Exhibit 99.1

For Immediate Release

ITC HOLDINGS REPORTS SECOND QUARTER AND YEAR-TO-DATE 2012 RESULTS

Highlights

·             Operating earnings for the second quarter of $1.05 per diluted common share; reported earnings for the second quarter of $0.81 per diluted common share

·             Operating earnings for the six months ended June 30, 2012 of $1.98 per diluted common share; reported earnings for the six months ended June 30, 2012 of $1.70 per diluted common share

·             Capital investments of $429.2 million for the six months ended June 30, 2012

·             2012 operating earnings guidance updated to $3.95 to $4.05 per diluted common share and capital expenditure guidance updated to $750 to $820 million

NOVI, Mich., July 31 2012, ITC Holdings Corp. (NYSE: ITC) today announced its results for the second quarter and six month period ended June 30, 2012. Reported net income for the quarter, measured in accordance with Generally Accepted Accounting Principles (GAAP), was $42.4 million, or $0.81 per diluted common share, compared to $43.0 million or $0.83 per diluted common share for the second quarter of 2011.  For the six months ended June 30, 2012, reported net income was $88.4 million, or $1.70 per diluted common share, compared to $85.0 million, or $1.64 per diluted common share for the same period last year.

Operating earnings for the second quarter were $54.8 million, or $1.05 per diluted common share, compared to operating earnings of $43.0 million, or $0.83 per diluted common share for the second quarter of 2011. For the six months ended June 30, 2012, operating earnings were $103.4 million, or $1.98 per diluted common share, compared to operating earnings of $85.0 million, or $1.64 per diluted common share for the same period last year.  Operating earnings are a non-GAAP measure that exclude the impact of after-tax expenses of approximately 1) $4.0 million or $0.08 per diluted common share for the second quarter and $6.6 million or $0.12 per diluted common diluted share for the six months ended June 30, 2012 associated with the Entergy Corporation (Entergy) transaction and 2) $8.4 million or $0.16 per diluted common share for both the second quarter and the six months ended June 30, 2012 associated with the estimated refund liability recorded for certain acquisition accounting adjustments for ITC Midwest, ITCTransmission and METC resulting from the FERC audit order on ITC Midwest issued in May 2012.

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Operating earnings increased by $11.8 million, or $0.22 per diluted common share, for the second quarter compared to the same period in 2011. For the six months ended June 30, 2012, operating earnings increased $18.4 million, or $0.34 per diluted common share, compared to the same period last year.  The increases in both periods were largely attributable to higher income associated with increased rate base and AFUDC at our operating companies and slightly lower effective tax rates, partially offset by lower revenues associated with the amortization of the ITCTransmission rate freeze revenue deferral which expired in May 2011.

For the six months ended June 30, 2012, ITC invested $429.2 million in capital projects at its operating companies, including $104.9 million, $84.6 million, $182.2 million and $57.5 million at ITCTransmission, METC, ITC Midwest and ITC Great Plains, respectively.

“Our business performed very well during the second quarter of 2012 and we continue to make solid progress on our key near-term strategic objectives, including our stand-alone capital investment plans and advancing the Entergy transaction towards closing,” said Joseph L. Welch, chairman, president and CEO of ITC.  “I remain pleased with our execution against our stand-alone plans, which are benefiting our customers by providing a more reliable and robust transmission system, particularly during the warm summer weather periods we have experienced.  In addition, final preparations are underway to initiate our retail jurisdictional regulatory applications associated with the Entergy transaction.  Based on our current anticipated timeline for the approval process, we remain confident in our ability to close the transaction in 2013.”

EPS and Capital Expenditure Guidance

For 2012, ITC is updating its full year operating earnings guidance to a range of $3.95 to $4.05 per share from the prior range of $3.90 to $4.05 per share. In addition, aggregate capital investment guidance for 2012 is also being updated to a range of $750 to $820 million from the prior range of $730 to $830 million. The updated guidance range includes $195 to $215 million, $145 to $160 million, $315 to $335 million and $95 to $110 million for ITCTransmission, METC, ITC Midwest and ITC Great Plains, respectively.

