ITC Holdings Corp. Announces Plans for Novi Headquarters

Oct 26, 2006

NOVI, Mich., Oct 26, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Joseph L. Welch, president and CEO of ITC Holdings Corp. (NYSE: ITC) and City of Novi's Mayor David Landry hosted a joint press conference this morning to announce ITC's plans to construct a new headquarters facility in Novi, Mich.

"The City of Novi is extremely proud that ITC has chosen Novi as its headquarters," said Mayor Landry. "We are proud to count ITC among the high tech businesses locating in Novi and look forward to a long and mutually beneficial relationship. ITC is the perfect example of a company that chooses not only to locate in a city, but also be an active member of the community. Their partnerships and support of community events and the Novi Parks Foundation are a true testament to the quality of their organization."

The new office headquarters will be located just southwest of the intersection of Haggerty and 12 Mile Roads. Situated on an 83 acre parcel of land, the facility will be co-located with ITC subsidiary ITCTransmission's Quaker Station.

ITC will initially construct an 180,000 square-foot office space and operations control center and parking deck to accommodate its 300 employees and contractors with room to grow. Ultimately the project will consist of two office facilities totaling 330,000 square-feet and corresponding parking structures. ITC expects to break ground during the first quarter of 2007 and take occupancy in April 2008.

"ITC and its subsidiaries have experienced significant growth recently as we continue in our mission to rebuild our electricity transmission system to support customers' needs for improved reliability and a lower cost of delivered energy," said Welch. "Since April 2003 when we began leasing a temporary office location, ITC has been a member of the community and formed a valued partnership with Novi. Our experience over these past three years has proven Novi to be vibrant and full of opportunities for our employees and their families to live and work."

The architectural firm for the project is Gillett Associates, Inc. of Farmington Hills, Michigan, and the construction manager is Cunningham-Limp, also of Farmington Hills. MA Engineering of Bingham Farms is the project mechanical/electrical consulting engineer, and Grubb & Ellis is the overall project coordinator.

The press conference featured remarks by Joseph L. Welch, president and CEO of ITC, Mayor David Landry, of Novi and Michigan State Senator Nancy Cassis.

About the City of Novi

Located at the convergence of three major expressways, the City of Novi maintains its "hometown" traditions while being one of the fastest growing communities in Michigan. Novi is a dynamic community widely known for educational excellence, being a powerful retail magnet, dynamic high-tech and office opportunities, excellent public safety, and abundant recreational and natural features. For more information on the City of Novi, please visit http://www.cityofnovi.org.

About ITC Holdings Corp.

ITC Holdings Corp. is in the business of investing in electricity transmission infrastructure improvements as a means to improve electric reliability, reduce congestion and lower the overall cost of delivered energy. Through our operating subsidiaries, ITCTransmission and Michigan Electric Transmission Company (METC), we are the only publicly traded company engaged exclusively in the transmission of electricity in the United States. We are also the largest independent electric transmission company and the tenth largest electric transmission company in the country based on transmission load served. Our business strategy is to operate, maintain and invest in our transmission infrastructure in order to enhance system integrity and reliability and to reduce transmission constraints. By pursuing this strategy, we seek to reduce the overall cost of delivered energy for end-use consumers by providing them with access to electricity from the lowest cost electricity generation sources. ITCTransmission and METC operate contiguous, fully-regulated, high-voltage systems in Michigan's Lower Peninsula, an area with a population of approximately 9.8 million people, that transmit electricity to local electricity distribution facilities from generating stations throughout Michigan and surrounding areas. Recently announced subsidiary ITC Grid Development, LLC will focus on partnering with local entities and utilities in regions where significant transmission improvements are needed. The first region in which ITC Grid Development, LLC will focus its efforts is the Great Plains region, specifically in Kansas, through the formation of its subsidiary ITC Great Plains, LLC. For more information on ITC Holdings Corp., please visit http://www.itc-holdings.com. For more information on ITCTransmission or METC, please visit http://www.itctransco.com or http://www.metcllc.com, respectively. For more information on ITC Great Plains, please visit http://www.itcgreatplains.com. (itc-ITC)

SOURCE ITC Holdings Corp.

Media, Lisa Aragon, ITC Holdings, +1-248-835-9300, laragon@itc-holdings.com; or

Sheryl Walsh, Community Relations Manager, City of Novi, +1-248-534-9512,

swalsh@cityofnovi.org

http://www.itc-holdings.com

 

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