WPS Resources and Peoples Energy Merger Receives Verbal Approval from the Public Service Commission of Wisconsin; Companies soon
February 08 2007 - 12:28PM
PR Newswire (US)
GREEN BAY, Wis., Feb. 8 /PRNewswire-FirstCall/ -- WPS Resources
Corporation (NYSE:WPS) and Peoples Energy Corporation (NYSE:PGL)
today announced that the Public Service Commission of Wisconsin
(PSCW) has given its verbal approval to the proposed merger of the
companies, first announced on July 10, 2006. The transaction will
close following the Commission's written order, which is expected
to be issued February 16, 2007. Once the legal close is complete,
the new company will be known as Integrys Energy Group, Inc., and
will trade on the New York Stock Exchange under the symbol TEG.
"The PSCW's approval is the final one required to make our merger a
reality," said Larry L. Weyers, Chairman, President and CEO of WPS
Resources, who will lead Integrys. "After months of work and
anticipation, we are ready to roll up our sleeves and combine the
companies into a world-class organization. We intend to continue
the positive work the two companies have been doing, so that
consumers, employees and shareholders may share the benefits of our
merger." The combined company will have total assets of about $10.3
billion and its market capitalization exceeds $4.0 billion. On the
regulated side, the company will have more than 1.6 million natural
gas customers and more than half a million electric customers, with
operations in Illinois, Wisconsin, Michigan and Minnesota. On the
nonregulated side, Integrys Energy Services will provide energy
marketing services in Texas, the midwest and northeast United
States and parts of Canada. Integrys also owns Peoples Energy
Production, a natural gas exploration and production company
headquartered in Houston, Texas. The combination of the companies
will enable benefits for customers, shareholders and employees, in
the form of efficiencies and operating effectiveness across the
corporate, shared services, regulated and nonregulated operating
areas. The regulated utilities will maintain their corporate names
in each of the company's service territories. About WPS Resources
Corporation WPS Resources (NYSE:WPS), based in Green Bay,
Wisconsin, is a holding company with five major subsidiaries
providing electric and natural gas energy and related services in
both regulated and nonregulated energy markets. Its largest
subsidiary is Wisconsin Public Service Corporation, a regulated
electric and natural gas utility serving northeastern Wisconsin and
a portion of Michigan's Upper Peninsula. Wisconsin Public Service
serves more than 425,000 electric customers and 308,000 natural gas
customers. Minnesota Energy Services Corporation is a regulated
natural gas utility serving more than 200,000 customers throughout
Minnesota. Michigan Gas Utilities Corporation is a regulated
natural gas utility serving 161,000 customers in lower Michigan.
Another subsidiary, Upper Peninsula Power Company, is a regulated
electric utility that serves approximately 52,000 electric
customers in Michigan's Upper Peninsula. WPS Resources' major
nonregulated subsidiary consists of WPS Energy Services, Inc., a
diversified nonregulated energy supply and services company serving
commercial, industrial and wholesale customers and aggregated
groups of residential customers. Its principal market is the
northeast quadrant of the United States and adjacent portions of
Canada. Its principal operations are in Illinois, Maine, Michigan,
Ohio, Texas, Virginia, and Wisconsin in the United States and
Alberta, Ontario, and Quebec in Canada. WPS Energy Services also
owns and/or operates nonregulated electric generation facilities.
Visit the WPS Resources Web site at http://www.wpsr.com/ for
additional information. About Peoples Energy Peoples Energy,
(NYSE:PGL) a member of the S&P 500, is a diversified energy
company consisting of three primary business segments: Gas
Distribution, Oil and Gas Production, and Energy Marketing. Peoples
Gas and North Shore Gas, regulated utilities, deliver natural gas
to about one million customers in the City of Chicago and 54
communities in northeastern Illinois. The company's non-utility
businesses include Peoples Energy Services (PESC) and Peoples
Energy Production (PEP). PESC, launched in 1996, serves more than
40,000 customers, providing a portfolio of products to manage the
energy needs of business, institutional and residential consumers.
PEP is primarily engaged in the acquisition and development of
proven onshore natural gas reserves with upside potential in a
limited number of strategic supply basins. Value is then added
through drilling programs, production enhancements and reservoir
optimization. Visit Peoples' website at
http://www.peoplesenergy.com/ for more information. Forward-Looking
Statements This press release contains forward-looking statements
within the meaning of Section 21E of the Securities Exchange Act of
1934. You can identify these statements by the fact that they do
not relate strictly to historical or current facts and often
include words such as "anticipate," "expect," "intend," "may,"
"could," "project," "believe" and other similar words.
Forward-looking statements are beyond the ability of WPS Resources
and Peoples Energy to control and, in many cases, neither WPS
Resources nor Peoples Energy can predict what factors would cause
actual results to differ materially from those indicated by
forward-looking statements. Please see WPS Resources' and Peoples
Energy's periodic reports filed with the Securities and Exchange
Commission (including their 10-Ks and 10-Qs) for listings of
certain factors that could cause actual results to differ
materially from those contained in forward-looking statements. All
forward-looking statements included in this press release are based
upon information presently available, and neither WPS Resources nor
Peoples Energy assumes any obligation to update any forward-looking
statements. DATASOURCE: WPS Resources Corporation CONTACT: Rodrigo
Sierra of Peoples Energy, +1-312-240-4567, or Kerry Spees of WPS
Resources Corporation, +1-920-433-1589 Web site:
http://www.wpsr.com/ http://www.peoplesenergy.com/
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