The state’s utility regulation agency is letting We Energies acquire the Illinois utility Integrys Energy Group Inc., a move that would create the country’s 15th-largest utility.
The Public Service Commission set some conditions for WEC Energy Group Inc., the new company that would emerge from the acquisition and serve roughly half of the state’s ratepayers. It will have to ask permission if it wants to move its headquarters out of the state in the next decade. An earnings cap would also require the company to pass on excess profits to ratepayers for three years.
PSC Chairwoman Ellen Nowak said it’s a good deal for shareholders and ratepayers.
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“This acquisition involves the joining of one utility that is short on generation capacity (Integrys) to a utility that is long on capacity (We Energies). If these two generation systems are integrated fairly, general modeling performed by PSC staff suggest ratepayers could save up to $600 million,” said Nowak.
If the deal is approved by Illinois and Minnesota, it could be finalized by this summer.
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