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Integrys Energy Group Inc. (NYSE:TEG)

Q3 2011 Earnings Call

November 3, 2011; 09:00 am ET

Executives

Charlie Schrock - Chairman, President & Chief Executive Officer

Joe O’Leary - Senior Vice President & Chief Financial Officer

Larry Borgard - President & Chief Operating Officer of Utilities

Mark Radtke - Executive Vice President & Chief Strategy Officer of Integrys Energy Group

Dan Verbanac - President of Integrys Energy Services

Analysts

Steven Gambuzza - Millennium

Ali Agha - Suntrust

Eric Beaumont - Copia Capital

Maury May - Power Insights

Operator

Welcome to the third quarter 2011 earnings conference call for Integrys Energy Group Inc. All lines will remain in a listen-only until the question-and-answer session. At that time instructions will be given should you wish to participate. At the request of Integrys Energy Group, today’s call will be recorded for instant replay.

I would now like to introduce today’s host Mr. Steve Eschbach, Vice President of Investor Relations at Integrys Energy Group. Sir, you may now begin.

Steve Eschbach

Thank you very much and good morning everyone. Welcome to the Integrys Energy Group’s third quarter 2011 earnings conference call. Delivering formal remarks with me today are Charlie Schrock, our Chairman, President and Chief Executive Officer; and Joe O’Leary, our Senior Vice President and Chief Financial Officer.

Other executives, including Larry Borgard, our President and Chief Operating Officer of Utilities; Mark Radtke, Executive Vice President and Chief Strategy Officer of Integrys Energy Group and Dan Verbanac, President of Integrys Energy Services are also available for the question-and-answer session at the conclusion of our formal remarks.

The slide supporting today’s presentation and an associated data package are located on our website at www.integrysgroup.com, select Investors, select Presentation, and then today’s presentation. Before we begin, I will advise everyone that this call is being recorded and will be available for audio replay through February 27, 2012.

I need to direct you to slides three of our presentation and to point out that this presentation contains forward-looking statements within the definition of the United States Securities and Exchange Commission’s Safe Harbor rules, including projective results for Integrys Energy Group and its subsidiaries.

Forward-looking statements contain factors that are beyond our ability to control and in many cases we cannot predict what factors would cause actual results to differ materially from those indicated by forward-looking statements. Except as maybe required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statement contained in this presentation, whether the result of new information, future events or otherwise.

This slide is a condensed summary on forward-looking statements and you are encouraged to read and understand the more specific language that is contained in our filings with the Securities and Exchange Commission, including the Quarterly Report on Form 10-Q we filed last evening, the forward-looking statements section of yesterday news release and slide 49 in the appendix.

Slide four indicates that today’s presentation includes non-GAAP financial information related to diluted earnings per share adjusted and adjusted earnings or loss. We believe that these are useful financial measures for providing investors with additional insights into our operating performance, because they eliminate the effects of certain items that are not comparable from one period to the next. Please review the text of this slide for information regarding these non-GAAP financial measures.

I will now turn the call over to Charlie Schrock. Charlie.

Charles Schrock

Thanks Steve. Good morning everyone and thanks for joining us on the call today. I’ll begin by providing a high level overview of our 2011 third quarter financial results and some operational highlights. Joe O’Leary will then discuss our financial results for the quarter in more detail, in addition to providing a summary of our revised capital expenditures and financing plans for 2011. And as usual, we will conclude with a question-and-answer session.

Turning to slide five, the key takeaway from today’s call is that the business continues to perform in-line with expectations, allowing us to narrow our guidance for 2011 diluted earnings per share adjusted, to a range of $3.33 to $3.47. Diluted earnings per share adjusted on a consolidated basis for the third quarter and year-to-date 2011 were higher than the comparable periods of 2010. Generally speaking, the primary drivers of the improvement for both, the three and nine month periods are reduced expenses across all of our segments and improved adjusted earnings at Integrys Energy Services.

