Firstenergy Corp Stock Price, News & Analysis

CRA International, Inc. (NASDAQ: CRAI) has announced an RFP auction for FirstEnergy Corp.'s (NYSE: FE) Ohio utilities, focusing on their Percentage of Income Payment Plan (PIPP) customers. The winning supplier will provide service for a 12-month period from June 2022 to May 2023. The auction will be managed by CRA, and an Information Session for bidders is planned for February 24, 2022, with applications accepted starting February 25 and due by March 10. Bids from Registered Bidders will be submitted on March 21.

Jersey Central Power and Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), has appointed Amy Overman as its new external affairs consultant. Overman, with 14 years of experience in the New Jersey legislature, will enhance community engagement and liaise with local officials. JCP&L aims to strengthen relationships within the communities it serves, which include over 1.1 million customers across multiple counties. This move underscores FirstEnergy's commitment to community involvement and operational excellence.

Mon Power, a subsidiary of FirstEnergy Corp (NYSE: FE), has enhanced its distribution system to improve service reliability for 2,883 customers. Key improvements include the installation of animal guards to prevent outages due to wildlife, new equipment for isolating issues on power lines, and backup power feeds for quicker service restoration. Notably, upgrades benefit customers in Barbour, Greenbrier, Webster, Lewis, and Roane counties. Mon Power emphasizes its commitment to safe electric service and plans additional reliability projects in 2022.

FirstEnergy Corp. has been recognized for its emergency response for the 16th consecutive year by the Edison Electric Institute (EEI). The company received the "Emergency Recovery Award" for restoring power to over 175,000 customers in New Jersey and Pennsylvania post-Hurricane Ida, and the "Emergency Assistance Award" for aiding Entergy in Louisiana. FirstEnergy mobilized over 525 personnel to help restore power and completed significant repairs, including replacing 217 poles and 125 transformers.

FirstEnergy Corp. (NYSE: FE) reported a strong financial performance for the full year 2021, achieving GAAP earnings of $1.3 billion ($2.35 per share) on revenue of $11.1 billion, up from $1.1 billion ($1.99 per share) in 2020. Operating earnings per share rose 9% to $2.60, reflecting growth from capital investments. For 2022, the company updated its GAAP earnings guidance range to $1,375 million to $1,490 million ($2.41 to $2.61 per share) and affirmed non-GAAP earnings guidance between $1,315 million and $1,430 million. Fourth quarter earnings were $427 million ($0.77 per share).

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.