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Private company

FirstEnergy Transmission, LLC

FirstEnergy Transmission, LLC is an American electric services company based in Fairmont.2

Last updated Oct 21, 2026.

Overview

$1.8BRevenue, fiscal 20253
$502.0MNet income, fiscal 20253
  • IndustryElectric Services2
  • HeadquartersFairmont, United States2
  • Incorporated inDE4
  • Business address5001 Nasa Blvd, Fairmont, Wv 265544
  • Filer categoryNon-accelerated filer4
  • Legal formLimited Liability Company2
  • LEI549300AINIIPOLYX2R632
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O The Corporation Trust Company, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 42350542

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FET was organized as a limited liability company under the laws of the State of Delaware in 2006. On May 31, 2022, Brookfield acquired 19.9% of the membership interests of FET. On March 25, 2024, Brookfield acquired an additional 30% of the outstanding membership interests of FET. As a result, Brookfield’s equity interest in FET increased to 49.9%, while FE retained the remaining 50.1% equity interest in FET. FET is a consolidated VIE of FE. On January 1, 2024, PN and ME contributed their respective Class B equity interests of MAIT to FE, which were ultimately contributed to FET in exchange for a special purpose membership interest in FET. So long as FE holds the FET special purpose membership interests, it will receive 100% of any Class B distributions made by MAIT.6 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

47.3%Operating margin3
27.6%Net margin3
7.0%Revenue growth, 20253

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs67¢$1.2B
  • Income tax5¢$90.0M
  • Profit28¢$502.0M

Out of $1.8B in revenue.3

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid17¢$200.0M
  • Kept or used elsewhere83¢$966.0M

Out of $1.2B of cash from operations.3

Financial statements

Revenue73$1.8B in 2025+18% since 2022
0$500.0M$1.0B$1.5B$2.0B2022: $1.5B$1.5B20222023: $1.7B$1.7B2023+7%2024: $1.7B$1.7B2024+3%2025: $1.8B$1.8B2025+7%
Operating income73$861.0M in 2025+34% since 2022
0$250.0M$500.0M$750.0M$1.0B2022: $644.0M$644.0M20222023: $786.0M$786.0M2023+22%2024: $766.0M$766.0M2024−3%2025: $861.0M$861.0M2025+12%
Net income73$502.0M in 2025+71% since 2022
0$200.0M$400.0M$600.0M2022: $294.0M$294.0M20222023: $369.0M$369.0M2023+26%2024: $342.0M$342.0M2024−7%2025: $502.0M$502.0M2025+47%
Fiscal year20212022202320242025
Revenue$1.5B7$1.7B3$1.7B3$1.8B3
Operating expenses$894.0M7$866.0M3$935.0M3$959.0M3
Operating income$644.0M7$786.0M3$766.0M3$861.0M3
Income before tax$464.0M7$574.0M3$573.0M3$668.0M3
Income tax$111.0M7$136.0M3$162.0M3$90.0M3
Net income$294.0M7$369.0M3$342.0M3$502.0M3

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Corporate structure

FirstEnergy Transmission, LLC sits at the top of its group. 4 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

  • FirstEnergy Transmission, LLC Fairmont, West Virginia, United States
    • American Transmission Systems, Incorporated- Incorporated in Subsidiary · Ohio, United States
    • Mid-Atlantic Interstate Transmission, LLC - Organized in Subsidiary · Delaware, United States
    • Trans-Allegheny Interstate Line Company - Incorporated in Subsidiary · Maryland, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC. Each entity in the chart links to its source.

