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New Solar Site in Marion County, West Virginia, Generating Clean Energy

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Mon Power and Potomac Edison, FirstEnergy Corp. (NYSE: FE) subsidiaries, have completed their second utility-scale solar site in West Virginia. The 5.5-megawatt facility in Rivesville, Marion County, features nearly 14,000 solar panels on 27 acres of company-owned property. This project is part of a larger initiative to develop 50 megawatts of solar generation across five sites, supporting West Virginia's goal of 200 megawatts of solar capacity.

The companies have also introduced a Solar Renewable Energy Credit (SREC) program, allowing customers to purchase credits at 4 cents per kilowatt hour. Notable subscribers include the National Energy Technology Laboratory and the town of Harpers Ferry. This initiative aims to boost economic development by attracting companies requiring renewable energy sources.

Le sussidiarie di FirstEnergy Corp. (NYSE: FE), Mon Power e Potomac Edison, hanno completato il loro secondo impianto solare su larga scala in Virginia Occidentale. Il campo da 5,5 megawatt a Rivesville, nella contea di Marion, è dotato di quasi 14.000 pannelli solari su 27 acri di proprietà aziendale. Questo progetto fa parte di un'iniziativa più ampia per sviluppare 50 megawatt di generazione solare su cinque siti, sostenendo l'obiettivo della Virginia Occidentale di 200 megawatt di capacità solare.

Le aziende hanno anche introdotto un programma di Crediti per Energie Rinnovabili Solari (SREC), che consente ai clienti di acquistare crediti a 4 centesimi per kilowattora. Tra i sottoscrittori di rilievo ci sono il National Energy Technology Laboratory e la città di Harpers Ferry. Questa iniziativa mira a stimolare lo sviluppo economico attirando aziende che necessitano di fonti di energia rinnovabile.

Las subsidiarias de FirstEnergy Corp. (NYSE: FE), Mon Power y Potomac Edison, han completado su segundo sitio solar a gran escala en Virginia Occidental. La instalación de 5.5 megavatios en Rivesville, condado de Marion, cuenta con casi 14,000 paneles solares en 27 acres de propiedad de la empresa. Este proyecto es parte de una iniciativa más grande para desarrollar 50 megavatios de generación solar en cinco sitios, apoyando el objetivo de Virginia Occidental de alcanzar 200 megavatios de capacidad solar.

Las empresas también han lanzado un programa de Créditos de Energía Renovable Solar (SREC), que permite a los clientes comprar créditos a 4 centavos por kilovatio-hora. Entre los suscriptores notables se encuentran el Laboratorio Nacional de Tecnología Energética y la ciudad de Harpers Ferry. Esta iniciativa tiene como objetivo impulsar el desarrollo económico atrayendo a empresas que requieran fuentes de energía renovable.

퍼스트에너지 주식회사(FirstEnergy Corp.)(NYSE: FE)의 자회사인 몬 파워(Mon Power)와 포토맥 에디슨(Potomac Edison)이 웨스트버지니아주에서 두 번째 대규모 태양광 사이트를 완료했습니다. 마리온 카운티의 라이브스빌(Rivesville)에 위치한 이 5.5메가와트 발전소는 회사 소유의 27에이커에 거의 14,000개의 태양광 패널이 설치되어 있습니다. 이 프로젝트는 다섯 개의 사이트에서 50메가와트의 태양광 발전을 개발하기 위한 더 큰 이니셔티브의 일환으로, 웨스트버지니아의 200메가와트 태양광 용량 목표를 지원합니다.

또한 이들은 고객이 킬로와트시당 4센트에 크레딧을 구매할 수 있는 태양광 재생 가능 에너지 크레딧(SREC) 프로그램을 도입했습니다. 주요 가입자로는 국립 에너지 기술 연구소와 하퍼스페리 시가 포함됩니다. 이 이니셔티브는 재생 가능 에너지원이 필요한 기업들을 유치하여 경제 개발을 촉진하는 것을 목표로 하고 있습니다.

Les filiales de FirstEnergy Corp. (NYSE: FE), Mon Power et Potomac Edison, ont achevé leur deuxième site solaire à grande échelle en Virginie-Occidentale. L'installation de 5,5 mégawatts à Rivesville, dans le comté de Marion, compte près de 14 000 panneaux solaires sur 27 acres de terrain appartenant à l'entreprise. Ce projet fait partie d'une initiative plus vaste visant à développer 50 mégawatts de production solaire sur cinq sites, soutenant l'objectif de la Virginie-Occidentale d'atteindre 200 mégawatts de capacité solaire.

Les entreprises ont également lancé un programme de Crédit d'Énergie Renouvelable Solaire (SREC), permettant aux clients d'acheter des crédits à 4 cents par kilowattheure. Parmi les abonnés notables se trouvent le Laboratoire national des technologies énergétiques et la ville de Harpers Ferry. Cette initiative vise à stimuler le développement économique en attirant des entreprises ayant besoin de sources d'énergie renouvelable.

