The document discusses presentations from the EEI Financial Forum on November 11, 2008. It includes sections on forward-looking statements, Integrys Energy Group's vision and mission, its regulated utilities serving over 2 million customers in the Midwest, American Transmission Company's service territory and investments, Integrys' regulated utility capital projects, the Weston 4 power plant project, Wisconsin Public Service and Michigan Gas Utilities rate cases, and prospects for future growth in value from regulated utilities.
AEP 2012 first-quarter earnings: $0.80 per share GAAP and ongoing; Industrial sales continue to show growth; Record mild weather throughout AEP’s service territories lowers demand.
AEP 2012 first-quarter earnings: $0.80 per share GAAP and ongoing; Industrial sales continue to show growth; Record mild weather throughout AEP’s service territories lowers demand.
Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the what'sapp contact of my personal pi merchant to trade with
+12349014282
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the what'sapp contact of my personal pi merchant to trade with.
+12349014282
^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...mayaclinic18
Whatsapp (+971581248768) Buy Abortion Pills In Dubai/ Qatar/Kuwait/Doha/Abu Dhabi/Alain/RAK City/Satwa/Al Ain/Abortion Pills For Sale In Qatar, Doha. Abu az Zuluf. Abu Thaylah. Ad Dawhah al Jadidah. Al Arish, Al Bida ash Sharqiyah, Al Ghanim, Al Ghuwariyah, Qatari, Abu Dhabi, Dubai.. WHATSAPP +971)581248768 Abortion Pills / Cytotec Tablets Available in Dubai, Sharjah, Abudhabi, Ajman, Alain, Fujeira, Ras Al Khaima, Umm Al Quwain., UAE, buy cytotec in Dubai– Where I can buy abortion pills in Dubai,+971582071918where I can buy abortion pills in Abudhabi +971)581248768 , where I can buy abortion pills in Sharjah,+97158207191 8where I can buy abortion pills in Ajman, +971)581248768 where I can buy abortion pills in Umm al Quwain +971)581248768 , where I can buy abortion pills in Fujairah +971)581248768 , where I can buy abortion pills in Ras al Khaimah +971)581248768 , where I can buy abortion pills in Alain+971)581248768 , where I can buy abortion pills in UAE +971)581248768 we are providing cytotec 200mg abortion pill in dubai, uae.Medication abortion offers an alternative to Surgical Abortion for women in the early weeks of pregnancy. Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the what's app number of my personal pi vendor to trade with.
+12349014282
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the what'sapp number.
+12349014282
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
2. Forward-Looking Statements
This presentation 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,” “believe,” “estimate,” “expect,”
“intend,” “plan,” “project,” and other similar words. Although we believe we have been prudent in our plans
and assumptions, there can be no assurance that indicated results will be realized. Should known or
unknown risks or uncertainties materialize, or should underlying assumptions prove inaccurate, actual
results could vary materially from those anticipated.
Forward-looking statements speak only as of the date on which they are made, and we undertake no
obligation to update any forward-looking statements, whether as a result of new information, future events,
or otherwise. We recommend that you consult any further disclosures we make on related subjects in our
10-Q, 8-K, and 10-K reports to the Securities and Exchange Commission.
The following is a cautionary list of risks and uncertainties that may affect the assumptions, which form the
basis of forward-looking statements relevant to our business. These factors, and other factors not listed
here, could cause actual results to differ materially from those contained in forward-looking statements.
