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.
FirstEnergy Corp. is constructing a new transmission substation in Trumbull County, Ohio, to meet the energy demands of the local electric vehicle (EV) industry. This $19.6 million project will support the Ultium Cells LLC battery-cell manufacturing facility, creating around 1,000 jobs. The infrastructure upgrade also aims to reduce power outages for over 15,000 Ohio Edison customers in the region. The project includes a high-voltage line and a backup power feed to enhance service reliability, with additional construction planned for April to further accommodate the growing energy needs.
Penelec, a subsidiary of FirstEnergy Corp. (NYSE: FE), is converting 2,300 high-pressure sodium streetlights to smart LED streetlights in Erie, Pennsylvania. This initiative aims to enhance public safety and energy efficiency in eight opportunity zones, including downtown.
The smart streetlights will feature advanced monitoring through Wi-Fi, allowing for real-time data reporting on functionality. With nearly 600 conversions completed, the project is expected to finish by summer, supporting Erie's Smart City Project to attract tech jobs and drive economic growth.
FirstEnergy Corp. (NYSE: FE) has invested over $120 million in infrastructure projects in Pennsylvania over the past year, aimed at enhancing electric service reliability for two million customers. This investment is part of the $572 million Long Term Infrastructure Improvement Plan (LTIIP II) running from 2020 to 2024. Key upgrades include replacing older power lines, installing automated technology, and improving safety measures. The upgrades have resulted in notable reductions in service interruptions by up to 20 percent in certain areas.
Jersey Central Power and Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), has invested over $97 million in infrastructure enhancements as part of the JCP&L Reliability Plus program. This initiative aims to improve electric service reliability for its 1.1 million customers in northern and central New Jersey. Key upgrades included automated reclosing devices, distribution automation technology for quicker service restoration, and enhanced substation reliability through flood mitigation efforts. These projects were completed between June 1, 2019, and December 31, 2020.
On January 25, 2021, Potomac Edison, a subsidiary of FirstEnergy (NYSE: FE), announced the installation of its first electric vehicle (EV) fast-charging stations in Maryland. Four DC fast chargers were installed in Hancock and McHenry, capable of providing up to 80% charge in under an hour. This initiative is part of the EV Driven pilot program aimed at promoting zero-emission vehicles. The program will ultimately install 59 charging stations in Maryland, supporting the state's goal of 300,000 zero-emission vehicles by 2025. Potomac Edison also offers rebates for charger installations.
Potomac Edison, a subsidiary of FirstEnergy Corp (NYSE: FE), has completed two distribution automation projects in Maryland, benefiting nearly 6,500 customers. These enhancements, costing $2.6 million, will automate power restoration during outages by connecting customers to alternate power lines. The projects are expected to reduce service interruptions, especially during severe weather. Future projects are planned to further improve reliability. Potomac Edison serves approximately 270,000 customers in Maryland and 145,000 in West Virginia.
On January 19, 2021, Toledo Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), awarded a $15,000 donation to the Imagination Station's Girl Power 2021 program, supporting STEM education for girls. This contribution is part of the FirstEnergy Foundation’s annual holiday campaign, demonstrating the company's commitment to fostering a skilled workforce. The event, which began in 2014, will be held virtually this year due to the pandemic. Through its Gifts of the Season initiative, FirstEnergy has donated nearly $500,000 to community organizations since 2016.
FirstEnergy Corp. (NYSE: FE) has issued a Request for Proposal (RFP) to acquire 137,000 Solar Photovoltaic Alternative Energy Credits (SPAECs) annually over two years for its Pennsylvania utilities, including Pennsylvania Power Company, Pennsylvania Electric Company, and Metropolitan Edison Company. The RFP will be managed by The Brattle Group, with application submissions due by February 9, 2021, and bids by March 3, 2021. Successful bidders will enter agreements to supply SPAECs starting in 2021, supporting FirstEnergy's commitment to sustainable energy solutions.
FirstEnergy Corp. has been honored for the 15th consecutive year by the Edison Electric Institute for its emergency response efforts. The company received the 'Emergency Recovery Award' after restoring service to over 800,000 customers in New Jersey and Pennsylvania following Tropical Storm Isaias and the 'Emergency Assistance Award' for aiding Entergy in Texas and Louisiana after Hurricane Laura. The restoration included more than 9,000 workers and substantial equipment replacements, achieving 85% service restoration within three days.
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