Lakewood councilman questions FirstEnergy CEO about outages

FirstEnergy Corp (FE) reported Q2 2026 revenues of $3.68B, up 8.8% YoY, and operating income of $677M, up 23.8%. Growth driven by higher rates, customer demand, and investments. FE's Energize365 plan aims for 10% CAGR rate-base growth through 2030. Evergy (EVRG) and PPL Corp (PPL) also reported revenue and income growth in Q2 2026.

Peter Thiel's hedge fund, Thiel Macro, reported a $418.7M portfolio, with seven of eight positions in energy companies, including Vista Energy, Vistra, and American Electric Power. The fund's largest holding is Amazon, at $118M, 28% of the portfolio, betting on AI-driven electricity demand.

Pennsylvania will expedite permitting for data centers that commit to new power supplies, including clean energy, under an executive order by Gov. Shapiro. Projects must meet power, environmental, and cost-responsibility requirements. Jefferies analysts note this could impact power producers like Talen Energy, Vistra, and PSEG Power. Utilities PPL and FirstEnergy have significant data center load agreements, potentially affected by the order.

Ohio’s PUCO issued a “notice of probable noncompliance” to FirstEnergy’s Cleveland Electric Illuminating Company after prolonged Lakewood power outages in July 2026, following a resident survey and an open letter from Lakewood City Council and Mayor. PUCO said the utility must respond by Aug. 21, 2026. The article cites outage durations averaging 12 hours, with some up to 48.

Utility Dive roundup covers US climate grants, state VPP and microgrid bills, and utility earnings and projects. It notes a divided appeals court blocked EPA efforts to reclaim $20B Greenhouse Gas Reduction Fund grants. It also cites Southern Co’s 17 GW large-load contracts, Eversource’s Q2 income drop, and PJM’s capacity backstop plan amid data-center demand.

FirstEnergy’s Cleveland Electric Illuminating (CEI) reported progress on a 2025 reliability plan in Lakewood, including breaker replacements and smart-meter rollout, but two replacement transformers at the Lakewood substation were not energized when outages returned June 30. Ohio regulators (PUCO) proposed a $3.05 million penalty and additional cable-related work after renewed failures.