Monday, Integrys Energy Group Inc. (TEG) announced that Integrys Energy Services of Canada Corp., a subsidiary of its nonregulated subsidiary, Integrys Energy Services Inc., closed its transaction to sell nearly all of its Canadian natural gas and electric power contract portfolio to Shell Energy North America Inc. These customer contracts will be integrated into Shell Energy's existing natural gas and power portfolio, effective October 1, 2009, the company added.
In a separate transaction, Integrys Energy Services of Canada Corp. said it completed the sale of its 2-bcf natural gas storage contract to TransCanada Gas Storage Partnership, a subsidiary of TransCanada Corp.
With these 2 transactions, Integrys Energy Services exited electric and natural gas marketing in all provinces in Canada, leaving only the New Brunswick-based power generation and associated electricity production. As a result of the closing of these 2 transactions, Integrys Energy Group's collateral support requirements are expected to be reduced by about $300 million by year-end 2009, the company noted.
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