Slide six provides a brief operational update on our regulated utilities. I am pleased to report that the accelerated main replacement program for the city of Chicago is well underway. Working with our contractors and our employees, we have been able to staff up to meet the workload of this project.

As with any major project of this kind, we’ve had to overcome numerous start-up issues. Through all of this, we are on track to spend the targeted amount for this year and we expect to have installed 165 miles of natural gas main by year-end. I congratulate the project team, our employees and our contractors for a successful first year of this project.

On September 30, 2011 the Illinois Appellate Court, First District, ruled that the Illinois Commerce Commission did not have the authority to approve the Infrastructure Cost Recovery Rider or Rider ICR for Peoples Gas. Rider ICR allows for the recovery of and return on the accelerated main replacement project costs in between rate cases. To be clear, cost recovery for the AMRP and traditional rate cases is not affected by the court decision. The court remanded the ICR portion of the 2009 Peoples Gas rate case back to the Illinois Commerce Commission, for further action in accordance with it’s decision.

We are evaluating all of our options in response to this issue and expect to appeal the Appellate Court’s ruling to the Illinois Supreme Court. The financial impact of the Rider ICR decision for Peoples Gas is not significant in the near term. Peoples Gas will be able to retain collections done through Rider ICR through September 30. The anticipated billing for the remainder of the year are about $2 million pre tax, thus having only a minor impact on overall net income.

Regardless of the outcome of our actions in response to the court’s ruling, we do not expect any near term change to our capital expenditure plans for the AAMRP. The dollars invested in 2011 and the dollars forecasted to be spent in 2012 are included in our projected forward-looking rate base in our current rate case.

Additionally, since we did not enter into long-term purchase agreements with Power Holdings and Leucadia Coal Gas Plants, we are required to file a rate for Peoples Gas and North Shore Gas by August 1, 2012, for rates to be effective in mid 2013. As such, we expect that the capital expenditures for the AMRP will be included in our projected rate base for 2013 as well.

The Illinois rate case proceeding is continuing on schedule. The administrative law judges are scheduled to issue their proposed order later today. The parties will have the opportunity to provide exceptions to the proposed order over the next few weeks. In early December the judges will then issue a post exception draft order that will be sent to the commission for a full decision.

The commission should take up the order in the first half of January, with final rates to go into effect in the second half of January 2012. The two largest issues remaining are return on equity and capital structure.

For our regulated electric utility segment, we added the increased fuel and purchase power cost expected in 2012, related to the Environmental Protection Agencies Cross State Air Pollution Rules to our request in the Wisconsin public service limited re-opener rate case proceeding.

We have proposed a way to mitigate the rate increase to our electric and natural gas customers in Wisconsin, by reflecting in this rate case the anticipated over collection of decoupling revenues received from electric customers in 2011 and eliminating the contributions to the Wisconsin natural gas and electric conservation program in excess of the required contribution. This reduced our requested rate increase from approximately $65 million to about $35 million for electric and results in a reduction of $7 million for natural gas.

At the moment we have five rate case proceedings in progress in various stages throughout our jurisdictions. Additional details regarding our original filings and positions of the regulators and interveners can be found in the appendix on slides 22 through 27.

Turning to slide seven, I’ll provide you with an operational update on our non-regulated activities. For the retained markets of our retail energy marketing business, delivered sales volumes quarter-over-quarter were up for our electric business, but down for our natural gas business. The sales volume decline for the natural gas business was expected.

Per unit margins improved within both the electric and natural gas businesses, primarily due to changes in pricing and customer mix that were implemented as part of our strategy change. Our customer retention rate for our commercial and industrial business is over 90% year-to-date and the total of contracted and delivered volumes for our retained markets are up in 2011 compared with 2010 for both natural gas and electric.

Together with the reduced operating expenses, adjusted earnings are up substantially for the three and nine months periods in 2011 compared with the same periods a year ago. Demonstrating that our collective focus on customer mix, volumes, unit margins and cost control are successful at driving earnings growth at Integrys Energy Services.

