Firstenergy Corp Stock Price, News & Analysis

Mon Power and Potomac Edison, subsidiaries of FirstEnergy, submitted an application to the Public Service Commission of West Virginia to build five solar projects generating 50 megawatts of renewable energy. This move aligns with a 2020 law allowing utilities to own renewable energy facilities, supporting local economic development. If approved, the projects will begin as early as 2022 and be completed by 2025. Customers would buy energy from these facilities, receiving solar renewable energy credits, funded through a solar surcharge.

FirstEnergy Corp. (NYSE:FE) advises customers in Akron, Ohio, on energy efficiency as winter approaches. To manage energy use effectively during cold months, customers can implement several strategies, such as reducing thermostat settings and insulating their homes. These tips aim to help lower heating bills and enhance comfort without solely relying on heating systems. FirstEnergy also offers resources for assistance with high winter bills. The company operates one of the largest investor-owned electric systems in the U.S., serving multiple states with extensive transmission lines.

FirstEnergy Corp. (NYSE: FE) is urging customers in Ohio, Pennsylvania, New Jersey, and Maryland to assess electric supply deals due to rising fuel costs. The price of natural gas—majorly affecting electricity generation—is expected to remain volatile this winter, potentially increasing customer rates. FirstEnergy emphasizes the importance of shopping for competitive energy suppliers to find suitable plans, which could lead to savings. Customers should consider energy prices, contract terms, and any applicable fees when choosing an energy supplier.

On Nov. 15, 2021, Met-Ed, a subsidiary of FirstEnergy Corp. (NYSE: FE), completed its annual emergency preparation drill aimed at enhancing its storm restoration processes. The drill simulated severe thunderstorms and a tornado in Pennsylvania, involving over 30 employees across various departments. Objectives included training new staff, refining restoration processes, and identifying operational gaps. Met-Ed emphasized its commitment to reliability and safety as it serves approximately 580,000 customers in southeastern Pennsylvania.

FirstEnergy Corp. (NYSE: FE) donated 1,000 trees to Watters Smith Memorial State Park, marking its largest single-location planting effort. This initiative is part of the company’s sustainability program, having planted over 15,650 trees across six states since April. The event involved more than 30 Mon Power volunteers and aims to enhance natural resources and promote environmental stewardship. This effort aligns with FirstEnergy's commitment to reducing its carbon footprint and supporting responsible natural resource management.

FirstEnergy Corp. (NYSE: FE) has chosen South Euclid, Ohio, as the recipient of a festive light display through its 'Light Up Holiday Smiles' program, aiming to enhance community spirit during the holiday season. The display will be unveiled at a park lighting ceremony on December 1, 2021. South Euclid was selected from 16 applicants based on its commitment to diversity, equity, and community support. The program underscores FirstEnergy's dedication to uplifting economically challenged communities and fostering a sense of togetherness.

FirstEnergy Corp. (NYSE: FE) has secured $3.4 billion in equity financing through partnerships with Blackstone and Brookfield, strengthening its financial position and funding growth initiatives. The company plans to issue $1 billion in common equity at $39.08 per share to Blackstone and sell a 19.9% stake in its transmission subsidiary for $2.4 billion to Brookfield, achieving a 40x P/E ratio. Additionally, FirstEnergy updated its capital investment plan to $17 billion through 2025, emphasizing sustainable energy and projecting a long-term EPS growth rate of 6-8%.

FirstEnergy Corp's subsidiary, The Illuminating Company, is implementing grid modernization in eastern Cuyahoga County to enhance service reliability for over 25,000 customers. The project, expected to finish by mid-2022, includes the installation of automated equipment in substations and power lines, aimed at reducing outage frequency and duration. Key upgrades include 65 automated reclosing devices and 80 capacitor banks, enhancing overall system efficiency. The initiative follows prior improvements in the area and is part of a broader three-year modernization plan.

Potomac Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), has completed two distribution automation projects in Carroll and Garrett counties, improving service reliability for approximately 4,056 customers. The projects, costing $1 million, included the installation of automated reclosers and new line regulators. Additionally, Potomac Edison has installed 13 new substation reclosers at a cost of $1.5 million. These initiatives allow for quicker service restoration and reduced outages. The company serves about 275,000 customers across Maryland and parts of West Virginia.