ITC Holdings Corp was incorporated in 2002 in the State of Michigan for the purpose of acquiring ITC Transmission. The Company, along with its subsidiaries, is engaged in transmission of electricity in the United States. Through its operating subsidiaries, ITCTransmission, METC, ITC Midwest and ITC Great Plains, the Company operates high-voltage systems in Michigan's Lower Peninsula and portions of Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma that transmit electricity from generating stations to local distribution facilities connected to its systems. The Company operates, maintains and invests in transmission infrastructure in order to enhance system integrity and reliability, to reduce transmission constraints and to allow new generating resources to interconnect to its transmission systems. As electric transmission utilities with rates regulated by the FERC, the Company's Regulated Operating Subsidiaries earn revenues through tariff rates charged for the use of their electric transmission systems by its customers, which include investor-owned utilities, municipalities, cooperatives, power marketers and alternative energy suppliers. Its customers include: DTE Electric, Consumers Energy and IP&L. The Company's operations are subject to federal, state and local environmental laws and regulations, which impose limitations on the discharge of pollutants into the environment, establish standards for the management, treatment, storage, transportation and disposal of hazardous materials and of solid and hazardous wastes, and impose obligations to investigate and remediate contamination in certain circumstances.