Entergy
Arkansas in conjunction with ITC Holdings Corp. 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 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."
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