U.S.-based electric utility company FirstEnergy plans to inject more than $500 million over three years to modernize the electric distribution system.
The modernization programs are expected to enhance electric service for customers by reducing the frequency and duration of power outages, eliminating estimated meter reads and providing customers with greater access to more detailed electric usage information.
FirstEnergy said that the grid modernization initiative is consistent with the technology supported by Public Utilities Commission of Ohio (PUCO) and the initial deployment of smart meters for its Ohio utilities will help customers make more informed decisions about its energy usage.
The agreement filed with the PUCO will deliver financial and service reliability benefits for its customers now and in the future. PUCO plans to act on the settlement agreement by December 31, 2018.