RAPID CITY, S.D. and KANSAS CITY, Mo., March 10, 2008 (PRIME NEWSWIRE) -- Black Hills Corporation (NYSE:BKH), Great Plains Energy, Incorporated (NYSE:GXP) and Aquila, Inc. (NYSE:ILA) today announced that the Kansas Corporation Commission has approved the proposed acquisition by Black Hills of Aquila's natural gas utility assets and related operations in the state of Kansas. The Kansas Corporation Commission also approved the proposed acquisition by Great Plains Energy of Aquila.
David R. Emery, Chairman, President and CEO of Black Hills Corporation, said, "We are pleased to have the approval of our transaction in Kansas. We appreciate the substantial efforts of the commissioners, the commission staff and the Citizens Utility Rate Board during the regulatory review process leading to our purchase of Aquila's Kansas natural gas utility assets. We are excited to join with the employees of Aquila in providing quality service to customers in Kansas."
"We are pleased to have received transaction approval in Kansas and look forward to receiving our final approval in Missouri. We are one step closer to forming a strong, regional utility that will provide numerous benefits for customers, the communities, and our shareholders," said Mike Chesser, Chairman and CEO, Great Plains Energy.
With the approvals in Kansas, Black Hills and Aquila have obtained all the necessary regulatory approvals pertaining to the Black Hills purchase of Aquila's utility properties in Iowa, Nebraska, Kansas and Colorado. To close the proposed transaction, Great Plains Energy and Aquila need to obtain regulatory approval from the Missouri Public Service Commission.
ABOUT BLACK HILLS CORPORATION
Black Hills Corporation is an integrated energy company. Our utility businesses are Black Hills Power, an electric utility serving western South Dakota, northeastern Wyoming and southeastern Montana; and Cheyenne Light, Fuel & Power, an electric and gas distribution utility serving the Cheyenne, Wyo., vicinity. Black Hills Energy, our wholesale energy business unit, generates electricity, produces natural gas, oil and coal, and markets energy. More information on Black Hills is available at www.blackhillscorp.com.
ABOUT GREAT PLAINS ENERGY
Great Plains Energy, headquartered in Kansas City, Mo., is the holding company for Kansas City Power & Light, a leading regulated provider of electricity in the Midwest, and Strategic Energy, LLC, a competitive electricity supplier. The company's Web site is www.greatplainsenergy.com.
ABOUT AQUILA
Based in Kansas City, Mo., Aquila owns electric power generation and operates electric and natural gas transmission and distribution networks serving approximately 900,000 customers in Colorado, Iowa, Kansas, Missouri and Nebraska. More information on Aquila is available at www.aquila.com.
The Aquila, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=1753
Forward Looking Statements. This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are subject to risks and uncertainties. The factors that could cause actual results to differ materially from these forward-looking statements include those discussed herein as well as those discussed in (1) Great Plains Energy's 2007 Annual Report on Form 10-K in (a) Item 1A. Risk Factors, (b) Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, (c) Note 2 to Item 8. Consolidated Financial Statements and Supplementary Data, and (d) other factors discussed in filings with the Securities and Exchange Commission (SEC) by Great Plains Energy. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. Great Plains Energy does not undertake any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this news release.