Integrys Energy Services Announces Definitive Agreement to Sell its Portfolio of Renewable Energy Certificates to EDF Trading North America, LLC
CHICAGO, Feb. 3 /PRNewswire-FirstCall/ -- Integrys Energy Group, Inc. (NYSE: TEG) ("Integrys") today announced that its non-regulated subsidiary, Integrys Energy Services, Inc., ("Energy Services") has agreed to sell its Environmental Markets business to EDF Trading North America, LLC ("EDF Trading"). Integrys expects to close the sale in March 2010. The Environmental Markets business, which requires immaterial collateral support, largely consists of a portfolio of long-term Renewable Energy Certificate contracts with generators and wholesale buyers. The sale does not involve Energy Services' renewable solar or landfill gas projects owned by Integrys or its subsidiaries. In addition, the transaction does not include any Renewable Energy Certificates used to serve Energy Services' retail customers.
The financial terms and other conditions of the transaction are not being disclosed at this time.
J.P. Morgan Securities acted as exclusive financial advisor to Integrys Energy Group, and Thorndike Landing acted as lead advisor to Integrys Energy Services for this transaction.
Forward-Looking Statements
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 the competitive 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.
About EDF Trading
EDF Trading is a leader in the international wholesale energy markets. Its own portfolio of assets, combined with EDF Group businesses, give it the ability to source, supply, transport, store, blend and convert physical commodities across the wholesale energy markets.
EDF Trading is able to offer physical acquisition, management and delivery of natural gas, power and coal in the United States and Canada. It is one of the largest providers of market services to the wholesale gas and power sectors in North America specializing in energy logistics and asset optimization. In Europe, it is one of the largest participants in the power and gas markets and was one of the first entrants into the global market for liquefied natural gas. EDF Trading participates in the EU emissions market since it began and is one of the top buyers of carbon credits from Clean Development Mechanism projects around the world. The global coal and freight business is the largest importer of coal into Europe. EDF Trading is also a pioneer in the biomass market.
EDF Trading is a 100% owned subsidiary of EDF Group, Europe's leading electricity producer, a major player in renewable energies, a significant participant in the worldwide revival of nuclear energy with a growing presence in the natural gas industry
For more information on EDF Trading, please visit www.edftrading.com
SOURCE Integrys Energy Group, Inc.
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