MORRISTOWN, N.J., Jan. 26 /PRNewswire-FirstCall/ -- Jersey Central Power &
Light (JCP&L) intends to spend approximately $98 million on infrastructure and
energy efficiency projects in 2009 in response to a request for support of New
Jersey Governor Jon Corzine's Economic Assistance and Recovery Plan. The
projects were outlined in a recent letter to the New Jersey Board of Public
Utilities (BPU).
"When Governor Corzine asked JCP&L what we could do to help implement his
economic plan, we focused on two key areas - making our reliability even
better and improving energy efficiency," said Stephen E. Morgan, president,
JCP&L. "Implementing these projects this year will provide long-term benefits
to our customers while boosting the local economy in the short term."
Some of the JCP&L projects include:
-- Infrastructure Upgrades - $40 million on substation upgrades, new
transformers, distribution line re-closers and automated breaker operations.
-- Demand Response Programs - $34 million on state-of-the-art refrigerant
management systems designed to shift air conditioning load to off-peak times,
along with expanding existing demand response programs that enable JCP&L to
monitor and control customers' electrical usage.
-- Energy Efficiency Programs - $11 million on replacing transformers and
capacitor control systems, and installing new LED technology street lights.
In addition, JCP&L will spend more than $12.7 million on energy efficiency
programs that will complement those currently being offered by New Jersey
Clean Energy Programs.
Implementing these projects requires regulatory approval. The details
regarding these projects will be submitted in an upcoming filing with the BPU.
JCP&L has indicated to the BPU that completing the projects is based on the
company receiving full recovery of the costs associated with implementation.
JCP&L is an electric utility operating company of Akron, Ohio-based
FirstEnergy Corp. (NYSE: FE). FirstEnergy subsidiaries and affiliates are
involved in the generation, transmission and distribution of electricity, as
well as energy management and other energy-related services. Its seven
electric utility operating companies comprise the nation's fifth largest
investor-owned electric system, based on 4.5 million customers served within a
36,100-square-mile area of Ohio, Pennsylvania and New Jersey; and its
generation subsidiaries control more than 14,000 megawatts of capacity.
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 and
legislative and regulatory changes affecting how generation rates will be
determined following the expiration of existing rate plans in Ohio and
Pennsylvania, the impact of the PUCO's regulatory process on the Ohio
Companies associated with the Electric Security Plan and Market Rate Offer
filings, including any resultant mechanism under which rates charged to retail
customers may not fully recover the costs of energy supply, or the outcome of
any competitive procurement process in Ohio to allow the Ohio Companies to
provide energy supply for their customers, economic or weather conditions
affecting future sales and margins, changes in markets for energy services,
changing energy and commodity market prices and availability, replacement
power costs being higher than anticipated or inadequately hedged, the
continued ability of FirstEnergy's regulated utilities to collect transition
and other charges or to recover increased transmission costs, maintenance
costs being higher than anticipated, other legislative and regulatory changes,
revised environmental requirements, including possible greenhouse gas emission
regulations, the potential impacts of the U.S. Court of Appeals' July 11, 2008
decision requiring revisions to the CAIR rules and the scope of any laws,
rules or regulations that may ultimately take their place, the uncertainty of
the timing and amounts of the capital expenditures needed to, among other
things, implement the Air Quality Compliance Plan (including that such amounts
could be higher than anticipated or that certain generating units may need to
be shut down) or levels of emission reductions related to the Consent Decree
resolving the New Source Review litigation or other potential regulatory
initiatives, adverse regulatory or legal decisions and outcomes (including,
but not limited to, the revocation of necessary licenses or operating permits
and oversight) by the Nuclear Regulatory Commission (including, but not
limited to, the Demand for Information issued to FENOC on May 14, 2007), the
timing and outcome of various proceedings before the PUCO (including, but not
limited to the distribution rate cases and the generation supply plan filing
for the Ohio Companies and the successful resolution of the issues remanded to
the PUCO by the Ohio Supreme Court regarding the Rate Stabilization Plan and
the Rate Certainty Plan, including the recovery of deferred fuel costs), Met-
Ed's and Penelec's transmission service charge filings with the PPUC, the
continuing availability of generating units and their ability to operate at or
near full capacity, the ability to comply with applicable state and federal
reliability standards, the ability to accomplish or realize anticipated
benefits from strategic goals (including employee workforce initiatives), the
ability to improve electric commodity margins and to experience growth in the
distribution business, the changing market conditions that could affect the
value of assets held in FirstEnergy's nuclear decommissioning trusts, pension
trusts and other trust funds, and cause FirstEnergy to make additional
contributions sooner, or in an amount that is larger than currently
anticipated, the ability to access the public securities and other capital and
credit markets in accordance with FirstEnergy's financing plan and the cost of
such capital, changes in general economic conditions affecting FirstEnergy,
the state of the capital and credit markets affecting FirstEnergy, and the
risks and other factors discussed from time to time in its 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 our business 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 expressly disclaims any current
intention to update any forward-looking statements contained herein as a
result of new information, future events, or otherwise.
SOURCE FirstEnergy Corp.