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News & Events
Alliant Energy Sells Cogenex Energy Services Business to Constellation Subsidiary:
04/18/2005
MADISON, WI – PRNewswire-FirstCall/ -- Alliant Energy Corp. (NYSE: LNT) announced today it successfully completed the sale of its energy services business to Constellation Energy Projects & Services Group, Inc., a subsidiary of Constellation Energy (NYSE: CEG) of Baltimore, Md. Cogenex Corp. and Energy Performance Services, Inc. (collectively Cogenex), primarily based in Lowell, Mass., were part of Alliant Energy Resources, Inc.'s (AER) Integrated Services Co. (ISCO) business platform. The Cogenex sale will result in net cash proceeds of approximately $35 million, which will be available to AER for debt reduction. In July of 2004, Alliant Energy announced plans to divest certain ISCO businesses, citing continued efforts to narrow its strategic focus to primarily domestic utility operations. With the sale of ISCO's NG Energy Trading and energy management business in 2004, the Cogenex sale completed the three ISCO divestitures announced last year. "The sale of Cogenex is consistent with Alliant Energy's efforts to continue to narrow our business scope and concentrate on those investment opportunities now available in our core domestic utility operations," said Eliot Protsch, Alliant Energy senior executive vice president and chief financial officer. Cogenex brings a strong reputation for energy services excellence to the Constellation Energy Projects & Services Group, which provides customized energy solutions to government and large commercial and industrial customers. "The addition of Cogenex significantly increases the scale and capabilities of Constellation Energy Projects & Services Group," said Gregory S. Jarosinski, president, Projects and Services Group. "They add to our already complete portfolio and enhance our ability to deliver comprehensive energy services to customers across the government, institutional, commercial and industrial sectors." Alliant Energy Corporation 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. Alliant Energy's domestic utility subsidiaries, Wisconsin Power and Light and Interstate Power and Light, serve 977,000 electric and 413,000 natural gas customers. Other business platforms include the international energy market and non-regulated domestic generation. Alliant Energy, headquartered in Madison, Wis., is a Fortune 1000 company traded on the New York Stock Exchange under the symbol LNT. For more information, visit the company's Web site at www.alliantenergy.com. |
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