We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
FirstEnergy (FE) Announces Plans to ReduceTree-Related Outages
Read MoreHide Full Article
In order to enhance the reliability of its services, subsidiaries of FirstEnergy Corp. (FE - Free Report) are working consistently on vegetation management. The program will ensure better upkeep of the trees, proper maintenance of electric facilities and to this end, the company plans to spend $316.1 million.
FirstEnergy is working steadily on maintaining its infrastructure. In this direction, it employs tree contractors, annually, who work round the year to ensure proper vegetation management in the company’s electric lines. Remarkably, in 2020, the company recorded a 45% decline in tree-related outages from 2019-levels. Also, the duration of inconvenience caused to the customers due to service interruptions dropped 75%.
During the 2018-2023 forecast period, the utility anticipates investing $17.6 billion in strengthening its transmission and distribution network, and fortifying the infrastructure. In 2021, it expects to spend up to $3,015 million while in 2022 it estimates to invest up to $3,025-$3,275 million. Also, it provided the capital expenditure guidance for 2023 in the range of $2,955-$3,205 million.
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 and 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. NextEra Energy (NEE - Free Report) chalked out plans to invest in the range of $50-$55 billion in different projects during the 2019-2022 time frame 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%, outperforming the industry’s rise of 3.9%.
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
Image: Bigstock
FirstEnergy (FE) Announces Plans to ReduceTree-Related Outages
In order to enhance the reliability of its services, subsidiaries of FirstEnergy Corp. (FE - Free Report) are working consistently on vegetation management. The program will ensure better upkeep of the trees, proper maintenance of electric facilities and to this end, the company plans to spend $316.1 million.
FirstEnergy is working steadily on maintaining its infrastructure. In this direction, it employs tree contractors, annually, who work round the year to ensure proper vegetation management in the company’s electric lines. Remarkably, in 2020, the company recorded a 45% decline in tree-related outages from 2019-levels. Also, the duration of inconvenience caused to the customers due to service interruptions dropped 75%.
During the 2018-2023 forecast period, the utility anticipates investing $17.6 billion in strengthening its transmission and distribution network, and fortifying the infrastructure. In 2021, it expects to spend up to $3,015 million while in 2022 it estimates to invest up to $3,025-$3,275 million. Also, it provided the capital expenditure guidance for 2023 in the range of $2,955-$3,205 million.
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 and 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. NextEra Energy (NEE - Free Report) chalked out plans to invest in the range of $50-$55 billion in different projects during the 2019-2022 time frame 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%, outperforming the industry’s rise of 3.9%.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>