirstEnergy will maintain majority ownership and operational control of FET, which oversees significant transmission assets across several states. The agreement will bolster FirstEnergy's credit profile and facilitate long-term sustainable growth.
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On January 31, 2023, American Transmission Systems, Inc. (ATSI), a subsidiary of FirstEnergy Corp. (NYSE: FE), commenced construction on a new 20,000-square-foot operations service center in North Jackson, Ohio. This facility aims to enhance electric service reliability and expedite response times for service disruptions. It will centralize operations for nearly a dozen transmission line workers and include a 15,000-square-foot storage facility for large transmission equipment. Both facilities are expected to be ready by late spring 2023, supporting ATSI's extensive network of over 8,100 miles of transmission lines.
West Penn Power, a subsidiary of FirstEnergy Corp. (NYSE: FE), is enhancing its distribution system in Allegheny and Washington counties to minimize service interruptions, especially during severe weather. This initiative includes the installation of automated equipment for around 6,400 customers in South Park, Bethel Park, and Peters Township. The project, part of the $147 million Long Term Infrastructure Improvement Plan (LTIIP II), aims to boost electric service reliability. Completion is expected by early 2023, with smart reclosing devices improving outage management and reducing repair times for the utility.
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On January 27, 2023, FirstEnergy Foundation announced a $20,000 grant to We Have Your Six, Inc., a nonprofit supporting U.S. veterans. This grant, part of the Gifts of the Season program, aids local nonprofits in enhancing community welfare within the Mon Power service area. The funding will help veterans secure housing, food, and healthcare. FirstEnergy has a longstanding commitment to veterans, employing over 1,000 military personnel and recognized as a military-friendly employer. Since 2016, the Gifts of the Season initiative has provided over $500,000 to community organizations.
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