FirstEnergy To Sell Addl 30% Stake In FirstEnergy Transmission To Brookfield

FirstEnergy Corp. (FE) said that it agreed to sell an additional 30% ownership interest in its FirstEnergy Transmission LLC business to Brookfield Super-Core Infrastructure Partners.

FirstEnergy noted that proceeds from the $3.5 billion all-cash deal will further strengthen its financial position.

The transaction is expected to close by early 2024.

FirstEnergy Transmission LLC is the holding company for three of FirstEnergy's FERC-regulated transmission utility subsidiaries: American Transmission Systems, Incorporated (ATSI); Mid-Atlantic Interstate Transmission, LLC (MAIT); and Trans-Allegheny Interstate Line Company (TrAILCo) - which 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 FirstEnergy Transmission.

In May 2022, FirstEnergy completed the sale of a 19.9% non-controlling interest in FET to Brookfield. Upon closing of the transaction announced today, FirstEnergy will remain the majority owner of FirstEnergy Transmission, and FirstEnergy's workforce will continue to operate the business. FirstEnergy will retain nearly 70% of its overall regulated transmission portfolio.

Additionally, FirstEnergy said Thursday that it has increased its 2021-2025 long-term growth plan to about $18 billion, an increase of approximately $1 billion from the $17 billion target established in 2021.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Ford Motor Co. has once again raised the price of its popular F-150 Lightning electric pickup truck after the automaker resumed its production that was halted following electric vehicle battery fire incident. The company will also resume shipments of the Lightning this week, reports said. Paducah, Kentucky-based Higdon Outdoors LLC is recalling certain battery packs and replacement batteries citing fire and/or burn hazards, the U.S. Consumer Product Safety Commission said. The recall includes lithium-ion battery packs and replacement batteries on XS Series Pulsators, Swimmers, Crazy Kicker, and Flasher motion decoys used for waterfowl hunting. New York-based Delta Enterprise Corp. is recalling about 43,380 units of 2-in-1 outdoor kids swings citing fall hazard, the U.S. Consumer Product Safety Commission said. This recall involves 2-in-1 Outdoor Kids Swing with model numbers SW86508MM, SW86516MN, SW86575MM, SW86576MN and SW86577PW.
Follow RTT