ITC Holdings Corp. to Break Ground at New Headquarters in Novi

Apr 23, 2007

NOVI, Mich., April 23, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- ITC Holdings Corp. (NYSE: ITC), the nation's first independently owned and operated electricity transmission company, will break ground on its new Novi, Mich., headquarters at 27075 Haggerty Road, today at 2:30 p.m. The event, emceed by News/Talk 760 WJR's Paul W. Smith, will feature remarks by Michigan Public Service Commission Chairman J. Peter Lark, on behalf of Michigan Governor Jennifer Granholm, and other local dignitaries.

The facility will be located on 83 acres near the Quaker Station, one of ITC's electrical substations, and will house a 188,000 square-foot main office complex, a parking structure and control room. The facility will have capacity for 450 employees, and the property leaves room for additional buildings to accommodate the company's ongoing growth. Built with the environment in mind, the main building will save energy by maximizing the use of natural light and utilizing efficient, under-floor heating and cooling systems. ITC expects to take occupancy in April 2008.

"We're incredibly excited to begin construction of a new home for our dedicated employees," said Joseph L. Welch, president and CEO of ITC. "We are proud to be a part of the Novi community, and honored to be a growing company in the state of Michigan.

"ITC is singularly focused on electric transmission, and thus far, the company, through its subsidiaries, has invested more than $500 million toward rebuilding the electric grid in Michigan's Lower Peninsula. This new headquarters will allow us to continue with our mission to the benefit of end- use consumers."

In addition to Chairman Lark and Paul W. Smith, the event will feature remarks by Senator Nancy Cassis, Representative Craig DeRoche, Novi Mayor David Landry, Oakland County Executive L. Brooks Patterson, Steve VanSlooten, National Executive Vice President of the Utility Workers Union of America, and ITC Holdings Corp. President and CEO Joseph L. Welch.

ITC was founded in 2003 with 38 employees, growing to almost 230 employees currently. In addition, its consistent work on the maintenance and improvement of Michigan's electrical infrastructure has created more than 400 contractor and field jobs. Given the company's recent growth, ITC expects to hire 50-75 additional full-time employees over the next year. ITC owns the majority of Michigan's Lower Peninsula's electric grid, and its mission is to improve reliability and to lower the overall delivered cost of energy by focused investment in infrastructure.

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.

Investors-Analysts: Pat Wenzel, +1-248-374-7200,; Media:

Lisa Aragon, +1-248-835-9300,, both of ITC Holdings Corp.

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