The document is the transcript from Integrys Energy Group's Third Quarter 2008 Earnings Conference Call on November 6, 2008. In the call, Integrys Energy Group discusses their third quarter 2008 financial results, revised guidance for 2008, liquidity and financing plans, and capital investment plans. Key highlights included a net loss for the quarter driven by large non-cash mark-to-market losses at Integrys Energy Services, revised 2008 EPS guidance lowered due to higher costs and losses, and planned capital expenditures of $1.7 billion through 2010 focused on utility infrastructure investments.
The document summarizes Integrys Energy Group's fourth quarter 2008 earnings conference call. Key points included a successful merger integration with Peoples Energy, placing the Weston 4 power plant into service, completing four rate cases with interim rates approved for a fifth, and initiatives for 2009 including divesting the nonregulated energy services business and reducing capital expenditures and pay increases. Financial results for the fourth quarter of 2008 were discussed along with liquidity, credit ratings impacts, capital investment plans, and regulatory updates.
The document summarizes Integrys Energy Group's second quarter 2008 earnings conference call. Key points include:
- Integrys reported higher earnings compared to the second quarter of 2007, driven by improved performance at its nonregulated subsidiary and regulated utilities.
- Guidance for 2008 diluted EPS from continuing operations was revised to a range of $3.63 to $3.83, compared to the previous range of $3.60 to $4.05.
- Integrys discussed capital investment plans for its regulated utilities, earnings drivers compared to the prior year quarter, potential debt and equity financings, and recent accomplishments at its Wisconsin Public Service subsidiary.
- Integrys Energy Group reported a net loss of $59.1 million for Q3 2008, compared to net income of $43.2 million in Q3 2007, driven by a $107.7 million decrease in earnings at Integrys Energy Services.
- Integrys Energy Services recognized $210.2 million in non-cash losses from derivative accounting for electric supply contracts as energy prices fell substantially in Q3 2008.
- The regulated natural gas and electric segments improved earnings by $12.8 million and $13.6 million respectively due to rate increases and lower fuel costs.
- Overall results were negatively impacted by non-cash accounting losses at Integrys Energy Services, but economic
The document summarizes a presentation given by Larry Weyers, President and CEO of Integrys Energy Group, at the AGA Financial Forum on May 4-6, 2008. The presentation provides an overview of Integrys Energy Group, including its goals, regulated utility businesses serving over 2 million customers across several Midwestern states, investment in capital projects such as the Weston 4 power plant and American Transmission Company, and initiatives for 2008 such as regulatory rate cases.
Exelon reported lower third quarter 2008 earnings compared to third quarter 2007. Earnings were impacted by higher operating expenses, unfavorable weather, and economic factors. However, Generation saw higher energy margins. Exelon expects full-year 2008 earnings near the bottom of its guidance range. It also announced a 5% increase to its fourth quarter common stock dividend and provided operating earnings outlooks for its subsidiaries in 2008.
This document provides an overview and update on Integrys Energy Group for September 2008. It discusses forward-looking statements and risks, highlights the company's regulated utilities serving over 2 million customers in the Midwest, and outlines capital investment plans totaling $1.4 billion through 2010 to grow the regulated utility businesses. It also mentions the Weston 4 power plant project and pending rate cases in Wisconsin, Michigan, and Minnesota.
- The document provides an operations report for the first quarter of 2018, including forward-looking statements about projected financial and operational results that are subject to risks and uncertainties.
- It defines several non-GAAP financial measures used in the report such as gross operating margin, adjusted EBITDA, distributable cash flow, and cash available for distribution.
- Other terms are also defined such as growth capital expenditures, maintenance capital expenditures, segment profit, debt to adjusted EBITDA ratio, and minimum volume commitments.
DTE Energy raised its 2008 earnings guidance based on strong expected performance across several business segments. It reported first quarter 2008 operating earnings of $128 million, up from $112 million in the first quarter of 2007, driven by higher earnings at its energy trading business. Several business segments experienced improved results compared to the prior year quarter. The company also advocated for comprehensive energy reform legislation in Michigan to secure clean energy supplies and jobs.
The document summarizes Integrys Energy Group's fourth quarter 2008 earnings conference call. Key points included a successful merger integration with Peoples Energy, placing the Weston 4 power plant into service, completing four rate cases with interim rates approved for a fifth, and initiatives for 2009 including divesting the nonregulated energy services business and reducing capital expenditures and pay increases. Financial results for the fourth quarter of 2008 were discussed along with liquidity, credit ratings impacts, capital investment plans, and regulatory updates.
