State agency approves settlement regarding UPPCO sale
The Michigan Public Service Commission has approved a settlement agreement between the current parent company of UPPCO and the company to which UPPCO is being sold.
The agreement between Integrys Energy Group and Balfour Beatty Infrastructure Partners calls for Integrys to transfer 100% of UPPCO’s stock to BBIP. The two companies agree that the sale will not have an adverse effect on rates for UPPCO customers.
The settlement says that no employee layoffs or substantial changes to existing benefits are expected as a result of the sale. Once the sale is complete, UPPCO customers will receive a $26 million credit spread over six years, effective with rates approved in the next base rate case.
Under the terms of the settlement, UPPCO also won’t ask for a rate increase to take effect until at least January 2016.
The Michigan Public Service Commission says it own staff, along with Michigan Tech University and Citizens Against Rate Excess, participated in the settlement.