What it owns

What FirstEnergy Transmission, LLC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Finance-lease assets$14.0M3 Dec 31, 2025$15.0M3 Dec 31, 2024−6.7%
Operating-lease assets (leased space)$412.0M3 Dec 31, 2025$412.0M3 Dec 31, 20240%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$8.0M3 Dec 31, 2025$8.0M3 Dec 31, 20240%
Long-term investments$19.0M3 Dec 31, 2025$19.0M3 Dec 31, 20240%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$224.0M3 Dec 31, 2025$224.0M3 Dec 31, 20240%

Properties, in its own words

ATSI - ATSI owns and operates the FERC-jurisdictional transmission assets, which operate at nominal voltages of 345 kV, 138 kV (bulk transmission) and 69 kV (area transmission). ATSI's facilities consist of approximately 7,965 circuit miles of transmission lines. ATSI's assets do not include distribution facilities used to provide retail service or generation facilities, although it is party to an agency agreement with OE, CEI, TE and FE PA that permits it to use their distribution facilities as needed to provide wholesale electric service. In addition, a major portion of the land, easements and other real property interests on, under or over which ATSI's transmission facilities are situated continue to be owned by OE, CEI, TE and FE PA and are leased to ATSI pursuant to the Ground Leases. See "Agreements with FirstEnergy - Ground Leases" in Item 13., "Certain Relationships and Related Transactions, and Director Independence" for additional information on Ground Leases.

The Akron Transmission Operations Center, located in Akron, Ohio and owned by ATSI, was completed in late 2013. The Center for Advanced Energy Technology, a state-of-the art facility dedicated to evaluating transmission technology, security hardening cyber assets and training staff on grid solution, located in Akron, Ohio, was completed in 2019, and is owned by ATSI.

The rest of Item 2

MAIT - MAIT owns and operates the FERC-jurisdictional transmission assets. MAIT's assets consist of approximately 4,281 circuit miles of transmission lines with nominal voltages of 500 kV, 345 kV, 230 kV, 138 kV, 115 kV, 69 kV and 46 kV in PJM. MAIT's assets do not include distribution facilities used to provide retail service or generation facilities, although it is party to an agency agreement with FE PA that permits it to use its distribution facilities as needed to provide wholesale electric service. In addition, a major portion of the land, easements and other real property interests on, under or over which MAIT's transmission facilities are situated continue to be owned by FE PA and are leased to MAIT pursuant to a Ground Lease. See "Agreements with FirstEnergy - Ground Leases" in Item 13., "Certain Relationships and Related Transactions, and Director Independence" for additional information on Ground Leases.

TrAIL - TrAIL's facilities consist of approximately 269 circuit miles of transmission lines with nominal voltage of 500 kV, 345 kV, 230 kV and 138 kV, including a 500 kV transmission line that spans approximately 150 miles and extends from southwest Pennsylvania through West Virginia and into northern Virginia. The line was completed and placed in service on May 19, 2011. A transmission operations center for TrAIL located in Fairmont, West Virginia was completed in late 2010.

As of December 31, 2025, FET's transmission circuit miles are located in PJM and were as follows:

TransmissionLine Miles

ATSI · 7,965

MAIT · 4,281

TrAIL · 269

Total · 12,515

Item 2 of the 10-K filed Feb 24, 2026.6

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • American Transmission Systems, Incorporated- Incorporated in Ohio5
  • Mid-Atlantic Interstate Transmission, LLC - Organized in Delaware5
  • Trans-Allegheny Interstate Line Company - Incorporated in Maryland5

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. May 20, 20268-K Entered a material agreement12
  2. Feb 19, 20268-K Entered a material agreement13
  3. Jan 8, 20268-K Other events14
  4. Dec 5, 20258-K Other events15
  5. Oct 28, 20258-K Entered a material agreement; New debt or obligation; Regulation FD disclosure16
  6. Sep 29, 20258-K Executive or director change17
  7. Aug 15, 20258-K Entered a material agreement; New debt or obligation18
  8. Mar 11, 20258-K Executive or director change19
  9. Dec 23, 20248-K Other events20

Filings

28 filings to the SEC since October 2021: 2 annual reports, 5 quarterly reports, 9 major events, 12 other. The latest 20:

