Dive Brief:
- Wisconsin regulators have issued a written order formally approving the merger of Wisconsin Energy and Integrys Energy Group, after previously indicating they would OK the deal with several conditions.
- The Green Bay Press-Gazette reports that among the conditions on the deal, an Integrys utility will need to withdraw plans for a previously-authorized gas-fired power plant.
- The $9.1 billion deal has already received approval from FERC and regulators in Michigan, leaving just Illinois and Minnesota to vote on the merger.
Dive Insight:
Wisconsin regulators issued a formal order on the We Energies-Integrys merger last week, keeping the deal on track to potentially close this summer if approval is not held up in the two remaining states left to weigh in.
As Green Bay Press-Gazette reports, however, consistent with indications the Wisconsin Public Service Commission gave last month that it would authorize the deal, Integrys subsidiary Winsconsin Public Service (WPS) will need to withdraw plans for the Fox Energy Center, a gas-fired power plant proposed for Wrightstown.
Wisconsin consumer adovcates had expressed concern about the merger, saying it did not return enough benefits for consumers in the state, but the company reached a deal to address potential shareholder lawsuits.
Proposed last summer, the merger would combine the companies into an entity serving more than 4.3 million gas and electric customers across four states. FERC last month approved the deal after We Energies struck a deal to held address a power crisis on Michigan's Upper Peninsula. Michigan also approved the deal in April.
The merger would combine We Energies with Integrys’ WPS, Peoples Gas, North Shore Gas, Minnesota Energy Resources and Michigan Gas Utilities.
