FAIRMONT, W.Va., Dec. 22, 2014 /PRNewswire/ -- FirstEnergy Corp.
(NYSE: FE) is working on about $100
million in new transmission projects and is evaluating
additional system upgrades to support northern West Virginia's rapidly expanding Marcellus
Shale gas industry. The new transmission facilities will also
enhance electric service reliability for Mon Power's customers.
The new facilities include high-voltage substations and
transmission lines to accommodate expanding natural gas processing
facilities and other energy-intensive operations in West Virginia's Marcellus Shale region.
The new gas customer facilities account for projected load
growth of about 400 megawatts (MW) through 2019, or the equivalent
of about 200,000 new homes in Mon Power's system.
"FirstEnergy's infrastructure enhancements continue to help
support the fast-growing Marcellus gas activity in West Virginia," said Holly Kauffman, FirstEnergy's president of West
Virginia Operations. "This industry is bringing new jobs and
economic prosperity to West
Virginia, and we are working quickly to keep pace to upgrade
our system to provide our gas industry customers access to safe,
reliable and affordable electric power."
Projects include the new Waldo Run transmission substation and a
short 138-kilovolt (kV) transmission line in Doddridge County near Sherwood, W.Va.
The $52 million project, energized
last month, is expected to support industrial users and enhance
electric service to more than 6,000 customers in Doddridge, Harrison, and Ritchie counties. The substation will
accommodate additional load growth at a new natural gas processing
facility, which consumes large amounts of electricity separating
natural gas into dry and liquid components.
FirstEnergy is also working on a 138-kV transmission line that
will support the natural gas industry as well as enhance service
reliability for nearly 13,000 customers in the Clarksburg and Salem areas. The 18-mile, $55 million Oak Mound-Waldo Run transmission
project is expected to be placed into service by December 2015.
FirstEnergy is also evaluating additional transmission upgrades
as new service requests from shale gas developers continue
throughout the Mon Power territory. FirstEnergy is currently
evaluating new transmission facilities in Wetzel County to support a midstream gas
processing plant that continues to expand.
The projects are part of $250
million in regulated transmission investments identified
through 2015 across FirstEnergy to account for 1,100 megawatts of
proposed electric load growth in 2015 through 2019. New
transmission infrastructure is expected to benefit all customers in
the Marcellus Shale region by boosting electric service reliability
across the system.
Mon Power, a FirstEnergy electric distribution company, serves
about 385,000 customers in 34 West
Virginia counties. Visit FirstEnergy on the web at
www.firstenergycorp.com and follow Mon Power on Twitter
@MonPowerWV.
FirstEnergy is a diversified energy company dedicated to 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.
Follow FirstEnergy on Twitter @FirstEnergyCorp.
Forward-Looking Statements: This news release includes
forward-looking statements based on information currently available
to management. Such statements are subject to certain risks and
uncertainties. These statements include declarations regarding
management's intents, beliefs and current expectations. These
statements typically contain, but are not limited to, the terms
"anticipate," "potential," "expect," "forecast," "will," "intend,"
"believe," "estimate" and similar words. Forward-looking statements
involve estimates, assumptions, known and unknown risks,
uncertainties and other factors that may cause actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements, which may include the following:
the speed and nature of increased competition in the electric
utility industry, in general, and the retail sales market in
particular; the ability to experience growth in the Regulated
Distribution and Regulated Transmission segments and to
successfully implement our revised sales strategy in the
Competitive Energy Services segment; the accomplishment of our
regulatory and operational goals in connection with our
transmission plan and pending distribution rate cases and the
effectiveness of our repositioning strategy; the impact of the
regulatory process on pending matters in the various states in
which we do business including, but not limited to, matters related
to rates and pending rate cases, and the Electric Security Plan IV
in Ohio; the impact of the federal
regulatory process on the Federal Energy Regulatory Commission
(FERC) regulated entities and transactions, in particular FERC
regulation of wholesale energy and capacity markets, including the
PJM markets and also FERC-jurisdictional wholesale transactions,
FERC regulation of cost-of-service rates, including FERC Opinion
No. 531's revised Return on Equity methodology for
FERC-jurisdictional wholesale generation and transmission utility
service and FERC's compliance and enforcement activity, including
compliance and enforcement activity related to NERC's mandatory
reliability standards; the uncertainties of various cost recovery
and cost allocation issues resulting from American Transmission
Systems, Incorporated's realignment into PJM Interconnection,
L.L.C.; economic or weather conditions affecting future sales and
margins such as a polar vortex or other significant weather events,
