PUC approves Duquesne Light Holdings merger agreement with Macquarie-Led Consortium

Pittsburgh, PA, April 25, 2007 — The Pennsylvania Public Utility Commission unanimously approved a definitive merger agreement between Duquesne Light Holdings and a consortium led by Macquarie Infrastructure Partners and The DUET Group.

In February, various parties involved in the PUC review of the merger filed a settlement agreement with the commission. Among those joining Duquesne Light Holdings and the Macquarie Consortium in signing the agreement were the state consumer advocate, the state small business advocate, a group of Duquesne Light industrial customers, the PUC office of trial staff, and various energy generation suppliers.

Under the terms of the agreement, the Macquarie Consortium will acquire all of the outstanding shares of Duquesne Light Holdings for $20 per share in cash, representing a 21.7 percent premium based on Duquesne Light Holdings’ closing share price on July 3, 2006. Duquesne Light Holdings’ headquarters will remain in Pittsburgh and the companies will maintain Duquesne Light’s longstanding commitment to service, reliability and community involvement. Closing of the deal is expected within 45 days.

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