The document summarizes Integrys Energy Group's second quarter 2008 earnings conference call. Key points include:
- Integrys reported higher earnings compared to the second quarter of 2007, driven by improved performance at its nonregulated subsidiary and regulated utilities.
- Guidance for 2008 diluted EPS from continuing operations was revised to a range of $3.63 to $3.83, compared to the previous range of $3.60 to $4.05.
- Integrys discussed capital investment plans for its regulated utilities, earnings drivers compared to the prior year quarter, potential debt and equity financings, and recent accomplishments at its Wisconsin Public Service subsidiary.
- Integrys Energy Group reported a net loss of $59.1 million for Q3 2008, compared to net income of $43.2 million in Q3 2007, driven by a $107.7 million decrease in earnings at Integrys Energy Services.
- Integrys Energy Services recognized $210.2 million in non-cash losses from derivative accounting for electric supply contracts as energy prices fell substantially in Q3 2008.
- The regulated natural gas and electric segments improved earnings by $12.8 million and $13.6 million respectively due to rate increases and lower fuel costs.
- Overall results were negatively impacted by non-cash accounting losses at Integrys Energy Services, but economic
The document summarizes a presentation given by Larry Weyers, President and CEO of Integrys Energy Group, at the AGA Financial Forum on May 4-6, 2008. The presentation provides an overview of Integrys Energy Group, including its goals, regulated utility businesses serving over 2 million customers across several Midwestern states, investment in capital projects such as the Weston 4 power plant and American Transmission Company, and initiatives for 2008 such as regulatory rate cases.
Exelon reported lower third quarter 2008 earnings compared to third quarter 2007. Earnings were impacted by higher operating expenses, unfavorable weather, and economic factors. However, Generation saw higher energy margins. Exelon expects full-year 2008 earnings near the bottom of its guidance range. It also announced a 5% increase to its fourth quarter common stock dividend and provided operating earnings outlooks for its subsidiaries in 2008.
This document provides an overview and update on Integrys Energy Group for September 2008. It discusses forward-looking statements and risks, highlights the company's regulated utilities serving over 2 million customers in the Midwest, and outlines capital investment plans totaling $1.4 billion through 2010 to grow the regulated utility businesses. It also mentions the Weston 4 power plant project and pending rate cases in Wisconsin, Michigan, and Minnesota.
- The document provides an operations report for the first quarter of 2018, including forward-looking statements about projected financial and operational results that are subject to risks and uncertainties.
- It defines several non-GAAP financial measures used in the report such as gross operating margin, adjusted EBITDA, distributable cash flow, and cash available for distribution.
- Other terms are also defined such as growth capital expenditures, maintenance capital expenditures, segment profit, debt to adjusted EBITDA ratio, and minimum volume commitments.
DTE Energy raised its 2008 earnings guidance based on strong expected performance across several business segments. It reported first quarter 2008 operating earnings of $128 million, up from $112 million in the first quarter of 2007, driven by higher earnings at its energy trading business. Several business segments experienced improved results compared to the prior year quarter. The company also advocated for comprehensive energy reform legislation in Michigan to secure clean energy supplies and jobs.
The document discusses SemGroup's second quarter 2017 results and HFOTCO acquisition. Key points include:
- SemGroup completed its acquisition of HFOTCO in July 2017 for initial consideration of $1.5 billion including cash, debt assumption, and shares issued. A second $600 million cash payment is due by end of 2018.
- Base business performed as expected in Q2 2017. Several new pipeline projects were completed or are under construction to expand infrastructure.
- SemGroup is focused on funding the second HFOTCO payment through options like asset sales, partnerships, or equity offerings. Integration of HFOTCO is proceeding as planned.
This document provides an overview of Ameren Corporation's strategic plan for investing in regulated infrastructure from 2015 to 2020. Key points include:
- Ameren expects to invest $11.1 billion in regulated infrastructure during this period, with a projected compound annual growth rate of approximately 6.5% for regulated rate base.
- The largest areas of investment are expected to be FERC-regulated electric transmission and Ameren Illinois' electric and gas delivery systems.
- The strategic plan focuses investment on transmission and distribution infrastructure, with generation assets expected to decline as a percentage of total rate base.
DTE Energy reported its business and financial results for 2007. Key points include:
- Operating earnings for 2007 were $2.82 per share, driven by strong results across utility and non-utility segments.
- Detroit Edison and MichCon earned near their authorized returns on equity despite challenges from new computer systems.
- Non-utility segments like coal/gas midstream and energy trading significantly contributed to earnings.
- The company is making investments to grow its utilities and pipelines, with plans to file an updated rate case for Detroit Edison.
