ITC Holdings
ITC Holdings Corp. is the largest independent electricity transmission company in the United States, operating 16,000+ circuit miles of high-voltage transmission infrastructure across eight Midwestern states as a FERC-regulated subsidiary of Fortis Inc., serving investor-owned utilities, electric cooperatives, and municipal utilities.
- Company typePrivate
- Founded2003
- HeadquartersNovi, United States
- Headcount501–1,000
- GTM typeB2B
- OfferingServices
What ITC Holdings does
ITC Holdings Corp. is the largest independent electricity transmission company in the United States, operating as a wholly-owned subsidiary of Fortis Inc. The company owns, operates, and plans high-voltage transmission infrastructure across eight states, including more than 16,000 circuit miles of lines and substations serving a peak load of 26,000+ MW. Its customer base spans investor-owned utilities (DTE Energy, Evergy, MidAmerican Energy, Xcel Energy, Consumers Energy), electric cooperatives (CIPCO, Jo-Carroll, Alliant, Dairyland, Sunflower, Northeast Missouri Electric), and municipal utilities within the MISO regional grid. ITC has invested more than $5 billion in transmission infrastructure in Michigan alone, and is currently executing the PowerOn Midwest 765 kV backbone expansion to address large-load and renewable interconnection demand.
ITC's business model is regulated transmission-only under the Federal Energy Regulatory Commission's cost-of-service framework. Revenue is earned through FERC formula rates that recover authorized return on rate base plus operating expenses, with the vast majority of transmission upgrade costs allocated across the MISO region as a whole rather than to specific customers. The company does not own generation, distribution, or retail; it is a pure-play high-voltage transmission operator. Its technology stack is conventional high-voltage AC transmission (predominantly 138 kV, 230 kV, 345 kV, and the planned 765 kV backbone), combined with substation switching equipment, rights-of-way infrastructure, and the planning and engineering capability to develop multi-state transmission projects. The company employs approximately 700 staff supplemented by roughly 1,000 contract workers, reflecting an asset-heavy operating model with significant outsourced construction capacity.
The company's strategic positioning combines regulated stability with a growth-oriented capex posture. New CEO Krista Tanner assumed leadership in March 2026, the Big Cedar Substation was energized in March 2026, and the company has issued approximately $2.7 billion in senior notes over 2022–2026 to fund ongoing infrastructure investment. ITC is also a founding participant in the Grid Acceleration Coalition's FERC complaint seeking reforms to transmission planning and cost allocation. Expansion is being driven by data center load growth, renewable interconnection requirements, and the need for new high-voltage backbones in the MISO footprint, positioning the company as a primary transmission platform for the next decade of Midwestern grid buildout.
ITC Holdings firmographics
Firmographics- Name
- ITC Holdings
- Legal name
- ITC Holdings Corp.
- Website
- https://itc-holdings.com
- Company type
- Private
- Founded year
- 2003
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- ITC Holdings Corp. is the largest independent electricity transmission company in the United States, operating 16,000+ circuit miles of high-voltage transmission infrastructure across eight Midwestern states as a FERC-regulated subsidiary of Fortis Inc., serving investor-owned utilities, electric cooperatives, and municipal utilities.
