DES MOINES, Iowa, Sept. 18 /PRNewswire-FirstCall/ — Interstate Power and Light Company (IPL), a subsidiary of Alliant Energy Corporation (NYSE:LNT) received today an oral decision from the Iowa Utilities Board (IUB) 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 IUB closed the docket and determined that the sale of IPL’s transmission assets to ITC Midwest was not detrimental to IPL’s Iowa electric customers or to the public interest.
The IUB expects to issue its written order on or before September 27, 2007. The written order will provide additional details concerning the decision.
In May 2007, the Federal Trade Commission completed its review of the sale and terminated the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. In August, IPL received regulatory approval from the Missouri Public Service Commission. The company is awaiting final decisions from the Federal Energy Regulatory Commission (FERC), Illinois Commerce Commission (ICC) and the Minnesota Public Utilities Commission (MPUC).
Pending all appropriate state and federal regulatory approvals and satisfaction of other closing conditions, the transaction is expected to be concluded in late fourth quarter 2007.
“The IUB’s decision supports our position that the sale of our company’s transmission assets is good for our customers, shareowners and the State of Iowa,” says Tom Aller, President-IPL. “The decision enhances Iowa’s position as the leader in renewable energy. “
“In addition, local and state elected officials, customers, labor and economic development organizations across our Iowa service area have recognized that the sale of our company’s transmission assets benefits all Iowans and their support is greatly appreciated,” adds Aller.
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/.
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Source: Interstate Power and Light Company