Unexpected costs and/or unexpected liabilities related to the Peoples Energy merger;
Integrys Energy Group may be unable to achieve the forecasted synergies anticipated from the
Peoples Energy merger, or it may take longer or cost more than expected to achieve these synergies;
Resolution of pending and future rate cases and negotiations (including the recovery of deferred costs)
and other regulatory decisions impacting Integrys Energy Group’s regulated businesses;
The impact of recent and future federal and state regulatory changes, including legislative and
regulatory initiatives regarding deregulation and restructuring of the electric and natural gas utility
industries and possible future initiatives to address concerns about global climate change, changes in
environmental, tax and other laws and regulations to which Integrys Energy Group and its subsidiaries
are subject, as well as changes in the application of existing laws and regulations;
2
2
EEI Financial Conference November 11, 2008
3. Forward-Looking Statements
Current and future litigation, regulatory investigations, proceedings or inquiries, including but not limited
to, manufactured gas plant site cleanup and the contested case proceeding regarding the Weston 4 air
permit;
Resolution of audits or other tax disputes with the Internal Revenue Service and various state, local,
and Canadian revenue agencies;
The effects, extent, and timing of additional competition or regulation in the markets in which our
subsidiaries operate;
Available sources and costs of fuels and purchased power;
Investment performance of employee benefit plan assets;
Advances in technology;
Effects of and changes in political and legal developments as well as economic conditions and the
related impact on customer demand;
Potential business strategies, including mergers, acquisitions, and construction or disposition of assets
or businesses, which cannot be assured to be completed timely or within budgets;
The direct or indirect effects of terrorist incidents, natural disasters, or responses to such events;
The impacts of changing financial market conditions, credit ratings, and interest rates on our liquidity
and financing efforts;
The risks associated with changing commodity prices (particularly natural gas and electricity), including
counterparty credit risk and the impact on general market liquidity;
Weather and other natural phenomena, in particular the effect of weather on natural gas and electricity
sales;
The effect of accounting pronouncements issued periodically by standard-setting bodies; and
Other factors discussed in the 2007 Annual Report on Form 10-K and in other reports filed by us from
time to time with the United States Securities and Exchange Commission.
3
3
EEI Financial Conference November 11, 2008
4. Integrys Energy Group –
Vision and Mission
Vision
People creating a premier and
growing energy company
Mission
Provide customers with the best value in
energy and related services
4
4
EEI Financial Conference November 11, 2008
5. Integrys Energy Group –
A Leading Midwest Energy Company
$3.5 billion market cap
5
5
EEI Financial Conference November 11, 2008
6. Strong and Diversified Regulated
Utility Business
Serving the Midwest for
Regulated service territory 125 years
Stable organic earnings
growth
Attractive service
territories
Generation and
distribution capital
investment program
Constructive regulatory
approach
Delivering superior
customer service
6
6
EEI Financial Conference November 11, 2008
7. Regulated Utilities Serving Over
2 Million Customers
PGL NSG MERC MGUC W PSC UPPCO
As of 12/31/2007
Electric Customers 433,000 52,000
Natural Gas Customers 830,000 158,000 207,000 165,000 314,000
Generation capacity (megawatts) 1,757.4 58.9
Natural gas storage (Bcf) 47.3 6.9* 3.6* 5.1 8.1*
For the period ending 12/31/2007
Annual electric volumes (million megawatt-hours) 14.8 1.2
Annual natural gas throughput (Bcf) 124.1 25.8 70.5 31.1 78.8
Retail as of 12/31/2007 Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Electric Electric
Estimated rate base/investment ($ millions), IL 1,157 177
Estimated rate base/investment ($ millions), WI 338 1,288
Estimated rate base/investment ($ millions), MI 170 3 15 84.5
Estimated rate base/investment ($ millions), MN 186
W holesale as of 12/31/07
Estimated rate base/investment ($ millions) 174 7.5
* Represents contracted storage.
Note: Estimated rate base/investment dollars for all companies as of December 31, 2007. Most regulatory authorities use 13-month
averages to determine authorized rate base/investments in rate proceedings.
7
7
EEI Financial Conference November 11, 2008
8. Regulated Utilities Regulatory
Rate Base and ROE
PGL NSG MERC MGUC WPSC UPPCO
Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Electric Electric
Retail last authorized, IL/MN
Rate base/investment ($ millions) 1,212 182 125
Allowed ROE 10.19% 9.99% 11.71%
Authorized regulatory equity % 56.00% 56.00% 50.00%
Date of decision 2/5/2008 2/5/2008 7/29/2003
Retail last authorized, MI
(2)
Rate base/investment ($ millions) 170 2 14 87.3
Allowed ROE 11.40% 14.25% 10.60% 10.75%
Authorized regulatory equity % 44.89% 42.40% 56.39% 54.93%
Date of decision 3/12/2003 6/7/1983 12/4/2007 6/27/2006
Retail last authorized, WI
(1)
Rate base/investment ($ millions) 352 1,241
Allowed ROE 10.90% 10.90%
Authorized regulatory equity % 57.46% 57.46%
Date of decision 1/11/2007 1/11/2007
Wholesale last authorized
Rate base/investment ($ millions) 168 7.7
Allowed ROE 11.00%
(3)
Authorized regulatory equity % 57.46%
Date of decision 11/19/2004
Notes:
(1) - Authorized rate base includes $475 million of construction work-in-progress.
