DQE Duquesne LT Hldgs

Headquarters to Remain in Pittsburgh; Decision Reflects Wide Range of Stakeholder Support PITTSBURGH, April 24 /PRNewswire-FirstCall/ -- The Pennsylvania Public Utility Commission today unanimously approved a definitive merger agreement between Duquesne Light Holdings (NYSE:DQE) and a consortium led by Macquarie Infrastructure Partners and The DUET Group. In February, various parties involved in the PUC review of the merger filed a settlement agreement with the Commission. Among those joining Duquesne Light Holdings and the Macquarie Consortium in signing the agreement were the state consumer advocate, the state small business advocate, a group of Duquesne Light industrial customers, the PUC office of trial staff, and various energy generation suppliers. "Thanks to the PUC, and the many stakeholders who signed on to the settlement agreement, Duquesne Light will be part of the Pittsburgh region for years to come," said Morgan K. O'Brien, president and chief executive officer of Duquesne Light. "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 and a long-time community partner. It is gratifying that the Commission and these key stakeholders -- representing a broad range of our customers -- see the benefits of this partnership." Under the terms of the agreement, 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 on Duquesne Light Holdings' closing share price on July 3, 2006. Duquesne Light Holdings' headquarters will remain in Pittsburgh and the companies will maintain Duquesne Light's longstanding commitment to service, reliability and community involvement. Closing of the deal is expected within 45 days. However, O'Brien emphasized that the change in ownership will be invisible to its 587,000 customers. "The Duquesne Light logo will remain on the city skyline, Duquesne Light trucks will continue to roll down the streets of local communities, and Duquesne Light employees, who live in the Pittsburgh area, will continue to provide the region reliable, safe and efficient electric service," he added. About Duquesne Light Holdings Duquesne Light Holdings is comprised of an electric-utility company and 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 Holdings' website: http://www.duquesnelightholdings.com/ About the Macquarie Consortium The Macquarie Consortium is led by Macquarie Infrastructure Partners and The DUET Group. The Consortium also includes Industry Funds Management Pty Ltd, an Australian infrastructure investment fund, and other institutional investors. Macquarie Infrastructure Partners (MIP), headquartered in New York, is managed by a member of the Macquarie group. MIP is a diversified unlisted fund focusing on infrastructure investments in North America. The fund's current investments include a committed majority equity stake in Aquarion Company, a regulated New England water utility operating in Connecticut, Massachusetts, New Hampshire and New York state, two Canadian port terminals and interests in four toll roads in the United States. The DUET Group (DUET), listed on the Australian Stock Exchange (ASX:DUE), is managed under a 50:50 joint venture between Macquarie Bank Limited and AMP Limited. DUET has majority ownership in some of Australia's key, regulated energy utility businesses. These include regional electricity (United Energy Distributors) and gas (Multinet) distribution businesses in the state of Victoria, as well as Western Australia's Dampier to Bunbury gas transmission pipeline, that state's key gas infrastructure asset. DUET also has a minority stake in Western Australia's largest gas distributor, AlintaGas Networks. For more information, visit http://www.duet.net.au/. About Macquarie The Macquarie group is one of the world's largest owners and managers of infrastructure assets, managing over $37 billion of equity invested in infrastructure and essential service assets around the world through a range of listed and unlisted vehicles. Important community infrastructure investments managed by Macquarie include assets in the energy transmission and distribution, water, transportation, airport, social infrastructure and telecommunications sectors. Macquarie has significant experience managing numerous regulated energy and utility investments around the world. In the United States, Macquarie's energy and utility investments to date include: Aquarion Company, a New England water utility (pending financial close); The Gas Company, a Hawaiian full-service gas company; Thermal Chicago, district energy assets located in Chicago and Las Vegas; Path 15, an upgrade of Southern California's electricity transmission grid; and Michigan Electric Transmission Company, an electric transmission company in Michigan, among others. Transfer of Duquesne Light Holdings Shareholder Certificates Wells Fargo Shareowner Services has been selected to serve as the paying agent for the $20 per share merger consideration. Following the closing, shareholders will be contacted directly by Wells Fargo. -- A check will be mailed to the address of record of shareholders holding shares in the company's dividend reinvestment and stock purchase plan or whose shares are held electronically, in book entry. No further action is required by those shareholders. -- Shareholders who physically possess common stock certificates bearing the name Duquesne Light Holdings, DQE and/or Duquesne Light Company will receive instructions from Wells Fargo on how to exchange those certificates for the merger consideration. DATASOURCE: Duquesne Light Holdings CONTACT: Media, Joseph Vallarian, +1-412-232-6848; or Financial Community, Darrin Duda, CFA, +1-412-393-1158, both of Duquesne Light Holdings Web site: http://www.duet.net.au/. http://www.duquesnelightholdings.com/

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