Posted: Aug 9, 2013 4:11 PM
Source: Associated Press
AUSTIN, Texas - Faced with likely rejection because of procedural reasons, Entergy Corp. and ITC Holdings Corp. have withdrawn their Texas application to merge transmission systems.
The move came at the end of an hours-long hearing Friday in Austin, Texas, before the state's Public Utility Commission.
New Orleans-based Entergy and Michigan-based ITC are trying to merge by late December. They asked Texas commissioners to reconsider a new application even faster than the 180-schedule required there.
Administrative law judges had recommended Texas reject the application, saying higher rates would outweigh hard-to-quantify benefits. The two companies offered to waive rate increases for at least five years, a benefit the companies say is worth $90 million to Entergy Texas customers. But that plan came after a procedural deadline, and commissioners said Friday they couldn't consider it.