(2) - MGUC's last rate case was settled by previous owner, with no value stated for rate base/investment (12/31/07 estimated value represented here).
(3) - Authorized regulatory equity percent is equal to retail actual equity percent.
- All rates are based on individual contracts with customers, consequently no allowed ROE, and authorized equity percent applies.
8
8
EEI Financial Conference November 11, 2008
9. American Transmission Company
Service territory ATC key operating statistics
230kV-344kV
345kV-499kV Below 230kV
Over $2.5 billion in
transmission assets
Announced in 2008 plans
to spend $2.7 billion over
next 10 years
Authorized ROE: 12.2%
on 50% equity
Rate design includes
true-up mechanism and
return on CWIP
9
9
EEI Financial Conference November 11, 2008
10. ATC – Investment in Net Plant
$4,000
Millions
$3,500
$3,570
$3,503
$3,398
$3,304
$3,245
$3,000
$3,120
$2,972
$2,869
$2,500
$2,713
$2,494
$2,000
$2,181
$1,841
$1,500
$1,000
$500
$-
E
E
E
E
E
E
E
E
E
E
A
A
08
09
10
11
12
13
14
15
16
17
06
07
20
20
20
20
20
20
20
20
20
20
20
20
Source: ATC 2007 Annual Report, p. 15; accessible at http://www.atcllc.com/documents/AR_single_FNL.pdf
10
10
EEI Financial Conference November 11, 2008
11. Investing in Regulated Utility
Capital Projects
(Millions)
2008 2009 2010 Total
Capital Expenditures for Regulated
Utility Operations $ 448 $ 603 $ 487 $ 1,538
Estimated Depreciation for Regulated
Utility Operations 197 203 232 632
Net Growth in Rate Base Investment $ 251 $ 400 $ 255 $ 906
11
11
EEI Financial Conference November 11, 2008
12. Weston 4 Project
Weston 4 Project overview
500 MW low sulfur coal-
fired base-load generation
facility
In service 1st quarter 2008,
full commercial operation
June 30, 2008
Dairyland Power
Cooperative owns 30%
interest in Weston 4
Approximate construction cost:
$1,600 per kilowatt
Estimated construction cost for
similar plant today:
$2,500-$3,000 per kilowatt
12
12
EEI Financial Conference November 11, 2008
13. Weston 4 Accolades
Earned POWER Magazine’s 2008 Plant of
the Year award
See:
http://www.powermag.com/ArchivedArticleDispla
y2.aspx?a=32-CS_Plant&y=2008&m=august
Nominated for two additional awards
Power Engineering Magazine’s 2008 Best Coal-
Fired Project Award
Platts Engineering News Record (ENR) Energy
Construction Project of the Year
13
13
EEI Financial Conference November 11, 2008
14. Wisconsin Public Service Rate Case
Wisconsin Jurisdiction
Filed for $117.2 million increase in retail electric rates for 2009, plus an adjustment for fuel
related costs, in 2010. Staff proposed $100.1 million increase in retail electric rates for
2009 and 2.0%, plus an adjustment for fuel related costs, in 2010.
Amended Request Staff Proposed
Rate Base/Investment: $ 1,389,959,000 $1,350,097,000
Return on Equity: (company requested 11.5%) 10.9% 10.7%
Equity Component: 58.1% 53.4%
Filed for $11.7 million increase in retail natural gas rates in 2009 and no increase in 2010.
Staff proposed $3.75 million decrease in retail natural gas rates.
Filed For Staff Proposed
Rate Base/Investment: $414,047,000 $434,657,000
Return on Equity: (company requested 11.5%) 10.9% 10.7%
Equity Component: 58.1% 53.4%
Requested decoupling for natural gas and electric service
• Filed: April 1, 2008
• Audit: Completed July 28, 2008
• Staff testimony filed August 29, 2008
• Hearings: September 25 and 26, 2008
• Written decision anticipated: December 2008
• Docket number: 6690-UR-119
• Web site: http://psc.wi.gov/apps/erf_search/content/result.aspx
14
14
EEI Financial Conference November 11, 2008
15. Michigan Gas Utilities Rate Case
In May requested $13.9 million, 5.8%, increase in retail
natural gas delivery rates from Michigan Public Service
Commission
Rate Base/Investment: $204 million
Return on Equity: 11.25%
Equity Component: 50.01%
Requested 4.4% interim rate increase while Commission
considers request.
