Firstenergy Corp Stock Price, News & Analysis

FirstEnergy Corp. reported full-year 2020 GAAP earnings of $1.1 billion, or $1.99 per share, on $10.8 billion in revenue, up from $908 million in 2019. Operating earnings were $2.39 per share, down from $2.58 in 2019. For 2021, the company expects GAAP earnings of $1.305 to $1.415 billion, or $2.40 to $2.60 per share. Fourth-quarter 2020 GAAP earnings reached $242 million, a significant recovery from a loss in Q4 2019. Total distribution deliveries fell 3.1% due to pandemic impacts, but residential sales slightly increased.

FirstEnergy Corp. (NYSE: FE) announced plans to address regulatory challenges in Ohio by engaging with stakeholders. The company will not seek recovery of lost distribution revenue until May 31, 2024, as part of a collaborative approach with the Public Utilities Commission of Ohio (PUCO). This decision follows a partial settlement regarding decoupling revenues. FirstEnergy expects to report 2020 GAAP earnings of $1.99 per share, with a $0.15 charge due to regulatory settlements. The company is taking steps to improve compliance and governance, including hiring new executives and launching an internal investigation.

FirstEnergy Foundation is partnering with Junior Achievement of North Central Ohio to launch JA Virtual Inspire, an online career exploration event for students in grades 7-12, set for March 10, 2021. Over 15,000 students from 60 schools will participate, connecting with more than 60 companies and universities. The initiative aims to guide students in career planning, addressing challenges exacerbated by the COVID-19 pandemic. The Foundation's support is part of its $3.4 million investment in community programs focused on health, education, and workforce development.

FirstEnergy Corp. (NYSE: FE) is preparing for the impact of Winter Storm Uri, which is forecasted to bring severe weather, including up to 12 inches of snow and ice, across its service areas in Ohio, Pennsylvania, West Virginia, Maryland, and New Jersey. The company has activated storm response plans, deploying additional personnel and securing around 100 additional line workers for restoration efforts. FirstEnergy emphasizes safety and quick restoration of services, coordinating with emergency officials and mutual assistance groups to address potential power outages.

FirstEnergy Corp. (NYSE: FE) is set to release its financial results for Q4 and the full year of 2020 on February 18 before market open. The management team will discuss these results in a conference call scheduled for 9 a.m. EST on the same day, followed by a Q&A session. Interested parties can access a live webcast and related presentation on FirstEnergy's Investor Information website. The company emphasizes operational excellence and serves customers across multiple states, including Ohio and Pennsylvania, through its extensive electric distribution network.

On February 8, 2021, FirstEnergy urged customers to handle foil balloons safely to prevent power outages, especially around Valentine's Day. Last year, 132 outages were linked to foil balloons, marking a 25% rise from 2019. The company noted that stray balloons can interfere with high-voltage equipment, posing safety risks. With February typically seeing an uptick in such incidents, FirstEnergy recommends securing helium balloons, puncturing them after use, and avoiding releasing them outdoors. Their safety campaign aims to reduce balloon-related outages and educate the public on electrical safety.

FirstEnergy Corp. is constructing a new transmission substation in Trumbull County, Ohio, to meet the energy demands of the local electric vehicle (EV) industry. This $19.6 million project will support the Ultium Cells LLC battery-cell manufacturing facility, creating around 1,000 jobs. The infrastructure upgrade also aims to reduce power outages for over 15,000 Ohio Edison customers in the region. The project includes a high-voltage line and a backup power feed to enhance service reliability, with additional construction planned for April to further accommodate the growing energy needs.

Penelec, a subsidiary of FirstEnergy Corp. (NYSE: FE), is converting 2,300 high-pressure sodium streetlights to smart LED streetlights in Erie, Pennsylvania. This initiative aims to enhance public safety and energy efficiency in eight opportunity zones, including downtown.

The smart streetlights will feature advanced monitoring through Wi-Fi, allowing for real-time data reporting on functionality. With nearly 600 conversions completed, the project is expected to finish by summer, supporting Erie's Smart City Project to attract tech jobs and drive economic growth.

FirstEnergy Corp. (NYSE: FE) has invested over $120 million in infrastructure projects in Pennsylvania over the past year, aimed at enhancing electric service reliability for two million customers. This investment is part of the $572 million Long Term Infrastructure Improvement Plan (LTIIP II) running from 2020 to 2024. Key upgrades include replacing older power lines, installing automated technology, and improving safety measures. The upgrades have resulted in notable reductions in service interruptions by up to 20 percent in certain areas.