On Monday, January 5th, 2015, FirstEnergy (NYSE: FE) Corporation announced that it has completed $6 million in new transmission projects and is evaluating additional system upgrades across its Ohio Edison service area to meet rising electric demand growth driven by the shale gas industry.
“The shale gas industry is creating new jobs and helping restore economic prosperity to portions of our service territory,” said Randall A. Frame, regional president of Ohio Edison. “Part of the gas industry’s success relies on its ability to access safe, affordable and reliable electric power, and we are committed to meeting the demanding requirements of this fast-growing segment.”
The new facilities in line for creation, include a high-voltage substation and new transmission lines. These new facilitates were created to facilitate new natural gas processing facilities and other energy-intensive operations in Ohio’s Utica Shale region. These new facilities are projected to ultimately generate about 125 megawatts (MW) of electric load growth, the equivalent of adding more than 60,000 new homes to Ohio Edison’s system.
FirstEnergy (NYSE: FE) also recently released its third quart earnings. FirstEnergy (NYSE: FE) missed consensus estimates by a staggering $220 million and reported revenues of $3.9 billion. In addition, FirstEnergy reported third quarter earnings per share of $0.89 per share which beat estimates by $0.01.
In addition, on December 16th, 214, FirstEnergy announced that Anthony J. Alexander would be stepping down as FirstEnergy (NYSE: FE) Corp. President and CEO. “Tony Alexander’s many years of service have helped create the solid company FirstEnergy (NYSE:FE) is today,” Smart said in a news release. “Under his leadership, the company has grown significantly — both organically and through beneficial mergers and acquisitions — and navigated complex issues such as deregulation and challenging economic conditions. Retaining Tony in a key leadership role allows for a smooth transition and truly benefits FirstEnergy.”
Furthermore, FirstEnergy (NYSE: FE) also recently announced the completion of a 3.5-mile, 138-kilovolt (kV) transmission line to serve a Pennant Midstream natural gas processing facility in Springfield Township in Mahoning County. The projects are part of $250 million in regulated transmission investments identified through.
Shares of FE (NYSE: FE) are down two percent on Monday, January 5th, 2015. FE has a market capitalization of $16.18 billion and a price to earnings ratio of 24.45.