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Great Plains Energy and Black Hills Corporation Close Aquila Transaction

Posted on: Monday, 14 July 2008, 09:01 CDT

RAPID CITY, S.D. and KANSAS CITY, Mo., July 14 /PRNewswire-FirstCall/ -- Black Hills Corp. and Great Plains Energy Incorporated , announced that the formal closing of their asset purchase and merger of Aquila, Inc. is expected to occur at or about 10:00 am Central Time today. It will be effective for legal purposes at that time. It was effective for accounting and operational purposes at 12:01 am Central Time today.

With the closing of the sale, Aquila's natural gas and electric utilities in Colorado, Iowa, Kansas and Nebraska are acquired by Black Hills Corporation. Aquila's Missouri electric utilities, stock and other corporate assets are acquired by Great Plains Energy. Both companies will issue separate news releases with specific details later today.

ABOUT GREAT PLAINS ENERGY

Great Plains Energy, headquartered in Kansas City, Mo., is the holding company for Kansas City Power & Light, a leading regulated provider of electricity in the Midwest. The company's Web site is http://www.greatplainsenergy.com/.

ABOUT BLACK HILLS CORPORATION

Black Hills Corporation is a diversified energy company. Its utility businesses serve western South Dakota, northeastern and southeastern Wyoming, and southeastern Montana. The corporation's non-regulated energy businesses generate electricity, produce natural gas, oil and coal, and market energy. Learn more at http://www.blackhillscorp.com/.

FORWARD-LOOKING STATEMENTS

This news release includes "forward-looking statements" as defined by the Securities and Exchange Commission, or SEC. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. These forward-looking statements are based on assumptions which we believe are reasonable based on current expectations and projections about future events and industry conditions and trends affecting our business. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that, among other things, could cause actual results to differ materially from those contained in the forward-looking statements, including the risk factors described in Item 1A of Part I of our 2007 Annual Report on Form 10-K filed with the SEC, Item 1A of Part II of our March 31, 2008 Quarterly Report on Form 10-Q, and the following:

* Any action taken by the interveners in the Missouri Public Service Commission proceeding regarding the approval of the merger of Aquila and Great Plains Energy intended to delay, disrupt or prevent the closing of the transaction. * Other factors discussed from time to time in our other filings with the SEC.

New factors that could cause actual results to differ materially from those described in forward-looking statements emerge from time to time, and it is not possible for us to predict all such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. We assume no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events, or otherwise.

Black Hills Corporation; Great Plains Energy Incorporated

CONTACT: Investors, Ellen Fairchild, director of investor relations,+1-816-556-2083, ellen.fairchild@kcpl.com, or Media, Matt Tidwell, director ofcorporate communications, +1-816-556-2069, matt.tidwell@kcpl.com, both ofGreat Plains Energy; or Investors, Jason Ketchum, director of investorrelations, +1-605-721-2765, jason.ketchum@blackhillscorp.com, or Media,Barbara Zar, director of government relations, +1-605-721-2366,bzar@blackhillscorp.com, both of Black Hills Corporation

Web site: http://www.blackhillscorp.com/http://www.greatplainsenergy.com/

Source: PRNewswire-FirstCall

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