MADISON, Wis., July 5, 2005 (PRNewswire-FirstCall) — Alliant Energy Corporation signed definitive agreements yesterday with Rock County Electric Cooperative Association (RCECA) and Jo-Carroll Energy (JCE) to purchase the company’s domestic utility distribution assets in Illinois. Alliant Energy is selling its Illinois utility properties for approximately $47 million.
RCECA will purchase the electric and natural gas distribution assets of South Beloit Water, Gas and Electric (SBWG&E), a wholly owned subsidiary of Wisconsin Power and Light Company, an Alliant Energy company. This acquisition includes all SBWG&E electric and natural gas service territory in the Illinois counties of Boone, McHenry, Stephenson and Winnebago.
JCE will purchase the electric and natural gas distribution assets of Interstate Power and Light Company (IP&L) in the state of Illinois. IP&L is a wholly owned subsidiary of Alliant Energy. This acquisition includes all IP&L electric and natural gas service territory in the Illinois counties of Jo Daviess, Carroll and Whiteside.
Alliant Energy announced its intention to sell its Illinois utility operations last year as part of its overall strategic plan to streamline its business portfolio. “Alliant Energy is firmly focused on effective and efficient operations of our domestic utility operations,” says Bill Harvey, president and chief executive officer. “Selling our Illinois assets is consistent with our strategy to narrow our business portfolio to operations that contribute to meaningful earnings. We’re confident that our Illinois customers will benefit from these transactions as well. The new owners are experienced utility operators in these Illinois locations, and are committed to continuing to provide safe, reliable and efficient service.”
The transactions announced are expected to close in 2006 upon completion of all regulatory approvals.
About Alliant Energy [ www.alliantenergy.com ]
Alliant Energy Corporation is an energy-services provider with subsidiaries serving more than three million customers. Providing its customers in the Midwest with regulated electricity and natural gas service remains the company’s primary focus. Alliant Energy’s domestic utility subsidiaries, Interstate Power and Light and Wisconsin Power and Light, serve 982,000 electric and 416,000 natural gas customers.
Other business platforms include the international energy market and non-regulated domestic generation. Alliant Energy, headquartered in Madison, Wis., is a Fortune 1000 company traded on the New York Stock Exchange under the symbol LNT.