Utility Dive•5 days ago
FirstEnergy 5-year spending plan jumps 30%, to $36B, driven by transmission
Key Takeaway
FirstEnergy's substantial transmission investment and new gas plant project indicate significant grid expansion and new generation capacity, creating both opportunities and shifts in power market dynamics for developers and large loads in the region.
AI Summary
- •FirstEnergy plans a 30% increase in its 5-year spending, reaching $36 billion, primarily driven by transmission infrastructure investments.
- •The utility is seeking a U.S. Department of Energy loan to cover half the cost of a new $2.5 billion gas-fired power plant planned for West Virginia.
- •This significant transmission investment signals potential for improved grid reliability and increased interconnection capacity, while the new gas plant adds generation, both impacting developers and large power consumers in the region (likely PJM).
Topics
capacity-marketccgtfinancinginterconnectpjmpolicytransmission