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2 major power companies merging

The parent company of We Energies is buying the parent company of Wisconsin Public Service, to create the largest electric and gas supplier in the Midwest.

We Energies CEO Gale Klappa talked about the $9.1 billion deal this morning. He says the combined company would be called WEC Energy Group, and officials are working to get shareholder and federal approval for the deal. Klappa hopes it can be finalized by next summer.

The combined company would have 4.3 million customers in Wisconsin, Minnesota, Michigan and Illinois.

Klappa says they would also own more than 60 percent of the American Transmission Company. That utility builds and maintains high-voltage power lines in the state.

WEC 's corporate headquarters would be in Milwaukee. The company would also have operating headquarters in Green Bay, Chicago and Milwaukee.

posted : June, 23rd by WHBY

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