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FirstEnergy (FE) Arm Launches $39.8 Million EV Driven Program
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FirstEnergy Corporation (FE - Free Report) stated that its unit, Jersey Central Power & Light (JCP&L), got the regulatory approval from the New Jersey Board of Public Utilities to offer incentives to electric vehicle (“EV”) charging infrastructure in JCP&L's service area under the EV Driven program.
The program is designed to support the state’s auto emissions reduction target and assist the state in reaching its goal of 330,000 zero-emission vehicles on the road by 2025. The newly approved program is expected to cost nearly $39.8 million and to have three components, including residential charging, mixed-use commercial and multifamily property charging, and public-access DC fast charging.
Motive Behind the EV Charging Incentive
The installation of fast-charging EV stations through the EV Driven program will help lower emissions than gasoline-powered vehicles, which will further reduce greenhouse gas releases from vehicle movements into the environment.
As part of the program, residential charging is expected to offer incentives of up to $1,500 for electrical modifications required for the installation of up to 2,000 approved Level-Two EV chargers in JCP&L's service region.
For up to 500 public-access ports, the mixed-use commercial and multifamily property charging program offers up to $6,700 per certified level-two charger. Multifamily property owners can also qualify for off-peak charging credits, which will further increase the demand for EV charging when demand for electricity is at its lowest. For up to 124 public DC fast-charging spots, JCP&L will additionally build new underground wiring, transformers, metering connections and poles at a cost of up to $50,500 per location.
Advanced EVs are expected to reduce traveling expenses and provide average gas per mile as low as one-third of the cost per mile of gasoline. Due to these new fast-charging initiatives, depending on battery capacity, the EV driving range can vary from about 80 miles up to 280 miles. The development of EV charging infrastructure is quite essential for the wider acceptance of EV vehicles among customers. FirstEnergy’s unit will benefit from the expected increase in EV charging stations over the long run.
Zacks Rank & Price Performance
Currently, FirstEnergy carries a Zacks Rank #4 (Sell). In the past month, shares of FE have risen 4.3% against the industry’s decline of 1.4%.
Electric utilities that are adopting measures to develop EV infrastructure, along with supplying clean and reliable energy to their customers, include Duke Energy (DUK - Free Report) , Xcel Energy (XEL - Free Report) and Alliant Energy (LNT - Free Report) .
Duke Energy has been focusing on the growing EV market by already installing more than 627 charging stations. Duke Energy pledges to reduce emissions from its fleet by electrifying all light-duty vehicles by 2030 and 50% of medium-duty, heavy-duty and off-road vehicles with electric, hybrid electric or carbon-free alternatives.
DUK’s long-term (three to five years) earnings growth is currently pegged at 6.1%. The company has a four-quarter earnings surprise of 0.9%, on average.
Xcel Energy launched an EV smart-charging pilot in Colorado for the customers of five major automakers to make it easier for consumers to switch to EVs and charge them at times when renewable energy production is high and demand for the energy grid is low.
Xcel Energy’s long-term earnings growth is currently pegged at 6.4%. XEL has a four-quarter earnings surprise of 0.4%, on average.
Alliant Energy installed a new fast-charging station at the busy interchange of the Beaver Dam Highway 151 corridor, which can charge four cars at a time. Alliant Energy announced that it would retire all existing coal-fired generation units by 2040 to lower emissions from the 2005 levels and by 50% and 100% within 2030 and 2050, respectively.
LNT’s long-term earnings growth is currently pegged at 5.7%. Alliant Energy has a four-quarter earnings surprise of 5.1%, on average.
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FirstEnergy (FE) Arm Launches $39.8 Million EV Driven Program
FirstEnergy Corporation (FE - Free Report) stated that its unit, Jersey Central Power & Light (JCP&L), got the regulatory approval from the New Jersey Board of Public Utilities to offer incentives to electric vehicle (“EV”) charging infrastructure in JCP&L's service area under the EV Driven program.
The program is designed to support the state’s auto emissions reduction target and assist the state in reaching its goal of 330,000 zero-emission vehicles on the road by 2025. The newly approved program is expected to cost nearly $39.8 million and to have three components, including residential charging, mixed-use commercial and multifamily property charging, and public-access DC fast charging.
Motive Behind the EV Charging Incentive
The installation of fast-charging EV stations through the EV Driven program will help lower emissions than gasoline-powered vehicles, which will further reduce greenhouse gas releases from vehicle movements into the environment.
As part of the program, residential charging is expected to offer incentives of up to $1,500 for electrical modifications required for the installation of up to 2,000 approved Level-Two EV chargers in JCP&L's service region.
For up to 500 public-access ports, the mixed-use commercial and multifamily property charging program offers up to $6,700 per certified level-two charger. Multifamily property owners can also qualify for off-peak charging credits, which will further increase the demand for EV charging when demand for electricity is at its lowest. For up to 124 public DC fast-charging spots, JCP&L will additionally build new underground wiring, transformers, metering connections and poles at a cost of up to $50,500 per location.
Advanced EVs are expected to reduce traveling expenses and provide average gas per mile as low as one-third of the cost per mile of gasoline. Due to these new fast-charging initiatives, depending on battery capacity, the EV driving range can vary from about 80 miles up to 280 miles. The development of EV charging infrastructure is quite essential for the wider acceptance of EV vehicles among customers. FirstEnergy’s unit will benefit from the expected increase in EV charging stations over the long run.
Zacks Rank & Price Performance
Currently, FirstEnergy carries a Zacks Rank #4 (Sell). In the past month, shares of FE have risen 4.3% against the industry’s decline of 1.4%.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Image Source: Zacks Investment Research
Utilities Supporting EV Transition
Electric utilities that are adopting measures to develop EV infrastructure, along with supplying clean and reliable energy to their customers, include Duke Energy (DUK - Free Report) , Xcel Energy (XEL - Free Report) and Alliant Energy (LNT - Free Report) .
Duke Energy has been focusing on the growing EV market by already installing more than 627 charging stations. Duke Energy pledges to reduce emissions from its fleet by electrifying all light-duty vehicles by 2030 and 50% of medium-duty, heavy-duty and off-road vehicles with electric, hybrid electric or carbon-free alternatives.
DUK’s long-term (three to five years) earnings growth is currently pegged at 6.1%. The company has a four-quarter earnings surprise of 0.9%, on average.
Xcel Energy launched an EV smart-charging pilot in Colorado for the customers of five major automakers to make it easier for consumers to switch to EVs and charge them at times when renewable energy production is high and demand for the energy grid is low.
Xcel Energy’s long-term earnings growth is currently pegged at 6.4%. XEL has a four-quarter earnings surprise of 0.4%, on average.
Alliant Energy installed a new fast-charging station at the busy interchange of the Beaver Dam Highway 151 corridor, which can charge four cars at a time. Alliant Energy announced that it would retire all existing coal-fired generation units by 2040 to lower emissions from the 2005 levels and by 50% and 100% within 2030 and 2050, respectively.
LNT’s long-term earnings growth is currently pegged at 5.7%. Alliant Energy has a four-quarter earnings surprise of 5.1%, on average.