PGL Peoples Energy Corp

Integrys Signifies Companies' Commitment To Customer Service, Honest Operations, And Serving The Communities In Which It Will Operate GREEN BAY, Wis. and CHICAGO, Oct. 16 /PRNewswire-FirstCall/ -- WPS Resources Corporation (NYSE:WPS) and Peoples Energy Corporation (NYSE:PGL) today announced Integrys (in-TEG-ris) as the name for a proposed combined company, subject to necessary regulatory and shareholder approvals. The companies announced the signing of a definitive merger agreement on July 10, 2006, and expect the transaction to close in the first calendar quarter of 2007. Earlier this month, the companies released the proposed organizational structure and new leadership of the combined company. "In Integrys, we have a name that reflects our commitment to open and honest business practices, prudent decision-making and a strong financial foundation," said Larry L. Weyers, 61, chairman, president, and CEO of WPS Resources and president and CEO of the new company. "These values will support the integration of the two companies and help us achieve our vision of becoming a stronger and more competitive, diversified energy company. "Integrys also conveys the core values of our combined company," Weyers added. "Our employees are customer-focused and work hard to provide energy solutions that benefit all our stakeholders -- our customers, shareholders, and the communities we serve." Integrys will be the name of the new parent company, which will be listed on the New York Stock Exchange under the ticker symbol, TEG. The energy marketing subsidiary will be called Integrys Energy Services, Inc. The names of the operating subsidiaries will not change; these companies are Wisconsin Public Service Corporation, Upper Peninsula Power Company, Michigan Gas Utilities, Minnesota Energy Resources, Peoples Gas, and North Shore Gas. The logo design and website for Integrys will be released upon the close of the transaction. About WPS Resources Corporation WPS Resources (NYSE:WPS), based in Green Bay, Wisconsin, is a holding company with five major subsidiaries providing electric and natural gas energy and related services in both regulated and non-regulated energy markets. Its largest subsidiary is Wisconsin Public Service Corporation, a regulated electric and natural gas utility serving northeastern Wisconsin and a portion of Michigan's Upper Peninsula. Wisconsin Public Service serves more than 425,000 electric customers and 308,000 natural gas customers. Another subsidiary, Upper Peninsula Power Company, is a regulated electric utility that serves approximately 52,000 electric customers in Michigan's Upper Peninsula. Michigan Gas Utilities Corporation is a regulated natural gas utility serving 161,000 customers in lower Michigan. Minnesota Energy Services Corporation is a regulated natural gas utility serving more than 200,000 customers throughout Minnesota. WPS Resources' major non-regulated subsidiary consists of WPS Energy Services, Inc., a diversified non-regulated energy supply and services company serving commercial, industrial and wholesale customers and aggregated groups of residential customers. Its principal market is the northeast quadrant of the United States and adjacent portions of Canada. Its principal operations are in Illinois, Maine, Michigan, Ohio, Texas, Virginia, and Wisconsin in the United States and Alberta, Ontario, and Quebec in Canada. WPS Energy Services also owns and/or operates non-regulated electric generation facilities in Wisconsin, Maine, Pennsylvania, New York, and New Brunswick, Canada; steam production facilities in Arkansas and Oregon; and a partial interest in a synthetic fuel processing facility in Kentucky. Visit the WPS Resources Web site at http://www.wpsr.com/ for additional information. About Peoples Energy Peoples Energy, (NYSE:PGL) a member of the S&P 500, is a diversified energy company consisting of three primary business segments: Gas Distribution, Oil and Gas Production, and Energy Assets & Energy Marketing. Peoples Gas and North Shore Gas, regulated utilities, deliver natural gas to about one million customers in the City of Chicago and 54 communities in northeastern Illinois. The company's non-utility businesses include Peoples Energy Services (PESC) and Peoples Energy Production (PEP). PESC, launched in 1996, serves more than 25,000 customers. PESC provides a portfolio of products to manage energy needs of business, institutional and residential consumers in today's volatile and complex energy market. The company recently won approval to offer services in Michigan, Ohio and New York. PEP, founded in 1998, is primarily focused on acquiring proven, onshore reserves with upside potential in a limited number of strategic supply basins. Value is then added through drilling programs, production enhancements and reservoir optimization. The company's acquisition and drilling efforts are primarily focused on