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FirstEnergy's (FE) Arm to Invest in Facilities and Cut Outages
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FirstEnergy Corp. (FE - Free Report) recently announced that its subsidiary, Toledo Edison, is undertaking efforts to upgrade infrastructure and install technology. The company intends to modernize its electric system in northwest Ohio through 2022 and reduce power outages. These initiatives are part of initial three-year phase of the utility's grid modernization plan, which included installation of new, automated equipment and technology in substations and along power lines.
The recent work includes installation of 60 new, automated equipment and technology in substations and along power lines to maintain safe and constant voltage levels for more than 40,000 customers. More than 80 capacitor banks are being installed, which will ensure reliable power distribution to each customer.
Workers have commenced upgrading electrical equipment in two Lucas County substations and modernizing the power lines. These investments will successfully reduce the frequency, scope and length of outages.
Need for Maintenance
FirstEnergy is working consistently on maintaining its infrastructure. Every year, the company employs tree contractors who work round the year to ensure proper vegetation management in the company’s electric lines. During 2018-2023 period, the utility anticipates investing $17.6 billion in strengthening transmission and distribution network as well as fortifying infrastructure.
With the reopening of business activities, commercial and industrial demand is slowly returning to pre-COVID levels. Also, improvement in residential demand is likely to continue. Hence, to cater to this likely hike in demand, the company needs to undergo some renovation. Effective maintenance will ensure uninterrupted power supply to the company’s customers that it serves in different states and increase the reliability of its service.
Utilities Focus on Infrastructure
To provide 24X7 supply of electricity to consumers, utilities are investing heavily in strengthening infrastructure. They are replacing old transmission and distribution lines, undergrounding distribution lines, adopting technological upgrade to increase the resilience of infrastructure for withstanding the impact of hurricanes, storms and other natural calamities.
Utilities like Xcel Energy (XEL - Free Report) increased its investment plans to $24.3 billion from $23.5 billion in the 2021-2025 time period to reflect new investment worth $750 million in wind project. NextEra Energy (NEE - Free Report) plans to invest $50-$55 billion in different projects during the 2019-2022 time period to modernize and strengthen its existing infrastructure. DTE Energy (DTE - Free Report) currently expects to make capital investments of $14 billion over the 2021-2025 period, which include $5 billion for capital replacements and other projects, $7 billion for distribution infrastructure and another $2 billion for new generation.
Zacks Rank & Price Performance
In the past three months, shares of this currently Zacks Rank #4 (Sell) company have gained 15.9% compared with the industry’s rise of 0.1%.
If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027.
After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%
You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.
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FirstEnergy's (FE) Arm to Invest in Facilities and Cut Outages
FirstEnergy Corp. (FE - Free Report) recently announced that its subsidiary, Toledo Edison, is undertaking efforts to upgrade infrastructure and install technology. The company intends to modernize its electric system in northwest Ohio through 2022 and reduce power outages. These initiatives are part of initial three-year phase of the utility's grid modernization plan, which included installation of new, automated equipment and technology in substations and along power lines.
The recent work includes installation of 60 new, automated equipment and technology in substations and along power lines to maintain safe and constant voltage levels for more than 40,000 customers. More than 80 capacitor banks are being installed, which will ensure reliable power distribution to each customer.
Workers have commenced upgrading electrical equipment in two Lucas County substations and modernizing the power lines. These investments will successfully reduce the frequency, scope and length of outages.
Need for Maintenance
FirstEnergy is working consistently on maintaining its infrastructure. Every year, the company employs tree contractors who work round the year to ensure proper vegetation management in the company’s electric lines. During 2018-2023 period, the utility anticipates investing $17.6 billion in strengthening transmission and distribution network as well as fortifying infrastructure.
With the reopening of business activities, commercial and industrial demand is slowly returning to pre-COVID levels. Also, improvement in residential demand is likely to continue. Hence, to cater to this likely hike in demand, the company needs to undergo some renovation. Effective maintenance will ensure uninterrupted power supply to the company’s customers that it serves in different states and increase the reliability of its service.
Utilities Focus on Infrastructure
To provide 24X7 supply of electricity to consumers, utilities are investing heavily in strengthening infrastructure. They are replacing old transmission and distribution lines, undergrounding distribution lines, adopting technological upgrade to increase the resilience of infrastructure for withstanding the impact of hurricanes, storms and other natural calamities.
Utilities like Xcel Energy (XEL - Free Report) increased its investment plans to $24.3 billion from $23.5 billion in the 2021-2025 time period to reflect new investment worth $750 million in wind project. NextEra Energy (NEE - Free Report) plans to invest $50-$55 billion in different projects during the 2019-2022 time period to modernize and strengthen its existing infrastructure. DTE Energy (DTE - Free Report) currently expects to make capital investments of $14 billion over the 2021-2025 period, which include $5 billion for capital replacements and other projects, $7 billion for distribution infrastructure and another $2 billion for new generation.
Zacks Rank & Price Performance
In the past three months, shares of this currently Zacks Rank #4 (Sell) company have gained 15.9% compared with the industry’s rise of 0.1%.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Time to Invest in Legal Marijuana
If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027.
After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%
You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.
Today, Download Marijuana Moneymakers FREE >>