Commission staff recommended $3.5 million, 10.75% return on equity,
and a 7.83% return on average rate base of $202.1 million
Interim rate order expected March 2009
Final rates expected second quarter 2009
Web site:
http://efile.mpsc.cis.state.mi.us/cgi-bin/efile/viewcase.pl?casenum=15549
15
15
EEI Financial Conference November 11, 2008
16. Minnesota Energy Resources Rate Case
In July requested $22.0 million, 6.4%, increase in retail natural
gas delivery rates from Minnesota Public Utilities Commission
Rate Base/Investment: $201 million
Return on Equity: 11.25%
Equity Component: 50%
Requested full 6.4% interim rate increase while Commission
considers request
Interim rates of $19.8 million, 90% of $22 million requested,
approved, and were effective October 1, 2008
Final rates expected in June 2009
Web site:
https://www.edockets.state.mn.us/EFiling/ShowFile.do?DocNumber=5405047
16
16
EEI Financial Conference November 11, 2008
17. Prospects for Future Growth
in Value – Regulated Utilities
Wisconsin Public Service
Continue construction of natural gas pipeline laterals connecting to
the Guardian II pipeline – $85 million project expected to be
completed by year-end 2008
Acquire wind farm project
99 megawatts in Iowa
Expected to close on $250 million purchase in November 2008
Expected in service by end of 2009
Regulated Natural Gas Segment
Complete rate case process in Michigan and Minnesota to obtain
approval for rate requests
Acceleration of investment in Chicago infrastructure
Program in place to reduce bad debt
17
17
EEI Financial Conference November 11, 2008
18. Integrys Energy Services – Snapshot
Serve 140,000 Customers
Northeast quadrant of US,
adjacent portions of
Canada, Texas, and
Alberta, Canada
32 pipelines and 6 electric
markets
Service Center locations
United States: CO, IL, KY,
ME, MI, NH, NY, OH, TX,
VA, WI
Canada: AB, ON, QC
2007 Annual Sales Data
Revenue: $7 billion
Natural gas sales: 765 BCF
Electric sales: 18.2 million
megawatt-hours
18
18
EEI Financial Conference November 11, 2008
19. Integrys Energy Services – Prospects
for Future Growth in Value
Optimize business to enhance bottom-line
growth
Focus on obtaining new customers in current
markets
Geographic expansion on hold
Solar projects
Other renewable energy products and
services to accommodate customers’
environmental strategies
19
19
EEI Financial Conference November 11, 2008
20. Commitment to Strong Balance Sheet
and Credit Ratings
Current Credit Ratings
Standard & Poor’s Moody’s
Integrys Energy Group, Inc.
Corporate credit rating A- *
Senior unsecured debt BBB+ A3
Commercial paper A-2 P-2
Credit facility - A3
Junior hybrid subordinated notes BBB Baa1
* Has not issued a corporate credit rating.
