MADISON, WI, Jan. 24, 2005 (PRNewswire-FirstCall) -- The city of Ripon and Wisconsin Power and Light Company (WP&L), a subsidiary of Alliant Energy Corp., finalized a purchase agreement today after working out terms and conditions of the sale of the water utility serving the Ripon area. The city will purchase the water utility from WP&L for approximately $4.9 million.
"The city wishes to thank WP&L for its efforts throughout negotiations and during the transition process," says Ripon City Administrator Steve Barg. "We are excited about owning the water utility and we pledge to provide quality service to our customers, now and in the future."
WP&L is exiting the water business after making the strategic decision in 2002 to focus on increased investments in electric and natural gas infrastructure that provide greater benefit and potential returns. The utility offered the City of Ripon the first opportunity to purchase the water system serving that location.
"WP&L has been providing utility service to the City of Ripon for more than 100 years and we're committed to a continuing energy partnership with this community," says Rick Potter, director of asset care at Alliant Energy. "We appreciate the hard work and professionalism of all those involved in negotiating this transaction and look forward to being an energy partner in Ripon's future growth for years to come."
The purchase agreement will now be submitted to the Public Service Commission of Wisconsin. Pending regulatory approval, the transfer of ownership is expected to take place within three to four months.
About Alliant Energy
Alliant Energy Corp. (www.alliantenergy.com), of Madison, Wis., 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. Wisconsin Power and Light, the company's Wisconsin utility subsidiary, serves 437,000 electric and 173,000 natural gas customers. Other business platforms include the international energy market and non-regulated domestic generation.
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