Green Bay, WN, USA --- (METERING.COM) --- July 10, 2006 – Energy service providers WPS Resources Corporation and Peoples Energy Corporation have announced that they are to combine to create a diversified energy company serving the Midwest and Northeast US and Canada.
The combined company, whose name is still to be chosen, will have regulated operations comprising four natural gas utilities (Michigan Gas Utilities Corporation, Minnesota Energy Services Corporation, North Shore Gas, Peoples Gas), one electric utility (Upper Peninsula Power Company) and one integrated electric and gas utility (Wisconsin Public Service Corporation) in Wisconsin, Illinois, Michigan and Minnesota.
“This combination creates a diversified regulated utility business that will be better positioned to compete in a consolidating industry in which size and scale matter,” comments Larry L. Weyers, chairman and president of WPS Resources, who will lead the combined company.
Under the merger the new company will have approximately USD$9.2 billion in combined assets, and will serve some 1.6 million natural gas customers and 477,000 electric customers.
The transaction is subject to regulatory and shareholder approvals and is expected to be completed by the end of the first quarter of 2007.