FirstEnergy $FE Stock In Uptrend Channel Coming Off Double Bottom

  • Post category:Energy
  • Reading time:8 mins read
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FirstEnergy $FE stock is trading in an uptrend channel as of November 20, 2022. The stock has come off a double bottom pattern with what looks like dark pool buying.

Dark Pool Trading In FirstEnergy Stock

Dark pool trading occurred in FirstEnergy $FE stock on November 18, 2022. The $10 million dark pool trade looks like a buy order because FirstEnergy stock rose following the trade hitting the tape.

FirstEnergy stock chart on November 20 2022 with an orange bar showing a dark pool trade
FirstEnergy stock chart on November 20 2022 with an orange bar showing a dark pool trade

JCP&L Upgrading Transmission Power Lines in Monmouth County

On November 16, 2022, JCP, a subsidiary of FirstEnergy, started construction of two projects. The two projects will upgrade 19 miles of power lines in Monmouth County, improving reliability for 50,000 customers. With $53 million in new investment, the project will replace existing post-1970s wires, hardware and structures with new poles, cables and equipment to strengthen the network and prevent or shorten customer service disruptions.

JCP is upgrading approximately six miles of existing transmission lines east of a substation in Middletown Township, New Jersey, to a substation in the Borough of Union Beach, New Jersey. They installed a second set of wires along the line for redundancy and operational flexibility. The customers who will benefit from the work, which should be completed in May 2023, will be approximately 20,600.

JCP will also replace 21 miles of an existing 34.5 kilovolt line that runs northeast from a substation in Colts Neck Township, NJ to a substation in Matawan Borough, NJ, and will reconfigure the line to run two independent ones. We expect this work to be completed by December 2023 and will benefit 29,200 customers. For both projects, having two independent circuits allows JCP to keep customers in service if they turn one circuit off for maintenance. It will also help reduce outages by providing a secondary power source and additional capacity to meet customer demand. The two projects are part of Energizing the Future, a multi-year, $7 billion initiative designed to modernize transmission systems with advanced equipment and technologies that will improve the power grid and reduce the frequency and duration of outages.

Penelec Completing Upgrades Electric System in Crawford County

On November 15, 2022, Penelec, a subsidiary of FirstEnergy, is completing a project to upgrade its distribution system in Crawford County. The upgrade will help prevent or shorten the duration of service interruptions, especially during severe winter weather.

The work involves converting existing transmission lines into high-voltage transmission lines in the rapidly growing commercial corridor along State Route 322 in the town of Vernon. They will also install automated equipment on the local network to help prevent outages and restore power to approximately 1,000 customers more quickly. Penelec will convert an existing 12 kV transmission line running along Route 322 west of Cutter Road to North Watson Run Road to build a new 5.5 mile 34.5 kilovolt (kV) transmission line. The line goes north along North Watson Run Road to Harmonsburg Road. Therefore, it is connected to other 34.5 kV transmission lines to strengthen the local transmission grid and provide redundancy. The work, which began in July, includes installing over 100 new power poles, hanging new cables with more electrical capacity along the entire length of the line, and installing over 70 new transformers. They should complete the project by the end of the year.

“We are reconstructing an existing power line to operate at a higher voltage, which will provide an alternate source of electricity to allow us to keep the lights on for many of our customers in the Vernon Township, Geneva and Conneaut Lake areas – including medical centers, big retail stores and restaurants – when our crews must make repairs or perform proactive maintenance,” said Scott Wyman, president of FirstEnergy’s Pennsylvania Operations. “As part of the project, crews are relocating several sections of the power line from hard-to-reach wooded or swampy areas to Route 322 and North Watson Run Road to allow access for our bucket trucks and enable faster repairs.”

JCP&L Selected to Connect Offshore Wind-Generated Electricity to the Grid

On November 1, 2022, the Public Utilities Commission of New Jersey (BPU) awarded JCP, a subsidiary of FirstEnergy, construction responsibility to connect the clean energy generated by New Jersey’s offshore wind farms to the grid.

The BPU selected the JCP scheme from 80 proposals submitted by 13 different transmission developers in a joint bidding process for offshore wind transmission. They earmarked approximately $723 million in investment for JCP to build new transportation infrastructure and improve existing transportation infrastructure. All electric customers in New Jersey are expected to pay for the project.

The project will bring electricity from offshore wind farms in central New Jersey onshore to a collection point in Monmouth County. They will convert the power from direct current (DC) to alternating current (AC) at JCP Transmission’s Atlantic and Smithburg substations in Monmouth County.

The JCP proposal was submitted in collaboration with offshore transport developer Mid-Atlantic Offshore Development, a company owned by Shell New Energies US and EDF Renewables. Now that the project has been awarded, FirstEnergy has the option to acquire up to 20% equity in the Mid-Atlantic Offshore development with BPU approval.

“This is a historic moment for the state of New Jersey, and we are excited to play such an important role in helping the state meet its initial clean energy goal of 7500 megawatts of wind-generated electricity by 2035,” said Jim Fakult, president of New Jersey operations for FirstEnergy. “Bringing this electricity to the grid in a safe, reliable, cost-effective manner is not just a benefit for JCP&L customers, but all residents and businesses in the state.”

FirstEnergy $FE Stock Technical Analysis

FirstEnergy $FE stock is in a technical downtrend. The stock has been trading in an intermediate-term uptrend channel since October 20, 2022. The stock is coming off a major double bottom. FirstEnergy stock is testing long-term downtrend channel resistance. A break above $39.55 would likely put the stock into an uptrend rating. The MACD and money flow are both positive.

FirstEnergy stock chart on November 20 2022 in an intermediate uptrend channel testing long term downtrend channel resistance with a positive MACD and money flow
FirstEnergy stock chart on November 20 2022 in an intermediate uptrend channel testing long term downtrend channel resistance with a positive MACD and money flow
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