American Transmission Co

What American Transmission Co does

American Transmission Company (ATC) is a private, for-profit, transmission-only electric utility founded in 2001 and headquartered in Waukesha, Wisconsin. It is the first for-profit transmission-only utility in the United States and operates as a federally (FERC) and state-regulated utility. ATC builds, operates, and maintains a high-voltage electric transmission network — approximately 10,000 miles of power lines operating between 69,000 volts and 345,000 volts — that moves electricity from generation sources to local electric distribution utilities across portions of Wisconsin, Minnesota, Illinois, and Michigan's Upper Peninsula. The company is a member of MISO (Midcontinent Independent System Operator), which serves 45 million people across 15 U.S. states and Manitoba, Canada, and facilitates more than $40 billion in annual energy market transactions.

ATC serves more than 5 million end-use electric consumers and employs more than 700 people across four offices in Wisconsin and Michigan. Its customers fall into three primary segments: local electric distribution companies, municipal utilities, and cooperative utilities that procure primary network transmission service; local and national marketers and generators that procure point-to-point transmission service; and generators and other transmission systems interconnecting to ATC's network. More than 90% of the energy delivered across ATC's service area in 2025 came from coal (59.8%) and natural gas (13.8%), with renewables at 21.8% and carbon-neutral nuclear at 4.6%; ATC targets a 25% renewables share by 2035.

Revenue is generated through regulated transmission tariffs approved by FERC and state public utility commissions (the Public Service Commission of Wisconsin being a key regulator). Cost allocation for new projects is shared among ATC's customers. The company's owned-in capital base is not publicly disclosed. ATC's competitive position rests on regulatory franchise, capital intensity, and MISO integration rather than technology differentiation. Major hyperscale data center developers — Microsoft, Oracle, OpenAI, and Vantage Data Centers — are emerging as a distinct load segment whose interconnection requirements are driving ATC's project pipeline and regulatory positioning.

Name

American Transmission Co

Legal name

American Transmission Company

Website

https://atcllc.com

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

501–1,000 employees

Short description

American Transmission Company is a private, FERC-regulated, transmission-only electric utility founded in 2001 that builds, operates, and maintains more than 10,000 miles of high-voltage transmission lines serving over 5 million electric consumers across Wisconsin, Minnesota, Illinois, and Michigan's Upper Peninsula as a MISO member.

Ownership category

akta.pro rank

Product category

Electric Power Transmission Services

NAICS

Electric Power Transmission, Control, and Distribution (22112), Electric Bulk Power Transmission and Control (221121)

SIC

Electric Services (4911)

akta.pro primary industry

HVAC Transmission Lines (EHV/UHV Overhead & Underground) (EUADAAAD)

akta.pro secondary industries

Long-Term Transmission Planning (RTO/ISO, Regional & Interregional) (EUADAGAA), High-Voltage Electrical Systems (Switchgear, Transformers, Protection & Control) (EUAEAFAA)

Keywords

• Electric power transmission
• High voltage transmission
• Transmission utility services
• Grid operations maintenance
• Transmission interconnection services

Headquarters

HQ city

Waukesha

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Transmission Tariffs: ATC operates as a federally and state-regulated transmission-only utility. Revenue is generated through transmission tariffs regulated by FERC and state public utility commissions. The company builds, operates and maintains the regional electric grid, charging customers for transmission services.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

American Transmission Company builds, operates and maintains a high-voltage electric transmission network (ranging from 69 kV to 345 kV) across more than 10,000 miles of power lines in Wisconsin, Minnesota, Illinois and Michigan's Upper Peninsula. ATC provides point-to-point and network transmission services, generator and distribution interconnections, and 24/7/365 grid monitoring to local distribution utilities, municipal utilities, cooperative utilities, generators and marketers, with revenue earned through FERC-regulated transmission tariffs.

Product overview

American Transmission Co (ATC) is a transmission-only electric utility that provides a single, unified product: high-voltage electric power transmission infrastructure. ATC builds, operates, and maintains regional electric transmission lines (ranging from 69,000V to 345,000V) that transport electricity from generation facilities to local distribution utilities. The company does not offer multiple distinct software products or modules; instead, it delivers one core service—electric transmission—through its network of approximately 10,000 miles of power lines across Wisconsin, Minnesota, Illinois, and Michigan's Upper Peninsula. ATC's work is organized around specific infrastructure projects (such as the Dodge County Distribution Interconnection, Mill Road-Granville, Plymouth Reliability, and Western Feed Transmission Line projects), but these are individual construction/upgrade projects rather than distinct product lines or modules.

Differentiator

Problem solved

Functional benefit

Products and services

• High-Voltage Electric Power Transmission Services Build, operate and maintain high-voltage transmission lines (69,000V to 345,000V) spanning more than 10,000 miles across Wisconsin, Minnesota, Illinois and Michigan's Upper Peninsula, with 24/7/365 monitoring from system operations centers to deliver network and point-to-point transmission service to local distribution utilities, municipal utilities, cooperatives, generators and marketers serving over 5 million electric consumers.
• Transmission Interconnection Services Interconnection services enabling generators, other transmission systems, distribution utilities and communication infrastructure providers to physically and operationally interconnect to ATC's high-voltage transmission system, supporting new generation entry (including renewable projects) and load growth such as data centers.

