Transource Energy and FirstEnergy Transmission Joint Venture Receive Approval for Major Electric Transmission Project in Central Ohio

Transource Energy and FirstEnergy Transmission (NYSE:FE) received PJM Board approval on Feb 16, 2026 to develop a major transmission project in central Ohio through new joint venture Grid Growth Ventures.

Rhea-AI Summary

Transource Energy and FirstEnergy Transmission (NYSE:FE) received PJM Board approval on Feb 16, 2026 to develop a major transmission project in central Ohio through new joint venture Grid Growth Ventures. The plan includes ~300 miles of new 765-kV lines plus substation upgrades to boost reliability, support rising demand in greater Columbus, and enable economic growth.

The project is designed to consolidate capacity into high-voltage corridors (one 765-kV line can power two million homes) and reduce land use while improving outage restoration and access to affordable power.

Positive

• PJM approval secured on Feb 16, 2026
• ~300 miles of new 765-kV lines planned
• Grid Growth Ventures joint venture formed to develop project
• One 765-kV line can power two million homes
• Consolidated corridors cut land use roughly in half

Negative

• None.

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News Market Reaction – FE

The recorded move for FE in the trading session of this news was -1.50%.

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Key Figures

New transmission lines: 300 miles Line voltage: 765 kV PJM region size: 13 states +5 more

New transmission lines

300 miles

Proposed 765-kV lines in central Ohio project

Line voltage

765 kV

Voltage level of new transmission lines

PJM region size

13 states

Region coordinated by PJM Interconnection including Ohio

Homes powered per line

2 million homes

Capacity of a single 765-kV line

RTEP window year

2025

Regional Transmission Expansion Plan Open Window process

Price vs 52-week high

-0.08%

Distance from 52-week high of $50.14 before this news

52-week range

$37.58–$50.14

52-week low and high before this news

Market cap

$28,941,044,306

Market capitalization before the news

Historical Context

5 past events · Latest: Feb 12

5 events

1. Feb 12

   Reliability project update

   24h Move

   +1.9%

   Midpoint progress on $95M New Jersey reliability project with fewer outages.

2. Feb 11

   Dividend increase

   24h Move

   +1.9%

   Quarterly dividend raised to $0.465 per share, higher 2026 annualized payout.

3. Feb 11

   Customer safety notice

   24h Move

   +0.6%

   Advisory on foil balloons after 96 outages in 2025 across service area.

4. Feb 09

   Grid upgrade project

   24h Move

   +0.4%

   Completion of Monmouth County grid upgrades for about 25,000 customers.

5. Feb 04

   Regulatory filing

   24h Move

   -1.0%

   Pennsylvania default service plan filing outlining post-2027 power procurement.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

regional transmission organization, 765-kilovolt (kV), right of way

3 terms

regional transmission organization regulatory

"PJM is the regional transmission organization that coordinates the transportation"

A regional transmission organization is an independent group that runs and coordinates the high-voltage electricity grid across a broad area, acting like an air-traffic controller for power flows to keep supply and demand balanced and the lights on. It also operates the wholesale electricity markets and plans transmission needs, so its rules and decisions directly affect power prices, who gets to sell electricity, grid reliability, and the value of utilities, generators and transmission investments.

765-kilovolt (kV) technical

"approximately 300 miles of new 765-kilovolt (kV) lines and upgrades to several"

A 765-kilovolt (kV) line is a very high-voltage electricity transmission circuit used to move large amounts of power over long distances with lower energy loss, like a multi-lane highway for electricity. For investors, such lines signal major infrastructure projects that involve substantial capital spending, regulatory permits and long-term revenue or cost impacts, and they affect grid reliability, asset lifespan and potential returns on utility or transmission investments.

right of way technical

"takes multiple lower voltage lines and a right of way nearly two football"

A right of way is a legal permission to pass through or use a portion of someone else’s land or property for a specific purpose—such as a road, path, pipeline or utility line—while the owner keeps title to the land. For investors it matters because such rights can reduce usable land, limit development, add maintenance or removal costs, and create legal or valuation risks, similar to having a permanent shared driveway through a yard.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Project will enhance grid capacity and reliability in the fast-growing greater Columbus region

COLUMBUS, Ohio, Feb. 16, 2026 /PRNewswire/ -- Regional grid operator PJM Interconnection has selected a major electric transmission project to meet a critical infrastructure need in central Ohio. Jointly developed by Transource Energy, LLC (a partnership between American Electric Power Company, Inc and Evergy, Inc.) and FirstEnergy Transmission, LLC the project will help support rising electricity demand and ongoing economic growth in the fast-growing Columbus region.

The companies jointly proposed the project through PJM's 2025 Regional Transmission Expansion Plan (RTEP) Open Window process last August and were today awarded approval by the PJM Board of Managers. PJM is the regional transmission organization that coordinates the transportation of wholesale electricity across the 13-state region that includes Ohio.

The companies will jointly develop the project through the recently formed Grid Growth Ventures, LLC. This collaboration will leverage the companies' collective expertise and resources to deliver comprehensive and cost-effective solutions that address the region's growing power needs as more manufacturing facilities, data centers and electric vehicles come online.

