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.
Potomac Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), has installed new interior fencing at the Thomas Street substation in Cumberland, Maryland, to reduce outages caused by animal intrusions. This 433-foot perimeter fencing targets climbing animals including squirrels and raccoons, preventing access to electrical equipment. Since 2014, Potomac Edison has installed similar fencing at 17 substations, resulting in a significant reduction in animal-related outages. The Cumberland substation serves nearly 3,800 customers, emphasizing the importance of this proactive measure to enhance service reliability.
The Illuminating Company, a subsidiary of FirstEnergy Corp. (NYSE: FE), is completing grid modernization in Ashtabula and Lake counties, enhancing service reliability for over 150,000 customers. This project includes the installation of 37 automated reclosing devices, replacement of 11 miles of power lines, and installation of nearly 30 capacitor banks. These upgrades aim to improve outage response and service distribution. The work is part of a Grid Modernization Plan approved by the Public Utilities Commission of Ohio, with further phases planned for 2021.
Ohio Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), has completed grid modernization efforts to improve electric service reliability for over 200,000 customers in Trumbull, Mahoning, Ashtabula, and Columbiana counties. The project involved installing 20 automated reclosing devices that can quickly restore power during outages. Additionally, 11 miles of power lines were replaced with more durable materials to withstand severe weather. This initiative is part of a broader Grid Modernization Plan approved by the Public Utilities Commission of Ohio, enhancing service ahead of winter.
FirstEnergy Corp. (NYSE:FE) provides energy efficiency tips to customers as winter temperatures drop. Key recommendations include lowering thermostat settings, dressing for warmth, and sealing drafts to improve heating efficiency. Customers can save up to 3% on heating costs by reducing thermostat settings by one degree. Other tips include regular filter changes, proper insulation, and utilizing ENERGY STAR® appliances. FirstEnergy's commitment to energy efficiency aims to help customers manage rising energy usage and costs during the cold months.
Potomac Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), is set to replace 15 substation reclosers by the end of 2020, part of a reliability enhancement initiative started in 2019. The new reclosers utilize single-phase technology, allowing for segment isolation during outages. This upgrade aims to reduce power interruptions and improve service efficiency for about 270,000 customers in Maryland. The project costs $1 million annually and is scheduled to replace 25% of reclosers by the end of 2022, alongside other reliability efforts approved by the Maryland Public Service Commission.
On November 17, 2020, FirstEnergy Corp. (NYSE: FE) was notified by the NYSE of non-compliance with listing requirements due to the delayed filing of its Q3 2020 Form 10-Q. The report, originally due on November 16, 2020, has a six-month grace period until May 17, 2021, for compliance. This delay stems from ongoing internal investigations into executive conduct and a review of the company’s control framework. The firm aims to address its SEC reporting obligations promptly, with no immediate impact on its NYSE stock listing or bonds.
FirstEnergy Corp. (NYSE: FE) has successfully restored power to over 371,000 customers impacted by windstorms, with approximately 72,000 still without service across Ohio, Pennsylvania, West Virginia, Maryland, and New Jersey. Winds of 45-55 mph caused significant damage, including downed wires and broken utility poles. The company mobilized over 800 additional resources to aid in restoration efforts. Current estimates predict that power will be restored to most affected customers by mid-week, with utility companies working continuously to ensure safety and efficiency during repairs.
West Penn Power, a subsidiary of FirstEnergy (NYSE: FE), is enhancing its system resiliency and service reliability by inspecting and maintaining weather-sensitive equipment ahead of winter in Pennsylvania. To counter increased electricity demand during colder months, the company is focusing on inspections of substations, heaters, and tree trimming, having already trimmed approximately 4,000 circuit miles this year. With a commitment to employee and public safety, West Penn Power is preparing its crews for adverse winter conditions and potential operational challenges.
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Metropolitan Edison (Met-Ed), a subsidiary of FirstEnergy Corp (NYSE: FE), is proactively conducting inspections and maintenance on essential equipment ahead of the winter season in Pennsylvania. This initiative is aimed at enhancing system resiliency and service reliability for approximately 570,000 customers. Key actions include inspecting substation components, ensuring winter readiness of vehicles, and completing aerial inspections of 1,400 miles of transmission lines. The emphasis on employee safety and the importance of preventing service interruptions are highlighted throughout the maintenance activities.