ITC Midwest, LLC has received verbal approval from the Iowa Utilities Board (IUB) to purchase the transmission assets of Interstate Power and Light Co. (IPL) in Iowa. ITC Midwest is a subsidiary of ITC Holdings Corp. and IPL is a subsidiary of Alliant Energy Corp.

In its oral decision, the IUB closed the docket and determined that the sale of IPL's transmission assets to ITC Midwest was not detrimental to IPL's Iowa electric customers or to the public interest. The IUB decision, likely to be issued as a written order in the near future, clears another regulatory requirement in ITC Midwest's pursuit of owning, operating and maintaining the transmission infrastructure that serves all of Iowa, as well as parts of Minnesota, Missouri and Illinois.

ITC Midwest and IPL signed an agreement in January 2007 to transfer 6800 miles (10,944 km) of 34.5-kV and above transmission lines, substation facilities and transmission land rights in Iowa, Missouri, Minnesota and Illinois from IPL to ITC Midwest ownership. The sale is valued at US$750 million (subject to various adjustments). ITC Midwest and IPL expect to complete this transaction by the end of the year, pending approval by the Federal Energy Regulatory Commission, the Illinois Commerce Commission and the Minnesota Public Utilities Commission.