Firstenergy Corp Stock Price, News & Analysis

FirstEnergy Corp. (NYSE: FE) has secured $3.4 billion in equity financing through partnerships with Blackstone and Brookfield, strengthening its financial position and funding growth initiatives. The company plans to issue $1 billion in common equity at $39.08 per share to Blackstone and sell a 19.9% stake in its transmission subsidiary for $2.4 billion to Brookfield, achieving a 40x P/E ratio. Additionally, FirstEnergy updated its capital investment plan to $17 billion through 2025, emphasizing sustainable energy and projecting a long-term EPS growth rate of 6-8%.

FirstEnergy Corp's subsidiary, The Illuminating Company, is implementing grid modernization in eastern Cuyahoga County to enhance service reliability for over 25,000 customers. The project, expected to finish by mid-2022, includes the installation of automated equipment in substations and power lines, aimed at reducing outage frequency and duration. Key upgrades include 65 automated reclosing devices and 80 capacitor banks, enhancing overall system efficiency. The initiative follows prior improvements in the area and is part of a broader three-year modernization plan.

Potomac Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), has completed two distribution automation projects in Carroll and Garrett counties, improving service reliability for approximately 4,056 customers. The projects, costing $1 million, included the installation of automated reclosers and new line regulators. Additionally, Potomac Edison has installed 13 new substation reclosers at a cost of $1.5 million. These initiatives allow for quicker service restoration and reduced outages. The company serves about 275,000 customers across Maryland and parts of West Virginia.

Ohio Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), has completed extensive modernization work in Trumbull County to improve power reliability for nearly 25,000 customers. Key upgrades include the installation of new automated equipment and technology in substations and along power lines. With nearly 60 new automated reclosing devices, the system can minimize service interruptions, especially during severe weather. Additionally, new capacitor banks will evenly distribute power, potentially reducing energy usage. The work builds on last year's improvements, enhancing overall service restoration times.

FirstEnergy Corp. (NYSE: FE) announced a settlement providing $306 million in benefits to Ohio utility customers through its subsidiaries. The agreement, reached with various stakeholders, includes $96 million in bill credits and $210 million in future rate reductions, as well as the continuation of the current rate plan until May 2024. The settlement resolves multiple proceedings with the Public Utilities Commission of Ohio (PUCO), including audits and significantly excessive earnings tests. Final approval from PUCO is pending.

FirstEnergy Corp. (NYSE: FE) announced the appointment of Camilo Serna as vice president of Rates and Regulatory Affairs, effective November 8. He will oversee state and federal regulatory affairs, rate design, and electric load forecasting. Previously, Serna held a similar role at DTE Energy and has extensive experience in regulatory strategy within the utility sector. His leadership is expected to enhance FirstEnergy’s goals in building a smarter electric grid and transitioning to a cleaner energy future.

FirstEnergy Corp. (NYSE: FE) reported third quarter 2021 GAAP earnings of $463 million, or $0.85 per share, on revenue of $3.1 billion, up from $454 million in Q3 2020. Operating earnings (non-GAAP) were $0.82 per share, exceeding guidance. The company updated its full-year GAAP earnings forecast to $1.17 billion - $1.22 billion, or $2.14 - $2.24 per share, while operating earnings guidance is now $2.55 - $2.65 per share. Despite a 2.7% drop in residential sales due to lower weather-related demand, total distribution deliveries rose by 0.5% versus last year.

On October 27, 2021, FirstEnergy Corp. donated approximately 520 trees to the Rittman Nature Preserve in Ohio, enhancing its commitment to sustainability. This initiative is part of a broader effort, with over 10,000 trees planted across six states since April 2021. The event saw employee volunteers and local high school students participate in planting activities.

FirstEnergy aims to reduce its carbon footprint and promote responsible resource use through such community efforts, which include future partnerships with environmental organizations.