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Operator Good day, ladies and gentlemen, and welcome to ITC Holdings Corporation Fourth Quarter Conference Call and Webcast. At this time, all participants are in a listen-only mode. Later, we will have a question-and-answer session and instructions will be given at that time. As a reminder, this conference call is being recorded. I would now like to turn the call over to your host for today’s conference, Ms. Stephanie Amaimo. Ma’am, you may begin. Stephanie Amaimo – Director-Investor Relations Thank you. Good morning, everyone, and thank you for joining us for ITC’s 2015 fourth quarter and year-end earnings conference call. Joining me on today’s call are Joseph Welch, Chairman, President, and CEO of ITC; and Rejji Hayes, our Senior Vice President and CFO. This morning, we issued a press release summarizing our results for the fourth quarter and for the year ended December 31, 2015. We expect to file our Form 10-K with the Securities and Exchange Commission today. Before we begin, I would like to make everyone aware of the cautionary language contained in the Safe Harbor statement. Certain statements made during today’s call that are not historical facts such as those regarding our future plans, objectives, and expected performance reflect forward-looking statements under federal securities laws. While we believe these statements are reasonable, they are subject to various risks and uncertainties. And actual results may differ materially from our projections and expectations. These risks and uncertainties are discussed in our reports filed with the SEC such as our periodic reports on Forms 10-K and 10-Q and our other SEC filings. You should consider these risk factors when evaluating our forward-looking statements. Our forward-looking statements represent our outlook only as of today. And we disclaim any obligation to update these statements, except as may be required by law. A reconciliation of the non-GAAP financial measures discussed on today’s call is available on the Investor Relations page of our website. I will now turn the call over to Joe Welch. Joseph L. Welch – Chairman, President & Chief Executive Officer Thank you, Stephanie, and good morning, everyone. I’m pleased to report another year of strong operational and financial performance at ITC, which adds to our remarkable track record of consistently delivering on our commitments to customers and investors. On the operational side, our systems continue to perform at top tier levels. Our METC system had the lowest outage count in its history, while both ITCTransmission and ITC Midwest had the second lowest outage counts in their respective histories. This stellar operational performance shows that the longer ITC owns a system and implements its best-in-class operations and maintenance plans, the better the systems perform. It’s also worth noting that we executed our operational maintenance program under budget to the benefit of customers without compromising quality of service or safety as evidence by another solid safety record, 2015. Since ITC’s inception, we have invested over $5.8 billion in our operating systems to modernize the grid. In 2015, these capital investments totaled $771 million. Most notably, in 2015, we placed the Thumb Loop project at ITCTransmission in-service during the first half of 2015. As mentioned on our second quarter 2015 call, the Thumb Loop is the largest project in ITC’s history and services the backbone of the system of design to meet the maximum energy potential of Michigan’s Thumb region. It’s a prime example of the effectiveness of ITC’s planning process which identify the transmission needs to facilitate Michigan’s renewable energy goals while also strengthening the regional transmission grid. This project increases transmission system capacity and reliability, while providing more efficient transmission of renewable energy. With an estimated direct impact of $366 million to the Michigan economy, the Thumb Loop project created jobs and will continue to have a meaningful near-term and long-term impact on the economy of the region and the entire state. Similar to the Thumb Loop project, our Multi-Value Projects or MVPs at ITC Midwest, which remain on track, highlight the value of forward thinking and collaborative planning between the state, the region and key stakeholders, while concurrently positioning ITC for future success. From a financial perspective, we had another strong year with 2015 operating earnings of $2.08 per diluted share which was well within our guidance range and marks the ninth consecutive year of double-digit annual operating earnings growth. To that end, we continue to see double-digit earnings growth in the years to come as evidenced by our revised capital investment forecast through 2018 at our regulated operating companies which Rejji will elaborate on in his prepared remarks. On the value return front, we continue to honor our commitments to shareholders by increasing the dividend by approximately 15% in August of 2015 and including our $115 million accelerated share repurchase program in November, effectively using the remaining capacity of board authorized share repurchases. Together, these efforts highlight the operational and financial strength of the business which we believe will