MISO Statement Regarding Entergy and ITC Transaction
CARMEL, Ind., Dec. 6, 2011 /PRNewswire/ -- In response to yesterday's announcement that Entergy Corp. (NYSE: ETR) plans to divest and merge its electric transmission business into ITC Holdings Corp (NYSE: ITC), MISO today issued the following statement:
MISO and Entergy continue to work jointly toward Entergy's December 2013 integration into MISO. We are pleased that Entergy CEO, J. Wayne Leonard, publicly reaffirmed Entergy's commitment to MISO membership and the value that it provides to consumers in the Entergy region. We are also pleased that Joseph Welch, CEO of ITC, has offered to assist Entergy with its transition to MISO, given ITC's experience at MISO.
MISO currently supports a range of transmission ownership structures that allow MISO's mature, competitive wholesale energy market and scale of operations to deliver increased consumer benefits and energy reliability. MISO is quite familiar with ITC given that it already has significant operations in our region.
Maintaining our current timetable for integration of Entergy's transmission assets is critical to enabling the benefits of MISO membership to flow to electric customers in the Entergy region as soon as possible.
MISO ensures reliable operation of, and equal access to high-voltage power lines in 12 U.S. states and the Canadian province of Manitoba. MISO manages one of the world's largest energy markets, clearing more than $27 billion in energy transactions in 2010. MISO was approved as the nation's first regional transmission organization in 2001. The non-profit 501(C)(4) organization is governed by an independent Board of Directors and is headquartered in Carmel, Ind., with operations centers in Carmel and St. Paul, Minn. Membership in the organization is voluntary.