Wed, Jun. 24, 4:47 PM
- Wisconsin Energy's (NYSE:WEC) planned acquisition of Integrys Energy (NYSE:TEG) wins approval from the Illinois Commerce Commission, the final regulatory decision needed to complete the $9.1B takeover.
- The approval is conditional on more than 40 items being met, including a two-year rate freeze for consumers and continued oversight of the troubled program by Peoples Gas to replace ~2K miles of aging pipes under Chicago streets.
- Wisconsin, Michigan and Minnesota regulators already approved the deal.
Fri, Jun. 12, 4:53 PM
- The Minnesota Public Utilities Commission approves Wisconsin Energy's (NYSE:WEC) $9B purchase of Integrys Energy (NYSE:TEG), and declines to require that Minnesota utility customers be awarded bill refunds or credits proposed by the state attorney general's office.
- WEC has now received approval from utility regulators in Wisconsin, Michigan and Minnesota as well as several federal agencies, and the deal needs one more yes vote - in Illinois - to be completed, where the AG is expected to argue next week that the merger should not be approved unless the state takes more steps to protect Chicago residents in light of a multibillion-dollar gas main replacement project there.
Thu, May 21, 4:47 PM
- Wisconsin's Public Service Commission gives formal approval for Wisconsin Energy's (NYSE:WEC) $9.1B acquisition of Integrys (NYSE:TEG), with some conditions.
- With today's approval and last month's OK from the Michigan Public Service Commission, only Illinois and Minnesota state approvals remain outstanding.
- The deal would create one of the largest natural gas utilities in the U.S., expanding the Wisconsin-focused utility's presence in Michigan and allowing it to enter Illinois and Minnesota.
Tue, Jan. 13, 5:34 PM
- Wisconsin Energy (NYSE:WEC) will sell its Upper Peninsula power plant and Michigan utility business under an agreement announced today by the Michigan governor's office, clearing a hurdle for WEC to pursue its $9.1B acquisition of Integrys Energy (NYSE:TEG).
- WEC would sell its Upper Peninsula utility business to Upper Peninsula Power Co., including the coal-fired power plant it operates on Lake Superior in Marquette, Mich., while retaining 10 hydroelectric dams but selling its utility operations to UPPCo.
- Other elements of the plan call for Cliffs Natural Resources (NYSE:CLF), the operator of two iron ore mines in the Upper Peninsula, to buy power from UPPCo until the Presque Isle coal plant shuts down in about five years.
Jun. 23, 2014, 7:16 AM| Jun. 23, 2014, 7:16 AM | 7 Comments
Mar. 4, 2014, 10:43 AM
- Utilities that meet takeover criteria outlined by Warren Buffett this weekend for another “major” acquisition after paying more than $5B last year for electricity provider NV Energy include Wisconsin Energy (WEC +1.8%) and Alliant Energy (LNT +1.1%), Bloomberg speculates.
- WEC and LNT operate in states with favorable regulatory environments, and LNT is expanding into renewable energy, which Buffett has signaled could be a focus for large investments, according to Morningstar; pipeline MLPs such as Plains All American (PAA) and MarkWest Energy (MWE) also could appeal to Buffett, a Baird analyst says.
- Berkshire Hathaway (BRK.A, BRK.B) “is likely looking at a lot of small, regulated utilities that have a lot of growth on the table where his low cost of capital is an incredible advantage,” Morningstar's Mark Barnett says.
Dec. 7, 2011, 9:41 AMAlliant Energy's (LNT +1.4%) recent moves to revise provisions for executive pay and employee retirement plans in case of a takeover sparks speculation that the operator of power plants in Wisconsin and Iowa could sell itself to Berkshire Hathaway (BRK.A) or Wisconsin Energy (WEC). | Dec. 7, 2011, 9:41 AM | Comment!
WEC Energy Group Inc is an energy holding company. The Company, through its subsidiaries, provides utility services such as distributing electric, gas, steam, and water. Its business segments are utility energy and a non-utility energy.
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