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.
Penelec, a utility of FirstEnergy (NYSE: FE), has initiated a project to inject silicone-based fluid into 1.5 miles of aging underground electrical cable in Erie County. This innovative method aims to extend the cable's lifespan by 20 to 30 years, significantly reducing replacement costs by approximately 50% while minimizing disruption to neighborhoods. The $80,000 project is part of Penelec's $200 million initiative to enhance electric service reliability for 585,000 customers across northern and central Pennsylvania. This is the first use of fluid injections in cable rehabilitation for Penelec, marking a potential shift in their maintenance strategy.
FirstEnergy Corp. (NYSE: FE) has announced a rebate program for its Ohio utility customers, including The Illuminating Company, Ohio Edison, and Toledo Edison. Customers can receive up to $75 when purchasing an ENERGY STAR® certified smart thermostat until September 30, 2020. This initiative aims to help customers save energy costs, as heating and cooling can account for nearly half of a household's energy expenses, exceeding $900 annually. The program reflects FirstEnergy's commitment to energy efficiency amidst the increased electricity use during summer and the coronavirus health crisis.
Ohio Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), is enhancing electric service reliability for 193,000 customers in Trumbull and Mahoning counties through significant upgrades. This includes the installation of over 500 new utility poles and replacement of 11 miles of power lines with more durable materials. The initiative also features automated reclosing devices for quicker outage responses and is part of a broader Grid Modernization Plan approved by the Public Utilities Commission of Ohio. The upgrades began in March 2020 and are expected to conclude by year-end.
The Pennsylvania Power Company (Penn Power), a subsidiary of FirstEnergy Corp. (NYSE: FE), is launching a four-year project in Lawrence County to modernize its electric infrastructure. This initiative includes installing 300 new poles and over 50,000 feet of robust power lines, enhancing service reliability by decreasing outage durations and frequencies. Automated reclosing devices will also be installed to expedite power restoration. Penn Power's ongoing improvements are part of its Long Term Infrastructure Improvement Plan, approved by the Pennsylvania Public Utility Commission, to better serve over 160,000 customers.
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FirstEnergy Corp.'s subsidiary, Jersey Central Power & Light (JCP&L), has completed maintenance and inspections across its 13-county service area to enhance reliability for customers this summer. The efforts include helicopter patrols over 780 miles of transmission lines and the use of thermovision cameras for early detection of equipment issues. JCP&L is prepared for potential power outages during the active hurricane season, leveraging data from certified meteorologists to optimize resource allocation. The company continues to invest in infrastructure improvements to boost system resiliency and reliability.
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