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.
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.
Metropolitan Edison (Met-Ed), a subsidiary of FirstEnergy Corp. (NYSE: FE), is conducting comprehensive visual inspections of eight 500-kilovolt transmission lines using a helicopter. This three-week operation will cover approximately 220 miles, focusing on structural integrity and potential repairs. Inspections will identify issues like broken crossarms and damaged insulators. Met-Ed serves around 570,000 customers in Pennsylvania and conducts these inspections every four years to ensure reliable operations, supplementing routine patrols.
FirstEnergy Corp.'s transmission subsidiary, Mid-Atlantic Interstate Transmission (MAIT), has completed a new power line project in Altoona, PA. This initiative enhances the electricity distribution system, allowing quicker restoration of power to Penelec customers affected by severe weather, accidents, or equipment failures. The project, part of the Energizing the Future investment program, includes a new 46-kV line improving reliability for approximately 38,000 customers in Altoona and Blair County. The upgrades also focus on modernizing infrastructure to promote cybersecurity and enhance grid resilience.
Mon Power and Potomac Edison, subsidiaries of FirstEnergy Corp. (NYSE: FE), are encouraging West Virginia customers to apply for the Low Income Energy Assistance Program (LIEAP) by January 29, 2021. The program helps eligible residents cover home heating bills, with income eligibility set at or below 60% of West Virginia's State Median Income. The maximum allowable monthly income limits range from $1,931 for a household of one to $7,277 for a household of ten. Applications are available online and at local offices, providing crucial relief to those in need.
FirstEnergy Corp. (NYSE: FE) has appointed Hyun Park as senior vice president & chief legal officer, effective January 11, 2021. Park brings extensive legal experience from roles at PG&E Corporation and various law firms. He will oversee FirstEnergy's Legal, Risk & Internal Audit departments and lead the company's ethics and compliance program. The board expressed confidence in Park's ability to strengthen corporate governance and rebuild trust with stakeholders during this transformative phase. FirstEnergy operates one of the largest investor-owned electric systems in the U.S.
Mon Power, a subsidiary of FirstEnergy Corp. (NYSE: FE), has donated $5,000 each to the Jack Strong Foundation and the Mountaineer Food Bank in West Virginia as part of its 'Gifts of the Season' campaign. These contributions aim to support local communities during challenging times, especially due to COVID-19. The Jack Strong Foundation aids families affected by childhood cancer, while the Mountaineer Food Bank is the state's largest emergency food provider, distributing over 20.7 million pounds annually to various feeding programs. Since 2016, the campaign has granted nearly $500,000 to community organizations.
Penn Power, a subsidiary of FirstEnergy Corp. (NYSE: FE), donated $10,000 to the LindenPointe Entrepreneurship Academy to support classroom upgrades during the pandemic. This contribution is part of the FirstEnergy Foundation's annual holiday campaign, 'Gifts of the Season,' aimed at benefiting local organizations. The eAcademy offers high school students practical work experience and entrepreneurial skills. Since 2016, the campaign has awarded nearly $500,000 to strengthen community initiatives. This support reflects FirstEnergy's commitment to enhancing educational opportunities in its service areas.