Company offers tips for customers to manage seasonal heating billsWILLIAMSPORT, Md., Dec. 4, 2024 /PRNewswire/ -- With colder months expected to produce higher electric use, Potomac Edison, a FirstEnergy Corp. (NYSE: FE) electric company, has completed inspections and maintenance across its Maryland service area to help support electric system reliability as temperatures drop this winter. Don McGettigan, FirstEnergy's Acting President, Maryland: "Ensuring our system is well-prepared for the challenges of wi ...

Company offers tips for customers to manage seasonal heating billsFAIRMONT, W.Va., Dec. 3, 2024 /PRNewswire/ -- With colder months expected to produce higher electric use, FirstEnergy Corp. (NYSE: FE) electric companies Mon Power and Potomac Edison have completed inspections and maintenance across their West Virginia service areas to help support electric system reliability as temperatures drop this winter.  Potomac Edison Logo (PRNewsfoto/FirstEnergy Corp.) Jim Myers, Vice President of FirstEnergy's W ...

FirstEnergy Corporation (FE) continues to benefit from a growing regulated base, and the expansion of distribution and transmission lines is expected to improve operations further. The company’s strategic investment will likely increase grid reliability and enable efficient customer service.However, this Zacks Rank #3 (Hold) company faces risks related to delays in the base rate request approval and seasonal factors.Tailwinds for FirstEnergyThe utility’s efforts to expand its regulated generation mix stabil ...

Core Viewpoint - FirstEnergy reported a decline in Q3 earnings and sales, missing consensus estimates and lowering its 2024 EPS guidance, while still maintaining a long-term growth outlook and capital investment plan. Financial Performance - Q3 2024 operating earnings were 85 cents per share, missing the Zacks Consensus Estimate of 95 cents by 6.6% [2] - Earnings decreased 3.4% from the previous year's figure of 88 cents, attributed to higher storm restoration costs and lower distribution revenues in Ohio [3] - Total revenues were $3.73 billion, missing estimates by 6.4%, but increased 6.9% from $3.48 billion in the prior year [5] - Operating expenses rose to $3 billion, up 6.4% from $2.82 billion year-over-year [7] Segment Performance - Distribution Services and Retail Generation revenues totaled $3.07 billion, up 6.9% year-over-year [6] - Transmission segment revenues amounted to $0.56 billion, reflecting a 9.4% increase from the prior year [6] - Other segment revenues were $104 million, down from $110 million in the previous year [6] Guidance and Future Outlook - The company revised its 2024 EPS guidance to a range of $2.61-$2.71, down from $2.61-$2.81, with the Zacks Consensus Estimate at $2.70 [11] - FirstEnergy reaffirmed its long-term annual operating EPS growth rate of 6-8% and plans to continue its capital investment of $26 billion for 2024-2028 [11] - Capital investment for 2024 was raised to $4.6 billion, a 24% year-over-year increase [12] Liquidity and Debt - As of October 28, 2024, available liquidity was $6.03 billion, including cash and cash equivalents of $290 million [9] - Long-term debt totaled $21.6 billion, down from $22.89 billion at the end of 2023 [9] Industry Context - FirstEnergy is part of the Zacks Utility - Electric Power industry, with Avangrid (AGR) reporting a 5.5% year-over-year revenue increase in its latest quarter [16] - Avangrid's expected earnings for the current quarter show a year-over-year decline of 36.1% [17]

Brings more than 35 years of experience leading large-scale technology transformations AKRON, Ohio, Nov. 26, 2024 /PRNewswire/ -- FirstEnergy Corp. (NYSE: FE) announced today that Mark Andrade has been named Vice President, Enterprise Technology, effective Dec. 2. In this role, Andrade will drive FirstEnergy's technology modernization and digital transformation in support of the company's strategic vision. He will report to John Combs, Senior Vice President, Shared Services.  John Combs, Senior Vice Preside ...

Core Points - FirstEnergy Corp. has been awarded $50 million in federal funding to enhance electric service reliability for over 53,000 customers in West Virginia and Maryland [1][2] - The funding is part of the Grid Resilience and Innovation Partnerships (GRIP) Program established by the Bipartisan Infrastructure Law [1] - The total system upgrades are estimated to cost nearly $127 million, benefiting approximately 50,660 customers in West Virginia and 2,500 customers in Maryland [2] Project Details - The planned upgrades will include the installation of new technology and equipment aimed at reducing the number and duration of outages [3] - More than 450 critical facilities, including schools and hospitals, will benefit from improved electric service reliability [3] - Specific upgrades include smart devices on power lines for remote damage isolation, automation projects for switching customers to adjacent power lines during outages, and new wires capable of carrying increased electrical current [4] Customer Impact - In Mon Power's service area, approximately 47,260 customers across 13 counties will benefit from the upgrades [5] - In Potomac Edison's service area, around 3,400 customers in three counties in West Virginia and 2,500 customers in Western Maryland will see improvements [5] Workforce Development - The project will also create a new four-year apprenticeship program with training centers in Williamsport, Maryland, and Fairmont, West Virginia [6] - This program aims to address the ongoing need for new line workers and substation electricians, providing hired apprentices with paid, full-time employment during their training [6] Additional Funding - Earlier in the fall, Mon Power received an additional $5 million in federal funding for a project aimed at enhancing electric service reliability in rural West Virginia [7]

Grid upgrades will also relocate lines away from hard-to-access railroad tracksHOLMDEL, N.J., Nov. 13, 2024 /PRNewswire/ -- Jersey Central Power & Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), is relocating and upgrading power lines in portions of Bernardsville, Somerset County, to enhance electric service for customers in Bernardsville and nearby towns. The $1.75 million project is expected to be completed later this month.The project involves moving a section of power line extending from JC ...

Honor from national military support organization recognizes workplace and supplier diversity opportunities for veterans and their familiesAKRON, Ohio, Nov. 12, 2024 /PRNewswire/ -- For the ninth time in the past 10 years, FirstEnergy Corp. (NYSE: FE) has been designated a Military Friendly® Company by Military Friendly, a national organization supporting the U.S. military and its veterans. The recognition is one of four awards FirstEnergy earned this year from Military Friendly, which were announced on Vet ...

Sagot brings two decades of finance and utility experience; Davies brings three decades of experience driving operational excellence and enterprise transformationAKRON, Ohio, Nov. 8, 2024 /PRNewswire/ -- FirstEnergy Corp. (NYSE: FE) announced today that Karen Sagot has been named Vice President, Investor Relations, effective Nov. 10, and Sean Davies has been named Vice President, Continuous Improvement, effective Nov. 18.As Vice President of Investor Relations, Sagot will lead and execute FirstEnergy's inve ...

New and expanded programs designed to meet increased energy savings targetsHOLMDEL, N.J., Oct. 31, 2024 /PRNewswire/ -- Jersey Central Power and Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), has obtained approval from the New Jersey Board of Public Utilities (BPU) to expand its energy efficiency programs. The two-and-a-half-year program is designed to achieve electricity savings and other objectives of the N.J. Clean Energy Act of 2018 and the N.J. Energy Master Plan.Doug Mokoid, FirstEnergy' ...