Feb. 19, 2013
/PRNewswire/ -- Entergy Texas, Inc., in conjunction with ITC Holdings Corp. (NYSE: ITC) and ITC Midsouth LLC, filed a request today at the Public Utility Commission of
to spin off Entergy Texas' electric transmission business and merge it into a subsidiary of ITC. The
filing is the final in a series of local and federal regulatory applications seeking approval for the transaction announced in
by Entergy Corporation (NYSE: ETR) and ITC.
The transaction is a significant step toward meeting the challenges facing the electric industry in
and across the country – challenges driven by the need to upgrade infrastructure, modernize equipment and meet growing environmental and compliance requirements.
"Entergy Texas is focused on meeting the energy needs of our customers now and in the future," said
, Entergy Texas president and chief executive officer. "This transaction paves the way for greater service reliability and lower delivered energy costs as we seek to meet the challenges associated with transforming the U.S. electric grid for the 21
century and beyond."
Entergy is seeking approval to transfer its transmission business, including approximately 15,400 circuit miles of interconnected transmission lines at voltages of 69kV and above and the associated substations, to ITC. ITC will then be one of the largest electric transmission companies in the U.S., with more than 30,000 miles of transmission lines spanning from the Great Lakes to the Gulf Coast. Meanwhile, Entergy's operating companies will continue to own and operate their respective distribution and generation businesses and will provide customer service, billing, outage reporting and restoration services to homes and businesses in the region.