Quantifiable outcome

• More than 700 employees monitoring the grid 24/7/365 from operation centers
• +2 more outcomes

Named customers12 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• MISO (Midcontinent Independent System Operator)coreTechnology or IntegrationATC is a member of MISO, a publicly regulated, independent, not-for-profit, member-based organization that operates the regional electric grid across 15 U.S. states and Manitoba, Canada. MISO performs grid operations management, facilitates one of the world's largest energy markets with over $40 billion in annual transactions, and conducts grid planning. ATC works directly with MISO to determine viability, planning and design interconnections for renewable generation projects.
• Edison Electric InstitutecoreStrategic or Co-development PartnerATC CEO Teresa Mogensen serves on the board of directors of the Edison Electric Institute, the association of U.S. investor-owned electric utilities.
• North American Electric Reliability Corporation (NERC)coreTechnology or IntegrationATC operates under NERC Reliability Standards and participates in compliance programs. CEO Teresa Mogensen chairs the NERC Reliability Issues Steering Committee.
• Milwaukee BucksminorGTM or Marketing PartnerATC partners with the Milwaukee Bucks professional basketball team for NBA Math Hoops, a basketball-based educational program that teaches math skills to students through basketball statistics.
• Einstein ProjectminorStrategic or Co-development PartnerATC sponsors the Einstein Project's Mobile Design Lab for Wisconsin children, providing free STEM education programs including 3D printing, laser cutting and coding.
• University of Wisconsin-Madison and UW-MilwaukeeminorGTM or Marketing PartnerATC is a Proud Partner of Wisconsin Athletics, sponsoring UW women's sports to highlight internship and career opportunities at the company.
• AtwellminorChannel Partner/ Reseller/ DistributorAtwell, a power grid company, is working with ATC on the Ozaukee County Distribution Interconnection Project, sending letters to homeowners offering survey access.
• WIRES (Western Interstate Energy Compact)minorStrategic or Co-development PartnerATC leadership participates in WIRES, an organization focused on transmission infrastructure development and policy.
• Midwest Reliability OrganizationminorStrategic or Co-development PartnerATC participates in the Midwest Reliability Organization for reliability coordination across the regional transmission system.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• National Grid: National Grid is a major regulated transmission and distribution utility operator in the U.S. (New York, Massachusetts) and U.K. Comparable to ATC in transmission system operation, FERC-style regulatory frameworks, and capital-intensive infrastructure investment cycles, but at much larger scale and with international diversification.
• American Electric Power: AEP operates one of the largest transmission networks in North America (40,000+ miles) as part of a vertically integrated utility holding company. Comparable to ATC in HV transmission expertise and FERC-regulated transmission tariffs, though AEP also owns generation and distribution at scale.
• Xcel Energy: Xcel Energy operates regulated transmission and distribution across eight Midwestern and Western states, including overlapping geography with ATC. Comparable as a regional regulated utility with significant transmission investment plans and renewable interconnection experience; ATC's CEO previously served as SVP at Xcel Energy.
• Duke Energy: Duke Energy is a large investor-owned utility with significant high-voltage transmission assets across the Carolinas, Midwest and Florida. Comparable to ATC in transmission system operations and FERC-regulated tariffs, but operates generation, distribution and retail services as well, making it a broader incumbent rather than a transmission-only specialist.
• PPL Corporation: PPL operates regulated electric utilities (PPL Electric, LG&E, Kentucky Utilities) with substantial high-voltage transmission assets and a strong FERC-regulated transmission business. Comparable to ATC in transmission-focused regulated utility operations, particularly PPL Electric's transmission arm, though PPL is also vertically integrated in Kentucky.
• Berkshire Hathaway Energy (MidAmerican Energy): BHE operates regulated transmission and generation assets through subsidiaries including MidAmerican Energy, PacifiCorp and BHE Renewables. Comparable to ATC in regulated, large-scale HV transmission ownership and multi-state regulated utility structure, with much greater capital scale and parent balance sheet support.

Others

• Alliant Energy: Alliant Energy is a Wisconsin-based regulated utility and ATC customer (CEO Lisa Barton on ATC's board), operating generation, transmission and distribution in Wisconsin, Iowa and Minnesota. Comparable to ATC as a Wisconsin electric utility peer and major customer, with overlapping regional energy infrastructure and data center load exposure.
• WEC Energy Group: WEC Energy Group is one of ATC's largest customers and a board member (CEO Scott Lauber serves on ATC's board), operating electric and natural gas distribution plus generation in Wisconsin and surrounding states. Comparable to ATC in Wisconsin regional energy exposure and as a key transmission customer, but is a vertically integrated utility rather than a transmission-only operator.
• Midcontinent Independent System Operator (MISO): MISO is the RTO that ATC operates within and a core strategic partner (45 million people, $40B+ annual transactions). While MISO is a non-profit and ATC's customer-facing interface, it is structurally comparable as a transmission system operator/planner and shapes ATC's competitive positioning, project pipeline and regulatory framework.

Direct peers

• ITC Holdings: ITC Holdings is a direct comparable — a for-profit, transmission-only utility operating high-voltage transmission infrastructure across multiple U.S. states (Michigan, Iowa, Minnesota, Illinois, Oklahoma, Texas), the same core business model as ATC. Acquired by Fortis Inc. in 2016 for approximately $11B, ITC represents the closest model for ATC's investment profile.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/amertransco
• LinkedInlinkedin.com/company/22230

Revenue estimate

Valuation estimate

Number of profiles

Profiles23 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about American Transmission Co