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New Solar Site Generating Energy in Berkeley County, West Virginia

1. FirstEnergy's subsidiaries completed a 5.75 MW solar project in West Virginia. 2. The project utilizes over 17,000 solar panels and supports renewable energy goals. 3. Employment of 54 local workers and U.S.-manufactured materials boosts local economy. 4. Total investment includes multiple solar projects aiming for 50 MW capacity. 5. Customers can purchase solar renewable energy credits from this initiative.

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Why Bullish?

The expansion into renewable energy aligns with market trends towards sustainability and resilience, supporting a bullish sentiment. Comparable renewable initiatives have positively influenced stock prices in similar companies, signaling potential profitability for FirstEnergy.

How important is it?

The article highlights significant infrastructure developments and aligns with legislative support for renewable energy, contributing to FirstEnergy's growth prospects. Enhanced capacity and local engagement positions FE positively against competitors.

Why Long Term?

Investments in renewable energy capacity typically take time to yield financial returns, aligning with long-term strategies. Historical shifts to solar energy in utilities have often led to sustained financial growth over several years.

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Mon Power and Potomac Edison complete 36-acre solar project in Marlowe, /PRNewswire/ -- Mon Power and Potomac Edison, subsidiaries of FirstEnergy Corp. (NYSE: FE), have completed their third utility-scale solar site in West Virginia to help meet the state's electricity needs. More than 17,000 solar panels are now producing up to 5.75 megawatts of renewable power at the Marlowe site in Berkeley County. One megawatt of solar energy powers a national average of 173 homes, according to the Solar Energy Industries Association. More than 17,000 solar panels are now producing up to 5.75 megawatts of renewable power at the Marlowe site in Berkeley County. Mon Power Logo (PRNewsfoto/FirstEnergy Corp.) Aerial photos and drone video footage of the Marlowe solar site are available to view or download on FirstEnergy's Flickr page. The new solar facility is situated on approximately 36 acres of company-owned property along Interstate 81 and the Potomac River. The site was previously an ash landfill for the former R. Paul Smith Power Station. In 2022, after harvesting more than three million tons of ash for use in cement manufacturing, FirstEnergy successfully completed the closure of the landfill, paving the way for its redevelopment as part of the companies' solar program. Mon Power and Potomac Edison used 54 local union workers for construction at the site. Additionally, the solar panels, racking system steel and supporting electrical equipment were made in the United States.Dan Rossero, Vice President of FirstEnergy's West Virginia Generation: "Our solar projects create construction jobs, support U.S. manufacturing and help us accommodate increased demand for electricity. We are committed to ensuring that our customers have the right mix and amount of generation to support their everyday needs, and our solar facilities are a growing part of that."The companies' West Virginia solar program supports a 2020 bill passed by the West Virginia Legislature that authorizes electric companies to own and operate up to 200 megawatts of solar generation facilities to help meet the state's electricity needs. The program involves the siting and development of solar projects on brownfield or impacted industrial properties while encouraging economic development in West Virginia, as a number of companies require that a portion of the electricity they purchase be generated by renewable sources.Mon Power and Potomac Edison plan to develop a total of five solar projects that will comprise 50 megawatts of solar generation. The companies completed their first solar project at Fort Martin Power Station (18.9 megawatts) in early 2024, and their Rivesville solar site (5.5 megawatts) came online last fall. In total, the companies now have 30 megawatts of solar capacity.Combined, the five projects will create more than 87,000 solar renewable energy credits (SRECs) available for purchase by customers who support renewable energy in West Virginia. SRECs are certificates that represent the environmental attributes of solar power and prove solar energy was generated on the purchasers' behalf. For every megawatt hour of solar renewable electricity generated, one SREC is produced.Since the inception of the solar program, Mon Power and Potomac Edison have enrolled residential customers as well as large commercial and institutional customers, including the National Energy Technology Laboratory (NETL) in Morgantown and the town of Harpers Ferry. The cost to purchase SRECs through the program is 4 cents per kilowatt hour in addition to normal rates. To subscribe or find out more about the solar program, Mon Power and Potomac Edison customers in West Virginia can visit firstenergycorp.com/WVsolar or call 1-800-505-7283.Mon Power serves about 395,000 customers in 34 West Virginia counties. Follow Mon Power at mon-power.com, on X @MonPowerWV, and on Facebook at facebook.com/MonPowerWV.Potomac Edison serves about 285,000 customers in seven counties in Maryland and 155,000 customers in the Eastern Panhandle of West Virginia. Follow Potomac Edison at potomacedison.com, on X @PotomacEdison, and on Facebook at facebook.com/PotomacEdison.FirstEnergy is dedicated to integrity, safety, reliability and operational excellence. Its electric distribution companies form one of the nation's largest investor-owned electric systems, serving more than six million customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. The company's transmission subsidiaries operate approximately 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Follow FirstEnergy online at firstenergycorp.com and on X @FirstEnergyCorp.SOURCE FirstEnergy Corp. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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