FE · 10-Q · 2026Q1 · Full report
PJM RTEP / Transmission Awards
FIRSTENERGY CORP · 2026-04-28 · Importance 71 · Surprise 60
FirstEnergy (through FET and related joint ventures) has entered into operating agreements and been awarded transmission projects via PJM’s RTEP Long‑Term Proposal windows. Valley Link (FET, DominionHV and Transource) was formed by an operating agreement dated February 21, 2025 and was awarded two transmission projects estimated at approximately $3 billion in total, with FET’s share estimated at roughly $1 billion. On February 13, 2026 FET and Transource formed Grid Growth (50/50) and PJM awarded a Grid Growth project in the 2025 Open Window estimated at approximately $1 billion, with FET’s share estimated at approximately $448 million. These awards involve multi‑year design, development, construction and financing responsibilities and will increase regulated transmission rate base for the Stand‑Alone Transmission/Transmission companies.
Key facts
- On February 26, 2025, PJM awarded two electric transmission projects to Valley Link estimated to be approximately $3 billion, with FET’s share estimated to be approximately $1 billion.
- On July 11, 2025 ATSI and PE filed a joint application with FERC for the abandonment incentive which was approved on September 9, 2025, and effective September 10, 2025 ATSI and PE became eligible to recover 50% of project costs incurred prior to September 10, 2025 and 100% of project costs incurred thereafter for any projects subsequently cancelled for reasons beyond the control of utility management.
- On February 12, 2026, PJM awarded a project to Grid Growth estimated to be approximately $1 billion, with FET’s share estimated to be approximately $448 million.
- On February 26, 2025 PJM completed its 2024 RTEP Open Window 1 process and designated each of ATSI and PE to construct certain transmission projects.
- Under FERC rules, the Electric Companies and AE Supply each have authorization from FERC to sell wholesale power at market-based rates and these authorizations must be renewed every three years; the companies filed applications for the next renewal period on December 16, 2025.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| assets | positive | committed | +1.5% | On February 26, 2025, PJM awarded two electric transmission projects to Valley Link estimated to be approximately $3 billion, with FET’s… |
| assets | positive | probable | +0.4% | On February 12, 2026, PJM awarded a project to Grid Growth estimated to be approximately $1 billion, with FET’s share estimated to be… |
| assets | positive | contingent | — | On July 11, 2025 ATSI and PE filed a joint application with FERC for the abandonment incentive which was approved on September 9, 2025,… |
| assets | positive | probable | — | On February 26, 2025 PJM completed its 2024 RTEP Open Window 1 process and designated each of ATSI and PE to construct certain… |