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. (NYSE: FE) is a utility holding company whose electric distribution companies serve more than six million customers across Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. Its transmission subsidiaries operate approximately 24,000 miles of transmission lines connecting the Midwest and Mid-Atlantic regions. The news surrounding FirstEnergy reflects its role in nuclear electric power generation, electric distribution and transmission within the utilities sector.
This news page brings together company-issued updates and other coverage related to FE. Readers can find announcements about quarterly and annual financial results, earnings teleconferences and investor presentations, often referenced in Form 8-K filings and news releases. These items provide insight into how management views performance, uses GAAP and non-GAAP measures and communicates core earnings guidance and strategic priorities.
Because FirstEnergy operates regulated utilities, a significant portion of its news flow centers on regulatory developments and settlements. Examples include Public Utilities Commission of Ohio (PUCO) proceedings and comprehensive settlement agreements that address riders, audits and customer restitution and refunds for Ohio Edison, The Illuminating Company and Toledo Edison customers. Such updates can be important for understanding potential impacts on rates, customer bills and regulatory relationships.
Operational and infrastructure news is another key theme. FirstEnergy and its subsidiaries, including entities like Mid-Atlantic Interstate Transmission and Jersey Central Power & Light, issue releases on grid modernization projects, high-voltage line rebuilds, substation upgrades and other investments intended to enhance reliability and support growth in local communities.
In addition, the FirstEnergy Foundation regularly announces “Gifts of the Season” and other grants to nonprofits in the company’s service territories, highlighting community and philanthropic initiatives. Investors, customers and observers can use this news page to follow developments across financial, regulatory, operational and community dimensions of FirstEnergy’s business.
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.
On July 25, 2022, FirstEnergy Corp. (NYSE: FE) announced the hiring of 20 graduates from its Power Systems Institute (PSI) training programs, which prepare students for careers in the utility sector. This cohort includes 10 lineworkers and 10 substation electricians from Brookdale and Raritan Valley Community Colleges. Since its inception, the PSI program has successfully trained over 2,400 personnel for FirstEnergy's electric utility companies. The new hires will work across JCP&L's service area, contributing to safe and reliable electric service for 1.1 million customers in New Jersey.
Metropolitan Edison Company (Met-Ed), a subsidiary of FirstEnergy Corp. (NYSE: FE), has onboarded 14 graduates from its Power Systems Institute (PSI), enhancing its workforce of line and substation workers. This educational program, in collaboration with Reading Area Community College, educates utility workers for FirstEnergy's operations. The newly hired include 10 lineworkers and four substation electricians. Notably, over 2,400 individuals have been hired through PSI since its inception, supporting Met-Ed's commitment to safe and reliable energy service for approximately 570,000 customers in Pennsylvania.
FirstEnergy Corp. (NYSE: FE) announced the hiring of 21 graduates from its Power Systems Institute (PSI) program, which trains future line and substation workers. This marks the fourth graduating class since 2014, with graduates earning an associate degree in Electric Utility Technology. The initiative aims to enhance workforce capabilities across Ohio Edison and Pennsylvania Power, serving over 1.16 million customers.
Over 2,400 PSI students have been hired by FirstEnergy across several states since the program's inception.
Pennsylvania Electric Company (Penelec), a subsidiary of FirstEnergy, has employed 16 graduates from its Power Systems Institute (PSI), a program focused on training future line and substation workers. Among the new hires are 10 lineworkers and 6 substation electricians, all trained in collaboration with Edinboro University and Penn Highlands Community College. Since its inception, the PSI has facilitated the hiring of over 2,400 workers across multiple states. This initiative aims to ensure safe and reliable electric service while addressing workforce needs in the electric utility sector.
Potomac Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), has hired nine recent graduates from its Power Systems Institute (PSI) educational program aimed at training line and substation workers. The program, in partnership with local community colleges, has trained over 2,400 workers since its inception in 2000. The new hires will help enhance service delivery for the approximately 275,000 customers served in Maryland and 151,000 in West Virginia. The PSI graduates have received an associate degree in Electric Utility Technology, focusing on safe work practices.