FirstEnergy Subsidiaries, Potomac Edison And Mid-Atlantic Interstate Transmission, Awarded Nearly $800M In Transmission Upgrades
Portfolio Pulse from Benzinga Newsdesk
FirstEnergy Corp.'s subsidiaries, Potomac Edison and Mid-Atlantic Interstate Transmission, have been awarded nearly $800 million in transmission upgrade projects by PJM Interconnection. These projects in Maryland, Pennsylvania, Virginia, and West Virginia aim to enhance reliability, support growing electricity demand, and facilitate new energy resources like wind and solar. The upgrades include a 24-mile transmission line, a line in Frederick and Montgomery counties, and a 36-mile line in Virginia and West Virginia. State and local approvals are pending before construction can begin.
December 12, 2023 | 3:59 pm
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FirstEnergy Corp. is set to undertake significant transmission upgrade projects valued at nearly $800 million, which will likely enhance the company's asset base and future revenue potential.
The approval of nearly $800 million in transmission projects for FirstEnergy's subsidiaries is a positive development, indicating potential growth in the company's asset base and future revenues. The projects are aimed at improving the reliability of the electricity supply and accommodating increased demand, which could lead to a positive perception among investors and a potential increase in the stock price in the short term. However, the actual impact on the stock will depend on the company's execution of the projects and the market's overall perception of the investment.
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