Mon Power, an affiliate of diversified energy company FirstEnergy Corp. (NYSE:FE) , has announced the completion of the construction of a new substation and power lines to provide power support to a shale gas unit in Doddridge County, WV.
Details of the Project
The project, worth $5 million, will supply over 16 megawatts (“MW”) of electric power to a new fracking water treatment plant, which is under construction. The treatment plant is designed to filter out salt brine and other materials from wastewater generated during the hydraulic fracturing process for releasing shale gas. After filtering, the treated water can be reused at gas wellheads.
The substation is connected to an existing 138-kilovolt (Kv) transmission line and includes a transformer, circuit breakers and a control building.
Other Investments by Mon Power
Mon Power has spent over $150 million in 2016 summer of the allocated $238 million for transmission and distribution infrastructure projects, which include the construction of transmission lines, expansion of substations and replacement of distribution poles through the rest of the year.
Mon Power intends to enhance the reliability and resiliency of the electrical grid by undertaking such investments that will prepare it for future load growth.
FirstEnergy’s Infrastructural Investments
Apart from Mon Power, other affiliates of First Energy are also undertaking grid reliability improvement drives to provide uninterrupted service to customers.
FirstEnergy’s modernization drive will boost the company’s service reliability and lead to customer retention. The company’s “Energizing the Future” plan is aimed at upgrading and expanding its transmission capabilities. Under this initiative, the company will invest $4.2 billion over the 2014–2017period, of which nearly $3 billion has been spent so far. The utility identified additional $15 billion worth of investment opportunities to improve reliability in 2018 and beyond.
Zacks Rank &Key Picks
FirstEnergy has a Zacks Rank #3 (Hold).Some better-ranked stocks in the utility space are Korea ElectricPower Corp. (NYSE:KEP) , Spark Energy, Inc. (NASDAQ:SPKE) and DTE Energy Company (NYSE:DTE) . Both Korea Electric and Spark Energy sport a Zacks Rank #1 (Strong Buy), while DTE Energy is a Zacks Rank #2 (Buy) stock.
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>
KOREA ELEC PWR (KEP): Free Stock Analysis Report
FIRSTENERGY CP (FE): Free Stock Analysis Report
DTE ENERGY CO (DTE): Free Stock Analysis Report
SPARK ENERGY (SPKE): Free Stock Analysis Report
Original post