Southern Company reported first quarter 2008 earnings of $359.2 million, up from $338.7 million in the first quarter of 2007. Revenues increased 8% to $3.68 billion. Kilowatt-hour sales to retail customers increased 1.4% due to growth in residential and commercial customers. Earnings were positively impacted by increased revenue from market-response rates and regulatory actions supporting infrastructure investments, which were partially offset by higher operations and maintenance expenses.
- The document is a presentation by BMC Stock Holdings, Inc. providing an overview of the company's financial performance and outlook.
- It includes forward-looking statements about sales growth, earnings, and demand, and cautions that actual results could differ materially from projections.
- It also defines non-GAAP financial metrics like Adjusted EBITDA that exclude items like merger costs to provide additional tools for investors to evaluate ongoing performance.
- The presentation provides context on BMC's formation through the 2015 merger of Stock Building Supply Holdings and Building Materials Holding Corporation.
Progress Energy reported first quarter 2008 results. Earnings were lower than expected due to milder than normal weather and lower customer growth and usage, particularly in Florida. The company reaffirmed its 2008 earnings guidance. Several regulatory filings and projects remained on track. Key nuclear, natural gas, and transmission projects were progressing to increase capacity and meet renewable energy goals. While economic conditions had softened retail demand, cost management and additional wholesale contracts were expected to offset impacts.
Celp investor presentation march 2017 finalCypressEnergy
Cypress Energy Partners provides pipeline inspection and integrity services as well as water and environmental services to midstream energy customers. Over 85% of its customers are investment grade companies. It inspects over 46,000 miles of pipelines annually using in-line inspection tools to identify anomalies, and performs over 12,000 excavations for further inspection or maintenance. Regulations require pipeline operators to inspect lines every 5-7 years, providing a recurring need for Cypress' inspection services over the 40-60 year lifespan of pipelines.
DTE Energy reported first quarter earnings of $149 million compared to $190 million in the first quarter of 2004. Operating earnings, which exclude non-recurring items, were $153 million compared to $152 million in the prior year. The company reconfirmed its 2005 earnings guidance range of $3.30 to $3.60 per share. Several business units saw lower earnings due to timing factors but the company expects to meet its annual targets.
Southern Company reported its financial results for the fourth quarter and full year of 2008. For the full year, earnings were $1.74 billion compared to $1.73 billion in 2007. Kilowatt-hour sales to retail customers decreased 2.1% for the year. Revenues increased 11.6% for the full year to $17.13 billion due to higher retail rates and environmental cost recovery, but earnings were impacted by mild weather, a weak economy, and higher expenses. Looking ahead, economic challenges are expected to continue through 2009 but the long-term viability of the Southeast region remains strong.
Progress Energy announced first-quarter 2008 results, reporting earnings of $0.81 per share compared to $1.08 per share in the first quarter of 2007. The company reaffirmed its full-year 2008 earnings guidance of $3.05 per share, with a range of 10 cents above and below the target. Weakness in the general economy negatively impacted retail revenues, but the company secured additional wholesale revenues and cost savings to offset this. Progress Energy also continues investment and expansion plans in nuclear, renewable energy, and transmission.
constellation energy Q1 2007 Earnings Presentation 2007 First Quarterfinance12
Constellation Energy reported strong earnings growth in Q1 2007 driven by solid Merchant performance. Adjusted EPS was $1.03, an increase of 69% over Q1 2006. Merchant earnings increased substantially due to higher power prices in the Mid-Atlantic region and lower costs for NewEnergy. BGE earnings were slightly lower than the prior year but within guidance. Constellation reaffirmed 2007 and 2008 EPS guidance and expects 10% EPS growth in 2009. The company is well positioned for future growth through its capital investment program and competitive strengths across power and gas.
This document contains an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. The presentation highlights the companies' diversified portfolio of midstream assets across major US basins, including the Bakken, Delaware Basin, PRB Niobrara, and Marcellus. Over 85% of forecasted 2017 EBITDA is supported by take-or-pay or fixed-fee contracts with investment grade customers. The presentation outlines Crestwood's organic growth strategy through 2018-2021 focused on high-return expansion projects around its core assets to drive distributable cash flow per unit growth.
InfraREIT provided its 2016 full year results and supplemental information. It reported solid Q4 2016 performance with an increase in lease revenue and net income in line with expectations. Key highlights included strong growth in Sharyland's service territory with peak load and distribution volume increases, as well as ongoing projects with Hunt. InfraREIT is focused on regulated transmission and distribution opportunities within its footprint, maintaining a strong financial profile to support growth, and growing dividends.
