FirstEnergy is anticipating a Department of Energy loan to help build a $2.6 billion gas plant in West Virginia, as part of the utility’s plans to meet growing electricity demand from data centers.
On a conference call Wednesday, CEO Brian Tierney said the company expected approval of a loan this year to support the 1,200-megawatt project, which could provide power for more than a quarter of the state’s population if built.
The plan “would save customers more than $200 million over the 30-year life of the loan versus traditional financing,” Tierney told investors.
DOE’s loan office, now known as the Office of Energy Dominance Financing, has roughly $289 billion in loan authority. Energy Secretary Chris Wright has been advocating for gas, coal and nuclear projects, as well as emerging technologies like fusion and geothermal.