- Ownership category
- akta.pro rank
ITC Holdings industry classification
Industry- Product category
- Electricity Transmission Services
- NAICS
- Electric Bulk Power Transmission and Control (221121), Electric Power Transmission, Control, and Distribution (22112)
- SIC
- Electric Services (4911)
- akta.pro primary industry
- HV Transmission Asset Owners (Transmission Companies/Transcos) (EUADAAAC)
- akta.pro secondary industries
- Substations, Transformers & Grid Step-Up Facilities (EHV Substations, GSU Transformers) (EUAMAFAE), Overhead Transmission Line EPC (HV/EHV) (EUAEABAA)
Keywords
Where ITC Holdings is headquartered
LocationHeadquarters
- HQ city
- Novi
- HQ country
- United States
- HQ region
- North America
Offices12 records
Markets served
ITC Holdings business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Personnel, Operations, Technology or R&D, Supply Chain
Revenue model
- Regulated Transmission Revenue: As a regulated transmission-only utility, ITC generates revenue through FERC-regulated transmission rates. The company owns and operates high-voltage transmission infrastructure in Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas, Oklahoma, and Wisconsin, with revenues based on rate-base investment recovery and approved returns on transmission infrastructure.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Regulated transmission rates set by FERC |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels4 records
ITC Holdings product offering
Product offeringCore offering
ITC Holdings Corp. owns, builds, operates, and maintains high-voltage electricity transmission infrastructure across eight U.S. states (Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas, Oklahoma, and Wisconsin) through three regional operating companies: ITC Michigan, ITC Midwest, and ITC Great Plains. The company delivers FERC-regulated transmission services to investor-owned utilities, electric cooperatives, and municipal utilities across approximately 16,000 circuit miles of transmission line serving a combined peak load of more than 26,000 megawatts.
Product overview
ITC Holdings Corp. is the largest independent electricity transmission company in the United States, operating as a holding company with three regional operating divisions: ITC Michigan (comprising ITCTransmission and Michigan Electric Transmission Company/METC), ITC Midwest, and ITC Great Plains. The company provides transmission grid solutions including building, operating, and maintaining high-voltage electricity transmission infrastructure across Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas, Oklahoma, and Wisconsin. The systems serve a combined peak load exceeding 26,000 megawatts along approximately 16,000 circuit miles of transmission line. The company's core offering is electricity transmission services, supplemented by specific transmission infrastructure projects (such as the Thumb Loop, PowerOn Midwest, and various substation projects), aerial patrol services for maintenance, and grid enhancement solutions. Rather than a software product platform, ITC Holdings operates as a regulated utility providing transmission infrastructure services.
Differentiator
Problem solved
Functional benefit
Products and services
- ITC Michigan
- ITC Midwest
- ITC Great Plains
- Thumb Loop Transmission Project
- Cardinal-Hickory Creek Transmission Line Project
- Big Cedar Substation
- Saddle Substation Project
- Frytown-Parnell Transmission Line Project
- Riggsville – Port Calcite – Rockport Transmission Line Rebuild
- Gramer Interconnection Substation
- Apex-Phoenix Transmission Line
- 34.5 kV to 69 kV Transmission Line Rebuilds
- Kansas V-Plan Transmission Project
- KETA Transmission Project
- Hugo - Valliant Transmission Project
- Coventry to Hager 120 kV Rebuild
- PowerOn Midwest
- Aerial Patrol Services
Quantifiable outcome
- 79% reduction in transmission outages since 2007 in Iowa through 34.5 kV to 69 kV conversion program
- +3 more outcomes
Companies that use ITC Holdings
Customer profileNamed customers9 records
Segments5 records
Ideal customer profiles4 records
ITC Holdings technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
ITC Holdings partnerships and signals
Strategic signalPartnerships
Twelve partnerships are on record, tiered core and minor.
- Grid Acceleration CoalitioncoreITC Holdings is a member of the Grid Acceleration Coalition, representing nine of the nation's leading electric utilities including ATC, Ameren, Cleco, Entergy, Evergy, OG&E, and Xcel Energy. The coalition filed a complaint with FERC in April 2026 urging reforms to outdated transmission rules that delay critical infrastructure projects by 16-20 months. ITC's spokesperson serves as the coalition's representative in advocating for changes to MISO and SPP solicitation requirements.
- Great River EnergycoreGreat River Energy, ITC Midwest, and Xcel Energy jointly submitted a Certificate of Need application to the Minnesota Public Utilities Commission for PowerOn Midwest - a major transmission project anchored by a 765 kV backbone line connecting South Dakota through southern Minnesota to the regional grid, part of MISO's Long Range Transmission Plan approved in December 2024.
- Xcel EnergycoreXcel Energy partnered with Great River Energy and ITC Midwest on the PowerOn Midwest 765 kV transmission line project application, part of MISO's Long Range Transmission Plan.
