Integrys Sells Power Assets - Analyst Blog
Integrys Energy Group Inc. (TEG) announced that an affiliate of its non-regulated subsidiary Integrys Energy Services Inc., sold some of its power generation assets in northern Maine and New Brunswick, Canada to Algonquin Power & Utilities Corp. The sale of its two power generation companies represents approximately 75 megawatts (MW) of the affiliate's 329.2-MW fleet.
Integrys Energy Services also announced that it expects to close the sale of its associated sales and standard offer service contracts in northern Maine to Algonquin on Feb 1, 2010. The financial terms of the sale were not disclosed.
Integrys Energy Services' standard offer service and retail electric sales contracts in the Independent System Operator-New England (ISO-New England) including southern Maine are not included in this sale.
The sale of these power generation assets is another step in the company’s strategy to reduce its capital investment and the collateral support requirements for Integrys Energy Services, which it had set early in 2009. Furthermore, management indicated that the terms of the sale of these power generation assets are in line with the company’s expectations for the non-regulated segment strategy.
Integrys Energy Group, through its subsidiaries, operates as a regulated electric and natural gas utility company in the United States and Canada. It generates electricity through coal, natural gas and fuel oil, hydroelectric, nuclear, and wind resources.
The company is a diversified holding company, operating through six wholly owned subsidiaries – Wisconsin Public Service Corporation, The Peoples Gas Light and Coke Company, North Shore Gas Company, Upper Peninsula Power Company, Michigan Gas Utilities Corporation, and Minnesota Energy Resources Corporation), non-regulated operations serving competitive energy markets through its wholly owned non-regulated subsidiary, Integrys Energy Services, and also a 34% equity ownership interest in American Transmission Company LLC.
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