FirstEnergy Subsidiaries Plan 1,200-MW Gas Plant in West Virginia
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 22 hours ago
0mins
Should l Buy FE?
Source: Yahoo Finance
- New Power Plant Announcement: FirstEnergy's subsidiaries Mon Power and Potomac Edison have announced plans to construct a 1,200-MW natural gas-fired power plant adjacent to the Fort Martin Power Station in West Virginia, covering 35 acres, with commercial operations expected to begin by late 2031, aimed at addressing energy deficits and enhancing reliable electric service.
- Significant Investment: The gas plant represents a substantial investment of $2.84 billion, indicating the company's commitment to meeting future energy demands and its strategic positioning in the renewable energy transition, with construction anticipated to start in 2027.
- Solar Project Expansion: In addition to the gas plant, Mon Power and Potomac Edison are seeking approval for three new solar projects totaling 70 MW, to be built on former industrial and reclaimed mining lands, further diversifying their energy portfolio and supporting renewable energy development.
- Commitment to Customer Service: FirstEnergy emphasizes that the new plant will strengthen its power infrastructure in West Virginia, ensuring reliable and affordable electricity for families and businesses, aligning with its Integrated Resource Plan's long-term goals to enhance customer satisfaction and market competitiveness.
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Analyst Views on FE
Wall Street analysts forecast FE stock price to rise
10 Analyst Rating
4 Buy
6 Hold
0 Sell
Moderate Buy
Current: 48.840
Low
46.00
Averages
49.25
High
54.00
Current: 48.840
Low
46.00
Averages
49.25
High
54.00
About FE
FirstEnergy Corp. and its subsidiaries are involved in the transmission, distribution, and generation of electricity through its segments: Distribution, Integrated and Stand-Alone Transmission. The Distribution Segment, which consists of the Ohio Companies and FirstEnergy Pennsylvania Electric Company (FE PA), distributes electricity in Ohio and Pennsylvania. The Integrated segment includes the distribution and transmission operations under Jersey Central Power & Light Company (JCP&L), Monongahela Power Company (MP) and The Potomac Edison Company (PE), as well as MP's regulated generation operations. The segment distributes electricity in New Jersey, West Virginia and Maryland, provides transmission infrastructure, and operates 3,604 MWs of regulated net maximum generation capacity. The Stand-Alone Transmission segment consists of its ownership in FET and KATCo, which includes transmission infrastructure owned and operated by the Transmission Companies and used to transmit electricity.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
FirstEnergy Subsidiaries Plan 1,200-MW Gas Plant in West Virginia
- New Power Plant Announcement: FirstEnergy's subsidiaries Mon Power and Potomac Edison have announced plans to construct a 1,200-MW natural gas-fired power plant adjacent to the Fort Martin Power Station in West Virginia, covering 35 acres, with commercial operations expected to begin by late 2031, aimed at addressing energy deficits and enhancing reliable electric service.
- Significant Investment: The gas plant represents a substantial investment of $2.84 billion, indicating the company's commitment to meeting future energy demands and its strategic positioning in the renewable energy transition, with construction anticipated to start in 2027.
- Solar Project Expansion: In addition to the gas plant, Mon Power and Potomac Edison are seeking approval for three new solar projects totaling 70 MW, to be built on former industrial and reclaimed mining lands, further diversifying their energy portfolio and supporting renewable energy development.
- Commitment to Customer Service: FirstEnergy emphasizes that the new plant will strengthen its power infrastructure in West Virginia, ensuring reliable and affordable electricity for families and businesses, aligning with its Integrated Resource Plan's long-term goals to enhance customer satisfaction and market competitiveness.
See More
Ohio Grid Project Enhances Capacity and Reliability
- Project Approval: PJM Interconnection has approved a major electric transmission project developed by Transource Energy and FirstEnergy Transmission to meet the rising electricity demand in the fast-growing Columbus region, which is expected to boost local economic growth.
- Infrastructure Investment: The project will include approximately 300 miles of new 765-kilovolt power lines and upgrades to several substations, significantly enhancing service reliability; a single 765-kV line can power two million homes while reducing land use and minimizing environmental impact.
- Strategic Collaboration: Transource and FirstEnergy are collaborating through the newly formed Grid Growth Ventures, leveraging their combined expertise and resources to deliver comprehensive and cost-effective solutions to meet emerging demands from manufacturing facilities, data centers, and electric vehicles.