and all associated regulatory events or actions; regulatory
outcomes associated with storm restoration costs, including but not
limited to, Hurricane Sandy, Hurricane Irene and the October
snowstorm of 2011; changing energy, capacity and commodity market
prices including, but not limited to, coal, natural gas and oil,
and their availability and impact on margins; the continued ability
of our regulated utilities to recover their costs; costs being
higher than anticipated and the success of our policies to control
costs and to mitigate low energy, capacity and market prices; other
legislative and regulatory changes, and revised environmental
requirements, including, but not limited to, possible greenhouse
gases emission, water discharge, and coal combustion residuals
regulations, the potential impacts of Cross-State Air Pollution
Rule, and the effects of the United States Environmental Protection
Agency's Mercury and Air Toxics Standards rules including our
estimated costs of compliance; the uncertainty of the timing and
amounts of the capital expenditures that may arise in connection
with any litigation, including New Source Review litigation, or
potential regulatory initiatives or rulemakings (including that
such expenditures could result in our decision to deactivate or
idle certain generating units); the uncertainties associated with
the deactivation of certain older regulated and competitive fossil
units, including the impact on vendor commitments, and the timing
thereof as they relate to, among other things, Reliability Must Run
arrangements and the reliability of the transmission grid; the
impact of other future changes to the operational status or
availability of our generating units; adverse regulatory or legal
decisions and outcomes with respect to our nuclear operations
(including, but not limited to the revocation or non-renewal of
necessary licenses, approvals or operating permits by the Nuclear
Regulatory Commission or as a result of the incident at
Japan's Fukushima Daiichi Nuclear
Plant); issues arising from the indications of cracking in the
shield building at Davis-Besse; the risks and uncertainties
associated with litigation, arbitration, mediation and like
proceedings, including, but not limited to, any such proceedings
related to vendor commitments; replacement power costs being higher
than anticipated or not fully hedged; the ability to comply with
applicable state and federal reliability standards and energy
efficiency and peak demand reduction mandates; changes in
customers' demand for power, including, but not limited to, changes
resulting from the implementation of state and federal energy
efficiency and peak demand reduction mandates; the ability to
accomplish or realize anticipated benefits from strategic and
financial goals, including, but not limited to, the ability to
continue to reduce costs and successfully execute our announced
financial plans designed to improve our credit metrics and
strengthen our balance sheet through, among other actions, our
previously-implemented dividend reduction and our other proposed
capital raising initiatives; our ability to improve electric
commodity margins and the impact of, among other factors, the
increased cost of fuel and fuel transportation on such margins;
changing market conditions that could affect the measurement of
certain liabilities and the value of assets held in our Nuclear
Decommissioning Trusts, pension trusts and other trust funds, and
cause us and/or our subsidiaries to make additional contributions
sooner, or in amounts that are larger than currently anticipated;
the impact of changes to material accounting policies; the ability
to access the public securities and other capital and credit
markets in accordance with our announced financial plans, the cost
of such capital and overall condition of the capital and credit
markets affecting us and our subsidiaries; actions that may be
taken by credit rating agencies that could negatively affect us
and/or our subsidiaries' access to financing, increase the costs
thereof, and increase requirements to post additional collateral to
support outstanding commodity positions, letters of credit and
other financial guarantees; changes in national and regional
economic conditions affecting us, our subsidiaries and/or our major
industrial and commercial customers and other counterparties with
which we do business, including fuel suppliers; the impact of any
changes in tax laws or regulations or adverse tax audit results or
rulings; issues concerning the stability of domestic and foreign
financial institutions and counterparties with which we do
business; and the risks and other factors discussed from time to
time in our United States Securities and Exchange Commission
filings, and other similar factors. The foregoing review of factors
should not be construed as exhaustive. New factors emerge from time
to time, and it is not possible for management to predict all such
factors, nor assess the impact of any such factor on FirstEnergy's
business or the extent to which any factor, or combination of
factors, may cause results to differ materially from those
contained in any forward-looking statements. FirstEnergy expressly
disclaims any current intention to update, except as required by
law, any forward-looking statements contained herein as a result of
new information, future events or otherwise.
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SOURCE FirstEnergy Corp.