Dive Brief:
- Wisconsin regulators have approved We Energies acquisition of Integrys, but Wheeler News Service points out that regulators attached several conditions to the merger including one aimed at returning excessive profits to customers.
- In January the Wisconsin Public Service Commission delayed its decision on the merger, taking more time to examine the deal's impact in other states and consumer advocate concerns that not enough was being done for ratepayers.
- Federal regulators, as well as Michigan authorities, have approved the deal leaving just Minnesota and Illinois to take action.
Dive Insight:
We Energies is closing in on its acquisition of Integrys, and now just awaits decisions from the Minnesota Public Utilities Commission and Illinois Commerce Commission. Wheeler News Service reports that Wisconsin regulators signed off on the deal last week, but attached several conditions to the merger moving forward.
Under Wisconsin's approval, We Energies would have to share profits it makes above its authorized rate of return, and a gas-fired plant proposed by Wisconsin Public Service would need to be scrapped.
The deal $9.1 billion deal would combine utilities serving more than 4.3 million total gas and electric customers. Approval in Michigan was tied to We Energies helping to solve the state's power crisis, but that meant Wisconsin regulators and advocates needed additional time to consider the merger's implications.
Wisconsin consumer advocates have been wary of the deal, saying it will not return benefits to customers quickly enough.
