Dive Brief:
- New Orleans-based Entergy Corp. has revised its plan to transfer all of its Texas transmission assets to ITC Holdings after Texas regulators signaled in August that Entergy's initial plan, worth $1.78 billion, would be rejected.
- The new proposal includes additional steps to protect Texas consumers from higher transmission costs by reducing rates $92.7 million over five years.
- Entergy and ITC want asked the Texas Public Utility Commission to review the plan on an expedited basis to allow a decision by the end of the year. Revising the plan allowed Entergy to "enhance the application, respond concisely and concretely to key concerns and issues, and demonstrate the key customer benefits and rate protections," said Entergy Texas spokesman David Caplan. "We're still enthusiastic over this transaction."
Dive Insight:
Gaining approval in Texas is key to Entergy's larger ambition to merge its 14,500 miles of transmission into ITC. The hold-up in Texas caused regulators in Arkansas and Louisiana to delay consideration of similar transfers of grid assets.