- EnLink Midstream reported financial and operational results for the second quarter of 2017, delivering earnings and volume growth. Adjusted EBITDA was $209.7 million, up from $207.6 million in the previous quarter.
- Volume growth across their assets in key basins like the Permian Basin, Central Oklahoma and Louisiana was driven by ongoing drilling and completion activity from producers like Devon Energy.
- Rigs counts have remained consistent in EnLink's core basins, and existing well inventory is expected to support volume growth through 2017 to meet guidance targets.
This document provides an overview of Jefferies Energy Conference and includes forward-looking statements and notices about the presentation. It discusses EnLink Midstream's 3rd quarter 2016 financial highlights including refining their consolidated adjusted EBITDA guidance range to $760-790 million, achieving approximately $201 million in adjusted EBITDA before non-controlling interest for ENLK in 3Q16, and a debt ratio of approximately 3.75 times. It also includes notices about non-GAAP financial measures used and forward-looking statements.
EnLink Midstream provides a strong operations report for May 3, 2016. The report discusses solid execution of their 2016 plan including meeting guidance targets and stable cash flows. It highlights their premier positions in key basins with high growth demand and confidence in their business model with quality customers and contracts. Segment performance showed growth in the Oklahoma segment from the Tall Oak acquisition and continued growth in the Permian region through expanding infrastructure.
DTE Energy reported lower second quarter earnings compared to the previous year, but operating earnings were higher. While the electric and gas utilities saw improved earnings, the non-utility businesses had lower earnings due to accounting deferrals and oil hedging losses. However, DTE Energy reaffirmed its full-year operating earnings guidance.
xcel energy 6MSRenewable_Energy_Strat_Xcel_Energy_12052007finance26
This document summarizes a renewable energy strategy presentation given by Mark Stoering, Vice President of Portfolio Strategy & Business Development. It outlines Xcel Energy's goals to meet renewable portfolio standards through wind, solar, biomass, and other renewable sources. Xcel aims to own over 50% of renewable projects to demonstrate commitment and secure long-term assets. The company plans targeted wind additions of 500-800 MW per year through 2020 to meet mandates in its various states.
Xcel Energy reported second quarter 2008 earnings of $106 million, or $0.24 per share, compared to $69 million, or $0.16 per share in 2007. Ongoing earnings, which exclude certain non-recurring items, were $0.24 per share compared to $0.27 per share in 2007. Lower electric margins due to cooler temperatures in 2008 contributed to the decline in ongoing earnings. Xcel Energy reaffirmed its full year 2008 earnings guidance of $1.45 to $1.55 per share.
- Southwestern Public Service Company filed a quarterly report on Form 10-Q with the SEC for the quarterly period ended June 30, 2007.
- The report includes the company's unaudited financial statements and management's discussion and analysis of financial condition and results of operations for the reporting period.
- For the six months ended June 30, 2007, the company reported net income of $7.3 million on operating revenues of $767 million.
This document provides an overview of Xcel Energy, an integrated utility company focused on reducing carbon emissions. Key points include:
1) Xcel Energy has plans to significantly reduce carbon emissions by 2020-2030 through investments in renewable resources like wind, solar, and biomass as well as new technologies like smart grids and carbon sequestration.
2) The company operates under constructive regulation with recovery mechanisms for major capital projects and has a strong financial position with consistent earnings growth and dividend increases.
3) Xcel Energy expects to invest over $2 billion per year through 2011 to expand renewable generation, upgrade infrastructure, and extend the life of its nuclear plants, positioning it for continued growth.
- The document is Northern States Power Company's (NSP-Wisconsin) Form 10-Q quarterly report filed with the SEC for the quarter ended June 30, 2006.
- It provides financial statements and notes for the company, including income statements, balance sheets, cash flow statements, and notes on accounting policies.
- Key details include operating revenues of $151.9 million for the quarter and $367 million for the six months, net income of $9.3 million for the quarter and $23.4 million for the six months.
The document discusses SemGroup's second quarter 2017 results and HFOTCO acquisition. Key points include:
- SemGroup completed its acquisition of HFOTCO in July 2017 for initial consideration of $1.5 billion including cash, debt assumption, and shares issued. A second $600 million cash payment is due by end of 2018.
- Base business performed as expected in Q2 2017. Several new pipeline projects were completed or are under construction to expand infrastructure.
- SemGroup is focused on funding the second HFOTCO payment through options like asset sales, partnerships, or equity offerings. Integration of HFOTCO is proceeding as planned.
