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FirstEnergy Units Start Construction of Third Solar Facility in WV
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FirstEnergy Corporation (FE - Free Report) announced that its subsidiaries, Mon Power and Potomac Edison, have begun construction on the third utility-scale solar site in West Virginia to help meet the state's electricity needs and encourage further economic development.
Key Details of FE’s Project
The Marlowe solar project is located along Interstate 81 and the Potomac River on a 36-acre property in Berkeley County. This was previously an ash disposal site for the former R. Paul Smith Power Station. FirstEnergy successfully closed the landfill in 2022 after removing more than 3 million tons of ash, making way for its renovation as part of the company’s solar program.
The Marlow solar farm is expected to generate up to 5.75 megawatts (MW) of renewable energy. According to the Solar Energy Association, the national average of 173 homes is powered by 1 MW of solar energy.
The project, set to be completed in 2025, is part of the West Virginia Solar Program. It supports a 2020 bill passed by the West Virginia General Assembly that allows utilities to own and operate up to 200 MW of renewable solar energy generating facilities to meet the state's electricity needs.
FE’s Focus on Clean Energy
Mon Power and Potomac Edison are developing five solar projects that will generate a total of 50 MW of renewable solar energy, with the companies planning to gradually expand with an initial 200 MW. The five projects, in unison, should generate more than 87,000 solar renewable energy credits that can be purchased by customers to support renewable energy in West Virginia.
FirstEnergy’s ‘Energize365’ is a multi-year grid evolution platform, focused on enhancing customer experience while maintaining its strong affordability position with rates at or below its in-state peers. With planned investments of $26 billion between 2024 and 2028, the company will install advanced equipment and technologies that should strengthen and modernize its transmission and distribution infrastructure.
Strengthening of the transmission and renewable generation assets should allow the company to transmit electricity even during adverse weather conditions and provide emission-free electricity to its customers.
The company is focused on lowering emission levels and has undertaken initiatives for the same. In 2015, FirstEnergy had set a goal to reduce carbon emissions by at least 90% below 2005 levels within 2045.
Utilities’ Focus on Renewable Expansion
Per the U.S. Energy Information Administration (“EIA”), the annual share of U.S. electricity generation from renewable energy sources should be 23% and 25% in 2024 and 2025, respectively. EIA also expects an increase of 37% in solar power (60 billion kilowatt hours) this year. Solar accounted for 59% of U.S. generating capacity additions in the first half of 2024 due to the development of new battery storage capacity.
Along with FE, some other electric power industry companies like Duke Energy (DUK - Free Report) , Alliant Energy (LNT - Free Report) and WEC Energy Group (WEC - Free Report) are also set to take advantage of the expanding solar energy market.
DUK currently operates 1,200 MW of solar energy in Florida, with plans to continue adding nearly 300 MW in 2024. With this, the company remains on track to bring 1,500 MW of utility-owned solar in service by 2024-end. It has filed a multi-year rate plan for 1,050 MW of new solar additions during 2025-2027.
DUK’s long-term (three to five-year) earnings growth rate is 6.1%. The Zacks Consensus Estimate for 2024 EPS indicates a year-over-year increase of 7.4%.
Alliant Energy is almost done with its final solar project in Wisconsin, which will complete its 1.1-gigawatt (GW) solar investment in the state and provide its consumers with long-term value. The completion of this investment solidifies its position as the largest owner-operator of solar generation in Wisconsin.
LNT’s long-term earnings growth rate is 6.84%. The Zacks Consensus Estimate for 2024 EPS indicates a year-over-year increase of 8.5%.
WEC is investing in cost-effective zero-carbon generation like solar and wind. During 2024-2028, WEC plans to build and own nearly 3.8 GW. This includes solar generation of 2.7 GW, with an investment of $4.7 billion and battery storage of 250 MW, with an investment of $0.4 billion.
WEC’s long-term earnings growth rate is 7.98%. The Zacks Consensus Estimate for 2024 EPS indicates a year-over-year increase of 5.4%.
FE’s Stock Price Performance
In the past three months, shares of FE have risen 14.7% compared with the industry’s 11.8% growth.
