FirstEnergy Transmission, LLC 8-K

What Happened

• FirstEnergy Transmission, LLC (FET) filed an 8-K on Feb. 19, 2026 reporting that on Feb. 13, 2026 it and Transource Energy, LLC (a unit of AEP) entered into an Amended and Restated Operating Agreement for Grid Growth Ventures, LLC (Grid Growth).
• Grid Growth was formed to accept, design, build, own and operate transmission projects awarded by PJM (awarded Feb. 12–13, 2026). The awarded work includes ~220 miles of 345 kV and 765 kV lines between the Ohio–Indiana border and central Ohio. Total project cost is estimated at ~$1.0 billion; FET’s estimated share is ~$490 million.

Key Details

• Ownership: FET 50% / Transource 50% as of Feb. 13, 2026. Grid Growth owns 80% of Grid Growth EHV Holdings, LLC and is sole owner of Grid Growth Ohio, LLC.
• Governance: Members with >15% interests have consent rights on fundamental acts; members with ≥35% interest (manager vote) must approve specified reserved matters (e.g., major acquisitions/dispositions, material indebtedness, certain expenditures). Most Board actions otherwise require unanimous approval of the two managers.
• Transfer and lock-up: Transfers of membership interests are restricted without consent of members holding ≥15%; a lock-up runs until the earlier of Feb. 13, 2032, completion of projects in service, or consent by members holding ≥85%. Some transfer exceptions and phased relaxations apply (e.g., after Feb. 13, 2028).
• Operations: Affiliates of FET and Transource will provide engineering, construction management, business services during construction, and operation & maintenance and other support after projects are placed in service.

Why It Matters

• This filing documents a significant joint venture and project award that could require substantial capital and create long-term transmission assets for FET (estimated ~$490M share). The projects are part of PJM’s Regional Transmission Expansion Plan and could affect FET’s capital deployment, regulatory filings, and future revenue/operations.
• Investors should note the governance and transfer restrictions (which affect control and exit options), the allocation of construction and O&M responsibilities to affiliates, and the forward-looking nature of cost and timing estimates disclosed in the 8-K.