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.