- Central Iowa Power Cooperative (CIPCO)coreJoint project between ITC Midwest and CIPCO on the Johnson 345/161/69 kV Substation, where ITC Midwest owns the 345 and 161 kV portions and CIPCO owns the 69 kV portion. Project developed as part of Cedar Rapids-Iowa City Corridor area planning with input from Alliant Energy and Linn County REC.
- DTE EnergycoreDTE Energy partnered with ITC Michigan on multiple projects including the Apex-Phoenix underground transmission line connecting DTE's new Apex substation to the Phoenix substation near Ann Arbor, and the Gramer Substation project in Lenox Township southeastern Michigan.
- Dairyland Power CooperativecoreDairyland Power Cooperative partnered with ITC Midwest on the Cardinal-Hickory Creek Transmission Line Project - a 100-mile 345 kV line connecting Dubuque County, Iowa to Dane County, Wisconsin. Iowa Utilities Board approved the 14-mile Iowa segment in May 2020.
- American Transmission Co. (ATC)coreATC partnered with ITC Midwest and Dairyland Power Cooperative on the Cardinal-Hickory Creek project, building the Wisconsin segment from the Mississippi River to a new substation near Montfort and continuing to Dane County.
- Iowa Rural Development Council (IRDC)minorITC Midwest and IRDC jointly administer the Power of Connection community grant program, providing grants for rural community development. The program pairs rural communities seeking assistance with IRDC resource teams for feasibility studies, strategic planning, and non-construction projects.
- Sunflower Electric Power CorporationcoreCo-ownership of the Elm Creek-Summit 345 kV transmission line in central Kansas - Sunflower Electric and ITC Great Plains co-own approximately 30 miles of the northern section connecting Elm Creek substation to Evergy's Summit substation.
- EvergycoreEvergy partnered on the Kansas V-Plan 345 kV transmission line - ITC Great Plains' portion spans 122 miles connecting Spearville to ITC's portion while the line continues to Evergy's Summit substation near Wichita, Kansas.
- MidAmerican EnergycoreMidAmerican Energy partnered on multiple MISO Multi-Value Projects including MVP 4 (owning 71 miles from Killdeer to Hampton Tap) and MVP 7 Iowa-Missouri corridor. Joint projects facilitate renewable energy integration from southern Minnesota and northern Iowa.
- Jo-Carroll EnergycoreITC Midwest has collaborated with Jo-Carroll Energy since 2007, including acquisition of approximately 45 miles of 34.5 kV transmission line and substation assets. Jo-Carroll Energy is a member-owned cooperative in northwestern Illinois with significant economic development potential due to Mississippi River transportation assets.
Scale indicators12 records
Recent moves6 records
Expansion highlights6 records
ITC Holdings competitors and assessment
Company assessmentDirect peers
- American Transmission Company (ATC): A transmission-only utility operating in the upper Midwest (Wisconsin and adjacent states) and a fellow member of the Grid Acceleration Coalition. ATC is the closest direct peer to ITC, with a similar independent, FERC-regulated transmission-only business model and joint participation on the Cardinal-Hickory Creek project.
- NextEra Energy Transmission: The transmission-focused subsidiary of NextEra Energy, operating competitive transmission projects across multiple ISOs. Comparable to ITC as a developer and operator of independent, FERC-regulated transmission infrastructure, although concentrated more in competitive/bid-based projects than in ITC's cost-of-service model.
Broad incumbents
- American Electric Power (AEP): One of the largest transmission owners in the United States through its AEP Transmission Holdings subsidiary, operating across multiple RTOs/ISOs. Comparable to ITC in scale of transmission assets and rate base, although AEP is a vertically integrated utility rather than independent.
- Xcel Energy: An investor-owned regulated utility with significant transmission operations across MISO and SPP in states overlapping ITC's footprint. Xcel is a direct co-developer with ITC on the PowerOn Midwest 765 kV project and operates an extensive transmission system subject to FERC cost-of-service rates.
