International Transmission Company was founded in 2003 and today it has the honor of being the country’s largest independently-owned electric transmission company. It was once under the ownership of DTE Energy, the parent of Detroit Edison.
ITC’s business strategy involved the operation, maintenance and investing of transmission infrastructure to enhance system unity and reliability while also reducing restrictions associated with transmissions. By incorporating such a strategy, ITC intended to reduce the total cost of delivered energy aimed at end-use consumers by providing them access to electricity from sources considered inexpensive.
As transmission utilities with Federal Energy Regulatory Commission (FERC) regulated rates, ITC’s operating subsidiaries received revenues through fees paid by customers for the use of electricity transmission systems. A few examples of these were utilities owned by investors, municipalities, power marketers and more. The rates charged were devised with an approach centered around cost-of-service approach and were calculated yearly, which provided expenses recovery and income taxes in addition to a strong return on investment.
In its early days, ITC oversaw the operation of the regulated transmission of high-voltage electricity throughout most of the area of Southeastern Michigan, including Detroit’s metropolitan area. ITC soon emerged as a leader after it acquired transmission systems associated with Consumers Energy.
ITC’s numerous accomplishments include its groundbreaking development of a greenfield transmission-only utility known as ITC Great Plains and it has identified and facilitated important regional projects. Furthermore, ITC devised an awe-inspiring portfolio of actionable development projects. It remains committed to exploring creative approaches to improve grid modernization.
For additional information about ITC, please visit https://www.itc-holdings.com.