CU Inc. Announces Debenture Issues

CALGARY, ALBERTA--(Marketwire - May 21, 2008) - CU Inc. announced today that it will issue $200,000,000 of 5.580% Debentures maturing on May 26, 2038, at a price of $100.00 to yield 5.580% and $125,000,000 of 5.563% Debentures maturing on May 26, 2028, at a price of $100.00 to yield 5.563%. These issues were sold by BMO Nesbitt Burns Inc., RBC Dominion Securities Inc. and TD Securities Inc. Proceeds from the issues will be used to finance capital expenditures, to repay existing indebtedness, and for other general corporate purposes of ATCO Electric Ltd. and ATCO Gas and Pipelines Ltd.

CU Inc. is a wholly owned subsidiary of Canadian Utilities Limited, part of the ATCO Group of companies. CU Inc. is an Alberta based corporation with assets of approximately $4.9 billion and more than 3,700 employees and is comprised of two main business segments: Utilities (natural gas and electricity transmission and distribution) and Power Generation. More information about CU Inc. can be found on the Canadian Utilities Limited website at

Forward-Looking Information:

Certain statements contained in this news release may constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "plan", "expect", "may", "will", "intend", "should", and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Corporation believes that the expectations reflected in the forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon.

The Corporation's actual results could differ materially from those anticipated in these forward-looking statements as a result of regulatory decisions, competitive factors in the industries in which the Corporation operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Corporation.

The forward-looking statements contained in this news release represent the Corporation's expectations as of the date hereof, and are subject to change after such date. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.

CU Inc.
K.M. (Karen) Watson
Senior Vice President & Chief Financial Officer
(403) 292-7502