The progress with our solar projects is also continuing as planned and we established our entry into the compressed natural gas transportation fueling business with the acquisition of Trillium USA and Pinnacle CNG business in September. Capital commitments and the impact on our financial results for these energy related business are expected to be modest in 2011 and 2012, but we believe these additions to our company positions us for growth in the future.

I will now turn the call over to Joe O’Leary. Joe.

Joe O’Leary

Thank you Charlie. I’ll cover our financial results for the third quarter 2011 and review our guidance for 2011 diluted earnings per share adjusted. Beginning with slide eight, during the third quarter of 2011, in accordance with generally accepted accounting principles or GAAP, we recognize diluted earnings per share of $0.47 for the quarter ended September 30, 2011 compared with $0.26 for the same quarter in 2010. This slide also sets forth the additions and subtractions we have made to arrive the diluted earnings per share adjusted for the third quarter of 2011.

Our diluted earnings per share adjusted for the third quarter 2011 was $0.43 versus $0.35 in the same period in 2010. More information on the comparative third quarters of 2011 and 2010 adjusted earnings and diluted earnings per share adjusted is reported by segment on slides 32 and 33 in the appendix. You will also find the nine month 2011 and 2010 comparative data for adjusted earnings and diluted earnings per share adjusted on slides 39 and 40 in the appendix.

On slide nine, we present the changes and adjusted earnings by segment for the third quarter of 2011 compared with the third quarter of 2010. Additional detail on the key variance drives for each segment can be found in the appendix on slides 34 through 38.

Slide 10 presents the changes and adjusted earnings by segment for the nine months of 2011 compared with the same period in 2010. Additional detail on the key variance drivers for each segment can be found in the appendix on sides 41 through 45.

Moving to slide 11, we have provided an updated on our capital expenditure plans for what we presented in August for all of our entities, including compressed natural gas fueling stations for our newly formed Integrys Transportation fuel subsidiary.

The increase for Wisconsin Public Service is due to a revision in the environmental retrofit projects at Colombia, now that we have received commission approval to move forward with them, as well as the timing for Weston three projects and other projects that are necessary due to recent environmental rule changes. For Peoples Gas the increases related to additional natural gas distribution projects in 2013, primarily related to our accelerated main replacement program.

Slide 12 sets forth our expected deprecation expense at the Regulated Utilities. Slight modifications from what we presented in August were made for some of the entities listed on this slide, but the sum total of the modifications is largely immaterial over the three-year period for the utilities.

Recall from a formal remarks during our last conference call that due to the accumulated differed income taxes resulting from bonus tax depreciation over the next few years, capital expenditures less depreciation is not a good proxy for rate based growth in the near term. Although our capital expenditures and estimated depreciation in 2011 through 2013 have changed modestly, the changes will not have a significant impact on our projected rate base through 2013 that we provided last August. We have replicated our projected rate base chart from our second quarter conference call and it appears in slide 46 in the appendix.

Moving to slide 13, let me updated our financing plan for the 2011. We issued $50 million of Peoples Gas, 2.21% for its mortgage bonds on November 1, 2011. In addition to the $30 million of Integrys Energy Group’s 6.11% junior subordinated notes that we retired in May of this year, we also retired $150 million of Wisconsin Public Service’s 6.125% senior notes and $51 million of Peoples Gas tax-exempt auction rate securities in August, as well as $9.4 million of Upper Peninsula Powers, 9.32% first mortgage bonds earlier this month.

We do not expect to issue any additional long-term debt during the remainder of 2011 and as mentioned in our last earnings conference call, we converted our stock investment dividend reinvestment and equity based compensation plans from the new issue shares to open market purchases of shares in May. The overall intent of our financing plan is to provide adequate capital levels at a reasonable cost and maintain our current credit rations, which are shown on slide 47 in the appendix of our slide deck.

Turing to slide 14, our guidance for 2011 diluted earnings per share adjusted on a consolidated basis has been narrowed to between $3.33 and $3.47. This slide depicts diluted earning per share by segment, as well as the removal of special items to arrive at diluted earnings per share adjusted.

