UPPCO Sale Pending

Filed under: U.P. News Updates |
News Update

News Update

Marquette, MI – (Great Lakes Radio News) – The Michigan Public Service Commission has approved the proposed sale of the Upper Peninsula Power Company.

Chicago-based Intgrys Energy Group is spinning off UPPCO to Balfour Beatty Infrastructure Partners for around 300-million dollars.

The state gave its approval contingent on Balfour Beatty meeting a number conditions, including: the sale will not have an adverse effect on rates or service; corporate offices be maintained in Michigan; a 26-million dollar credit will be paid to customers over a six-year period once the sale closes; and no rate increases will be requested until at least January 1st, 2016.

Balfour Beatty has said they hope to close the deal by the end of this year.

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