FE seems under pressure to do major upgrades on power plants. From no less than major FE shareholders - the pension funds. See NY Times story today.
Power plant upgrade is expensive. FE may decide to upgrade. They can cut dividend alltogther or they can reduce. A full cut is priced in. Reduction will result in stock spike up depending on the level of reduction.
Keeping dividend the same is not likely at this point. Raising dividend - forget about that.
There's an outside chance of serious issues with one or more power plants. Would not lose sleep over it. I'm holding my FE - will let go in high 30s in a couple of years.