In an unusual procedural move, the Federal Energy Regulatory Commission (“FERC”) today issued an order tolling the time for action on ITC Holdings Corp. (“ITC”) and certain of its subsidiaries and Entergy Corporation and certain of its subsidiaries joint application under sections 203 and 205 of the Federal Power Act (“FPA”) requesting authorization for their proposed merger of the jurisdictional transmission assets of the Entergy operating companies into a newly-created subsidiary of ITC, and approval of a formula rate for the new ITC operating companies within the Midwest Independent Transmission System Operator, Inc. (“MISO”) and certain jurisdictional agreements. FERC stated that under FPA section 203(a)(5) it is required to grant or deny any application for approval of a transaction under FPA section 203 within 180 days after the application is filed unless the Commission finds, based on good cause, that further consideration is required and issues an order tolling the time for acting for not more than 180 days. FERC noted that it has extended the time for comments on the merger application twice (ultimately to January 22, 2013) in response to requests from several state and retail regulators, due to the size of the application, its interrelatedness with other contemporaneous FERC filings, and parallel state proceedings. Thus, FERC found that based on the two comment period extensions granted that the request of state and retail regulators, it is reasonable to extend the time to act on the merger application for an additional 180 days (until September 18, 2013).