Dive Brief:
- ITC Holdings, based in Novi, Michigan, is preparing for increased competition in building power lines, partly from regulated utilities jumping into the area, company officials said during a conference call.
- Transmission company ITC remains open to merger and acquisition possibilities, despite the failed deal to buy Entergy's transmission system, officials said.
- ITC expects to spend $730 million to $840 million this year compared with $845 million last year.
Dive Insight:
ITC sees more competition coming. “There is a lot of interest by utilities to pursue transmission growth strategies,” Cameron Bready, ITC chief financial officer, said.
Even so, ITC could grow by buying utility transmission assets. “We remain open-minded as it relates to M&A opportunities in the future,” Bready said. “We still believe that M&A presents an opportunity to expand our independent business model into either within the regions in which we're operating today or potentially into new regions as well.”