Second Quarter 2012 Operating Earnings Financial Results Detail

ITC’s operating revenues for the second quarter increased to $208.4 million, which excludes an $11.0 million reduction in revenues associated with the ITC Midwest FERC audit related refunds recorded for ITCTransmission, METC and ITC Midwest, compared to $185.1 million for the second quarter of 2011. This increase was primarily due to higher revenue requirements attributable to a higher rate base at our regulated operating subsidiaries and higher recoverable operating expenses. In addition, regional cost sharing revenues increased due to additional capital projects being placed in-service that have been identified by MISO as eligible for regional cost sharing. Partially offsetting these increases was the impact of the elimination of the amortization of the ITCTransmission rate freeze revenue deferral in May 2011.

Operation and maintenance (O&M) expenses of $30.1 million increased by $1.3 million compared to the same period in 2011.  This increase was due to higher vegetation management activities, partially offset by a decrease in relay work and reduced substation maintenance expenses.

General and administrative (G&A) expenses of $21.9 million, which excludes $6.0 million of pre-tax expenses related to the Entergy transaction, were $2.6 million higher compared to the same period in 2011 due to higher compensation-related expenses and higher general business expenses primarily related to increased information technology support.

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Depreciation and amortization expenses of $26.0 million increased by $2.6 million compared to the same period in 2011 due to a higher depreciable base resulting from property, plant and equipment additions.

Taxes other than income taxes of $15.2 million were $1.6 million higher than the same period in 2011. This increase was due to 2011 capital additions at our regulated operating subsidiaries, which are included in the tax base for 2012 personal property taxes.

Interest expense of $39.0 million, which excludes the impact of $1.1 million of pre-tax expenses associated with interest on the ITC Midwest FERC audit related refund recorded at ITCTransmission, METC and ITC Midwest, increased by $2.5 million compared to the same period in 2011 due primarily to higher borrowing levels to finance capital expenditures.

The effective income tax rate for the second quarter of 2012 was 33.9 percent, excluding a reduction to income taxes of approximately $6.7 million associated with the Entergy transaction expenses and the ITC Midwest FERC audit related refund recorded at ITCTransmission, METC and ITC Midwest, compared to 35.6 percent for the same period last year.

Year-To-Date 2012 Financial Results Detail

ITC’s operating revenues for the six months ended June 30, 2012 increased to $405.1, which excludes an $11.0 million reduction in revenues associated with the ITC Midwest FERC audit related refunds recorded for ITCTransmission, METC and ITC Midwest, compared to $364.5 million from the same period last year.  This increase was primarily due to higher network revenues attributable to higher rate base at all of our regulated operating subsidiaries and higher recoverable operating expenses. In addition, the increase resulted from higher regional cost sharing revenues primarily due to additional capital projects being placed into service that have been identified by MISO as eligible for regional cost sharing.  Partially offsetting these increases was the impact of the final monthly recognition of the ITCTransmission rate freeze revenue deferral in May 2011.

O&M expenses of $58.8 million were $3.7 million higher for the six months ended June 30, 2012 compared to the same period in 2011. This increase was a result of higher vegetation management activities and higher NERC compliance activities associated with surveying overhead transmission lines.  These increases were partially offset by a decrease in relay work and reduced substation maintenance expenses.

G&A expenses of $41.1 million, which excludes $9.8 million of pre-tax expenses related to the Entergy transaction, were $5.2 million higher compared to the same period in 2011.  This increase was primarily due to higher general business expenses primarily related to increased information technology support, higher compensation-related expenses and the recognition of the Kansas V-Plan Project regulatory asset which reduced expenses in 2011 and did not reoccur in 2012.

Depreciation and amortization expenses of $51.0 million increased by $4.6 million for the six months ended June 30, 2012 compared to the same period in 2011.  This increase was primarily due to a higher depreciable base resulting from property, plant and equipment additions.

Taxes other than income taxes of $29.5 million were $2.3 million higher compared to the same period in 2011.  This increase was due to 2011 capital additions at our regulated operating subsidiaries, which are included in the tax base for 2012 personal property taxes.

Interest expense of $76.9 million, which excludes the impact of $1.1 million of interest on the ITC Midwest FERC audit related refund recorded at ITCTransmission, METC and ITC Midwest, increased $4.1 million compared to the same period in 2011 due primarily to higher borrowing levels to finance capital expenditures.

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The effective income tax rate for the six months ended June 30, 2012 was 35.3 percent, excluding a reduction to income taxes of $8.1 million associated with the Entergy transaction and the ITC Midwest FERC audit related refund recorded at ITCTransmission, METC and ITC Midwest, compared to 36.3 percent in 2011.