This document provides an overview of Ameren Corporation's strategic plan for investing in regulated infrastructure from 2015 to 2020. Key points include:
- Ameren expects to invest $11.1 billion in regulated infrastructure during this period, with a projected compound annual growth rate of approximately 6.5% for regulated rate base.
- The largest areas of investment are expected to be FERC-regulated electric transmission and Ameren Illinois' electric and gas delivery systems.
- The strategic plan focuses investment on transmission and distribution infrastructure, with generation assets expected to decline as a percentage of total rate base.
DTE Energy reported its business and financial results for 2007. Key points include:
- Operating earnings for 2007 were $2.82 per share, driven by strong results across utility and non-utility segments.
- Detroit Edison and MichCon earned near their authorized returns on equity despite challenges from new computer systems.
- Non-utility segments like coal/gas midstream and energy trading significantly contributed to earnings.
- The company is making investments to grow its utilities and pipelines, with plans to file an updated rate case for Detroit Edison.
Southern Company reported first quarter 2008 earnings of $359.2 million, up from $338.7 million in the first quarter of 2007. Revenues increased 8% to $3.68 billion. Kilowatt-hour sales to retail customers increased 1.4% due to growth in residential and commercial customers. Earnings were positively impacted by increased revenue from market-response rates and regulatory actions supporting infrastructure investments, which were partially offset by higher operations and maintenance expenses.
- The document is a presentation by BMC Stock Holdings, Inc. providing an overview of the company's financial performance and outlook.
- It includes forward-looking statements about sales growth, earnings, and demand, and cautions that actual results could differ materially from projections.
- It also defines non-GAAP financial metrics like Adjusted EBITDA that exclude items like merger costs to provide additional tools for investors to evaluate ongoing performance.
- The presentation provides context on BMC's formation through the 2015 merger of Stock Building Supply Holdings and Building Materials Holding Corporation.
Progress Energy reported first quarter 2008 results. Earnings were lower than expected due to milder than normal weather and lower customer growth and usage, particularly in Florida. The company reaffirmed its 2008 earnings guidance. Several regulatory filings and projects remained on track. Key nuclear, natural gas, and transmission projects were progressing to increase capacity and meet renewable energy goals. While economic conditions had softened retail demand, cost management and additional wholesale contracts were expected to offset impacts.
Celp investor presentation march 2017 finalCypressEnergy
Cypress Energy Partners provides pipeline inspection and integrity services as well as water and environmental services to midstream energy customers. Over 85% of its customers are investment grade companies. It inspects over 46,000 miles of pipelines annually using in-line inspection tools to identify anomalies, and performs over 12,000 excavations for further inspection or maintenance. Regulations require pipeline operators to inspect lines every 5-7 years, providing a recurring need for Cypress' inspection services over the 40-60 year lifespan of pipelines.
DTE Energy reported first quarter earnings of $149 million compared to $190 million in the first quarter of 2004. Operating earnings, which exclude non-recurring items, were $153 million compared to $152 million in the prior year. The company reconfirmed its 2005 earnings guidance range of $3.30 to $3.60 per share. Several business units saw lower earnings due to timing factors but the company expects to meet its annual targets.
Southern Company reported its financial results for the fourth quarter and full year of 2008. For the full year, earnings were $1.74 billion compared to $1.73 billion in 2007. Kilowatt-hour sales to retail customers decreased 2.1% for the year. Revenues increased 11.6% for the full year to $17.13 billion due to higher retail rates and environmental cost recovery, but earnings were impacted by mild weather, a weak economy, and higher expenses. Looking ahead, economic challenges are expected to continue through 2009 but the long-term viability of the Southeast region remains strong.
Progress Energy announced first-quarter 2008 results, reporting earnings of $0.81 per share compared to $1.08 per share in the first quarter of 2007. The company reaffirmed its full-year 2008 earnings guidance of $3.05 per share, with a range of 10 cents above and below the target. Weakness in the general economy negatively impacted retail revenues, but the company secured additional wholesale revenues and cost savings to offset this. Progress Energy also continues investment and expansion plans in nuclear, renewable energy, and transmission.
constellation energy Q1 2007 Earnings Presentation 2007 First Quarterfinance12
Constellation Energy reported strong earnings growth in Q1 2007 driven by solid Merchant performance. Adjusted EPS was $1.03, an increase of 69% over Q1 2006. Merchant earnings increased substantially due to higher power prices in the Mid-Atlantic region and lower costs for NewEnergy. BGE earnings were slightly lower than the prior year but within guidance. Constellation reaffirmed 2007 and 2008 EPS guidance and expects 10% EPS growth in 2009. The company is well positioned for future growth through its capital investment program and competitive strengths across power and gas.
