Firstenergy Corp Stock Price, News & Analysis

FirstEnergy's subsidiary, Ohio Edison, is modernizing its power systems in Summit and Portage counties to enhance reliability for over 30,000 customers. Upgrades include new automated equipment in substations and along power lines, aiming to reduce outage frequency and duration. More than 30 automated reclosing devices and 50 capacitor banks will be installed, improving service restoration times. Previous upgrades led to fewer outages and a one-hour reduction in average restoration time during severe weather. This is part of a three-year modernization plan expected to complete in 2022.

Jersey Central Power and Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), received the Environmental Leadership Award from The Commerce & Industry Association of New Jersey for its exceptional recycling and pollution prevention initiatives. In 2019, JCP&L recycled over 400 tons of materials, contributing to responsible environmental stewardship. The company also received the Certificate of Innovation in Sustainability from the New Jersey Department of Environmental Protection. JCP&L showcases a commitment to sustainable practices, serving 1.1 million customers across New Jersey.

FirstEnergy Corp. reported first quarter 2021 GAAP earnings of $335 million, or $0.62 per share, on revenue of $2.7 billion, matching last year’s revenue but marking a substantial increase in earnings from $74 million, or $0.14 per share. Operating earnings were $0.69 per share, exceeding the midpoint of guidance. Looking ahead, the company forecasts second quarter earnings between $260 million and $315 million and maintains a full-year GAAP earnings forecast of $1.27 billion to $1.38 billion. Key growth was driven by increased residential usage and strategic investments.

FirstEnergy Corp. (NYSE: FE) will announce its first quarter 2021 financial results after market close on April 22. Management will discuss these results during a conference call with analysts on April 23 at 10 a.m. EDT, followed by a Q&A session. Stakeholders can access a live webcast of the call and view presentation materials on their Investor Information website. The webcast will be available for replay for up to one year. FirstEnergy serves customers across several states and operates an extensive transmission network.

Toledo Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), has collaborated with the U.S. Fish and Wildlife Service to enhance osprey conservation by installing a 55-foot wooden pole with a nesting platform at Cedar Point National Wildlife Refuge. This initiative addresses the growing osprey population by providing a safe nesting area, thereby reducing nesting near electrical equipment, which could lead to power outages. The installation reflects Toledo Edison’s commitment to wildlife protection, having previously installed deterrents to prevent nesting on utility poles.

FirstEnergy Corp. (NYSE: FE) has expanded its Educate to Elevate program, initially launched for Ohio employees, to include partnerships with Alvernia University in Pennsylvania and Pierpont Community and Technical College in West Virginia. This initiative allows employees to pursue college degrees after work hours at company facilities. The program aims to enhance workforce skills and personal development, with 51 students currently enrolled across the three locations. Following the successful transition to online learning during the pandemic, the company demonstrates its commitment to employee growth and career advancement.

Jersey Central Power & Light (JCP&L), a FirstEnergy Corp. subsidiary, is implementing a significant tree trimming initiative over 3,700 miles of power lines in its service area to prevent outages. As of April 2021, 400 miles have been trimmed, with an additional 3,300 miles scheduled for completion by year-end, totaling an expenditure of $41 million. The program also aims to eliminate deteriorated ash trees affected by the Emerald Ash Borer, having removed over 980 trees this year. JCP&L serves 1.1 million customers across various New Jersey counties.

Met-Ed, a subsidiary of FirstEnergy Corp. (NYSE: FE), is actively engaged in tree trimming across Pennsylvania to enhance electric service reliability. This initiative is part of a $28 million vegetation management program for 2020, aiming to clear 3,200 miles of lines. Since the start of the year, 650 miles have been trimmed, contributing to an 11% reduction in tree-related outages from 2019. Work is scheduled across multiple counties, with certified forestry experts managing the program. Met-Ed serves approximately 570,000 customers across 3,300 square miles.