ITC Holdings Corp. Named Finalist for Edison Award

Mar 22, 2007

NOVI, Mich., March 22, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- ITC Holdings Corp. (NYSE: ITC), an independent electricity transmission company, has been named a finalist for the 2007 Edison Award, the electric industry's highest honor, by the Edison Electric Institute (EEI).

Given annually by EEI, the Edison Award honors one U.S. and one international utility company for outstanding contributions to the industry. A committee of national industry trade publication editors selects the finalists, and a panel of past and current EEI Chairmen selects the ultimate winners. ITC is a finalist for the national award.

ITC, the nation's first fully independent transmission company, is being recognized for helping redefine the electric industry. Since it began operations in 2003, ITC, through its subsidiaries ITCTransmission and Michigan Electric Transmission Company (METC), has invested over $500 million in capital expenditures and maintenance to carry out its mission of upgrading and maintaining its transmission grid. This significant commitment has improved reliability and resulted in top quartile operational performance. Additionally, since assuming responsibility for the ITCTransmission system in 2003, ITC has achieved efficiency improvements in maintenance practices, significantly reducing a maintenance backlog and changing the focus from reactive to preventative maintenance.

"We are very proud to be named a finalist for an Edison Award," said Joseph L. Welch, president and CEO of ITC. "Our achievements as an independent transmission company have provided us the expertise that allows us to expand outside our current service territory in our continued efforts to improve electric reliability. It's truly an honor for the Edison Electric Institute to recognize all of our hard work."

The winners of the 2007 Edison Award will be announced June 17, 2007, at EEI's annual convention in Denver.

About ITC Holdings Corp.

ITC Holdings Corp. (NYSE: ITC) is in the business of 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 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 eighth 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. Subsidiary ITC Grid Development, LLC expects to 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 expects to 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 For more information on ITCTransmission or METC, please visit or, respectively. For more information on ITC Great Plains, please visit (itc-ITC)

SOURCE ITC Holdings Corp.

Investor/Analyst contact, Pat Wenzel +1-248-374-7200,, or

Media contact, Lisa Aragon +1-248-835-9300,

Copyright (C) 2007 PR Newswire. All rights reserved

News Provided by COMTEX