Regulators opposing Entergy’s spinoff to ITC
Published: July 10,2013
NEW ORLEANS — Opposition continues to grow among state regulators to Entergy Corp.’s plans to spin off its transmission system to ITC Holdings Corp. Regulators say customers would pay hundreds of millions of dollars more to maintain high-voltage wires in Arkansas, Louisiana, Mississippi and Texas while receiving mostly fuzzy benefits.
Staff members in the states have recommended regulatory commissions reject the deal, even after New Orleans-based Entergy and Michigan-based ITC won approval for the plan from the Federal Energy Regulatory Commission in June.
Entergy and ITC are now offering to offset rate increases for the first five years of ITC ownership in exchange for states approving the deal. Entergy would transfer its high-voltage lines to ITC, in exchange for ITC issuing Entergy shareholders enough stock to give them a majority of ITC shares.
To sign up for Mississippi Business Daily Updates, click here.
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- NEW IN MADISON COUNTY — Mississippi Bio-Medical Business Collaboratory to be introduced Friday
- Mississippi Film Studios signs contract with New Orleans company
- GreenTech holds grand opening of neighborhood electric vehicle plant
- MDOT cutting more than 40 jobs in Right-of-Way Division
- Turner Grain’s transition will help consolidate lawsuits alleging breach of contract
- Granddaughter of Barq's Root Beer founder dies at 90
- Mars Food expanding Delta plant; investing $31M and adding jobs
- Board authorizes sale of company that owns Silver Slipper Casino
- JRA plans image makeover, hires crisis manager