- Evergy: A vertically integrated utility in Kansas and Missouri with substantial transmission infrastructure, including interconnection with ITC Great Plains' Kansas V-Plan and Elm Creek-Summit 345 kV lines. Comparable as a regulated transmission owner operating in ITC's footprint.
- Entergy Corporation: A regulated electric utility serving the Mid-South with significant transmission assets and active high-voltage transmission buildouts. Entergy is a fellow Grid Acceleration Coalition member pursuing FERC reform, and a comparable regulated transmission operator, though geographically distinct from ITC.
- DTE Energy: Michigan's largest investor-owned utility and a direct counterpart to ITC Michigan through co-developed projects such as Gramer Substation and the Apex-Phoenix underground line. DTE owns the underlying distribution and customer relationships that connect to ITC's high-voltage transmission.
- MidAmerican Energy (Berkshire Hathaway Energy): An Iowa-based regulated utility and ITC Midwest co-owner on Multi-Value Projects 4 and 7. Operates significant transmission in ITC's footprint and is a meaningful regional counterparty for joint high-voltage buildouts.
- PPL Corporation: A diversified regulated utility with substantial FERC-regulated transmission assets (primarily through LG&E/KU in Kentucky and Rhode Island Energy). Comparable to ITC in operating a multi-state transmission portfolio under FERC cost-of-service rate treatment.
Regional players
- OG&E (Oklahoma Gas & Electric / OGE Energy): A vertically integrated utility in Oklahoma and Arkansas with transmission infrastructure overlapping ITC Great Plains' service territory. A fellow Grid Acceleration Coalition member and comparable regulated transmission owner, though focused primarily within its own retail service territory.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
ITC Holdings social profiles
Digital presenceITC Holdings financial estimates
Financial estimateRevenue estimate
Valuation estimate
ITC Holdings leadership team
Management profileNumber of profiles
Profiles21 records
ITC Holdings subsidiaries and ownership
Company hierarchySubsidiaries4 records
ITC Holdings funding detail
Funding detailFunding overview
Funding rounds4 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
ITC Holdings M&A and investment
M&A and investmentM&A
Investments2 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about ITC Holdings
What does ITC Holdings do?
ITC Holdings Corp. owns, builds, operates, and maintains high-voltage electricity transmission infrastructure across eight U.S. states (Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas, Oklahoma, and Wisconsin) through three regional operating companies: ITC Michigan, ITC Midwest, and ITC Great Plains. The company delivers FERC-regulated transmission services to investor-owned utilities, electric cooperatives, and municipal utilities across approximately 16,000 circuit miles of transmission line serving a combined peak load of more than 26,000 megawatts.
Is ITC Holdings a public or private company?
ITC Holdings is a private company. It is classified as corporate owned and is currently operating.
When was ITC Holdings founded?
ITC Holdings was founded in 2003. It employs 501 to 1,000 people.
Where is ITC Holdings based?
ITC Holdings is headquartered in Novi, United States, in the North America region.
How does ITC Holdings make money?
One revenue line is on record: regulated Transmission Revenue.
Who are ITC Holdings's main competitors?
Direct peers on record are American Transmission Company (ATC) and NextEra Energy Transmission. Broad incumbents are American Electric Power (AEP), Xcel Energy, Evergy, Entergy Corporation, DTE Energy, MidAmerican Energy (Berkshire Hathaway Energy) and PPL Corporation. OG&E (Oklahoma Gas & Electric / OGE Energy) is listed as a regional player.
Does ITC Holdings have an API?
No public API is recorded for ITC Holdings.
What industry is ITC Holdings in?
ITC Holdings's product category is Electricity Transmission Services. Its primary akta.pro industry code is EUADAAAC, HV Transmission Asset Owners (Transmission Companies/Transcos), with a secondary code of EUAMAFAE, Substations, Transformers & Grid Step-Up Facilities (EHV Substations, GSU Transformers). Its NAICS code is 221121 and its SIC code is 4911.