FE · 10-Q · 2026Q1 · Full report

Offshore Wind Transmission Termination

FIRSTENERGY CORP · 2026-04-28 · Importance 90 · Surprise 84

JCP&L submitted a proposal accepted in part by the NJBPU to build offshore wind transmission infrastructure that included approximately $723 million in investments and projected a 10.2% ROE and an option for up to a 20% equity stake in the project company. Following multiple developer project exits and regulatory developments, the NJBPU directed JCP&L to delay certain expenditures and later, on April 22, 2026, issued an order authorizing termination of all but one of the transmission projects awarded to JCP&L under the October 26, 2022 order. The termination agreement was filed at FERC and, if approved, JCP&L would expect to file a subsequent abandonment proceeding with FERC.

Key facts

On October 31, 2023 Orsted announced cessation of Ocean Wind 1 and 2 (combined planned capacity 2,248 MW) development in New Jersey.
On June 4, 2025 Atlantic Shores filed a petition with the NJBPU requesting consent to terminate its 1.5 GW offshore wind project.
On January 30, 2025 and February 25, 2025 Shell New Energies US LLC and EDF Renewables North America announced respectively they were exiting the Atlantic Shores partnership.

Impact estimates

metric	direction	stage	expected	basis
assets	unclear	contingent	—	On June 4, 2025 Atlantic Shores filed a petition with the NJBPU requesting consent to terminate its 1.5 GW offshore wind project.