Waverly Light and Power(TM) to Install Cooper Power Systems' Fire-Resistant, Environment-Friendly Oil in Substation Transformer; Decision Eliminates Use of Hazardous Petroleum-Based Product in Unit Serving.

DES MOINES, Iowa -- Fourth graph, third sentence of release dated May 30, 2006 should read: In addition, FR3 has the highest flash (626 F) and fire (680 F) points of any fluid currently on the market, which leads to added safety for our workers and the public (sted In addition, FR3 has the highest flash (626 C) and fire (680 F) points of any fluid currently on the market, which leads to added safety for our workers and the public).

The corrected release reads:

WAVERLY LIGHT AND POWER(TM) TO INSTALL COOPER POWER SYSTEMS' FIRE-RESISTANT, ENVIRONMENT-FRIENDLY OIL IN SUBSTATION TRANSFORMER; DECISION ELIMINATES USE OF HAZARDOUS PETROLEUM-BASED PRODUCT IN UNIT SERVING ENTIRE UTILITY DISTRICT

Waverly Light and Power(TM) (WLP), electricity provider to customers in a 33-square-mile area in northeastern Iowa, today confirmed its commitment to be the first Iowa utility to purchase all of its electric transformers with a fire-resistant, biodegradable, vegetable-based coolant made by Cooper Power Systems.

In addition, the utility announced it will retrofill its largest transformer from petroleum-based coolant to the safer soy-based product. This will involve 5,000 gallons of soy-based fluid.

Petroleum-based fluids are flammable at 311 degrees Fahrenheit, costlier to clean up in the case of spills, harmful to the environment and contain known carcinogens.

Cooper Power Systems' Envirotemp(R) FR3(TM) transformer fluid is made

from soybeans, one of the largest agricultural cash crops in the United States. In addition to public safety and environmental benefits, WLP's switch to Envirotemp FR3 fluid will reduce the need for imported petroleum, while supporting soybean farmers in Iowa, one of the nation's top soy-producing states.

"We feel good about supporting Iowa's agricultural system, but the advantages go far beyond that," said Glenn Cannon, general manager, Waverly Light and Power. "Should a spill happen - and spills no doubt will happen - FR3 is biodegradable, environmentally preferred and less expensive to clean up. In addition, FR3 has the highest flash (626 F) and fire (680 F) points of any fluid of any fluid currently on the market, which leads to added safety for our workers and the public."

WLP's announcement follows the Iowa State Legislature's unanimous passing of bill SF-2402 - creating a tax credit for electric utilities that use a soy-based transformer fluid. The tax credit is equal to the cost that a utility would pay to convert from petroleum-based fluid to the soy-based transformer fluid. WLP will apply this tax credit to defray the cost of the conversion of its South Load Center substation transformer.

In the early 1990's, Cooper Power Systems began the development of a vegetable-based transformer oil. In 2004, it partnered with Cargill, Inc., to produce and distribute Envirotemp FR3, designed to enhance transformer performance, increase worker and public safety - due to its very high fire-ignition temperature no transformers with FR3 fluid have caught fire - and improve environmental safety, all essentially lowering costs for utilities. WLP, in conjunction with the University of Northern Iowa's National Ag-Based Lubricants facility, also in Waverly, helped pioneer the development and testing of soy-based transformer fluid in the mid-1990s.

Envirotemp FR3 fluid received the U.S. Environmental Protection Agency's Environmental Technologies Verification, confirming its environmental attributes. In addition, Envirotemp FR3 has shown to be non-toxic, and has the highest EPA classification for biodegradability. Because the fluid also has excellent fire-resistant qualities, Underwriters Laboratories (UL(TM)) and Factory Mutual(R) (FM) allow Envirotemp FR3 transformer installations outdoors and indoors, typically without costly fire protection and insurance devices required of petroleum-filled transformers.

"With a high biodegradability rate and non-toxicity, Envirotemp FR3 can be safely installed in different types of highly populated areas such as neighborhoods, parks and shopping centers, reducing the likelihood of harming the general public or the environment," said Patrick McShane, Cooper Power Systems' dielectric fluids product line manager.

Envirotemp FR3 fluid also enhances the performance and life of a utility's transformer assets. The fluid extends paper insulation life, lowering life-cycle costs. The increased insulation life translates to extended and enhanced transformer life, or the ability to carry higher loads during peak demand periods without leading to premature insulation failure.

"Performance is a key component for transformers," Cannon added. "Solutions like FR3 fluid not only address concerns over our aging utility infrastructure, but also allow for improved performance over petroleum-filled transformers and lower life-cycle costs."

More than 12,000 new and retrofilled transformers in more than 70 municipal and rural electric cooperatives are using Envirotemp FR3 today. Utilities including Alabama Power, Baltimore Gas & Electric, Monroe County (St. Louis, Mo.), Sacramento Municipal Utility District, Seattle City Light and Tipmont REMC (Lafayette, Ind.) are using soy-based fluids on their systems.

Company Information

Waverly Light and Power(TM)

Waverly Light and Power(TM) (WLP) is a City-owned electric utility providing service to 4,500 customers in a 33 square-mile area located in northeastern Iowa, along the scenic Cedar River. WLP is committed to providing quality, reliable, customer-oriented service through continuous improvements in personnel, resources, and efficiency. Waverly Light and Power was the first municipal public power utility to own and operate wind generation in the Midwest, and is continually searching for environmentally friendly, renewable energy sources. For more information, go to www.waverlyia.com or call [phone].

Cooper Power Systems

Cooper Power Systems, Inc. is a subsidiary of Cooper Industries, Ltd. (NYSE:CBE), a diversified worldwide manufacturer of products for the electrical, commercial and industrial markets. Cooper Power Systems manufactures distribution transformers, distribution switchgear, reclosers, capacitors, protective relays, voltage regulators, automated switches, cable accessories, surge arrestors, transformer components and dielectric fluids, fuses and tools and it provides engineering services for the electrical and industrial markets. For more information, go to www.cooperpower.com or call 1-877-CPS-INFO.