Wis. regulators approve WPS merger |
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Thu, 08 Feb 2007 22:40
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MADISON, Wis. (AFX) - State regulators approved a merger Thursday between a Green Bay utility's parent company and a Chicago-based energy corporation.The green light from the Public Service Commission was the final hurdle for WPS Resources Corp. and Peoples Energy Corp. The Illinois Commerce Commission gave its approval on Wednesday. Stockholders in both companies gave the go-ahead in December.The new holding company will be called Integrys Energy Group and have assets of more than $10 billion.The PSC barred the new company from recovering any costs related to the merger from its Wisconsin customers.WPS Resources is the parent company of Wisconsin Public Service Corp. of Green Bay, which supplies power to much of northeastern Wisconsin and parts of Upper Michigan, as well as Michigan Gas Utilities Corporation, Upper Peninsula Power Company, Minnesota Energy Resources and WPS Energy Services, Inc.Peoples Energy is a parent company to Peoples Gas and North Shore Gas, which supply natural gas to customers in Chicago and other cities in northeastern Illinois. Other subsidiaries include Peoples Energy Services and Peoples Energy Production.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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