FirstEnergy unit to invest $950 million in Ohio and Pennsylvania grid upgrades
March 2 (Reuters) - FirstEnergy FE.N said on Monday its transmission unit has been selected by grid operator PJM to modernize equipment, rebuild older lines and upgrade substations in Ohio and Pennsylvania, and that it will invest $950 million in the effort.
Some parts of the project will be carried out through Grid Growth Ventures, a joint venture with Transource Energy, at a total cost of $1.2 billion, in which FET will invest about $490 million.
The remainder will be built by FirstEnergy's subsidiaries American Transmission Systems and Mid-Atlantic Interstate Transmission.
U.S. electricity demand is surging at an unprecedented pace as utilities race to meet power needs driven by data center expansion for artificial intelligence, along with a broader shift by homes and businesses to electric heating and transport.
FirstEnergy had announced in February a capital investment plan of $36 billion through 2030 to fund upgrades to the electrical grid and related infrastructure amid increasing power demand.
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