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. (NYSE: FE) is a utility holding company whose electric distribution companies serve more than six million customers across Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. Its transmission subsidiaries operate approximately 24,000 miles of transmission lines connecting the Midwest and Mid-Atlantic regions. The news surrounding FirstEnergy reflects its role in nuclear electric power generation, electric distribution and transmission within the utilities sector.
This news page brings together company-issued updates and other coverage related to FE. Readers can find announcements about quarterly and annual financial results, earnings teleconferences and investor presentations, often referenced in Form 8-K filings and news releases. These items provide insight into how management views performance, uses GAAP and non-GAAP measures and communicates core earnings guidance and strategic priorities.
Because FirstEnergy operates regulated utilities, a significant portion of its news flow centers on regulatory developments and settlements. Examples include Public Utilities Commission of Ohio (PUCO) proceedings and comprehensive settlement agreements that address riders, audits and customer restitution and refunds for Ohio Edison, The Illuminating Company and Toledo Edison customers. Such updates can be important for understanding potential impacts on rates, customer bills and regulatory relationships.
Operational and infrastructure news is another key theme. FirstEnergy and its subsidiaries, including entities like Mid-Atlantic Interstate Transmission and Jersey Central Power & Light, issue releases on grid modernization projects, high-voltage line rebuilds, substation upgrades and other investments intended to enhance reliability and support growth in local communities.
In addition, the FirstEnergy Foundation regularly announces “Gifts of the Season” and other grants to nonprofits in the company’s service territories, highlighting community and philanthropic initiatives. Investors, customers and observers can use this news page to follow developments across financial, regulatory, operational and community dimensions of FirstEnergy’s business.
FirstEnergy Corp. (NYSE: FE) has announced its plan to plant 20,000 trees in 2022 across its service areas, following a successful 2021 where it exceeded its target by planting 17,000 trees. The initiative focuses on enhancing community landscapes and supporting environmental health. 10,000 trees will be planted in the upcoming weeks around Earth Day and Arbor Day. The program, initiated in 2020, aims to address benefits like carbon absorption and stormwater management. FirstEnergy's employee-led Green Teams will collaborate with various organizations to drive this effort.
FirstEnergy Corp. (NYSE: FE) will announce its first-quarter financial results on April 21, 2022, after the market closes, followed by a conference call on April 22 at 10 a.m. EDT. Analysts and interested parties can join the live webcast on the company's Investor Information site, where the presentation will be available for replay for up to one year. FirstEnergy operates one of the largest investor-owned electric systems in the U.S., with over 24,000 miles of transmission lines across several states including Ohio, Pennsylvania, and New York.
On April 5, 2022, Mid-Atlantic Interstate Transmission (MAIT), a subsidiary of FirstEnergy Corp. (NYSE: FE), completed proactive aerial inspections of nearly 1,400 miles of high-voltage transmission lines in Pennsylvania. Conducted twice yearly, these inspections aim to identify infrastructure issues that may not be visible from the ground. The inspections are crucial for preventing potential power outages, particularly with increased electric usage expected in the summer. Met-Ed serves approximately 570,000 customers in a 3,300 square-mile area, ensuring reliable electricity across multiple counties.
FirstEnergy Corp. has launched a new sustainability initiative, the Wood Pole Diversion Program, aimed at repurposing discarded utility poles in Ohio. This program has successfully diverted over 1 million pounds of used wooden poles from landfills since its pilot phase began in 2020. The poles, no longer in use, will be redistributed for alternative applications such as fencing, landscaping, and furniture. The initiative has expanded beyond Ohio to include other states in FirstEnergy's service area, aiming to significantly reduce waste over time.
Toledo Edison, a subsidiary of FirstEnergy, partnered with Metroparks Toledo to install a 55-foot wooden pole with a nesting platform at the Manhattan Marsh Preserve Metropark. This initiative aims to safeguard the rising osprey population by providing safe nesting away from utility equipment. Toledo Edison emphasizes its commitment to bird conservation, having previously donated platforms and installed deterrents on utility poles. With a service area covering nearly 315,000 customers in northwest Ohio, the company continues its efforts to enhance both avian safety and electric service reliability.
FirstEnergy Corp. (NYSE: FE) has announced the promotion of Ernest (Ernie) N. Maley to vice president and chief information officer, effective April 10, 2022. Maley will oversee IT initiatives focused on enhancing digital enablement and cybersecurity. His leadership aims to modernize customer experience and improve business productivity as part of the FE Forward initiative. With over 20 years at FirstEnergy, Maley has held various IT leadership roles since joining in 2002, showcasing extensive industry experience. The company operates one of the largest investor-owned electric systems in the U.S.
Penelec, a FirstEnergy Corp. electric utility, is enhancing service reliability for approximately 2,800 customers in northern Clarion County, Pennsylvania. The multimillion-dollar upgrades include replacing 66 utility poles, 155 crossarms, and 550 insulators, along with modernizing aging copper wire to aluminum. These improvements aim to reduce electric service interruptions, particularly during severe weather. The project, part of a $200 million Long Term Infrastructure Improvement Plan, began in late 2021 and is set for completion in March 2022.
Jim Fakult, president of New Jersey Operations for FirstEnergy (NYSE: FE) and Jersey Central Power & Light (JCP&L), has been recognized in the ROI-NJ and NJBiz 'power' lists for his leadership. Fakult ranked 40th in the Power List 2022 and was also included in the NJBiz 2022 Power 100 list. Under his leadership, JCP&L is committed to a clean energy future, enhancing electric vehicle use and energy efficiency. JCP&L has received awards for environmental stewardship and community involvement, supporting local initiatives and aiding in the state's energy goals.
FirstEnergy Corp. (NYSE: FE) announced an unchanged quarterly dividend of 39 cents per share, payable on June 1, 2022, to shareholders of record as of May 6, 2022. This decision reflects the company’s ongoing commitment to providing returns to its shareholders amidst operational challenges. FirstEnergy operates across several states, delivering electricity through its extensive distribution and transmission network. The company emphasizes integrity, reliability, and safety in its operations.
FirstEnergy Corp. (NYSE: FE) has announced a $1 million contribution to the UBIZ Venture Capital program to support minority-owned businesses in northeast Ohio. This funding aims to establish the UBIZ Access Fund II, providing loans and support to high-growth potential businesses in Cuyahoga, Summit, Lake, and Lorain counties. Contributions will be made quarterly for $250,000 each. FirstEnergy strives to increase its diversity spending to 20% by 2025, having reached 16% in 2021, emphasizing its commitment to fostering inclusive economic growth.