20
20
EEI Financial Conference November 11, 2008
21. Liquidity
Credit Facilities
Approximately $2.4 billion
27 financial institutions
Expanded credit facilities by $400 million in November
Currently, approximately $1 billion is available
Subsequent Cash Needs/Generation
Maturities of long-term debt – less than $300 million through 2010
Impacts of natural gas storage cycle and fulfillment of customer
obligations expected to generate $1.1 billion of cash through April
2009
$400 million for natural gas distribution utilities
$700 million for Integrys Energy Services
Flexibility with capital expenditure program
Support for Integrys Energy Services
Adjusted pricing to accommodate increase in operating costs,
business risks, and cash margin requirements
21
21
EEI Financial Conference November 11, 2008
22. Long-Term Financings Summary
Long-Term Debt, 2008
Recently completed transactions
Peoples Gas, $50 million
North Shore Gas, $6.5 million
Expected transactions
Integrys Energy Group, up to $300 million
Wisconsin Public Service, $125 million
Long-Term Debt, 2009
Wisconsin Public Service, $100 million
Equity
No new issuance through 2009 planned at this
time – will reassess given market conditions
22
22
EEI Financial Conference November 11, 2008
23. Recent Dividend Payments
Dividends per share
$2.68
$2.70
$2.56
$2.60
$2.50
$2.40
$2.28
$2.30 $2.24
$2.16 $2.20
$2.20 $2.12
$2.04 $2.08
$2.10
$2.00
$1.96
$2.00
$1.90
98
99
00
01
02
03
04
05
06
07
E
08
19
19
20
20
20
20
20
20
20
20
20
68 consecutive years of dividends paid
50 consecutive years of dividend increases
S&P High Yield Dividend Aristocrat Index
Mergent Dividend Achiever
Long-term target dividend payout ratio of 60-65% of earnings
23
23
EEI Financial Conference November 11, 2008
24. President Selection Process
Larry Weyers asked Board of Directors to begin
the process
Announced search in September 2008
Five member Board committee working with
prominent international search firm to carefully
evaluate internal and external candidates to be
considered for President
Expect new President to be appointed in second
quarter of 2009, expected to assume CEO title at
Larry Weyers’ retirement
Larry Weyers will remain as Chairman of the
Board as needed to ensure smooth transition
24
24
EEI Financial Conference November 11, 2008
25. Prospects for our Future
Regulated Utility Growth
Regulatory catch-up due to rate case moratoriums from recent acquisitions
Increasing investment in environmental and electric renewable projects
Increasing investment in natural gas cast iron main replacement
Continued investment in American Transmission Company
Nonregulated Opportunities
Focused on optimizing existing business footprint
Continuing to gain expertise in renewables
Asset management optimization
Hedge to lock in margins as soon as practicable, limit speculative trading
Enhance Shareholder Value
Continuing our strong dividend track record
Increasing earnings per share, long-term, by 6 to 8 percent on an average
annualized basis, subject to market conditions
25
25
EEI Financial Conference November 11, 2008
28. Estimated Synergy Savings and
External Costs to Achieve
Updated Merger Cost Savings and External Costs to Achieve
(Pre-tax Dollars in Millions)
2006A 2007A 2008E 2009E 2010E 2011E Total
Total Estimated Synergy Savings
- Current – 38 73 89 100 106 406
Estimated Synergies Savings on
February 21, 2007 – 29 73 82 88 94 366
Total Estimated Costs to
(20)1 (91)2 (35)3
Achieve - Current (9) – – (155)
Estimated Costs to Achieve on
(20)1 (91)4 (33)5
February 21, 2007 (11) (31) – (186)
(1) Includes/included $18.2 million incurred by Peoples Energy.
(2) Includes $13.1 million of system write-offs, all of which were capitalized. Overall $54.6
million was capitalized.
(3) Anticipate that $6.8 million will be capitalized.
(4) Included $34.5 million of system write-offs, of which $11.7 million would have been
capitalized. Overall $59 million was capitalized.
(5) Anticipated that $6 million would have been capitalized.
Note: Unchanged from second quarter earnings conference call
28
28
EEI Financial Conference November 11, 2008
29. Investing in Capital Projects to Better
Serve Our Growing Customer Base
Construction Expenditures by Company
(M illions) 2008 2009 2010 T otal
W isconsin Public Service $275 $376 $206 $857
Peoples Gas Light * 114 139 220 473
Upper Peninsula Power 23 50 20 93
Minnesota Energy Resources 18 15 16 49
North Shore Gas 10 15 15 40
Michigan Gas Utilities 8 8 10 26
Subtotal for Utilities $448 $603 $487 $1,538
Integrys Energy Services 52 13 3 68
Integrys Business Support 26 36 28 90
Total Anticipated Capital Expenditures $526 $652 $518 $1,696
American T ransmission Company
(equity contribution) 35 24 12 71
* Includes accelerated cast iron main replacement program in 2010.
