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.'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.
The Illuminating Company, a subsidiary of FirstEnergy Corp. (NYSE: FE), awarded $5,000 "Gifts of the Season" to two nonprofit organizations in Northern Ohio: the USO of Northern Ohio and Taking Back Our Youth. This initiative, part of the FirstEnergy Foundation's holiday campaign, supports local veterans and at-risk youth. Since 2016, nearly $500,000 has been granted through this campaign. The USO aids approximately 45,000 military members, while Taking Back Our Youth focuses on mentoring and resources for incarcerated youth.
FirstEnergy Corp.'s subsidiary, Ohio Edison, donated $5,000 to two local nonprofits, Miriam House and the Nord Center, as part of its holiday "Gifts of the Season" campaign. The initiative aims to support organizations aiding underserved individuals during challenging times. Miriam House provides transitional housing for homeless women and children, while the Nord Center offers comprehensive behavioral health services. Since 2016, the campaign has awarded nearly $500,000 to strengthen community support services.
On December 21, 2020, FirstEnergy announced a donation of $15,000 to the Trees for Troops campaign, continuing its commitment to support military families during the holidays. This marks the second year of collaboration with the initiative, which has delivered over 244,000 Christmas trees since its inception in 2005. The funding comes from the FirstEnergy Foundation, which supports various non-profits in areas served by the company, further underscoring its dedication to community welfare and military support.
FirstEnergy Corp. (NYSE: FE) is preparing for significant service interruptions due to a potent nor'easter forecasted to bring up to two feet of snow to parts of Pennsylvania and northern New Jersey on December 16-17, 2020. The storm may also result in heavy rain and winds up to 55 mph along the Jersey shore. To tackle potential outages, FirstEnergy is activating storm response plans, deploying extra personnel, and coordinating with contractors. Customers are advised to report outages and stay safe during the storm.
FirstEnergy Corp. (NYSE: FE) has declared a quarterly dividend of 39 cents per share, unchanged from previous periods. This dividend will be payable on March 1, 2021, to shareholders of record as of the close of business on February 5, 2021. FirstEnergy operates one of the largest investor-owned electric systems in the U.S., serving customers across multiple states, including Ohio and Pennsylvania.