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.
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.
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.
Metropolitan Edison Company (Met-Ed), a subsidiary of FirstEnergy Corp. (NYSE: FE), has onboarded 14 graduates from its Power Systems Institute (PSI), enhancing its workforce of line and substation workers. This educational program, in collaboration with Reading Area Community College, educates utility workers for FirstEnergy's operations. The newly hired include 10 lineworkers and four substation electricians. Notably, over 2,400 individuals have been hired through PSI since its inception, supporting Met-Ed's commitment to safe and reliable energy service for approximately 570,000 customers in Pennsylvania.
Met-Ed, a subsidiary of FirstEnergy Corp. (NYSE: FE), is set to enhance its distribution system in York County, Pennsylvania, benefiting approximately 900 rural customers. This initiative is part of a $153 million Long Term Infrastructure Improvement Plan aimed at improving service reliability and minimizing power outages, especially during severe weather. The project includes constructing a two-mile power line and installing a SCADA-enabled switch for real-time communication between power lines, allowing operators to quickly transfer customers during outages.
FirstEnergy Corp. (NYSE: FE) has declared a quarterly dividend of 39 cents per share, payable on September 1, 2022, to shareholders of record by August 5, 2022. This decision reflects the company’s commitment to maintaining shareholder returns. FirstEnergy, serving customers across multiple states, continues to focus on safety, reliability, and operational excellence within its extensive electric distribution system.
FirstEnergy Corp.'s subsidiary, Jersey Central Power & Light (JCP&L), is sponsoring the 2022 Climate Corps Fellowship program in partnership with Sustainable Jersey and EDF. This initiative places graduate fellows in local municipalities and schools to enhance energy efficiency. This year, six fellows were assigned to 17 municipalities and three school districts in various New Jersey counties, generating significant energy savings and carbon emission reductions. Past fellows achieved operational savings of $472,000 in Jackson Township alone, showcasing the program's positive impact on communities.
Mon Power, a subsidiary of FirstEnergy Corp. (NYSE: FE), is employing helicopters with aerial saws to trim trees along 445 miles of high-voltage power lines in West Virginia. This program, initiated in late May and expected to finish by September, aims to improve electrical clearances and reduce tree-related power outages, particularly during severe weather. Proactive vegetation management has led to a 40% reduction in total customer outage minutes since 2015. Mon Power serves approximately 395,000 customers in 34 counties in the region.
FirstEnergy Corp. (NYSE: FE) will announce its second quarter and first half of 2022 financial results after market close on July 26. Management will discuss these results in a conference call for analysts at 11 a.m. EDT on July 27, followed by a Q&A session. Interested parties can access a live webcast and view presentation materials on the company's Investor Information website. The presentation will be available for replay for up to a year.
FirstEnergy Corp. (NYSE: FE) has proposed a four-year investment plan, known as Grid Mod II, totaling $626 million to enhance smart grid technology in Ohio. This initiative aims to reduce power outages and improve service reliability for customers. Key upgrades include the installation of automated equipment on nearly 240 grid sections and 700,000 smart meters, contributing to a projected $280 million in net benefits. The plan, pending approval from the Public Utilities Commission of Ohio, would add approximately $2.40 to a typical residential customer's monthly bill.
Jersey Central Power & Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), has introduced the EV Driven program in New Jersey, a $39.8 million initiative aimed at bolstering electric vehicle charging infrastructure. The program, approved by the New Jersey Board of Public Utilities, seeks to facilitate the state’s goal of registering 330,000 electric vehicles by 2025. Incentives include up to $1,500 for residential upgrades, $6,700 per commercial charger, and $25,000 for public DC fast chargers. The initiative aims to reduce emissions and enhance clean energy adoption.