Firstenergy Corp Stock Price, News & Analysis

On August 25, 2021, The Illuminating Company, a subsidiary of FirstEnergy Corp. (NYSE: FE), completed protective measures for young eagles near Redwood Elementary School in Avon Lake, Ohio. They installed a tall wooden extension on a utility pole for safer perching and insulated nearby power lines to prevent accidents. This initiative is part of FirstEnergy's broader commitment, having executed over 100 projects in the last five years to protect birds of prey. The company employs innovative solutions like drones and mobile apps to enhance bird protection and reduce power outages.

Potomac Edison, a subsidiary of FirstEnergy Corp (NYSE: FE), has successfully upgraded its electrical system in Grant County, West Virginia, enhancing service reliability for over 2,100 customers. The $1.4 million project involved splitting a 286-mile power line into two smaller circuits and installing automated reclosers to improve outage management. Customers are now less likely to experience prolonged outages, especially during severe weather. This initiative marks Potomac Edison’s first automation project of this kind in West Virginia.

Penn Power, a FirstEnergy electric company, has initiated construction on a new distribution substation in Lawrence County, Pennsylvania, to meet rising electricity demands and improve power restoration. This project will serve over 30,000 customers in areas including New Castle, North Beaver Township, and Shenango Township. The substation will feature automated technology to minimize outages and expedite recovery, with completion expected by year-end. This investment continues FirstEnergy's Long Term Infrastructure Improvement Plan, which has already reduced local outages by 20% since 2016.

FirstEnergy Corp. (NYSE: FE) has joined the Electric Highway Coalition to expand electric vehicle (EV) charging infrastructure across key highway systems. This coalition aims to alleviate 'range anxiety' for EV drivers and facilitate long-distance travel through efficient fast-charging solutions. FirstEnergy is also engaging with regulators to support EV infrastructure development and plans to electrify 30% of its fleet by 2030, targeting carbon neutrality by 2050. The company will install 59 charging stations in Maryland as part of its EV Driven pilot program.

FirstEnergy Corp. (NYSE: FE) has appointed Soubhagya Parija as vice president and chief risk officer, effective August 16. His role includes developing an enterprise-wide risk program and supporting compliance frameworks. Parija, who has extensive experience in risk management, previously held senior positions at the New York Power Authority and Walmart. FirstEnergy serves customers across several states and operates a large transmission network. This leadership change aims to enhance the company’s risk management practices.

FirstEnergy Corp. reported Q2 2021 GAAP earnings of $58 million ($0.11 per share) on revenue of $2.6 billion, down from $309 million ($0.57 per share) on $2.5 billion a year earlier. Operating earnings were $0.59, exceeding guidance. The third quarter forecast ranges from $380 million to $435 million. The company updated its full-year GAAP earnings guidance to $1,000 million to $1,110 million. Key drivers included increased revenue from capital investments and new rate implementations, which were offset by higher interest expenses and the absence of lost distribution revenues.

On July 22, 2021, FirstEnergy Corp. announced compliance with a deferred prosecution agreement related to a Department of Justice investigation. The company admitted to using 501(c)(4) entities to influence Ohio's legislative process by concealing payments made to public officials in exchange for official actions. This method was chosen due to the lack of donor disclosure requirements associated with 501(c)(4) organizations, enabling significant financial contributions without limits. FirstEnergy is committed to integrity and operates one of the largest investor-owned electric systems in the U.S.

FirstEnergy Corp. (NYSE: FE) has reached a deferred prosecution agreement with the U.S. Attorney's Office for the Southern District of Ohio regarding a previous investigation. The company will pay a $230 million penalty, shared equally between the U.S. Treasury and Ohio's Development Service Agency. This agreement includes a charge of conspiracy to commit honest services wire fraud, which will be dismissed if FirstEnergy complies. The company is committed to enhancing its compliance program and has taken significant remedial actions, including leadership changes and policy improvements.