Slide 15 shows the changes by segment and you can see they are in three segments, Electric Transmission, Integrys Energy Services, and Holding Company and other.

Now, I’ll turn the call back to Charley Schrock. Charley.

Charley Schrock

Thanks Joe. Before taking your questions, I’ll summaries the highlights of our call this morning. Please turn to slide 16.

First, we continued the execution of our business plan through our operational excellence initiatives, our cost control efforts and the timely filing of rate cases. Our quarter and year-to-date performance improved over the same period as last year.

Our 34% ownership in American Transmission Company will continue to contribute to earnings. The American Transmission Company is also working to expand outside its traditional footprint and is making progress on this effort, but at this point it is still too early to project the timing or the impact of such growth.

For our non-regulated operations, the transition to a retailed focused non-regulated energy services company is progressing with growth in volumes and earnings within our retained markets. Our solar investments are progressing as planned and we have positioned ourselves for potential future growth with our recent entry into the compressed natural gas transportation fueling business.

Our portfolio of businesses, which include regulated natural gas and electric utilities operating in Illinois, Wisconsin, Minnesota and Michigan, non-regulated energy services operations in the North East quadrant of the Untied States and earnings from our equity investment and American Transmission Company, enables us to meet our financial objectives on a consolidated basis.

In our guidance for 2011, diluted earnings per share adjusted on a consolidated basis has narrowed to between $3.33 and $3.47. Finally, we expected growth in diluted earnings per share adjusted of 4% to 6% on an average annualized basis with 2012 as the base year through 2015.

We’ll now open the call for your questions.

Question-and-Answer Session

Operator

Thank you. (Operator Instructions) The first question comes from Steven Gambuzza with Millennium. Your line is open.

Steven Gambuzza - Millennium

Good morning.

Charlie Schrock

Good morning Steve.

Steven Gambuzza - Millennium

Can you just comment on the $8 million reduction in stock compensation expense year-over-year? I’m just curios what drove that given the performance the stock. Is that something that we should expect recovers next year or was that kind of embedded in your original guidance.

Charlie Schrock

Yes, Steve that’s something that changes based on our stock price. It has to do with our incentive compensation programs. Well I’ll let Joe point a little more detail around that.

Joe O’Leary

There’s not a lot more detail to put on that. It does fluctuate with changes in the stock price. You know the value of those compensation awards are mark to market in a way each are now at the end of each quarter.

Steven Gambuzza - Millennium

Okay and I guess given the stock has performed relatively well, does it generally increase when the stock price goes up.

Joe O’Leary

Yes, it does.

Steven Gambuzza - Millennium

Okay. All right and then I guess my other questions was just on energy services, just based on kind of the nine months results to date and the full year guidance. It looks like you are going to have roughly twice the level of net income in Q4 as you had in Q3. I was just wondering if you could just comment on some of the drivers of the sequential improvident and performances of its you know seasonality improvement in margins, volumes or reductions on OpEx or some color on what’s driving kind of the increase performance in energy services in Q4.

Charlie Schrock

Yes Steve, you are right. We are growing that business and I’ll have Dan kind of comment a little bit on some of the color on that.

Dan Verbanac

Good morning Steve.

Steven Gambuzza – Millennium

Good morning.

Dan Verbanac

During the first nine months of 2011, actually there were some additional one-time costs that we did incurred, that we won’t see. Also based in the margin associated with the trust (ph) that we have on the contract for the remainder of the year we are confident that we’ll able to meet the earnings target for 2011.

Now, as far as – the first and fourth quarters are stronger for Integrys Energy Services, even though the electric business itself is pretty steady throughout the year. The gas business is significantly stronger in the first and fourth quarter and a good example of that in 2010, you can see that about half of our core earnings came in the fourth quarter for Integrys Energy Services. So based on that, we fell pretty confident that we will be able to hit our 2011 guidance.

Steven Gambuzza – Millennium

Thanks very much.

Charlie Schrock

Thanks Steve.

Operator

The next question comes form Ali Agha with Suntrust, your line is open.

