Moreover, this transaction places transmission in the hands of a singularly focused, independent company with industry-leading performance in the areas of operations and maintenance of transmission assets, as well as application of broad regional planning for transmission investment designed to facilitate the delivery of low cost energy.
"We had planned to make our first filing in
last week; however, it was delayed so that we and the commission could dedicate resources to restoration following Hurricane Isaac," Mohl said. "Now that the completion of the restoration work is in sight, we are filing this application. Given the deadlines included in this transaction, it is important to stay on course with our filings in order to deliver the benefits to customers. Initiating the filing process now will allow our regulators sufficient time for their reviews."
Additional Transaction Facts and Next Steps
In addition to the miles of transmission lines and acres of substations involved in the transaction, approximately 750 Entergy employees, including key leadership personnel from Entergy's transmission business, will become employees of ITC. ITC will establish and maintain a regional headquarters in
, where the headquarters of Entergy's transmission business is currently located. ITC will also have offices and warehouses throughout the service territory to ensure a local presence and timely response to stakeholder and system needs. Details regarding the transaction are provided in the Louisiana Public Service Commission filing.
ITC personnel were onsite at Entergy's system command center in
last week to observe storm response operations related to Hurricane Isaac. Integration efforts to ensure storm readiness and response are among the key operational matters being addressed by the two companies.
The remaining regulatory filings for the transaction will be completed later this summer and into the fall. Subsequent filings are planned for
as well as with the Federal Energy Regulatory Commission. The companies target a transaction close in 2013 pending receipt of all required regulatory approvals and satisfaction of other closing conditions.
filing will be posted to the Louisiana Public Service Commission website by the close of business on Thursday, Sept. 6. More information about the transaction can be viewed
on ITC's website, or
on Entergy's website.
About ITC Holdings Corp.
ITC Holdings Corp. (NYSE: ITC) is the nation's largest independent electric transmission company. Based in
, 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 ITC
, Michigan Electric Transmission Company, ITC Midwest and ITC Great Plains. Through these subsidiaries, ITC owns and operates high-voltage transmission facilities in
, 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
About Entergy Louisiana, LLC and Entergy Gulf States Louisiana, L.L.C
Entergy Louisiana, LLC and Entergy Gulf States Louisiana, L.L.C. serve more than one million customers. With operations in southern, central and northeastern
, the companies are part of the Entergy electric system serving 2.8 million customers in
. Find the companies online at (Web)