Firstenergy Corp Stock Price, News & Analysis

FirstEnergy Corp. (NYSE: FE) subsidiaries Mon Power and Potomac Edison are set to complete five projects by the end of 2024 to enhance electric service reliability for nearly 8,700 customers in rural West Virginia communities. These projects, part of a three-year infrastructure investment pilot program, aim to reduce outages and improve restoration times. The $1.5 million investment includes:

1. Reinforcing a 1.8-mile backup power line in Berkeley County
2. Relocating a half-mile power line in Marion, Monongalia, and Preston counties
3. Converting 2.2 miles of power line to higher voltage in Nicholas County
4. Relocating power lines in Pocahontas, Greenbrier, and Summers counties

These improvements will benefit customers across multiple rural areas by enhancing accessibility for repairs and reducing outage durations, particularly during severe weather.

FirstEnergy Corp. (NYSE: FE) subsidiary Mon Power has been awarded a $5 million federal grant from the U.S. Department of Energy's Office of Clean Energy Demonstrations. The funding, part of the Energy Improvements in Rural or Remote Areas (ERA) program, will be used to enhance electric service reliability for over 3,000 customers in rural West Virginia.

The project involves rebuilding over 23 miles of power lines in Pocahontas, Braxton, and Clay counties, and connecting a two-mile alternate power line with a substation in Petersburg, Grant County. This will enable Mon Power and Potomac Edison to restore service faster during outages by connecting customers to backup power feeds.

Construction is expected to start in 2025. Mon Power plans to partner with community-based organizations to address workforce disparity gaps in historically under-resourced communities.

FirstEnergy Corp. (NYSE: FE) is mobilizing over 580 line workers and support personnel to assist with power restoration efforts in Florida following Hurricane Milton. Many crews previously involved in restoring power after Hurricane Helene in the Carolinas and Georgia will transition to Florida. Hurricane Milton is expected to make landfall on Florida's Gulf Coast late Wednesday night, bringing severe impacts across west-central Florida.

FirstEnergy electric companies from Ohio, Pennsylvania, New Jersey, Maryland, and West Virginia are participating in the mutual assistance effort. Nearly 430 FirstEnergy personnel have already supported restoration efforts in the aftermath of Hurricane Helene, which made landfall on Sept. 25 with 140 mph winds, affecting over 6 million customers.

John Huber, Director of Emergency Preparedness at FirstEnergy, emphasized the company's commitment to helping rebuild communities impacted by severe weather events. FirstEnergy has been recognized multiple times by the Edison Electric Institute for its mutual assistance efforts during winter and summer storms.

FirstEnergy Corp. (NYSE: FE) has announced it will release its financial results for the third quarter and first nine months of 2024 after markets close on Tuesday, October 29. The company will host a conference call with financial analysts at 9 a.m. EDT on Wednesday, October 30, to discuss these results. A live webcast of the call and presentation slides will be available on FirstEnergy's Investor Information website, with a replay accessible for up to one year.

FirstEnergy plans to post its third quarter presentation and supporting materials to the investor section of its website after markets close on October 29. The company is known for its dedication to integrity, safety, reliability, and operational excellence. Its electric distribution companies serve over 6 million customers across six states, while its transmission subsidiaries operate approximately 24,000 miles of transmission lines connecting the Midwest and Mid-Atlantic regions.

FirstEnergy Corp., Dominion Energy Virginia, and American Electric Power have entered into a joint planning agreement to propose new regional electric transmission projects across multiple states within the PJM footprint. This collaboration aims to address the growing power demand in the PJM region due to rapid expansion of energy-intensive industries, electrification, and changing power generation mix.

The companies jointly proposed several projects through PJM's Regional Transmission Expansion Plan Open Window process in September. These include new 765-kV, 500-kV, and 345-kV transmission lines in Virginia, Ohio, and West Virginia. The projects are still in early stages of development and, if selected by PJM, would undergo an extensive process of route selection, environmental studies, community engagement, and permitting before construction.

Dominion Energy Virginia, American Electric Power, and FirstEnergy Corp. have entered a joint planning agreement to propose new regional electric transmission projects across the PJM footprint. This collaboration aims to address the growing power demand in the region due to expanding energy-intensive industries, electrification, and manufacturing onshoring. The companies jointly proposed projects through PJM's Regional Transmission Expansion Plan Open Window process in September, including new 765-kV, 500-kV, and 345-kV transmission lines in Virginia, Ohio, and West Virginia.

The partnership leverages the expertise of these industry leaders to develop comprehensive, cost-effective solutions that promote regional grid reliability. If selected by PJM, the projects would undergo an extensive process of route selection, environmental studies, community engagement, and permitting before construction.

Jersey Central Power & Light (JCP&L), a FirstEnergy Corp. (NYSE: FE) subsidiary, has intensified its efforts to remove dead and diseased ash trees in its New Jersey service area to reduce power outages. In 2024, JCP&L has already removed over 7,000 vulnerable ash trees, surpassing 2023 figures. The program, which began in 2017, has led to the removal of more than 64,000 ash trees affected by the invasive Emerald Ash Borer.

JCP&L invests at least $32.4 million annually in vegetation management along power lines. However, 86% of tree-related outages in 2023 were caused by trees outside these areas. The company's Green Team has also planted and donated over 2,500 trees in 2024 as part of its environmental stewardship efforts.

FirstEnergy Corp. (NYSE: FE) has released safety tips for Halloween decorating and celebrations to help prevent electrical hazards and keep power flowing reliably. The company emphasizes the importance of being aware of potential electrical and fire risks during the festive season.

Key safety measures include:

• Avoiding decorations near utility equipment
• Inspecting electrical cords for damage
• Using proper clips for securing lights
• Ensuring decorative lights are UL-approved
• Using GFCI outlets for outdoor decorations
• Replacing traditional candles with flame-free options

For trick-or-treating, FirstEnergy advises maintaining well-lit paths, using reflective materials on costumes, and staying in well-lit areas. The company also reminds customers to report streetlight outages and provides methods for doing so.

FirstEnergy Corp. (NYSE: FE) subsidiary American Transmission Systems, Inc. (ATSI) is expanding and upgrading a high-voltage substation in Sylvania Township, Lucas County, Ohio. The $15 million project aims to enhance electric service reliability for over 20,000 Toledo Edison customers in northwestern Ohio. Key aspects include:

- Expanding the substation from 17,000 to 49,900 square feet
- Implementing a new setup with separate sections to isolate issues and minimize outages
- Adding enhanced equipment for proactive issue identification
- Expected completion in early 2025

This project is part of FirstEnergy's Energize365 program, a multi-year grid evolution initiative with planned investments of $26 billion between 2024 and 2028. The program aims to create a smarter, more secure grid to meet future challenges, including electric vehicle adoption and clean energy integration.