America's electric utilities are about to sink a small fortune into a desperately-needed upgrade of the nation's power grid. How can an investor plug his portfolio into this upgrade? JPMorgan's Andrew Smith has some ideas.
"The one pure-play transmission company is ITC Holdings," he told CNBC. "They own nothing but transmission lines, own, operate, and build them, and also stand to benefit very well from that. The Energy Policy Act of 2005 put together a number of incentives for transmission investment...that allow a company like ITC to benefit very significantly."