This document contains an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. The presentation highlights the companies' diversified portfolio of midstream assets across major US basins, including the Bakken, Delaware Basin, PRB Niobrara, and Marcellus. Over 85% of forecasted 2017 EBITDA is supported by take-or-pay or fixed-fee contracts with investment grade customers. The presentation outlines Crestwood's organic growth strategy through 2018-2021 focused on high-return expansion projects around its core assets to drive distributable cash flow per unit growth.
InfraREIT provided its 2016 full year results and supplemental information. It reported solid Q4 2016 performance with an increase in lease revenue and net income in line with expectations. Key highlights included strong growth in Sharyland's service territory with peak load and distribution volume increases, as well as ongoing projects with Hunt. InfraREIT is focused on regulated transmission and distribution opportunities within its footprint, maintaining a strong financial profile to support growth, and growing dividends.
- EnLink Midstream reported financial and operational results for the second quarter of 2017, delivering earnings and volume growth. Adjusted EBITDA was $209.7 million, up from $207.6 million in the previous quarter.
- Volume growth across their assets in key basins like the Permian Basin, Central Oklahoma and Louisiana was driven by ongoing drilling and completion activity from producers like Devon Energy.
- Rigs counts have remained consistent in EnLink's core basins, and existing well inventory is expected to support volume growth through 2017 to meet guidance targets.
This document provides an overview of Jefferies Energy Conference and includes forward-looking statements and notices about the presentation. It discusses EnLink Midstream's 3rd quarter 2016 financial highlights including refining their consolidated adjusted EBITDA guidance range to $760-790 million, achieving approximately $201 million in adjusted EBITDA before non-controlling interest for ENLK in 3Q16, and a debt ratio of approximately 3.75 times. It also includes notices about non-GAAP financial measures used and forward-looking statements.
EnLink Midstream provides a strong operations report for May 3, 2016. The report discusses solid execution of their 2016 plan including meeting guidance targets and stable cash flows. It highlights their premier positions in key basins with high growth demand and confidence in their business model with quality customers and contracts. Segment performance showed growth in the Oklahoma segment from the Tall Oak acquisition and continued growth in the Permian region through expanding infrastructure.
DTE Energy reported lower second quarter earnings compared to the previous year, but operating earnings were higher. While the electric and gas utilities saw improved earnings, the non-utility businesses had lower earnings due to accounting deferrals and oil hedging losses. However, DTE Energy reaffirmed its full-year operating earnings guidance.
xcel energy 6MSRenewable_Energy_Strat_Xcel_Energy_12052007finance26
This document summarizes a renewable energy strategy presentation given by Mark Stoering, Vice President of Portfolio Strategy & Business Development. It outlines Xcel Energy's goals to meet renewable portfolio standards through wind, solar, biomass, and other renewable sources. Xcel aims to own over 50% of renewable projects to demonstrate commitment and secure long-term assets. The company plans targeted wind additions of 500-800 MW per year through 2020 to meet mandates in its various states.
Xcel Energy reported second quarter 2008 earnings of $106 million, or $0.24 per share, compared to $69 million, or $0.16 per share in 2007. Ongoing earnings, which exclude certain non-recurring items, were $0.24 per share compared to $0.27 per share in 2007. Lower electric margins due to cooler temperatures in 2008 contributed to the decline in ongoing earnings. Xcel Energy reaffirmed its full year 2008 earnings guidance of $1.45 to $1.55 per share.
- Southwestern Public Service Company filed a quarterly report on Form 10-Q with the SEC for the quarterly period ended June 30, 2007.
- The report includes the company's unaudited financial statements and management's discussion and analysis of financial condition and results of operations for the reporting period.
- For the six months ended June 30, 2007, the company reported net income of $7.3 million on operating revenues of $767 million.
This document provides an overview of Xcel Energy, an integrated utility company focused on reducing carbon emissions. Key points include:
1) Xcel Energy has plans to significantly reduce carbon emissions by 2020-2030 through investments in renewable resources like wind, solar, and biomass as well as new technologies like smart grids and carbon sequestration.
2) The company operates under constructive regulation with recovery mechanisms for major capital projects and has a strong financial position with consistent earnings growth and dividend increases.
3) Xcel Energy expects to invest over $2 billion per year through 2011 to expand renewable generation, upgrade infrastructure, and extend the life of its nuclear plants, positioning it for continued growth.
- The document is Northern States Power Company's (NSP-Wisconsin) Form 10-Q quarterly report filed with the SEC for the quarter ended June 30, 2006.
- It provides financial statements and notes for the company, including income statements, balance sheets, cash flow statements, and notes on accounting policies.
