Who owns FirstEnergy Transmission, LLC (FET)

FirstEnergy Transmission, LLC (FET) - Profile

FirstEnergy Transmission, known as FET, is a Delaware limited liability company organised in 2006 that holds the FERC regulated electricity transmission utilities serving the PJM region. Through its subsidiaries American Transmission Systems (ATSI), Mid-Atlantic Interstate Transmission (MAIT) and Trans-Allegheny Interstate Line Company (TrAILCo) it owns and operates 12,515 circuit miles of high voltage lines at 46 kV up to 500 kV across Ohio, Pennsylvania, West Virginia, Maryland and Virginia, on a combined rate base of 8.8 billion dollars at the end of 2025. Its revenue comes almost entirely from regulated network transmission service, point to point transmission service and scheduling, control and dispatch service, and it does not own generation or serve retail customers. It is also building new lines through two development ventures with other PJM incumbents: Valley Link, formed in 2025 with Dominion and AEP's Transource, and Grid Growth, formed with Transource in February 2026, both created to take on transmission projects awarded through PJM's regional planning windows.

The disclosed stakes

One row per position. Where a holder reports the same company in two share classes, both rows are shown rather than summed, because the class is part of a position's identity.

Where each figure comes from

A private stake has no ownership form behind it, so the source is always the holder's own filing or disclosure. Anything modelled says so, with the arithmetic.

• FirstEnergy Corp.. FirstEnergy's own 8-K filed 20 May 2026 states directly: the Fourth Amended and Restated LLC Agreement of FET 'was entered into in connection with Investor's acquisition of an incremental 30% equity interest in FET (which increased Investor's ownership interest in FET to 49.9% and resulted in FirstEnergy retaining the remaining 50.1% ownership interest).' The Q2 2026 10-Q (period 30 Jun 2026) confirms FET remains a consolidated VIE of FirstEnergy (FE is the primary beneficiary via the FESC services agreement) and separately discloses 'FET Noncontrolling Interest: FirstEnergy presents Brookfield's 49.9% total ownership portion of FET's net income and net assets as NCI', with the NCI line on FirstEnergy's Consolidated Balance Sheet at $1,491 million (30 Jun 2026) vs $1,416 million (31 Dec 2025). That NCI dollar figure sizes the 49.9% Brookfield does NOT hold by FirstEnergy; it is explicitly NOT applied here to size FirstEnergy's own 50.1% interest, which is not separately disclosed as a standalone carrying value because FET is fully consolidated (its whole balance sheet, not a netted investment figure, sits inside FirstEnergy's). No sale price or implied FET valuation for the 30% tranche was found in the 10-Q, the 20 May 2026 8-K, or the two preceding 8-Ks searched (12 Feb 2026, 9 Dec 2025). An initial approximately 19.9% Brookfield stake in FET dated from 2 Feb 2023 per the filing's XBRL tags; that original sale's terms were not separately researched here. sourcesource 2