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|                                                     |   | **UNITED                    STATES SECURITIES AND EXCHANGE COMMISSION****WASHINGTON,                    D. C. 20549** **FORM                    10-K**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                                      |
|----------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------|
| **(Mark                    One)**                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                      |
|                                                     |   | **[X]                        ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE****SECURITIES                    EXCHANGE ACT OF 1934** **For                    the fiscal year ended December 31, 2006**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                                      |
|                                                     |   | **OR**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                                      |
|                                                     |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                      |
|                                                     |   | **[                    ]                    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE****SECURITIES                    EXCHANGE ACT OF 1934** **                                            For the transition period from ________ ** **to  _________**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                                      |
|                                                     |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                      |
| **Commission****File                    Nu****m****ber** |   | **Registrant;                    State of Incorporation;****Address;                    and Telephone Number**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | **I.R.S.                    Employer Identification No.** |
|                                                     |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                      |
| **333-115467**                                           |   | **JCP&L                    TRANSITION FUNDING II LLC**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | **51-0503805**                                            |
|                                                     |   | (Exact                    name                    of issuing entity as specified in its charter)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                                      |
|                                                     |   | **                          (A Delaware Limited Liability Company)****                                                                                        103 Foulk Road, Suite 202****                                                                                         Wilmington, DE 19803-3742****                                                                                         Telephone (302) 691-6385** |   |                                                      |
|                                                     |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                      |
|                                                     |   | **JERSEY                    CENTRAL POWER & LIGHT COMPANY**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                                      |
|                                                     |   | (Exact                    name of                    depositor and sponsor as specified in its charter)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                      |
|                                                     |   | Securities                    registered pursuant to Section 12(b) of the Act: None.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                                      |
|                                                     |   | Securities                    registered pursuant to Section 12(g) of the Act: None.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                                      |

| Yes                  (                   )                  No                  (X) |
|------------------------------------------------------------------------------------------|

| Large                  Accelerated Filer | N/A |
|------------------------------------------|-----|
| Accelerated                  Filer       | N/A |
| Non-accelerated                  Filer   | (X) |

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**PART        I**

**JCP&L        TRANSITION FUNDING II LLC**

**ITEM        1.    **
**BUSINESS**

**ITEM        1A.         **
**RISK        FACTORS**

**ITEM        1B.         **
**UNRESOLVED        STAFF COMMENTS**

**ITEM        2.            **
**PROPERTIES**

**ITEM        3.    **
**LEGAL        PROCEEDINGS**

**ITEM        4.    **
**SUBMISSION        OF MATTERS TO A VOTE OF SECURITY HOLDERS**

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**PART        II**

**JCP&L        TRANSITION FUNDING II LLC**

| **ITEM                  5.** | **MARKET                  FOR REGISTRANT’S COMMON EQUITY AND RELATED STOCKHOLDER                  MATTERS** |
|------------------------------|-------------------------------------------------------------------------------------------------------------------|

**ITEM        6.   **
**SELECTED        FINANCIAL DATA**

| **ITEM                  7.** | **MANAGEMENT’S                  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF                  OPERATIONS** |
|------------------------------|-----------------------------------------------------------------------------------------------------------------------------------|

**ITEM        7A.   **
**QUANTITATIVE        AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

**ITEM        8.          **
**FINANCIAL        STATEMENTS AND SUPPLEMENTARY DATA**

**ITEM        9.          **
**CHANGES        IN        AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL        DISCLOSURE**

**ITEM        9A.        **
**CONTROLS        AND        PROCEDURES**

**ITEM        9B.        **
**OTHER        INFORMATION**

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**PART        III**

**JCP&L        TRANSITION FUNDING II LLC**

**ITEM        10.         **
**DIRECTORS        AND EXECUTIVE OFFICERS OF THE REGISTRANT**

**Directors        and Executive Officers**

| *Name*                                            |   | *Age*  |   | *Position                  Held                  During Past                  Five                  Years*                                              |   | *Dates*                              |
|---------------------------------------------------|--------|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------|
|                                              |   |   |   |                                                                                                                                                    |   |                                 |
| A.                  J.                  Alexander |   | 55     |   | President                  and                  Chief Executive Officer, Manager                                                                        |   | 2004-present                         |
|                                              |   |   |   | President                  and                  Chief Operating Officer                                                                                 |   | *-2004                               |
|                                              |   |   |   |                                                                                                                                                    |   |                                 |
| R.                  R. Grigg                      |   | 58     |   | Executive                  Vice                  President and Chief Operating Officer, Manager                                                         |   | 2004-present                         |
|                                              |   |   |   | President                  and                  Chief Executive Officer - WE GenerationExecutive                  Vice                  President - WEC |   | 2003-2004*-2003                      |
|                                              |   |   |   |                                                                                                                                                    |   |                                 |
|                                              |   |   |   |                                                                                                                                                    |   |                                 |
| R.                  H. Marsh                      |   | 56     |   | Senior                  Vice                  President and Chief Financial Officer, Manager                                                            |   | *-present                            |
|                                              |   |   |   |                                                                                                                                                    |   |                                 |
| S.                  E.                  Morgan    |   | 56     |   | President                  -                  JCP&L                                                                                                 |   | 2004-present                         |
|                                              |   |   |   | Vice                  President                  - Energy Delivery                                                                                      |   | 2002-2004                            |
|                                              |   |   |   | Regional                  President - Central                                                                                                           |   | *-2002                               |
|                                              |   |   |   |                                                                                                                                                    |   |                                 |
| Cheryl                  Tussie                    |   |   |   | Independent                  Manager                                                                                                                    |   | August                  2004-present |
|                                              |   |   |   |                                                                                                                                                    |   |                                 |
| Michelle                  Dreyer                  |   |   |   | Independent                  Manager                                                                                                                    |   | August                  2004-present |

