Testimony Before the NJ BPU on JCP&L's Transmission Restructuring

The Applicants propose to transfer ownership of Jersey Central Power & Light Company's ("JCP&L") transmission facilities to Mid-Atlantic Interstate Transmission, LLC ("MAIT"). MAIT is a newly formed, wholly owned subsidiary of FirstEnergy Transmission, LLC, which in turn is a wholly owned subsidiary of FirstEnergy Corp. JCP&L will also transfer to MAIT ownership of limited distribution assets necessary to serve five retail customers. Ownership and control of these transmission and distribution assets, whose costs have been borne historically by JCP&L ratepayers, would be transferred from JCP&L—a company with a state law obligation to provide comprehensive, reliable electric service—to a shell company having, other than the acquired transmission and token distribution assets, no employees or assets. This transaction raises six main concerns . . .