FirstEnergy Transmission, LLC 8-K

What Happened

• FirstEnergy Transmission, LLC (“FET”) filed an 8‑K on May 20, 2026 announcing a Fifth Amended and Restated Limited Liability Company Agreement (the “Fifth LLC Agreement”) among FET, FirstEnergy, and North American Transmission Company II L.P. (the “Investor,” a Brookfield Super‑Core entity).
• The Fifth LLC Agreement implements the parties’ existing governance framework to FET’s participation in two new transmission joint ventures named “Valley Link” and “Grid Growth.” The amendment restates the prior Fourth LLC Agreement in its entirety but does not change ownership percentages, board size/composition, or Investor thresholds established under the Fourth LLC Agreement.

Key Details

• Date filed: May 20, 2026; Fifth LLC Agreement is attached as Exhibit 3.1 to the 8‑K.
• Ownership after recent transaction: Investor holds a 49.9% interest in FET; FirstEnergy retains 50.1%.
• New provisions added: Section 8.6 (Joint Ventures), Section 13.16 (Joint Venture Control), and new Schedules 7 (Valley Link Governance Matters), 7.1 (Grid Growth Governance Matters) and 8 (Joint Ventures) to define Investor consent/consultation/approval rights at the JV level.
• Existing governance frameworks extended: conforming changes to Sections 8.4, 8.5, 9.1–9.3 to apply information, reporting and corporate‑opportunity rules to the Joint Ventures; deadlock and dispute resolution mechanics remain materially unchanged.

Why It Matters

• The filing formalizes how FET’s governance and Investor consent/approval rights will operate for two specific transmission joint ventures, making the scope of investor oversight clearer for those assets.
• For investors, the notice confirms that control and ownership percentages did not change (Investor 49.9%, FirstEnergy 50.1%) and that the parties preserved existing board and deadlock arrangements while extending reporting and approval frameworks to the new JVs.