FirstEnergy Corp.

(New York Stock Exchange)
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Somewhat Bullish +50

A look at FirstEnergy’s planned gas-fired plant and Fort Martin

AI-generated analysis

🏭 FirstEnergy plans to build a new 1,200 megawatt combined cycle gas turbine plant at the Fort Martin site in Monongalia County.

📍 The proposed facility will be named the Maidsville Energy Center and is pending approval from the Public Service Commission (PSC).

👤 Chris Beam, FirstEnergy president of West Virginia and Maryland, stated that the project fits well with the community and has strong local relations.

🏗️ This new plant would be the first major power facility in Monongalia County since 2011 and FirstEnergy's first since 1972.

📉 The new gas plant will be considerably smaller than the existing coal-fired neighbor and will not feature tall stacks or traditional cooling towers.

⚙️ A combined cycle plant uses both gas and steam combustion turbines, utilizing waste heat from the gas turbine to generate additional electricity via a steam turbine.

🗓️ Public hearings are scheduled for July 15, with an evidentiary hearing commencing on July 16, though a final PSC decision could take until February 2027.

🤝 FirstEnergy is currently negotiating contracts for power island equipment and reviewing bids for a new gas line to supply the facility.

📅 EPC (engineer, procure, construct) bids are due June 12, with a goal of signing gas supply contracts by September pending PSC approval.

💼 The project is estimated to create approximately 2,000 construction jobs using local union trade labor and will cost $2.476 billion total.

💰 FirstEnergy projects the plant will generate an estimated $500 million in local and state taxes over its lifetime.

🏢 The operational plant itself is expected to employ about 25 people, with Beam describing the roles as "careers for generations."

⚡ FirstEnergy has applied to PJM Interconnection for an interconnection agreement, a process that will take a couple of years to address grid constraints.

🔋 Both existing coal-fired plants at Fort Martin and Harrison are aging but are planned to remain open through 2035 according to the Integrated Resource Plan.

📅 CEO Brian Tierney previously noted on a 2025 earnings call that adding combined cycle plants could replace or supplement coal units to attract data centers and manufacturers.

🏛️ Fort Martin Unit 1, commissioned in 1967, generates 552 MW and is housed in a nine-story structure.

🏛️ Fort Martin Unit 2, commissioned in 1968, generates 546 MW and stands 14 stories tall with two long three-stage steam turbines.

⚡ The existing substation will also accept power from the new Maidsville Energy Center once it goes online in 2031.

Bullish Signals
  • FirstEnergy plans to build a new 1,200 megawatt combined cycle gas turbine plant at the Fort Martin site, pending Public Service Commission approval.
  • The proposed Maidsville Energy Center will be the first major power plant in Monongalia County since 2011 and FirstEnergy's first plant since 1972.
  • FirstEnergy estimates the project will create approximately 2,000 construction jobs, with all union trade labor sourced from the local area.
  • The new facility is projected to generate an estimated $500 million in local and state taxes over its lifetime.
  • FirstEnergy aims to have contracts for gas supply signed by September, pending regulatory approval.
  • CEO Brian Tierney noted that adding combined cycle plants could bring incremental economic development to West Virginia and help attract data centers and transformer manufacturers.
  • The new plant is expected to go online in 2031, providing flexibility to the grid in an uncertain energy environment.
Risk Factors
  • FirstEnergy faces a lengthy regulatory timeline where the Public Service Commission (PSC) could render a decision as late as February 2027 despite requesting expedited consideration for hearings scheduled in July 2025.
  • CEO Brian Tierney noted on a 2025 earnings call that the new combined cycle units could ultimately replace the coal plants, implying potential future capacity reductions or retirement of existing infrastructure.
Full Analysis
FirstEnergy is advancing plans for the Maidsville Energy Center, a proposed 1,200 megawatt combined cycle gas turbine plant to be built at its Fort Martin site in Monongalia County, West Virginia. Pending approval from the Public Service Commission (PSC), this project would mark the first major power plant addition in the county since 2011 and FirstEnergy's first new facility since 1972. The company has named the site the Maidsville Energy Center to reflect its location and integration with existing coal-fired and solar facilities. The new facility will replace or supplement aging coal infrastructure, with Fort Martin Unit 1 commissioned in 1967 and Unit 2 in 1968. FirstEnergy's Integrated Resource Plan currently projects keeping both coal plants open through 2035, though CEO Brian Tierney noted on a 2025 earnings call that adding combined cycle units could ultimately replace the coal plants or provide incremental capacity to support economic development, such as attracting data centers and transformer manufacturers. Construction is estimated to cost $2.476 billion, run through 2033, and create approximately 2,000 union trade construction jobs, with the plant itself employing about 25 people. The project aims to generate an estimated $500 million in local and state taxes. Key milestones include a public comment hearing on July 15, an evidentiary hearing starting July 16, and EPC bids due June 12, with FirstEnergy aiming to sign gas supply contracts by September pending PSC approval. The plant is expected to go online in 2031, following PJM Interconnection's evaluation of the transmission system for interconnection agreements.