Good day, ladies and gentlemen, and welcome to the ITC Holdings Corp. first quarter earnings conference call. At this time all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time. (Operator instructions) As a reminder, this conference cal is being recorded. I would now like to introduce your host for today’s cash flow, Miss. Pat Wenzel, Director of Investor Relations and Trainer. Ma'am, you may begin.

Good morning and thank you for joining us for ITC's 2010 first quarter earnings conference call. Joining me on today's call are Joseph Welch, Chairman, President and CEO of ITC; and Cameron Bready, our Senior Vice President, Treasurer and CFO. Last night, we issued a press release summarizing our results for the first quarter of 2010. We expect to file our Form 10-Q with the Securities and Exchange Commission today. Before I begin, I would like to remind everyone of the cautionary language contained in the following 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 are forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent our outlook only as of today. While we believe that these statements and their underlying assumptions are reasonable, investors should know that actual results may differ from our projections and expectations because they are based on current facts and are subject to risks and uncertainties. A discussion of the risks inherent in our business that could cause these differences may be found in certain documents filed with the SEC such as our Form 10-Q expected to be filed today; our other periodic reports filed on Forms 10-Q and 10-K as well as our other SEC filings. You should consider these risk factors when evaluating our forward-looking statements. We disclaim any obligations to update or alter our forward-looking statements except as required by law. At this time, I’d like to turn the call over to Joe Welch.

Thanks, Pat. We are very pleased to being 2010 with another strong financial – with another quarter of strong financial results. Importantly, we are also off to a very solid start in this the first year of our five-year, $3 billion capital investment program, and we believe that we remain on track to deliver on our commitments we have made that will benefit our customers, and shareholders. Our investments in transmission infrastructure benefit our customers by improving energy delivery, reliability, and efficiencies, and interconnecting new renewable resources, and our key objectives and our strategic vision of leading the industry of a 21st century transmission system in the United States. During the first quarter, we continued to make progress on advancing our investment plans, which include investing in our base operating companies, developing regional transmission projects, and investing in interconnections of new generating resources, including renewables. As you may recall, last year the Michigan Wind Energy Resource’s own board completed its work and issued a final report identifying four potential wind zones with potential wind capacity of 3400 to over 6000 megawatt. At the end of November, we submitted transmission plans to Michigan Public Service Communication to support the wind zones identified in the study. In January of this year, the MPSC issued an order designating two wind zones out of the four zones that have been identified by the Wind Zone Resource Board. Region IV, which is known as the Thumb region of Michigan was designated the primary zone. This zone was determined to have realistic wind generation development potential of approximately 2300 to 4200 megawatts. The MPSC also designated region I as a wind zone. Since the MPSC issued this order, we have been working with them and the other stakeholders to identify the optimal transmission solution to support…

Thanks, Joe, and good morning. Turning our attention to our financial performance in the first quarter of 2010, ITC reported net income of $34.2 million, or $0.67 per diluted share. This compares with net income of $28.7 million, or $0.57 per diluted share in the first quarter of 2009, and represents a year-over-year increase in earnings per share of nearly 18%. The key drivers that contributed to the increases in net income and earnings per share in the first quarter results compared to the corresponding period in 2009 include an increase in net income for the quarter due to higher rate base and AFUDC at all of our operating companies. Net income was also higher in the quarter due to lower nonrecoverable expenses compared to the first quarter of last year. These increases in net income for the first quarter were partially offset by higher interest expense associated with our recently completed long term financing for ITC Holdings. As Joe mentioned, we remain on track in this first year of our five-year capital plan to deliver on the commitments that we have made. For the three months ended March 31st, 2010, ITC invested $99.5 million in capital projects at its operating companies, including $14.2 million, $31.2 million, $52.5 million, and $1.6 million at ITC Transmission, METC, ITC Midwest, and ITC Great Plains, respectively. As a result of the progress we have made during the first quarter of 2010, we are again reaffirming our 2010 capital expenditure and diluted earnings per share guidance. 2010 capital expenditure for ITC Transmission, METC, ITC Midwest, and ITC Great Plains are still expected to be approximately $50 million to $60 million, $140 million to $155 million, $205 million to $225 million, and $10 million to $20 million, respectively. Our consolidated capital expenditure guidance is therefore…

(Operator instructions) Our first question comes from Dan Eggers. Kevin Cole – Credit Suisse: Hi, good morning, this is actually Kevin Cole. I just had a quick question on Michigan. Given the MISO approval, it looks very achievable in the six-month siting window. When will you start into procure the material needed?

