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 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.
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.