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.
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%.
The Illuminating Company, a FirstEnergy utility, has hired 13 graduates from its Power Systems Institute (PSI) program. This educational initiative prepares workers for FirstEnergy's electric utility companies. The new hires include ten lineworkers and three substation electricians, all graduates from a partnership with Cuyahoga Community College. Since its inception, PSI has successfully placed over 2,400 graduates in various roles across multiple states. The Illuminating Company serves over 750,000 customers in Ohio.
Toledo Edison, a utility under FirstEnergy Corp. (NYSE: FE), has welcomed seven new employees from its Power Systems Institute (PSI). This program, in collaboration with Owens Community College, trains future line and substation workers. The newly hired include six lineworkers and one substation electrician, all with degrees in Electric Utility Technology. Since its inception, PSI has prepared over 2,400 professionals for FirstEnergy's utility operations across multiple states. Toledo Edison serves nearly 315,000 customers in northwest Ohio, emphasizing a commitment to safe and reliable electric service.
West Penn Power, a subsidiary of FirstEnergy Corp. (NYSE: FE), has welcomed 17 new graduates from its Power Systems Institute (PSI) program. This includes 11 lineworkers from Westmoreland County Community College and 6 substation electricians from Pennsylvania Highlands Community College. The PSI program, established in 2000, has successfully trained over 2,400 employees across several states. The new hires are expected to enhance service reliability as veteran workers retire. West Penn Power serves approximately 725,000 customers across 24 counties in Pennsylvania.
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.
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.