ITC Holdings Corp. · Novi, MI United States ·(NYSE: ITC)
Company Description
Phone: 248-374-7100
Fax: 248-374-7140
View ITC Holdings Corp. Locations On A US Map
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This link will open in a new window ITC Holdings owns and operates 2,700 miles of power transmission lines in southeastern Michigan (including Detroit and Ann Arbor). ITC was created to acquire International Transmission Company. Through its subsidiaries, ITCTransmission, Michigan Electric Transmission Company (METC) and ITC Midwest LLC, ITC operates regulated, high-voltage transmission systems in Michigan's Lower Peninsula and portions of Illinois, Iowa, Minnesota, and Missouri serving a combined peak load in excess of 25,000 MW. ITC is a member of the Midwest ISO , a regional transmission organization. Kohlberg Kravis Roberts (KKR) purchased the company from utility holding company DTE Energy . To read the full description, subscribe now.
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Key ITC Holdings Corp. Financials
| Company Type | Public - NYSE: ITC Headquarters |
| Fiscal Year-End | December |
| 2008 Sales (mil.) | $617.9 |
| 2008 Employees | 392 |
ITC Holdings Corp. Executives
22 executives listed for ITC Holdings Corp.'s Novi, MI location.
| Title | Name & Bio | Contact |
| Chairman, President, and CEO | Joseph Welch | Network |
| EVP and COO | Jon Jipping | Network |
| SVP, CFO, and Treasurer | Cameron Bready | Network |
Competition
Competitive Landscape for ITC Holdings Corp.
Demand for electricity is driven by industrial and commercial activity and by population growth. The profitability of individual companies depends on the efficiency of their operations. Large companies have economies of scale in purchasing power; small companies can compete effectively by specializing in geographic regions. The industry is capital-intensive: average annual revenue per worker is about $2 million. The traditional electricity industry consisted of investor-owned utilities, municipal utilities, cooperatives, and government entities that owned the generation, transmission, and retail distribution facilities within a limited area and served all customers within that area as tightly regulated "natural monopolies." Though "natural monopolies" still exist, the electric energy industry in the US underwent a restructuring driven by changes in federal and state laws in the 1990s. In restructured, or deregulated, markets, generation, transmission, and distribution operations are carried out by separate companies, and the owners of local distribution lines make their lines available to competitors. The intended purpose of moving toward a less regulated electricity market was to decrease the cost of electricity by fostering competition among producers. One practical effect was the divestment of generation facilities by many investor-owned utilities. Despite the popularity of restructuring activities initially, as of mid-2009 only 14 states had deregulated their electricity industries. Several other states, including California, launched restructuring initiatives before suspending them, in part because of concerns that restructuring caused electricity rates to rise. Many local electricity distributors are still owned by utility holding companies that also own power generation facilities, wholesale transmission lines, and wholesale power trading companies. To read the full description, subscribe now.Top ITC Holdings Corp. Competitors
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