Minnesota Public Utilities Commission to Reconvene On Sale of IPL Transmission
Assets to ITC Midwest
NOVI, Mich., Dec. 13 /PRNewswire-FirstCall/ -- ITC Holdings Corp.
announced this evening that the Minnesota Public Utilities Commission (MPUC)
will reconvene Dec. 18 to continue deliberations about the sale of the
transmission assets of Interstate Power and Light Company (IPL) to ITC Midwest
LLC. No decision in the matter was reached today.
About ITC Holdings Corp.
ITC Holdings Corp. (NYSE: ITC) invests in the electricity transmission
grid to improve electric reliability, reduce congestion, improve access to
markets and lower the overall cost of delivered energy. Through its
subsidiaries, ITC is the only independent, publicly-traded company engaged
exclusively in the transmission of electricity in the United States. ITC is
the eighth-largest transmission company in the country based on electric
sales. ITCTransmission and Michigan Electric Transmission Company operate
contiguous, fully-regulated, high-voltage systems in Michigan's Lower
Peninsula. In January 2007, ITC Midwest signed a definitive agreement to
acquire all of the transmission assets of Interstate Power and Light Company
in Iowa and portions of Minnesota, Illinois, and Missouri. The transaction is
expected to close in the fourth quarter of 2007. ITC Grid Development is
focused on partnering with local entities and utilities in regions where
significant transmission improvements are needed. ITC Grid Development is
currently focused on the Great Plains region (including Kansas and Oklahoma)
and the Panhandle region (including Texas and Oklahoma) and has formed ITC
Great Plains and ITC Panhandle Transmission in support of this effort. For
more information on ITC Holdings Corp., please visit
http://www.itc-holdings.com. (itc-ITC)
Safe Harbor Statement
This press release contains certain statements that describe our
management's beliefs concerning future business conditions 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 other factors, the risks
factors listed in Part I, Item 1A - Risk Factors of our Form 10-K for the
fiscal year ended December 31, 2006 (as updated in our Quarterly Reports on
Form 10-Q).
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 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. Actual future
results may vary materially. 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.
Investors/Analysts, Pat Wenzel, +1-248-374-7200, pwenzel@itc-holdings.com, or
Media, Cheryl Eberwein, +1-248-767-1068, ceberwein@itctransco.com, for ITC
Holdings Corp.
