You're watching...
FirstEnergy CEO Anthony Alexander on how the winter storm that hit the Northeast impacted utilities and the role of natural gas in the company’s fut...
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
-- them.
All right well this weekend's snowstorm I -- -- utility companies right in the face for once we've gotten great news to break though from one heavily exposed utility.
First energy provides electricity to millions of customers in the northeast.
The most Clinton is live -- in Cleveland what's happened -- first energy's CEO -- -- Yeah -- -- how about the six million customers in three of what would be the hardest hit states New Jersey Maryland Pennsylvania.
Tony Alexander is the CEO and president -- FirstEnergy and a Fox Business exclusive let's get right to -- that's how do you -- when the storm.
-- not about the storm that just -- this weekend well we did okay.
We were we got about a foot of snow primarily in New Jersey and Western Pennsylvania.
But this the system held together well hold got most customers back on relatively quickly so -- We were prepared -- a lot of people on the ground and and most of that the damage was focused much more into the northeast to the point where -- started offering some of your workers to help other.
Utility companies are out -- that is -- of the great advantages of the utility industry where we've we truly do help each other in -- -- -- -- storm like this because.
You need those resources could -- really rebuilding from an area typically when a major storm comes through.
And being able to rely on the resources of other companies first energy's large enough that it could rely on essential of the resources of the the ten companies that we hand off.
Can move resources in before we go outside but we use both inside and outside contractors when it's time to restore service one of these events -- Do not do not envy any utility company especially on the East Coast when you deal with things like hurricane sandy or these gigantic storms.
Because people want it done right away they want to get snapped power lines magically fixed.
What if -- learned in the past that's really helped you now I know you guys now have an app where people come immediately jumped bond.
If they've got Wi-Fi at least and then complain that they do have an -- so that you know exactly where to pinpoint.
Well I think all of those things help I think in what we're what we're concentrating.
Mostly on at this point.
He's trying to get information to customers -- more relevant and more timely.
Should they have a better sense for win the restoration efforts will be.
Don't concentrated in -- area and give them a better sense for when service will be -- restored.
Give a 194000.
Miles of distribution lines some of your businesses involved everything from nuclear -- coal Hydro to wind which wants emerging.
As the best for you guys -- made everybody talks about natural gas right now because there's so much for that its plentiful it's -- what is the really emerging as a winner for -- So I think at this point.
If if we look to the future of the natural gas is the clear game changer for the next few years anyways.
It's.
Relatively available we know which -- they are.
We have great expectations for.
It's deliver ability as we as we as we develop these fields.
So I think in the near term -- that natural gas will be the logical choice.
But in our industry -- really need to have a balanced portfolio.
But what the president just rely on -- on president says all of the above trend and so therefore you're you're ready no matter which one.
Spikes in price well -- it's that's that's part of that but they all have different rules to its nuclear is more based float has has more capability.
24 hours a day 365.
Days a year.
Natural gas can cycle.
But remember when we need natural gas as a utility.
Electric utility generating power is -- same time that every single customer.
Who uses natural gas to heat their homes is trying to use those same pipeline -- So there's not a lot of infrastructure that would need to be put in place shall we can balance those do.
Things -- we were just showing some stats on your stock it's down about 5% year over year which surprises maybe -- got a very attractive dividend of five and a half percent in fact out of the 139 utilities.
Out there that that offer dividends -- your fifth highest so my question is this Exelon -- of your competitors just announced a dividend cut.
For whatever reason can you articulate your dividend plan I know you're in a quiet period but what is the message you want to stand to investors about your dividend.
I think he's been pretty consistent that we have a stable dividend solid.
-- sure is well supported by the regulated side of our business.
And it.
I look to our dividend.
As say as a real -- for the company because it is solid it is stable it is fully supported by our operations.
Particular are regulated operations.
Were much different then that some of the other company south.
Before we go I wanna just ask Europe the Europe thoughts on the fact that you guys are now gonna have your name slapped on the Cleveland Browns Stadium that -- that is great FirstEnergy you've got the naming rights yes I UN Jimmy have -- the new owner -- that shook the hand.
It can you say how much is spent on trying to get him to -- much is spent.
But -- all over the newspapers.
And it's just part of our overall advertising program where we are competitive company when it comes a generation it's important for customers to understand that they have a choice.
And that we are one of the choices of -- we hope they will -- seek out and -- use our service.
Six million over seventeen years -- a -- -- hurt.
For seventeen years.
It sounds pretty close at about credit outlook -- in the much they've got a good deal all right so what Canseco grounds here in Cleveland good to see -- Tony thank you very much thank you live.
There's that was the rendering their gonna put up the real -- found.
Make -- flashing lights with glitter okay.
Tony Alexander the CEO and president FirstEnergy Cheryl I'll send it back to you.
Liz I'm Marty naming your graphics package for Liz claim in live opening day at first energy -- -- I just cannot let that go brown people up again.
All right.
