Mon Power and Potomac Edison Move Closer to Construction of Solar Power Plants with Clean Energy Commitment from Harpers Ferry

FirstEnergy Corp. (NYSE: FE) announced a clean energy commitment from Harpers Ferry, allowing subsidiaries Mon Power and Potomac Edison to advance plans for five solar facilities.

Rhea-AI Summary

FirstEnergy Corp. (NYSE: FE) announced a clean energy commitment from Harpers Ferry, allowing subsidiaries Mon Power and Potomac Edison to advance plans for five solar facilities. The initiative aims to generate 50 megawatts of solar energy, with conditional approval granted by the West Virginia Public Service Commission. The agreement includes a 100% subscription for streetlights and town hall energy usage and has garnered support from local government. The solar program is part of a 2020 legislative bill permitting utilities to develop renewable energy sources, enhancing West Virginia's attractiveness for business development.

Positive

• Conditional approval received for 50 megawatts of solar generation.
• Support from local municipalities shows community commitment to renewable energy.
• Expected to create approximately 87,000 Solar Renewable Energy Certificates (SRECs) per year.
• Enhances economic development prospects for West Virginia.

Negative

• None.

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FAIRMONT, W.Va., Jan. 17, 2023 /PRNewswire/ -- Mon Power and Potomac Edison, subsidiaries of FirstEnergy Corp. (NYSE: FE), have signed an agreement with the town of Harpers Ferry to advance the future of clean energy. The town has committed to a subscription equal to 100% of its streetlight and town hall energy usage in support of the companies' generation of solar power.

Harpers Ferry's commitment brings Mon Power and Potomac Edison closer to beginning construction on five proposed solar facilities. The companies received conditional approval from the West Virginia Public Service Commission (PSC) for the projects, which will together total 50 megawatts of renewable solar generation across the five solar sites, to help make West Virginia more attractive for business development. One megawatt of solar energy powers a national average of 173 homes, according to the Solar Energy Industries Association.

"Support of this solar initiative is good governance, and municipal, county and state government entities should lead by example," said Harpers Ferry Mayor Gregory Vaughn. "We must look beyond the present and how we have always functioned to strategically think and plan for how we meet, manage and fulfill future energy requirements. Harpers Ferry's decision to support the solar initiative was unanimous, receiving my overwhelming support as well as that from all members of the Town Council."

Mon Power and Potomac Edison will seek final approval of the project from the PSC once they have subscription commitments from other municipalities, residential, commercial and industrial customers that achieve a combined total of at least 85 percent of the energy produced by the facilities. In addition to the commitment from Harpers Ferry, hundreds of residential customers across West Virginia have signed up to participate in the solar program.

"We believe the commitment from Harpers Ferry and residential customers shows growing interest in the development of renewable energy in West Virginia," said Jim Myers, president of FirstEnergy's West Virginia Operations. "We look forward to working with more customers who have interest in supporting the clean energy transition through solar power."

The companies' solar program supports a 2020 bill passed by the West Virginia Legislature that authorizes electric utilities to own and operate up to 200 megawatts of solar renewable generation facilities to help meet the state's electricity needs. The addition of new renewable generation also encourages economic development in West Virginia, as a growing number of companies require that a portion of the electricity they purchase be generated by renewable sources.

Mon Power will build, own and operate the five solar facilities, which are located on property owned by Mon Power or its affiliates. The locations include:

• A 26-acre reclaimed ash disposal site in Berkeley County
• A 51-acre site adjacent to a Mon Power substation in Hancock County
• A 27-acre retired ash disposal site in Marion County
• A 95-acre site in Monongalia County adjacent to Fort Martin Power Station
• A 44-acre reclaimed strip mine property in Tucker County

When fully operational, the five projects planned by Mon Power and Potomac Edison are expected to create approximately 87,000 SRECs per year. SRECs are certificates that represent the environmental attributes of solar power and certify solar energy was generated on the purchasers' behalf. For every megawatt hour of solar renewable electricity generated, one SREC is produced.

Participation in the solar program is first come, first served. The overall subscription cost is 4 cents per kilowatt hour in addition to normal rates, and customers can choose from a variety of SREC subscription levels and term lengths. Residential customers can support the program by purchasing a SREC over time at monthly levels of 50 kilowatt hours ($2 per month), 100 kilowatt hours ($4 per month), 200 kilowatt hours ($8 per month) or more. Commercial and industrial customers will be able to choose a subscription level that reflects a percentage of their monthly energy consumption through special contracts with their utility.

Mon Power and Potomac Edison customers who make a commitment for SRECs now are not expected to begin incurring charges until early 2025. 

To subscribe or find out more about the solar program, Mon Power and Potomac Edison customers in West Virginia can submit their information at firstenergycorp.com/WVSolar or by calling 1-800-505-7283.

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

Potomac Edison serves about 275,000 customers in seven counties in Maryland and 151,000 customers in the Eastern Panhandle of West Virginia. Follow Potomac Edison at potomacedison.com, on Twitter @PotomacEdison, and on Facebook at facebook.com/PotomacEdison.

FirstEnergy is dedicated to integrity, safety, reliability and operational excellence. Its 10 electric distribution companies form one of the nation's largest investor-owned electric systems, serving 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 firstenergycorp.com and on Twitter @FirstEnergyCorp.

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SOURCE FirstEnergy Corp.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the significance of Harpers Ferry's commitment to FirstEnergy Corp. (FE)?

Harpers Ferry's commitment allows FirstEnergy's subsidiaries to advance the construction of five solar facilities, supporting renewable energy generation.

How much solar power will be generated by the new facilities from FirstEnergy (FE)?

The new solar facilities will generate a total of 50 megawatts of renewable solar energy.

What is the expected impact of the solar initiative on West Virginia's economy?

The initiative is expected to attract business development by enhancing renewable energy infrastructure in West Virginia.

When can customers expect to start incurring charges for the solar program by FirstEnergy (FE)?

Customers who commit to the solar program are not expected to incur charges until early 2025.

How many customers does Mon Power serve in West Virginia?

Mon Power serves approximately 395,000 customers across 34 counties in West Virginia.