Wisconsin Public Service Inks Agreement to Negotiate for 500 Megawatts of Manitoba...

Thu Apr 17, 2008 12:35pm EDT
 
[-] Text [+]
Wisconsin Public Service Inks Agreement to Negotiate for 500 Megawatts of
Manitoba Hydro Electricity

GREEN BAY, Wis., April 17 /PRNewswire/ -- Wisconsin Public Service
Corporation, a subsidiary of Integrys Energy Group, Inc. (NYSE: TEG), has
signed a Term Sheet to negotiate a contract for a 500-megawatt purchase of
electric capacity, energy, and renewable attributes from Manitoba Hydro. The
proposed 14-year purchase, valued at more than $2 billion (US$), will be tied
to the construction of two proposed hydro-electric facilities on the Nelson
River in northern Manitoba, expected in 2018.
    The transaction, after negotiation, will be subject to several regulatory
approvals and the construction of any needed transmission system
reinforcements between Manitoba and Wisconsin.
    "We're excited about the possibility of bringing a large, carbon-neutral
electric resource into our supply portfolio," said Charlie Severance, general
manager -- wholesale and renewable power. "We have a wonderful working
relationship with Manitoba Hydro that's going on ten years now, and we are
pleased that it could expand. Our customers could benefit greatly from the
relatively low-cost renewable hydroelectric power."
    According to Severance, the first step in the process is to participate in
a transmission study that will identify any needed transmission
reinforcements.
    About Wisconsin Public Service Corporation:
    Wisconsin Public Service Corporation, a wholly owned subsidiary of
Integrys Energy Group, Inc. (NYSE: TEG), is an investor-owned electric and
natural gas utility headquartered in Green Bay, Wisconsin. It serves
approximately 420,000 electric customers and 309,000 retail natural gas
customers in residential, agricultural, industrial, and commercial markets, as
well as wholesale customers. The company's service area includes northeastern
and central Wisconsin, as well as an adjacent portion of Upper Michigan.
Information is available online at http://www.wisconsinpublicservice.com.
    Forward Looking Statement:
    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.
SOURCE  Wisconsin Public Service Corporation

Charlie Severance, General Mgr., Wholesale and Renewable Power of Wisconsin
Public Service Corporation, +1-920-433-5716

 

Featured Broker sponsored link

Editor's Choice

A selection of our best photos from the past 24 hours.   Slideshow 

Most Popular on Reuters

  • Articles
  • Video