Firstenergy Corp Stock Price, News & Analysis

FirstEnergy Corp. (NYSE: FE) has restored power to over 288,000 customers affected by Tropical Storm Isaias, with approximately 588,000 still without service in New Jersey and Pennsylvania. The storm resulted in severe damage, with winds over 65 mph and up to 7 inches of rain. Nearly 4,000 personnel are engaged in restoration efforts, with expected completion for Met-Ed customers by August 7. FirstEnergy emphasizes safety protocols amid the ongoing pandemic while managing the crisis. Customers can check for updates on outages and restoration progress through the company’s resources.

FirstEnergy Corp. (NYSE: FE) is mobilizing over 1,800 resources in response to Tropical Storm Isaias, which is impacting areas in New Jersey, Pennsylvania, and Maryland. The storm is expected to bring heavy rains and winds up to 65 mph. The company has deployed approximately 740 line workers, 725 forestry contractors, and additional personnel for restoration efforts. FirstEnergy is maintaining safety protocols for its emergency response teams. Customers are encouraged to report outages and prepare for possible interruptions in service.

FirstEnergy Corp. (NYSE: FE) is mobilizing resources in anticipation of Tropical Storm Isaias, which is forecasted to affect New Jersey and eastern Pennsylvania. The company's storm response plans involve staffing additional personnel across dispatch and damage assessment teams. JCP&L has secured extra resources and set up staging sites in New Jersey. The company has coordinated with contractors and local officials to ensure a prompt recovery. Customers are encouraged to prepare for possible outages and report issues via phone or online.

The Power Systems Institute (PSI) of FirstEnergy Corp. (NYSE:FE) resumed training programs in July after a four-month suspension due to COVID-19. Second-year students returned on July 6, and first-year students on July 27. PSI is implementing health precautions, including daily screenings and smaller group sizes, to ensure safety. Since its inception in 2000, PSI has trained nearly 2,000 employees for FirstEnergy. Graduates earn an Associate of Technical Studies degree focused on electric utility technology and will be hired in September, despite canceled graduation ceremonies.

On July 27, 2020, FirstEnergy Corp. CEO Charles E. Jones provided clarifications following a conference call about the company's Q2 financial results. The statement addressed the separation from FirstEnergy Solutions (FES), noting that FirstEnergy leadership no longer influenced FES after it filed for bankruptcy in March 2018. Jones emphasized FirstEnergy's commitment to ethical business practices while clarifying that the company was not running external affairs for FES post-separation. He reiterated that integrity and transparency are foundational principles for FirstEnergy.

FirstEnergy Corp. (NYSE: FE) reported second quarter 2020 GAAP earnings of $309 million ($0.57 per share) on revenue of $2.5 billion, consistent with Q2 2019 results. Operating earnings were $0.57 per share, nearing guidance expectations. The company affirmed its full-year GAAP earnings forecast of $1.02 billion to $1.13 billion, projecting a 6%-8% compound annual growth rate in operating earnings through 2021. Challenges included a 3.1% decline in total distribution deliveries, mainly due to the pandemic's impact on commercial sales. A Department of Justice investigation into the company's involvement in Ohio legislation is ongoing.

FirstEnergy Corp. (NYSE: FE) announced on July 21, 2020, that it received subpoenas related to the ongoing investigation concerning Ohio House Bill 6. The company is currently reviewing the investigation's specifics and intends to cooperate fully. Forward-looking statements made in the announcement caution stakeholders about various risks and uncertainties, including the company's strategic and financial goals, operational challenges, and potential impacts from regulatory actions and economic conditions.

FirstEnergy Corp. (NYSE: FE) has declared a quarterly dividend of 39 cents per share, payable on September 1, 2020, to shareholders of record by the close of business on August 7, 2020. The decision reflects the company's commitment to providing steady income to its investors despite ongoing challenges. FirstEnergy operates one of the largest investor-owned electric systems in the U.S., serving multiple states and managing around 24,500 miles of transmission lines. Shareholders can expect stable returns as the company emphasizes operational excellence and safety.

FirstEnergy Corp. (NYSE: FE) advises customers on managing energy costs amid rising summer temperatures. To reduce electricity usage, customers can implement strategies like raising thermostat settings, using fans, and keeping refrigerators full. The company is proactively inspecting its electrical system to handle increased demand and avoid outages. FirstEnergy emphasizes safety and efficiency in energy usage while offering resources for bill assistance to support customers during high-demand periods.