Interstate Power and Light, an Alliant Energy company, has received approval from the Illinois Commerce Commission regarding the sale of the company's transmission assets to ITC Midwest, a subsidiary of ITC Holdings.
The Illinois Commerce Commission (ICC) voted unanimously to approve the sale transaction. The written order, which is expected soon, will provide additional details concerning the decision.
Pending all appropriate state and federal regulatory approvals and the satisfaction of other closing conditions, the transaction is expected to be concluded late in the fourth quarter of 2007.
As part of the sale agreement signed by IPL and ITC Midwest, the latter agreed to purchase IPL’s transmission assets, including approximately 6,800 miles of transmission lines of 34.5kV and above, substation facilities and transmission land rights for approximately $750 million.
Tom Aller, president of IPL, said: 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. ITC Midwest is committed to providing the transmission infrastructure necessary to maximize our renewable energy potential.