Integrys Energy Group, Inc. (TEG) said its nonregulated subsidiary, Integrys Energy Services, Inc., has signed an agreement with Macquarie Cook Power, Inc. to sell substantially all of its wholesale electric marketing and trading business as part of Integrys Energy Services' intent to reduce the size and scope of its operations. Macquarie Cook Power is a subsidiary of Macquarie Group Limited (MQBKY.PK,MQG.AX). Financial details of the transaction were not disclosed.
The transaction, which will require approval from the Federal Energy Regulatory Commission, does not include or directly affect the retail electric or natural gas marketing business operated by Integrys Energy Services.
The transaction encompasses various power transactions, including physical forwards, financial derivatives, capacity and transmission rights. This portfolio of transactions had an annual average total gross volume in excess of 125 million megawatt-hours over the past 3 years.
Integrys Energy noted that the transaction will close in two steps. In the first quarter of 2010, Integrys Energy Services expects to transfer substantially all of the market risk associated with the transaction to Macquarie by entering into trades with Macquarie Bank Limited that mirror Energy Services' underlying commodity contracts. Integrys Energy Services then expects to transfer title to the underlying commodity contracts and close the deal with Macquarie Cook Power by the end of the second quarter of 2010, at which time the mirror transactions will terminate.
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