Welcome to our dedicated page for Firstenergy news (Ticker: FE), a resource for investors and traders seeking the latest updates and insights on Firstenergy stock.
FirstEnergy Corp. reports developments for an investor-owned electric utility holding company with distribution companies in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York and transmission subsidiaries that connect the Midwest and Mid-Atlantic regions.
Recurring updates cover GAAP and core earnings, distribution and transmission rate-base growth, capital spending for grid reliability, and regulatory proceedings such as Ohio distribution rate plans. Company news also covers projects by American Transmission Systems, Potomac Edison, Ohio Edison, Toledo Edison and The Illuminating Company, including line rebuilds, tree trimming, time-of-use rates, storm restoration and operational leadership changes.
FirstEnergy Corp. (NYSE: FE) has dispatched around 500 personnel, including line workers and support teams, to Louisiana to aid in power restoration following Hurricane Ida. The deployment reflects the company's commitment to mutual assistance among electric utilities during emergencies. Over 1 million customers are currently without power in Louisiana due to the hurricane's impact. FirstEnergy's utilities include several from the Northeast and Mid-Atlantic, aiming to expedite recovery efforts in the hardest-hit areas.
Penelec, a subsidiary of FirstEnergy (NYSE: FE), has initiated a project to reconstruct a 5-mile power line between Dushore and New Albany, enhancing its capacity to carry more electricity with a new 34.5-kV line. The upgraded infrastructure will allow line workers to quickly restore power for nearly 4,000 customers in Sullivan County, Pennsylvania, especially after outages. The project, executed in three phases, aims to improve reliability and flexibility in the local electric grid, with the first phase underway and subsequent phases planned for 2022 and 2023.
Toledo Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), has upgraded equipment and inspected the electric grid in preparation for the upcoming Solheim Cup, beginning August 31, 2021. These enhancements include new automated equipment, increased staffing, and improved street lighting to ensure reliable power during the international women's golf event. The company's efforts aim to support the local economy and enhance community pride as Toledo hosts this prestigious competition.
On August 25, 2021, The Illuminating Company, a subsidiary of FirstEnergy Corp. (NYSE: FE), completed protective measures for young eagles near Redwood Elementary School in Avon Lake, Ohio. They installed a tall wooden extension on a utility pole for safer perching and insulated nearby power lines to prevent accidents. This initiative is part of FirstEnergy's broader commitment, having executed over 100 projects in the last five years to protect birds of prey. The company employs innovative solutions like drones and mobile apps to enhance bird protection and reduce power outages.
Potomac Edison, a subsidiary of FirstEnergy Corp (NYSE: FE), has successfully upgraded its electrical system in Grant County, West Virginia, enhancing service reliability for over 2,100 customers. The $1.4 million project involved splitting a 286-mile power line into two smaller circuits and installing automated reclosers to improve outage management. Customers are now less likely to experience prolonged outages, especially during severe weather. This initiative marks Potomac Edison’s first automation project of this kind in West Virginia.
Penn Power, a FirstEnergy electric company, has initiated construction on a new distribution substation in Lawrence County, Pennsylvania, to meet rising electricity demands and improve power restoration. This project will serve over 30,000 customers in areas including New Castle, North Beaver Township, and Shenango Township. The substation will feature automated technology to minimize outages and expedite recovery, with completion expected by year-end. This investment continues FirstEnergy's Long Term Infrastructure Improvement Plan, which has already reduced local outages by 20% since 2016.
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FirstEnergy Corp. (NYSE: FE) has joined the Electric Highway Coalition to expand electric vehicle (EV) charging infrastructure across key highway systems. This coalition aims to alleviate 'range anxiety' for EV drivers and facilitate long-distance travel through efficient fast-charging solutions. FirstEnergy is also engaging with regulators to support EV infrastructure development and plans to electrify 30% of its fleet by 2030, targeting carbon neutrality by 2050. The company will install 59 charging stations in Maryland as part of its EV Driven pilot program.
FirstEnergy Corp. (NYSE: FE) has appointed Soubhagya Parija as vice president and chief risk officer, effective August 16. His role includes developing an enterprise-wide risk program and supporting compliance frameworks. Parija, who has extensive experience in risk management, previously held senior positions at the New York Power Authority and Walmart. FirstEnergy serves customers across several states and operates a large transmission network. This leadership change aims to enhance the company’s risk management practices.
FirstEnergy Corp. reported Q2 2021 GAAP earnings of $58 million ($0.11 per share) on revenue of $2.6 billion, down from $309 million ($0.57 per share) on $2.5 billion a year earlier. Operating earnings were $0.59, exceeding guidance. The third quarter forecast ranges from $380 million to $435 million. The company updated its full-year GAAP earnings guidance to $1,000 million to $1,110 million. Key drivers included increased revenue from capital investments and new rate implementations, which were offset by higher interest expenses and the absence of lost distribution revenues.