Integrys Energy Group

Foward Looking Statements - March 28, 2006

Except for historical data and statements of current fact, the information contained or incorporated by reference in this document constitutes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Any references to plans, goals, beliefs or expectations in respect to future events and conditions or to estimates are forward-looking statements. Although we believe that statements of our expectations are based on reasonable assumptions, forward-looking statements are inherently uncertain and subject to risks and should be viewed with caution. Actual results or experience could differ materially from the forward-looking statements as a result of many factors.

In addition to statements regarding trends or estimates in Management's Discussion and Analysis of Financial Condition and Results of Operations included in the Annual Report on Form 10-K, forward-looking statements included or incorporated in this document include, but are not limited to, statements regarding future:

Revenues or expenses
Capital expenditure projections
Financing sources

Forward-looking statements involve a number of risks and uncertainties. There are many factors that could cause actual results to differ materially from those expressed or implied in this document. Some risk factors that could cause results different from any forward-looking statement include those described in Item 1A - “Risk Factors” in the Annual Report on Form 10-K. Other factors include:

Timely completion of the purchase of the Michigan and Minnesota natural gas distribution operations from Aquila, Inc. and the successful integration of these businesses, including receipt of the required regulatory approval in Minnesota;
Resolution of pending and future rate cases and negotiations (including the recovery of deferred costs) and other regulatory decisions regarding Wisconsin Public Service Corporation and Upper Peninsula Power Company;
The impact of recent and future federal and state regulatory changes, including legislative and regulatory initiatives regarding deregulation and restructuring of the electric utility industry, changes in environmental, tax and other laws and regulations to which we and our subsidiaries are subject, as well as changes in application of existing laws and regulations;
Current and future litigation, regulatory investigations, proceedings or inquiries, including manufactured gas plant site cleanup, pending Environmental Protection Agency investigations of Wisconsin Public Service Corporation generation facilities, and the Weston 4 air permit;
Resolution of audits by the Internal Revenue Service and various state revenue agencies;
The effects, extent and timing of additional competition or regulation in the markets in which our subsidiaries operate;
The impact of fluctuations in commodity prices, interest rates, and customer demand;
Available sources and costs of fuels and purchased power;
Ability to control costs (including asset retirement obligations);
Investment performance of employee benefit plan assets;
Advances in technology;
Effects of and changes in political, legal, and economic conditions and developments in the United States and Canada;
The performance of projects undertaken by nonregulated businesses and the success of efforts to invest in and develop new opportunities;
Potential business strategies, including acquisitions or dispositions of assets or businesses, which cannot be assured to be completed (such as the acquisition of the Michigan and Minnesota natural gas distribution operations from Aquila, construction of the Weston 4 power plant and construction of the Wausau, Wisconsin, to Duluth, Minnesota, transmission line);
The direct or indirect effect resulting from terrorist incidents, natural disasters, or responses to such events;
Financial market conditions and the results of financing efforts, including credit ratings and risks associated with commodity prices, interest rates, and counterparty credit;
Weather and other natural phenomena; and
The effect of accounting pronouncements issued periodically by standard-setting bodies.

Except to the extent required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise after the date of this report.