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4-Traders Homepage  >  Equities  >  Nyse  >  FirstEnergy Corp.    FE

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FirstEnergy : Temperatures continue to soar in Akron, big change coming Thursday with overnight lows in the 40s

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09/26/2017 | 01:10am CEST

Sept. 26--The heat will remain turned on -- as will the AC -- for at least another day or so.

Akron has already tied two weather records over the past few days and reached temperatures of 87 and above six days in a row.

The National Weather Service says we will have to endure at least two more days of above-normal temperatures as the expected high Tuesday will be near 90 and in the upper 80s on Wednesday.

But relief is within sight and you might even be looking for your jacket by the weekend.

Forecasters say a weak cold front is expected to slide across the state Wednesday night, ushering in more "typical" fall temperatures in the 60s into the weekend with overnight lows flirting in the mid 40s by Friday.

Precautions taken

The heat wave prompted a handful of Cleveland-area school systems to close Monday.

Akron schools spokesman Mark Williamson said the ongoing districtwide rebuilding effort means the new community learning centers -- 31 in all -- are air conditioned.

"As for the handful of other schools without A/C, we are supplying fans and lots of bottled water for staff and students and allowing principals to alter dress codes as necessary," he said.

Akron schools athletic director Joe Vassalotti said coaches are using a variety of ways to ensure the safety of the student athletes.

Vassalotti said water is available at all times, some practices have been shortening the time on the field and, in the case of football, they aren't working out in full gear.

Power on

There have been no calls for conservation of energy just yet.

FirstEnergy spokesman Mark Durbin said PJM Interconnection that monitors and coordinates the power grid here and in much of Northeast issued an "alert" over the weekend urging utilities to prepare for a spike in energy consumption as customers crank up the AC and turn on the fans.

Another alert has been issued for Tuesday.

Systemwide in Ohio and Western Pennsylvania, Durbin said, FirstEnergy company customers consumed about 11,600 mega watts of electricity.

A year ago on the same date, these same customers plugged in for 7,400 mega watts.

"That's a lot of power being used," he said.

Durbin said FirstEnergy crews work hard in so-called quiet months to maintain transformers and power lines for extreme temperatures from sub-zero winter months to weird 90-plus-degree late September days.

"That's why we invest in the system," he said. "It's pretty robust."

Records set

It has been a record run -- temperature wise -- with two ties for the record highs at the Akron Canton Airport set during the heat wave.

The high of 92 on Sunday at the airport tied a record set back in 1908. Saturday's high of 91 degrees tied a previous record set in 1936.

When the temperatures eclipsed 90 degrees at Cleveland Hopkins International Airport on Monday morning another record high was set -- making it five straight dates of record-breaking heat at the airport eclipsing records that date as far back as 1891.

All is well

The emergency rooms were not empty over the weekend.

But most of those seeking treatment at Akron Children's Hospital were for typical sports-related mishaps.

Temperatures soared to the unseasonably hot 90s, but most heeded the advice of experts and stayed well hydrated at soccer, cross country and football games.

Akron Children's Hospital spokesperson Laurie Schueler said a check with supervisors at its emergency room found no unusual spike in heat-related illnesses.

Business as usual

Like the rest of us, Nik Pappas, co-owner of Pav's Creamery in the Akron area, sweated out this past weekend.

So when Monday rolled around, Pappas said, he was curious to see whether the spike in temperatures translated into a spike in business at the ice cream stands he runs in the area.

Even with a 30-degree or so rise in temperatures compared to a year ago, business was exactly the same this weekend as last year, Pappas said.

This just confirmed his belief that when it comes to the ice cream business it is like a "switch" goes off when school starts and business just trails off until the crowds return at the start of spring.

He even try to woo fall lovers with special flavors like pumpkin pecan pie and maple bourbon and Nutella s'mores.

"It is such a bizarre thing," he said. "Once fall hits people just switch off ice cream."

Craig Webb, who relented and turned the AC back on at his home, can be reached at [email protected] or 330-996-3547.

___

(c)2017 the Akron Beacon Journal (Akron, Ohio)

Visit the Akron Beacon Journal (Akron, Ohio) at www.ohio.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

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Financials ($)
Sales 2017 14 546 M
EBIT 2017 2 973 M
Net income 2017 1 190 M
Debt 2017 21 997 M
Yield 2017 4,64%
P/E ratio 2017 11,70
P/E ratio 2018 12,00
EV / Sales 2017 2,46x
EV / Sales 2018 2,50x
Capitalization 13 822 M
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Technical analysis trends FIRSTENERGY CORP.
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Mean consensus HOLD
Number of Analysts 18
Average target price 34,5 $
Spread / Average Target 11%
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Managers
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Charles E. Jones President, Chief Executive Officer & Director
George M. Smart Non-Executive Chairman
James F. Pearson Chief Financial Officer & Executive Vice President
Paul T. Addison Independent Director
William T. Cottle Independent Director
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