The Federal Energy Regulatory Commission (FERC) has greenlighted Consumers Energy Co. to sell the remaining transmission assets located in Michigan as part of a settlement with Michigan Electric Transmission Co. (METC), according to S&P Global Market Intelligence.
Consumers Energy, a public utility that provides natural gas and electricity to the majority of Michigan’s residents, and METC entered the settlement agreement to resolve a dispute. Consumers Energy completed the initial sale of the transmission assets in September 2019 for $69.9 million.
The remaining transmission assets have an initial purchase price of $59.1 million, which represents a net book value of $29.6 million as of June 26.
Consumers Energy is a subsidiary of CMS Energy Corp. METC is majority-owned by ITC Holdings Corp., a subsidiary of Fortis Inc.
