WPS Resources Acknowledges Discussion with Peoples Energy

GREEN BAY, Wis., July 6  /PRNewswire-FirstCall/ -- In response to press reports, WPS Resources Corporation (NYSE:WPS) confirmed today that it is in discussions with Peoples Energy (NYSE:PGL) regarding a potential business combination.  There can be no assurances that a transaction will be successfully negotiated or consummated, or as to the terms, structure or timing of any transaction.  WPS Resources does not intend to make any further statement regarding these matters until it either abandons these discussions or reaches a definitive agreement regarding a transaction.

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" and other similar words. Forward-looking statements are beyond the ability of WPS Resources to control and, in many cases, WPS Resources cannot predict what factors would cause actual results to differ materially from those indicated by forward-looking statements. Please see WPS Resources' periodic reports filed with the Securities and Exchange Commission (including its 10-K and 10- Qs) for a listing of certain factors that could cause actual results to differ materially from those contained in forward-looking statements.

About WPS Resources Corporation

WPS Resources Corporation (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 nonregulated 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 serving Michigan's Upper Peninsula. Upper Peninsula Power serves approximately 52,000 electric customers. Michigan Gas Utilities Corporation is a regulated natural gas utility serving 161,000 customers in lower Michigan. Minnesota Energy Services Corporation is a regulated natural gas utility serving more than 200,000 customers throughout Minnesota.

WPS Resources' major nonregulated subsidiary consists of WPS Energy Services, Inc., a diversified nonregulated 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 nonregulated 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. 

DATASOURCE: WPS Resources Corporation



CONTACT: Kerry Spees, Public Affairs, of WPS Resources Corporation, +1-

920-433-1589, or [phone]



Web site:  http://www.wpsr.com/

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