FE · 10-Q · 2026Q1 · Full report

Offshore Wind Transmission Investment

FIRSTENERGY CORP · 2026-04-28 · Importance 69 · Surprise 50

JCP&L’s proposal accepted in part by the NJBPU on October 26, 2022 included approximately $723 million of investments to build and upgrade transmission infrastructure to connect offshore wind resources, with a projected investment ROE of 10.2% and the option to acquire up to a 20% equity stake in Mid-Atlantic Offshore Development, LLC. Developments in the offshore wind sector (developer project cancellations and partner exits) led JCP&L to seek NJBPU guidance on project schedules and to delay certain expenditures; on April 22, 2026 the NJBPU issued an order authorizing termination of all but one of the transmission projects awarded to JCP&L, with a termination agreement filed at FERC April 23, 2026. If FERC approves the termination agreement, JCP&L expects to file an abandonment proceeding — the situation materially affects JCP&L’s planned offshore transmission capital deployment and project economics.