FirstEnergy (FE) Ordered to Pay Over $250 million in Penalties

FirstEnergy Corp. (NYSE:FE) is included among the 14 Best Utility Dividend Stocks to Buy Now.

FirstEnergy Corp. (NYSE:FE)’s 10 electric distribution companies form one of America’s largest investor-owned electric systems, serving customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland, and New York.

FirstEnergy Corp. (NYSE:FE) suffered a blow on November 20 when the company was ordered by the Ohio Public Commission to cough up more than $250 million in penalties and refunds, as a result of its misconduct in a sweeping Statehouse bribery scandal five years ago. The company has previously admitted to paying hefty bribes to state officials to pursue legislation that would benefit it, and also agreed to pay $230 million to avoid persecution. However, the utility commissioners still want the energy giant to face regulatory consequences for its actions.

FirstEnergy Corp. (NYSE:FE) stated the following regarding the development:

“Today’s PUCO decision regarding the legacy audits closes a chapter tied to activities that do not represent the company we are today. Between 2025 and 2029, we plan to invest $7.3 billion in our Ohio transmission and distribution infrastructure, people, processes and facilities.”

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