NOVI – ITC Transmission,

a wholly-owned subsidiary of ITC Holdings Corp., the nation’s largest

independent electricity transmission company, Wednesday announced its Thumb

Loop high-voltage transmission project is complete with the energization of the

third and final phase of the project.

ITC invested

an estimated $510 million to build the 345,000 volt (345 kV) line, which serves

as the backbone of a system designed to meet the identified maximum wind energy

potential of Michigan’s Thumb region. It also will contribute to regional

system reliability and facilitate wholesale market competition.

“Conceiving

and completing the Thumb Loop project demonstrates the value of

forward-thinking, collaborative planning between the state and key

stakeholders,” said Joseph L. Welch, chairman, president and CEO of ITC

Holdings Corp.

“It’s a

prime example of the effectiveness of ITC’s planning process, which identified

the transmission needed to facilitate Michigan’s renewable energy goals while

also strengthening the regional transmission grid,” Welch said. “This project

brings an increase in transmission system capacity and reliability while

providing more efficient transmission of renewable energy. It also created jobs

and will have a meaningful near and long-term impact on the economy of the

region and the entire state.”

Governor

Rick Snyder cited the Thumb Loop’s benefits to the people of Michigan. “The

Thumb Loop has been a good investment for Michigan. It has allowed us to expand

our agricultural processing abilities and allowed us to add low-cost renewable

energy to our grid and saved Michigan ratepayers real money. It is a good

example of why we need to evaluate transmission in our overall planning to

ensure an adaptable, affordable, reliable, and environmentally protective

energy future.”

“The entire

ITC team worked tirelessly to bring the Thumb Loop into service ahead of the

original end-of-2015 target,” said Linda Blair, ITC executive vice president,

chief business unit officer and president, ITC Michigan. “This effort reflects

ITC’s ongoing commitment to operational excellence and focused project

management, working in close cooperation with landowners, communities and

alliance partners and suppliers, many of whom are based in Michigan.”

During the

construction phase of the Thumb Loop, ITC estimates the project had a direct

impact of $366 million to the Michigan economy, including employment of local

contractors, vendors and suppliers. The Thumb-area economy benefited from the

demand for supplies and services such as concrete, hardware, fuel, gravel and

trucking, as well as food, lodging and other personal needs for construction

crews.

Studies by

the Midcontinent ISO, the regional authority that oversees transmission for a

15-state area that includes Michigan, show that Multi-Value Projects such as

the Thumb Loop are anticipated to produce benefits for customers in Michigan

and the broader region of between two-and-a-half and four times the project

cost.