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 3155 Articles
Corina Rivera-Linares, chief editor for TransmissionHub, has covered the U.S. power industry for the past 15 years. Before joining TransmissionHub, Corina covered renewable energy and environmental issues, as well as transmission, generation, regulation, legislation and ISO/RTO matters at SNL Financial. She has also covered such topics as health, politics, and education for weekly newspapers and national magazines. She can be reached at clinares@endeavorb2b.com.