Northern Border Partners, L.P. Completes Purchase of Interests in Guardian Pipeline, L.L.C.

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May 1, 2006

Northern Border Partners, L.P. (NYSE:NBP) announced today that it completed its previously announced purchase of the additional 66 2/3 percent interests in Guardian Pipeline, L.L.C. (Guardian) for approximately $77 million. Wisconsin Energy Corporation (NYSE:WEC) and a subsidiary of WPS Resources Corporation (NYSE:WPS) each held 33 1/3 percent interest in the pipeline. Northern Border Partners, through its subsidiaries, now owns 100 percent of Guardian.

Guardian Pipeline is a 143-mile interstate natural gas pipeline system that began service in December 2002. It has the capacity to transport 750,000 dekatherms per day (Dth/d) of natural gas from Joliet, Ill., to Ixonia, Wisc.

"Completion of this acquisition adds a number of strategic benefits to the partnership, including additional fee-based revenue under long-term contracts," said David Kyle, chairman and chief executive officer of Northern Border Partners.

As a result of the acquisition, Guardian's financial results now will be consolidated and reported in the Partnership's interstate pipeline segment instead of reflected as an equity investment in an unconsolidated affiliate.

On February 7, 2006, Guardian announced that it will expand and extend the existing pipeline approximately 106 miles from Ixonia to the Green Bay area, bringing much-needed new pipeline infrastructure to eastern Wisconsin. The expansion and extension project, referred to as Guardian II, would bring an additional 537,200 Dth/d of capacity to eastern Wisconsin. Capital costs are estimated to range between $220 million and $240 million, and construction would begin after approval by the Federal Energy Regulatory Commission, which is expected in late 2007. The project is targeted for completion in November 2008. The partnership is currently engaged in the FERC's pre-filing process for the project and anticipates filing an application with the FERC this fall.


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