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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.

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.

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