continue to yield long-term benefits for our customers and investors. Turning to regulatory matters. In the initial MISO base ROE complaint, the administrative law judge issued an initial decision in late December 2015. The ALJ recommended a base ROE of 10.32% with the high end of the zone of reasonableness of 11.35%. While we view this outcome as constructive, a final order isn’t expected from FERC until later this year. In the second ROE complaint, the MISO transmission owners filed their initial testimony on January 29. And we do not expect an initial decision from the ALJ until late June. As we have said in the past, we remain confident that FERC will continue to support their historic policies given the significant investment requirements necessary to modernize the electrical infrastructure of the United States. With respect to development activities, we continue to advance Lake Erie Connector project. In late January, we filed a joint permit application with the Pennsylvania Department of Environmental Protection and the U.S. Army Corps of Engineers in support of the project. Additionally, we continued to negotiate transmission service agreements with prospective shippers. As we’ve discussed in the past, upon executing transmission service agreements under acceptable terms and conditions, we would then anticipate receiving federal, state and provincial permits by the second quarter of 2017, commencing construction around that time with commercial operation expected in 2019. Lastly, in late November, ITC’s board of directors announced a review of strategic alternatives which concluded with our announcement of Fortis acquisition of ITC on February 9. I’ll let Rejji go through the transaction details. But, needless to say, we’re excited about this outcome for our shareholders, customers and employees. We view Fortis as an ideal partner that will enable ITC to continue our objectives of long-term investments in the electrical infrastructure in North America. Overall, we are pleased with the fourth quarter and full year 2015 results and look forward to working with Fortis to close the transaction to become a diversified infrastructure company with a stronger platform going forward. Since ITC’s inception, we have been focused on creating meaningful value for our stakeholders by becoming the leading electric transmission company in the United States. Fortis is an outstanding company with a proven track record of successfully acquiring and managing U.S.-based utilities in a decentralized manner. This transaction accomplishes our objectives by better positioning the company to have a higher level of focus on pursuing our long-term strategy of investing in transmission opportunities to improve reliability, expand access to power markets and allow new generating resources to interconnect to transmission systems and lower the overall cost of delivered energy for our customers. I am forever grateful for the hard work of the ITC employees in building this great company and look forward to a bright future of continued operational excellence supported by the Fortis platform. We also very much appreciate the longstanding support of our investors who will receive an attractive premium for their investment and will also benefit from the opportunity to participate in the upside of the ITC joining with Fortis, including future value creation and a growing dividend program. I will now turn the call over to Rejji to elaborate on our 2015 financial results and the Fortis transaction. Rejji P. Hayes – Chief Financial Officer & Senior Vice President Thank you, Joe, and good morning, everyone. For the fourth quarter of 2015, we reported operating earnings of $87.6 million or $0.57 per diluted share, an increase of approximately 19% or $0.09 per diluted share over the same period in 2014. Reported net income for the quarter was $37.4 million or $0.24 per diluted share, a decrease of $9.4 million or $0.06 per diluted share compared to the fourth quarter in 2014. For the year ended December 31, 2015, we reported operating earnings of $323.8 million or $2.08 per diluted share, an increase of 12% or $0.23 per diluted share over the same period in 2014. As highlighted in our prior calls, absent the Kansas V-Plan Project bonus payment expenses booked in the first quarter 2015, our year-over-year growth would have been approximately 15%. Reported net income for the year ended December 31, 2015, was $242.4 million or $1.56 per diluted share, resulting in a decrease of $1.7 million for reported net income, an increase of $0.02 per diluted share compared to the same period in 2014. Operating earnings are reported on a basis consistent with how we have provided our guidance for the year and exclude the following items. First, they exclude regulatory charges of approximately $0.6 million for the fourth quarter 2015. These expenses totaled $7.3 million or $0.04 per diluted share for the year ended December 31, 2015, and $0.1 million for the year ended December 31, 2014. 