RESOLUTION
WHEREAS, in June 2014, Chicago-based Integrys Energy Group, Inc., announced a $5.8 billion deal to sell its utility operations to Milwaukee-based Wisconsin Energy Corp.; and
WHEREAS, Integrys Energy Group, Inc. is the parent company of Peoples Gas and North Shore Gas; and
WHEREAS, the $5.8 billion merger would reportedly create an energy company with more than 4.3 million metered electric and gas customers in Illinois, Wisconsin, Michigan and Minnesota; and
WHEREAS, if approved by shareholders and regulators, the combined entity would become the nation's eighth-largest natural gas distribution company, would have a projected rates base of $16.8 billion in 2015, and its network would include almost 71,000 miles of electric power lines and 44,000 miles of gas transmission and distribution lines; and
WHEREAS, since 2008, Peoples Gas has received approximately $250 million in rate hikes and Peoples Gas and North Shore Gas are currently requesting a total increase of approximately $136 million, according to the Citizens Utility Board; and
WHEREAS, the Office of the Illinois Attorney General has asked to the Illinois Commerce Commission to cut the rate-hike request of Peoples Gas to $55 million; and
WHEREAS, the announcement of the acquisition did not confirm that the deal would not spark more frequent rate hikes; and
WHEREAS, the announcement of the acquisition did not mention rate or other concessions to benefit Chicago customers; and
WHEREAS, the City Council of the City of Chicago intends to ensure that the proposed merger of Wisconsin Energy Corp. and Integrys Energy Group, Inc. is a good move for Chicago customers; now therefore
Margaret Laurino, Alderman 39 Ward
BE IT RESOLVED, that the City Council of the City of Chicago hereby urges the Corporation Counsel prepare all necessary pleadings to be filed with the Illinois Commerce Commission to ensure the best interests of Chicago customers are protected in consideration of the aforementioned pro...
Click here for full text