Firstenergy Corp Stock Price, News & Analysis

FirstEnergy Corp. (NYSE: FE) announced a settlement to resolve multiple derivative lawsuits, subject to court approval. The settlement includes corporate governance enhancements and a $180 million insurance payment to the company. Key governance changes involve the non-re-election of six long-serving Board members and the formation of a special committee to review the executive team. The company emphasized its commitment to compliance and integrity following significant achievements in 2021, including transformative transactions raising $3.4 billion.

On February 9, 2022, FirstEnergy Foundation announced a $250,000 donation to Alvernia University to support its new engineering program at Reading CollegeTowne, enhancing local economic development. This grant makes the foundation a founding member of the program, which will include an Engineering Lab for hands-on student projects. The initiative, part of a $20 million investment, aims to accommodate 1,000 students and create over 300 permanent jobs. The first installment of the grant has been distributed, with the second planned for later in 2022.

American Transmission Systems, a FirstEnergy Corp. subsidiary, is conducting proactive aerial inspections of 345-kV transmission lines over 235 miles in the Toledo area. These inspections, performed every four years using helicopters equipped with high-resolution cameras, aim to detect early-stage equipment issues to prevent outages. The inspections will benefit Toledo Edison's 315,000 customers, ensuring reliable power delivery. The helicopter operations, expected to last three weeks, allow for efficient monitoring of electrical structures, complementing ongoing on-the-ground inspections.

Penn Power, a subsidiary of FirstEnergy Corp. (NYSE: FE), is enhancing its power infrastructure in Butler County, Pennsylvania, to meet rising energy demands. The project involves constructing a new 8,000-square-foot distribution substation and deploying automated technologies, benefiting over 20,000 customers in areas such as Cranberry and Mars. Completion is expected by year-end 2022. These upgrades aim to reduce service interruptions and improve reliability. Past enhancements have already led to a 20% reduction in outage frequency and duration.

Ohio Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), has completed significant power system upgrades in Alliance, Stark County, aimed at enhancing service reliability for nearly 5,000 customers. The upgrades include the installation of 13 new automated reclosing devices and nearly 18 miles of power lines, designed to quickly restore service during outages. These advancements are part of a broader three-year portfolio of grid modernization that has improved restoration times in some areas by almost an hour. Ohio Edison serves over one million customers across 34 counties in Ohio.

FirstEnergy Corp. (NYSE: FE) will announce its financial results for Q4 and the full year of 2021 post-market on February 10. Management will discuss the findings during a conference call with financial analysts at 9 a.m. EST on February 11, followed by a Q&A session. Interested parties can listen to the live webcast and view presentation materials on FirstEnergy's Investor Information website. The presentation and supporting documents will be available for viewing after the earnings release.

FirstEnergy Corp. (NYSE: FE) is mobilizing its utility personnel in anticipation of a powerful winter storm expected to impact Ohio, Pennsylvania, and West Virginia. The storm may bring up to 2 feet of snow and various forms of precipitation. To address potential power outages, the company is implementing storm response plans, enhancing staffing, and coordinating with contractors and mutual assistance groups. Customers are urged to prepare for possible outages and can report issues via a dedicated hotline or online platforms. FirstEnergy aims to restore power quickly and effectively.

On February 1, 2022, FirstEnergy Corp announced a $2.5 million investment in Energy Impact Partners' Frontier Fund, aiming to support early-stage decarbonization technologies. This investment aligns with FirstEnergy's goal of achieving carbon neutrality by 2050 and a 30% reduction in greenhouse gas emissions by 2030. The company has previously invested $20 million in EIP’s Fund II and $2.5 million in the Elevate Future Fund. FirstEnergy emphasizes its commitment to innovation and sustainable energy solutions.

Potomac Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), has initiated a utility pole recycling program in Maryland and West Virginia, aimed at sustainability. This program allows used poles to be repurposed for various applications such as fencing and landscaping, significantly reducing landfill waste. Each participating service center will collect poles and work with Blackwood Solutions for distribution at no cost to interested parties. The program, first piloted in 2020, highlights FirstEnergy's commitment to environmental responsibility in its operations.