**ITEM        11.        **
**EXECUTIVE        COMPENSATION**

**ITEM        12.**
**SECURITY        OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT**

**ITEM        13.         **
**CERTAIN        RELATIONSHIPS AND RELATED TRANSACTIONS**

**ITEM        14.         **
**PRINCIPAL        ACCOUNTANT FEES AND SERVICES**

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**PART        IV**

**JCP&L        TRANSITION FUNDING II LLC**

**ITEM        15.         **
**EXHIBITS        AND        FINANCIAL STATEMENT SCHEDULES**

**                  (a)****The        following documents are filed as part of this report:**

**               (1)  Financial Statements:**

**            (2) Financial        Statement Schedules:**

**                    (3)  Exhibits:**

**Exhibits               **
**Description**

| 1 | Underwriting                  Agreement dated August 4, 2006 by Goldman, Sachs & Co. |
|---|------------------------------------------------------------------------------------------|

| 4.1 | Indenture                  dated as of August 10, 2006 between JCP&L Transition Funding II LLC as                  Issuer and The Bank of New York as Trustee (Form 8-K, dated August                  10,                  2006).  |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2 | 2006-A                  Series                  Supplement dated as of August 10, 2006 between JCP&L Transition                  Funding II LLC as Issuer and The Bank of New York as Trustee (Form                  8-K,                  dated August 10, 2006). |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3 | Form                  of                  Transition Bond (included in Exhibit 4.2) (Form 8-K, dated August                  10,                  2006). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1 | Bondable                  Transition Property Sale Agreement dated as of August 10, 2006                  between                  JCP&L Transition Funding II LLC as Issuer and Jersey Central Power                  & Light Company as Seller (Form 8-K, dated August 10,                  2006). |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2 | Bondable                  Transition Property Service Agreement dated as of August 10, 2006                  between                  JCP&L Transition Funding II LLC as Issuer and Jersey Central Power                  & Light Company as Servicer (Form 8-K, dated August 10,                  2006). |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3 | Administration                  Agreement dated as of August 10, 2006 between JCP&L Transition Funding                  II LLC as Issuer and FirstEnergy Service Company as Administrator                  (Form                  8-K, dated August 10, 2006). |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.1* | Rule                  13a-14(d)/15d-14(d) Certification. |
|-------|----------------------------------------------------------|

| 33.1* | Report                  on                  assessment of compliance with servicing criteria for asset-backed                  securities. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------|

| 33.2* | Assertion                    of                    compliance with applicable servicing                    criteria. |
|-------|----------------------------------------------------------------------------------------------------------------------|

| 34.1* | Attestation                  report on assessment of compliance with servicing criteria for                  asset-backed securities. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------|

| 34.2* | Attestation                    report on assessment of compliance with servicing criteria for                    asset-backed securities. |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------|

| 35.1* | Servicer                  compliance statement. |
|-------|-------------------------------------------------|

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**Item        1112(b).    Significant Obligors        of        Pool Assets**

**Item        1114(b)(2).   Credit Enhancement and        Other        Support, Except for Certain Derivative Instruments.**

**Item        1115(b).     Certain Derivative        Instruments.**

**Item        1117.          Legal        Proceedings.**

**Item        1119.         Affiliation and Certain        Relationships and Related        Transactions.**

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**SIGNATURES**

|                               |                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                               |
|------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                               |                                                                                                                                                                                                                                                                                                                                                                                                             |
|                          |                                                                                                                                                                                                                                                                                                                                                                                                        | **JCP&L TRANSITION                  FUNDING II LLC**     (Issuing                  Entity)By: Jersey Central                  Power                  & Light Company, as Servicer |
|                               |                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                               |
|                               |                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                               |
|                               |                                                                                                                                                                                                                                                                                                                                                                                                             | /s/   Richard                H.                Marsh                                                                                                                                                |
|                               |          Richard                  H. Marsh                              Senior Vice President and                           Chief Financial                  Officer                           (Principal Financial Officer) |
|                               |                                                                                                                                                                                                                                                                                                                                                                                                             |
|                               |                                                                                                                                                                                                                                                                                                                                                                                                             |
| March 16,                2007 |                                                                                                                                                                                                                                                                                                                                                                                                             |

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