2015 charges relate to management’s decision to write-off abandoned costs associated with the project at ITCTransmission and a refund liability attributable to contributions in aid of construction. A 2014 charge relates to certain acquisition accounting adjustments for ITC Midwest, ITCTransmission, and METC, resulting from the FERC audit order on ITC Midwest issued in May of 2012. Second, operating earnings exclude after-tax expenses associated with the cash tender offer and consent solicitation transaction for select bonds at ITC Holdings that we completed in the second quarter of 2014. The impact of this item totaled $0.2 million for the fourth quarter of 2014 and $18.2 million or $0.12 per diluted share for the year ended December 31, 2014. Third, operating earnings exclude the estimated refund liability associated with the MISO base ROE, which totaled $48.6 million or $0.32 per diluted share for the fourth quarter 2015 and $73.2 million or $0.47 per diluted share for the year ended December 31, 2015. Of the $48.6 million estimated refund liability charge in the fourth quarter 2015, $36.8 million or $0.24 per diluted common share relates to revisions to the estimated liability for the periods prior to October 1, 2015, and of the $73.2 million estimated refund liability charge for the year ended December 31, 2015, $28.4 million or $0.18 per diluted common share. And those relate to revisions to the estimated liability for the periods prior to January 1, 2015. ROE refund liability expenses totaled $28.9 million or $0.18 per diluted share for the fourth quarter year ended December 31, 2014. It is possible that upon the ultimate resolution of this matter, we may be required to pay refunds beyond what has been recorded to-date. We will continue to assess this matter and we’ll provide updates as necessary. Lastly, to exclude after-tax expenses associated with the 2015 review of strategic alternatives of approximately $1 million or a $0.01 per diluted share for the fourth quarter and year ended December 31, 2015, as well as Entergy transaction expenses of approximately $0.1 million and $0.7 million or a $0.01 per diluted share for the fourth quarter and year ended December 31, 2014. For the year ended December 31, 2015, we reported total capital investments of $771.4 million which was in excess of our revised capital guidance levels in Q3 of 2015 of $715 million to $765 million. Our 2015 capital investments included $189.6 million at ITCTransmission, $174.8 million at METC, $388.4 million at ITC Midwest, $14.4 million at ITC Great Plains and $4.2 million of development related investments in the New Covert project. As Joe highlighted, ITC’s commitment to long-term infrastructure investment continues as evidenced by the fact that we’re revising our regulated operating company capital investment forecast upward for the period of 2016 to 2018 to reflect approximately $2.1 billion of aggregate capital investments over this period which compares favorably to our prior plan estimates of $1.9 billion. The capital included in this forecast is comprised of highly probable capital investments in our current footprint which are not subject to competition or future energy policies. The resulting capital investment plan is projected to increase ITC’s average rate base plus construction work in progress balances from approximately $5.3 billion in 2015 to approximately $6.6 billion in 2018. These investment levels are expected to drive a compound annual growth in operating earnings per share greater than 10% which also compares favorably to our prior plan estimates of approximately 10%. With respect to balance sheet related activities, in December, we completed the accelerated share repurchase program or ASR that we initiated on September 30, 2015. Under the ASR, ITC received an initial delivery of 2.8 million shares on October 1, 2015, with a fair market value of $92 million. The ASR was settled on November 5, 2015, and ITC received an additional 0.8 million shares as determined by the volume weighted average share price during the term of the ASR less an agreed upon discount and adjustment for the initial share delivery. In total, we repurchased approximately 3.6 million shares at a volume weighted average price of $32.57 per share which is inclusive of any agreed upon discounts. This last trade concludes our board-authorized share repurchase program which we initiated in June of 2014. All-in, ITC successfully repurchased $245 million worth of shares or 7.2 million shares from 2014 to 2015 in aggregate at a volume weighted average price of $34.57, which compares favorably to ITC’s recent stock performance. From a liquidity perspective, as of December 31, 2015, we had total liquidity position of approximately $694 million, which consists of approximately $14 million of cash-on-hand and approximately $680 million of net undrawn revolver capacity. For the year ended December 31, 2015, we reported operating cash flows of approximately $556 million, which represented an increase of approximately $54 million or 11% year-over-year. Shifting gears to the Fortis acquisition of ITC, the transaction translated into an offer price of $44.90 in U.S. dollars per common share at announcement on February 9. The offer price consists of US$22.57 in cash per share and 0.752 of a Fortis common share, which equates to an equity purchase price all-in of US$6.9 billion or US$11.3 billion in enterprise value, including assumed indebted announcement. Upon closing, approximately 27% of Fortis common shares will be held by ITC’s investors. As Joe mentioned, the transaction enables ITC to continue to make needed investments in the