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.
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Mon Power, a subsidiary of FirstEnergy, has launched its 2021 tree trimming program to clear nearly 5,700 miles of power lines in West Virginia. With an investment of over $70 million, the initiative aims to improve service reliability and reduce power outages, which have dropped by more than 40% since 2015. The program will involve the proactive removal of deteriorated ash trees and is executed by certified forestry experts. Mon Power serves approximately 385,000 customers in 34 counties and operates on a four-year trimming cycle.
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.
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.
Met-Ed, a subsidiary of FirstEnergy Corp. (NYSE: FE), is actively engaged in tree trimming across Pennsylvania to enhance electric service reliability. This initiative is part of a $28 million vegetation management program for 2020, aiming to clear 3,200 miles of lines. Since the start of the year, 650 miles have been trimmed, contributing to an 11% reduction in tree-related outages from 2019. Work is scheduled across multiple counties, with certified forestry experts managing the program. Met-Ed serves approximately 570,000 customers across 3,300 square miles.
FirstEnergy Corp. (NYSE: FE) announced a customer credit of approximately $26 million across its Ohio utilities—Ohio Edison, The Illuminating Company, and Toledo Edison. This credit relates to revenues previously collected through a decoupling mechanism as authorized by Ohio law. To mitigate regulatory uncertainty, the company has opted not to recover lost distribution revenue through May 31, 2024, following a partial settlement with the Ohio Attorney General. FirstEnergy aims for transparent engagement with stakeholders while focusing on operational excellence.
The Emergency Rental Assistance Program (ERAP) has been introduced to support low-income renters facing challenges due to the pandemic in Pennsylvania, specifically for customers of FirstEnergy Corp. (NYSE: FE). Signed into law on February 5, 2021, the program will run until December 31, 2021, or until funds are depleted. ERAP funds can cover rental and utility costs. Additional assistance programs are also available for customers of Met-Ed, Penelec, Penn Power, and West Penn Power, including LIHEAP and the Pennsylvania Customer Assistance Program.
FirstEnergy Corp. (NYSE: FE) announced that Sandra Pianalto will not seek re-election to the Board of Directors at the 2021 Annual Meeting, prioritizing other commitments. Melvin D. Williams has been nominated to fill her position, keeping the Board at 14 members. Williams brings over 32 years of utility experience, focusing on regulatory matters and operations. Pianalto, who served since 2018, contributed significantly to the company. The changes aim to strengthen the Board’s leadership and support FirstEnergy's long-term growth and shareholder value.
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