FirstEnergy Plots T&D Growth as Damage from Ohio Scandal Lingers
Attachment: FirstEnergy 0823
August 17, 2023--Researched by Industrial Info Resources (Sugar Land, Texas)--After enduring months of headlines featuring words like "bribery" and "corruption," FirstEnergy Corporation (NYSE:FE) (Akron, Ohio) saw some positive year-over-year results for second-quarter 2023, as continued growth from regulated investments and lower operating expenses offset the effects of milder-than-expected weather. The utility is struggling to move past its role in a political scandal that jailed two top state officials.
Industrial Info is tracking more than $1.7 billion worth of active and planned projects from FirstEnergy, more than 80% of which is attributed to transmission and distribution (T&D) projects. FirstEnergy at least enjoyed solid financial results for the second quarter, during which the utility's Regulated Transmission business saw its rate base increase 8.2% from the second quarter of 2022. T&D projects account for all of FirstEnergy's major project proposals across Ohio.
