independent transmission company
(4) Independent transmission company For purposes of this subsection, the term “independent transmission company” means— (A) an independent transmission provider approved by the Federal Energy Regulatory Commission, (B) a person— (i) who the Federal Energy Regulatory Commission determines in its authorization of the transaction under section 203 of the Federal Power Act ( 16 U.S.C. 824b ) or by declaratory order is not a market participant within the meaning of such Commission’s rules applicable to independent transmission providers, and (ii) whose transmission facilities to which the election under this subsection applies are under the operational control of a Federal Energy Regulatory Commission-approved independent transmission provider before the close of the period specified in such authorization, but not later than the date which is 4 years after the close of the taxable year in which the transaction occurs, or (C) in the case of facilities subject to the jurisdiction of the Public Utility Commission of Texas— (i) a person which is approved by that Commission as consistent with Texas State law regarding an independent transmission provider, or (ii) a political subdivision or affiliate thereof whose transmission facilities are under the operational control of a person described in clause (i).