For Release: 09/03/2013
Minnesota Energy Resources Corp. Agrees to Acquire Alliant Energy's Gas Distribution Assets in Minnesota
Agreement provides continued local service for Minnesota customers
Rosemount, MN - Minnesota Energy Resources Corporation (MERC), a subsidiary of Integrys Energy Group, Inc. (NYSE: TEG), today announced an agreement with Alliant Energy Corporation (NYSE:LNT) to acquire Alliant's natural gas distribution business in southeast Minnesota.
MERC already serves customers near Alliant Energy's utility operations in the state. The communities involved in the transaction are all within 25 miles of existing MERC communities.
"Our proximity to these communities makes this opportunity attractive to us," said MERC President Barbara Nick. "We also share Alliant Energy's commitment to safety, reliability and customer service, so customers will see a smooth transition."
If approved, the transaction would bring about 10,600 new customers into the MERC service area. The communities involved include Adams, Albert Lea, Clarks Grove, Conger, Geneva, Hollandale, Glenville, Leroy, Lyle, Rose Creek, Taopi and Wykoff.
The sale of the company's assets requires state and federal approvals, which are expected to occur in six to twelve months. Alliant will continue to provide natural gas and customer service during this transition.
About Minnesota Energy Resources Corporation
Minnesota Energy Resources Corporation, a subsidiary of Integrys Energy Group, is a natural gas utility headquartered in Rosemount, MN, serving approximately 214,000 customers in 165 communities throughout Minnesota.
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.
For More Information, Contact:
- Jeff Larson
Sr. External Affairs Mgr.
Minnesota Energy Resources
Mobile: (651) 322-8907
Cell: (612) 710-4156
- Media Hotline 800-977-2250