News
Counties hope to develop wind energy in NW Kansas
It's a twist on the classic conundrum of which came first, the chicken or the egg?
As far as counties and developers are concerned in the wind-rich region of northwest Kansas, it's more of a question of which needs to come first, the wind farms or the transmission line to move the electricity produced by the spinning turbine blades?
New transmission lines for Gratiot wind farm now underway
The spot where trucks and materials are pulling in and out of Begole Road at M-46 is a staging area for the building of a new ITC transmission substation.
It will also include upgrades to its high voltage transmission lines.
ITC’s project was needed so it could “increase the line’s capacity to accommodate the full output of the wind farm,” according to an ITC statement.
The project began in Porter Township in Midland County in June, 2011 and that phase of the project was completed in October.
Work on this end of the project is expected to be finished at the end of this year.
ITC Decorates Transmission Towers with Festive Lighting as part of Holiday Tradition
NOVI, Mich., December 7, 2011 – ITC Holdings Corp., owner and operator of the high-voltage electricity grid in Michigan, has lit up nine of its 150-foot tall transmission towers in Michigan with colorful holiday decorations. The transmission towers are decorated with approximately one quarter mile of rope lights (16,000 bulbs). The decorations include 10- by 15-foot Happy Holidays signs and brightly lit stars at the tower tops. The festive lights will shine every evening until New Year’s Day.
ITC to Undertake Portions of MISO-Approved MVP Projects
NOVI, Mich., December 12, 2011 – ITC Holdings Corp. (NYSE: ITC) today announced it has received approval from the Midwest Independent Transmission System Operator, Inc. (MISO) to construct portions of four Multi-Value Projects (MVPs). The aggregate portfolio of MVP projects, approved by MISO on December 8, includes approximately $5.1 billion of investments in new regional transmission infrastructure and is the result of an extensive stakeholder process. These projects are expected to provide broad regional benefits commensurate with costs and also support approved state and federal energy policy mandates in the MISO region. According to MISO, the MVP portfolio will deliver benefits in excess of 1.8 to 3.0 times its costs, which, for the average residential customer, translates to $23 in benefits from lowered delivered energy costs for about $11 a year in investment.
Entergy to Divest and Merge Electric Transmission Business Into ITC, Creating Industry-Leading Electric Transmission Company
Entergy customers and other stakeholders to benefit from fully divested, independent transmission company
ITC to benefit from improved platform to support execution of long-term business plan and growth objectives
Enhanced financial flexibility benefits customers and communities through ongoing investment, better access to capital, and credit quality protection
ITC regional headquarters to be in Jackson, Mississippi
NEW ORLEANS, La. and NOVI, Mi. – Entergy Corporation (NYSE: ETR) and ITC Holdings Corp. (NYSE: ITC) today announced that the Boards of Directors of both companies have approved a definitive agreement under which Entergy will divest and then merge its electric transmission business into ITC.
Entergy's electric transmission business consists of approximately 15,700 miles of interconnected transmission lines at voltages of 69kV and above and associated substations across its utility service territory in the Mid-South. Following the completion of the transaction, ITC will become one of the largest electric transmission companies in the U.S., with over 30,000 miles of transmission lines, spanning from the Great Lakes to the Gulf Coast.
IOWA CITY GRANT HELPS CREATE RAIN GARDEN AT ITC MIDWEST WAREHOUSE FACILITY
IOWA CITY, Iowa – Nov. 15, 2011 – A grant from the city of Iowa City has helped local company ITC Midwest reduce the storm water runoff from its 67,000 square-foot warehouse. The $10,000 city grant helped cover approximately 40 percent of the costs for developing a 840-square-foot rain garden at the warehouse property, located at 635 Ruppert Road.
“This project will help capture rain water that would otherwise run off the site and contribute to flooding in low-lying areas,” said Brian Boelk, P.E., Senior Civil Engineer with the city. “We created this grant program to encourage companies to take the extra steps on their property to limit water runoff and improve the quality of stormwater runoff.” Boelk runs the city’s storm water runoff program and administers its grant funding.
ITC Holdings Reports Increased Third Quarter and Year-to-Date 2011 Results
Highlights
- Net income for the third quarter of
$44.0 million , or$0.85 per diluted common share - Net income for the nine months ended
September 30, 2011 of$129.0 million , or$2.49 per diluted common share - Capital investments of
$420.5 million for the nine months endedSeptember 30, 2011 - Reaffirmed 2011 earnings per share guidance of
$3.25 to $3.35 per share - Reaffirmed total 2011 capital expenditure guidance of
$600 to $645 million
ITCTransmission Grant Will Help Plan 850 Trees
Oakland County Executive L. Brooks Patterson thanked ITCTransmission of Novi, Michigan today for awarding the county a $100,000 matching grant to plant trees on public land in the Rouge Watershed in Farmington Hills, Novi and West Bloomfield. ITC's grant doubles the Great Lakes Restoration Initiative $100,000 grant to Oakland County which together will help plant about 850 trees at 20 separate locations.
The 850 trees, when mature, will have the following impact, according to the USDA:
- They will remove more than 20 tons of carbon dioxide from the air per year
- They will release enough oxygen in a year to sustain 1,700 humans
- They will reduce runoff caused by rainfall by up to 850,000 gallons per year
- And each of these trees will be capable of reducing noise pollution by 10 decibels
ITC Schedules Third Quarter 2011 Earnings Release and Webcast of Earnings Call
NOVI, Mich., October 13, 2011 – ITC Holdings Corp. (NYSE: ITC) today announced that it will release consolidated financial results for the third quarter ended September 30, 2011, after the market closes on October 26, 2011.
In addition, ITC will conduct a conference call to discuss the third quarter results on Thursday, October 27, 2011 at 11 a.m. Eastern time. Joseph L. Welch, chairman, president and CEO, will provide a business overview, and Cameron M. Bready, executive vice president, treasurer and CFO, will discuss the financial results.
ITC Receives the Pollution Protection Award as part of Washtenaw County's Environmental Excellence Awards
These recognitions are presented to businesses and non-profit organizations with positive environmental management practices in three important areas: waste reduction and recycling, water quality protection, and pollution prevention initiatives and compliance. In addition, an overall winner encompassing multiple environmental protection areas is selected.
