Alliant Energy-IPL Receives Approval for Sale of Transmission Assets
Posted on: Friday, 21 December 2007, 09:00 CST
Electricity utility group Alliant Energy's subsidiary Interstate Power and Light Company has received an oral approval from the Minnesota Public Utilities Commission regarding the sale of its transmission assets to ITC Midwest, a subsidiary of ITC Holdings.
In its decision, the Minnesota Public Utilities Commission (MPUC) has stated that the sale of the transmission assets will benefit Interstate Power and Light's (IPL) 44,000 Minnesota electric customers.
With the MPUC's decision, IPL has received all appropriate state and federal regulatory approvals. The Federal Trade Commission had earlier completed its review of the sale. IPL has previously received regulatory approval from the Missouri Public Service Commission, the Iowa Utilities Board, the Illinois Commerce Commission and the Federal Energy Regulatory Commission.
As part of the sale agreement signed by IPL and ITC Midwest, the latter agreed to purchase IPL's transmission assets, including approximately 6,800 miles of 34.5kV and above transmission lines, substation facilities and transmission land rights, for approximately $750 million.
Tom Aller, president of IPL, said: "Our company appreciates the MPUC's diligence regarding this proposed transaction. 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."
Source: Datamonitor
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