PGL Peoples Energy Corp

GREEN BAY, Wis., Dec. 6 /PRNewswire-FirstCall/ -- In a special meeting of shareholders held in Green Bay today, WPS Resources Corporation's (NYSE:WPS) shareholders approved the issuance of shares of WPS Resources' common stock as contemplated by the Agreement and Plan of Merger, dated as of July 8, 2006, between WPS Resources Corporation and Peoples Energy Corporation. WPS Resources' shareholders also approved an amendment to WPS Resources Corporation's restated articles of incorporation to change the name of WPS Resources Corporation to Integrys Energy Group, Inc., when the closing of the merger has been completed. In a special meeting of shareholders held in Chicago today, Peoples Energy Corporation (NYSE:PGL) shareholders approved the Agreement and Plan of Merger, dated as of July 8, 2006, between WPS Resources Corporation and Peoples Energy Corporation. "We are very pleased to receive strong shareholder support for our merger with Peoples Energy," said Larry Weyers, Chairman, President, and CEO of WPS Resources. "We have achieved another milestone in the transaction process. Completion of the merger will aid us in fulfilling our vision of becoming a stronger and more-competitive, diversified energy company. We chose Integrys for our new name because it reflects our commitment to open and honest business practices, prudent decision-making, and a strong financial foundation. These are values that will support the integration of the two companies and help us achieve our vision. Integrys also conveys the core values of our combined company. Our employees are customer focused and work hard to provide energy solutions that benefit all our stakeholders -- our customers, shareholders, and the communities we serve." Under the terms of the merger agreement, when the merger is completed, each share of Peoples Energy common stock outstanding immediately prior to completion of the merger will be converted into the right to receive 0.825 shares of WPS Resources common stock. When the merger is completed, WPS Resources will issue up to approximately 31,753,243 shares of its common stock to Peoples Energy shareholders as contemplated by the merger agreement. Also contingent upon the consummation of the merger is the name change for WPS Resources, which will become Integrys Energy Group, Inc. The new ticker symbol on the New York Stock Exchange at that time will be TEG. Regulatory approval for the merger is still required from the Illinois Commerce Commission, Public Service Commission of Wisconsin, and Federal Energy Regulatory Commission. The companies continue to work with the regulatory agencies to obtain required approvals. The transaction is expected to close in the first quarter of 2007. About WPS Resources Corporation WPS Resources (NYSE:WPS), based in Green Bay, Wisconsin, is a holding company with five major subsidiaries providing electric and natural gas energy and related services in both regulated and non-regulated energy markets. Its largest subsidiary is Wisconsin Public Service Corporation, a regulated electric and natural gas utility serving northeastern Wisconsin and a portion of Michigan's Upper Peninsula. Wisconsin Public Service serves more than 425,000 electric customers and 308,000 natural gas customers. Another subsidiary, Upper Peninsula Power Company, is a regulated electric utility that serves approximately 52,000 electric customers in Michigan's Upper Peninsula. Michigan Gas Utilities Corporation is a regulated natural gas utility serving 161,000 customers in lower Michigan. Minnesota Energy Resources Corporation is a regulated natural gas utility serving more than 200,000 customers throughout Minnesota. WPS Resources' major non-regulated subsidiary consists of WPS Energy Services, Inc., a diversified non-regulated energy supply and services company serving commercial, industrial and wholesale customers and aggregated groups of residential customers. Its principal market is the northeast quadrant of the United States and adjacent portions of Canada. Its principal operations are in Illinois, Maine, Michigan, Ohio, Texas, Virginia, and Wisconsin in the United States and Alberta, Ontario, and Quebec in Canada. WPS Energy Services also owns and/or operates non-regulated electric generation facilities in Wisconsin, Maine, Pennsylvania, New York, and New Brunswick, Canada; steam production facilities in Arkansas and Oregon; and a partial interest in a synthetic fuel processing facility in Kentucky. Visit the WPS Resources Web site at http://www.wpsr.com/ for additional information. About Peoples Energy Peoples Energy, (NYSE:PGL) a member of the S&P 500, is a diversified energy company consisting of three primary business segments: Gas Distribution, Oil and Gas Production, and Energy Marketing. Peoples Gas and North Shore Gas, regulated utilities, deliver natural gas to about one million customers in the City of Chicago and 54 communities in northeastern Illinois. The company's non-utility businesses include Peoples Energy Services (PESC) and Peoples Energy Production (PEP). PESC, launched in 1996, serves more than 40,000 customers. PESC provides a portfolio of products to manage energy needs of business, institutional and residential consumers in today's volatile and complex energy market. PEP, founded in 1998, is primarily focused on acquiring proven, onshore reserves with upside potential in a limited number of strategic supply basins. Value is then added through drilling programs, production enhancements and reservoir optimization. The company's acquisition and drilling efforts are primarily focused on natural gas. Visit the Peoples Energy website at http://www.peoplesenergy.com/ . Forward-Looking Statements This press 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," "may," "could," "project," "believe" and other similar words. Forward-looking statements are beyond the ability of WPS Resources and Peoples Energy to control and, in many cases, neither WPS Resources nor Peoples Energy can predict what factors would cause actual results to differ materially from those indicated by forward-looking statements. Please see WPS Resources' and Peoples Energy's periodic reports filed with the Securities and Exchange Commission (including their 10-Ks and 10-Qs) for listings of certain factors that could cause actual results to differ materially from those contained in forward-looking statements. All forward-looking statements included in this press release are based upon information presently available, and neither WPS Resources nor Peoples Energy assume any obligation to update any forward-looking statements. DATASOURCE: WPS Resources Corporation CONTACT: Joseph P. O'Leary, Senior Vice President and Chief Financial Officer, +1-920-433-1463, or Donna M. Sheedy, Manager Investor Relations, +1-920-433-1857, both of WPS Resources Corporation Web site: http://www.wpsr.com/ http://www.peoplesenergy.com/

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