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.
First Call Analyst:
Source: Wisconsin Public Service Corporation
CONTACT: Charlie Severance, General Mgr., Wholesale and Renewable Power
of Wisconsin Public Service Corporation, +1-920-433-5716
Web site: http://www.wisconsinpublicservice.com/