09/11/2008 | FOR IMMEDIATE RELEASE
ITC Great Plains Granted Utility Status in Oklahoma
Company plans significant investments in state's transmission grid
Oklahoma City, OK, September 11, 2008 - ITC Great Plains, a subsidiary of
ITC Holdings Corp., today received approval from the Oklahoma Corporation
Commission (OCC) to operate as a transmission utility in the state in order to
construct, own, operate and maintain electric transmission lines in Oklahoma.
ITC Great Plains, headquartered in Topeka, Kan., received similar approval from
the Kansas Corporation Commission in 2007 and has several high-voltage
transmission lines in the development and planning phase in both Kansas and
Oklahoma.
"This decision is good for Oklahoma," said Joseph L. Welch, chairman, president
and CEO of ITC Holdings Corp. "It gives us the certainty we need to invest
millions of dollars in Oklahoma, and it also supports a growing vision in the state
and across the region to build a modern, robust and integrated transmission grid
to meet growing demand for the coming decades in Oklahoma and the entire
country."
Welch continued, "ITC is committed to working with state and local officials as
well as citizens on how Oklahoma can build a dynamic transmission
infrastructure with minimal economical and environmental impact. It is our
pledge, and I can assure you we will work hard every day to fulfill it."
The OCC's decision positions ITC Great Plains to move forward with certainty
regarding the 'rules of the road' in Oklahoma for its announced commitments to
the Southwest Power Pool, Inc. (SPP) to add regional transmission. "As a
company focused entirely on transmission, we have been at the forefront working
with the SPP on seeking solutions to build a regional transmission grid serving
the best interests of both Oklahoma and the region," Carl A. Huslig, president of
ITC Great Plains, said. "We believe, based on the growing national scope of our
business and what we are already doing in this region, we are indeed the best
positioned and best qualified to execute the SPP's plan in Oklahoma."
"We are pleased with the decision from the OCC, and we appreciate the
thorough evaluation the commission gave to our application," said Huslig. "There
is an undeniable need for additional electric transmission capacity in Oklahoma,
particularly in the western half of the state, and this designation positions us to
provide reliable and efficient transmission service to utility customers now and for
decades to come."
Huslig further noted that utility status allows ITC Great Plains to move forward
with a previously-announced commitment to facilitate development of wind
energy in the state by investing in critical electric infrastructure.
"Oklahoma is ripe for the emergence of wind energy as an economic
development driver and renewable energy resource, and we believe new electric
transmission infrastructure will play a key role in establishing wind energy as
even more of a reality than it is today," Huslig said. "The bottom line is energy
demand will only increase in the future and construction of new transmission
lines is absolutely necessary to ensure Oklahomans have safe, reliable electric
energy."
About ITC Holdings Corp.
ITC Holdings Corp. (NYSE: ITC) invests in the electricity transmission grid to improve electric reliability, improve access to markets, and lower the overall cost of delivered energy. ITC is the largest independent electricity transmission company in the country. Through its subsidiaries, ITCTransmission and Michigan Electric Transmission Company, LLC (METC), ITC operates contiguous, regulated, high-voltage transmission systems in Michigan's Lower Peninsula serving a combined peak load in excess of 22,000 megawatts. ITC is also focused on new areas where significant transmission system improvements are needed through subsidiaries ITC Midwest, ITC Grid Development, ITC Great Plains and ITC Panhandle Transmission. For more
http://www.itc-holdings.com. (itc-ITC)
Investors/Analysts Contact: Pat Wenzel, (248.946.3570, pwenzel@itc-holdings.com)
Media Contact: Lisa Aragon: (248.835.9300, laragon@itctransco.com)
