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As FirstEnergy marks its 25th anniversary this week, it is recognizing the 12,000 employees who are driving the company’s transformation and lighting the way in the communities where they live and work.
Employees from across the company will join Board Chair and Interim President and Chief Executive Officer John W. Somerhalder II and other executives to ring the closing bell at the New York Stock Exchange today. A live stream of today’s 4 P.M. Closing Bell event can be viewed online at https://www.nyse.com/bell.
Further reflecting FirstEnergy’s long held belief that employees are essential to its success, the company has added “Employee” as a fourth pillar of its Corporate Responsibility framework. The company’s commitment to its Employee, Environmental, Social and Governance (EESG) priorities is reflected in its refreshed Corporate Responsibility website, which was published this week.
Moving the interests of employees into the forefront of the company’s corporate responsibility framework pays tribute to their role in executing FirstEnergy’s strategy. It also underscores the company’s commitment to building a safe, inclusive, equitable and rewarding work environment where employees can thrive and diversity and innovation drive continuous improvement.
“We are transforming FirstEnergy by revitalizing our corporate culture, strengthening our financial profile and optimizing our performance through customer-centered investments in innovation and technology,” Somerhalder said. “Our progress is a testament to the hard work and passion of our 12,000 employees. They have stepped up time and again to serve our customers, meet our commitments to stakeholders and stay focused on strengthening our company for the future.”
Corporate Responsibility Website and Climate Risk Report
The refreshed Corporate Responsibility website is structured around the company’s EESG initiatives and describes the company’s high standards for corporate governance; commitment to building an engaged and empowered workforce; efforts to protect the environment; and work to provide safe, reliable electric service to customers as it improves lives in its communities. The website also provides data and other resources that track the company’s progress as it strives to achieve its vision and goals.
This includes an updated Climate Report. Following guidance from the Task Force on Climate-related Financial Disclosures (TCFD), the report details FirstEnergy’s climate governance practices, risk management processes, climate targets and decarbonization efforts. It also provides climate risk and opportunity insights from low- and high-carbon scenario analyses.
It also describes the alignment of FirstEnergy’s business and climate strategies and examines its progress toward its climate goals. As of year-end 2021, FirstEnergy achieved a 12% reduction in companywide Scope 1 greenhouse gas (GHG) emissions from its 2019 baseline, progressing toward its goals of a 30% decrease in GHG emissions by 2030 and carbon neutrality by 2050.
In addition, the company continues investing in its distribution and transmission systems to enable the evolution to a low-carbon future and support our climate strategy. Most recently, FirstEnergy’s Jersey Central Power & Light (JCP&L) subsidiary was awarded a contract of more than $720 million to connect clean energy generated by New Jersey’s offshore wind farms to the power grid.
To enhance oversight between climate-related matters and business strategy, this year FirstEnergy established a management-level Climate Subcommittee comprised of leaders from across the company. The subcommittee is designed to facilitate business unit engagement in climate-related initiatives and monitors and assesses FirstEnergy’s climate-related progress against peer performance and stakeholder expectations.
“Climate change is among the most important issues of our time, and we’re committed to doing our part to enable a low-carbon future for the communities we serve,” Somerhalder said. “We see our customer-focused transmission and distribution investments as key to reliably supporting the energy transition. And we believe our company is well-positioned to mitigate risks and act on opportunities across multiple climate scenarios.”
FirstEnergy is dedicated to integrity, safety, reliability and operational excellence. Its 10 electric distribution companies form one of the nation’s largest investor-owned electric systems, serving customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. The company’s transmission subsidiaries operate approximately 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Follow FirstEnergy on Twitter @FirstEnergyCorp or online at www.firstenergycorp.com.
