In a March 6, 2026 order (the Order), the Federal Energy Regulatory Commission (FERC or the Commission) reshaped how PJM Interconnection, L.L.C. (PJM) allocates transmission project costs. Consol. Edison Co. of New York, Inc. et al., 194 FERC ¶ 61,179 (2026) (Docket Nos. EL15-18-005, EL 15-67-005, EL 17-68-003, ER 17-950-006, EL21-39, ER22-1606, and ER22-1606). The Commission eliminated PJM’s long‑standing de minimis threshold exemption—a rule that arguably shielded large load zones from paying for certain transmission upgrades despite significant usage—after the U.S. Court of Appeals for the District of Columbia (the Court) found the exemption violated cost‑causation principles. Consol. Edison Co. of New York, Inc. v. FERC, 45 F.4th 265 (D.C. Cir. 2022). As a result, FERC opened the door to an estimated $1 billion in refunds (including interest) and re-billing stretching back more than a decade.





