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FirstEnergy (FE) Builds Power Facility in Trumbull County
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FirstEnergy (FE - Free Report) began the construction of a transmission substation in Trumbull County to meet the rapidly increasing energy demands of the expanding electric vehicle (EV) industry. The three million-square-foot facility and a short, high-voltage linewill strengthen the regional transmission system.
Notably, it will provide electric services to Ultium Cells LLC, an EV battery-cell manufacturing plant.
Work Status
The foundation work and the erection of steel structures at the $19.6-million project are already complete. Further, crews are working to build a half-mile power line to connect the new substation to an existing 138-kV line nearby. This will ensure backup power in case of indefinite outage.
Moreover, construction of a third, new high-voltage line in Lordstown is expected to begin in April to accommodate Ultium Cells' projected future energy needs and improve reliability of its services.
Benefits
The new facility will minimize the frequency and duration of power outages, and strengthen the regional transmission system, benefiting more than 15,000 Ohio Edison customers in Lordstown and the neighboring communities.
Other Plans
FirstEnergy is working continuously toward the region's development. It is making efforts to ensure that the local power grid can support the demands of other energy-intensive customers in the county. These investments are part of the five-year plan, termed as FirstEnergy's LTIIP II, which is running from 2020 through 2024. Per the plan, the utility will invest $572 million in enhancing its service reliability and minimizing the impact of power cuts on its customers.
Also, in November, 2020, it announced plans to achieve carbon neutrality by 2050 and to that end, took steps to gradually lower its carbon footprint. Thus, the utility’s ongoing construction is in line with its transition to clean energy.
Peer Moves
Utilities like Xcel Energy (XEL - Free Report) , Duke Energy (DUK - Free Report) and DTE Energy (DTE - Free Report) are among the others that have plans to achieve net-zero emissions within 2050.
In the past three months, shares of the company have gained 9.4% against the industry’s 1.3% fall.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
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FirstEnergy (FE) Builds Power Facility in Trumbull County
FirstEnergy (FE - Free Report) began the construction of a transmission substation in Trumbull County to meet the rapidly increasing energy demands of the expanding electric vehicle (EV) industry. The three million-square-foot facility and a short, high-voltage linewill strengthen the regional transmission system.
Notably, it will provide electric services to Ultium Cells LLC, an EV battery-cell manufacturing plant.
Work Status
The foundation work and the erection of steel structures at the $19.6-million project are already complete. Further, crews are working to build a half-mile power line to connect the new substation to an existing 138-kV line nearby. This will ensure backup power in case of indefinite outage.
Moreover, construction of a third, new high-voltage line in Lordstown is expected to begin in April to accommodate Ultium Cells' projected future energy needs and improve reliability of its services.
Benefits
The new facility will minimize the frequency and duration of power outages, and strengthen the regional transmission system, benefiting more than 15,000 Ohio Edison customers in Lordstown and the neighboring communities.
Other Plans
FirstEnergy is working continuously toward the region's development. It is making efforts to ensure that the local power grid can support the demands of other energy-intensive customers in the county. These investments are part of the five-year plan, termed as FirstEnergy's LTIIP II, which is running from 2020 through 2024. Per the plan, the utility will invest $572 million in enhancing its service reliability and minimizing the impact of power cuts on its customers.
Also, in November, 2020, it announced plans to achieve carbon neutrality by 2050 and to that end, took steps to gradually lower its carbon footprint. Thus, the utility’s ongoing construction is in line with its transition to clean energy.
Peer Moves
Utilities like Xcel Energy (XEL - Free Report) , Duke Energy (DUK - Free Report) and DTE Energy (DTE - Free Report) are among the others that have plans to achieve net-zero emissions within 2050.
Zacks Rank
FirstEnergy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Price Performance
In the past three months, shares of the company have gained 9.4% against the industry’s 1.3% fall.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>