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.
Jersey Central Power and Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), received the Environmental Leadership Award from The Commerce & Industry Association of New Jersey for its exceptional recycling and pollution prevention initiatives. In 2019, JCP&L recycled over 400 tons of materials, contributing to responsible environmental stewardship. The company also received the Certificate of Innovation in Sustainability from the New Jersey Department of Environmental Protection. JCP&L showcases a commitment to sustainable practices, serving 1.1 million customers across New Jersey.
FirstEnergy Corp. reported first quarter 2021 GAAP earnings of $335 million, or $0.62 per share, on revenue of $2.7 billion, matching last year’s revenue but marking a substantial increase in earnings from $74 million, or $0.14 per share. Operating earnings were $0.69 per share, exceeding the midpoint of guidance. Looking ahead, the company forecasts second quarter earnings between $260 million and $315 million and maintains a full-year GAAP earnings forecast of $1.27 billion to $1.38 billion. Key growth was driven by increased residential usage and strategic investments.
FirstEnergy Corp. (NYSE: FE) will announce its first quarter 2021 financial results after market close on April 22. Management will discuss these results during a conference call with analysts on April 23 at 10 a.m. EDT, followed by a Q&A session. Stakeholders can access a live webcast of the call and view presentation materials on their Investor Information website. The webcast will be available for replay for up to one year. FirstEnergy serves customers across several states and operates an extensive transmission network.
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Toledo Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), has collaborated with the U.S. Fish and Wildlife Service to enhance osprey conservation by installing a 55-foot wooden pole with a nesting platform at Cedar Point National Wildlife Refuge. This initiative addresses the growing osprey population by providing a safe nesting area, thereby reducing nesting near electrical equipment, which could lead to power outages. The installation reflects Toledo Edison’s commitment to wildlife protection, having previously installed deterrents to prevent nesting on utility poles.
FirstEnergy Corp. (NYSE: FE) has expanded its Educate to Elevate program, initially launched for Ohio employees, to include partnerships with Alvernia University in Pennsylvania and Pierpont Community and Technical College in West Virginia. This initiative allows employees to pursue college degrees after work hours at company facilities. The program aims to enhance workforce skills and personal development, with 51 students currently enrolled across the three locations. Following the successful transition to online learning during the pandemic, the company demonstrates its commitment to employee growth and career advancement.
On April 7, 2021, Toledo Edison, a FirstEnergy subsidiary, announced a $7.7 million tree trimming initiative to enhance service reliability for its customers in northwest Ohio. This program aims to prevent tree-related power outages, particularly during storm seasons, with over 450 miles of electric lines already trimmed this year and an additional 1,100 miles scheduled for completion. The tree trimming is conducted on a four-year cycle, focusing on maintaining tree health and safety near power lines.
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The Illuminating Company, a subsidiary of FirstEnergy Corp. (NYSE: FE), is investing $15.5 million in a tree-trimming program aimed at enhancing electric service reliability in northeast Ohio. The initiative covers nearly 600 miles of power lines trimmed so far this year, with plans to complete an additional 1,800 miles by year-end. Aerial saws will be deployed for hard-to-access areas, reducing tree-related outages, especially during severe weather. This proactive approach involves certified forestry experts and aligns with the company's maintenance cycle.
Jersey Central Power & Light (JCP&L), a FirstEnergy Corp. subsidiary, is implementing a significant tree trimming initiative over 3,700 miles of power lines in its service area to prevent outages. As of April 2021, 400 miles have been trimmed, with an additional 3,300 miles scheduled for completion by year-end, totaling an expenditure of $41 million. The program also aims to eliminate deteriorated ash trees affected by the Emerald Ash Borer, having removed over 980 trees this year. JCP&L serves 1.1 million customers across various New Jersey counties.