Second Quarter Conference Call

ITC will also conduct a webcast and conference call at 11 a.m. Eastern on Wednesday, August 1, 2012.  Joseph L. Welch, chairman, president and CEO, will provide a business overview, and Cameron M. Bready, executive vice president and CFO, will discuss the financial results. Individuals wishing to participate in the conference call may dial toll-free (877) 644-1296 (domestic) or (914) 495-8555 (international); there is no passcode.  A listen-only live webcast of the conference call, including accompanying slides and the earnings release, will be available on the company’s investor information page.  The conference call replay, available through Monday, August 6, 2012, can be accessed by dialing 855-859-2056 (toll free) or 404-537-3406, passcode 96932924. The webcast will also be archived on the ITC website.

Other Available Information

More detail about the second quarter results may be found in ITC’s Form 10-Q filing. Once filed with the Securities and Exchange Commission, an electronic copy of our 10-Q can be found at our website, http://investor.itc-holdings.com. Written copies can also be made available by contacting us through our website.

About ITC Holdings Corp.

ITC Holdings Corp. (NYSE: ITC) is the nation’s largest independent electric transmission company. Based in Novi, Michigan, ITC invests in the electric transmission grid to improve reliability, expand access to markets, lower the overall cost of delivered energy and allow new generating resources to interconnect to its transmission systems. ITC’s regulated operating subsidiaries include ITCTransmission, Michigan Electric Transmission Company, ITC Midwest and ITC Great Plains. Through these subsidiaries, ITC owns and operates high-voltage transmission facilities in Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma, serving a combined peak load exceeding 26,000 megawatts along 15,000 circuit miles of transmission line. Through ITC Grid Development and its subsidiaries, the company also focuses on expansion in areas where significant transmission system improvements are needed. For more information, please visit ITC’s website at www.itc-holdings.com. (itc-ITC)

GAAP v. Non-GAAP Measures

ITC’s reported earnings are prepared in accordance with GAAP and represent earnings as reported to the Securities and Exchange Commission.  ITC’s management believes the company’s operating earnings, or GAAP earnings adjusted for specific items as described in the release, provide a more meaningful representation of the company’s fundamental earnings power.  However, such measures should not be considered in isolation or as substitutes for results prepared in accordance with GAAP.

Safe Harbor Statement

This press release contains certain statements that describe our management’s beliefs concerning future business conditions, plans and prospects, growth opportunities and the outlook for our business and the electricity transmission industry based upon information currently available. Such statements are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. Wherever possible, we have identified these forward-looking statements by words such as “will,” “may,” “anticipates,” “believes,” “intends,” “estimates,” “expects,” “projects” and similar phrases. These forward-looking statements are based upon assumptions our management believes are reasonable.  Such forward looking statements are subject to risks and uncertainties which could cause our actual results, performance and achievements to differ materially from those expressed in, or implied by, these statements, including, among others, the

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risks and uncertainties disclosed in our Form 10-Q filed with the Securities and Exchange Commission.

Because our forward-looking statements are based on estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond our control or are subject to change, actual results could be materially different and any or all of our forward-looking statements may turn out to be wrong.  Forward-looking statements speak only as of the date made and can be affected by assumptions we might make or by known or unknown risks and uncertainties. Many factors mentioned in our discussion in this release and in our annual and quarterly reports will be important in determining future results. Consequently, we cannot assure you that our expectations or forecasts expressed in such forward-looking statements will be achieved. Actual future results may vary materially. Except as required by law, we undertake no obligation to publicly update any of our forward-looking or other statements, whether as a result of new information, future events, or otherwise.

Investor/Analyst contact: Gretchen Holloway, 248-946-3595; gholloway@itctransco.com

Media contact: Robert Doetsch, 248-946-3493; rdoetsch@itctransco.com

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ITC HOLDINGS CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

RECONCILIATION OF REPORTED NET INCOME (GAAP) TO OPERATING EARNINGS (NON-GAAP MEASURE) - UNAUDITED

RECONCILIATION OF REPORTED DILUTED EPS (GAAP) TO OPERATING DILUTED EPS (NON-GAAP MEASURE) - UNAUDITED

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ITC HOLDINGS CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION  (UNAUDITED)

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ITC HOLDINGS CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS  (UNAUDITED)

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