Ali Agha - Suntrust

Thank you. Good morning.

Charlie Schrock

Good morning Ali. How are you today?

Ali Agha - Suntrust

Good, thanks Charlie. Can you just remind us, in your Electric Utility business the decline that we are seeing year-over-year, both in the quarter and year-to-date, was that due to a refund at WPS from the last rate case where the ROE was cut. Can you just remind me what’s going on in the Electric Utility Business?

Charlie Schrock

Yes Ali, there’s a handful of factors. Larry Borgard is really on top that, so I’ll have him explain that to you.

Larry Borgard

Hi Ali, two things going on there that make up the bulk of the issue. First is the decrease in allowed ROE; I think from a 10.7 done to 10.3 and that’s the easier part to understand. You can do the math on the rate base there.

The more difficult part to understand is really the difference between customer accounts in the rate case and customer accounts that we see in reality or in actuality and the reason that this is important is because of the way that decoupling mechanism is calculated in Wisconsin. So those two things really make up the difference between 2010 and 2011 results.

Ali Agha - Suntrust

Okay. And then on the Peoples Gas rate, Charlie as you motioned, I think you are looking at the ALJ post decision perhaps later today. I guess, are we that far along in the process that now it’s then up to the commission to make a final ruling or you know is there still a possibility of some kind of a settlement to just lock this in. How should we look at that for potential?

Charlie Schrock

Yes Ali, it is a draft order that comes out from the ALJs today and then the process goes through more briefing, another order and then the commission takes it up.

We expect it to run the full course, I don’t really think there will be a settlement. So it will run the full course as we’ve seen in the past and its really hard to predict where it ends up, but you know we just work our way through it as we have in the past.

Ali Agha - Suntrust

Okay. And last question, as you got three -- nine months worth of results under your belt through 2011, does that change your calculations for the regulatory lag that’s built into our utility. I know at the beginning of the year you guys laid out the full year impact in the ’11, but did the nine month under your belt, does that move the number around significantly.

Charlie Schrock

Yes Ali, you know clearly there’s changes in segments that we’ve seen and the utility side of the business is performing a little better than we originally thought if you look at the total, so there is a change there. We haven’t gone back and recalculated you know and estimated shortfall or that difference at this point in time, but we’ll do that at year end for sure.

Ali Agha - Suntrust

Okay. Thank you.

Charlie Schrock

Your welcome. Thank you.

Operator

(Operator Instructions) The next question comes from Eric Beaumont with Copia Capital. Your like is open.

Eric Beaumont - Copia Capital

Good morning guys.

Charlie Schrock

Good morning Eric.

Eric Beaumont - Copia Capital

I was wondering if you could just refresh my memory. On the Rider ICR I understand what happened and it’s under appeal. How is the accelerated main replacement different? I know you said it is; I’m just curious. I’d always thought of them as the same if you can clarify how that’s different and if there’s any impact going forward on that.

Charlie Schrock

Yes Eric, let me offer a couple of comments and then Larry can jump in. But the Rider ICR is the regulatory mechanism by which we get recovery for the cost of the accelerated main replacement project. And the way it had been set up is, for those costs that are not in our rate base in accordance with the traditional rate making, the ICR would apply to those costs. So the courts rule that ICR was not acceptable, so now the Illinois congress commission has to revisit that issue. In the mean time we are all teed up with the rate cases, so we will just include the cost of that project in our rate cases for the next couple of years.

Eric Beaumont - Copia Capital

Okay, so its give that you already have (a) your filing in any backward bookings out, but it would just simply -- go toward its upheld, you wouldn’t have the real time recovery. It would just be standard lag and you go in and file.

Charlie Schrock

Yes, it would be – yes Eric, as you described it, it’s the standard lag. Its traditional ratemaking. You know because of the timing that we have, its effective for us in this case.

Eric Beaumont - Copia Capital

Okay and you had mentioned $2 million pre tax. Is that what you would think of as an annual impact of the program as going from the Rider ICR as the traditional rate making for the (Inaudible).