Die Tochtergesellschaften von FirstEnergy Corp. (NYSE: FE), Mon Power und Potomac Edison, haben ihren zweiten Solarpark in Versorgungsgröße in West Virginia fertiggestellt. Die 5,5-Megawatt-Anlage in Rivesville, Marion County, verfügt über nahezu 14.000 Solarpanels auf 27 Acres Unternehmensgrundstück. Dieses Projekt ist Teil einer größeren Initiative zur Entwicklung von 50 Megawatt Solarenergie an fünf Standorten, um das Ziel West Virginias von 200 Megawatt Solarleistung zu unterstützen.

Die Unternehmen haben außerdem ein Programm für Solar Renewable Energy Credits (SREC) eingeführt, das es Kunden ermöglicht, Credits zu 4 Cent pro Kilowattstunde zu kaufen. Zu den bemerkenswerten Abonnenten gehören das National Energy Technology Laboratory und die Stadt Harpers Ferry. Diese Initiative zielt darauf ab, die wirtschaftliche Entwicklung zu fördern, indem Unternehmen angezogen werden, die erneuerbare Energiequellen benötigen.

Positive
  • Completion of a 5.5-megawatt solar facility, increasing renewable energy capacity
  • Part of a larger 50-megawatt solar development plan across five sites
  • Creation of local jobs with 63 union workers employed for construction
  • Introduction of Solar Renewable Energy Credit (SREC) program for customers
  • Attraction of notable subscribers like National Energy Technology Laboratory
Negative
  • None.

Insights

The completion of Mon Power and Potomac Edison's second utility-scale solar site in West Virginia marks a significant step in the state's transition towards renewable energy. The 5.5-megawatt Rivesville facility demonstrates FirstEnergy's commitment to their solar program, which aims to develop 200 megawatts of solar generation capacity over time.

This project aligns with West Virginia's legislative push for clean energy and economic development. The use of local union workers and U.S.-made components highlights the potential for job creation and domestic manufacturing support in the renewable sector. The repurposing of a deactivated power station site also showcases efficient land use practices.

For investors, this development signals FirstEnergy's strategic positioning in the growing renewable energy market. The creation of tradable Solar Renewable Energy Credits (SRECs) provides an additional revenue stream and attracts environmentally conscious customers. However, the 0.04 per kWh premium for SRECs may impact adoption rates and should be monitored for customer uptake.

While positive for FirstEnergy's long-term sustainability goals, the immediate financial impact of this project is likely minimal given the company's 25.18 billion market cap. Investors should view this as part of a broader shift towards renewables rather than a game-changing event for the stock.

Mon Power and Potomac Edison complete 27-acre solar site in Rivesville

FAIRMONT, W.Va., Oct. 18, 2024 /PRNewswire/ -- Mon Power and Potomac Edison, subsidiaries of FirstEnergy Corp. (NYSE: FE), have completed their second utility-scale solar site in West Virginia, less than a year after energizing their first solar site at Fort Martin Power Station in Maidsville.

Nearly 14,000 solar panels are now producing up to 5.5 megawatts of clean, renewable power at the Rivesville site in Marion County to help meet the state's electricity needs. One megawatt of solar energy powers a national average of 173 homes, according to the Solar Energy Industries Association.

Aerial photos and drone video footage of the Rivesville solar site are available to view or download on FirstEnergy's Flickr page.

The new solar facility is situated on approximately 27 acres of company-owned property along Morgan Ridge Road. The site had gone unused since the Rivesville Power Station was deactivated in 2012. Mon Power and Potomac Edison used 63 local union workers for construction at the site, and 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 and support economic growth by helping West Virginia recruit and retain employers. We are pleased to reach another important milestone in our solar program and are excited about the interest we continue to receive from subscribers."

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 addition of new renewable generation also encourages economic development in West Virginia, as a growing number of companies require that a portion of the electricity they purchase be generated by renewable sources.

Mon Power and Potomac Edison are developing five solar projects that will total 50 megawatts of renewable solar generation, the first phase of 200 megawatts the companies plan to develop over time. The companies completed their first solar project at Fort Martin Power Station (18.9 megawatts) in January and began construction this fall on a third project located in Berkeley County.

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.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/new-solar-site-in-marion-county-west-virginia-generating-clean-energy-302278368.html

SOURCE FirstEnergy Corp.

FAQ

What is the capacity of the new solar site in Marion County, West Virginia?

The new solar site in Marion County, West Virginia, has a capacity of 5.5 megawatts.

How many solar panels are installed at the Rivesville site?

Nearly 14,000 solar panels are installed at the Rivesville site in Marion County, West Virginia.

What is FirstEnergy's (FE) total planned solar generation capacity in West Virginia?

FirstEnergy (FE) plans to develop a total of 200 megawatts of solar generation capacity in West Virginia over time.

How much does it cost to purchase Solar Renewable Energy Credits (SRECs) through FirstEnergy's (FE) program?

The cost to purchase SRECs through FirstEnergy's (FE) program is 4 cents per kilowatt hour in addition to normal rates.

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