FirstEnergy Corporation’s FE expanding regulated base and improving transmission lines are expected to boost its earnings. Also, the company’s efforts to reduce emission levels are likely to be beneficial in the future.The Zacks Consensus Estimate for 2021 earnings is pegged at $2.53 per share, indicating growth of 5.86% from the year-ago reported figure. Also, the consensus mark for current-year revenues stands at $11.27 billion, suggesting 4.49% growth from the prior-year reported number. In the past three months, shares of this presently Zacks Rank #3 (Hold) company have gained 9.3%, outperforming the industry’s rise of 1.3%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Three Months Price PerformanceImage Source: Zacks Investment ResearchWhat’s Driving the Stock?FirstEnergy’s efforts to extend its regulated generation mix lent consistency to its long-term earnings. The utility’s transmission and distribution operations are spread across 65,000 square miles in six states and its rate structure provides stability during an economic crisis. Its investment in strengthening the transmission and distribution lines will enable it to serve its six million customers more efficiently. The utility anticipates investment of up to $2.9 billion in reinforcing its transmission and distribution network during 2021.Moreover, the company reaffirmed its long-term CAGR projection of 6-8% for operating earnings during the 2018-2021 forecast period and expects the same to be 5-7% for the 2022-2023 time frame.The pandemic reduced demand from the commercial and industrial space but owing to the revival of economic activities, it might improve in the ongoing year. Also, the company generates nearly 65% of its distribution revenues from its residential customers and demand from such clients is steadily increasing on the back of extended stay-at-home directives. This is likely to strengthen its prospects in this difficult phase.FirstEnergy is focused on lowering its emission levels and undertook initiatives to that end. In November 2020, it updated its target to become net carbon neutral by 2050. Other electric utilities like Alliant Energy Corporation LNT, CMS Energy Corporation CMS and Pinnacle West Capital PNW are also making sustained efforts to expand their renewable portfolio alongside trimming toxic emissions.WoesHowever, FirstEnergy still possesses coal-fired generating plants that are required to comply with the federal, state and local environmental statutes, thereby elevating its costs. Thus, a likely escalation in the compliance costs might affect the company’s profitability. The risks related to unplanned outages and an unexpected delay in completing the ongoing capital project remain headwinds.+1,500% Growth: One of 2021’s Most Exciting Investment OpportunitiesIn addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.Click here to download this report FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report FirstEnergy Corporation (FE): Free Stock Analysis Report CMS Energy Corporation (CMS): Free Stock Analysis Report Pinnacle West Capital Corporation (PNW): Free Stock Analysis Report Alliant Energy Corporation (LNT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research