Dive Brief:
- ITC Holdings, the country’s largest independent electricity transmission company, has announced a 5-year, $4.5 billion investment plan.
- The company said its four base operating companies would get $2.2 billion, $1.2 billion would go to strengthening regional infrastructure, and the remaining $1.1 billion will go to yet-to-be-announced development projects.
- ITC also plans to increase its workforce by about 3-5% annually, growing to 1,300 employees by 2018.
Dive Insight:
The plans reflect ITC’s growth: earnings rose 24.3% last year, from $187.9 million in 2012 to $233.5 million in 2013. The investment plan will drive the company’s compound annual growth by 11-13%, according to ITC CFO Cameron Bready.
After the company's failed $1.8 billion acquisition of Entergy's transmission business last year, Bready said the company will "remain open-minded to mergers and acquisitions in the future."