To enhance its financial position and support sustainable, long-term growth, FirstEnergy Corp. plans to sell an additional 30 percent ownership interest in its FirstEnergy Transmission (FET) to Brookfield Super-Core Infrastructure Partners in a $3.5 billion all-cash deal.
FET is the holding company for three of FirstEnergy’s FERC-regulated transmission utility subsidiaries: American Transmission Systems, Inc. (ATSI); Mid-Atlantic Interstate Transmission (MAIT); and Trans-Allegheny Interstate Line Co. (TrAILCo). They comprise one of the largest transmission systems in PJM. FirstEnergy also owns transmission assets in New Jersey, Pennsylvania, West Virginia and Maryland that are not part of FET.
In May 2022, FirstEnergy sold a 19.9 percent non-controlling interest in FET to Brookfield. After the latest transaction, FirstEnergy will remain majority owner and sole operator of FET and will retain nearly 70 percent of its overall regulated transmission portfolio. FirstEner