AKRON, Ohio, March 21, 2013 /PRNewswire/ -- Cleveland Electric Illuminating Company (CEI), a subsidiary of FirstEnergy Corp. (NYSE: FE), announced today that its spend of approximately $152 million in 2013 is designed to further enhance the electrical system and reliability in northeast Ohio. Major projects scheduled for this year include rebuilding substations, continuing work on a large transmission line, building new distribution circuits, inspecting and replacing utility poles and ongoing vegetation management programs.
"The planned infrastructure projects are designed to help maintain our system on a day-to-day basis to benefit CEI customers now while helping prepare our system for future load growth," said John Skory, regional president of CEI.
CEI's 2013 reliability enhancements are expected to benefit customers throughout its service territory. The scheduled projects include:
- Rebuilding portions of a major substation in Northfield. The overall cost for the project is more than $10 million.
- Spending approximately $15 million to install new sub-transmission circuits in downtown Cleveland as part of a large-scale project designed to handle future load growth for the Cleveland Clinic.
- Spending more than $10 million inspecting and replacing distribution and sub-transmission poles in northeast Ohio. This inspection process is conducted on a 10-year cycle. Inspections began in January, with replacement work scheduled to be performed throughout the year.
- Relocating switching equipment from a substation in Wickliffe to another CEI substation nearby. The overall cost for the project is nearly $4 million.
- Spending more than $7 million to complete a new 138-kV transmission line and substation in Geauga County designed to help ensure reliability and provide for future load growth.
- Spending more than $13 million as part of CEI's ongoing vegetation management program to trim trees and maintain proper clearances to protect against tree-related storm damage. Some of the scheduled communities include Ashtabula, Bay Village, Cleveland, East Cleveland, Eastlake, Fairview Park, Lakewood, Mentor, North Olmsted, Parma, Parma Heights, Shaker Heights, Solon and Westlake.
- If approved by the Public Utilities Commission of Ohio, approximately $20 million will be spent, mostly in the Geauga County area, as part of a U.S. Department of Energy Smart Grid grant program, including the installation of additional smart meters and sectionalizing technology designed to isolate and restore outages remotely.
Cleveland Electric Illuminating Company serves more than 750,000 customers across Ashtabula, Cuyahoga, Geauga, Lake and Lorain counties. Visit FirstEnergy on the web at www.firstenergycorp.com, and follow Cleveland Electric Illuminating Company on Twitter @IlluminatingCo.Forward-Looking Statements: This news release includes forward-looking statements based on information currently available to management. Such statements are subject to certain risks and uncertainties. These statements include declarations regarding management's intents, beliefs and current expectations. These statements typically contain, but are not limited to, the terms "anticipate," "potential," "expect," "believe," "estimate" and similar words. Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Actual results may differ materially due to: the speed and nature of increased competition in the electric utility industry, in general, and the retail sales market in particular, the impact of the regulatory process on the pending matters before FERC and in the various states in which we do business including, but not limited to, matters related to rates and pending rate cases, the uncertainties of various cost recovery and cost allocation issues resulting from ATSI's realignment into PJM, economic or weather conditions affecting future sales and margins, regulatory outcomes associated with Hurricane Sandy, changing energy, capacity and commodity (including, but not limited to, coal, natural gas and oil) market prices and availability and their impact on retail margins, financial derivative reforms that could increase our liquidity needs and collateral costs, the continued ability of our regulated utilities to collect transition and other costs, operation and maintenance costs being higher than anticipated, other legislative and regulatory changes, and revised environmental requirements, including possible GHG emission, water discharge, water intake and coal combustion residual regulations, the potential impacts of CAIR, and any laws, rules or regulations that ultimately replace CAIR, and the effects of the EPA's MATS rules including our estimated costs of compliance, the uncertainty of the timing and amounts of the capital expenditures that may arise in connection with any litigation, including NSR litigation or potential regulatory initiatives or rulemakings (including that such expenditures could result in our decision to deactivate or idle certain generating units), the uncertainties associated with the deactivation of certain older unscrubbed regulated and competitive fossil units, including the impact on vendor commitments, and the timing thereof as they relate to, among other things, the RMR arrangements and the reliability of the transmission grid, adverse regulatory or legal decisions and outcomes with respect to our nuclear operations (including, but not limited to the revocation or non-renewal of necessary licenses, approvals or operating permits by the NRC or as a result of the incident at Japan's Fukushima Daiichi Nuclear Plant), adverse legal decisions and outcomes related to ME's and PN's ability to recover certain transmission costs through their TSC riders, the impact of future changes to the operational status or availability of our generating units, the risks and uncertainties associated with litigation, arbitration, mediation and like proceedings, including, but not limited to, any such proceedings related to vendor commitments, replacement power costs being higher than anticipated or inadequately hedged, the ability to comply with applicable state and federal reliability standards and energy efficiency and peak demand reduction mandates, changes in customers' demand for power, including but not limited to, changes resulting from the implementation of state and federal energy efficiency and peak demand reduction mandates, the ability to accomplish or realize anticipated benefits from strategic and financial goals including, but not limited to, the ability to successfully complete the proposed West Virginia asset transfer and to improve our credit metrics, our ability to improve electric commodity margins and the impact of, among other factors, the increased cost of fuel and fuel transportation on such margins, the ability to experience growth in the Regulated Distribution segment and to continue to successfully implement our direct retail sales strategy in the Competitive Energy Services segment, changing market conditions that could affect the measurement of liabilities and the value of assets held in our NDTs, pension trusts and other trust funds, and cause us and our subsidiaries to make additional contributions sooner, or in amounts that are larger than currently anticipated, the impact of changes to material accounting policies, the ability to access the public securities and other capital and credit markets in accordance with our financing plans, the cost of such capital and overall condition of the capital and credit markets affecting us and our subsidiaries, actions that may be taken by credit rating agencies that could negatively affect us and our subsidiaries' access to financing, increase the costs thereof, and increase requirements to post additional collateral to support outstanding commodity positions, LOCs and other financial guarantees, changes in national and regional economic conditions affecting us, our subsidiaries and our major industrial and commercial customers, and other counterparties including fuel suppliers, with which we do business, issues concerning the stability of domestic and foreign financial institutions and counterparties with which we do business, the risks and other factors discussed from time to time in our SEC filings, and other similar factors. The foregoing review of factors should not be construed as exhaustive. New factors emerge from time to time, and it is not possible for management to predict all such factors, nor assess the impact of any such factor on the business of FirstEnergy or the Companies or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements. FirstEnergy and the Companies expressly disclaim any current intention to update, except as required by law, any forward-looking statements contained herein as a result of new information, future events or otherwise. SOURCE FirstEnergy Corp.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV