Cuộc họp báo cáo kết quả kinh doanh Quý 3/2026 của FirstEnergy (FE): Nhu cầu trung tâm dữ liệu thúc đẩy tăng trưởng đầu tư

Thông tin trọng tâm

• FirstEnergy đã công bố EPS theo GAAP quý 3/2026 đạt 0,96 USD, tăng từ mức 0,76 USD của cùng kỳ năm trước. EPS lõi tăng lên 0,98 USD từ mức 0,83 USD.
• EPS lõi 9 tháng tăng 9% lên 2,20 USD. Công ty cho biết sự cải thiện này chủ yếu nhờ vào các chương trình biểu giá và đầu tư, nhu cầu khách hàng tăng cao, kỷ luật tài chính và thuế suất thực tế thấp hơn một chút.
• Ban lãnh đạo tái khẳng định dự báo EPS lõi năm 2026 trong khoảng 2,62 USD đến 2,82 USD và dự kiến kết quả sẽ đạt hoặc cao hơn một chút so với mức trung vị 2,72 USD.
• Nhu cầu trung tâm dữ liệu đã ký hợp đồng đạt 7,9 GW trên toàn địa bàn hoạt động của FirstEnergy, với khoảng 4 GW phụ tải bổ sung đang trong quá trình đàm phán tích cực. Nhu cầu trong đường hướng dự án tại West Virginia đã tăng khoảng 6 lần lên gần 6 GW.
• FirstEnergy dự kiến kế hoạch 5 năm cập nhật sẽ tăng chương trình đầu tư truyền tải 19 tỷ USD hiện tại thêm ít nhất 25%.
• Dự án nhà máy phát điện Maidsville được đề xuất vẫn là dự án tăng trưởng trọng điểm. FirstEnergy kỳ vọng sẽ nhận được quyết định phê duyệt từ cơ quan quản lý bang West Virginia trong quý 4/2026 và đã đặt trước các tuabin của Siemens để giao hàng vào năm 2030.

Dữ liệu tài chính chính

Kết quả kinh doanh và hoạt động

Các trung tâm dữ liệu và nguồn phát điện tại West Virginia

FirstEnergy cho biết nhu cầu trung tâm dữ liệu đã ký hợp đồng và trong đường hướng dự án đã tăng gần 60% kể từ cuối năm, bao gồm mức tăng 90% đối với nhu cầu đã ký hợp đồng. Trên toàn bộ địa bàn hoạt động, công ty hiện có 7,9 GW theo hợp đồng và đang đàm phán cho khoảng 4 GW phụ tải bổ sung.

West Virginia là nguồn mở rộng tiềm năng phát triển lớn nhất, với nhu cầu tiềm năng tăng khoảng 6 lần lên gần 6 GW. FirstEnergy đang đàm phán với các khách hàng sử dụng phụ tải lớn về địa điểm, tiến độ cung cấp, định giá, phân bổ rủi ro cũng như lợi ích cho cộng đồng và các khách hàng hiện hữu.

Công ty cũng đã phát hành yêu cầu chào thầu cho đợt 3 GW tuabin chu trình hỗn hợp bổ sung ban đầu. Ban lãnh đạo dự kiến sẽ cập nhật thông tin vào đầu năm 2027, với các dự án dài hạn hơn có khả năng đi vào vận hành trong giai đoạn 2031–2032 và sau đó.

Đối với những khách hàng muốn tiếp cận nguồn điện sớm hơn, FirstEnergy đang cân nhắc các giải pháp chuyển tiếp bao gồm động cơ đốt trong piston, tế bào nhiên liệu và pin lưu trữ. Ban lãnh đạo cho biết các tài sản này có thể thuộc sở hữu của FirstEnergy, khách hàng hoặc bên thứ ba và có tiềm năng tái sử dụng cho nhiều dự án phát triển khác nhau.

Đầu tư truyền tải

Truyền tải vẫn là yếu tố cốt lõi trong chiến lược của FirstEnergy. Ban lãnh đạo dự kiến kế hoạch đầu tư truyền tải 19 tỷ USD hiện tại sẽ tăng ít nhất 25% khi triển vọng 5 năm cập nhật được công bố.

Công ty cho biết hầu hết khoản chi tiêu tăng thêm sẽ phục vụ các yêu cầu về độ tin cậy, khả năng phục hồi và công suất trên hệ thống hiện tại. Đối với các phụ tải lớn đã ký hợp đồng, ban lãnh đạo ước tính chi phí nâng cấp lưới điện truyền tải khoảng 250 triệu USD cho mỗi 1 GW nhu cầu. Nhu cầu chưa ký hợp đồng không được đưa vào kế hoạch vốn.

Kể từ năm 2022, FirstEnergy đã giành được hơn 5 tỷ USD các dự án truyền tải cạnh tranh thông qua các quy trình của PJM, bao gồm cả liên doanh với các công ty tiện ích khác.

Độ tin cậy phân phối và các vụ việc xem xét biểu giá

Độ tin cậy đã cải thiện 11% tại Pennsylvania và 40% tại New Jersey kể từ năm 2024. Tại New Jersey, FirstEnergy đã yêu cầu tăng giá cước cơ bản thêm 253 triệu USD, phản ánh mức tăng trưởng cơ sở giá tính cước khoảng 1 tỷ USD kể từ đợt tăng giá trước đó được phê duyệt vào tháng 2/2024. Đề xuất này sẽ hoãn tác động của bất kỳ đợt tăng giá nào cho đến năm 2028.

Tại Maryland, công ty đã yêu cầu tăng doanh thu thêm 53 triệu USD. Các phiên điều chỉnh dự kiến diễn ra vào tháng 1/2027, với kết quả dự kiến có vào tháng 4/2027.

Các cơ quan quản lý bang West Virginia đã phê duyệt hồ sơ điều chỉnh theo lạm phát và đầu tư trị giá 76 triệu USD của công ty theo đúng bản nộp. Đợt tăng đầu tiên có hiệu lực vào ngày 1/8, và đợt thứ hai dự kiến vào ngày 1/6/2027. Quyết định phê duyệt cũng quy định thời hạn cam kết không yêu cầu tăng giá cho đến tháng 4/2028.

Dự báo của ban lãnh đạo

FirstEnergy đã tái khẳng định khoảng dự báo EPS lõi năm 2026 là 2,62 USD đến 2,82 USD. Ban lãnh đạo dự kiến kết quả sẽ đạt hoặc cao hơn một chút so với mức trung vị.

Công ty vẫn đi đúng hướng để đạt mức tăng trưởng lợi nhuận lõi tiệm cận vùng cao của khoảng 6%–8% cho đến năm 2030. Ban lãnh đạo cũng nhận thấy tiềm năng tăng trưởng cao hơn theo thời gian, phụ thuộc vào kết quả phê duyệt của cơ quan quản lý và việc thực hiện các dự án phát điện và truyền tải bổ sung.

Kế hoạch vốn 5 năm hiện tại đạt tổng cộng 36 tỷ USD và dự kiến sẽ cần tới 2 tỷ USD cổ phần hoặc chứng khoán tương đương cổ phần cho đến năm 2030. Các khoản đầu tư phát điện và truyền tải bổ sung tại West Virginia sẽ được tài trợ với tối đa 35% vốn cổ phần hoặc chứng khoán tương đương cổ phần. Ban lãnh đạo cho biết việc phát hành cổ phiếu phổ thông dự kiến sẽ duy trì ở mức khoảng 1% vốn hóa thị trường hằng năm trong tương lai gần.

FirstEnergy kế hoạch sẽ cung cấp triển vọng tài chính và đầu tư vốn đầy đủ cho giai đoạn 2027–2031 cùng với kết quả kinh doanh quý 4 vào tháng 2/2027.

Rủi ro và các điểm cần theo dõi

• Dự án Maidsville vẫn phụ thuộc vào quyết định cấp Giấy chứng nhận Tiện ích và Nhu cầu Công cộng bang West Virginia, mà ban lãnh đạo dự kiến sẽ có vào quý 4/2026.
• Các điều kiện khác của dự án Maidsville bao gồm việc hoàn tất hợp đồng cung cấp khí đốt và thỏa thuận thiết kế, cung cấp thiết bị và thi công xây dựng (EPC).
• Thời điểm triển khai nguồn phát điện bổ sung bị hạn chế bởi tình trạng tồn đọng đơn hàng thiết bị, với kế hoạch mở rộng 3 GW dự kiến vào giai đoạn 2031–2032 và sau đó.
• Các dự án bổ sung sẽ yêu cầu tài trợ thêm. Yêu cầu vốn cổ phần cuối cùng phụ thuộc một phần vào cơ chế phụ thu và cấu trúc của các thỏa thuận khách hàng.
• FirstEnergy đang tìm cách phân bổ rủi ro thương mại và dự án cho các khách hàng sử dụng phụ tải lớn, đồng thời bảo vệ các khách hàng hiện hữu.
• Quá trình xem xét của cơ quan quản lý bang New Jersey vẫn chưa được giải quyết. Ban lãnh đạo kỳ vọng sẽ có thông tin rõ ràng hơn vào cuối năm 2026 hoặc đầu năm 2027.

Các điểm chính trong phần Hỏi & Đáp với chuyên gia phân tích

• Cấu trúc tại West Virginia: Ban lãnh đạo cho biết cả mô hình cơ sở giá tính cước và mô hình công ty phát điện đều tiếp tục được xem xét cho các dự án ngoài Maidsville. Các khách hàng sử dụng phụ tải lớn đã tỏ ra cởi mở trong việc tài trợ một phần khoản đầu tư thông qua cơ chế phụ thu.
• Dư địa tăng trưởng truyền tải: Các đối tác bên ngoài nắm giữ khoảng 30% tổng mảng kinh doanh truyền tải của FirstEnergy. Ban lãnh đạo dự kiến tỷ lệ đó về cơ bản sẽ duy trì ổn định khi kế hoạch đầu tư mở rộng.
• Thời hạn dự án trung tâm dữ liệu: FirstEnergy cho biết các nhà phát triển và đơn vị vận hành trung tâm dữ liệu quy mô siêu lớn (hyperscalers) nghiêm túc đang đánh giá các dự án kéo dài sau giai đoạn 2030–2031 trên khắp Maryland, Ohio, Pennsylvania và West Virginia.
• Đàm phán với khách hàng tại Maidsville: Ban lãnh đạo mô tả các cuộc thảo luận với nhiều khách hàng có uy tín tín dụng cao diễn ra tích cực và nhanh chóng, bao gồm cả dự án Maidsville và cơ hội 3 GW bổ sung.
• Sở hữu nguồn điện chuyển tiếp: Các tài sản nguồn điện tạm thời có thể thuộc sở hữu của FirstEnergy, khách hàng hoặc bên thứ ba. Ban lãnh đạo không xem các tài sản này là đồ dùng một lần và dự kiến chúng có thể hỗ trợ nhiều dự án phát triển khác nhau.

Toàn văn biên bản cuộc họp công bố kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

Operator

Hello, and welcome to FirstEnergy Corp.'s Third Quarter 2026 Earnings Call. As a reminder, this conference call is being recorded. It is now my pleasure to introduce Karen Sagot, Vice President of Investor Relations. Please go ahead, Karen.

Karen Sagot

Thank you. Good morning, everyone, and welcome to FirstEnergy's Third Quarter 2026 Earnings Review. Our earnings release, presentation and related financial information are available on our website at firstenergycorp.com/ir. Today's discussion will include the use of non-GAAP financial measures and forward-looking statements, which are subject to risks and uncertainties. Actual results could differ materially from forward-looking statements discussed in our news release during today's conference call and in our SEC filings. The appendix of today's presentation includes supplemental information, along with the reconciliation of non-GAAP financial measures. Please read our cautionary statement and discussion of non-GAAP financial measures on Slides 2 and 3 of the presentation.

Our Chairman, President and Chief Executive Officer, Brian Tierney, will lead our call today, and he will be joined by Jon Taylor, our Senior Vice President and Chief Financial Officer.

Now it's my pleasure to turn the call over to Brian.

Brian Tierney

Thank you, Karen, and good morning, everyone. We delivered another strong quarter and remain on track to meet our objectives for the year. Our performance reflects strong capital deployment, financial discipline, and an improving customer experience. The team has done a great job executing against our plan to drive continuous improvement, while focusing on affordability for our customers. We have also made great progress advancing key regulatory strategies and business opportunities that will fundamentally change the trajectory for FirstEnergy.

We continue to see strong interest from data center companies with contracted and pipeline demand up nearly 60% since year-end, including a 90% increase in contracted demand. West Virginia is a big part of that growth with pipeline demand up approximately 6x to nearly 6 gigawatts. Our proposed Maidsville energy generating facility will be a key investment to support this demand. We expect an order from the West Virginia Public Service Commission in the fourth quarter.

Given our confidence level and to protect the schedule, we have reserved the turbines with Siemens for delivery in 2030. All other major contracts are on track to be signed shortly after we receive a commission order. Maidsville is an important project on its own, but we see it as the first of a broader set of opportunities in West Virginia. Last November, I was at our Harrison Power Station with Governor Morrisey to announce our plans for new generation. He challenged FirstEnergy to do more. My response to the governor was simple, challenge accepted. West Virginia's constructive legislative and regulatory environment are driving economic development, jobs, and businesses that will have a long-term positive impact in the state.

We are in active negotiations with large load customers about locations within our West Virginia service territory. Those conversations are open and constructive around delivery schedules, pricing, risk mitigation, and frameworks for benefits to communities and existing customers. To support these large load customers, we've issued a request for proposal for an initial 3 gigawatts of additional combined cycle turbines, and we expect to provide an update in early 2027.

We are also exploring innovative bridge power options and temporary behind-the-meter solutions as we build out the grid to support these customers with permanent transmission and generation service. This is a significant opportunity for FirstEnergy. These investments will support the state's goals and create meaningful value for our shareholders.

In addition to the opportunities in West Virginia, transmission and distribution remain the foundation of our business and investment strategy. Our transmission system sits at the heart of PJM, a region serving more than 65 million people. Our network connects critical parts of the grid and helps deliver power where it's needed most. The need for transmission investment has never been more important. We need a more flexible and resilient grid to support increasing demand and the economic development taking place in and around our service territory.

Across our footprint, we now have 7.9 gigawatts of contracted data center demand. We are in active negotiations with approximately 4 gigawatts of additional load. This demand and the critical infrastructure needed to support a more resilient and reliable regional grid will continue to require increasing transmission investments for the foreseeable future. We expect this to drive at least a 25% increase in our current $19 billion transmission investment plan when we release our updated 5-year plan.

We are also seeing measurable progress in our distribution business, particularly in Pennsylvania and New Jersey, where we are investing to improve reliability. Since 2024, our reliability has improved by 11% in Pennsylvania and 40% in New Jersey. This is solid proof that our investment plan is working. I am pleased with our progress and believe that our customers, regulators, and policymakers are seeing value from the investments we are making.

In the rate cases we have filed, we made the case for investments to meet or exceed our customers' expectations. When we consistently demonstrate the value of our investments for customers, we expect a fair and constructive regulatory outcome. There's more to do, but we are making the right investments, improving performance, and delivering tangible value to our customers.

We are reaffirming our 2026 core EPS guidance range of $2.62 to $2.82 per share and expect to be at or slightly above the midpoint. We remain on track to deliver core earnings growth near the top end of our 6% to 8% range through 2030 and have meaningful opportunities to increase earnings growth over time. Our experienced leadership team has the expertise to execute major projects while making the operational improvements our customers expect. We have the people, capability, and commitments to deliver for our customers and shareholders.

I'll now turn the call over to Jon to cover our financial performance and the progress we've made on key regulatory priorities. Jon?

K. Taylor

Thank you, Brian, and good morning, everyone. Our financial results are on track for the year, and we've made solid progress on regulatory and strategic priorities. Let me start with our third quarter results. For the quarter, we reported GAAP earnings of $0.96 per share compared with $0.76 in the third quarter of 2025. Core earnings were $0.98 per share compared with $0.83 a year ago, largely reflecting growth from our rates and investment programs, increasing customer demand, strong financial discipline, and a slightly lower effective tax rate.

Through the first 9 months of the year, core earnings increased 9% at $2.20 per share compared with $2.02 for the same period last year. Through September, we've deployed $4.9 billion of investments to strengthen our electric system, a 23% increase from the same period of 2025. On a trailing 12-month basis, our financial performance resulted in a consolidated 9.5% return on equity, in line with our targeted returns. Strong capital deployment continues to drive rate base growth in line with plan of 9.9% at the FirstEnergy level, supported by total transmission rate base growth of 14%, including 21% in our integrated transmission business.

We also continue to see encouraging demand trends in our service territory. Total weather-adjusted load increased 1.2% in the third quarter and has been positive in each of the last 4 quarters. This growth is led by the industrial class, which increased 3.3% in the third quarter and 2.1% over the last 12 months. We are seeing broad strength in manufacturing activity, including metals, oil and gas, and chemical sectors, along with increasing data center demand. These promising trends give us confidence in the strength and durability of the growth we're seeing across our footprint.

As per our financing plan, we completed our subsidiary debt financings for the year, issuing $2.6 billion at an average coupon of 4.7%. Our expected common equity needs in 2026 remain modest, and we continue to consider equity-like instruments to support our long-term financing plan. Going forward, approximately 50% of our total long-term debt financing needs are supported by formula rate mechanisms that recover interest cost, providing meaningful protection from changes in interest rates.

Transitioning to regulatory updates where we continue to make good progress. Earlier this month, we submitted several low-voltage transmission solutions through PJM's open window process to address near-term reliability needs. We expect projects to be awarded in the first quarter of next year. We've had a solid track record of success in open windows since 2022 with over $5 billion in awarded competitive transmission investments, including joint ventures with other major utilities to develop large complex projects that cross state boundaries. Our track record positions us well to compete for additional investments as growing electricity demand and new generation drive the need for a stronger regional grid.

In New Jersey, we filed our base rate case in August, requesting a rate increase of $253 million, which reflects approximately $1 billion in rate base growth since our last increase was approved in February 2024. Those investments are delivering results for our customers. Reliability improved 16% in 2025, followed by another 22% year-over-year improvement through September of this year. We developed a proposal that delays the impact of any rate increase until 2028 and engaged with the Sherrill Administration, the Board of Public Utilities, and Rate Counsel throughout that process.

Our proposal balances the investments necessary to improve reliability with affordability for our customers. Even with the proposed increase associated with these important investments, we expect our rates to remain approximately 18% below the state average for investor-owned utilities. In Maryland, we filed our base rate case in September, requesting a revenue increase of $53 million since our last rate increase was approved in October 2023. Hearings are scheduled for January, and we expect an outcome in April of next year. And in West Virginia, we received a regulatory decision on our base rate case with the commission approving our $76 million inflation and investment adjustment filing as submitted.

The first rate increase took effect August 1 with a second scheduled for June 1, 2027. The order also provides for a stay out through April 2028. We expect a regulatory order on the Maidsville CPCN in the fourth quarter. And as Brian discussed, that project represents another important opportunity for FirstEnergy, and we'll update our 2026 through 2030 financial plan to reflect this investment following an order.

As we pursue this opportunity, we remain focused on ensuring that this investment benefits all of our stakeholders. An important part of our approach is to appropriately allocate project and commercial risk to large load offtakers, while providing a framework that benefits and protects existing customers. We believe this will create meaningful value for shareholders and will provide the blueprint for future opportunities in West Virginia.

Turning to our long-term financial outlook. As we talked about before, our current 5-year $36 billion investment plan will be financed with up to $2 billion of equity or equity-like securities through 2030. We will look to fund the additional investments that Brian talked about, including West Virginia generation and transmission with up to 35% equity or equity-like securities. We're pleased with our results and progress on regulatory matters. Our investment plan provides a solid foundation for continued growth with additional potential beyond it. We'll provide a more comprehensive update with our full 2027 through 2031 capital investment and financial outlook on the fourth quarter earnings call in February, reflecting the incremental transmission investments that Brian highlighted.

As we roll forward our plan with incremental investment opportunities, we will continue to maintain the financial discipline and balance sheet strength needed to pursue those investments while delivering value for customers and shareholders.

With that, I'll turn the call back over to Brian.

Brian Tierney

Thanks, Jon. Let me close with 3 points. First, we're executing on our commitments. Our financial performance remains on track, and the investments we're making are producing measurable improvements in reliability and customer service. Second, growing electricity demand is expanding the opportunity across our business. Transmission and distribution remain the foundation of our strategy and an expanding runway for investment needs. In West Virginia, Maidsville and the additional generation opportunities developing behind it offer another meaningful source of long-term growth. Third, we are pursuing growth with discipline. We will invest where we have a constructive regulatory environment, where existing customers benefit and are protected, and where the expected returns create value for shareholders.

We have a clear strategy, a compelling opportunity set, and the capabilities to execute.

Thank you for your continued interest in FirstEnergy. We look forward to seeing many of you at the EEI Conference in a couple of weeks. Now we'll turn the call over for questions.

Operator

[Operator Instructions] Our first question is from Nicholas Campanella with Barclays.

Phần hỏi đáp

Nicholas Campanella

Thanks for all the updates on West Virginia. My question is, if you were to kind of go beyond Maidsville here with the 3 gigawatts of additional discussions happening right now, any thoughts on continuing to kind of do that in a rate base solution or doing that through the Genco structure? How do those kind of returns compare? And would that change the 35% incremental equity need that you laid out at all?

Brian Tierney

Yes. Thanks, Nick. So I think the most important thing is for us to get a clean order out of the commission on Maidsville. And that is certainly going to inform how we think about moving forward in West Virginia. The Genco is absolutely still on the table, and we look at that as an opportunity to protect existing customers, yet still serve the new large load customers. So we're still exploring both opportunities there. And if we were to get the additional 3 gigawatts that we're talking about here, that would certainly include additional financing required to finance that.

K. Taylor

Yes, Nick, I would say that the discussions that we're having today with offtakers, specifically related to Maidsville, there is an openness to fund some of the investment through a surcharge type of mechanism. And we would absolutely expect that to continue with generation investments beyond Maidsville.

Nicholas Campanella

And then just a follow-up on the 3 gigs. What type of bridge solutions are you looking for, for behind-the-meter? Is it like fuel cells or smaller RICE units? If you could talk to that at all? And can you just remind us of the timing of the 3 gigawatts of incremental? Is this kind of layered in to be '31, '32? Or is it going to be a little bit further beyond that?

Brian Tierney

So thanks, Nick. It's going to be beyond that. And so what we're seeing from customers is, if they want like 1 gigawatt type campus, they're looking at seeing if they can start with a building that might be about 100 megawatts in the near term. So we're looking at solutions from everything from RICE to fuel cells to batteries to anything that can get us quicker to power than a long-term natural gas combined cycle solution. So something that gets the campus up and started and then transitions ultimately to a long-term grid integrated solution.

Operator

Our next question is from Jeremy Tonet with JPMorgan.

Jeremy Tonet

I just want to dive into the large load pipeline as you laid out there. And it seems like the opportunity set in West Virginia moved up a bunch quarter-over-quarter. And I was wondering if you could talk about that a bit more. It looks like at the same time, Maryland and New Jersey contracted a little. So just wondering how you see trends developing by state here.

Brian Tierney

Yes. So I think you kind of got it. Maryland, Ohio, Pennsylvania, West Virginia, we're seeing sort of broad interest across the system. And it's real. Like we're talking to these customers and people are saying, does it end at 2030, 2031. The answer is it doesn't. We're seeing it continue beyond that. And the 2030, 2031 is what I'd say the first wave, but the people who are serious, the large customers that you might think of, the hyperscalers, the legitimate developers are looking well beyond that, and they're doing so across our service territory.

So I was out visiting what used to be called Quantum Loophole, I think they now call it the Catellus site outside of Frederick, Maryland. We had our Board strategy meeting in Frederick this year. I was out there 3 years ago, and it was dirt. And now there's multiple buildings up and running and construction continues as they continue to build out that facility. So the idea that this stops at 2030, 2031 just is incredible to us. And the people who are serious about this development are talking well beyond that.

Jeremy Tonet

Got it. That's very helpful. And as we think about the transmission additions that could come into the plan here, can you remind me, I guess, how much of the capital plan gross versus net with partners out there? And just wondering if you could talk a bit more, I guess, on competitive processes out there and what potential upside that could bring.

K. Taylor

Okay. Jeremy, I'll take the first part of that. If you look at our total transmission business, which would include the stand-alone transmission business plus the transmission in our integrated segment, our external partners' interest in that business is about 30% of that total transmission business, which I would expect to generally stay the same as we roll forward the new plan. So the 25% increase that we're talking about would have the exact impact, the same impact on our owned rate base as we move the plan forward. So it's a significant driver. And if you actually did the math and rolled the plan forward, you would see a pretty significant increase in our own rate base in 2031 versus what we have in 2030. So it's a material adjustment for the company.

Brian Tierney

And then, Jeremy, you talked about the competitive processes. Jon mentioned that in the last few years, we've got about $5 billion worth of awarded projects through the PJM competitive process. I think this year, it might be smaller than what we've seen in the prior years, because they were looking for short-term solutions out to 5 years. So I think they're going to be lower voltage, more localized-type projects. But that means when they come back out next year for the longer-term solutions, we're going to have big opportunities once again. So I think this thing is just going to continue. And the idea that you have an open window and it goes away isn't real. I think these open windows are going to continue for the foreseeable future as we're seeing load growth driven by large load customers across the PJM footprint. I see this as far as I can look out continuing.

Operator

Our next question is from Michael Sullivan with Wolfe Research.

Michael Sullivan

Brian, I wanted to just ask a little more on the financing plan and maybe how you think about the split between equity and equity-like, and just as you get ready to roll the plan forward and those needs potentially go up, how you're thinking about getting going on equity issuance?

K. Taylor

Yes. I mean, I think we are open to equity-like instruments. You've seen us execute those types of transactions in the past. But I think for the time being, we've talked about common equity being 1% of market cap on an annual basis. I think that's kind of where we'll be for the foreseeable future. But we'll talk more about that as we roll forward the plan in February of next year. But that's generally how we think about it. We would explore those options. We've done that before. So we're used to that, but we'll provide those details in February.

Michael Sullivan

Okay. Great. Very helpful. And then in terms of just New Jersey and the broader review going on there, can you just give us some insight into the latest and where and when we see that concluding?

Brian Tierney

Yes. So I think the big thing there is that the -- we're talking about improving affordability without creating additional cost, regulatory lag, or unintended consequences. So there's sort of a menu that's out there right now. And I think as clearer heads prevail, those things will form around things like multiyear rate plans and performance-based rates. So there's a menu out there. A lot of the things on the menu make sense. A lot of them don't. And I think we'll end up at the right place. A lot of what Jersey Central Power & Light's comments were, were incorporated in the New Jersey Utilities Association's remarks, comments back to the plan. But I think we'll end up at the right place there. If it looked anything like Ohio, I think it will be reasonable. It will protect customers and allow utilities to continue to invest to improve reliability.

Michael Sullivan

Okay. Great. And just any sense of when? And that was all for me.

Brian Tierney

Well, we filed our comments May 29 and again, September 25. We provided additional comments to the working group. So I think later this year, early next year, we'll have some resolution to what's selected off the menu.

Operator

[Operator Instructions] Our next question is from Carly Davenport with Goldman Sachs.

Carly Davenport

I just wanted to follow up on Jeremy's question earlier on transmission. Anything that you can share on how much of that increase would be tied to the large load that is now in your plan versus RTO processes versus kind of regular way maintenance investment? And just anything on how we should think about how front-end or back-end loaded that could be in the new plan?

K. Taylor

Yes, Carly, I would say that if you think about what we've talked about before in terms of every 1 gigawatt of contracted demand being about $250 million of transmission network upgrades. That's kind of how we think about it. So that would be the math that you would put into the plan associated with contracted demand. We don't put any uncontracted demand in our plan. So it has to be fairly solid for us to put something in our plan. Most of the increase you'll see is from the work that we need to do on our existing system to stabilize, provide better reliability, provide better resiliency to the system, just given what we're seeing across our footprint in terms of the need to shore up transmission capacity given the demand across the region that we're seeing. So I would say very little would be associated with contracted demand. The large piece of it would be just reliability on our existing system, those types of investments.

Carly Davenport

Got it. Okay. That's really helpful. And then you highlighted in the slides negotiations with the data center customer at Maidsville are advancing. Anything that you can provide there on, outside of the CPCN approval, the key gating factors to finalizing that? And is there any sense on if customers you're in negotiations with could be interested in offtake from more than 1 facility as you think about the go-forward opportunity in West Virginia?

Brian Tierney

Yes. So Carly, I think the big thing, as you mentioned, is getting the CPCN out of West Virginia. In addition to that, other gating things are finalizing the gas supply and our EPC arrangement. And so that's on the we're buying side. On the we're selling side to customers, there's an enormous amount of interest from a number of, I'd say, creditworthy known customers out there, and they're interested in both this first tranche that I call it of generation that we're putting together, and people are interested in the remaining 3 gigawatts as well.

So these things just take time. I'll say it's kind of refreshing, the negotiations that we're having. People are very candid about what they want, when they want it, what the schedule they can have is, what we're willing to talk about in terms of bridge solutions, protections to our existing customers, even benefits to our existing customers. So they're very candid, but I'd say fast-moving discussions. And as we get the next gigawatt and the next gigawatt and the next one lined up, we're going to be in active discussions with those customers who are lined up to take that service from us in West Virginia.

Operator

Our final question is from Andrew Weisel with Scotiabank.

Andrew Weisel

First, on the RFP for the 3 gigawatts, what's the targeted in-service date?

Brian Tierney

So it will likely be in the '31, '32 time frame. Just given where we are in time today and where backlogs are. In between now and then, Andrew, we're going to be pursuing those bridge alternatives that we talk about, whether it's batteries, fuel cells, reciprocating engines, whatever it is. People want some speed to power to get their campuses up and running. But for those longer-term solutions, it will be in the '31, '32 and beyond time frame.

Andrew Weisel

Makes sense. And then on the bridge stuff, so you mentioned things like RICE units and batteries, et cetera. Would the idea be that those assets are actually permanently on site? I mean you call that bridge, but what would happen to them physically and economically after the first few years? Would they be permanently there?

Brian Tierney

Yes. So that's a great question. I think as we're thinking about it today, it would be bridge for one solution today. And then as you get the long-term solution in place, that bridge could be used for future developments that aren't necessarily on site. So we don't view those bridge solutions as being disposable. We view them as being reusable for multiple locations as we move forward in time.

Andrew Weisel

And you would own them for the customer? Or is that TBD?

Brian Tierney

Any combination of that. And we're in conversations where we own them, where third parties would own them, where the customer would own them, but we view them as being multiply reusable, whether we move them or not. And I don't think you need to move them.

Andrew Weisel

Interesting. It certainly has flexibility. Okay. Great. And one last one, Jon, forgive me, maybe I misheard you, but did you say up to 35% on the equity? The slides just say 35%, but I thought I heard you say up to. Is there a potential for that to come down?

K. Taylor

Yes. I think on the Maidsville, assuming we get the surcharge, it's about a 35% equity requirement. But if you roll forward the plan, it's up to 35%. So there's some flexibility there, but it's probably going to be in that neighborhood.

Operator

That will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.