GREEN BAY, WI (WTAQ) – The state’s largest electric and natural gas utility will get a lot larger Monday, when Wisconsin Energy finalizes its $9.1 billion purchase of the Integrys Energy Group.
The Milwaukee-based We Energies will become partners with the Wisconsin Public Service Corporation of Green Bay — although both will keep their separate identities.
The same is true for 4 natural gas utilities that Wisconsin Energy will acquire, located in Minnesota, Michigan, and northern Illinois.
Starting Tuesday, the expanded parent company will change its name from Wisconsin Energy to WEC Energy Group.
Chairman Gale Klappa has told investors that the new company will focus on its natural gas business more than its electric utility operations over the next 3 to 4 years. That’s because natural prices are relatively low, and there’s a major opportunity to gain customers by convincing them to switch from propane.
The acquisition makes Wisconsin Energy the nation’s 8th largest natural gas company — and it’s expected to move the firm into Fortune’s Top 300 list, as revenues expect to be doubled to more than $9 billion a year.
(Story courtesy of Wheeler News Service)