Actually, we’ll be able to have everything ready to go for construction. As we’ve discussed in previous calls actually quite a while back, ITC developed what we call strategic alliances with our supplier, and we actually have queue [ph] space already in place for any of our projects out there. We don’t have to identify the queue space until we get ready for production time, but we are able to compress our lead time very significantly by having those strategic alliances and so this will be one of these cases where for the Michigan wind zone or even the V-Plan project that once we get the go-ahead, we’ll be able to move and keep our construction schedule right on line and meet all the commitments that we’ve given in our forecast.

And Kevin, I would just add – this is Cameron – if ultimately the MISO approves the project at its August board meeting as we have requested, we would move from there to begin the siting process back here in Michigan and that’s probably as steps too early required a 180-day period, so that pushes into Q1 of 2011 frankly at the earliest. So you are looking at kind of later in 2011 before we’d even be in a position to start advancing that given that we need to get siting approval and then begin to acquire right away and what not for the project. So those things will begin to move in parallel as we get into the 2011 timeframe and citing approval was imminent. Kevin Cole – Credit Suisse: Okay. So should I think about of the dollar based spends roughly 10% in the back half of ’11 and then through remaining split up between ’12 and ’13?

I think 10% might be a little light in the back half of ’11. It could be a little more than that. But I think the vast majority of the spend would be in that ‘12, ‘13, and then even carrying over into the ‘14 timeframe. Kevin Cole – Credit Suisse: Okay. And another thing about the upside offer through interconnections, so I would assume that the system pays for interconnections versus the actual builder of the wind turbines?

Yes. Kevin Cole – Credit Suisse: Okay. And then with the V-Plan I guess I can assume a similar six-month order lead time, so if you get approved – final approval for 765 in the first of next year, or if you just decide to go ahead with the 345, should I assume another six-month window before spending can happen?

I think the citing in Kansas is less sort of specified than what we have for the Michigan wind zone project here in Michigan. So, we have been successful in moving through the siting process in Kansas fairly quickly with the first phase of the KETA project and as we mentioned we are expecting siting approval for the second phase of the KETA project this summer. It could be a little quicker than us, but I don’t – I am not aware of any sort of steps to a requirement that they have to ask in any period of time. So, I think six months is probably a reasonable estimate for it. Kevin Cole – Credit Suisse: Six months of real dollar you spend right now for (inaudible)?

Yes. Kevin Cole – Credit Suisse: Okay, and then–

And as you know – sorry – the real dollars begins with acquiring right of way and things of that nature. So it takes a little while for the spend to ramp. Kevin Cole – Credit Suisse: Okay. And as we expect a like a full comprehensive review of the CapEx for the year at the September analyst day?

I think that’s a good expectation. Kevin Cole – Credit Suisse: Okay, thank you. Have a good day.

Thank you.

(Operator instructions) Our next question comes from Neil Kalton of Wells Fargo. Neil Kalton – Wells Fargo: Just as a follow-on to Michigan, it sounds like the backbone would be substantially completed with these wind projects during the five-year outlook. How should we think about the potential timing of the wind hook-ups, do you need the backbone to completed before these start to kind of roll in or could they kind of be – could we see some capital flow in conjunction – in parallel with the backbone build?

You will see capital flow on that in parallel with the backbone being built. We will obviously do our level best to facilitate everybody that wants to build. The whole of the legislation was to encourage transmission – or excuse me, to encourage wind being built in Michigan. And a lot of developers now that the transmission plan has been laid out, have stated that they are ready to start, so we will do everything we can to accommodate them. Neil Kalton – Wells Fargo: And then I have a second question, a bit open-ended I guess but yesterday the smart group posted I guess published an initial of the transmission high-voltage network in the upper Midwest. They made great pains – they took great pains to say that it wasn’t in competition with any other projects, but I mean clearly I would imagine that – there is some overlap with what you have proposed with the Green Power Express. They I think hope to propose this to MISO at some point in the future. How do you see – I wondered if you’ve seen the study or have any comments on this and how does this affects us at all, what you are doing with the Green Power Express?

I haven’t seen the study and candidly it’s great that they have done it. Argos did it at MISO and everyone continues to look at that. Long story short, things have got to be built up there and we’re a major player. And when it comes time to build, we’ll be ready to go. Neil Kalton – Wells Fargo: Thank you.

(Operator instructions) I am showing no further questions at this time.

This concludes the question-and-answer portion of our call. Before I end the call, I’d like to thank everyone who participated today. Anyone wishing to hear the conference call replay available through May 13th, 2010, should dial toll free 800-642-1687 or 706-645-9291. The passcode is 67791836. The webcast of this event will also be archived on the ITC website at https://investor.itc-holdings.com. Good-bye and have a great day.

Ladies and gentlemen, thank you for your participation in today’s conference. this concludes the program. You may all disconnect.