Entergy and ITC Continue Transaction Approval Process with Arkansas Public Service Commission Filing
Entergy Arkansas in conjunction with ITC Holdings Corp. (NYSE: ITC) and ITC Midsouth LLC, filed a request today at the Arkansas Public Service Commission to spin off the Arkansas electric transmission business and merge it into a subsidiary of ITC. The Arkansas filing continues the multi-state and federal regulatory process seeking approval for the transaction announced last year by Entergy Corporation (NYSE: ETR) and ITC.
The transaction is a significant step toward meeting the challenges facing the entire electric industry –challenges driven by the need to upgrade infrastructure, modernize equipment and meet growing environmental and compliance requirements. The Arkansas filing aligns with the companies' regulatory schedule and is responsive to the timetable set forth by the Arkansas Public Service Commission (APSC).
"This initiative lays the groundwork for the 21^st century electric grid serving Arkansas and the region," said Hugh McDonald, president and chief executive officer of Entergy Arkansas, Inc. "It results in two companies that are stronger in many ways – operationally, financially, and strategically – and that are best positioned to meet the growing demands placed on the electric industry."
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.