FirstEnergy reports progress on its transmission subsidiary

FirstEnergy (NYSE:FE) President and CEO Charles Jones said July 29 that the company is making good progress on transferring much of its wires assets into a stand-alone transmission subsidiary, Mid-Atlantic Interstate Transmission, LLC, or MAIT.

One June 19, Metropolitan Edison (Met-Ed), Penelec, JCP&L, FirstEnergy Transmission (FET) and MAIT made filings with FERC as well as Pennsylvania and New Jersey. The entities are seeking to move their transmission assets to MAIT, a subsidiary of FET.

This effort is in connection with FirstEnergy’s “Energizing the Future” initiative that involves upgrading and strengthening the grid to meet the future demands. The transmission push involves $4.2bn investment in the company’s transmission system between 2014 and 2017.

FirstEnergy said the effort is geared toward meeting projected load growth driven primarily by shale gas-related activity in the region.

Earlier this month, the MAIT asset transfer received a preliminary approval from the Pennsylvania Public Utilities Commission, which awaits a final order from the PUC.

Meanwhile, the New Jersey Board of Public Utilities has set procedural schedule was issued with evidentiary hearings in late October/early November.

FERC has already approved the transaction, according to FirstEnergy materials that accompanied the earnings call.

About Corina Rivera-Linares 3286 Articles
Corina Rivera-Linares was TransmissionHub’s chief editor until August 2021, as well as part of the team that established TransmissionHub in 2011. Before joining TransmissionHub, Corina covered renewable energy and environmental issues, as well as transmission, generation, regulation, legislation and ISO/RTO matters at SNL Financial from 2005 to 2011. She has also covered such topics as health, politics, and education for weekly newspapers and national magazines.