- Future Development Commitment: AEP plans to invest $72 billion from 2026 to 2030 to enhance services and support the growing energy needs of communities, further solidifying its leadership position in the electric transmission sector.
See More
Ohio Transmission Project Enhances Grid Capacity
- Project Approval: PJM Interconnection approved a major electric transmission project on February 12, developed jointly by FirstEnergy Transmission and Transource Energy, aimed at meeting the growing electricity demand in the Columbus region and supporting economic growth.
- Infrastructure Upgrade: The project will include over 300 miles of new 765-kilovolt lines and upgrades to several substations, significantly enhancing service reliability and expected to provide enough power for two million homes in the region.
- Environmental Impact Reduction: By consolidating power in a single corridor, the 765-kilovolt lines will cut land use in half, thereby reducing impacts on the local environment while providing essential power support for emerging manufacturing facilities, data centers, and electric vehicles.
- Strategic Collaboration Benefits: The partnership between FirstEnergy and Transource leverages their respective expertise to deliver smarter solutions to meet regional power capacity needs, aligning with the Federal Energy Regulatory Commission's encouragement of efficient regional transmission development.
See More
Ohio Grid Project Enhances Capacity and Reliability
- Project Approval: PJM Interconnection has approved a major electric transmission project developed jointly by Transource Energy and FirstEnergy Transmission, aimed at meeting the growing electricity demand in the Columbus region of Ohio, which is expected to significantly enhance the area's economic growth potential.
- Infrastructure Upgrades: The project will involve the construction of approximately 300 miles of new 765-kilovolt power lines and upgrades to several substations, which are anticipated to improve service reliability, attract new businesses, and support the expansion of energy-intensive industries.
- Environmental Impact Reduction: By consolidating power in a single corridor, the 765-kV lines will cut land use in half, thereby reducing impacts on the local environment, while one 765-kV line can power the equivalent of two million homes.
- Strategic Collaboration Benefits: The joint development by Transource and FirstEnergy leverages their respective strengths in response to the Federal Energy Regulatory Commission's encouragement of efficient regional transmission development, which is expected to provide robust energy infrastructure support for future business development and community prosperity.
See More
FirstEnergy Plans New 1,200 MW Gas Plant
- Site Selection: FirstEnergy's subsidiaries Mon Power and Potomac Edison have chosen a 35-acre site next to the Fort Martin Power Station in Maidsville for a new 1,200-megawatt natural gas power plant, which is expected to significantly enhance local power supply capacity.
- Construction Timeline: If approved by the West Virginia Public Service Commission, site work could begin as early as 2027, with the plant projected to come online by late 2031, thereby preparing for future energy demand growth.
- Decision Timeline: The company stated on February 13 that it expects a decision from the Public Service Commission within the next year, which will directly impact the project's advancement and investment returns.
- Contextual Background: The advancement of this project aligns with FirstEnergy's efforts to move past its involvement in a $60 million bribery scandal in Ohio, indicating the company's commitment to rebuilding its reputation and pursuing business growth.
See More
Key Companies to Monitor This Week: PCE, Walmart, Palo Alto, Analog Devices, Deere, and Others
- Market Performance: Equities experienced a decline last week, with all three major indexes falling by at least 1.2%.
- Economic Indicators: This downturn occurred despite a better-than-expected jobs report from the Bureau of Labor Statistics and a relatively stable inflation report.
See More
FirstEnergy Subsidiaries Plan 1,200-MW Gas Plant in West Virginia
- New Power Plant Announcement: FirstEnergy's subsidiaries Mon Power and Potomac Edison have announced plans to construct a 1,200-MW natural gas-fired power plant adjacent to the Fort Martin Power Station in West Virginia, covering 35 acres, with commercial operations expected to begin by late 2031, aimed at addressing energy deficits and enhancing reliable electric service.
- Significant Investment: The gas plant represents a substantial investment of $2.84 billion, indicating the company's commitment to meeting future energy demands and its strategic positioning in the renewable energy transition, with construction anticipated to start in 2027.
- Solar Project Expansion: In addition to the gas plant, Mon Power and Potomac Edison are seeking approval for three new solar projects totaling 70 MW, to be built on former industrial and reclaimed mining lands, further diversifying their energy portfolio and supporting renewable energy development.
