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FirstEnergy : Mon Power Project Reroutes Transmission Lines from Decommissioned Willow Island Power Plant in Pleasants County

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05/25/2017 | 04:19pm CEST

FAIRMONT, W.Va., May 25, 2017 /PRNewswire/ -- Mon Power, a FirstEnergy Corp. (NYSE: FE) subsidiary, is completing a $2.2 million enhancement project that reroutes transmission lines away from a substation scheduled to be dismantled adjacent to the decommissioned Willow Island Generating Station in Pleasants County, West Virginia.

The work involved rebuilding four transmission lines to connect with an existing substation near Belmont. Previously, the lines were routed through a substation near the Willow Island power plant, which was closed in 2012. The project included building 15 new wooden structures, a new steel structure, along with installing additional breakers and other electrical equipment at the substation near Belmont.

"This project upgrades electrical equipment on our transmission system in the northwestern edge of Mon Power's service area," said Holly Kauffman, president of FirstEnergy's West Virginia operations. "The new configuration means we won't have to spend additional money and manpower inspecting and maintaining the older equipment located at the Willow Island site."

For the final part of the project, a contractor will dismantle the de-energized transmission substation next to the old power plant, removing steel, breakers and other electrical equipment from the site for recycling. That work should be completed in June.

The line relocation project is part of FirstEnergy's previously announced plans to invest about $166 million this year in distribution and transmission infrastructure projects to enhance service reliability in Mon Power's service area.

Mon Power, a FirstEnergy electric distribution company, serves about 385,000 customers in 34 West Virginia counties. Follow Mon Power on Twitter @MonPowerWV.

FirstEnergy is dedicated to safety, reliability and operational excellence. Its 10 electric distribution companies form one of the nation's largest investor-owned electric systems, serving customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. The company's transmission subsidiaries operate more than 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Visit FirstEnergy online at www.firstenergycorp.com and follow on Twitter at @FirstEnergyCorp.

Editor's Note: Photos of Mon Power's reconfigured lines and soon-to-be-dismantled Willow Island transmission substation are available for download on Flickr.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/mon-power-project-reroutes-transmission-lines-from-decommissioned-willow-island-power-plant-in-pleasants-county-300463938.html

SOURCE FirstEnergy Corp.

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Financials ($)
Sales 2017 14 653 M
EBIT 2017 2 990 M
Net income 2017 1 215 M
Debt 2017 17 443 M
Yield 2017 4,94%
P/E ratio 2017 10,77
P/E ratio 2018 11,50
EV / Sales 2017 2,06x
EV / Sales 2018 2,05x
Capitalization 12 722 M
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Mean consensus HOLD
Number of Analysts 20
Average target price 33,6 $
Spread / Average Target 17%
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Charles E. Jones President, Chief Executive Officer & Director
George M. Smart Non-Executive Chairman
James F. Pearson Chief Financial Officer & Executive VP
Paul T. Addison Independent Director
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