ITC Midwest

What ITC Midwest does

ITC Midwest is a wholly-owned subsidiary of ITC Holdings Corp., the largest independent electricity transmission company in the United States. The company owns and operates more than 6,600 circuit miles of high-voltage electric transmission lines across five Midwestern states—Iowa, Illinois, Minnesota, Missouri, and Wisconsin—with sole focus on the transmission function (not power generation or distribution). It has invested more than $6 billion in regional grid improvements since 2007, achieved a 77% reduction in system outages, and facilitated 5,734 MW of generation interconnections, predominantly renewable wind energy. Its core technical assets include 765 kV backbone transmission lines (the largest capacity ever built in Minnesota) and 345 kV upgrades, with a flagship project called PowerOn Midwest targeting enabling over 12,000 MW of new generation capacity with operations targeted by 2034.

ITC Midwest serves investor-owned utilities, rural electric cooperatives, municipalities, wind and solar developers, and industrial manufacturers through regulated transmission services, generation interconnection, and grid reliability improvements. Revenue is derived from regulated transmission services whose rates are set through state public utility commissions and FERC processes, structured as managed services revenue tied to the FERC-allowed rate base. The company co-develops major backbone projects with partners such as Great River Energy and Xcel Energy, and participates as a coalition member in FERC regulatory actions (e.g., the April 2026 complaint seeking a competitive-bidding moratorium across MISO/SPP). Its go-to-market is direct enterprise B2B relationships with utility customers, complemented by regulatory filings and public engagement (community information meetings) for major project permitting.

The company's primary products include transmission line ownership and operation, with key infrastructure projects including Big Cedar Substation, the Traer-Dysart Line Rebuild, Multi-Value Project (MVP) 3, and the planned PowerOn Midwest 765 kV backbone. Customers served include Jo-Carroll Energy (electric cooperative), investor-owned utilities, renewable developers, and industrial manufacturers. The largest strategic milestones in the 2024-2026 window include MISO's December 2024 Long Range Transmission Plan approval incorporating PowerOn Midwest, the February 2026 Minnesota Certificate of Need filing, and the April 2026 FERC competitive-bidding moratorium complaint.

Name

ITC Midwest

Legal name

ITC Midwest

Website

https://itcmidwest.com

Company type

Private

Operating status

Operating

Short description

ITC Midwest is a regulated electric transmission utility and subsidiary of ITC Holdings Corp. that owns and operates more than 6,600 circuit miles of high-voltage transmission lines across Iowa, Illinois, Minnesota, Missouri, and Wisconsin, serving utilities, cooperatives, municipalities, and renewable developers.

Ownership category

akta.pro rank

Product category

Electric Power 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

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

akta.pro secondary industries

Transmission line EPC & construction (overhead) (EUADAKAA), Long-Term Transmission Planning (RTO/ISO, Regional & Interregional) (EUADAGAA), Testing, Commissioning & Energization Services (HV) (EUAEABAI)

Keywords

• Electric power transmission
• High-voltage transmission lines
• Transmission infrastructure
• Grid interconnection services
• Transmission utility operations

Headquarters

HQ city

Cedar Rapids

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Electric Transmission Services: Regulated electric transmission utility that owns and operates electricity transmission infrastructure. Revenue is derived from transmission services provided to utilities, cooperatives, municipalities, and generation developers across its operating territory.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

ITC Midwest owns and operates high-voltage electric transmission infrastructure — 6,600+ circuit miles of lines across Iowa, Illinois, Minnesota, Missouri, and Wisconsin — providing wholesale transmission services, generation interconnections, and grid reliability improvements to utilities, cooperatives, municipalities, renewable developers, and industrial manufacturers. The company specializes in transmission (not generation or distribution) and delivers projects such as 765 kV backbone lines, 345 kV upgrades, and substations under MISO's regional planning framework.