Image: Bigstock
FirstEnergy Units Start Construction of Third Solar Facility in WV
FirstEnergy Corporation (FE - Free Report) announced that its subsidiaries, Mon Power and Potomac Edison, have begun construction on the third utility-scale solar site in West Virginia to help meet the state's electricity needs and encourage further economic development.
Key Details of FE’s Project
The Marlowe solar project is located along Interstate 81 and the Potomac River on a 36-acre property in Berkeley County. This was previously an ash disposal site for the former R. Paul Smith Power Station. FirstEnergy successfully closed the landfill in 2022 after removing more than 3 million tons of ash, making way for its renovation as part of the company’s solar program.
The Marlow solar farm is expected to generate up to 5.75 megawatts (MW) of renewable energy. According to the Solar Energy Association, the national average of 173 homes is powered by 1 MW of solar energy.
The project, set to be completed in 2025, is part of the West Virginia Solar Program. It supports a 2020 bill passed by the West Virginia General Assembly that allows utilities to own and operate up to 200 MW of renewable solar energy generating facilities to meet the state's electricity needs.
FE’s Focus on Clean Energy
Mon Power and Potomac Edison are developing five solar projects that will generate a total of 50 MW of renewable solar energy, with the companies planning to gradually expand with an initial 200 MW. The five projects, in unison, should generate more than 87,000 solar renewable energy credits that can be purchased by customers to support renewable energy in West Virginia.
FirstEnergy’s ‘Energize365’ is a multi-year grid evolution platform, focused on enhancing customer experience while maintaining its strong affordability position with rates at or below its in-state peers. With planned investments of $26 billion between 2024 and 2028, the company will install advanced equipment and technologies that should strengthen and modernize its transmission and distribution infrastructure.
Strengthening of the transmission and renewable generation assets should allow the company to transmit electricity even during adverse weather conditions and provide emission-free electricity to its customers.
The company is focused on lowering emission levels and has undertaken initiatives for the same. In 2015, FirstEnergy had set a goal to reduce carbon emissions by at least 90% below 2005 levels within 2045.
Utilities’ Focus on Renewable Expansion
Per the U.S. Energy Information Administration (“EIA”), the annual share of U.S. electricity generation from renewable energy sources should be 23% and 25% in 2024 and 2025, respectively. EIA also expects an increase of 37% in solar power (60 billion kilowatt hours) this year. Solar accounted for 59% of U.S. generating capacity additions in the first half of 2024 due to the development of new battery storage capacity.
Along with FE, some other electric power industry companies like Duke Energy (DUK - Free Report) , Alliant Energy (LNT - Free Report) and WEC Energy Group (WEC - Free Report) are also set to take advantage of the expanding solar energy market.
DUK currently operates 1,200 MW of solar energy in Florida, with plans to continue adding nearly 300 MW in 2024. With this, the company remains on track to bring 1,500 MW of utility-owned solar in service by 2024-end. It has filed a multi-year rate plan for 1,050 MW of new solar additions during 2025-2027.
DUK’s long-term (three to five-year) earnings growth rate is 6.1%. The Zacks Consensus Estimate for 2024 EPS indicates a year-over-year increase of 7.4%.
Alliant Energy is almost done with its final solar project in Wisconsin, which will complete its 1.1-gigawatt (GW) solar investment in the state and provide its consumers with long-term value. The completion of this investment solidifies its position as the largest owner-operator of solar generation in Wisconsin.
LNT’s long-term earnings growth rate is 6.84%. The Zacks Consensus Estimate for 2024 EPS indicates a year-over-year increase of 8.5%.
WEC is investing in cost-effective zero-carbon generation like solar and wind. During 2024-2028, WEC plans to build and own nearly 3.8 GW. This includes solar generation of 2.7 GW, with an investment of $4.7 billion and battery storage of 250 MW, with an investment of $0.4 billion.
WEC’s long-term earnings growth rate is 7.98%. The Zacks Consensus Estimate for 2024 EPS indicates a year-over-year increase of 5.4%.
FE’s Stock Price Performance
In the past three months, shares of FE have risen 14.7% compared with the industry’s 11.8% growth.
Image Source: Zacks Investment Research
FE’s Zacks Rank
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.