CHICAGO, Nov. 10 /PRNewswire-FirstCall/ -- Integrys Energy Group, Inc. 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/.
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/
