NOVI, Mich., April 2, 2018 /PRNewswire/ -- ITC Holdings Corp. (ITC), the nation's largest independent electricity transmission company, today announced it is reducing its customer rates as a result of the lower federal corporate income tax rate the company received under the Tax Cuts & Jobs Act of 2017.
ITC's wholesale electricity customers throughout the Midcontinent Independent System Operator (MISO) region will see an 8-to-10 percent reduction in transmission rates, retroactive to January 1, 2018, beginning with bills for services provided in March. A similar reduction will be made to ITC's formula rate in the Southwest Power Pool region for future periods, effective back to January 1, 2018.
"Our ability to quickly and proactively flow the benefits of tax reform to our customers reflects the value of ITC's formula rate model and our cultural focus on going above and beyond what's required of us to serve our customers," said Jon Jipping, ITC's chief operating officer. "We will continue to collaborate with our customers to deliver maximum value to end-use retail electricity customers through improved system reliability and resilience, and connecting new generation sources to our systems to help lower the overall cost of delivered energy."
ITC and other transmission owners in MISO proactively filed for and received a waiver from the Federal Energy Regulatory Commission to allow the transmission owners to pass the benefits of the corporate tax reduction to their customers much earlier than required under the MISO tariff process. Under the normal MISO process, the reduced transmission rates would not have been implemented until 2019.
About ITC Holdings Corp. ITC is the largest independent electricity transmission company in the United States. Based in Novi, Michigan, ITC invests in the electric transmission grid to improve reliability, expand access to markets, allow new generating resources to interconnect to its transmission systems and lower the overall cost of delivered energy. Through its regulated operating subsidiaries ITCTransmission, Michigan Electric Transmission Company, ITC Midwest and ITC Great Plains, ITC owns and operates high-voltage transmission infrastructure in Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma, and in development in Wisconsin. These systems serve a combined peak load exceeding 26,000 megawatts along approximately 15,800 circuit miles of transmission line, supported by nearly 700 employees and 1,000 contractors across our expanding footprint. ITC's grid development focus includes growth through regulated infrastructure investment as well as domestic and international expansion through merchant and other commercial development opportunities. For further information visit www.itc-holdings.com. ITC is a subsidiary of Fortis Inc., a leader in the North American regulated electric and gas utility industry. For further information visit www.fortisinc.com.