ITC Holdings

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.

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

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

• Electricity transmission services
• High voltage transmission
• Transmission utility services
• Grid infrastructure solutions
• Power transmission operator

Headquarters

HQ city

Novi

HQ country

United States

HQ region

North America

Offices12 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Personnel, Operations, Technology or R&D, Supply Chain

Revenue model

1. 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

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core 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

Named customers9 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• Grid Acceleration CoalitioncoreStrategic or Co-development Partner · 7 April 2026ITC 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 EnergycoreStrategic or Co-development Partner · 3 February 2026Great 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 EnergycoreStrategic or Co-development Partner · 3 February 2026Xcel 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)coreStrategic or Co-development Partner · 1 January 2021Joint 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 EnergycoreStrategic or Co-development Partner · 1 January 2021DTE 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 CooperativecoreStrategic or Co-development Partner · 1 January 2020Dairyland 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)coreStrategic or Co-development Partner · 1 January 2020ATC 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)minorStrategic or Co-development Partner · 1 January 2019ITC 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 CorporationcoreStrategic or Co-development Partner · 1 January 2016Co-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.
• EvergycoreStrategic or Co-development Partner · 1 January 2014Evergy 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 EnergycoreStrategic or Co-development Partner · 1 January 2011MidAmerican 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 EnergycoreStrategic or Co-development Partner · 1 January 2007ITC 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

Direct 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

• Xx.com/ITCGrid
• Facebookfacebook.com/ITCHoldingsCorp
• LinkedInlinkedin.com/company/82940

Revenue estimate

Valuation estimate

Number of profiles

Profiles21 records

Subsidiaries4 records

Funding overview

Funding rounds4 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ITC Holdings