grid, while maintaining operational excellence with no expected impact to transmission rates. We expect that the transaction will close in late 2016 upon receiving the required regulatory approvals, including FERC, the Department of Justice, the Committee on Foreign Investment in the U.S. or CFIUS and the state of Illinois, Kansas, Missouri, Oklahoma and Wisconsin. In closing, 2015 was another successful year which demonstrates our commitment to investing in necessary transmission infrastructure for the benefit of customers while also providing an attractive total shareholder return to our investors. Moreover, we managed to meet our operational and financial objectives while concurrently conducting the strategic review and sale process for the better part of 2015 which again speaks volumes to the focus and dedication of our employees. At this time, we’d like to open up the call to answer questions from the investment community. Question-and-Answer Session Operator Thank you. Our first question is from Charles Fishman with Morningstar. Your line is open. Charles Fishman – Morningstar Research I just have one question. Rejji, the 7.5% CAGR on your base rate – rate base growth, that is now your methodology as well as that number is consistent with Fortis. Am I correct? Rejji P. Hayes – Chief Financial Officer & Senior Vice President Yes. That aligns with the materials that were shared by Fortis and ITC jointly when we announced the transaction on February 9. And so, again, that’s average rate base from 2015 to 2018. And, as highlighted in our comments, that will yield over 10% operating EPS growth over that timeframe. Charles Fishman – Morningstar Research Got it. That was my only question. Thank you. Joseph L. Welch – Chairman, President & Chief Executive Officer Okay. Operator Thank you. Our next question is from Jay Dobson with Wunderlich. Your line is open. Jay L. Dobson – Wunderlich Securities, Inc. Hey. Good morning, Joe. I was hoping if you could just give a little inside into what the capital budget changes were, about 10% or $200 million. Does that sort of fit ratably across the franchises or was there a particular area that that sort of was associated with? Rejji P. Hayes – Chief Financial Officer & Senior Vice President Jay, hi. It’s Rejji. I can take that. Yeah. We should look at that in a couple of ways. So if you recall when we had our prior plan that extended from 2014 to 2018, we talked a lot about the $3.4 billion of regulated opco spend. And within that mix, about two-thirds of that was base capital spend and about a third of that was regional projects that were already awarded to ITC. The spend mix has evolved in this latest vintage and I’d say quite favorably where of the $2.1 billion that we’re offering from 2016 to 2018 which again overlaps with the prior public plan, three-quarters of that is base capital spend. And that’s, again, spend on our existing systems. So you’ve got asset renewals, system capacity, performance upgrades, reliability standard type spend. And so all stuff which is clearly things we have a strong track record of getting done on-time and on-budget and also you’re not replying upon co-constructors like we are for some of the regional projects. And so the mix is about 75% base capital spend, about 25% regional spend. And then within the opcos, the mix there is – it’s more weighted towards the Michigan entities. Again, if you compare this current plan relative to the prior public plans, you’ve got a little pick up in spend of the Michigan entities related to reliability type spend and again things of that nature. And you’ve got a little bit of decrease in expected spend at Midwest and Great Plains. Is that helpful? Jay L. Dobson – Wunderlich Securities, Inc. Very, very helpful. I definitely appreciate that. And then on the ROE, I’m sure you don’t want to get into specifically what you’re assuming there. But I assume it’s fair to assume you’re in line with where the ALJ came out and that drove the sort of incremental reserve? Rejji P. Hayes – Chief Financial Officer & Senior Vice President Jay, happy to take that. This is Rejji again. So, as we’ve highlighted in the past, every quarter, we’re going to evaluate the latest data points that have been publicized. And, clearly, there was an ALJ decision in late December. We also had testimony filed from our experts. And we also are clearly mindful of what the trial staff provided – I believe October. And so we’ve looked at all of that and we’ve taken into account again those data points. And I’d say we’re directionally aligned with where the ALJ has come out, but I will not say that we’re precisely on top of the ALJ. I think we have a different perspective on where FERC will end up, but it’s directionally not too far afield from where the ALJ came out. Jay L. Dobson – Wunderlich Securities, Inc. Perfect. And then, lastly, on Lake Erie, just sort of an update on sort of when we’ll have a thumbs-up or thumbs-down. Understand that you continue to pursue permits, so you must feel good about it, but when we’ll have sort of a go, no-go decision based on sort of customer response? Rejji P. Hayes – Chief Financial Officer & Senior Vice President Right. So the development team continues to work very hard on executing transmission service agreements with prospective shippers. So, initially, we thought we may have visibility on that by mid-year. We haven’t written that off yet. But at this point, we think it could be either mid-year 2016 or in the back half of 2016. So we continue to work on that. We obviously had a filing a few weeks ago in Pennsylvania that Joe noted in his opening remarks. And so we continue to push along the regulatory process as well as the negotiation with the prospective shippers. So I suspect back half of this year we’ll have visibility on that. Jay L. Dobson – Wunderlich Securities, Inc. That’s great. Thanks so much. Rejji P. Hayes – Chief Financial Officer & Senior Vice President Thank you. Joseph L. Welch – Chairman, President & Chief Executive Officer Thank you. Operator Thank you. Our next question is from Caroline Bone with Deutsche Bank. Your line is open. Caroline V. Bone – Deutsche Bank Securities, Inc. Hey, guys, I was just wondering if you guys could provide some updated thoughts on when you might be able to start making the necessary regulatory approval filings related to the Fortis deal? Joseph L. Welch – Chairman, President & Chief Executive Officer We’ve planned to do that in the not-too-distant future. The process that we use is, of course, I’m sure you understand is that once you make a filing, you’re no longer able to talk to any of the regulators or meet with any of the people associated with the case. So our first objective is to have those meetings that are necessary, so that our regulators get a good chance to meet the Fortis team and also get a good chance to delve into, if you will, the intricacies of the transaction, with the Fortis team there in present. And then once we complete that process, I believe, we’re scheduled in about a month to make those filings. Rejji P. Hayes – Chief Financial Officer & Senior Vice President Yeah. That’s exactly right. Caroline, this is Rejji. The only thing I would add is that, clearly, I think, the Fortis team is quite focused on identifying and structuring a deal with a third-party equity investor who would take a direct stake in ITC. And I think they’ll want to know and have visibility on that third-party before we file. So that’s, I’d say, one gating item. But we’re working hard with the Fortis team to get that done. And I think they’ve been forecasting for some time that they’d try to get that done within the next 90 days or so. Caroline V. Bone – Deutsche Bank Securities, Inc. Okay. Thanks very much on that. And then just one last one on just kind of the standalone outlook. I was wondering if you could quantify the level of parent company debt you’d expect to see through 2018, assuming this new plan. Rejji P. Hayes – Chief Financial Officer & Senior Vice President Yeah. So, historically, Caroline, we haven’t offered that level of granularity around projected debt. I think where we sit at this point, the holding company represents about 50% of the consolidated debt portfolio which, as announced on February 9 and when we announced the transaction, was just under $4.5 billion. So I think what you can assume, if nothing else, is that as we continue to fund capital investments, we’ll continue to do so in a manner comparable with how we’ve done in the past where we’ll fund a portion of the capital requirements with debt issued at the holding company at ITC. And so we’ll probably try to have credit metrics on a consolidated basis at ITC that are in line with where we’ve been historically. Caroline V. Bone – Deutsche Bank Securities, Inc. All right. Thanks, guys. That’s it from me. Rejji P. Hayes – Chief Financial Officer & Senior Vice President Thank you. Operator Our next question is from Greg Gordon with Evercore ISI. Your line is open. Greg Gordon – Evercore ISI Thanks. Good morning. Rejji P. Hayes – Chief Financial Officer & Senior Vice President Good morning. Greg Gordon – Evercore ISI I just wanted to be clear on the operating EPS, CAGR, the greater than 10%. That’s all things equal stable ROE, right? So if we normalize for the ROE through the planning period whether it’s at the ultimate level of the refund or whether it’s stable at the current level, you would be growing at that rate. But any change that happen to the ROE impacts the growth rate in actuality over that period. Rejji P. Hayes – Chief Financial Officer & Senior Vice President Yeah, Greg. This is Rejji. Let me take a stab at that. I think, first and foremost, we actually have layered in a level of ROE degradation into the forecast. And that’s something that we did provide to prospective buyers as part of the sale process. So these forecasts we’re giving you in the greater than 10% CAGR for operating EPS from 2015 to 2018 does presuppose some level of degradation. But what I think is important to note is, clearly, there is some uncertainty as to where the ROE will be, to say the least. Is that because of the nature of the refund, which essentially will be established at some point by FERC either in the end of 2016 or at some point in 2017, its retrospective, as you know. So it goes all the way back to November of 2013 when the complaint was initially filed. So 2015, the base year of your growth, will be fully exposed to the ROE degradation in which case I would submit that you have to adjust your base year 2015 and then that should be consistent with all of your subsequent years. And so no matter