Table of Contents
Table of Contents 2
List of Tables 5
Company Snapshot 6
Key Information 6
Company Overview 6
SWOT Snapshot 6
Operational Metrics 7
ITC Holdings Corp., Operational Metrics, By Transmission 7
ITC Holdings Corp., Operational Metrics, By Sales 7
Business Description 8
Business Overview 8
Major Products and Services 9
History 10
SWOT Analysis 13
Overview 13
ITC Holdings Corp. Strengths 13
Operational Base 13
Project Expertise 13
Preventative System Maintenance 13
ITC Holdings Corp. Weaknesses 14
Working Capital Deficit 14
ITC Holdings Corp. Opportunities 14
Increase in Demand for Electricity 14
Investments in Transmission Facilities 14
Issuance of Certificate of Public Convenience and Necessity 14
ITC Holdings Corp. Threats 14
Changes in Energy Regulations 14
Network Safety Issues 14
Dependence on Primary Customers: MISO Regulated Subsidiaries 15
Key Employees 16
Key Employee Biographies 18
Locations And Subsidiaries 20
Head Office 20
Other Locations & Subsidiaries 20
Financial Deals Landscape 21
ITC Holdings Corp., Deals Summary 21
ITC Holdings Corp., Power, Deal Details 22
Debt Offering 22
ITC Raises USD400 Million in Public Offering of 3.25% Notes Due 2026 22
Acquisition 24
Fortis Completes Acquisition of ITC Holdings for USD11.3 Billion 24
GIC Acquires 19.9% Stake in ITC Holdings from Fortis for USD1.2 Billion 27
Recent Developments 29
ITC Holdings Corp. – Recent Developments 29
Aug 19, 2010: ITC Transmission Receives Approval From Midwest ISO For Thumb Loop Transmission Line Project In Michigan, US 29
Jun 30, 2010: ITC Great Plains Receives Siting Approval For Phase II Of KETA Transmission Line Project 29
Jul 24, 2009: KCC Approves Phase II Agreement Between Prairie Wind And ITC To Construct Wind 765 kV Energy Transmission Line 29
Jul 14, 2009: ITC Great Plains Receives Siting Approval From KCC To Build First Phase Of KETA Project 30
Jan 27, 2011: ITC Holdings Announces Internal Reorganization And Executive Changes 30
Aug 26, 2009: ITC Great Plains Acquires Two Electric Transmission Substations In Kansas 31
Aug 25, 2009: ITC, NorthWestern Sign EOI To Partner To Develop Green Power Express Project 32
Jul 07, 2009: MDU Resources And ITC Holdings To Develop Green Power Express Transmission Project 32
Jun 22, 2009: ITC Holdings, Mitsubishi Electric And MEPPI Expand Business Alliance 33
Jun 22, 2009: ITC, Mitsubishi Electric Strengthen Strategic Alliance To Develop High Voltage Circuit Breakers, Power Transformers 34
Mar 03, 2009: ITC Plans To Connect Wind Turbines To Chicago And Minneapolis 34
Jul 28, 2016: ITC Reports Second Quarter and Year-to-Date 2016 Results 34
Apr 28, 2016: ITC Reports First Quarter 2016 Results 37
Feb 25, 2016: ITC Reports Fourth Quarter and Year Ended 2015 Results 39
Nov 05, 2015: ITC Reports Continued Strong Performance for Third Quarter and Year-to-Date 2015 Results 41
Jul 30, 2015: ITC Reports Continued Strong Growth for Second Quarter and Year-to-Date 2015 Results 43
Apr 30, 2015: ITC Reports First Quarter 2015 Results 45
Feb 03, 2015: ITC Declares Dividend to Shareholders 47
Nov 06, 2014: ITC Declares Dividend to Shareholders 47
Oct 30, 2014: ITC Reports Third Quarter and Year-to-Date 2014 Results 47
Aug 13, 2014: ITC Increases Quarterly Dividend Rate By 14 Percent 49
Aug 06, 2014: ITC Reports Second Quarter and Year-to-Date 2014 Results 49
May 21, 2014: ITC Holdings Declares Dividend to Shareholders 51
May 01, 2014: ITC Holdings Reports Increased First Quarter 2014 Results 51
Feb 27, 2014: ITC Holdings Reports Increased Fourth Quarter and Year-End 2013 Results 53
Feb 06, 2014: ITC Holdings Corp. Announces 3 for 1 Stock Split and Declares Quarterly Dividend 54
Nov 13, 2013: ITC Holdings Corp. Declares Dividend to Shareholders 54