  1. Aug 6, 202610-Q EDGAR
  2. May 20, 20268-K EDGAR
  3. May 5, 202610-Q EDGAR
  4. Feb 24, 202610-K EDGAR
  5. Feb 19, 20268-K EDGAR
  6. Jan 8, 20268-K EDGAR
  7. Jan 8, 2026424B3 EDGAR
  8. Dec 5, 20258-K EDGAR
  9. Dec 5, 2025424B3 EDGAR
  10. Dec 3, 2025EFFECT EDGAR
  11. Dec 1, 2025CORRESP EDGAR
  12. Nov 4, 202510-Q EDGAR
  13. Nov 4, 2025S-4 EDGAR
  14. Oct 28, 20258-K EDGAR
  15. Sep 29, 20258-K EDGAR
  16. Aug 15, 20258-K EDGAR
  17. Aug 8, 202510-Q EDGAR
  18. May 7, 202510-Q EDGAR
  19. Mar 11, 20258-K EDGAR
  20. Feb 27, 202510-K EDGAR

The 28 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

SEC filer profile

How FirstEnergy Transmission, LLC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARFirstEnergy Transmission, LLC1
  • CIK0002038118
  • Employer ID (EIN)20-57638846
  • Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company6
  • Incorporated inDelaware6
  • Fiscal year endsDecember 311
  • Industry code (SIC)4911 Electric Services1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address5001 Nasa Blvd, Fairmont, WV 265541
  • Mailing address341 White Pond Drive, Akron, OH 443201
  • Phone33038454001
  • Shares outstanding0 as of Jun 30, 20268
  • Public float$0 as of Jun 30, 20253
  • AuditorPricewaterhouseCoopers LLP, Cleveland, Ohio PCAOB ID 238; no auditor attestation of internal control over financial reporting6
  • On EDGAR sinceOct 8, 20241
  • Filings28 in all: 8-K (9), 10-Q (5), 424B3 (3), CORRESP (3), 10-K (2), EFFECT (2), S-4 (2), S-4/A (1)1
    All 9 form types

    UPLOAD (1)

  • Latest filingsAnnual report (10-K) Feb 24, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Latest 8-K (8-K) May 20, 2026

Risk factors and legal proceedings

The risks FirstEnergy Transmission, LLC names in Item 1A of its 10-K filed Feb 24, 2026: 30 risks under these headings, as written.6

