Core Viewpoint - FirstEnergy Corp. has appointed Brian X. Tierney as Chair of the Board, effective January 1, 2025, while John W. Somerhalder II will remain a director, and Lisa Winston Hicks will continue as Lead Independent Director [1][2]. Group 1: Leadership Changes - Brian X. Tierney has been unanimously elected as Chair of the Board, succeeding John W. Somerhalder II [1][2]. - The Board believes that combining the roles of CEO and Chair will enhance the company's ability to deliver secure and reliable energy through its Energize365 capital investment program [2][3]. - Tierney has been serving as President and CEO since June 1, 2023, and has extensive experience in the electric utility sector [4]. Group 2: Company Strategy and Vision - FirstEnergy is focused on creating shareholder value by fulfilling financial commitments and driving continuous improvement across its regulated electric companies [3]. - The company aims to capitalize on opportunities presented by the energy transition while maintaining a strong independent Board leadership under Lisa Winston Hicks [3]. Group 3: Company Overview - FirstEnergy operates one of the largest investor-owned electric systems in the U.S., serving customers across several states including Ohio, Pennsylvania, and New York [5]. - The company's transmission subsidiaries manage approximately 24,000 miles of transmission lines connecting the Midwest and Mid-Atlantic regions [5].

FirstEnergy encourages caution when gifting and flying drones this seasonAKRON, Ohio, Dec. 17, 2024 /PRNewswire/ -- December is National Safe Toys and Gifts Month, which highlights the importance of being cautious about the gifts we give to our loved ones this holiday season. FirstEnergy Corp. (NYSE: FE) reminds customers to keep electrical safety in mind while selecting and trying out new toys and products received during the holidays.Drones are one of the hottest holiday gifts again this year. Understandi ...

Recipients provide support to vulnerable individuals across FirstEnergy's Ohio service areaAKRON, Ohio, Dec. 13, 2024 /PRNewswire/ -- The FirstEnergy Foundation has granted "Gifts of the Season" totaling $60,000 to four nonprofits that are working to make lives better in Ohio communities served by FirstEnergy Corp (NYSE: FE) electric companies Ohio Edison, The Illuminating Company and Toledo Edison. Watch a video explaining how these FirstEnergy Foundation grants will strengthen Ohio communities on FirstEne ...

Company offers tips for customers to manage seasonal heating billsHOLMDEL, N.J., Dec. 4, 2024 /PRNewswire/ -- Jersey Central Power & Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), has completed preventative maintenance and inspections to reinforce the electric grid in its 3,200-square-mile service region and help keep power flowing safely and reliably to customers during the chilly winter months.The work, which includes proactive assessment of key equipment, vehicles and the environment surrou ...

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]