FirstEnergy Corp is a diversified public utility company with headquarters located in Akron, Ohio. The company was formed in 1997, with a merger between Centerior Energy and subsidiaries of Ohio Edison. Post-merger, FirstEnergy Corp became a holding
FirstEnergy Corp is a diversified public utility company with headquarters located in Akron, Ohio. The company was formed in 1997, with a merger between Centerior Energy and subsidiaries of Ohio Edison. Post-merger, FirstEnergy Corp became a holding company.
FirstEnergy Corp, along with its affiliates and subsidiaries generate, transmit and distribute electricity. They are also responsible for energy management and providing ancillary energy-based services.
Collectively, FirstEnergy Corp and its 10 electric utility operating companies make up the US’s 5th largest electric system that is owned by investors. The company has a customer base of more than 6 million, spread across 36,100 square miles of New Jersey, Ohio and Pennsylvania.
FirstEnergy Corp. shares trade on the NYSE under ticker symbol ‘FE’. The company is funded by four investors, including Zimmer Lucas Partners and Elliott Management Corp.
In 2018, the company secured the 219th rank on the Fortune 500 list of the Largest Public Corporations in the US. FirstEnergy Corp has made a successful acquisition of three organisations. The most recent among them was in 2011 when it acquired Allegheny Energy.
In 2018, FirstEnergy Corp decided to shut down its Davis–Besse Nuclear Power Station and Perry Nuclear Generating Station in Ohio and the Beaver Valley Nuclear Power Station based in Pennsylvania. Notably, the decision to close Perry Nuclear Generating Station and Davis–Besse Nuclear Power Station were withdrawn in 2019 when the state of Ohio sanctioned a subsidy to support the plant.
The company ranked 9th in the list of Top 100 Largest Greenhouse Polluters In The Country that was compiled by the University of Massachusetts, Amherst, in 2017. Since then, it has been consistent in its endeavour to provide cleaner energy to the public.
It announced its decision to step away from commodity-exposed generation in 2016. It completed its transformation into a regulated transmission and distribution utility company in 2020.
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