Firstenergy Corp Stock Price, News & Analysis

On January 25, 2021, Potomac Edison, a subsidiary of FirstEnergy (NYSE: FE), announced the installation of its first electric vehicle (EV) fast-charging stations in Maryland. Four DC fast chargers were installed in Hancock and McHenry, capable of providing up to 80% charge in under an hour. This initiative is part of the EV Driven pilot program aimed at promoting zero-emission vehicles. The program will ultimately install 59 charging stations in Maryland, supporting the state's goal of 300,000 zero-emission vehicles by 2025. Potomac Edison also offers rebates for charger installations.

Potomac Edison, a subsidiary of FirstEnergy Corp (NYSE: FE), has completed two distribution automation projects in Maryland, benefiting nearly 6,500 customers. These enhancements, costing $2.6 million, will automate power restoration during outages by connecting customers to alternate power lines. The projects are expected to reduce service interruptions, especially during severe weather. Future projects are planned to further improve reliability. Potomac Edison serves approximately 270,000 customers in Maryland and 145,000 in West Virginia.

On January 19, 2021, Toledo Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), awarded a $15,000 donation to the Imagination Station's Girl Power 2021 program, supporting STEM education for girls. This contribution is part of the FirstEnergy Foundation’s annual holiday campaign, demonstrating the company's commitment to fostering a skilled workforce. The event, which began in 2014, will be held virtually this year due to the pandemic. Through its Gifts of the Season initiative, FirstEnergy has donated nearly $500,000 to community organizations since 2016.

FirstEnergy Corp. (NYSE: FE) has issued a Request for Proposal (RFP) to acquire 137,000 Solar Photovoltaic Alternative Energy Credits (SPAECs) annually over two years for its Pennsylvania utilities, including Pennsylvania Power Company, Pennsylvania Electric Company, and Metropolitan Edison Company. The RFP will be managed by The Brattle Group, with application submissions due by February 9, 2021, and bids by March 3, 2021. Successful bidders will enter agreements to supply SPAECs starting in 2021, supporting FirstEnergy's commitment to sustainable energy solutions.

FirstEnergy Corp. has been honored for the 15th consecutive year by the Edison Electric Institute for its emergency response efforts. The company received the 'Emergency Recovery Award' after restoring service to over 800,000 customers in New Jersey and Pennsylvania following Tropical Storm Isaias and the 'Emergency Assistance Award' for aiding Entergy in Texas and Louisiana after Hurricane Laura. The restoration included more than 9,000 workers and substantial equipment replacements, achieving 85% service restoration within three days.

Metropolitan Edison (Met-Ed), a subsidiary of FirstEnergy Corp. (NYSE: FE), is conducting comprehensive visual inspections of eight 500-kilovolt transmission lines using a helicopter. This three-week operation will cover approximately 220 miles, focusing on structural integrity and potential repairs. Inspections will identify issues like broken crossarms and damaged insulators. Met-Ed serves around 570,000 customers in Pennsylvania and conducts these inspections every four years to ensure reliable operations, supplementing routine patrols.

FirstEnergy Corp.'s transmission subsidiary, Mid-Atlantic Interstate Transmission (MAIT), has completed a new power line project in Altoona, PA. This initiative enhances the electricity distribution system, allowing quicker restoration of power to Penelec customers affected by severe weather, accidents, or equipment failures. The project, part of the Energizing the Future investment program, includes a new 46-kV line improving reliability for approximately 38,000 customers in Altoona and Blair County. The upgrades also focus on modernizing infrastructure to promote cybersecurity and enhance grid resilience.

Mon Power and Potomac Edison, subsidiaries of FirstEnergy Corp. (NYSE: FE), are encouraging West Virginia customers to apply for the Low Income Energy Assistance Program (LIEAP) by January 29, 2021. The program helps eligible residents cover home heating bills, with income eligibility set at or below 60% of West Virginia's State Median Income. The maximum allowable monthly income limits range from $1,931 for a household of one to $7,277 for a household of ten. Applications are available online and at local offices, providing crucial relief to those in need.