Firstenergy Corp Stock Price, News & Analysis

FirstEnergy's subsidiary, Met-Ed, is enhancing its electric distribution system in Berks County, Pennsylvania, investing $153 million over five years as part of its Long Term Infrastructure Improvement Plan. The upgrades will benefit approximately 1,100 customers by minimizing service disruptions during severe storms. Key project elements include installing remote-controlled devices on power lines and injecting silicone fluid into underground cables to extend their lifespan by up to 30 years. The work is set to begin this summer and complete by fall.

FirstEnergy Foundation awarded over $3.43 million in its final round of "Investing with Purpose" grants, supporting nearly 100 organizations across its service area. This initiative, aimed at addressing health, safety, workforce development, education, and social justice, has collectively contributed $7 million since 2020. FirstEnergy Corp. also contributed $220,000 to five organizations. The Foundation aims to strengthen communities affected by the COVID pandemic by funding critical services and support for vulnerable populations.

FirstEnergy Corp. (NYSE: FE) has successfully closed the ash landfill at the former R. Paul Smith Power Station in Berkeley County, West Virginia, marking a significant step towards creating a utility-scale solar facility. The closure allows for the repurposing of the 26-acre site, where a six-megawatt solar project will be established as part of a broader initiative to develop five solar facilities totaling 50 megawatts. Over 20 years, 3.1 million tons of ash were beneficially reused in cement production, contributing to economic growth in the region.

Toledo Edison, part of FirstEnergy Corp (NYSE: FE), is nearing completion of a smart grid modernization project in Lucas County, enhancing reliability for over 59,000 customers. This three-year investment includes upgrading seven substations and 31 power lines, installing 134 automated devices to reduce service interruptions, and deploying nearly 130,000 smart meters. The company plans to invest $626 million in the next phase of smart grid technology to further improve service reliability and customer benefits, including support for electric vehicle adoption.

FirstEnergy Corp. (NYSE: FE) is upgrading its transmission infrastructure in northeast Ohio by replacing over 1,100 insulators along a 68-mile corridor. This initiative, part of the Energizing the Future project, focuses on enhancing system reliability. Work began in July and is expected to be completed by fall, with minimal service disruption for customers. The $7 billion initiative aims to strengthen the power grid and reduce outages. Innovative aerial techniques are employed for efficiency, allowing crews to access 80-foot towers quickly.

FirstEnergy's subsidiary, Met-Ed, has completed a crucial upgrade to its electric distribution system in southern Monroe County, aimed at enhancing service reliability for nearly 2,300 customers. This initiative, part of a $153 million Long Term Infrastructure Improvement Plan, involves rebuilding power lines and installing automated equipment to prevent service disruptions, especially during severe storms. The upgrades include creating a new 34.5 kV source line and SCADA technology for real-time monitoring, promising improved power restoration and reliability for the community.

FirstEnergy Corp. reported second quarter 2022 GAAP earnings of $0.33 per share and operating earnings of $0.53 per share, aligning with guidance. Revenue reached $2.8 billion, up from $2.6 billion in Q2 2021, with net income increasing to $187 million from $58 million. The company completed the sale of a minority interest in FET LLC, generating $2.4 billion and reducing debt by over $2.5 billion year-to-date. Full-year GAAP earnings guidance is updated to $1.24 billion to $1.35 billion, with FFO/Debt anticipated at approximately 13%.

Mon Power, a subsidiary of FirstEnergy (NYSE: FE), has hired 10 graduates from the Power Systems Institute (PSI), enhancing its workforce in West Virginia. The new employees comprise nine lineworkers and one substation electrician, all prepared through PSI, which has been operational since 2000. Mon Power aims to maintain reliable electric service for approximately 395,000 customers across 34 counties. The PSI program, developed in partnership with Pierpont Community & Technical College, has successfully trained over 2,400 individuals for FirstEnergy's electric utility companies.