ITC, NorthWestern Sign Expression of Interest on Regional Project

Aug 25, 2009

NOVI, Mich., Aug 25, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- ITC Holdings Corp. (NYSE: ITC) and NorthWestern Energy (NYSE: NWE) announced today they have signed an expression of interest to collaborate on development of ITC's seven-state Green Power Express transmission project.

The NorthWestern partnership is one of several ITC anticipates signing in support of the 3,000 mile, 765 kilovolt (kV) electrical system - a system expected to facilitate the flow of up to 12,000 megawatts (MW) of renewable energy from the upper Midwest to load centers in central Midwest and mid-Atlantic regions of the country.

"We welcome NorthWestern's interest and participation in the Green Power Express and see this agreement as another important milestone in our effort to bring this project to fruition," said Edward M. Rahill, president, ITC Grid Development, LLC. "It is clear that this project is gathering steam and will play an important role in supporting the development of reliable renewable energy in the country. ITC looks forward to building a partnership with Northwestern, MDU and all utilities in the region to make the Green Power Express a reality."

The Green Power Express transmission network project will provide grid access for many of the highest efficiency wind farms in the upper Midwest and will traverse portions of North Dakota, South Dakota, Minnesota, Iowa, Wisconsin, Illinois and Indiana. It is currently estimated to cost approximately $10 to 12 billion.

NorthWestern Energy provides electricity and natural gas in the Upper Midwest and Northwest, serving approximately 656,000 customers in Montana, South Dakota and Nebraska.

Under the terms of the agreement, NorthWestern, headquartered in Sioux Falls, S.D., has expressed its interest in exploring opportunities in Green Power Express, LP, the entity that was formed by ITC to develop the Green Power Express project. NorthWestern will collaborate with ITC on development efforts and securing the approvals needed to move the project forward. Green Power Express, LP will operate as an independent transmission company.

According to a study by CRA International, efficient movement of up to 12,000 MW of transfer capacity for wind power and the connectivity of over 20,000 MW through the Green Power Express project would result in a reduction of up to 34 million metric tons in carbon emissions, which is equivalent to the annual emissions of about seven to nine 600 MW coal plants, or nine to 11 million automobiles.

The Green Power Express project also will address the recognized need for additional transmission infrastructure and is part of ITC's broader efforts to modernize the overburdened, aging electricity grid.

ITC will continue to pursue Green Power Express discussions and finalize strategic agreements with NorthWestern and other entities. In July, the company signed a strategic agreement with MDU Resources Group, Inc. Other project supporters include NextEra Renewable Energy (formerly FPLE); Iberdrola Renewables; Generation Energy Inc.; Montgomery Power Partners; Denali Energy; National Wind; Crownbutte Wind Power, Inc.; Wind Capital Group; Fox Ridge Energy & Development, LLC; Horizon Wind Energy; Prelude, LLC; Citizens Energy; and RES, Renewable Energy Systems Americas.

Additional information about the Green Power Express project can be obtained at: http://www.thegreenpowerexpress.com.

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: http://www.itctransco.com (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)

About NorthWestern Energy

NorthWestern Energy provides electricty and natural gas in the Upper Midwest and Northwest, serving approximately 656,000 customers in Montana, South Dakota and Nebraska. More information on NorthWestern Energy is available on the company's web site at www.northwesternenergy.com

SOURCE ITC Holdings Corp.


http://www.itctransco.com

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