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. announced a leadership transition, terminating CEO Charles E. Jones and two other executives due to policy violations amid ongoing government investigations. Effective immediately, Steven E. Strah, current President, is appointed Acting CEO, with Christopher D. Pappas named Executive Director. Non-Executive Chairman Donald T. Misheff expressed confidence in the new leadership to drive shareholder value. The company will report its third-quarter results on November 2, 2020, maintaining focus on growth strategies.
Jersey Central Power & Light (JCP&L), a subsidiary of FirstEnergy Corp (NYSE: FE), has received approval for a $94 million rate increase from the New Jersey Board of Public Utilities. This settlement aims to enhance service reliability and recover costs incurred during power restoration after severe storms. Despite the rate hike, JCP&L will maintain the lowest residential electric rates in New Jersey. A typical residential customer will see an increase of about $4 per month starting November 2021. Investments will focus on tree trimming and modernizing the electric system.
FirstEnergy Corp. (NYSE: FE) subsidiary Metropolitan Edison Company (Met-Ed) plans to install over 160 automated "TripSaver" reclosing devices across its service area in 2020. This $1.4 million initiative is part of a larger $153 million infrastructure improvement plan aimed at enhancing service reliability for approximately 570,000 customers. The TripSavers automatically restore power within seconds during temporary outages and isolate more serious issues, limiting customer disruption. Installation locations include Boyertown, Easton, and York, enhancing efficiency and safety for service restoration.
On October 24, 2020, Jersey Central Power & Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), participated in Clean Ocean Action's fall Beach Sweeps at Belmar's 16th Avenue Beach. This marks JCP&L's fourth consecutive year supporting the cleanup initiative, demonstrating their commitment to environmental sustainability in New Jersey. The company is recognized on the New Jersey Sustainable Business Registry, serving 1.1 million customers across various counties. The annual Beach Sweeps, now in its 35th year, has seen over 144,000 volunteers removing millions of debris from local beaches.
Jersey Central Power & Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), has donated $65,000 to 13 local police chiefs associations in New Jersey. The funds will support emergency response training and equipment purchases following major storms. This initiative aims to enhance safety around downed power lines. The donation highlights the crucial role of police in managing public safety during storm-related power outages, as seen during Tropical Storm Isaias, where over 8,000 line workers restored power with police assistance.
FirstEnergy Corp. (NYSE: FE) will announce its financial results for Q3 and the first nine months of 2020 on November 2, prior to market opening. The management will host a conference call at 1 p.m. EST on the same day to discuss these results, followed by a Q&A session. Interested parties can access the live webcast and presentation on the Investor Information website, which will remain available for replay for up to one year. The presentation materials will be posted before the call on the same date.
Mon Power, a subsidiary of FirstEnergy Corp. (NYSE: FE), has completed electric line enhancements in Morgantown, WV, reducing outages for over 400 customers. Additionally, a new project in Fairmont will benefit 900 customers by providing alternative power sources during outages. Each project costs $250,000 and aims to improve reliability and operational flexibility. Mon Power serves approximately 385,000 customers across 34 West Virginia counties, showcasing a commitment to enhancing service amidst future economic growth.
A newly operational substation in Warren Township played a crucial role in maintaining power for JCP&L customers during Tropical Storm Isaias. The Martinsville Substation, activated in June 2020, significantly reduced power outages caused by falling trees, protecting about 9,200 customers. This infrastructure enhances the electric system's reliability and allows for quicker power restoration. Part of FirstEnergy's 'Energizing the Future' initiative, the substation was built to improve service across northern New Jersey, impacting nearly 1.1 million customers.
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FirstEnergy Corp. (NYSE: FE) is donating school supplies to nearly 11,400 students in Akron, Ohio, supporting kindergarten through sixth-grade kids. The drive-through event takes place on October 4, 2020, at North and Kenmore-Garfield High Schools, where backpacks filled with essential items will be distributed. These supplies, sourced from diverse suppliers, aim to assist students affected by the cancellation of the annual 'Stuff the Bus' program due to the coronavirus pandemic. FirstEnergy's initiative reflects its commitment to community support during challenging times.