FE · 10-Q · 2026Q1 · Full report

Acquisition / Partnership / Divestiture

FIRSTENERGY CORP · 2026-04-28 · Importance 71 · Surprise 60

On February 21, 2025, FET, DominionHV and Transource entered into the Valley Link Operating Agreement to develop PJM-awarded transmission projects with total estimated project costs of approximately $3 billion and FET’s share estimated at ~$1 billion. On February 13, 2026, FET and Transource entered the Grid Growth Operating Agreement with 50/50 ownership for multiple Grid Growth projects; PJM awarded a Grid Growth project on February 12, 2026, estimated at ~$1 billion with FET’s share estimated at ~$448 million. Valley Link and Grid Growth structure governance and ownership percentages and will design, construct, own, operate and finance designated PJM projects through subsidiaries organized in various states. These awarded transmission projects are expected to expand regional transmission capacity and are capital intensive for the transmission subsidiaries.