- Commitment to Customer Service: FirstEnergy emphasizes that the new plant will strengthen its power infrastructure in West Virginia, ensuring reliable and affordable electricity for families and businesses, aligning with its Integrated Resource Plan's long-term goals to enhance customer satisfaction and market competitiveness.
See More
Ohio Grid Project Enhances Capacity and Reliability
- Project Approval: PJM Interconnection has approved a major electric transmission project developed by Transource Energy and FirstEnergy Transmission to meet the rising electricity demand in the fast-growing Columbus region, which is expected to boost local economic growth.
- Infrastructure Investment: The project will include approximately 300 miles of new 765-kilovolt power lines and upgrades to several substations, significantly enhancing service reliability; a single 765-kV line can power two million homes while reducing land use and minimizing environmental impact.
- Strategic Collaboration: Transource and FirstEnergy are collaborating through the newly formed Grid Growth Ventures, leveraging their combined expertise and resources to deliver comprehensive and cost-effective solutions to meet emerging demands from manufacturing facilities, data centers, and electric vehicles.
- Future Development Commitment: AEP plans to invest $72 billion from 2026 to 2030 to enhance services and support the growing energy needs of communities, further solidifying its leadership position in the electric transmission sector.
See More
Ohio Transmission Project Enhances Grid Capacity
- Project Approval: PJM Interconnection approved a major electric transmission project on February 12, developed jointly by FirstEnergy Transmission and Transource Energy, aimed at meeting the growing electricity demand in the Columbus region and supporting economic growth.
- Infrastructure Upgrade: The project will include over 300 miles of new 765-kilovolt lines and upgrades to several substations, significantly enhancing service reliability and expected to provide enough power for two million homes in the region.
- Environmental Impact Reduction: By consolidating power in a single corridor, the 765-kilovolt lines will cut land use in half, thereby reducing impacts on the local environment while providing essential power support for emerging manufacturing facilities, data centers, and electric vehicles.
- Strategic Collaboration Benefits: The partnership between FirstEnergy and Transource leverages their respective expertise to deliver smarter solutions to meet regional power capacity needs, aligning with the Federal Energy Regulatory Commission's encouragement of efficient regional transmission development.
See More
Ohio Grid Project Enhances Capacity and Reliability
- Project Approval: PJM Interconnection has approved a major electric transmission project developed jointly by Transource Energy and FirstEnergy Transmission, aimed at meeting the growing electricity demand in the Columbus region of Ohio, which is expected to significantly enhance the area's economic growth potential.
- Infrastructure Upgrades: The project will involve the construction of approximately 300 miles of new 765-kilovolt power lines and upgrades to several substations, which are anticipated to improve service reliability, attract new businesses, and support the expansion of energy-intensive industries.
- Environmental Impact Reduction: By consolidating power in a single corridor, the 765-kV lines will cut land use in half, thereby reducing impacts on the local environment, while one 765-kV line can power the equivalent of two million homes.
- Strategic Collaboration Benefits: The joint development by Transource and FirstEnergy leverages their respective strengths in response to the Federal Energy Regulatory Commission's encouragement of efficient regional transmission development, which is expected to provide robust energy infrastructure support for future business development and community prosperity.
See More
FirstEnergy Plans New 1,200 MW Gas Plant
- Site Selection: FirstEnergy's subsidiaries Mon Power and Potomac Edison have chosen a 35-acre site next to the Fort Martin Power Station in Maidsville for a new 1,200-megawatt natural gas power plant, which is expected to significantly enhance local power supply capacity.
- Construction Timeline: If approved by the West Virginia Public Service Commission, site work could begin as early as 2027, with the plant projected to come online by late 2031, thereby preparing for future energy demand growth.
- Decision Timeline: The company stated on February 13 that it expects a decision from the Public Service Commission within the next year, which will directly impact the project's advancement and investment returns.
- Contextual Background: The advancement of this project aligns with FirstEnergy's efforts to move past its involvement in a $60 million bribery scandal in Ohio, indicating the company's commitment to rebuilding its reputation and pursuing business growth.
See More
Key Companies to Monitor This Week: PCE, Walmart, Palo Alto, Analog Devices, Deere, and Others
- Market Performance: Equities experienced a decline last week, with all three major indexes falling by at least 1.2%.
- Economic Indicators: This downturn occurred despite a better-than-expected jobs report from the Bureau of Labor Statistics and a relatively stable inflation report.
See More
