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. (NYSE: FE) is a utility holding company whose electric distribution companies serve more than six million customers across Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. Its transmission subsidiaries operate approximately 24,000 miles of transmission lines connecting the Midwest and Mid-Atlantic regions. The news surrounding FirstEnergy reflects its role in nuclear electric power generation, electric distribution and transmission within the utilities sector.
This news page brings together company-issued updates and other coverage related to FE. Readers can find announcements about quarterly and annual financial results, earnings teleconferences and investor presentations, often referenced in Form 8-K filings and news releases. These items provide insight into how management views performance, uses GAAP and non-GAAP measures and communicates core earnings guidance and strategic priorities.
Because FirstEnergy operates regulated utilities, a significant portion of its news flow centers on regulatory developments and settlements. Examples include Public Utilities Commission of Ohio (PUCO) proceedings and comprehensive settlement agreements that address riders, audits and customer restitution and refunds for Ohio Edison, The Illuminating Company and Toledo Edison customers. Such updates can be important for understanding potential impacts on rates, customer bills and regulatory relationships.
Operational and infrastructure news is another key theme. FirstEnergy and its subsidiaries, including entities like Mid-Atlantic Interstate Transmission and Jersey Central Power & Light, issue releases on grid modernization projects, high-voltage line rebuilds, substation upgrades and other investments intended to enhance reliability and support growth in local communities.
In addition, the FirstEnergy Foundation regularly announces “Gifts of the Season” and other grants to nonprofits in the company’s service territories, highlighting community and philanthropic initiatives. Investors, customers and observers can use this news page to follow developments across financial, regulatory, operational and community dimensions of FirstEnergy’s business.
West Penn Power, a subsidiary of FirstEnergy Corp. (NYSE: FE), conducted its annual emergency drill to test storm restoration processes amidst potential severe weather. The virtual drill aimed to prepare employees for storm management, simulating a powerful storm with tornadoes affecting its service area in Pennsylvania. The exercise identified areas for improvement in business continuity and employee communication during emergencies. Serving approximately 734,000 customers, West Penn Power emphasizes reliability and operational excellence.
FirstEnergy Corp. (NYSE: FE) CEO Steven E. Strah outlined the company's transformation initiatives at the 2021 Annual Meeting, emphasizing strong financial performance and a commitment to enhancing energy infrastructure. The FE Forward initiative aims to automate processes and modernize experiences, targeting over 300 opportunities for improvement. FirstEnergy also aspires to increase employee diversity by 30% by 2025 and achieve carbon neutrality by 2050. Shareholders re-elected 13 directors and approved the appointment of PricewaterhouseCoopers LLP as the public accounting firm.
On May 17, 2021, Jersey Central Power and Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), encouraged customers facing financial hardship to contact the utility for payment plans and assistance programs. Various programs are available, including the Low Income Energy Assistance Program (LIHEAP), Universal Service Fund Programs (USF), and the Lifeline program, among others. These initiatives aim to help customers manage their bills and avoid shut-offs during the ongoing pandemic. JCP&L serves approximately 1.1 million customers in New Jersey.
FirstEnergy's transmission affiliate has successfully rebuilt a 12.8-mile, 69-kilovolt line in Morrow County, Ohio, enhancing service reliability for Ohio Edison customers. This upgrade includes new poles and equipment aimed at increasing capacity and reducing outages. Ongoing substation enhancements will improve power control and flexibility. This project is part of the company's Energizing the Future initiative, focusing on modernizing transmission facilities to mitigate outage risks. Ohio Edison serves over one million customers across 34 counties.
Metropolitan Edison (Met-Ed), a FirstEnergy Corp. subsidiary, is using a helicopter with an aerial saw for tree trimming along four transmission line corridors in York and Adams Counties, expected to finish by May end. This initiative aims to enhance electrical clearances and reduce tree-related outages during severe weather. The trimming covers 50 miles of high-voltage lines and is part of Met-Ed's $28 million vegetation management program for 2021, which targets 2,000 additional miles. Notably, tree-related outages decreased by 11% in 2020 compared to 2019.
FirstEnergy (NYSE: FE) has introduced a new service allowing customers to access their electric bill information via Amazon's Alexa and compatible devices. This feature enables quick retrieval of key account details such as billing notifications, due dates, and payment confirmations at no additional cost. Customers must link their FirstEnergy utility account to their Amazon account for usage. The initiative aims to enhance customer convenience and real-time access to data. Future updates will expand functionalities, including usage comparisons and payment capabilities.
Potomac Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), has received approval from the Maryland Public Service Commission for two battery energy storage projects in Allegany and Frederick counties. These initiatives aim to enhance service reliability and explore the integration of energy storage with electric vehicle (EV) charging stations. The projects include a 1.75-megawatt storage system in Allegany County and a $1.1 million storage project paired with a new EV fast-charging station in Urbana. Completion is expected in 2022, aligning with Maryland's goal of increasing electric vehicle adoption.
FirstEnergy Corp. (NYSE: FE) announced significant investments to enhance its Toledo Edison electric system, facilitating a $700 million expansion at North Star BlueScope Steel. Recent upgrades include $2.5 million for a substation in Delta to improve high-voltage electricity flow. Planned improvements also feature a $67 million transmission substation and a new 8.5-mile power line, projected to support over 10,000 customers. FirstEnergy has invested over $5 billion in infrastructure, emphasizing its role in regional economic growth, attracting 30,000 jobs and $17.5 billion in investments over five years.
Penelec, a utility of FirstEnergy Corp. (NYSE: FE), is set to enhance service reliability by injecting silicone-based fluid into aging underground distribution lines at a condominium complex in Erie, Pennsylvania. This innovative method, costing $125,000, aims to extend the cable's lifespan by up to 40 years without the need for extensive excavation. Scheduled to begin on May 11, the rejuvenation will cover over 8,500 feet of cable, part of a broader $200 million Long Term Infrastructure Improvement Plan aimed at enhancing electrical service for 585,000 customers.
West Penn Power, a FirstEnergy subsidiary, is upgrading the 17.3-mile Springdale-Kittanning transmission line to improve electric service reliability in Allegheny, Armstrong, and Westmoreland Counties. This project, part of FirstEnergy's multi-year 'Energizing the Future' initiative, involves replacing aging hardware to reduce outage frequency. Aerial construction techniques were employed to minimize environmental disruption. The Springdale-Kittanning line has been operational since 1923 and serves approximately 725,000 customers in central and southwestern Pennsylvania.