FirstEnergy Corp.’s (FE - Free Report) subsidiary — Jersey Central Power & Light (“JCP&L”) — recently announced that it is installing 1,700 new "TripSaver" across its service territory under JCP&L Reliability Plus infrastructure investment program.
The TripSaver is an automated reclosing device that limits the frequency and duration of service interruptions. TripSavers also limit the area and isolate the outage from the main power line. The device avoids outages to customers across a larger area. The company expects to complete 1,700 installations on 310 circuits by the end of 2020.
Focus on Modernization
The company is consistently making investments in maintenance and upgrade of its vital infrastructures. Proper maintenance of transmission and distribution lines as well as electric poles lowers the possibility of outages and ensures uninterrupted supply of electricity to customers. FirstEnergy’s modernization drive led to its ambitious “Energizing the Future” plan. The company has plans to invest $4.8 billion from 2018 to 2021 and targets to invest $1.2 billion annually through 2021.
Other utility companies are also investing steadily in infrastructural improvements and modernization on a long-term basis. Duke Energy Corporation (DUK - Free Report) expects to invest about $37 billion in its overall growth projects in the 2019-2023 time frame. NextEra Energy, Inc (NEE - Free Report) has well-chalked plans to invest $50-$55 billion in different projects over the 2019-2022 period. Dominion Energy Inc (D - Free Report) plans to invest $26 billion in the 2019-2023 time period to strengthen its existing infrastructure.
JCP&L’s Customer-Focused Initiatives
JCP&L serves 1.1 million customers. To retain the existing customers and increase its customer base, the company continues to undertake initiatives to enhance reliability of its services. In July, JCP&L restoration team worked in conjunction with other FirstEnergy utility line crews and contractors to restore power quickly and safely during thunderstorm.
The recent release is in sync with another initiative by the company under JCP&L Reliability Plus plan. Notably, it intends to invest $97 million under this plan. We expect the initiatives undertaken by FirstEnergy and its subsidiaries to improve quality of services and boost performance.
Zacks Rank & Price Movement
FirstEnergy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Shares of FirstEnergy have returned 25.9% compared with the industry’s growth of 12.5% in the past 12 months.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +98%, +119% and +164% in as little as 1 month. The stocks in this report could perform even better.
See these 7 breakthrough stocks now>>