President and CEO Brian X. Tierney highlights company's progress and strong position in shareholder address; Company announces preliminary voting results AKRON, Ohio, May 22, 2024 /PRNewswire/ -- Speaking at the company's 2024 Annual Meeting of Shareholders, FirstEnergy Corp. (NYSE: FE) President and Chief Executive Officer Brian X. Tierney said FirstEnergy has become a stronger and more resilient company with a foundation of integrity and a very bright future. "We have a strong foundation, clear focus and ...

Financial Data and Key Metrics Changes - The company reported a significant increase in total equity on its balance sheet, which rose by 25% in the three months ended March 31, 2024, following a strategic transaction that raised $3.5 billion [46][48]. - The company enhanced its dividend payout, with an annual rate of $1.7 per share in 2024, representing a 6.25% increase compared to dividends declared in 2023 [49]. Business Line Data and Key Metrics Changes - The company introduced the Energize 365 program, a five-year $26 billion investment plan focused on enhancing its wires business, with 75% of investments in rate structures allowing for rapid cost recovery [37][38]. - Approximately 45% of the capital program is allocated to FERC regulated transmission investments, which include projects like offshore wind in New Jersey and new data center loads [38]. Market Data and Key Metrics Changes - The company is experiencing growing electricity demand due to the electrification of sectors such as transportation and home heating, as well as from large users like data centers [35]. - The company achieved several important regulatory milestones, including necessary revenue increases through three base rate cases, which will support investments in reliable and affordable service [44]. Company Strategy and Development Direction - The company aims to become one of the nation's premier electric companies by focusing on a business model that includes investing, operating, recovering costs, and financing regulated utility operations [36]. - The company is committed to achieving carbon neutrality for Scope one emissions by 2050 and is taking steps to reduce greenhouse gas emissions within its operational control [53]. Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in 2023, including unseasonably mild weather, but emphasized that the company managed costs effectively and increased customer-focused investments [43]. - The company is confident in its ability to achieve a targeted annual operating earnings growth rate of 6% to 8% through its strategic initiatives and investments [37]. Other Important Information - The company has made significant contributions to community support, with over $10 million donated to various organizations and nearly 28,000 hours spent volunteering by employees in 2023 [52]. - The company has implemented a new operating structure that includes five major businesses, which will enhance local accountability and operational performance [42]. Q&A Session Summary Question: What is the company's approach to integrating climate-related measures into executive compensation? - The board recommended against a proposal to integrate climate-related measures into executive compensation, stating that the current structure is sufficient [14][21]. Question: How does the company plan to address the callback policy for unearned executive pay? - The board also recommended against a proposal to improve the callback policy, indicating that the existing policy is adequate [17][21]. Question: What steps is the company taking to ensure fiduciary duty in its decarbonization commitments? - The board recommended against a proposal requesting a report on financial statement assumptions and climate change, asserting that the company is already fulfilling its fiduciary duties [22][28].

Business unit leaders with expanded executive responsibilities to support better execution and customer investments at the local level Jim Fakult, President, New Jersey Operations, to retire after 37 years of service Jim Fakult, President, New Jersey Operations, has decided to retire after 37 years of service, including 11 years in his current role. He will remain with the company through September 1 as Mokoid transitions into his new role. Smith: "I thank Jim for his many contributions during his career at ...

Work to replace the insulators began in August 2022 and was completed in March. Several poles were also replaced as part of the $5 million project. Carl Bridenbaugh, FirstEnergy's Vice President of Transmission: "This new, upgraded equipment will help prevent potential outages and ensure that our transmission system continues to serve customers safely and reliably in the future." FirstEnergy is dedicated to integrity, safety, reliability and operational excellence. Its electric distribution companies form o ...

Exercise familiarizes FirstEnergy employees with storm roles and processes READING, Pa., May 20, 2024 /PRNewswire/ -- FirstEnergy Pennsylvania Electric Company (FE PA), a subsidiary of FirstEnergy Corp. (NYSE: FE) doing business in eastern Pennsylvania as Met-Ed, recently completed an annual emergency preparation drill focused on testing its storm restoration process in the event severe weather causes outages throughout its vast and heavily forested service area. Met-Ed serves approximately 592,000 customer ...

Foil balloons, drones, fireworks and power lines don't mix FirstEnergy also encourages customers to leave the large, colorful fireworks displays to the professionals. Extra caution should be used when handling fireworks, firecrackers and rockets at home, and they should only be lit in open areas where no power lines are in sight. Should a firework accidentally come in contact with a power line or equipment, leave it alone and immediately call 911 to report the problem. To help ensure holidays and celebratio ...

AKRON, Ohio, May 17, 2024 /PRNewswire/ -- FirstEnergy Corp. (NYSE: FE) has named Deandra Williams- Lewis to the role of Chief Privacy Officer, in addition to her current role as Director, Ethics & Compliance, effective May 19. In this newly created role, Williams-Lewis will guide FirstEnergy's stewardship of sensitive customer and employee information while continuing to oversee the management of ethics and compliance risks; promoting ethical business conduct; developing policies, procedures and controls; a ...

The Illuminating Company invests $19.7 million to reinforce the power grid during severe weather CLEVELAND, May 15, 2024 /PRNewswire/ -- The Illuminating Company, a FirstEnergy Corp. (NYSE: FE) subsidiary, is conducting tree trimming and other vegetation management work in communities across its northeast Ohio service area as part of its ongoing efforts to help enhance electric service reliability. This year's $19.7 million tree-trimming program will help keep power flowing to customers by helping to preven ...

Potomac Edison invests $14.7 million to reinforce the power grid during severe weather WILLIAMSPORT, Md., May 14, 2024 /PRNewswire/ -- FirstEnergy Corp. (NYSE: FE) subsidiary Potomac Edison is conducting tree trimming and other vegetation management work in communities across its Maryland service area as part of its ongoing efforts to help enhance electric service reliability. This year's $14.7 million tree-trimming program will help keep power flowing to customers by helping to prevent tree-related outages ...

Switch to LEDs estimated to save city nearly $77,000 in electricity costs each year Significant improvements in visibility and security after LED streetlights were installed have been observed in communities within Toledo Edison's service area, such as the city of Toledo and Perrysburg, as well as in other areas in FirstEnergy's footprint. According to data from the city of Toledo, when LED lights were installed in the Old South End section of the city in 2017, violent crimes went down by 37% the following ...