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Researched by Industrial Info Resources (Sugar Land, Texas)--FirstEnergy Corporation (NYSE:FE) (Akron, Ohio) recently capped off what one executive called "perhaps the most pivotal year" in its history with stronger revenues and profits, as it ditches the competitive power business to become a fully regulated company. Amid its announced closures of a string of nuclear-power plants, the company's regulated transmission and distribution businesses reported higher deliveries, partly due to weather conditions. Industrial Info is tracking nearly $3 billion in active projects involving FirstEnergy, nearly 90% of which is attributed to work in Ohio and Pennsylvania.
Click on the image at right for a graph detailing FirstEnergy's active projects, by U.S. state.
FirstEnergy's power plant subsidiary FirstEnergy Solutions (FES) filed for Chapter 11 bankruptcy protection in March 2018, relieving its parent company of billions of dollars of debt. The company concurrently announced it would close the Perry Nuclear Generating Station and Davis-Besse Nuclear Power Station, both in Ohio, and Beaver Valley Nuclear Power Station in Pennsylvania; these facilities amount to more than 4 gigawatts (GW) of capacity.
FirstEnergy said it would close its doors at Davis-Besse in May 2020, followed by Perry and Beaver Valley's Unit 1 in May 2021, and Beaver Valley's Unit 2 in October 2021. Industrial Info is tracking the decommissionings and dismantlements that will follow: the estimated $467.4 million project at Davis-Besse, which currently is expected to kick off in the summer of 2021; the $651 million project at Perry and the $963.8 million project at Beaver Valley, which are expected to begin in the summer of 2022. For more information, see Industrial Info's reports on the Davis-Besse, Perry and Beaver Valley projects.
FirstEnergy noted that its Regulated Distribution business experienced higher deliveries and margins, "related primarily to weather and industrial usage," while its Regulated Transmission business benefited from higher transmission margins. FirstEnergy's new growth strategy emphasizes rebuilding and upgrading long-distance and local-delivery transmission lines, including investments of more than $3 billion a year in upgrades, according to the Cleveland Plain-Dealer.
Among the major transmission projects tracked by Industrial Info is the proposed, $111 million Monmouth County Reliability Project in New Jersey, which would run 10 miles between substations in Matawan and Red Bank, both owned by FirstEnergy subsidiary Jersey Central Power & Light (JCP&L). For more information, see Industrial Info's project reports on the western and eastern halves of the line.
Upgrade projects can be found across FirstEnergy's service area, including the $25 million expansion of the Broadview Substation in Springfield, Ohio, which is set to wrap up in the third quarter of this year, and the $17 million upgrade of a transmission line from Nicholson to Meshoppen, Pennsylvania, which runs 10 miles and is expected to kick off this summer. For more information, see Industrial Info's reports on the substation and transmission line.
FirstEnergy reported profits of $981 million for 2018, with total sales at $11.3 billion. Last year, the company reported net losses of $1.7 billion from sales of $10.9 billion. FirstEnergy was given a much-needed boost in January 2018 with a $2.5 billion, short-term stock investment in the company by several hedge funds, which helped it to cut debt, manage the FES issues, and develop its regulated growth strategy.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
Click on the image at right for a graph detailing FirstEnergy's active projects, by U.S. state.FirstEnergy's power plant subsidiary FirstEnergy Solutions (FES) filed for Chapter 11 bankruptcy protection in March 2018, relieving its parent company of billions of dollars of debt. The company concurrently announced it would close the Perry Nuclear Generating Station and Davis-Besse Nuclear Power Station, both in Ohio, and Beaver Valley Nuclear Power Station in Pennsylvania; these facilities amount to more than 4 gigawatts (GW) of capacity.
FirstEnergy said it would close its doors at Davis-Besse in May 2020, followed by Perry and Beaver Valley's Unit 1 in May 2021, and Beaver Valley's Unit 2 in October 2021. Industrial Info is tracking the decommissionings and dismantlements that will follow: the estimated $467.4 million project at Davis-Besse, which currently is expected to kick off in the summer of 2021; the $651 million project at Perry and the $963.8 million project at Beaver Valley, which are expected to begin in the summer of 2022. For more information, see Industrial Info's reports on the Davis-Besse, Perry and Beaver Valley projects.
FirstEnergy noted that its Regulated Distribution business experienced higher deliveries and margins, "related primarily to weather and industrial usage," while its Regulated Transmission business benefited from higher transmission margins. FirstEnergy's new growth strategy emphasizes rebuilding and upgrading long-distance and local-delivery transmission lines, including investments of more than $3 billion a year in upgrades, according to the Cleveland Plain-Dealer.
Among the major transmission projects tracked by Industrial Info is the proposed, $111 million Monmouth County Reliability Project in New Jersey, which would run 10 miles between substations in Matawan and Red Bank, both owned by FirstEnergy subsidiary Jersey Central Power & Light (JCP&L). For more information, see Industrial Info's project reports on the western and eastern halves of the line.
Upgrade projects can be found across FirstEnergy's service area, including the $25 million expansion of the Broadview Substation in Springfield, Ohio, which is set to wrap up in the third quarter of this year, and the $17 million upgrade of a transmission line from Nicholson to Meshoppen, Pennsylvania, which runs 10 miles and is expected to kick off this summer. For more information, see Industrial Info's reports on the substation and transmission line.
FirstEnergy reported profits of $981 million for 2018, with total sales at $11.3 billion. Last year, the company reported net losses of $1.7 billion from sales of $10.9 billion. FirstEnergy was given a much-needed boost in January 2018 with a $2.5 billion, short-term stock investment in the company by several hedge funds, which helped it to cut debt, manage the FES issues, and develop its regulated growth strategy.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