what ROE you utilize in 2015, whether you think it’s going to be 12%, 11%, 10%, 9%, whatever your expectation is, you’ll see that the capital investment over that timeframe drives the growth. And so whatever ROE you presuppose, you’re going to still see double-digit growth. Greg Gordon – Evercore ISI That’s exactly what I thought. I just wanted to be clear. Thanks. I still owe you that picture with the Patriots jersey. I’ll get that to you soon (28:59). Joseph L. Welch – Chairman, President & Chief Executive Officer Looking forward to it. Greg Gordon – Evercore ISI Bye, bye. Joseph L. Welch – Chairman, President & Chief Executive Officer Bye. Operator Our next question is from Julien Dumoulin-Smith with UBS. Your line is open. Julien Dumoulin-Smith – UBS Securities LLC Hey. Good morning, everyone. Rejji P. Hayes – Chief Financial Officer & Senior Vice President Morning. Joseph L. Welch – Chairman, President & Chief Executive Officer Morning, Julien. Julien Dumoulin-Smith – UBS Securities LLC So, just as far as quick clarification, what’s the assumption on bonus deprecation of late in the forecast? Just wanted to be clear about that. Rejji P. Hayes – Chief Financial Officer & Senior Vice President Julien, this is Rejji. As you know, we’ve not elected bonus depreciation for some time and we’re currently not assuming any election of bonus depreciation over the forecasted period. Julien Dumoulin-Smith – UBS Securities LLC Great. Excellent. And then I know you were just talking about the Lake Erie project. How are the conversations going? And I suppose specifically here directionality, given the nuclear extensions in Canada, is this more of a conversation of imports into the U.S.? Just kind of curious how are you thinking about the project at this point and potential counterparties, et cetera? Joseph L. Welch – Chairman, President & Chief Executive Officer Actually, I think that if you look at the project that there is a capacity value that’s associated with the line, as you aptly pointed out that there is the nuclear power plants in Canada. But, however, they will be shut – they won’t be shut down but they will be retrofitted and refueled. That causes flows to go in the other direction. We’ve seen interest pretty much in both directions depending on how you see certain things playing out with the now in limbo Clean Power Plan. And so what’s really starting to happen is you’re seeing people who want to hedge on both sides of the border with this line because there is no – it shouldn’t shock anyone a lot of uncertainty in the ability to plan your power plant expansion and which power plants are going to be on. I think the uncertainty is just driving the market and everyone crazy. So simple answers, both bidirectional. Julien Dumoulin-Smith – UBS Securities LLC Got it. And perhaps just on the margin, I’d be curios. The puts and takes here on the outlook, given CPP stay as you kind of kind of alluded to already with that Lake Erie project, but more broadly in terms of the planning processes at OSVP (31:28) and your own as well as any implications from the latest PTC extension. Are you seeing any kind of incremental generator connects or wider projects that could come out of that that may or may not be reflected in your current outlook? Rejji P. Hayes – Chief Financial Officer & Senior Vice President Yeah. Julien, certainly, I think, first and foremost, to your very last comment, the forecast and the updated capital investment forecast that we provided from 2015 to 2018 or 2016 to 2018 rather does not presuppose, what I’ll call, any sort of third-party-driven spend. So energy policies that may serve as the catalyst for incremental spend are forecasted, solely predicated on the stuff that we can view as quite concrete and tangible, so base spend and regional projects already awarded to us, none of which is subject to competition. So we certainly at some point will – we at least would assume that there will be incremental transmission investment opportunities attributable to whether it’s the Clean Power Plan or some derivation thereof. Certainly, there’ll be opportunities there. We’ve already talked about in the past the fact that there probably will be opportunities related to physical and potentially cyber security standards promulgated by NERC over time. And then on our last call, in Q3, we also mentioned the fact that we foresee increased spend in the distribution system in Michigan from DTE and CMS which has positive spiller effects for transmission owners. So all of those things as we see it are catalysts that could drive incremental growth above and beyond this plan, but we’re not at this stage ready to say that equates to X to Y billion dollars or whatever it may be. Julien Dumoulin-Smith – UBS Securities LLC Got it. And then, lastly, FERC 1000 talk about reform at kind of at the FERC level, et cetera. Just be curious to get your perspectives on how that ultimately manifest itself. What you all would be keen to see if that was indeed the case? Joseph L. Welch – Chairman, President & Chief Executive Officer Oh. With regards to Order 1000, I think, that internal to FERC is that they have this belief that they need to tune Order 1000 up. I don’t think that it’s safe to say that they are getting the results that they had expected. And so I think that they are going to