Interstate Power and Light Co. has received an oral decision from the Illinois Commerce Commission regarding the sale of the company's transmission assets to ITC Midwest LLC.
In its oral decision, the ICC voted unanimously to approve the sale transaction. The written order, which is expected soon, will provide additional details concerning the decision.
In May 2007, the Federal Trade Commission completed its review of the sale and terminated the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. In August, IPL received regulatory approval from the Missouri Public Service Commission. In September, the Iowa Utilities Board issued an order allowing the sale to move forward. The company is awaiting final decisions from the Federal Energy Regulatory Commission (FERC) and the Minnesota Public Utilities Commission (MPUC).
Pending all appropriate state and federal regulatory approvals and satisfaction of other closing conditions, the transaction is expected to be concluded in late fourth quarter 2007.
"The ICC's decision supports our position that the sale of our company's transmission assets will enhance economic development opportunities, including our growing renewable energy industry, throughout the region," says Tom Aller, President-IPL. "ITC Midwest is committed to providing the transmission infrastructure necessary to maximize our renewable energy potential."
As part of the sale agreement signed by IPL and ITC Midwest on Jan. 18, 2007, ITC Midwest agreed to purchase IPL's transmission assets, including approximately 6,800 miles of 34.5 kV and above transmission lines, substation facilities and transmission land rights, for approximately $750 million, subject to various adjustments at closing.