Sort By Year


Sort By Operating Companies


ITC Midwest Assumes Operations of Transmission System

Dec 15, 2008

CEDAR RAPIDS, Iowa, Dec 15, 2008 /PRNewswire via COMTEX News Network/ --

Company takes over operations of 69 kV and larger lines; Operational control of remaining lines expected in 2009

ITC Midwest LLC (ITC Midwest), a wholly owned subsidiary of ITC Holdings Corp. (NYSE: ITC), today assumed operational control for more than 4,500 miles of transmission lines and 208 substations acquired last year from Alliant Energy's Interstate Power and Light Co. (IPL) operating subsidiary. ITC Midwest now operates the lines in its Iowa, Minnesota, Illinois and Missouri service territory that carry electricity at 69,000 volts (69 kilovolts) and higher voltages.

ITC Midwest purchased the transmission lines from IPL in December 2007. ITC Midwest assumes operational control from American Transmission Company LLC (ATC) of Pewaukee, Wisconsin, which had been operating the system on IPL's behalf since January 2001. ITC Midwest will operate the system out of its Novi, Michigan, operations control center.

Assuming operational control means that ITC Midwest will be responsible for operating and maintaining the electric transmission system, ensuring that it reliably serves customers' needs and meets all federal and state operating requirements, said ITC Midwest Executive Director Doug Collins.

"This change is the next step in moving ITC Midwest to a fully independent transmission company," Collins said. "ITC Midwest's transition to full independence helps ensure that all customers and generators have equal and open access to the regional grid. Open access means that the system is operating as an energy superhighway that benefits everyone."

Transferring operational control of the higher voltage system is the first phase of the transition. The remaining ITC Midwest lines, operating at 34,500 volts (34.5 kilovolts) are expected to be transitioned from IPL to ITC Midwest's control late in 2009.

Since acquiring the lines from IPL, ITC Midwest has been investing in the system. The company is on track to make more than $120 million in capital investments in 2008.

About ITC Holdings Corp.

ITC Holdings Corp. (NYSE: ITC) invests in the electricity transmission grid to improve electric reliability, improve access to markets, and lower the overall cost of delivered energy. ITC is the largest independent electricity transmission company in the country. Through its subsidiaries, ITCTransmission, Michigan Electric Transmission Company (METC) and ITC Midwest, ITC operates contiguous, regulated, high-voltage transmission systems in Michigan's Lower Peninsula and portions of Iowa, Minnesota, Illinois and Missouri, serving a combined peak load in excess of 25,000 megawatts. ITC is also focused on new areas where significant transmission system improvements are needed through subsidiaries ITC Grid Development, ITC Great Plains and ITC Panhandle Transmission. For more information, please visit: (itc-ITC)

Safe Harbor Statement and Legal Disclaimer

This press release contains certain statements that describe our management's beliefs concerning future business conditions and prospects, growth opportunities and the outlook for our business and the electricity transmission industry based upon information currently available. Such statements are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Wherever possible, we have identified these forward-looking statements by words such as "anticipates," "believes," "intends," "estimates," "expects," "projects" and similar phrases. These forward-looking statements are based upon assumptions our management believes are reasonable. Such forward-looking statements are subject to risks and uncertainties which could cause our actual results, performance and achievements to differ materially from those expressed in, or implied by, these statements, including, among other things, the risks and uncertainties disclosed in our annual report on Form 10-K and our quarterly reports on Form 10-Q filed with the Securities and Exchange Commission from time to time.

Because our forward-looking statements are based on estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond our control or are subject to change, actual results could be materially different and any or all of our forward-looking statements may turn out to be wrong. They speak only as of the date made and can be affected by assumptions we might make or by known or unknown risks and uncertainties. Many factors mentioned in this press release and in our annual and quarterly reports will be important in determining future results. Consequently, we cannot assure you that our expectations or forecasts expressed in such forward-looking statements will be achieved. Actual future results may vary materially. Except as required by law, we undertake no obligation to publicly update any of our forward-looking or other statements, whether as a result of new information, future events, or otherwise. (itc-ITC)


Copyright (C) 2008 PR Newswire. All rights reserved

News Provided by COMTEX