natural gas. Visit the Peoples Energy website at http://www.peoplesenergy.com/ . Forward-Looking Statements This press 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," "may," "could," "project," "believe" and other similar words. Forward-looking statements are beyond the ability of WPS Resources and Peoples Energy to control and, in many cases, neither WPS Resources nor Peoples Energy can predict what factors would cause actual results to differ materially from those indicated by forward-looking statements. Please see WPS Resources' and Peoples Energy's periodic reports filed with the Securities and Exchange Commission (including their 10-Ks and 10-Qs) for listings of certain factors that could cause actual results to differ materially from those contained in forward-looking statements. All forward-looking statements included in this press release are based upon information presently available, and neither WPS Resources nor Peoples Energy assume any obligation to update any forward-looking statements. Additional Information This communication is not a solicitation of a proxy from any security holder of WPS Resources Corporation or Peoples Energy Corporation. WPS Resources Corporation has filed a registration statement on Form S-4 with the Securities and Exchange Commission (the "SEC") in connection with the proposed transaction. The registration statement includes a preliminary joint proxy statement of WPS Resources Corporation and Peoples Energy Corporation that also constitutes a prospectus of WPS Resources Corporation, which will be sent to the shareholders of WPS Resources Corporation and Peoples Energy Corporation in its definitive form when available. Shareholders are urged to read the joint proxy statement/prospectus and any other relevant document when they become available, because they will contain important information about WPS Resources Corporation, Peoples Energy Corporation and the proposed transaction. A definitive proxy statement will be sent to shareholders of WPS Resources Corporation and Peoples Energy Corporation seeking approval of the proposed transaction. The joint proxy statement/prospectus and other documents relating to the proposed transaction (when they are available) can be obtained free of charge from the SEC's website at http://www.sec.gov/ . These documents (when they are available) can also be obtained free of charge from WPS Resources Corporation upon written request to WPS Resources Corporation, Attention: Barth J. Wolf, Secretary and Manager - Legal Services, P.O. Box 19001, Green Bay, Wisconsin 54307-9001, or by calling (920) 433-1727, or from Peoples Energy Corporation, upon written request to Peoples Energy Corporation, Attention: Secretary, 130 East Randolph Drive, 24th Floor, Chicago, Illinois 60601, or by calling (312) 240-4366. Participants in the Proposed Transaction WPS Resources Corporation, Peoples Energy Corporation and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from shareholders in connection with the proposed transaction under the rules of the SEC. Information about the directors and executive officers of WPS Resources Corporation may be found in its 2005 Annual Report on Form 10-K filed with the SEC on February 28, 2006 and definitive proxy statement relating to its 2006 Annual Meeting of Shareholders filed with the SEC on April 7, 2006. Information about the directors and executive officers of Peoples Energy Corporation may be found in its Amendment No. 1 to its 2005 Annual Report on Form 10-K filed with the SEC on December 14, 2005 and definitive proxy statement relating to its 2006 Annual Meeting of Shareholders filed with the SEC on January 1, 2006. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the interests of these participants will also be included in the definitive joint proxy statement/prospectus regarding the proposed transaction when it becomes available. Non-Solicitation This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. For More Information, Contact: For WPS Resources Corporation: Kerry Spees (Media) Corporate Communications Leader (800) 977 2250 Donna M. Sheedy (Investor Relations) Manager, Investor Relations (920) 433-1857 For Peoples Energy: Rod Sierra (Media) Vice President, Communications and Government Relations (312) 240-4567 Douglas Ruschau (Investor Relations) Vice President, Finance and Treasurer (312) 240-3818 DATASOURCE: WPS Resources Corporation; Peoples Energy Corporation CONTACT: Kerry Spees (Media), Corporate Communications Leader, +1-800-977-2250, or Donna M. Sheedy (Investor Relations), Manager, Investor Relations, +1-920-433-1857, both for WPS Resources Corporation; or Rod Sierra (Media), Vice President, Communications and Government Relations, +1-312-240-4567, or Douglas Ruschau (Investor Relations), Vice President, Finance and Treasurer, +1-312-240-3818, both for Peoples Energy Web site: http://www.wpsr.com/ http://www.peoplesenergy.com/

Copyright