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.
On July 22, 2021, FirstEnergy Corp. announced compliance with a deferred prosecution agreement related to a Department of Justice investigation. The company admitted to using 501(c)(4) entities to influence Ohio's legislative process by concealing payments made to public officials in exchange for official actions. This method was chosen due to the lack of donor disclosure requirements associated with 501(c)(4) organizations, enabling significant financial contributions without limits. FirstEnergy is committed to integrity and operates one of the largest investor-owned electric systems in the U.S.
FirstEnergy Corp. (NYSE: FE) has reached a deferred prosecution agreement with the U.S. Attorney's Office for the Southern District of Ohio regarding a previous investigation. The company will pay a $230 million penalty, shared equally between the U.S. Treasury and Ohio's Development Service Agency. This agreement includes a charge of conspiracy to commit honest services wire fraud, which will be dismissed if FirstEnergy complies. The company is committed to enhancing its compliance program and has taken significant remedial actions, including leadership changes and policy improvements.
FirstEnergy Corp. (NYSE: FE) announced an unchanged quarterly dividend of 39 cents per share, payable on September 1, 2021. Shareholders of record as of August 6, 2021 will be eligible for this dividend. The company is recognized as one of the largest investor-owned electric systems in the U.S., serving several states including Ohio, Pennsylvania, and New Jersey. FirstEnergy operates approximately 24,000 miles of transmission lines. The company emphasizes integrity, safety, and operational excellence while navigating ongoing government investigations and various operational risks.
FirstEnergy's subsidiary Mon Power is deploying two helicopters with aerial saws to trim trees along 187 miles of transmission lines in West Virginia. This operation aims to improve electrical clearances and minimize tree-related outages, particularly during severe weather. Scheduled from mid-July to September, the $70 million vegetation management program is part of a broader effort to enhance service reliability, having reduced customer outage minutes by over 40% since 2015. Mon Power serves approximately 395,000 customers across 34 counties.
FirstEnergy Corp. (NYSE: FE) is set to release its financial results for Q2 and the first half of 2021 after market close on July 22. A conference call detailing these results will occur at 10 a.m. EDT on July 23, followed by a Q&A session. Interested parties can access a live webcast and presentation materials on FirstEnergy's Investor Information website, with the content available for replay for up to a year. The company emphasizes its commitment to integrity, safety, and operational excellence, serving customers across several states including Ohio and Pennsylvania.
FirstEnergy Corp. (NYSE: FE) has announced a donation of personal protective equipment (PPE) valued at $2.2 million to the United Way, aimed at enhancing community health and safety. The donation includes 7,300 face masks, 18,800 N-95 respirators, and 172,000 disinfectant wipe packets. CEO Steven E. Strah highlighted the company's commitment to safety and community support during the pandemic. The supplies will be distributed across 15 United Way chapters within FirstEnergy's service areas in Ohio, West Virginia, Maryland, New Jersey, and Pennsylvania.
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FirstEnergy Corp. announced that Electric service has been restored to over 111,000 Jersey Central Power & Light (JCP&L) customers after severe thunderstorms caused power outages. As of 12:30 p.m. today, approximately 21,000 customers remain without power, mainly in Sussex, Morris, Monmouth, Ocean, Hunterdon, and Warren counties. Crews are addressing over 460 safety hazards and 105 road closures while assessing damage. Restoration efforts are ongoing, with estimates for restoration times provided for specific counties. JCP&L is also preparing for potential impacts from Tropical Storm Elsa.
Penelec, a subsidiary of FirstEnergy Corp. (NYSE: FE), has successfully converted over 2,300 high-pressure sodium streetlights to smart LED technology in downtown Erie. This upgrade will enhance energy efficiency and public safety, allowing for features like real-time monitoring of light statuses and adjustable brightness for specific areas. The initiative is part of Erie's Smart City Project aimed at attracting tech jobs and economic growth. The project commenced in November and concluded in June, benefiting approximately 585,000 Penelec customers across northern and central Pennsylvania.
FirstEnergy (NYSE: FE) issued a reminder urging the public to prioritize electrical safety during the summer and Fourth of July celebrations. The company highlighted the risks associated with foil balloons and fireworks, which have led to a 40% increase in balloon-related power outages in the past three months. To mitigate hazards, FirstEnergy provided safety tips such as securing helium balloons, avoiding fireworks near power lines, and keeping electrical devices away from water. The company is dedicated to ensuring safe electricity service across its six-state service area.