CHICAGO, Jan. 20 /PRNewswire-FirstCall/ -- Integrys Energy Group, Inc. (NYSE: TEG; "Integrys") today announced that it has achieved the scale and risk-reduction objectives for its nonregulated subsidiary, Integrys Energy Services, Inc. ("Energy Services"). The Company expects that it will have divested a substantial portion of its nonregulated business by early second quarter 2010, resulting in a significant reduction in related collateral support requirements and capital invested.
Integrys has elected to retain a selected portion of its Energy Services retail natural gas and electric marketing businesses and has restructured this business to reduce its scale and risk profile. The retention of the restructured retail marketing business will have a positive impact on previously issued EPS guidance for 2011.
"With the restructuring of Integrys Energy Services, the continued progress of the rate cases in each of our regulated service jurisdictions and the continuing implementation of our cost containment and operational efficiency program, we believe that we are well-positioned for the future," said Charles Schrock, President and Chief Executive Officer of Integrys Energy Group. "We have met our objectives for Integrys Energy Services by significantly reducing capital investment and collateral support requirements. We believe that retention of the restructured nonregulated retail natural gas and electric marketing business is the most attractive outcome for our investors. Our reorganization of the retained retail marketing operations has resulted in a configuration that has a lower risk profile than an integrated wholesale and retail business, and we have structures in place that will allow this business to grow in a controlled fashion while limiting the risk profile and scale of its operations."
Investor and Analyst Meeting in New York
Integrys Energy Group will host a meeting in New York for institutional investors and analysts on February 17, 2010, beginning at 8 a.m. and ending at 12 noon (Eastern), during which the executive management team will review the Company's business operations and future anticipated financial results in detail. The event will be webcast live and for replay purposes at www.integrysgroup.com/investor/presentations.aspx. If you would like to attend the event in person, please contact Delia Cannan of Taylor Rafferty at (212) 889-4350.
Fourth Quarter 2009 Earnings Conference Call
On Friday, February 26, 2010, at 8 a.m. (Central), the executive management team of Integrys Energy Group, Inc. will host a conference call to review 2009 fourth quarter and full year financial results. Further details regarding the conference call will be distributed prior to February 26, 2010.
This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. You can identify these statements by the fact that they do not relate strictly to historical or current facts and often include words such as "anticipate," "expect," "intend," and other similar words. Forward-looking statements are beyond the ability of Integrys Energy Group to control and, in many cases, Integrys Energy Group cannot predict what factors would cause actual results to differ materially from those indicated by forward-looking statements. Please see Integrys Energy Group's periodic reports filed with the Securities and Exchange Commission (including its 10-K and 10-Qs) for a listing of certain factors that could cause actual results to differ materially from those contained in forward-looking statements.
About Integrys Energy Group, Inc.
Integrys Energy Group is a diversified holding company with regulated utility operations operating through six wholly owned subsidiaries, Wisconsin Public Service Corporation, The Peoples Gas Light and Coke Company, North Shore Gas Company, Upper Peninsula Power Company, Michigan Gas Utilities Corporation, and Minnesota Energy Resources Corporation; nonregulated operations serving certain energy markets in the United States through its wholly owned nonregulated subsidiary, Integrys Energy Services; and also a 34% equity ownership interest in American Transmission Company LLC (an electric transmission company operating in Wisconsin, Michigan, Minnesota, and Illinois).
More information about Integrys Energy Group, Inc. is available online at www.integrysgroup.com.
SOURCE Integrys Energy Group, Inc.