U.S. power transmission company ITC Holdings said it was exploring strategic options, including a sale, as increased energy efficiency weakens demand for electricity.
The company is working with two investment banks on the sale, although it is in early stages, a person familiar with the matter told Reuters.
Shares of the company rose as much as 13%, after Bloomberg earlier reported that the company was exploring a sale.
Utilities companies including U.K.-based National Grid and Spain’s Iberdrola SA may consider bidding for ITC, according to the report.
“Our Board of directors is focused on creating value for our shareholders and so we are conducting a review of strategic alternatives to ensure that we are doing that,” Chief Executive Joseph Welch said in a statement.
ITC owns and operates 15,600 miles of lines in six Midwest states, serving a combined peak load of more than 26,000 megawatts.
The Novi, Michigan-based company’s shares were up to $37.77 as of Tuesday afternoon.