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.
Penelec, a subsidiary of FirstEnergy Corp (NYSE: FE), has initiated an underground electric cable replacement project in Treasure Lake, Pennsylvania. This project aims to improve service reliability for over 5,000 residents and businesses. Part of the $200 million Long Term Infrastructure Improvement Plan (LTIIP II), the project includes installing 1.6 miles of new cable and sectionalizing equipment to enhance service interruption management. The first phase began in mid-January, expected to be completed by mid-March, with the second phase projected for early spring. Penelec serves approximately 585,000 customers across northern and central Pennsylvania.
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FirstEnergy Corp. (NYSE: FE) has successfully connected a 19.8-megawatt solar project at a former landfill in Mount Olive, New Jersey, to the grid. This project, the largest landfill solar initiative in North America, is now delivering clean energy via FirstEnergy's transmission lines. The connection involved building a grid point and upgrading an existing 34.5-kilovolt line. FirstEnergy’s subsidiary, Jersey Central Power & Light (JCP&L), is committed to supporting renewable energy and is also tasked with connecting New Jersey's offshore wind energy to the grid. The company has invested over $10 billion in its Energizing the Future initiative since 2014.
FirstEnergy Corp (NYSE: FE) reported a full year 2022 GAAP earnings of $0.71 per share on revenue of $12.5 billion, down from $2.35 per share in 2021. The operating earnings for 2022 were $2.41 per share, exceeding guidance. The company announced 2023 earnings guidance at $2.44 to $2.64 per share. It affirmed a long-term annual operating earnings growth target of 6-8% and introduced a new dividend policy with a 60-70% payout ratio. The fourth quarter saw a GAAP loss of $0.71 per share primarily due to a non-cash tax charge. Improved capital investments and customer demand partially offset operating expenses.
FirstEnergy Corp. (NYSE: FE) emphasizes the hazards of helium-filled foil balloons as Valentine's Day approaches. Public education initiatives have led to an 18% reduction in balloon-related power outages, totaling 102 incidents in the past year. The goal remains to continue raising awareness about safely handling these balloons to prevent future outages. February often sees an upsurge in balloon releases, with peak outage occurrences in June. FirstEnergy advises customers to securely tie balloons down, deflate them when no longer in use, and avoid overhead electric lines to maintain safety.
Potomac Edison, a subsidiary of FirstEnergy Corp (NYSE: FE), invested nearly $10 million in 2022 to enhance electric service reliability in Maryland, with additional projects planned for 2023. The Maryland Public Service Commission approved these upcoming projects, which include distribution automation that connects customers to multiple power sources, minimizing outages for approximately 4,900 customers. The installation of reclosers at eight substations will benefit around 10,000 customers. Moreover, Potomac Edison replaced over 30 miles of underground cable in 2022, with a plan for 50 more miles in 2023. The company serves about 275,000 customers in Maryland and West Virginia.
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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