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. has completed proactive aerial inspections of nearly 1,000 miles of 345-kV transmission lines in western Pennsylvania using infrared and ultraviolet technology. These inspections help detect early equipment issues, preventing future outages. Annually, visual aerial inspections cover about 2,000 miles, with additional inspections planned. The maintenance of transmission systems is crucial for ensuring reliable electricity supply, especially during high-demand winter months. FirstEnergy serves various counties in Pennsylvania, with a focus on safety and operational excellence.
Potomac Edison, a subsidiary of FirstEnergy, has installed new interior fencing at its Urbana substation in Maryland to prevent animal intrusions, which are a common cause of power outages. The fencing covers a 650-foot perimeter and aims to protect electrical equipment while ensuring reliable service for nearly 5,400 customers. Since 2014, similar installations at 19 substations have significantly reduced animal-related outages. FirstEnergy emphasizes the cost-effectiveness and humane nature of this fencing solution for maintaining operational integrity.
Mon Power, a subsidiary of FirstEnergy Corp. (NYSE: FE), has completed enhancements to its distribution system, benefiting approximately 4,580 customers. Key upgrades include new lines for backup power, voltage regulators for improved service restoration, and overhead equipment replacement to enhance reliability. Locations affected include Doddridge, Monongalia, and Marion counties, among others. The company is also working on future projects focused on reliability and vegetation management, emphasizing its commitment to safe and reliable electric service.
On October 4, 2021, FirstEnergy Corp. (NYSE: FE) issued an RFP to acquire Ohio-compliant Renewable Energy Credits (RECs) for its Ohio utilities, aiming to fulfill 2021 renewable energy targets mandated by Ohio's alternative energy law. The RFP seeks 426,600 RECs from certified facilities, deliverable through the PJM Environmental Information System. Bidders must maintain specific credit qualifications. A webinar is scheduled for October 11, 2021, to detail the RFP process. Proposals are due by November 10, 2021, at 5 p.m. EPT. More information is available on the designated RFP website.
Jersey Central Power and Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), proposes a transmission system to connect New Jersey's offshore wind farms to the power grid. This initiative aims to support the New Jersey Energy Master Plan's goals, connecting enough energy for approximately 2.5 million homes. The project includes utilizing existing infrastructure, minimizing environmental impact, and enhancing grid reliability. Additionally, JCP&L is pushing for electric vehicle charging infrastructure and energy efficiency programs, all aligning with New Jersey's aim for 100% clean energy by 2050.
FirstEnergy Corp (NYSE: FE) and Penn Power donated nearly 130 trees to Buhl Park in Hermitage, Pennsylvania, on September 22, 2021. Since April 2021, FirstEnergy has planted over 10,000 trees across its service area, aiming to reduce its carbon footprint and promote sustainability. The event involved employee volunteers and is part of broader environmental initiatives led by FirstEnergy's Green Teams across multiple states. Buhl Park, a historical landmark, spans 270 acres and serves nearly half a million visitors annually.
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FirstEnergy Corp. (NYSE: FE) has declared a quarterly dividend of 39 cents per share, to be paid on December 1, 2021, to shareholders of record as of November 5, 2021. This decision maintains the company's commitment to returning value to its shareholders. FirstEnergy operates one of the largest investor-owned electric systems in the U.S., providing services across several states, including Ohio and Pennsylvania. The dividend reflects the company's stable operational performance despite ongoing governmental investigations and regulatory challenges.
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Mon Power, a subsidiary of FirstEnergy Corp. (NYSE: FE), has initiated a sustainability program aimed at recycling and repurposing utility poles in West Virginia. The initiative will allow for the redistribution of used poles to farmers, mills, and charitable organizations for various applications including fencing and landscaping. Each full load consists of approximately 25 poles, weighing between 300 and 4,100 pounds. Mon Power will evaluate the program over the next year, with potential expansion based on its success.