Interstate Power and Light Company receives MPUC approval of transmission assets sale to ITC Midwest
Transaction expected to close by end of the year
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 companyís transmission assets to ITC Midwest LLC (ITC Midwest), a subsidiary of ITC Holdings Corp. (NYSE: ITC).
In its oral decision, the MPUC approved the transaction. The MPUC determined that the sale of IPLís transmission assets would provide benefits to IPLís 44,000 Minnesota electric customers. The MPUCís determination was made effective today.
With the MPUCís 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.
ďOur company appreciates the MPUCís diligence regarding this proposed transaction,Ē says Tom Aller, President-IPL. ďThe MPUCís decision supports our position that the sale of our companyís transmission assets is good for our customers, shareowners and the renewable energy industry in our service area. We are confident of ITC Midwestís ability to provide the transmission infrastructure necessary to grow our economies and enhance the reliability of our energy service for future generations.Ē
As part of the sale agreement signed by IPL and ITC Midwest on January 18, 2007, ITC Midwest agreed to purchase IPLís 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.
This press release includes forward-looking statements. These forward-looking statements can be identified as such because the statements include words such as "expectedĒ or other words of similar import. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those currently anticipated. Actual results could be affected by such factors as: the ability to complete the sale of the transmission assets on a timely basis and for anticipated proceeds; the ability of the purchaser of the transmission assets to finance purchase price; the ability to successfully resolve the judicial review action filed by the Office of Consumer Advocate or any future legal action filed with respect to the divestiture. These factors should be considered when evaluating the forward-looking statements and undue reliance should not be placed on such statements. The forward-looking statements included herein are made as of the date hereof and Alliant Energy and IPL undertake no obligation to update publicly such statements to reflect subsequent events or circumstances.
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