FirstEnergy Unit To Install EV Charging Stations In Maryland
Zacks Investment Research | Mar 05, 2019 09:57PM ET
FirstEnergy Corp. (NYSE:FE) announced that its subsidiary — Potomac Edison — will start installing Electric Vehicle (EV) charging stations in Maryland later in 2019. Recently, the project received approval from the Maryland Public Service Commission. This initiative is expected to reduce auto emissions and improve the state's environment.
Details of the Projects
The duration of the pilot program is estimated at five years. The company will install more than 50 charging stations that include nine fast charging stations.
Per THE BALTIMORE SUN, the state aims to reach the target of 300,000 zero-emission vehicles on the road by 2025. Increased number of EVs will require more charging stations. Thus, we can expect the pilot program to be beneficial for customers of Maryland State.
Along with fuel cost savings and providing cleaner environment, the charging station pilot program will offer rebates to residential and non-residential charger installations. Residential customers of Maryland will be eligible for rebates of up to $300 for the installation of EV charging stations at their home.
FirstEnergy’s Focus on Modernization
FirstEnergy is presently serving six million customers and focusing on a modernization drive to boost service reliability that ensures customer retention. As part of the ambitious “Energizing the Future” plan, FirstEnergy wants to upgrade and expand regulated transmission capabilities and plans to invest $4.8 billion in capital from 2018 to 2021.
Maryland's adoption of electric vehicles and expanding charging station network will propel the company toward modernization as well as enable it to make the environment cleaner and healthier.
Price Performance
Shares of FirstEnergy have rallied 33.2% in the past 12 months.
Zacks Rank & Other Key Picks
FirstEnergy carries a Zacks Rank #2 (Buy). You can see Zacks Investment Research
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