NOVI (WWJ) — ITC Holdings Corp. (NYSE: ITC) announced that its board of directors declared a quarterly cash dividend of 42.5 cents a share, an increase of 13 percent from the previous quarterly rate of 37.75 cents a share.
This represents the eighth consecutive year that ITC has raised the dividend rate on its common stock.
The quarterly cash dividend is payable on Sept. 16 to shareholders of record as of Sept. 3.
ITC chairman, president and CEO Joseph L. Welch said the dividend increase “reflects our commitment to enhancing long-term returns for our investors. While we are poised to continue to deliver sustainable annual dividend growth, we also remain focused on striking the proper balance between efficiently reinvesting in needed transmission infrastructure for the benefit of our customers and providing current returns to shareholders.”
ITC Holdings is the nation’s largest independent electric transmission company. Based in Novi, ITC invests in the electric transmission grid to improve reliability, expand access to markets, lower the overall cost of delivered energy and allow new generating resources to interconnect to its transmission systems.
ITC’s regulated operating subsidiaries include ITCTransmission, Michigan Electric Transmission Co., ITC Midwest and ITC Great Plains. Through these subsidiaries, ITC owns and operates high-voltage transmission facilities in Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma, serving a combined peak load exceeding 26,000 megawatts along 15,000 circuit miles of transmission line. Through ITC Grid Development and its subsidiaries, the company also focuses on expansion in areas where significant transmission system improvements are needed.
For more information, please visit ITC’s website at http://www.itc-holdings.com.