The Globe and Mail reports in its Tuesday, Sept. 27, edition that Fortis has received a key United States federal regulatory approval for its $11.3-billion (U.S.) plan to purchase ITC Holdings Corp., which has one of the largest independent electricity distribution systems in the U.S. A Canadian Press dispatch to The Globe reports that the Newfoundland-based company says the authorization from the Federal Energy Regulatory Commission issued Friday puts the deal on schedule to close by the end of this year as anticipated. Fortis initially announced in February that it would pay a combination of stock and cash to buy ITC, based in Novi, Mich., and its high-voltage electricity transmission system in several U.S. states. It later announced the sale of a 19.9-per-cent interest in ITC to Singapore's sovereign wealth fund for $1.22-billion (U.S.) in cash, to help pay for the transaction. Fortis has received most of the required regulatory approvals, but the deal is still subject to authorization from the state of Kansas. Fortis is the owner of Newfoundland Power as well as numerous other electricity and natural gas utilities throughout Canada, the U.S. and the Caribbean region.