- The Mississippi Public Service Commission rejects Entergy's (ETR -3%) deal to divest its transmission operation to ITC Holdings (ITC +0.7%), saying the transaction was not in the public interest and would raise transmission rates for ETR's Mississippi customers.
- Mississippi is the first state to nix the deal, which would double the size of ITC's operation and has been approved by federal regulators and ITC shareholders.
- The commission says testimony indicated customers would pay $348M more over 30 years under ITC ownership because ITC can earn a higher rate of return allowed under federal regulation compared to state regulation.
Mississippi rejects Entergy grid transfer to ITC
Dec 10 2013, 14:24 ET