- Key details include operating revenues of $151.9 million for the quarter and $367 million for the six months, net income of $9.3 million for the quarter and $23.4 million for the six months.
Public Service Company of Colorado (PSCo) presented its plans and financial results at an analyst meeting. PSCo's resource plan aims to reduce carbon emissions 10% by 2017 and 20% by 2020 through increasing renewable energy and demand-side management. The plan calls for adding 800 MW of wind, 225 MW of solar, and 360 MW of demand-side management by 2015. Environmental groups praised the plan for establishing precedent as the only Western utility to commit to significant carbon reductions. PSCo expects the plan will allow it to achieve environmental goals at a reasonable cost to customers.
This document is a quarterly report filed by Southwestern Public Service Co. (SPS) with the Securities and Exchange Commission for the quarter ending September 30, 2005. SPS is a wholly owned subsidiary of Xcel Energy Inc. The report includes SPS's consolidated financial statements and notes. It summarizes SPS's operating revenues, expenses, income, cash flows, assets, liabilities, and stockholders' equity for the relevant periods. The report also discusses recent federal energy legislation and SPS's federal regulation as a wholesale seller of electricity.
This document provides a summary of Integrys Energy Group's first quarter 2008 earnings conference call. Key points include:
- Income from continuing operations was $136.6 million compared to $117.2 million in the first quarter of 2007.
- Earnings drivers included higher earnings from the Peoples Gas/North Shore Gas acquisition, increased electric margins at Integrys Energy Services, and favorable weather impacts.
- Guidance for diluted EPS from continuing operations in 2008 was revised to a range of $3.37 to $3.82 per share.
- Capital expenditures through 2010 are forecasted to total $1.632 billion, focused on infrastructure projects at the utility companies.
This document provides a company update for December 2008. It discusses forward-looking statements and risks, then summarizes the company's vision, mission, and status as a leading Midwest energy company serving over 2 million customers. The document outlines the company's regulated utility businesses and prospects for future growth, including ongoing capital projects and upcoming rate cases.
This document provides an overview and update on Integrys Energy Group for August 2008. It discusses forward-looking statements and risks, Integrys' vision and regulated utilities business, key investments and projects including American Transmission Company and Weston 4, upcoming regulated utility rate cases, and prospects for future growth. Integrys serves over 2 million utility customers across the Midwest and has nonregulated energy services operating in the Northeast US and parts of Canada.
DTE Energy announced its 2007 financial results. Reported earnings were $971 million or $5.70 per share, up from $433 million or $2.43 per share in 2006. This was largely driven by asset sales. Operating earnings, which exclude asset sales, were $2.82 per share, down slightly from $2.89 per share in 2006. For 2008, DTE Energy expects operating earnings between $2.70 to $3.10 per share and continues its focus on investments in its utility businesses.
DTE Energy announced its 2007 financial results. Reported earnings were $971 million or $5.70 per share, up from $433 million or $2.43 per share in 2006. This was largely driven by asset sales. Operating earnings excluding special items were $2.82 per share, down slightly from $2.89 per share in 2006. DTE Energy expects over 80% of its earnings to come from its utility businesses going forward and provided 2008 operating earnings guidance of $2.70 to $3.10 per share.
DTE Energy raised its 2008 earnings guidance due to strong expected performance across several business segments. It reported first quarter 2008 earnings of $212 million compared to $134 million in first quarter 2007. Operating earnings for first quarter 2008 were $128 million compared to $112 million in first quarter 2007, driven by higher earnings from energy trading. Several business segments experienced improved earnings compared to first quarter 2007. DTE Energy also saw higher cash flows from operations compared to first quarter 2007.
Integrys Energy Group has maintained a strong dividend track record despite volatile market conditions. The company's stock investment plan allows shareholders, employees, and the public to purchase stock with no brokerage fees or commissions. Participants can choose to reinvest all, some, or none of their dividends and can make optional cash payments up to $100,000 per year to purchase additional shares.
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.
- The document summarizes Vectren Corporation's 2009 1st quarter earnings conference call.
- Vectren reported 1st quarter 2009 earnings of $72.8 million, or $0.90 per share, compared to $64.0 million, or $0.84 per share in 2008.
- Earnings were driven by strong utility performance despite lower customer usage from economic conditions, and increased nonutility earnings from energy marketing, coal mining, and infrastructure services.
DTE Energy reported its business and financial results for 2007. Key points include:
- Operating earnings for 2007 were $2.82 per share, driven by strong results across utility and non-utility segments.
- Detroit Edison and MichCon earned near their authorized returns on equity despite challenges from new computer systems.
