UPPCO Sale Pending
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.