Alliant Energy Completes Sale of All Pipeline Systems
Posted on: Wednesday, 26 April 2006, 18:00 CDT
MADISON, Wis., April 26 /PRNewswire-FirstCall/ -- Alliant Energy Corporation announced today Industrial Energy Applications Delaware, Inc. (IEA), a wholly owned subsidiary of Alliant Energy, closed on the sale of its interest in two natural gas gathering pipeline systems, Oakhill Pipeline L.P., and Alliant Energy Desdemona Pipeline L.P. to OGS Pipeline, LLC on Tuesday, April 25, 2006. IEA had previously completed an asset sale of ASTP Pipeline, an oil gathering pipeline, on December 30, 2005 to Arrowhead Gathering Company, L.P. Alliant Energy's interest in the three pipeline systems were sold for approximately $25 million.
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"We evaluated our interest in these pipelines and determined the sale of these assets was in the best interest of our shareowners," said Bill Harvey, President and Chief Executive Officer of Alliant Energy. "I am happy to announce we have now sold all three pipelines included in this non-core business platform, and the fact that we were able to derive value from these investments."
Oakhill Pipeline is a Texas limited partnership formed in April 1997 that owns a gas pipeline system north of Houston. Oakhill Pipeline gathers and transports gas to interstate and intrastate pipelines. Alliant Energy Desdemona Pipeline is a Texas limited partnership formed in January 2000 that owns a gas gathering system and processing plant located west of Dallas, Texas. ASTP pipeline is a Texas limited partnership formed in May of 1999 that owns and operates an oil gathering pipeline system in South Texas.
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 electricity and natural gas service is the company's primary focus. Alliant Energy's domestic utility subsidiaries, Interstate Power and Light and Wisconsin Power and Light, serve 990,000 electric and 419,000 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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Alliant Energy Corporation
CONTACT: Media Contact, Scott R. Smith, +1-608-458-3924, or InvestorRelations, Becky Johnson, +1-608-458-3267, both of Alliant Energy Corporation
Web site: http://www.alliantenergy.com/
Source: PRNewswire-FirstCall
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