Charlie Schrock

No, actually that’s the impact for this year, because we were set up under the rider. For the future years it will be part of traditional rate making and included in the rate base.

Eric Beaumont - Copia Capital

Again I understand, but I’m just trying to get to the difference as I think about it for how it was you know. How it might have modeled going forward versus now the traditional rates that you are saying, because looking forward in the year it will included or are you saying that you know – assuming its up, the court doesn’t reverse and you don’t get Rider ICR, how would 2012 be different, than it would have been had the ICR continued.

Larry Borgard

Yes Eric, this is Larry. Because we have a rate case in process, they have the forward-looking test here for 2012. Our projected cost for 2012, we expect to be included in rates in 2012 and as Charlie mentioned in his formal remarks, because of the fact that we are required to file a rate case prior to August 1, 2013, we would again expect 2013 cost to be included in those rates as well. So over the short term, we don’t see an impact of the court decision on our ICR program. The question really will be in a post 2013 timeframe.

Eric Beaumont - Copia Capital

Thanks great. Thank you. I appreciate the time guys.

Charlie Schrock

Yes, thanks for the question Eric.

Operator

(Operator Instructions) I would now like to turn the call back to Steve Eschbach for closing remarks.

Steven Eschbach

I think you might have one more, hold on.

Operator

We do have. The next question comes from Maury May with Power Insights. Your line is open.

Maury May - Power Insights

Yes, thank you. Just a couple of questions more on the Illinois situation. In the courts decision rejecting the ICR, did it tell the ICC how to fix it? I mean, is there going to be a easy fix to this or not?

Charlie Schrock

Maury, I’m not sure there’s going to be an easy fix. The basis that the running was based on basically was called single-issue ratemaking. And even though we believe that we have a strong argument for the Rider ICR, its clearly not going to be an easy argument to make, but the ICC is going to have to deal with it.

You know in the mean time, I’ll just kind of repeat again; the traditional rate making process will work well for us for the next few years and then we will have to figure out the best way to manage it as we go on.

Maury May - Power Insights

Okay and the second question I have to do is on the filing of the next Illinois rate case. Earlier in the conference call you mentioned the reason for filing. I think you said August 1, 2012.

Charlie Schrock

That’s correct Maury.

Maury May - Power Insights

Why was that? Because I would have expected another you know – you’ve been on a you know every two year basis recently in Illinois and you filed – I would have expected you to file early 2013 for new rates, 2014 that kind of thing.

Charlie Schrock

Maury, you are correct. That was the routine or the schedule we were on, but if you recall, there was some legislation in Illinois this year, having to do with two coal to gas plants that were being proposed; one was called Leucadia and one was called Power Holdings. That legislation said that we had a choice to either buy – sign up to buy the gas from those plans and if we don’t, then we would have to file rate cases on an annual basis. So we decided not to sign up for the gas, which put is in the category of filing rate cases.

Maury May - Power Insights

Okay, so if you file on August 1, 2012, you are going to have rates come into effect in the summer of 2013. Is that kind of the new schedule going forward?

Charlie Schrock

Yes, it would be a new schedule. Just a correction; I don’t think that requirement was for annual rate cases. We just had to file in 2012 and then every two years after that.

Maury May - Power Insights

Okay, but you’re going to go on a different schedule henceforth. I mean its going to be August through June rather than February through January or something like that.

Charlie Schrock

Yes, that’s correct.

Maury May - Power Insights

Okay great, thanks.

Charlie Schrock

Thanks Maury

Operator

I would now like to go ahead and turn the call back to Steven Eschbach for closing remarks.

Steven Eschbach

Thank you very much for being a part of our third quarter earnings conference call. A replay of this conference call will be available until February 27, 2012 by dialing toll free 888-568-0145.

The full transcript for today’s conference call will be available on our website at www.integrysgroup.com before the end of day on Wednesday, November 9, 2011; just select Investor and then Presentations. If you have any additional questions, you may call me directly at 312-228-5408 or Donna Sheedy at 920-433-1857. Thank you.

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