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Integrys Energy to sell Upper Peninsula Power Co. for nearly $299M

Power lines
Power lines

GREEN BAY, WI (WTAQ) - The parent company of a northeast Wisconsin utility is selling its electric service in Upper Michigan.  

The Integrys Energy Group of Chicago said Monday it will sell the Upper Peninsula Power Company to the equity firm of Balfour Beatty Infrastructure Partners. The price is almost $299 million.  

State and federal regulators must still approve the deal.  

Integrys CEO Charles Schrock says it will provide more money to cover power plants and infrastructure for its other utilities -- including Wisconsin Public Service of Green Bay. Integrys is upgrading pollution control equipment at the Public Service coal fired plants near Wausau.  

Also, the state recently approved the company's plans to upgrade power line equipment in parts of northern Wisconsin.  

Media reports says Integrys was not planning to sell the U.P. utility until it was approved by Balfour Beatty a year ago. The utility has 52,000 customers and 120 employees in Upper Michigan.

(Story courtesy of Wheeler News Service)