Dive Brief:
- Entergy Corp. and ITC Holdings Corp. will not be able to complete the $1.78 billion deal that would spin off Entergy's transmission assets into ITC by the end of the year as had been anticipated. Nevertheless, Entergy is still keen on seeing the deal close.
- "ITC's independence, broader regional planning and sole focus (on transmission) will ... reduce congestion, attract new generating resources ... and ultimately lead to lower energy costs," Entergy CEO Leo Denault said earlier this week.
Dive Insight:
State regulators in Texas, Arkansas, Louisiana and Mississippi have been slow to review and approve the transaction, raising concerns that it could increase transmission rates for consumers. Terms of the deal say that either Entergy or ITC can walk away if it does not close by Dec. 31.