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Minnesota Public Utilities Commission to Reconvene On Sale of IPL Transmission Assets to ITC Midwest

Dec 13, 2007

NOVI, Mich., Dec 13, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- ITC Holdings Corp. announced this evening that the Minnesota Public Utilities Commission (MPUC) will reconvene Dec. 18 to continue deliberations about the sale of the transmission assets of Interstate Power and Light Company (IPL) to ITC Midwest LLC. No decision in the matter was reached today.

About ITC Holdings Corp.

ITC Holdings Corp. (NYSE: ITC) invests in the electricity transmission grid to improve electric reliability, reduce congestion, improve access to markets and lower the overall cost of delivered energy. Through its subsidiaries, ITC is the only independent, publicly-traded company engaged exclusively in the transmission of electricity in the United States. ITC is the eighth-largest transmission company in the country based on electric sales. ITCTransmission and Michigan Electric Transmission Company operate contiguous, fully-regulated, high-voltage systems in Michigan's Lower Peninsula. In January 2007, ITC Midwest signed a definitive agreement to acquire all of the transmission assets of Interstate Power and Light Company in Iowa and portions of Minnesota, Illinois, and Missouri. The transaction is expected to close in the fourth quarter of 2007. ITC Grid Development is focused on partnering with local entities and utilities in regions where significant transmission improvements are needed. ITC Grid Development is currently focused on the Great Plains region (including Kansas and Oklahoma) and the Panhandle region (including Texas and Oklahoma) and has formed ITC Great Plains and ITC Panhandle Transmission in support of this effort. For more information on ITC Holdings Corp., please visit http://www.itc-holdings.com. (itc-ITC)

Safe Harbor Statement

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 "will," "may," "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 factors, the risks factors listed in Part I, Item 1A - Risk Factors of our Form 10-K for the fiscal year ended December 31, 2006 (as updated in our Quarterly Reports on Form 10-Q).

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. Forward-looking statements 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 our discussion in this release 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.

SOURCE ITC Holdings Corp.


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