Dive Brief:

• Illinois regulators have approved Wisconsin Energy's bid to acquire Integrys Energy Group for $9.1 billion, the final authorization needed to merge the two utilities and create a provider serving more than 4.3 million total gas and electric customers.
• The Chicago Tribune reports regulators attached dozens of conditions to the deal, however, including a two-year rate freeze.
• Only one member member of the five-member Illinois Commerce Commission voted to reject the merger, citing a reliance on future commitments from the companies.

Dive Insight:

Federal regulators, in addition to Illinois, Wisconsin, Michigan and Minnesota, have all approved the merger of We Energies-Integrys, clearing the way for the companies to complete the deal. But Illinois' approval – the final authorization needed – required the utilities to implement a two-year rate freeze, among the 39 other conditions placed on the deal.

The Chicago Tribune reported that not all are happy with the deal. Illinois Attorney General Lisa Madigan called the deal a “one-sided victory” for the companies, while consumer advocacy group Citizens Utility Board said it wanted more protections for ratepayers.

The deal combines Wisconsin Energy’s We Energies utility and Integrys’ Wisconsin Public Service, Peoples Gas, North Shore Gas, Minnesota Energy Resources and Michigan Gas Utilities. The two companies have touted the size of the combined entities, pointing to complementary geographic footprints, supply diversity and economies of scale as reasons the deal should move ahead.