AT Atlantic Power Corporation

Alltel (NYSE:AT) today announced that it will issue approximately 24.5 million shares of its common stock on May 17, 2005 in settlement of the purchase contracts that are a component of its equity units (NYSE:AYZ). There are 27,699,300 purchase contracts outstanding and each purchase contract obligates the holder to purchase 0.8855 of a newly issued share of Alltel common stock for $50. The settlement rate of 0.8855 was determined based on the average closing price per share of Alltel's common stock for the 20 consecutive trading days that ended May 12, 2005. Upon settlement of the purchase contracts on May 17, 2005, Alltel will receive cash proceeds of approximately $1.385 billion. The settlement will complete Alltel's obligations under the equity units. Alltel is a customer-focused communications company with more than 13 million customers and $8 billion in annual revenues. Alltel provides wireless, local telephone, long-distance and broadband services to residential and business customers in 27 states. Cautionary statement regarding forward-looking statements. This news release includes certain forward-looking statements regarding the equity units. Alltel claims the protection of the safe-harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to uncertainties that could cause actual future events and results to differ materially from those expressed in the forward-looking statements. These forward-looking statements are based on estimates, projections, beliefs, and assumptions and are not guarantees of future events and results. Actual future events and results may differ materially from those expressed in these forward-looking statements as a result of a number of important factors which are detailed in Alltel's Annual Report on Form 10-K for the year ended December 31, 2004. Alltel, NYSE: AT www.alltel.com