First Energy Corporation (NYSE : FEC) has been recognized as one of the largest diversified energy companies in the country. It operates and owns various infrastructure for utilities in the Central U.S., including approximately 24,000 miles of transmission lines, as well as a generation fleet that boasts more than 5,000 megawatts of capacity. The company provides a range of energy-related products and services to millions of customers across six states, in addition to commercial and industrial customers in the Mid-Atlantic and Northeast.
Among its major assets are a contracted wind capacity of over 2,200 megawatts and hydroelectric power of more than 3,300 megawatts. This is only one aspect of FirstEnergy’s efforts to use more sustainable and eco-friendly sources of electricity. FirstEnergy is committed to reducing waste at source as well as its renewable sources. It plans to invest $4.2B over the next five year in its transmission program “Energizing the Future”, which will improve the reliability and capabilities of its transmission system.
While the main operations of the company are in Ohio, it is also a major provider of power to the mid-Atlantic region, as well as the Midwest. Currently, it serves approximately six million customers in these regions and is the fourth-largest owner of electric infrastructure in the Central U.S. The corporation produces approximately one-third of its energy using no carbon.
The company is a pioneer in smart technology and has invested more than $10 billion in environmental initiatives in the last 40 year. Its distribution utilities that are regulated are the Potomac Edison Company and Jersey Central Power & Light. FirstEnergy uses new technology, more efficient equipment and technology to provide clean energy to millions of customers.
As part of its “Energizing the Future” program, FirstEnergy has invested more than $4 billion in a variety of projects to increase the reliability and capacity of its transmission lines. The company plans to continue the project through 2021. In addition the company is looking for applicants for its Electrical Utility Technology Program, which concentrates on general education and technical skills training.
The company is dedicated to safety and operational excellence and is committed to providing green energy to its customers. FirstEnergy’s aim is to positively impact communities via recycling and other programs that encourage reduction of waste at the source. Additionally the company is involved in efforts to integrate intelligent technology into the power grid.
As a licensed distribution utility, FirstEnergy received a $612 million grant from the Public Utility Commission of Ohio (PUCO) through a rider to stabilize its credit rating. The company applied for an extension of two years to the original rider.
In the event of a merger, the company that is merged would continue to use the FirstEnergy name, but it would have the benefit of a larger board of directors. A transition steering committee will be comprised of senior executives from both companies. Alexander will remain FirstEnergy’s chief executive, while Paul J. Evanson will be the executive vice chairman. Both parties anticipate the merger to be completed within 12 to 14 months, depending on the timing of the merger and the approvals from regulatory authorities.
