Firstenergy Corp Stock Price, News & Analysis

Penn Power, a subsidiary of FirstEnergy Corp. (NYSE: FE), is investing $9.5 million in a tree-trimming program aimed at enhancing service reliability within its western Pennsylvania service area. This initiative will prevent tree-related power outages, especially during the spring and summer storms. Already, nearly 300 miles of electric lines have been trimmed, with an additional 900 miles targeted by year-end. The program includes health-preserving pruning and the removal of dangerous or diseased trees, conducted by certified forestry experts.

Potomac Edison, a subsidiary of FirstEnergy, has initiated its 2021 tree trimming program, planning to clear 1,670 miles of power lines in Maryland and 1,550 miles in West Virginia. The program's cycle has been shortened to four years, enhancing service reliability and reducing tree-related outages. The company will invest approximately $38 million this year and aims to trim over 6,000 circuit miles in Maryland alone. In 2020, tree-related outages decreased by 45%, and service interruptions fell by 75%, showcasing the program's benefits.

The Illuminating Company, a subsidiary of FirstEnergy Corp. (NYSE: FE), is investing $15.5 million in a tree-trimming program aimed at enhancing electric service reliability in northeast Ohio. The initiative covers nearly 600 miles of power lines trimmed so far this year, with plans to complete an additional 1,800 miles by year-end. Aerial saws will be deployed for hard-to-access areas, reducing tree-related outages, especially during severe weather. This proactive approach involves certified forestry experts and aligns with the company's maintenance cycle.

On April 7, 2021, Toledo Edison, a FirstEnergy subsidiary, announced a $7.7 million tree trimming initiative to enhance service reliability for its customers in northwest Ohio. This program aims to prevent tree-related power outages, particularly during storm seasons, with over 450 miles of electric lines already trimmed this year and an additional 1,100 miles scheduled for completion. The tree trimming is conducted on a four-year cycle, focusing on maintaining tree health and safety near power lines.

FirstEnergy Corp. (NYSE: FE) announced a customer credit of approximately $26 million across its Ohio utilities—Ohio Edison, The Illuminating Company, and Toledo Edison. This credit relates to revenues previously collected through a decoupling mechanism as authorized by Ohio law. To mitigate regulatory uncertainty, the company has opted not to recover lost distribution revenue through May 31, 2024, following a partial settlement with the Ohio Attorney General. FirstEnergy aims for transparent engagement with stakeholders while focusing on operational excellence.

The Emergency Rental Assistance Program (ERAP) has been introduced to support low-income renters facing challenges due to the pandemic in Pennsylvania, specifically for customers of FirstEnergy Corp. (NYSE: FE). Signed into law on February 5, 2021, the program will run until December 31, 2021, or until funds are depleted. ERAP funds can cover rental and utility costs. Additional assistance programs are also available for customers of Met-Ed, Penelec, Penn Power, and West Penn Power, including LIHEAP and the Pennsylvania Customer Assistance Program.

FirstEnergy Corp. (NYSE: FE) announced that Sandra Pianalto will not seek re-election to the Board of Directors at the 2021 Annual Meeting, prioritizing other commitments. Melvin D. Williams has been nominated to fill her position, keeping the Board at 14 members. Williams brings over 32 years of utility experience, focusing on regulatory matters and operations. Pianalto, who served since 2018, contributed significantly to the company. The changes aim to strengthen the Board’s leadership and support FirstEnergy's long-term growth and shareholder value.