UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): November 1, 2006
ITC HOLDINGS CORP.
(Exact Name of Registrant as Specified in its Charter)
Commission File Number: 001-32576
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| Michigan
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32-0058047 |
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(IRS Employer Identification No.) |
39500 Orchard Hill Place, Suite 200, Novi, Michigan 48375
(Address of principal executive offices) (zip code)
(Registrant’s telephone number, including area code): (248) 374-7100
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
TABLE OF CONTENTS
Item 2.02 Results of Operations and Financial Condition.
On
November 1, 2006, ITC Holdings
Corp. issued a press release disclosing its financial results as of
and for the third quarter
ended September 30, 2006. The release also contains updated earnings
per share, net income, and EBITDA guidance for 2006. The guidance
changes are primarily the result of lower than expected peak load in September 2006,
and include the forecasted impact of ITC Holdings Corp.'s acquisition
of Michigan Electric Transmission Company, LLC, which occured on
October 10, 2006. The release is attached as Exhibit 99.1.
Item 8.01
Other Events.
On
October 30, 2006, Midwest Independent Transmission System
Operator, Inc. and Michigan Electric Transmission
Company, LLC (“METC”) jointly filed revised tariff
sheets with the Federal Energy Regulatory Commission
(“FERC”) to modify the implementation of METC’s
Attachment O formula rate. The modification as proposed would
require a tariff rate of $1.524 for METC to be charged during
2007. The proposed modification would allow METC to recover its
expenses and investments in transmission on a current rather than a
lagging basis, thereby enhancing METC’s ability to rebuild and
strengthen the transmission grid in Michigan. The proposed METC
forward-looking Attachment O formula would include a true-up
mechanism, whereby METC would compare its actual revenue requirement
beginning in 2007 to its billed revenues for that year. In the event
billed revenues in a given year are more or less than its actual
revenue requirement, which is calculated primarily using that
year’s FERC Form No. 1, METC would refund or collect
additional revenues, with interest, such that customers pay only the
amounts that correspond to METC’s actual revenue requirement.
The proposed changes to the Attachment O formula rate are
subject to FERC approval, following its standard procedural
requirements. There can be no assurance that the modified
Attachment O will be approved by FERC in the form submitted by
METC or as to the timing of the receipt of any such approval. The
filing has been assigned FERC Docket No. ER07-95 and can be
accessed at FERC’s website at http://www.ferc.gov.
Item 9.01 Financial Statements and Exhibits.
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99.1 |
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Press release dated November 1, 2006 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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November 2, 2006 |
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ITC HOLDINGS CORP. |
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By:
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/s/ Daniel J. Oginsky
Daniel J. Oginsky
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Its:
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Vice President, General Counsel and |
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Secretary |
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