Oct 31, 2013: ITC Holdings Reports Increased Third Quarter and Year-To-Date 2013 Results; Updates 2013 Operating Earnings Per Share Guidance and 2013 Capital Guidance 54
Oct 17, 2013: ITC Schedules Third Quarter 2013 Earnings Release and Webcast 56
Aug 14, 2013: ITC Holdings Increases Quarterly Dividend Rate By 13 Percent 56
Jul 24, 2013: ITC Holdings Reports Increased Second Quarter and Year-to-Date 2013 Results 56
Apr 23, 2013: ITC Holdings Reports Revenue Of $217.3m In Q1 2013 58
Feb 27, 2013: ITC Holdings Reports Revenue Of $830.5m In 2012 59
Oct 23, 2012: ITC Holdings Reports Revenue Of $214.8m In Q3 2012 61
Jul 31, 2012: ITC Holdings Reports Revenue Of $197.4m In Q2 2012 62
Apr 24, 2012: ITC Holdings Reports Revenue Of $196.7m In Q1 2012 63
Feb 21, 2012: ITC Holdings Reports Revenue Of $757.4m In 2011 64
Jul 27, 2011: ITC Holdings Reports Operating Revenues Of $185.1m In Q2 2011 64
Feb 22, 2011: ITC Holdings Reports Operating Revenues Of $696.84m In 2010 66
Oct 27, 2010: ITC Holdings Reports Net Income Of $38.4 Million In Q3 2010 67
Jul 28, 2010: ITC Holdings Reports Operating Revenues Of $168.46 Million In Q2 2010 69
Apr 28, 2010: ITC Holdings Reports Net Income Of $34.2 Million In Q1 2010 69
Feb 24, 2010: ITC Holdings Reports Operating Revenues Of $621.01 Million In 2009 70
Oct 28, 2009: ITC Holdings Reports Operating Revenues Of $151.32 Million In Q3 2009 71
Jul 29, 2009: ITC Holdings Reports Net Income Of $30.8 Million In Q2 2009 71
Apr 29, 2009: ITC Holdings Reports Operating Revenues Of $155.94 Million In Q1 2009 73
Feb 25, 2009: ITC Holdings Reports 2008 Results 73
Feb 10, 2009: ITC Holdings Declares Quarterly Dividend 75
Nov 19, 2008: ITC Declares Quarterly Dividend 75
Nov 12, 2007: ITC Holdings Declares Quarterly Dividend 75
Oct 31, 2017: U.S. trade panel set to recommend solar trade tariffs 76
Oct 26, 2017: The ITC Lake Erie Connector Project Included in Ontario’s 2017 Long-Term Energy Plan 76
Oct 20, 2017: ITC Holdings Corp. Appoints A. Douglas Rothwell to Board of Directors 76
Oct 03, 2017: ATC and ITC Midwest Help Boost Power Grid Resilience 77
Jul 11, 2017: Gretchen Holloway Promoted to Senior Vice President and Chief Financial Officer for ITC Holdings Corp. 78
Jun 05, 2017: ITC Announces Michael Daranyi as New Vice President, Finance and Treasurer 78
May 30, 2017: ITC Conducting Aerial Patrols of Transmission Lines in North Michigan 78
May 08, 2017: ITC Conducting Aerial Patrols of Transmission Lines in Southwest Michigan 79
May 08, 2017: ITC Conducting Aerial Patrols of Transmission Lines in Southeast Michigan 79
Apr 28, 2017: ITC Conducting Aerial Patrols of Transmission Lines in West Michigan 80
Feb 20, 2017: Amy Perlman Promoted to Vice President and Controller for ITC Holdings Corp. 80
Jan 20, 2017: ITC Receives Positive Recommendation from Canada’s National Energy Board for Lake Erie Connector 80
Jan 09, 2017: ITC Holdings Corp. Appoints Robert Elliott to Board of Directors 81
Dec 12, 2016: ITC Holdings Corp. Announces New Board Appointments 81
Oct 03, 2016: ITC Conducting Aerial Patrols of Transmission Lines in East Michigan 82
Sep 07, 2016: ITC Conducting Aerial Patrols of Transmission Lines in Southern Michigan 82
May 25, 2016: Rejji P. Hayes Promoted to Executive Vice President and Chief Financial Officer for ITC Holdings Corp. 83
May 25, 2016: ITC Announces Corporate Leadership Changes 83
May 25, 2016: ITC Holdings appoints Rejji Hayes as EVP and CFO, effective immediately 84
Nov 18, 2015: Gretchen Holloway Appointed Treasurer For ITC Holdings Corp. 84
Sep 25, 2015: Transformer Delivered to Morocco Substation in Michigan 84
Jul 28, 2015: ITC Petitions FERC to Allow Competitive Transmission Process to Set Rates 85
