CARMEL, IN - Wednesday, March 10, 2004 Indiana Gov. Joe Kernan today announced a $150 million expansion for Carmel's Midwest Independent Transmission System Operator Inc. (Midwest ISO), which will create more than 300 new jobs over the next five years.

"The state and the city of Carmel are providing more than $7 million in
incentives to Midwest ISO to assist with the expansion and the creation of more than 300 new high-skill, high-wage jobs for Hoosiers," Kernan said. "This organization is an exceptional Hoosier business that is committed to Indiana and continues to fuel our economy."

Both Kernan and Carmel Mayor Jim Brainard toured the Midwest ISO headquarters on Wednesday, seeing first-hand how the organization monitors
electric reliability throughout a 15-state region that stretches from Pennsylvania to Nebraska and from Tennessee to the Canadian province of
Manitoba.

Brainard lauded the non-profit organization's commitment to Carmel.

"We're extremely pleased that the Midwest ISO will continue to call Carmel home," said Brainard. "We are committed to providing an environment in which business can thrive, and will continue to do all we can to help them expand their presence here."

Jim Torgerson, president and CEO for Midwest ISO, said that since the
company moved into its Carmel offices in 2001, it has created 266 new jobs
with an annual payroll of $23 million.

"We're glad to be here," Torgerson said. "The state and city have treated
us very well."

Kernan and Brainard discussed a variety of loans, grants and other
economic incentives the state and local governments are offering the Midwest
ISO.

"Economic development is a team effort that not only requires collaboration among state and local entities, it also requires collaboration among state agencies," Kernan said.

"In this case, the state's Department of Commerce, Department of
Workforce Development and the Indiana Development Finance Authority
worked together to maximize our competitiveness and establish a united front
in creating and retaining these good-paying jobs for hard-working Hoosiers."

Kernan announced more than $6 million in state incentives to support
the project, including::

• Up to $5.5 million in Economic Development for a Growing Economy
  income tax credits. The tax credits will be payable to the Midwest ISO
  during the next six years based on new job creation in Indiana that
  meets wage targets;
  • Up to $500,000 in Skills Enhancement Fund training grants over
    the next two to four years to train new and existing employees;
  • Up to $50,000 in Technology Enhancement Certification for
    Hoosiers Fund training grants to pay for technical certifications to be earned by existing and new employees;
  • A $200,000 Energy Efficiency Grant from the U.S. Department of
    Energy secured by Commerce's Energy and Recycling Office; and
  • $32,100 from the Indiana Department of Workforce Development to support Midwest ISO's participation in Indiana@Work, Gov. Kernan's newest job growth and retention tool. Funding will provide for skill profiles and applicant assessments related to the hiring of new employees.

In addition, the Indiana Development Finance Authority has agreed to forgive up to $500,000 of a new 10-year, $2 million low-interest loan to the company, subject to certain economic goals. IDFA also is forgiving the
remaining $395,000 of an original low-interest loan to the company.

Incentives from the city of Carmel include:

• A 10-year property tax abatement of up to, but not to exceed,
  $1.4 million on new or expanded facilities estimated to cost
  $15 million; and
• Highway infrastructure improvements investments that benefit the
  Midwest ISO expansion.

For more information on the state's job growth and retention programs,
call the Indiana Department of Commerce at 800-463-8081 or visit the Web site at www.indianacommerce.com. For more information about the Midwest ISO, please visit www.midwestiso.org

About Midwest ISO
The Federal Energy Regulatory Commission approved the Midwest ISO as the nation's first Regional Transmission Organization (RTO) on December 20, 2001. Midwest ISO, in its role as an RTO, monitors electric reliability throughout much of the Midwest - an area that encompasses more than 96,000 miles of interconnected high voltage transmission lines in 15 states and one Canadian province. Midwest ISO is responsible for coordinating the operation of the wholesale electric transmission system and ensuring fair access to the grid.

Reporters' contacts:

Governor's Office, Tina Noel or Jonathan Swain, 317-232-4578
Midwest ISO, Gary Rasp, 317-432-4507 or Colleen Matthews, 317-432-3787
Indiana Department of Commerce, Angie Dye, 317-232-2464