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.
Jersey Central Power & Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), is undertaking inspections and maintenance of weather-sensitive equipment to prepare for the winter season. These actions aim to enhance system resiliency and service reliability for JCP&L's 1.1 million customers in New Jersey. The maintenance includes inspecting substations, vehicles, and trimming trees along 2,950 circuit miles. Additionally, safety protocols are being reviewed for field employees to ensure safe operations during winter.
FirstEnergy Corp.'s subsidiary Mon Power is preparing for winter in West Virginia by conducting extensive inspections and maintenance to enhance system reliability. This initiative aims to prevent service interruptions during high-demand periods caused by snow, ice, and wind. Key activities include inspecting substations, winterizing control buildings, and preparing fleet vehicles. Mon Power serves approximately 385,000 customers in 34 counties, ensuring power reliability through proactive measures, including tree trimming and aerial inspections of 2,100 miles of transmission lines.
Penn Power, a subsidiary of FirstEnergy Corp. (NYSE: FE), has completed the installation of new interior fencing in three substations to prevent climbing animals from causing power outages. This initiative follows a successful installation last year that eliminated such outages in two Mercer County substations. The latest installations are part of the Long Term Infrastructure Improvement Plan II, approved by the Pennsylvania Public Utility Commission. The fencing protects equipment and enhances service reliability for nearly 15,000 customers in western Pennsylvania.
Potomac Edison, a subsidiary of FirstEnergy (NYSE: FE), is enhancing winter preparedness in Maryland and West Virginia by conducting inspections and maintenance on its power infrastructure. The company is focusing on substation components, fleet vehicles, and tree trimming to ensure service reliability during high-demand winter months. Approximately 1,400 miles of transmission lines are being inspected, and over 2,600 circuit miles of tree trimming is expected to be completed this year. These proactive measures aim to prevent service interruptions and maintain customer satisfaction.
The Illuminating Company, a subsidiary of FirstEnergy Corp. (NYSE: FE), is enhancing service reliability ahead of the winter months through extensive inspections and maintenance. This includes helicopter patrols of nearly 2,500 miles of transmission lines and tree trimming along 1,600 circuit miles, with an additional 300 miles expected by December's end. Proactive equipment checks using thermovision cameras aim to identify potential issues. The company serves over 750,000 customers in Ohio and is committed to ensuring reliable power during increased winter demand.
FirstEnergy Corp.'s subsidiary, Penelec, is enhancing system resiliency and service reliability across its 31-county service area in Pennsylvania by completing winter inspections and maintenance on weather-sensitive equipment. With the potential for increased electricity demand due to frigid temperatures and inclement weather, Penelec is ensuring safety and reliability. This includes checking heaters, inspecting substation components, and conducting helicopter patrols of transmission lines. Penelec serves approximately 585,000 customers within 17,600 square miles in northern and central Pennsylvania.
Toledo Edison, a subsidiary of FirstEnergy Corp (NYSE: FE), is undertaking inspections and maintenance of its weather-sensitive equipment to ensure reliable power delivery during the winter months. With an increased demand for electricity expected due to cold weather, the company is proactively checking substation components, inspecting vehicles for safe winter operations, and utilizing helicopter patrols for line inspections. This initiative is vital for enhancing service reliability for over 300,000 customers in northwest Ohio.
FirstEnergy Corp (NYSE:FE) has announced a commitment to achieve carbon neutrality by 2050, with an interim goal of a 30% reduction in greenhouse gases by 2030 based on 2019 levels. The company will enhance its climate strategy by hardening its infrastructure, transitioning to electric vehicles, and cutting emissions from its generation fleet. FirstEnergy has already achieved a 80% reduction in CO2 emissions since 2005, reflecting its transformation into a fully regulated utility. This strategic move aligns with their operational goals and addresses climate change challenges.
FirstEnergy Corp.'s subsidiary, Jersey Central Power and Light (JCP&L), is constructing two automated flood walls at Sussex and Canoe Brook substations in New Jersey to prevent power outages during severe weather. The project includes a four-foot high, L-shaped concrete wall with an automatic waterproof gate that activates without electronic sensors. The Sussex substation's flood wall was completed earlier this year, while the Canoe Brook wall is set to finish by November 2020. These measures follow a history of flooding and aim to enhance the reliability of electricity for JCP&L's 1.1 million customers.
FirstEnergy Corp. reported GAAP earnings of $454 million, or $0.84 per share, for Q3 2020, slightly above the company's guidance. Revenue remained steady at $3 billion. In comparison, Q3 2019 earnings were $391 million, or $0.73 per share. The company updated its full-year GAAP earnings forecast to $700 million to $1.16 billion. Additionally, FirstEnergy aims for a 6% to 8% annual growth rate through 2021, supported by a planned $600 million equity issuance starting in 2022.