FirstEnergy Awarded $50 Million Smart Grid Grant by U.S. Department of Energy

Rhea-AI Summary

FirstEnergy Corp. (NYSE: FE) has secured a $50 million federal grant from the U.S. Department of Energy's Grid Deployment Office for system upgrades totaling nearly $127 million. The projects will enhance electric service reliability for over 53,000 Mon Power and Potomac Edison customers across 19 counties in West Virginia and Maryland. The upgrades, set to complete by late 2029, include installation of smart devices, automation projects, and new power lines. The improvements will benefit approximately 50,660 customers in West Virginia and 2,500 in Maryland, including over 450 critical facilities. The project also includes a new four-year apprenticeship program with training centers in Williamsport, MD, and Fairmont, WV.

Positive

• Secured $50 million federal grant for grid improvements
• Total project value of $127 million for system upgrades
• Will enhance service reliability for 53,000+ customers
• Improvements benefit 450+ critical facilities
• Creation of new paid apprenticeship program

Negative

• Long implementation timeline extending to 2029

News Market Reaction

-0.95%

1 alert

-0.95% News Effect

On the day this news was published, FE declined 0.95%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

 Projects to enhance reliability for more than 53,000 customers in West Virginia and Maryland

FAIRMONT, W.Va., Nov. 14, 2024 /PRNewswire/ -- FirstEnergy Corp. (NYSE: FE) has been awarded $50 million in federal funding by the U.S. Department of Energy's Grid Deployment Office for projects that will enhance electric service reliability for more than 53,000 Mon Power and Potomac Edison customers in West Virginia and Maryland. The funding is part of the Grid Resilience and Innovation Partnerships (GRIP) Program established by the Bipartisan Infrastructure Law.

The funding will be applied toward system upgrades totaling nearly $127 million, benefiting approximately 50,660 customers in West Virginia and 2,500 customers in Maryland. Expected to be complete in late 2029, the work across 19 counties will be implemented by FirstEnergy electric companies Mon Power and Potomac Edison.

The planned upgrades will feature the installation of new technology and equipment that will help reduce the number and duration of outages that customers in those counties experience. The upgrades will also benefit more than 450 critical facilities such as schools and hospitals by improving electric service reliability.

Jim Myers, Vice President of FirstEnergy's West Virginia and Maryland Operations: "We are deeply grateful to receive this funding from the Grid Deployment Office, which will support system enhancements that help keep the lights on for thousands of customers and hundreds of critical facilities across our service territory."

The planned upgrades include:

• Installation of smart devices on power lines that allow operators to remotely isolate the damage and reduce the number of customers affected by outages.
• Automation projects that allow utility personnel to automatically switch customers to an adjacent power line in the event of outages.
• Installation of new wires that can carry increased electrical current, making those lines capable of serving as a backup power feed for adjacent lines while repairs are made during an outage.

In Mon Power's service area, the upgrades are expected to benefit approximately 47,260 customers in Barbour, Calhoun, Doddridge, Gilmer, Greenbrier, Harrison, Lewis, Nicholas, Pocahontas, Randoloph, Roane, Tucker, Upshur, Webster, Wetzel and Wood counties.

In Potomac Edison's service area, the upgrades will benefit approximately 3,400 customers in Berkeley, Jefferson and Mineral counties in West Virginia and 2,500 customers in Western Maryland.

The project includes the creation of a new four-year apprenticeship program with training centers in Williamsport, Maryland, and Fairmont, West Virginia. FirstEnergy's apprenticeship program helps address the continuing need for new line workers and substation electricians, offering hired apprentices paid, full-time employment that begins with the start of their comprehensive training.

Earlier this fall, Mon Power was awarded $5 million in federal funding by the U.S. Department of Energy's Office of Clean Energy Demonstrations for a project that will enhance electric service reliability for customers in parts of rural West Virginia.

Mon Power serves about 395,000 customers in 34 West Virginia counties. Follow Mon Power at mon-power.com, on X, formerly known as Twitter @MonPowerWV, and on Facebook at facebook.com/MonPowerWV.

Potomac Edison serves about 285,000 customers in seven counties in Maryland and 155,000 customers in the Eastern Panhandle of West Virginia. Follow Potomac Edison at potomacedison.com, on X @PotomacEdison, and on Facebook at facebook.com/PotomacEdison.

FirstEnergy is dedicated to integrity, safety, reliability and operational excellence. Its electric distribution companies form one of the nation's largest investor-owned electric systems, serving more than six million customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. The company's transmission subsidiaries operate approximately 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Follow FirstEnergy online at www.firstenergycorp.com and on X @FirstEnergyCorp.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/firstenergy-awarded-50-million-smart-grid-grant-by-us-department-of-energy-302305957.html

SOURCE FirstEnergy Corp.

FAQ

What is the value of the smart grid grant FirstEnergy (FE) received from the DOE?

FirstEnergy (FE) received a $50 million federal grant from the U.S. Department of Energy's Grid Deployment Office as part of the GRIP Program.

How many customers will benefit from FirstEnergy's (FE) grid upgrade project?

The grid upgrade project will benefit more than 53,000 customers, including approximately 50,660 in West Virginia and 2,500 in Maryland.

When will FirstEnergy's (FE) grid upgrade project be completed?

The grid upgrade project is expected to be completed in late 2029.

What improvements will FirstEnergy (FE) implement with the grant money?

FirstEnergy will install smart devices on power lines, implement automation projects for power switching, and install new wires capable of carrying increased electrical current.