Altalink, L.P.

NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR:  ALTALINK

SEPTEMBER 21, 2004 - 19:00 ET

AltaLink, L.P. Releases First Quarter Results

CALGARY, ALBERTA--(CCNMatthews - Sept. 21, 2004) -  

NOT FOR DISSEMINATION IN THE UNITED STATES 

AltaLink, L.P., Alberta's largest electric transmission services 
provider, reported today pre-tax net income of $8.9 million on 
total revenue of $41.7 million, for the first quarter ended July 
31, 2004 compared to pre-tax net income of $4.8 million on total 
revenue of $34.2 million for the same period last year. 

Pre-tax net income for the quarter ended July 31, 2004 was $4.1 
million higher than the quarter ended July 31, 2003. The 
difference results mainly from a one-time adjustment made in the 
quarter ended July 31, 2003, to account for the tariff revenue 
reductions imposed by the Alberta Energy and Utilities Board in 
Decision 2003-061. 

AltaLink, L.P. is a Partnership and is not itself subject to 
income tax. The liability for payment of income tax and federal 
large corporation tax in respect of AltaLink's activities is 
borne by the partners. Accordingly, the net income reported above 
is pre-tax, and so not directly comparable with net income 
reported by companies that recognize tax expense in their 
financial statements. 

AltaLink's full financial results and management's discussion and 
analysis for the first quarter ending July 31, 2004 can be found 
on AltaLink's website at www.altalink.ca or on SEDAR, at 
www.sedar.com. 

AltaLink, Canada's only fully independent transmission company is 
responsible for the maintenance and operation of approximately 
11,850 kilometres of transmission lines and approximately 260 
substations in Alberta. Serving 85 per cent of Alberta's 
population, AltaLink is moving forward to provide a transmission 
system that will continue to meet the growing electricity needs 
of Albertans. 

This news release does not constitute an offer to sell or the 
solicitation of an offer to buy AltaLink's securities in any 
jurisdiction, including but not limited to, the United States. 
AltaLink's securities have not been and will not be registered 
under the United States Securities Act of 1933, as amended (the 
"U.S. Securities Act"), or any state securities laws and may not 
be offered or sold in the United States except in certain 
transactions exempt from the registration requirements of the 
U.S. Securities Act and applicable state securities laws. 

Except for the historical and present factual information 
contained herein, the matters set forth in this news release, 
including words such as "expects", "projects", "plans", 
"anticipates" and similar expressions, are forward-looking 
information that represents management of AltaLink's internal 
projections, expectations or beliefs concerning, among other 
things, future operating results and various components thereof 
or the economic performance of AltaLink. The projections, 
estimates and beliefs contained in such forward-looking 
statements necessarily involve known and unknown risks and 
uncertainties, which may cause AltaLink's actual performance and 
financial results in future periods to differ materially from any 
projections of future performance or results expressed or implied 
by such forward-looking statements. These risks and uncertainties 
include, among other things, those described in AltaLink's 
filings with the Canadian securities authorities. Accordingly, 
holders of AltaLink securities and potential investors are 
cautioned that events or circumstances could cause results to 
differ materially from those predicted. AltaLink disclaims any 
responsibility to update these forward-looking statements. 

AltaLink Management Ltd. is the general partner of AltaLink, 
L.P., a limited partnership organized under the laws of Alberta. 

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