Firstenergy Corp Stock Price, News & Analysis

On May 17, 2021, Jersey Central Power and Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), encouraged customers facing financial hardship to contact the utility for payment plans and assistance programs. Various programs are available, including the Low Income Energy Assistance Program (LIHEAP), Universal Service Fund Programs (USF), and the Lifeline program, among others. These initiatives aim to help customers manage their bills and avoid shut-offs during the ongoing pandemic. JCP&L serves approximately 1.1 million customers in New Jersey.

FirstEnergy's transmission affiliate has successfully rebuilt a 12.8-mile, 69-kilovolt line in Morrow County, Ohio, enhancing service reliability for Ohio Edison customers. This upgrade includes new poles and equipment aimed at increasing capacity and reducing outages. Ongoing substation enhancements will improve power control and flexibility. This project is part of the company's Energizing the Future initiative, focusing on modernizing transmission facilities to mitigate outage risks. Ohio Edison serves over one million customers across 34 counties.

Metropolitan Edison (Met-Ed), a FirstEnergy Corp. subsidiary, is using a helicopter with an aerial saw for tree trimming along four transmission line corridors in York and Adams Counties, expected to finish by May end. This initiative aims to enhance electrical clearances and reduce tree-related outages during severe weather. The trimming covers 50 miles of high-voltage lines and is part of Met-Ed's $28 million vegetation management program for 2021, which targets 2,000 additional miles. Notably, tree-related outages decreased by 11% in 2020 compared to 2019.

FirstEnergy (NYSE: FE) has introduced a new service allowing customers to access their electric bill information via Amazon's Alexa and compatible devices. This feature enables quick retrieval of key account details such as billing notifications, due dates, and payment confirmations at no additional cost. Customers must link their FirstEnergy utility account to their Amazon account for usage. The initiative aims to enhance customer convenience and real-time access to data. Future updates will expand functionalities, including usage comparisons and payment capabilities.

Potomac Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), has received approval from the Maryland Public Service Commission for two battery energy storage projects in Allegany and Frederick counties. These initiatives aim to enhance service reliability and explore the integration of energy storage with electric vehicle (EV) charging stations. The projects include a 1.75-megawatt storage system in Allegany County and a $1.1 million storage project paired with a new EV fast-charging station in Urbana. Completion is expected in 2022, aligning with Maryland's goal of increasing electric vehicle adoption.

FirstEnergy Corp. (NYSE: FE) announced significant investments to enhance its Toledo Edison electric system, facilitating a $700 million expansion at North Star BlueScope Steel. Recent upgrades include $2.5 million for a substation in Delta to improve high-voltage electricity flow. Planned improvements also feature a $67 million transmission substation and a new 8.5-mile power line, projected to support over 10,000 customers. FirstEnergy has invested over $5 billion in infrastructure, emphasizing its role in regional economic growth, attracting 30,000 jobs and $17.5 billion in investments over five years.

Penelec, a utility of FirstEnergy Corp. (NYSE: FE), is set to enhance service reliability by injecting silicone-based fluid into aging underground distribution lines at a condominium complex in Erie, Pennsylvania. This innovative method, costing $125,000, aims to extend the cable's lifespan by up to 40 years without the need for extensive excavation. Scheduled to begin on May 11, the rejuvenation will cover over 8,500 feet of cable, part of a broader $200 million Long Term Infrastructure Improvement Plan aimed at enhancing electrical service for 585,000 customers.

West Penn Power, a FirstEnergy subsidiary, is upgrading the 17.3-mile Springdale-Kittanning transmission line to improve electric service reliability in Allegheny, Armstrong, and Westmoreland Counties. This project, part of FirstEnergy's multi-year 'Energizing the Future' initiative, involves replacing aging hardware to reduce outage frequency. Aerial construction techniques were employed to minimize environmental disruption. The Springdale-Kittanning line has been operational since 1923 and serves approximately 725,000 customers in central and southwestern Pennsylvania.

FirstEnergy's subsidiary, Ohio Edison, is modernizing its power systems in Summit and Portage counties to enhance reliability for over 30,000 customers. Upgrades include new automated equipment in substations and along power lines, aiming to reduce outage frequency and duration. More than 30 automated reclosing devices and 50 capacitor banks will be installed, improving service restoration times. Previous upgrades led to fewer outages and a one-hour reduction in average restoration time during severe weather. This is part of a three-year modernization plan expected to complete in 2022.