ITC Holdings (NYSE:ITC) and Entergy (NYSE:ETR) have agreed to terminate the spinoff of Entergy’s transmission system, the companies said Dec. 13.
The companies issued the following statement:
“In light of the decision reached by the Mississippi Public Service Commission on December 10, the parties have elected to end their pursuit of the transaction,” Joseph Welch, chairman, president and CEO of ITC said in a statement. “Since our announcement of this transaction, we have been diligent in our pursuit of the necessary regulatory approvals that would allow us to bring the benefits of our independent transmission model, singular focus and superior performance as a transmission operator to the Entergy region to deliver value and improved service to customers. I am truly sorry that customers in this region will not realize the benefits that this transaction would have brought and that they so deserve. We appreciate the support we received from the Federal Energy Regulatory Commission and various stakeholders in the Entergy region who recognized and understood the benefits of the proposed transaction and the value it would create for customers.”
Mr. Welch continued, “It also is important to recognize our employees, who were dedicated in their pursuit of this transaction, while also remaining focused on executing our stand-alone business plan, which positions us well to continue to deliver benefits to our customers and shareholders going forward. Our accomplishments over this period have been significant and are a testament to our focus, commitment and independent transmission business model. These accomplishments include the completion of significant capital projects in Kansas, Oklahoma, Iowa and Michigan; continued operational and reliability improvements in our existing footprints; and the advancement of the regional multi-value projects in Michigan, Iowa, Minnesota and Wisconsin. As we have consistently emphasized, ITC remains well situated to execute our long-term plans and continues to be a leader in the evolving industry landscape.”
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