Reliable Power for Growing Region

The proposed project includes approximately 300 miles of new 765-kilovolt (kV) lines and upgrades to several substations to significantly increase service reliability and economic growth opportunities in the region. One 765‑kV line can power two million homes. Matching that output takes multiple lower voltage lines and a right of way nearly two football fields wider. By consolidating power in a single corridor, 765‑kV lines cut land use in half to help reduce impacts on the local environment.

Whether a resident, business owner or part of a growing community, the proposed transmission project is designed to deliver real benefits, including:

• More reliable service and faster restoration during outages.
• Enhanced infrastructure to attract new businesses of all sizes and support expansion of energy-intensive industries.
• A grid that's ready for tomorrow's energy needs.
• Improved access to an affordable power supply that helps keep energy costs stable for homes and businesses.

Doug Cannon, President, AEP Transmission: "AEP has an unrivaled history in 765-kV transmission development. AEP has built and owns more extra-high voltage lines than any other company in the U.S. The project we're undertaking with FirstEnergy addresses the rapidly evolving energy demand we are seeing across the region and will enable us to continue providing reliable service to our customers and facilitate economic growth by making sure access to power is available."

Mark Mroczynski, President, FirstEnergy Transmission: "Our transmission system is ideally situated at the center of regional growth, making it a powerful platform for economic development and energy reliability. Through Grid Growth, we're building the kind of energy infrastructure that powers future generations of new businesses, good jobs and vibrant communities."

This strategic joint venture comes at a time when the Federal Energy Regulatory Commission is encouraging efficient and cost-effective regional transmission development. By working together, Transource and FirstEnergy Transmission are leveraging their strengths to deliver smarter solutions to meet the region's power capacity needs.

About Transource Energy

Transource Energy is a partnership between American Electric Power (Nasdaq: AEP) and Evergy focused on the development and investment in competitive electric transmission projects across the U.S. AEP owns 86.5% of Transource. Evergy owns 13.5% of Transource.

AEP is committed to improving our customers' lives with reliable, affordable power. We expect to invest $72 billion from 2026 through 2030 to enhance service for customers and support the growing energy needs of our communities. Our nearly 17,000 employees operate and maintain the nation's largest electric transmission system with approximately 40,000 line miles, along with more than 252,000 miles of distribution lines to deliver energy to 5.6 million customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 31,000 megawatts of diverse owned and contracted generating capacity. We are focused on safety and operational excellence, creating value for our stakeholders and bringing opportunity to our service territory through economic development and community engagement. Our family of companies includes AEP Ohio, AEP Texas, Appalachian Power (in Virginia, West Virginia and Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, which provides innovative competitive energy solutions nationwide. AEP is headquartered in Columbus, Ohio. For more information, visit aep.com.

About FirstEnergy Transmission

FirstEnergy Transmission, jointly owned by FirstEnergy Corp. (NYSE: FE) and Brookfield Super-Core Infrastructure Partners, owns and operates American Transmission Systems, Inc. (ATSI), Mid-Atlantic Interstate Transmission, LLC (MAIT) and Trans-Allegheny Interstate Line Company (TrAILCo). FirstEnergy is one of the nation's largest investor-owned electric systems, serving more than six million customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. The company's transmission subsidiaries operate approximately 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Follow FirstEnergy online at firstenergycorp.com and on X @FirstEnergyCorp.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/transource-energy-and-firstenergy-transmission-joint-venture-receive-approval-for-major-electric-transmission-project-in-central-ohio-302688676.html

SOURCE American Electric Power

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did FirstEnergy (FE) and Transource announce about the Ohio transmission project on Feb 16, 2026?

They announced PJM approval to develop a major transmission project in central Ohio through Grid Growth Ventures. According to the companies, the plan includes about 300 miles of 765-kV lines and substation upgrades to boost reliability and capacity.

How much new high-voltage line will the FE project add in central Ohio and what is its capacity?

The project will add approximately 300 miles of 765-kV lines, each able to carry very large power loads. According to the companies, one 765-kV line can power two million homes, improving regional capacity.

What is Grid Growth Ventures and what role will it play for FirstEnergy (FE)?

Grid Growth Ventures is the joint venture formed by FirstEnergy Transmission and Transource to develop the project. According to the companies, it will combine expertise and resources to deliver the transmission build and upgrades.

How will the FE transmission project affect reliability and outage restoration in greater Columbus?

The project aims to materially improve reliability and speed restoration during outages. According to the companies, new 765-kV lines and substation upgrades will strengthen the grid as demand grows from industry and data centers.

Will the new FirstEnergy (FE) 765-kV lines reduce land use compared with lower-voltage corridors?

Yes. Consolidating power on 765-kV corridors reduces right-of-way needs. According to the companies, a single 765-kV corridor can cut land use by roughly half versus multiple lower-voltage lines.

What economic benefits do FirstEnergy and Transource say the Feb 16, 2026 project will bring to Ohio?

The companies say the project will support economic growth by attracting energy-intensive businesses and enabling expansion. According to the companies, improved infrastructure will help keep power affordable and ready for new manufacturing and data centers.