FirstEnergy Builds Third Utility-Scale Solar Site in West Virginia

FirstEnergy Corporation FE announced that its subsidiaries, Mon Power and Potomac Edison, have completed their third utility-scale solar site in West Virginia to help meet the state's electricity needs.

FE’s solar projects help meet the growing need for power and boost American manufacturing. The company’s solar facilities are an expanding component of its commitment to making sure that its customers have the proper mix and quantity of energy to satisfy their daily demands.

Highlights of FE’s Project

The project’s more than 17,000 solar panels are now producing up to 5.75 megawatts (MW) 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.

The new solar facility is located on about 36 acres of company-owned property along Interstate 81 and the Potomac River. FirstEnergy successfully closed the landfill in 2022 after harvesting over three million tons of ash for use in cement manufacturing. It opened the way for its redevelopment as part of the company’s solar program.

In order to help satisfy the state's electricity needs, the company’s West Virginia solar program supports a 2020 bill that was enacted by the West Virginia Legislature and gives electric companies permission to own and run up to 200 MW of solar generation plants. Due to the fact that many businesses demand that a portion of the electricity they buy come from renewable sources, the initiative entails the placement and development of solar installations on brownfield or affected industrial assets while promoting economic development in West Virginia.

Clean Energy is a Key Priority for FirstEnergy

A total of five solar projects comprising 50 MW of solar energy are planned by Mon Power and Potomac Edison. The company’s Rivesville solar site (5.5 MW) went online last fall, and their first solar project at Fort Martin Power Station (18.9 MW) was finished in early 2024. The companies currently have 30 MW of solar power in total.

Customers who support renewable energy in West Virginia will be able to acquire more than 87,000 solar renewable energy credits (SRECs) created by the five projects combined. 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.

FirstEnergy’s ‘Energize365’ is a multi-year grid evolution platform, focused on enhancing customer experience while maintaining its strong affordability position with rates at or below its in-state peers. With planned investments of $28 billion between 2025 and 2029, the company will install advanced equipment and technologies that will strengthen and modernize its transmission and distribution infrastructure.

In April 2025, FE’s unit, Jersey Central Power & Light Company, got approval for its EnergizeNJ infrastructure investment program. EnergizeNJ is part of the Energize365 program. The EnergizeNJ program includes more than $20.4 million in a Grid Modernization initiative that will replace solid fuses along power lines with TripSaver II devices.

By investing in renewable energy, FirstEnergy can contribute to a more sustainable and resilient energy system.

Utilities' Commitment to Renewable Growth

Per a U.S. Energy Information Administration (“EIA”) report, the annual share of U.S. electricity generation from renewable energy sources will be 25% in 2025 and 27% in 2026. EIA also expects that the U.S. electric power sector will generate 2% more power in 2025 compared with 2024, which is an increase of 100 billion kilowatt-hours (kWh). 

Along with FE, some other electric power industry companies like Duke Energy DUK, Alliant Energy LNT and Entergy Corporation ETR are also set to take advantage of the expanding solar energy market. 

DUK currently operates 1,200 MW of solar energy in Florida and successfully added 300 MW of solar capacity during 2024. With this, it plans to add 1,500 MW of solar each year in service, starting in 2027, in the Carolinas and 900 MW each year in Florida. 

DUK’s long-term (three to five-year) earnings growth rate is 6.33%. The Zacks Consensus Estimate for 2025 earnings per share (EPS) indicates a year-over-year increase of 7.1%.

Alliant Energy expects its capital expenditure to be $11.5 billion during 2025-2028. More than 40% of Alliant Energy’s 2025 to 2028 capital expenditure plan includes investments in wind, solar and energy storage. LNT added nearly 1,500 MW of solar energy in Wisconsin and Iowa since 2022.

LNT’s long-term earnings growth rate is 6.59%. The Zacks Consensus Estimate for 2025 EPS indicates a year-over-year increase of 5.9%.

Entergy Mississippi’s plan got approval to construct, own and operate the Delta Solar facility. This 80-MW solar facility is expected to be in service by the end of 2027. Further, Entergy and NextEra Energy Resources are working together to develop up to 4.5 GW of new, utility-owned solar generation and energy storage projects. 

ETR’s long-term earnings growth rate is 9.46%. The Zacks Consensus Estimate for 2025 EPS indicates a year-over-year increase of 6.3%.

FE Stock's Price Performance

In the past three months, shares of FE have risen 4.8% compared with the industry’s 3.1% growth.

FE’s Zacks Rank

The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

 

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This article originally published on Zacks Investment Research (zacks.com).

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