Exelon makes perfect sense here, however the Dysfunction Junction known as PJM chooses to sweep another issue under the rug.
Exelon correctly states that inclusion of this rebuild in the RTEP will socialize the cost of the project across the PJM region among those who will receive no benefit. They also accurately surmise that the rebuild of this line is due to structural issues and lack of on-going maintenance and periodic upgrade. If Dominion is allowed to let their infrastructure deteriorate to the brink of failure in order to socialize the cost and absolve themselves of the financial responsibility of maintaining their infrastructure, a dangerous precedent is set (dangerous for your wallet!) It would most likely start a landslide of utilities ignoring maintenance of their lines until failure is imminent in order to save on O & M costs and have ratepayers pick up the tab.
So what the heck is Dysfunction Junction doing including this project in their Regional Transmission Expansion Plan? There's a whole lot of subversive deception going on at PJM and none of the member companies want to be the child who points the finger and declares that the Emperor is naked, but naked he is indeed!
Perhaps if PJM included Dominion's entire Alternative 1 in their RTEP it would make a whole lot more sense for inclusion as, "expansion of existing facilities with capacity additions required to maintain reliability or qualify as market efficiency projects". However, PJM approval of Dominion's Alternative 1 would temporarily obviate the need for the PATH project, and PJM has just reaffirmed the need for PATH.
Too many lies always catch up with their owners eventually and turn them into The Village Idiot. Congratulations, PJM!