Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us


July 03, 2015 8:57 AM ET

Electric Utilities

Company Overview of Wisconsin Public Service Corporation

Company Overview

Wisconsin Public Service Corporation, an electric and natural gas utility, generates, transmits, and distributes electricity and natural gas. It primarily operates through Regulated Electric Utility Operations and Regulated Natural Gas Utility Operations segments. The company generates electricity using various sources, including coal, natural gas, fuel oil, tire-derived fuel, wind, and hydro. It provides services to approximately 450,000 residential, commercial and industrial, wholesale, and other customers in northeastern Wisconsin and Michigan's Upper Peninsula. The company also offers wholesale electric services to various customers, including municipal utilities, electric cooperatives, ...

700 North Adams Street

PO Box 19001

Green Bay, WI 54307

United States

Founded in 1883

1,276 Employees

Phone:

800-450-7260

Key Executives for Wisconsin Public Service Corporation

Chairman, Chief Executive Officer and President
Age: 48
Chief Financial Officer and Director
Age: 49
Controller
Age: 54
Compensation as of Fiscal Year 2015.

Wisconsin Public Service Corporation Key Developments

Wisconsin Public Service Corporation Amends its By-Laws

Effective June 29, 2015, Wisconsin Public Service Corporation (WPSC) amended its By-laws to provide that the number of directors of WPSC shall be fixed from time to time by the directors or shareholders of WPSC and shall be a minimum of three. The previous provision provided that the Board of Directors of WPSC would consist of eight directors.

Wisconsin Public Service Corporation Announces Executive Changes

On June 29, 2015, Integrys Energy Group Inc. completed the previously announced mergers contemplated by that certain Agreement and Plan of Merger, dated as of June 22, 2014, by and among Wisconsin Energy Corporation, the Predecessor Company, WEC Acquisition Corp., a Wisconsin corporation (Merger Sub) and Integrys Holding Inc. On June 29, 2015, in connection with the completion of the Merger, all of the individuals who were serving as directors of Wisconsin Public Service Corporation immediately prior to the Initial Merger resigned, and Allen L. Leverett, J. Patrick Keyes, Susan H. Martin, and J. Kevin Fletcher were elected as the directors of WPSC. No director resigned because of any disagreement with WPSC on any matter relating to its operations, policies or practices. There are no committees of the Board of Directors of WPSC. In addition, in connection with the completion of the Merger, all of the individuals who were serving as officers of WPSC immediately prior to the Initial Merger were terminated from their positions as of June 29, 2015. Among others, Allen L. Leverett became the Chairman, President and Chief Executive Officer of WPSC, J. Patrick Keyes became the Chief Financial Officer of WPSC, and Stephen P. Dickson became the Controller of WPSC. Mr. Leverett was appointed President of Parent in August 2013. He also has served as the principal executive officer of Parent's electric utility generation operations since March 2011. Mr. Leverett joined Parent in 2003 as Chief Financial Officer. Mr. Keyes was appointed Executive Vice President and Chief Financial Officer of Parent and Energies in September 2012. Prior to joining Parent in April 2011 as Vice President and Treasurer, Mr. Keyes had been a Senior Executive with Accenture since September 2001. Mr. Dickson has served as Controller of Parent and Energies since 2000 and as Vice President since 2005.

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.

Similar Private Companies By Industry

Company Name Region
Canyon Creek Compression Company United States
Raft River Rural Electric Cooperative Inc. United States
SDG&E Funding LLC United States
Kentucky Power Company United States
EIX Trust I United States

Recent Private Companies Transactions

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

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup

Most Searched Private Companies

Company Name Geographic Region
Lawyers Committee for Civil Rights Under Law United States
NYC2012, Inc. United States
Bertelsmann AG Europe
Rush University United States
Citizens Budget Commission United States

Sponsored Financial Commentaries

Sponsored Links

Report Data Issue

To contact Wisconsin Public Service Corporation, please visit www.wisconsinpublicservice.com. Company data is provided by Capital IQ. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.