In an interesting twist that will take some digging to fully understand, ITC got smacked upside the head recently at FERC.  Well, a little, but they should have been sent packing altogether.

They’d requested a tariff adder, in addition to the 12.38% that they’re getting as return on equity.  WHAT?!?!?!  MORE?!?!?! They didn’t get the full 100 basis points, but did get 50… so if I understand this correctly, the interest rate now will rise by 0.50% to 12.88%.  Why?  And their objection is that FERC always has given the adder requests to transmission only companies, and so now, why didn’t they get it.  Whine, whine, whine…

To read about this, check the FERC docket.   Go HERE and search for docket ER15-945.  Here’s their original Petition from January 2015:

Initial Filing_20150130-5273(30113346)-1

And surprise, here’s what FERC said (hint: they only got half of their request!):

Order Conditionally Accepting & Suspending Tariff Filing _20150331-3061(30452072)

Regarded as so extreme that the two Dissenters felt a press release was in order:

Moeller & Clark PressRelease_Dissent_20150401-3044(30455217)

I love it when they don’t get their way, but there’s also no justification for the 50% adder, no way, no how, not in this day of low, low prime rate interest.