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June 03, 2015 8:42 PM ET

Electric Utilities

Company Overview of Wisconsin Public Service Corporation

Company Overview

Wisconsin Public Service Corporation operates as a regulated electric and natural gas utility company. It generates electricity using various sources, including coal, natural gas, wind, water, solar, and biogas. The company also distributes and sells electricity and natural gas to retail customers; and provides wholesale electric services to various customers, including municipal utilities, electric cooperatives, energy marketers, other investor-owned utilities, and municipal joint action agencies. It serves an approximate 12,000 square mile service territory in northeastern Wisconsin and an adjacent portion of Michigan's Upper Peninsula. The company provides electricity to approximately 445...

700 North Adams Street

PO Box 19001

Green Bay, WI 54307

United States

Founded in 1883

1,276 Employees

Phone:

920-433-5546

Fax:

866-430-6021

Key Executives for Wisconsin Public Service Corporation

Chairman and Chief Executive Officer
Age: 52
President and Director
Age: 55
Chief Financial Officer, Executive Vice President and Director
Age: 56
Vice President and Corporate Controller
Age: 55
Treasurer
Age: 44
Compensation as of Fiscal Year 2014.

Wisconsin Public Service Corporation Key Developments

Michigan Public Service Commission Issues Order Approving Settlement Agreement of Wisconsin Public Service Corporation of Wisconsin Public Service Corporation

Michigan Public Service Commission issues order approving settlement agreement of Wisconsin Public Service Corporation. On October 17, 2014, Wisconsin Public Service Corporation (WPS Corp) filed an application, with supporting testimony and exhibits, for authority to increase its rates for retail electric service in the annual amount of $5,651,277. A prehearing conference was held on November 20, 2014, before Administrative Law Judge Sharon L. Feldman (ALJ). WPS Corp. and the Commission Staff participated in the proceedings. The ALJ granted intervenor status to Fibrek Inc. and the Michigan Department of the Attorney General. Subsequently, the parties submitted a settlement agreement resolving all issues in the case. According to the terms of the settlement agreement, the parties agreed that based on a 2015 test year, WPS Corp.'s Michigan retail electric rates should be adjusted to provide an annual revenue increase of $4,015,475. The parties also agreed to an authorized rate of return on common equity of 10.20% for WPS Corp, which results in a calculated overall rate of return of 6.0111%. The parties further agreed that WPS Corp. should be authorized to revise its tariffs over a three-year period to reflect an annual revenue increase of $4,015,475 as follows: Unless otherwise specified below, the tariff sheets attached as Attachment A to the settlement agreement will become effective on the first day following the issuance of a Commission order approving the settlement agreement, or with the first business month following the issuance of the order. The implementation of these tariffs will result in an annual revenue increase of approximately $1,309,380. All non-power supply cost recovery (PSCR) related rates, including but not limited to customer charges, demand charges, distribution charges, lamp charges, and the non-PSCR portions of power supply charges reflected in Attachment A, will become effective for service rendered on and after the first day following the issuance of the order. The rates in the tariff sheets in Attachment A are consistent with the rate realignment requirements of MCL 460.11, including the 2.5% limitation. If WPS Corp. or a Wisconsin Energy Corporation (WEC) Energy Group subsidiary owns electric distribution assets located in Menominee County, Michigan, on the first anniversary of the effective date of the order approving the settlement agreement, the rates reflected on Attachment B to the settlement agreement will become effective, on a service rendered basis, on the first anniversary of the effective date of the order. The implementation of these rates will result in an additional annual revenue increase of approximately $1,305,145. The rates for each customer class in Attachment B are consistent with the rate realignment requirements of MCL 460.11, including the 2.5% limitation. If WPS Corp. or a WEC Energy Group subsidiary owns electric distribution assets located in Menominee County, Michigan, on the second anniversary of the effective date of the order approving the settlement agreement, on a service rendered basis, on the second anniversary of the effective date of the order. The implementation of these rates will result in an additional annual revenue increase of approximately $1,400,949. The parties agreed that the revised rates should reflect the PSCR base rate at the generation level of 39.43 mills per kilowatt-hour (kWh) and a PSCR line loss factor of 1.0276. The parties also agreed that WPS Corp. will make a filing in its 2015 PSCR plan case, Case No. U-17672, to amend its proposed 2015 PSCR factor to negative 2.0 mills per kWh. The parties further agreed that the new PSCR base rate and line loss factor will become effective, on a bills rendered basis, on and after the beginning of the first business month following the issuance of a Commission order approving the settlement agreement. The parties agreed that the rate realignment plan, should be approved, provided that the three-year-period rate increase has been fully implemented. The rate surcharges and credits reflected on Attachment D should be effective, on a service rendered basis, on the third and subsequent anniversaries of the effective date of the order approving the settlement agreement. However, the rate realignment factors prevailing on the filing date of WPS Corp.'s next general Michigan electric rate case, or the date WPS Corp. or a WEC Energy Group subsidiary ceases to own electric distribution assets located in Menominee County, Michigan, whichever date is earlier, shall remain in effect and unchanged through the completion of, and the issuance of, a final order in a Michigan general electric rate case as relating to electric service provided in Menominee County, Michigan.

We Energies Eyes Wisconsin Public

The parent of Wisconsin Electric Power Company (We Energies) intends to acquire Wisconsin Public Service Corporation.

Wisconsin Seeks Acquisitions

Wisconsin Public Service Corporation is seeking acquisitions. Wisconsin intends to use net proceeds from sale of securities for refund outstanding short-term indebtedness, refund outstanding long-term debt and pay the cost of construction or acquisition of capital assets. Any remaining proceeds will be used for other general corporate utility purposes.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
January 13, 2015
Wisconsin Public Service Corporation, Michigan Electric Distribution Assets
 

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