ITC Holdings Corp. Increases Quarterly Dividend Rate By 7 Percent
NOVI, Mich., Aug.16, 2012 /PRNewswire/ -- ITC Holdings Corp. (NYSE: ITC) announced today that its board of directors declared a quarterly cash dividend of $0.3775 per share, representing an increase of approximately 7 percent from the previous quarterly rate of $0.3525 per share. This increase marks the seventh consecutive year that ITC has raised the dividend on its common stock.
The quarterly cash dividend is payable September 17, 2012 to shareholders of record as of September 4, 2012.
"ITC remains dedicated to delivering on our commitments to our customers by investing in transmission infrastructure that serves to improve system reliability, enhance the effectiveness of wholesale markets and lower the delivered cost of energy," said Joseph L. Welch, chairman, president and CEO. "By doing so, we have also created sustained value for our shareholders, as evidenced in part by our ability to consistently increase our dividend since becoming a public company."
About ITC Holdings Corp.
ITC Holdings Corp. (NYSE: ITC) is the nation's largest independent electric transmission company. Based in Novi, Michigan, ITC invests in the electric transmission grid to improve reliability, expand access to markets, lower the overall cost of delivered energy and allow new generating resources to interconnect to its transmission systems. ITC's regulated operating subsidiaries include ITCTransmission, Michigan Electric Transmission Company, ITC Midwest and ITC Great Plains. Through these subsidiaries, ITC owns and operates high-voltage transmission facilities in Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma, serving a combined peak load exceeding 26,000 megawatts along 15,000 circuit miles of transmission line. Through ITC Grid Development and its subsidiaries, the company also focuses on expansion in areas where significant transmission system improvements are needed. For more information, please visit ITC's website. (itc-ITC)
SOURCE ITC Holdings Corp.