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Consumers Energy closes sale of transmission assets

Consumers Energy Co. on Sept. 30 completed the sale of its interests in certain transmission assets to Michigan Electric Transmission Co. LLC.

In an approximately $69.9 million transaction, Consumers Energy sold the assets to METC, representing an amount equal to 1.8x net plant value of the assets, according to filings made with the Federal Energy Regulatory Commission.

Consumers Energy is a subsidiary of CMS Energy Corp. Michigan Electric is a subsidiary of ITC Holdings Corp., which is owned by Fortis Inc.

The transaction is part of a settlement agreement that resolves a dispute between the two sides in the Michigan Circuit Court of Ingham County. (FERC docket EC19-83)