METC Becomes Fully Independent Transmission Company

May 01, 2007

NOVI, Mich., May 1, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Michigan Electric Transmission Company, LLC (METC), a subsidiary of ITC Holdings Corp. (NYSE: ITC), today completed its full operational separation from Consumers Energy, the former owners of the electric transmission system in the western and northern portions of Michigan's Lower Peninsula. Acquired by ITC in October 2006, METC was already in the process of becoming operationally independent within five years from when Consumers Energy sold the transmission assets to Trans-Elect, Inc., in May 2002.

"This transition marks a major milestone for both METC and ITC," said Joseph L. Welch, president and CEO of ITC. "Becoming fully independent from market participants is a very significant step as we continue in our endeavor to improve the electric transmission system in Michigan."

Since the closing of the METC acquisition, ITC has been focused on completing METC's transition to operational independence and integrating METC into the ITC organization. In recent months, METC field contractors and operations staff have completed intensive training and simulated operations to ensure a smooth transition. Just after midnight today, METC took over operational control of the METC transmission system from Consumers Energy.

ITC anticipates that METC will make approximately $25 million of system improvements in 2007 to advance electric reliability. With this and future system improvements, approximately 200 highly-skilled field contractors will be needed for the METC service territory.

"I applaud the dedication, hard-work and determination of our employees, contractors and Consumers Energy who helped make this transition achievable," said Welch. "METC's singular focus on transmission will benefit customers and end-use consumers in the form of improved reliability, more robust infrastructure and a more competitive energy market."

About METC

Michigan Electric Transmission Company, LLC (METC) is a stand-alone electricity transmission company recently acquired by ITC Holdings Corp. (NYSE: ITC) and is responsible for operating the transmission system that serves approximately six million people throughout Michigan's Lower Peninsula. METC's operating assets consist primarily of approximately 5,400 circuit miles of transmission lines, approximately 43,000 transmission towers and poles and 80 stations, which connect METC's transmission lines to generation resources, distribution facilities and neighboring transmission systems. METC's goal is to invest in electricity transmission infrastructure improvements as a means to improve electric reliability, reduce congestion and lower the overall cost of delivered energy. For more information on METC, please visit

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. 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

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 "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 our discussion in this 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, unless required by law.

SOURCE ITC Holdings Corp.

Lisa Aragon, METC, +1-248-835-9300,

Copyright (C) 2007 PR Newswire. All rights reserved

News Provided by COMTEX