Entergy to resubmit stalled ITC Holdings grid sale plan in Texas

HOUSTON, Sept 13 Fri Sep 13, 2013 6:18pm EDT

HOUSTON, Sept 13 (Reuters) - Entergy Corp will soon resubmit a plan to transfer its electric transmission assets to ITC Holdings for a second look by Texas utility regulators, company officials said Friday.

Last month, the $1.78 billion proposal faced certain rejection by the Texas Public Utility Commission and was withdrawn by Entergy Texas and ITC officials.

Since then, other states regulators that also must approve the transaction moved to delay consideration, fueling speculation that the deal might not be completed.

"We will soon re-file our application in Texas for the ITC transaction, and we'll request expedited treatment," Entergy spokesman Mike Burns said in a statement.

The transaction is a spin-off and merger of Entergy's 15,400-mile transmission network serving parts of Arkansas, Louisiana, Mississippi and Texas. It has been approved by federal regulators and ITC shareholders.

"After re-filing in Texas, we'll get procedures restarted in Arkansas, Louisiana and New Orleans. In Mississippi, we'll respond to proposed conditions later this month," Burns said.