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.
FirstEnergy Corp. (NYSE: FE) is launching the PSI Equal Access Scholarship Program in 2021, offering up to 50 scholarships to underrepresented candidates. Each scholarship provides $1,000 per month, totaling up to $21,000, for students attending the Power Systems Institute (PSI) training program. This initiative aims to promote diversity and inclusion in skilled trades, particularly targeting candidates from various ethnic backgrounds. The program combines classroom education with hands-on training, leading to an Associate of Technical Studies degree in electric utility technology.
FirstEnergy Corp. (NYSE: FE) announced the appointment of Antonio Fernández as vice president and chief ethics and compliance officer, effective April 12. Fernández will lead a compliance team and report to senior management and the Board's Audit Committee. Previously, he served at PSEG, enhancing their ethics and compliance programs. His background includes roles at GE Power and as a senior attorney at Florida Power & Light. This appointment aims to strengthen FirstEnergy’s commitment to integrity and compliance amidst ongoing efforts to rebuild stakeholder trust.
FirstEnergy Corp. (NYSE: FE) has announced its agreement with Icahn Capital to appoint Andrew Teno and Jesse Lynn to its Board of Directors, effective March 18, 2021. This addition will expand the board to 14 members, pending regulatory approvals. The agreement emphasizes Teno and Lynn's roles in committees focused on audit and compliance oversight. FirstEnergy's leadership noted this move aligns with ongoing efforts to enhance shareholder value and improve corporate governance amidst past challenges. The company aims to reduce regulatory uncertainties and foster transparency.
FirstEnergy Corp. (NYSE: FE) has declared a quarterly dividend of 39 cents per share, maintaining the previous rate. This dividend is set to be paid on June 1, 2021, to shareholders recorded by the close of business on May 7, 2021. The company operates one of the largest investor-owned electric systems in the U.S., with services extending across multiple states including Ohio and Pennsylvania. This announcement reflects the company's commitment to delivering consistent returns to shareholders amidst present operational challenges.
Penelec, a subsidiary of FirstEnergy Corp. (NYSE: FE), conducted its annual emergency preparation drill virtually to test its storm restoration process. This drill follows a severe windstorm that affected 90,000 customers in Pennsylvania last November. Over 30 employees participated, focusing on refining storm restoration capabilities and managing new storm-management tools. The exercise aligns with pandemic protocols and aims to ensure readiness for upcoming severe weather. Penelec serves approximately 585,000 customers across 17,600 square miles in northern and central Pennsylvania.
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FirstEnergy Corp. (NYSE: FE) has appointed Steven E. Strah as the new CEO and Board member, effective immediately. Strah, who served as acting CEO since October 2020, is focused on enhancing compliance and transparency, and has launched the FE Forward initiative aimed at transforming operations. By 2024, the initiative is expected to yield $300 million in annualized capital efficiency and $250 million in working capital improvements. The company also plans to issue $600 million in equity over the next two years to strengthen its financial position.
On March 4, 2021, The Illuminating Company, a subsidiary of FirstEnergy Corp (NYSE: FE), announced the completion of electrical grid upgrades in eastern Cuyahoga County, Ohio. This initiative aims to enhance reliability for over 20,000 customers in Solon, Chagrin Falls, and Bedford Heights. The upgrades include over 50 automated reclosing devices and new power lines to expedite outage restoration. With work commencing in 2020 and slated for completion in April, the modernization plan is expected to reduce service interruptions significantly. FirstEnergy serves over 750,000 customers overall.
Penn Power, a subsidiary of FirstEnergy Corp (NYSE: FE), has teamed up with the Erie Bird Observatory to install nesting platforms for ospreys on utility poles in Pennsylvania. This initiative aims to protect the birds and prevent potential power outages during nesting season. Over the last two years, FirstEnergy Foundation has donated $10,000 to support these efforts, leading to the installation of multiple platforms due to an increase in the osprey population. This proactive measure aligns with Penn Power's commitment to enhancing avian protection and reducing service disruptions caused by nesting.
Jim Fakult, President of Jersey Central Power and Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), has been honored by ROI-NJ and NJ Biz for his leadership over 1,500 employees serving 1.1 million customers in New Jersey. He was included in esteemed "power" lists recognizing key influencers in the state's economy. Under his guidance, JCP&L's Reliability Plus Infrastructure Investment Program has enhanced service reliability. Fakult emphasizes the importance of community support and sustainable practices, marking JCP&L as a leader in environmental efforts in New Jersey.