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.
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.
FirstEnergy Corp. (NYSE: FE) has announced the results of its cash Tender Offer, with a maximum purchase price of $1.1 billion for its 7.375% Notes, Series C, due 2031 and 4.85% Notes, Series C, due 2047. The company accepted all validly tendered 2031 Notes and approximately 65.9% of 2047 Notes. Settlement for accepted Notes will occur on June 15, 2022, with the offer set to expire on June 28, 2022.
Penn Power, a subsidiary of FirstEnergy Corp. (NYSE: FE), is enhancing the electric infrastructure in Mercer and Crawford counties, targeting over 15,000 customers. This project, part of the second phase of the Long Term Infrastructure Improvement Plan, aims to reduce service disruptions, especially during severe weather. New automated equipment, such as reclosing devices and voltage regulators, will streamline power restoration. The initiative has already led to a 20% reduction in outages in previously upgraded areas, benefiting both residential and business customers.
FirstEnergy Corp. (NYSE: FE) announced on June 14, 2022, the results of its cash tender offer, increasing the maximum tender amount from $800 million to $1.1 billion. This decision aligns with the company’s strategy to reduce debt at the holding company level. The early settlement date for validly tendered notes is set for June 15, 2022. The tender offer will expire on June 28, 2022, unless extended. The company aims to enhance its financial standing by retiring specific outstanding debt obligations.
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On June 9, 2022, FirstEnergy Corp. (FE) announced amendments to its previously disclosed cash tender offer for up to $800 million in outstanding debt securities. The amendments extend key deadlines and modify the fixed spread for the 7.375% Notes due 2031 and 4.85% Notes due 2047. FirstEnergy aims to reduce leverage and enhance its financial stability. The financing conditions were satisfied following a minority stake sale in FirstEnergy Transmission, LLC on May 31, 2022. Investors can find more details in the Offer to Purchase dated May 25, 2022.