29
29
EEI Financial Conference November 11, 2008
30. Estimated Utility Depreciation
Depreciation by Company (M illions) 2008 2009 2010 T otal
W isconsin Public Service $104 $103 $117 $324
Peoples Gas Light and Coke 62 67 78 207
Upper Peninsula Power 6 7 9 22
Minnesota Energy Resources 11 12 13 36
North Shore Gas 7 7 7 21
Michigan Gas Utilities 7 7 8 22
Total for Utilities $197 $203 $232 $632
30
30
EEI Financial Conference November 11, 2008
31. Diluted EPS from Continuing Operations –
Adjusted – Guidance Given Nov. 6, 2008
Diluted Earnings Per Share Information - Non-GAAP Financial Information
Potential 2008 Diluted
Actual 2007 w ith 2008 Forecasts EPS Ranges
Actual Low High
2007 Scenario Scenario
Diluted EPS from continuing operations $ 2.48 $ 3.06 $ 3.17
Diluted EPS from dis continued operations 1.02 0.05 0.05
Total Diluted EPS $ 3.50 $ 3.11 $ 3.22
71.8 76.9 76.9
Average Shares of Common Stock – Diluted (millions)
Information on Special Items:
Diluted earnings per s hare from continuing operations , as adjus ted for s pecial item s and their financial im pact on the actual 2007 diluted earnings
per s hare from continuing operations and 2008 diluted earnings per s hare from continuing operations guidance are as follows :
Diluted EPS from continuing operations $ 2.48 $ 3.06 $ 3.17
Adjustments (net of taxes):
Synfuel – realized and unrealized oil option gains /los s es , tax credits ,
(0.24) (0.01) (0.01)
production cos ts , prem ium am ortization, deferred gain recognition,
and royalties
Gains on as s et s ales (0.02) - -
Integrys Energy Services ' power contact in Maine liquidated in 2005 0.01 - -
Goodwill im pairm ent los s - 0.08 0.08
Im pacts of purchas e accounting adjus tm ents due to Peoples Energy 0.14 0.09 0.09
m erger
External trans ition cos ts related to Peoples Energy m erger 0.15 0.11 0.11
Diluted EPS from continuing operations – adjusted $ 2.52 $ 3.33 $ 3.44
W eather impact – regulated utilities (as compared to normal)
Electric – favorable/(unfavorable) 0.03 - -
Natural gas – favorable/(unfavorable) (0.16) 0.10 0.10
Total weather im pact $ (0.13) $ 0.10 $ 0.10
Key Assumptions for 2008:
• Normal weather for the remainder of the year
• Continued availability of generating units
• Impacts of purchase accounting/transition costs related to merger
• Anticipated merger synergy savings
• Rate relief for our utilities as recently approved by regulators
• Excludes any impact of negative non-cash lower of cost or market inventory adjustments and derivative mark-to-market volatility in 2008 (such mark-to-market volatility is
expected to include about $20 million of net mark-to-market after-tax losses in 2008 relating to contracts terminating in 2008 that had net mark-to-market after-tax gains
recognized in 2007)
31
31
EEI Financial Conference November 11, 2008
32. Diluted EPS from Continuing Operations –
Adjusted – Guidance Drivers Given Nov. 6, 2008
2008
Low High
Prev ious Guidance, August 7, 2008 $ 3.63 $ 3.83
Revised Guidance, November 6, 2008 3.33 3.44
Difference $ (0.30) $ (0.39)
Key Drivers:
Increased interest expense $ (0.09) $ (0.03)
Increased bad debt expense – primarily Lehman Brothers $ (0.08) $ (0.08)
Reduced land sales $ (0.07) $ (0.07)
Decrease in Integrys Energy Services' earnings – a potential solar $ (0.01) $ (0.17)
project syndication
Other $ (0.05) $ (0.04)
32
32
EEI Financial Conference November 11, 2008
33. Third Quarter 2008 Update
Precipitous decline in energy prices during three months
ended September 30, 2008, caused significant non-cash
mark-to-market losses
Non-cash charges
Timing differences
Financial position and solid investment grade credit
ratings enable us to continue moving forward during the
country’s credit crisis
Economic growth at Integrys Energy Services, but more
selective with business opportunities
33
33
EEI Financial Conference November 11, 2008
34. Investment Merits
Sound business focus
Growing investment opportunities in regulated
utilities and American Transmission Company
Growing nonregulated business
Delivering long-term earnings per share
growth
Superior dividend track record
Financial strength
34
34
EEI Financial Conference November 11, 2008