CONTACT: Media, Ryan Stensland, +1-319-786-4171, or Investors, Becky Johnson, +1-608-458-3267, both of Alliant Energy Corporation
Transaction expected to close by end of the year
CEDAR RAPIDS, Iowa, Dec. 18 /PRNewswire-FirstCall/ — Interstate Power and Light Company (IPL), a subsidiary of Alliant Energy Corporation (NYSE:LNT) received today an oral decision from the Minnesota Public Utilities Commission (MPUC) regarding the sale of the company’s transmission assets to ITC Midwest LLC (ITC Midwest), a subsidiary of ITC Holdings Corp. (NYSE:ITC) .
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In its oral decision, the MPUC approved the transaction. The MPUC determined that the sale of IPL’s transmission assets would provide benefits to IPL’s 44,000 Minnesota electric customers. The MPUC’s determination was made effective today.
With the MPUC’s decision, IPL has received all appropriate state and federal regulatory approvals. In May 2007, the Federal Trade Commission completed its review of the sale under the Hart-Scott-Rodino Act. In August, IPL received regulatory approval from the Missouri Public Service Commission. In September, the Iowa Utilities Board issued an order allowing the sale to move forward. In November, the Illinois Commerce Commission approved the transmission transaction. Earlier this month, the Federal Energy Regulatory Commission (FERC) approved the transaction.
Pending satisfaction of closing conditions, the transaction is expected to close prior to year end.
“Our company appreciates the MPUC’s diligence regarding this proposed transaction,” says Tom Aller, President-IPL. “The MPUC’s decision supports our position that the sale of our company’s transmission assets is good for our customers, shareowners and the renewable energy industry in our service area. We are confident of ITC Midwest’s ability to provide the transmission infrastructure necessary to grow our economies and enhance the reliability of our energy service for future generations.”
As part of the sale agreement signed by IPL and ITC Midwest on January 18, 2007, ITC Midwest agreed to purchase IPL’s transmission assets, including approximately 6,800 miles of 34.5 kV and above transmission lines, substation facilities and transmission land rights, for approximately $750 million, subject to various adjustments at closing.
Alliant Energy is an energy-services provider with subsidiaries serving approximately 1 million electric and over 400,000 natural gas customers. Providing its customers in the Midwest with regulated electric and natural gas service is the company’s primary focus. Interstate Power and Light, the company’s Iowa utility subsidiary, serves 526,000 electric and 232,000 natural gas customers. Alliant Energy, headquartered in Madison, Wis., is a Fortune 1000 company traded on the New York Stock Exchange under the symbol LNT. For more information, visit the company’s Web site at http://www.alliantenergy.com/.
