NOVI, Mich., May 29, 2014 /PRNewswire/ -- ITC Holdings Corp. (NYSE: ITC) today announced that The Public Service Commission of Wisconsin (PSCW) has approved its applications to become an authorized public utility holding company in the state and for its operating subsidiary ITC Midwest LLC to become a Wisconsin public utility.
The approvals issued by the PSCW on May 7 represent ITC Midwest's first step toward developing its portion of a regional transmission project in Wisconsin and Iowa called multi-value project (MVP) #5 by MISO – the Midcontinent Independent System Operator. This project, a new 345 kV line from the Dubuque, Iowa area to the Madison, Wisconsin area, was identified because it is expected to improve service reliability, reduce system congestion and facilitate the interconnection of lower-cost generation resources in the region. The project is a reflection of ITC's continuing efforts to facilitate the development of regional transmission projects.
"We are grateful to the Wisconsin commission and staff for their prompt and thoughtful attention to our applications," said Doug Collins, president of ITC Midwest. "We look forward to bringing our track record of success and corporate citizenship in other Midwest states to customers in Wisconsin."
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 at www.itc-holdings.com. (ITC-itc-F)
About ITC Midwest
ITC Midwest LLC is a wholly-owned subsidiary of ITC Holdings Corp., the nation's only fully independent electric transmission company. Headquartered in Cedar Rapids, Iowa, ITC Midwest acquired the electric transmission assets of Alliant Energy's Interstate Power & Light Co. subsidiary in December 2007. The company owns and operates transmission lines in Iowa, Minnesota, Illinois and Missouri, and maintains operating locations at Dubuque, Iowa City and Perry, Iowa; and Albert Lea and Lakefield, Minnesota. For more information, please visit: http://www.itctransco.com.
Safe Harbor Statement
This press release contains certain statements that describe our management's beliefs concerning future business conditions, plans 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 "will," "may," "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 others, the risks and uncertainties disclosed in our Form 10-K filed with the Securities and Exchange Commission.
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. Forward-looking statements 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. 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.
SOURCE ITC Holdings Corp.