Firstenergy Corp Stock Price, News & Analysis

Penn Power, a subsidiary of FirstEnergy Corp. (NYSE: FE), has completed the installation of new interior fencing in three substations to prevent climbing animals from causing power outages. This initiative follows a successful installation last year that eliminated such outages in two Mercer County substations. The latest installations are part of the Long Term Infrastructure Improvement Plan II, approved by the Pennsylvania Public Utility Commission. The fencing protects equipment and enhances service reliability for nearly 15,000 customers in western Pennsylvania.

Potomac Edison, a subsidiary of FirstEnergy (NYSE: FE), is enhancing winter preparedness in Maryland and West Virginia by conducting inspections and maintenance on its power infrastructure. The company is focusing on substation components, fleet vehicles, and tree trimming to ensure service reliability during high-demand winter months. Approximately 1,400 miles of transmission lines are being inspected, and over 2,600 circuit miles of tree trimming is expected to be completed this year. These proactive measures aim to prevent service interruptions and maintain customer satisfaction.

West Penn Power, a subsidiary of FirstEnergy (NYSE: FE), is enhancing its system resiliency and service reliability by inspecting and maintaining weather-sensitive equipment ahead of winter in Pennsylvania. To counter increased electricity demand during colder months, the company is focusing on inspections of substations, heaters, and tree trimming, having already trimmed approximately 4,000 circuit miles this year. With a commitment to employee and public safety, West Penn Power is preparing its crews for adverse winter conditions and potential operational challenges.

The Illuminating Company, a subsidiary of FirstEnergy Corp. (NYSE: FE), is enhancing service reliability ahead of the winter months through extensive inspections and maintenance. This includes helicopter patrols of nearly 2,500 miles of transmission lines and tree trimming along 1,600 circuit miles, with an additional 300 miles expected by December's end. Proactive equipment checks using thermovision cameras aim to identify potential issues. The company serves over 750,000 customers in Ohio and is committed to ensuring reliable power during increased winter demand.

FirstEnergy Corp (NYSE:FE) has announced a commitment to achieve carbon neutrality by 2050, with an interim goal of a 30% reduction in greenhouse gases by 2030 based on 2019 levels. The company will enhance its climate strategy by hardening its infrastructure, transitioning to electric vehicles, and cutting emissions from its generation fleet. FirstEnergy has already achieved a 80% reduction in CO2 emissions since 2005, reflecting its transformation into a fully regulated utility. This strategic move aligns with their operational goals and addresses climate change challenges.

FirstEnergy Corp.'s subsidiary, Jersey Central Power and Light (JCP&L), is constructing two automated flood walls at Sussex and Canoe Brook substations in New Jersey to prevent power outages during severe weather. The project includes a four-foot high, L-shaped concrete wall with an automatic waterproof gate that activates without electronic sensors. The Sussex substation's flood wall was completed earlier this year, while the Canoe Brook wall is set to finish by November 2020. These measures follow a history of flooding and aim to enhance the reliability of electricity for JCP&L's 1.1 million customers.

FirstEnergy Corp. reported GAAP earnings of $454 million, or $0.84 per share, for Q3 2020, slightly above the company's guidance. Revenue remained steady at $3 billion. In comparison, Q3 2019 earnings were $391 million, or $0.73 per share. The company updated its full-year GAAP earnings forecast to $700 million to $1.16 billion. Additionally, FirstEnergy aims for a 6% to 8% annual growth rate through 2021, supported by a planned $600 million equity issuance starting in 2022.

FirstEnergy Corp. announced a leadership transition, terminating CEO Charles E. Jones and two other executives due to policy violations amid ongoing government investigations. Effective immediately, Steven E. Strah, current President, is appointed Acting CEO, with Christopher D. Pappas named Executive Director. Non-Executive Chairman Donald T. Misheff expressed confidence in the new leadership to drive shareholder value. The company will report its third-quarter results on November 2, 2020, maintaining focus on growth strategies.