Duquesne Light Holdings Shareholders Overwhelmingly Approve Merger With Macquarie Consortium

Pittsburgh-Based Utility Will Maintain Commitment to Service, Reliability, Community Involvement 


PITTSBURGH, Dec. 5  /PRNewswire-FirstCall/ -- Duquesne Light Holdings (NYSE:DQE) shareholders today overwhelmingly approved the proposed merger of the company with a consortium led by Macquarie Infrastructure Partners and Diversified Utility and Energy Trusts.

Of the approximately 75 percent of the 88.6 million outstanding shares represented at the special shareholder meeting, approximately 93 percent voted in favor of the merger.

As part of the merger agreement, Duquesne Light Holdings' headquarters will remain in Pittsburgh and the companies will maintain Duquesne Light's longstanding commitment to service, reliability and community involvement.

"In a consolidating electric utility industry, this partnership with the Macquarie Consortium gives Duquesne Light the best opportunity to maintain our role as a committed, Pittsburgh-based public service provider, a key employer and a long-time community partner in the region while delivering an attractive cash premium to our shareholders," said Morgan K. O'Brien, president and chief executive officer of Duquesne Light.  "We are very pleased to see that our shareholders strongly agree that this is the right transaction at the right time with the right partner for Duquesne Light."

While regulatory review of the transaction by the Public Utility Commission and the Federal Energy Regulatory Commission is in its initial stages, the companies expect a timeline that will allow for approval by June 2007.  The Duquesne Light Holdings Board of Directors and the members of the Macquarie Consortium already have approved the merger.

Under the terms of the agreement, announced July 5, the Macquarie Consortium will acquire all of the outstanding shares of Duquesne Light Holdings for $20 per share in cash, representing a 21.7 percent premium based upon Duquesne Light Holdings' closing share price on July 3, 2006.

About Duquesne Light Holdings

Duquesne Light Holdings is comprised of an electric-utility company and several affiliate companies that complement the core business.  Duquesne Light Company, its principal subsidiary, is a leader in the transmission and distribution of electric energy, offering superior customer service and reliability to more than half a million customers in southwestern Pennsylvania.  For more information, please visit Duquesne Light's website: http://www.duquesnelightholdings.com/ 

DATASOURCE: Duquesne Light Holdings



CONTACT:  Media, Joseph Vallarian, [phone], or Financial

Community, Darrin Duda, CFA, [phone], both of Duquesne Light Holdings



Web site:  http://www.duquesnelightholdings.com/

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