Firstenergy Corp Stock Price, News & Analysis

FirstEnergy Corp. (NYSE: FE) announced a settlement providing $306 million in benefits to Ohio utility customers through its subsidiaries. The agreement, reached with various stakeholders, includes $96 million in bill credits and $210 million in future rate reductions, as well as the continuation of the current rate plan until May 2024. The settlement resolves multiple proceedings with the Public Utilities Commission of Ohio (PUCO), including audits and significantly excessive earnings tests. Final approval from PUCO is pending.

FirstEnergy Corp. (NYSE: FE) announced the appointment of Camilo Serna as vice president of Rates and Regulatory Affairs, effective November 8. He will oversee state and federal regulatory affairs, rate design, and electric load forecasting. Previously, Serna held a similar role at DTE Energy and has extensive experience in regulatory strategy within the utility sector. His leadership is expected to enhance FirstEnergy’s goals in building a smarter electric grid and transitioning to a cleaner energy future.

FirstEnergy Corp. (NYSE: FE) reported third quarter 2021 GAAP earnings of $463 million, or $0.85 per share, on revenue of $3.1 billion, up from $454 million in Q3 2020. Operating earnings (non-GAAP) were $0.82 per share, exceeding guidance. The company updated its full-year GAAP earnings forecast to $1.17 billion - $1.22 billion, or $2.14 - $2.24 per share, while operating earnings guidance is now $2.55 - $2.65 per share. Despite a 2.7% drop in residential sales due to lower weather-related demand, total distribution deliveries rose by 0.5% versus last year.

On October 27, 2021, FirstEnergy Corp. donated approximately 520 trees to the Rittman Nature Preserve in Ohio, enhancing its commitment to sustainability. This initiative is part of a broader effort, with over 10,000 trees planted across six states since April 2021. The event saw employee volunteers and local high school students participate in planting activities.

FirstEnergy aims to reduce its carbon footprint and promote responsible resource use through such community efforts, which include future partnerships with environmental organizations.

FirstEnergy Corp. (NYSE: FE) emphasizes safety this Halloween season by reminding customers to be aware of electrical hazards. The company advises ensuring that decorative lights are UL-approved, using GFCI outlets for outdoor lighting, and opting for battery-operated candles. FirstEnergy also urges safety during trick-or-treating, advocating for well-lit paths and visibility measures. The message, encapsulated in the phrase 'Stop. Look. Live,' underscores the importance of staying away from electrical equipment and power lines to prevent accidents. For more safety tips, visit FirstEnergy's public safety website.

FirstEnergy's Ohio Edison completed proactive aerial inspections of nearly 800 miles of 345-kV transmission lines using infrared and ultraviolet (IR/UV) technology to ensure reliable power delivery during winter. Conducted every four years with American Transmission Systems, these inspections identify hidden equipment issues, enhancing system reliability. Following inspections in mid-August to September, additional visual inspections of 4,000 miles of lower-voltage lines will continue. These efforts are crucial for preventing outages and ensuring customer service across Ohio's 34 counties.

Construction is underway on a new electric transmission project in Trumbull County, Ohio, by FirstEnergy Corp (NYSE: FE), aimed at supporting the expanding electric vehicle industry. The $12 million project includes a 138-kilovolt power line connecting substations over 3.5 miles to meet energy demands from the Ultium Cells battery plant, creating about 1,100 jobs. The initiative will enhance service reliability for over 15,000 customers while reducing power outages. Completion is expected in early 2022.

FirstEnergy Corp. (NYSE: FE) urges residential customers in Ohio Edison, The Illuminating Company, and Toledo Edison to enroll in payment plans or seek bill assistance due to financial hardships worsened by the pandemic. Assistance programs include the Percentage of Income Payment Plan (PIPP), Home Energy Assistance Program (HEAP), and $175 Winter Reconnect Option, aimed at helping those struggling with utility payments. These programs may offer debt forgiveness and cash grants, providing crucial support as temperatures drop and disconnections resume.