Integrys Energy Services Announces Sale of Power Generation Assets in New Brunswick and Maine
11 November 2009 - 9:30AM
PR Newswire (US)
Associated Sales and Standard Offer Contracts Included in Sale
CHICAGO, Nov. 10 /PRNewswire-FirstCall/ -- Integrys Energy Group,
Inc. (NYSE:TEG) today announced that WPS Power Development, LLC, a
wholly owned subsidiary of its nonregulated subsidiary, Integrys
Energy Services, Inc., signed an agreement to sell two of its power
generation companies that own generation assets in northern Maine
and New Brunswick, Canada. The sales represent approximately 75
megawatts (MW) of WPS Power Development's 329.2-MW fleet. In
addition, Integrys Energy Services is selling its associated sales
and standard offer service contracts in northern Maine. Integrys
Energy Services' standard offer service and retail electric sales
contracts in southern Maine are not included in this sale. These
generation and related electric sales contracts are being sold to
Algonquin Power & Utilities Corp. The transactions, which
require certain customary contractual consents, are expected to
close during the fourth quarter of 2009 or early 2010. Financial
terms of the transactions are not being disclosed, but the value to
be realized is in line with Integrys Energy Group's recovered
capital expectations. Collateral support requirements for these
businesses are minimal. J.P. Morgan Securities acted as exclusive
financial advisor to Integrys Energy Group and Thorndike Landing
acted as lead advisor to Integrys Energy Services for this
transaction. Forward-Looking Statements This news 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," and other similar words. Forward-looking
statements are beyond the ability of Integrys Energy Group to
control and, in many cases, Integrys Energy Group cannot predict
what factors would cause actual results to differ materially from
those indicated by forward-looking statements. Please see Integrys
Energy Group's periodic reports filed with the Securities and
Exchange Commission (including its 10-K and 10-Qs) for a listing of
certain factors that could cause actual results to differ
materially from those contained in forward-looking statements.
About Integrys Energy Group, Inc. Integrys Energy Group is a
diversified holding company with regulated utility operations
operating through six wholly owned subsidiaries, Wisconsin Public
Service Corporation, The Peoples Gas Light and Coke Company, North
Shore Gas Company, Upper Peninsula Power Company, Michigan Gas
Utilities Corporation and Minnesota Energy Resources Corporation;
nonregulated operations through its wholly owned nonregulated
subsidiary, Integrys Energy Services; and also a 34% equity
ownership interest in American Transmission Company LLC (an
electric transmission company operating in Wisconsin, Michigan,
Minnesota and Illinois). More information about Integrys Energy
Group, Inc. is available online at http://www.integrysgroup.com/.
DATASOURCE: Integrys Energy Group, Inc. CONTACT: Steven P.
Eschbach, CFA, Vice President - Investor Relations of Integrys
Energy Group, Inc., +1-312-228-5408 Web Site:
http://www.integrysgroup.com/
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