  • Risks Associated with Our Business and Industry
  • Failure to comply with debt covenants in the FET Revolving Facility could adversely affect our ability to execute future borrowings and/or require early repayment and could restrict our ability to obtain additional or replacement financing on acceptable terms or at all.
  • In connection with FirstEnergy's actions to focus on its regulated operations, the FET Subsidiaries have taken steps to focus on growing their respective businesses and earnings. The ability of the FET Subsidiaries to successfully grow their respective businesses is subject to certain risks that could adversely affect profitability and our financial condition in the future.
  • We are subject to risks arising from the FET Subsidiaries' operation of transmission facilities.
  • Demand for electricity within our service territory could exceed supply capacity, resulting in negative impacts to our reputation, results and financial condition.
  • Current or future litigation or administrative proceedings could have a material adverse effect on our and the FET Subsidiaries' businesses, financial condition, results of operations and cash flows.
  • Complex and changing government regulations, including those associated with rates and transmission planning, could have a negative impact on our results of operations.
  • Certain elements of the FET Subsidiaries' cost recovery through rates can be challenged, which could result in lower rates and/or refunds of amounts previously collected and thus have an adverse effect on our and the FET Subsidiaries' businesses, financial condition, results of operations and cash flows.
  • External pressures beyond our control may increase customer rates and impair our ability to earn a fair and equitable return on our investments and execute our strategy.
  • The FET Subsidiaries' actual capital expenditures may be lower than planned, which would decrease their expected rate bases and therefore their and our revenues and earnings compared to current expectations.
  • The FET Subsidiaries depend on PJM transmission service customers for a substantial portion of their revenues, and any material failure by any of those customers to make payments for transmission service could adversely affect our and the FET Subsidiaries' businesses, financial condition, results of operations and cash flows.
  • Failure to retain and attract skilled professionals and technical employees could have an adverse effect on our and the FET Subsidiaries' businesses, financial condition, results of operations and cash flows.
The other 19 risks
  • Our insurance coverage may not provide protection against all significant losses and our ability to obtain insurance coverage, as well as the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers.
  • Acts of war, terrorist attacks and threats or the escalation of military activity in response to such attacks or otherwise may negatively affect our and the FET Subsidiaries' businesses, financial condition, results of operations and cash flows.
  • The FET Subsidiaries are subject to environmental regulations and to laws that can give rise to substantial expenses for environmental compliance and contamination.
  • Significant increases in the FET Subsidiaries' operation and maintenance expenses, including health care and pension costs, could adversely affect our and the FET Subsidiaries' future earnings and liquidity.
  • Our results may be adversely affected by the volatility in pension and other post-employment benefit expenses.
  • Cyber-attacks, data security breaches and other disruptions to our and the FET Subsidiaries' information technology systems could compromise our and the FET Subsidiaries' business operations, critical and proprietary information and contractor employee and customer data, which could have a material adverse effect on our and the FET Subsidiaries' businesses, financial condition and reputations.
  • Energy companies are subject to adverse publicity that makes them vulnerable to negative regulatory and legislative outcomes.
  • The physical risks associated with climate change may have an adverse impact on our and the FET Subsidiaries' businesses, operating results and cash flows.
  • Transition risks associated with climate change, including those related to regulatory mandates, could negatively impact our financial results.
  • Future changes in accounting standards may affect our reported financial results.
  • Changes in local, state or federal tax laws applicable to us and the FET Subsidiaries, including the IRA of 2022 or adverse audit results or tax rulings and any resulting increases in taxes and fees, may adversely affect our and the FET Subsidiaries' results of operations, financial condition and cash flows.
  • ATSI's and MAIT's respective rights to occupy and use the land and rights-of-way leased pursuant to Ground Leases upon or over which a substantial portion of their transmission facilities are located could be impaired by transfers of the leased property or because the Ground Leases do not describe the leased property with specificity.
  • We are entirely dependent on FE and its affiliates, including FESC, for key personnel, including our executive officers, and other operational support. The unavailability of skilled workers, failure to attract and retain qualified personnel, and changes in our key personnel could adversely affect us.
  • Risks Associated with Financing and Capital Structure
  • In the event of volatility or unfavorable conditions in the capital and credit markets, our business, including the immediate availability and cost of short-term funds for liquidity requirements and our ability to meet long-term commitments, may be adversely affected, which could negatively impact our results of operations, cash flows and financial condition.
  • Interest rates and/or a credit rating downgrade could negatively affect our financing costs and ability to access capital.
  • We must rely on cash from the FET Subsidiaries to make payments on our Indebtedness.
  • Our obligations under our indebtedness will be effectively subordinated to all existing and future liabilities of our subsidiaries.
  • Risks Associated with Reputational Damage and HB 6 Related Litigation and Investigations
  • Damage to our and/or FirstEnergy's reputation may arise from numerous sources making it and its subsidiaries vulnerable to negative customer perception, adverse regulatory outcomes, or other consequences, which could materially adversely affect our business, results of operations, and financial condition.
  • HB 6 related investigation and litigation could have a material adverse effect on FirstEnergy's reputation, business, financial condition, results of operations, liquidity or cash flows and such adverse effects could extend to us.

Legal proceedings

Reference is made to Note 9., "Regulatory Matters," and Note 10., "Commitments, Guarantees and Contingencies," of the Notes to Consolidated Financial Statements for a description of certain legal proceedings involving FirstEnergy Transmission, LLC.

The opening of Item 3, Legal Proceedings.6

Sources

The numbers on this page point here. Each one links to the record it came from.

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    SEC EDGAROther events
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    SEC EDGAROther events
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    SEC EDGAROther events