Dive Summary:
- Entergy Corp. and ITC Holdings have pulled back their request for approval of Entergy's divestment of transmission assets from the Texas Public Utility Commission.
- Despite approval from the Federal Energy Regulatory Commission, Entergy's plan has been met with significant resistance from state regulators in Texas, Arkansas, Louisiana, Mississippi and Texas.
BREAKING: @Entergy , ITC Holdings make motion to withdraw merger application from Texas PUC, to refile at a later date...
— Dan Testa (@TestaTime) August 9, 2013
In Entergy/ITC Texas PUC merger hearing, ratepayer costs, loss of PUC jurisdiction, #FERC ratemaking concerns come to a head. #transmission
— Jason Lehmann (@jaylehmann) August 9, 2013
From the article:
The Texas Public Utility Commission was the first of several states that must act on the transaction valued at $1.78 billion.
The transaction, a spin-off and merger of Entergy's 15,400-mile transmission network serving parts of Arkansas, Louisiana, Mississippi and Texas, has received approval from federal regulators and ITCshareholders.