Product overview

ITC Midwest is an electric transmission company offering a unified portfolio of transmission infrastructure services. The company operates and maintains over 6,600 circuit miles of electric transmission lines across Iowa, Illinois, Minnesota, Missouri, and Wisconsin. The core offering includes transmission line ownership and operation (not power generation or distribution), with specific infrastructure projects including Big Cedar Substation, Traer–Dysart Line Rebuild Project, Multi-Value Project (MVP) 3, and the planned PowerOn Midwest 765 kV backbone transmission line project. The company has invested $6 billion to improve the regional power grid since 2007, achieved 77% reduction in system outages, and facilitated 5,734 MW of generation interconnections (mostly renewable wind energy).

Differentiator

Problem solved

Functional benefit

Products and services

• Big Cedar Substation A substation infrastructure project that is part of ITC Midwest's transmission system development in the Midwest region. Substations are a core component of high-voltage electric transmission infrastructure used to step voltage and route power across the grid.
• Traer – Dysart Line Rebuild Project
• Multi-Value Project (MVP) 3
• PowerOn Midwest A major regional transmission project anchored by a 765 kV backbone line (the largest capacity transmission lines ever built in Minnesota) connecting South Dakota through southern Minnesota to the regional grid, including 345 kV upgrades. Co-developed with Great River Energy and Xcel Energy.
• Electric Transmission Services

Quantifiable outcome

• 77% reduction in system outages
• +2 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core.

• Great River EnergycoreStrategic or Co-development Partner · 3 February 2026Great River Energy is a co-developer of PowerOn Midwest, a major transmission project anchored by a 765 kV backbone line connecting South Dakota through southern Minnesota to the regional grid. Both companies submitted a Certificate of Need application to the Minnesota Public Utilities Commission for this project.
• Xcel EnergycoreStrategic or Co-development Partner · 3 February 2026Xcel Energy is a co-developer of PowerOn Midwest, a major transmission project that is part of MISO's Long Range Transmission Plan approved in December 2024. The project includes 345 kV upgrades between Pleasant Valley, North Rochester and Hampton substations.

Scale indicators10 records

Recent moves5 records

Expansion highlights5 records

Emerging players

• NextEra Energy Transmission: Transmission subsidiary of NextEra Energy developing and operating high-voltage transmission assets across multiple U.S. RTOs. Comparable independent transmission development model backed by a large balance sheet.
• Anbaric Transmission: Independent transmission developer focused on large-scale high-voltage projects to integrate renewable energy and offshore wind. Comparable pure-play transmission development focus.

Broad incumbents

• American Electric Power (AEP) Transmission: One of the largest U.S. investor-owned utilities, with a significant transmission business operating across multiple states. Overlapping transmission ownership but as part of a broader integrated utility portfolio.
• National Grid USA: U.S. operations of National Grid, operating regulated electric transmission in the Northeast. Overlapping high-voltage transmission utility business but in a different RTO/region than ITC Midwest.
• Berkshire Hathaway Energy (BHE) Transmission: Holdings include MidAmerican Energy and PacifiCorp with significant high-voltage transmission assets across the Western U.S. Comparable transmission ownership at scale but part of a much larger diversified energy portfolio.
• Duke Energy Transmission: Large U.S. investor-owned utility with a substantial transmission segment serving the Carolinas, Florida, and the Midwest. Transmission is part of a much broader vertically integrated business.

Direct peers

• American Transmission Company (ATC): Wisconsin-based, member-owned independent transmission utility operating over 9,800 miles of high-voltage lines across the Upper Midwest MISO footprint. Direct functional peer as a transmission-only utility serving the same regional grid.
• ITC Michigan: Sister operating company under ITC Holdings Corp., operating high-voltage transmission lines across Michigan with the same pure-play transmission utility model. Closest comparable on business model, regulatory framework (FERC + state PUC), and asset class.
• ITC Great Plains: Sister operating company under ITC Holdings Corp., operating transmission assets in Kansas, Oklahoma, and surrounding SPP region. Identical pure-play independent transmission model; comparable scale and customer base.
• LS Power Grid: Independent transmission developer and owner operating competitive transmission assets across the U.S., with active projects in MISO and other RTOs. Comparable pure-play transmission ownership model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/itc-midwest

Revenue estimate

Valuation estimate

Number of profiles

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 ITC Midwest