start to hold technical conferences to try to figure out what they could tune up to make it work a little bit better. But, honestly, I don’t think that – this is my personal opinion – that Order 1000 needs a tune up. It needs to be taken off the books. It’s not working. It’s just fundamentally not working and it’s put more hindrances in expanding the transmission grid, something that it wasn’t intended or designed to do. But I think that we’ll go incrementally to try to fix it long before we get to the point where we say it’s just not working. Julien Dumoulin-Smith – UBS Securities LLC Great. Thanks for the clarity, guys. Congrats again, Rejji P. Hayes – Chief Financial Officer & Senior Vice President Thank you. Operator Thank you. And our next question is from Praful Mehta with Citigroup. Your line is open. Praful Mehta – Citigroup Global Markets, Inc. (Broker) Hi. Thanks, guys. Rejji P. Hayes – Chief Financial Officer & Senior Vice President Thank you. Praful Mehta – Citigroup Global Markets, Inc. (Broker) Hi. Sorry. My question is on the sale, the 15% to 19% sale. And, clearly, given that impacts the Fortis stock, it is important for you guys because ultimately ITC shareholders become Fortis shareholders. So I guess it really comes back to trying to understand how you see that they are going. What you see your role in it? And, finally, given most of the buyers would probably have already participated in the auction, how do you expect the value outcome of that given the fact that they’ve already participated in the auction and Fortis kind of came out on top? So would love to get some color on that. Thank you. Rejji P. Hayes – Chief Financial Officer & Senior Vice President Yeah. Praful, it’s a very good question. This is Rejji. I think I’d point you to the Fortis team and Barry and Karl for their perspective on their expectations around what they would like to structure for that third-party equity sale. But I can tell you that we’ve been involved in the process certainly in marketing the ITC story. And we’re working hand in hand with the Fortis team to help them raise that capital. I’ve heard Barry say this in several discussions and I said it publicly in the February 9 call, but I suspect he’ll want to have a partner who is willing to come in at a value that’s comparable to the price at which Fortis is entering ITC stock and they’ll look to do something comparable of that. So that the economics – or it doesn’t impact materially their EPS accretion estimates. And I suspect they’ll want a party that also is patient, is liquid and is amenable to exit mechanisms. But, again, I would suggest that you should talk to Barry, Karl and team about that, because it’s clearly driven by them. Joseph L. Welch – Chairman, President & Chief Executive Officer And I think what I’d like to add to what Rejji had to say which is exactly correct is that a lot of the people which you would hypothesize were in the transaction would be the same people that are looking at this. That may be true, but actually this transaction was quite large. And a lot of people who would like to tap a piece of ITC weren’t large enough to buy ITC. And so they’ve had just an immense amount of interest and again Barry has said this publicly. They have had an immense amount of interest in the people who would like to participate in having a partial ownership of ITC, hand in hand with Fortis. Praful Mehta – Citigroup Global Markets, Inc. (Broker) Got you. That’s good color. And I do appreciate this smaller acquisition fees in this case, so that makes sense. And the second thought, I guess, from a timing perspective, would these more safe, I guess, infrastructure type buyers be looking for clarity post a FERC decision to come in or do you expect this transaction to take place before a FERC final decision? Rejji P. Hayes – Chief Financial Officer & Senior Vice President Yeah. The Fortis team has been quite transparent about the fact that ideally they’d like to have this wrapped up within the next – I think they said a couple weeks ago 90 days is in a perfect world you’ll want to have the buyer in its full form presented to regulators as part of the filing. So I think if there is an unforeseen party who is still out there that regulator is unaware of that probably impacts your filing process. So I think they want to have that wrapped up first before we commence the filing. Praful Mehta – Citigroup Global Markets, Inc. (Broker) Fair enough. Thanks a lot for the color. Rejji P. Hayes – Chief Financial Officer & Senior Vice President Thank you. Operator I’m not showing any further questions in the queue. So I’ll turn the call back over to Stephanie Amaimo for closing remarks. Stephanie Amaimo – Director-Investor Relations Thank you. This concludes our call. Anyone wishing to hear the conference call replay available through March 1 can access it by dialing 855-859-2056 toll-free or 404-537-3406, pass code 35330470. The webcast of this event will also be archived on the ITC website at itc-holdings.com. Thank you, everyone, and have a great day. Operator Ladies and gentlemen, thank you for participating in today’s conference. This does conclude the program and you may all disconnect. Everyone have a great day. Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. 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