Welcome to our dedicated page for Firstenergy news (Ticker: FE), a resource for investors and traders seeking the latest updates and insights on Firstenergy stock.
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.
Penelec, a subsidiary of FirstEnergy Corp. (NYSE: FE), is investing in service reliability enhancements for over 400 customers in Millcreek Township, Erie County. The project involves replacing underground electric cable, transformers, and more, with completion expected this summer. This initiative is part of Penelec's $200 million Long Term Infrastructure Improvement Plans (LTIIP II) aimed at improving electric service reliability for 585,000 customers in Pennsylvania. New equipment is designed to last decades and facilitate easier repairs.
Ohio Edison, a subsidiary of FirstEnergy (NYSE: FE), completed significant grid modernization in Salem, Ohio, enhancing service reliability for over 8,200 customers. The upgrades include automated equipment and technology aimed at minimizing power outages during adverse weather. Key features include five newly installed automated reclosing devices and additional power lines for faster service restoration. Previous upgrades have improved average restoration times by nearly 30 minutes during severe weather. Future work includes tree-trimming and equipment inspections across 500 miles of power lines.
FirstEnergy Corp. (NYSE: FE) subsidiary JCP&L has enhanced service reliability by completing inspections and maintenance across its New Jersey service area ahead of anticipated high electric usage this summer. Helicopter patrols and thermovision cameras were utilized to identify potential issues, while critical equipment has been staged closer to high-demand areas like the Jersey Shore. JCP&L has also tested flood walls at vulnerable substations and conducted a storm restoration drill in preparation for an above-average hurricane season. Customers can find energy-saving tips and assistance programs online.
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Penn Power, a FirstEnergy Corp. electric company, has completed proactive inspections and maintenance of its electric grid to prepare for extreme summer weather. This summer, the company plans to invest over $20 million in upgrades, which include advanced thermovision technology to identify potential infrastructure issues. A new distribution substation in Cranberry will enhance service for over 20,000 customers. Additionally, customers are advised on energy-saving tips during heat waves, emphasizing thermostat adjustments and proper air conditioning usage to manage rising energy costs.
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FirstEnergy Corp. (NYSE: FE) is advancing its environmental initiative by exceeding its goal of creating 225 acres of pollinator-friendly habitats by 2025. Launched in 2020, the program has led to the development of approximately 190 acres by the end of Q3 2022. Efforts include seeding various areas, such as substations and transmission lines, with native plant mixes designed for pollinator support. This initiative underscores FirstEnergy's commitment to environmental stewardship while enhancing biodiversity across its service territory.
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Potomac Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), is launching a program to install and maintain up to seven Level 2 electric vehicle charging stations at multifamily properties in Maryland, with no installation costs for property owners. This initiative is part of the EV Driven program, which aims to support Maryland's goal of 300,000 zero-emission vehicles by 2025. Property owners can also receive $20,000 rebates for self-installed chargers. The program runs until the end of 2023, enhancing EV infrastructure in the region.