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.
FirstEnergy Corp. (NYSE: FE) and Ohio Edison will host a 'Light Up Holiday Smiles' event in Elyria, Ohio, on Nov. 30. This initiative involves a professionally designed light display to uplift local communities in Ohio, West Virginia, and New Jersey. The ceremony will take place at Pioneer Plaza Park from 5:30 p.m. to 7 p.m., with the main lighting at 6:20 p.m. Elyria was chosen for its efforts in supporting families facing economic challenges, reflecting a 65% increase in the elementary-aged youth population since 2010.
FirstEnergy Corp. (NYSE: FE) has announced that Summersville, W.Va., will receive a festive light display as part of its 'Light Up Holiday Smiles' program. This initiative aims to bring joy to communities in W.Va., Ohio, and New Jersey, with the lighting ceremony scheduled for December 2, 2022. The city was chosen for its commitment to diversity and community support. FirstEnergy serves approximately 395,000 customers in 34 counties across West Virginia, emphasizing its dedication to operational excellence.
FirstEnergy Corp. (NYSE: FE) and Jersey Central Power & Light (JCP&L) have initiated the 'Light Up Holiday Smiles with FirstEnergy' program, donating a holiday light display to Pemberton Township, NJ. The public lighting ceremony will occur on Dec. 2, 2022, at 6:30 p.m. This initiative aims to brighten the holidays for economically distressed communities served by JCP&L. Pemberton Township faces limitations on development due to environmental regulations but is recognized for its diversity and military community.
As FirstEnergy (NYSE: FE) celebrates its 25th anniversary, the company emphasizes the pivotal role of its 12,000 employees in its transformation. The firm has added 'Employee' as a fourth pillar in its Corporate Responsibility framework, enhancing its commitment to Employee, Environmental, Social, and Governance (EESG) priorities. The refreshed Corporate Responsibility website showcases initiatives and progress tracking, while FirstEnergy aims for a 30% reduction in greenhouse gas emissions by 2030 and carbon neutrality by 2050, bolstered by significant investments in clean energy infrastructure.
FirstEnergy's subsidiary, The Illuminating Company, has completed smart grid upgrades in Lake County, Ohio, enhancing reliability for nearly 35,000 customers. The $626 million Ohio Grid Mod II plan aims to further modernize the electric grid and improve service during outages. Since 2020, over 71 automated reclosing devices and 25,000 smart meters have been installed, saving approximately 835,000 customer minutes of interruption. The plan includes pilot programs for electric vehicle incentives, awaiting approval from the Public Utilities Commission of Ohio.
The New Jersey Board of Public Utilities has awarded Jersey Central Power and Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), the responsibility to connect offshore wind energy to the state's power grid. JCP&L's project, valued at approximately $723 million, represents 70% of a total $1.1 billion initiative. This effort supports New Jersey's goal of generating 7,500 megawatts of wind energy by 2035. Construction is set to begin in 2025, with completion expected by 2030. The project includes collaboration with Mid-Atlantic Offshore Development, allowing FirstEnergy the option to acquire a 20% equity stake.
FirstEnergy Corp. reported Q3 2022 GAAP earnings of $334 million, or $0.58 per share, on revenue of $3.5 billion, staying within guidance. Operating earnings were $0.79 per share. Compared to Q3 2021, GAAP earnings decreased from $463 million ($0.85 per share) and revenue increased from $3.1 billion. Full-year GAAP earnings guidance updated to $1,145-$1,260 million, maintaining operating guidance of $1,315-$1,430 million, assuming normal weather. Key points included flat distribution deliveries and improved results in regulated transmission, despite rising operating expenses.
FirstEnergy Corp. (NYSE: FE) announced the appointment of John Hawkins as vice president of Operations Support, effective October 24, 2022. Hawkins succeeds David Karafa, who is retiring after 40 years. In his new role, Hawkins will oversee departments such as Workforce Development and Emergency Preparedness. With extensive experience from Entergy Louisiana and Florida Power & Light, Hawkins is expected to enhance FirstEnergy's operational performance and smart grid investments. His educational background includes a degree from Purdue University and an MBA from Indiana University.
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FirstEnergy Corp. (NYSE: FE) underscores the importance of safety during the Halloween season in a recent announcement. The company advises the public to take precautions while decorating to prevent electrical hazards. Key safety tips include avoiding decorations near utility equipment, inspecting electrical cords, using proper light clips, and opting for UL-approved lights. Additionally, FirstEnergy emphasizes safe practices for trick-or-treating, such as keeping paths clear and being visible. Customers are encouraged to report streetlight issues promptly. For further safety information, visit FirstEnergy's public safety campaign online.