FirstEnergy Generation Corp., a subsidiary of FirstEnergy Corp. (NYSE: FE) has purchased the rights for development of a compressed-air electric generating plant on a 92 acre site in Norton, Ohio. The company acquired the rights from CAES Development Company, LLC. Included in the transaction are rights to a 600 acre underground cavern which is an ideal location for energy storage technology.
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About FirstEnergy
FirstEnergy is a diversified energy company headquartered in Akron, Ohio. Its subsidiaries and affiliates are involved in the generation, transmission and distribution of electricity, as well as energy management and other energy-related services. Its seven electric utility operating companies comprise the nation's fifth largest investor-owned electric system, based on 4.5 million customers served, within a 36,100-square-mile area of Ohio, Pennsylvania and New Jersey; and its generation subsidiaries control more than 14,000 megawatts of capacity.
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