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
- UMMC reaching out after death of high school football player
- Former Godwin CEO Danny Mitchell dies at 66
- Margaritaville owner files for bankruptcy before landlord hearing
- Delta Council says condition of Highway 6 'of crisis dimensions'
- Northrop Grumman lands $354M Air Force contract for Global Hawks
- MDOT: Work on I-269 is on schedule, several phases at halfway point
- Severstal completes the sale of Columbus plant to Steel Dynamics
- More school districts join MAEP lawsuit brought by Musgrove
- Thousands of acres of Delta farmland to go on auction block