Jul 06, 2015: ITC Announces Matthew Dills as New Vice President of Human Resources 86
May 25, 2015: ITC Conducting Aerial Patrols of Transmission Lines in East-Central Michigan 86
Apr 27, 2015: ITC Conducting Aerial Patrols of Transmission Lines in Western Michigan 86
Apr 17, 2015: Christine Mason Soneral Promoted to Senior Vice President and General Counsel for ITC Holdings Corp. 86
Feb 04, 2015: ITC Announces Corporate Reorganization 87
Oct 13, 2014: Krista Tanner to Join ITC as Vice President, ITC Holdings Corp. and President, ITC Midwest 88
Oct 06, 2014: ITC to Conduct Fall Aerial Patrols of Transmission Lines in Southeastern Michigan 88
Aug 13, 2014: ITC Holdings Corp. Announces Strategic Leadership Decisions 88
May 22, 2014: Daniel Oginsky Promoted to Executive Vice President and General Counsel for ITC Holdings Corp 89
May 21, 2014: ITC Holdings Chief Financial Officer Resigns 90
Dec 17, 2013: ITC Holdings Provides Initial 2014 Operating Earnings and Capital Investment Guidance 90
Dec 13, 2013: Entergy, ITC Discontinue Pursuit of Transmission Spin/Merger 90
Dec 02, 2013: Kevin Burke Joins ITC as Vice President, Human Resources 91
Jun 21, 2013: ITC And Entergy Receive Transaction Approval From FERC 91
Feb 19, 2013: Entergy Texas And ITC File Final Transaction Request With Texas PUC 92
Jan 07, 2013: ITC Holdings Appoints Ron Hinsley As CIO 93
Oct 17, 2012: ITC Holdings Submits ITC Great Plains Expansion Project To SPP 93
Oct 05, 2012: Entergy Mississippi and ITC Continue Transaction Approval Process With Mississippi PSC Filing 93
Sep 28, 2012: ITC And Entergy Arkansas File For Transaction Approval With Arkansas PSC 94
Sep 24, 2012: ITC And Entergy File For Transaction Approval With FERC 95
Sep 12, 2012: Entergy And ITC Continue Transaction Approval Process With New Orleans City Council Filing 96
Sep 05, 2012: Entergy And ITC Initiate Transaction Approval Process With Louisiana PSC Filing 97
Dec 12, 2011: ITC Holdings Receives Approval From Midwest ISO To Construct Portions Of Four Multi-value Transmission Projects 98
Aug 23, 2011: ITC Holdings Announces Board Changes 98
Sep 27, 2010: ITC Holdings Announces New Five-Year Capital Plan For 2011-2015 Period 99
Feb 23, 2010: ITC Holdings Appoints Nina Plaushin As Vice President Of Federal Affairs 99
Jan 11, 2010: ITC Midwest Connects 716 MW Of Wind Energy Generation To ITC Holdings’ Transmission System In 2009 100
Jul 27, 2009: ITC Great Plains To Continue With V-Plan Project 100
Jul 27, 2009: ITC Great Plains move forward with the V-plan project 101
Jul 07, 2009: MDU to join Green Power Express transmission project 101
Apr 06, 2009: ITC Holdings Announces Management Changes 102
Mar 11, 2009: ITC Holdings Appoints New VP, Energy Policy 102
Aug 14, 2008: Advanced Control Systems Delivers Two Substation Automation Systems To ITC Midwest 103
Dec 14, 2015: Detroit Zoo Goes to 100% Renewable Electricity 103
Aug 25, 2009: ITC, NorthWestern To Collaborate On Regional Project 104
Appendix 105
Report Scope 105
GlobalData Coverage 105
Benchmarking 105
GlobalData’s Methodology 105
Secondary Research 105
Primary Research 106
Contact Us 106
Disclaimer 106
ITC Holdings Corp., Key Facts 6
ITC Holdings Corp., Operational Metrics, Transmission 7
ITC Holdings Corp., Operational Metrics, Sales 7
Major Products and Services 9
ITC Holdings Corp., SWOT Analysis 13
ITC Holdings Corp., Key Employees 16
ITC Holdings Corp., Subsidiaries 20
ITC Holdings Corp., Deals Summary 21
ITC Raises USD400 Million in Public Offering of 3.25% Notes Due 2026 22
Fortis Completes Acquisition of ITC Holdings for USD11.3 Billion 24
GIC Acquires 19.9% Stake in ITC Holdings from Fortis for USD1.2 Billion 27