- Non-utility segments like coal/gas midstream and energy trading significantly contributed to earnings.
- The company is making investments to grow its utilities and pipelines, with plans to file an updated rate case for Detroit Edison.
The document summarizes Progress Energy's Q2 2008 earnings call. It discusses the company reaffirming its 2008 ongoing earnings guidance of $3.05 per share despite challenges in Florida. It also provides updates on recent court rulings impacting emissions regulations, the Levy County nuclear project, and major capital expenditure projects. Progress Energy's CFO discusses the company's quarterly and year-to-date financial performance and steps taken to offset weakness in Florida retail markets through increased wholesale contracts.
YRC Worldwide reported a loss for 2008 due to the economic recession. While losses were larger than expected, cash flow was positive. The company aims to improve performance through integrating Yellow Transportation and Roadway networks, and reducing wages. An amendment to credit facilities is expected to finalize in February to improve the company's financial position.
YRC Worldwide reported a loss for 2008 due to the economic recession. While losses were larger than expected, cash flow was positive. The company aims to improve performance through integrating Yellow Transportation and Roadway networks, and reducing wages. An amendment to credit facilities is expected to finalize in February to improve the company's financial position.
The document summarizes a presentation given by Joseph P. O'Leary and Steven P. Eschbach at a Mid-Cap Utility Conference on March 25, 2008. It discusses Integrys Energy Group's goals of delivering long-term shareholder value and earnings growth. It provides an overview of Integrys' regulated utility businesses, the progress of integrating Peoples Energy, capital investment programs, and financial outlook. Guidance is given for 6-8% annual EPS growth and a projected 2008 EPS range of $3.33-$3.78.
This document summarizes a presentation given by Steven P. Eschbach, Vice President of Investor Relations for Midwest Utilities Seminar. The presentation provides an overview of Integrys Energy Group, a leading Midwest energy company serving over 2 million customers. Key points included Integrys' goals of long-term shareholder value and earnings growth, its diverse regulated utility businesses across six states, ongoing capital investment including the Weston 4 power plant project, and guidance for 2008 financial performance.
DTE Energy reported second quarter 2007 earnings of $385 million, up from a loss of $33 million in the second quarter of 2006. Operating earnings were $101 million for the quarter, an increase from an operating loss of $1 million in the prior year. The sale of the company's Antrim Shale gas exploration business and increased non-utility earnings contributed to the earnings growth. DTE Energy also reported year-to-date cash flow from operations of approximately $998 million, a 12% increase from the previous year. The company reiterated its 2007 operating earnings guidance excluding synthetic fuel of $450-485 million and including synthetic fuel of $150-215 million.
DTE Energy reported second quarter 2007 earnings of $385 million, up from a loss of $33 million in the second quarter of 2006. Operating earnings were $101 million for the quarter, an increase from an operating loss of $1 million in the prior year. The sale of the company's Antrim Shale gas business and increased non-utility earnings contributed to the earnings growth. DTE Energy also reported year-to-date cash flow from operations of approximately $998 million, a 12% increase from the previous year. The company reiterated its 2007 operating earnings guidance excluding synthetic fuel of $450-485 million and including synthetic fuel of $150-215 million.
Broadwind Energy presented an investor presentation covering their industry and financial performance. Key highlights included a strong backlog of $228M at Q3 2014 with 2015 tower production capacity nearly sold out. Broadwind has diversified into industrial markets representing half of sales in 3-5 years. Challenges in Q3 2014 from a new tower design were addressed and financial results are expected to improve in 2014 over 2013, supported by solid order backlogs.
- The document provides an overview of the company's financial results for the third quarter of 2008, including sales, margins, cash flow, and earnings guidance.
- Key highlights include organic sales declining 2.4% due to economic slowdown, operating margin decreasing 240 bps to 6.6% from raw material inflation and reduced leverage, and free cash flow guidance of $375 million.
- Actions are being taken to address challenges, including additional price increases, productivity initiatives, and protecting investments in growth areas.
This presentation discusses SolarCity's business strategies and metrics. It focuses on growing its leadership in distributed solar, monetizing the value of its long-term energy contracts, and achieving best-in-class technology and operating costs. Metrics show SolarCity increasing its share of the growing US solar market while reducing costs per watt and increasing value per watt deployed through low-cost financing and contract monetization.
This document provides an overview and financial projections for Xcel Energy. It discusses Xcel Energy's integrated utility operations, forecasts steady customer and earnings growth, and outlines plans to reduce emissions and refurbish coal plants. It also summarizes Xcel Energy's liquidity and debt refinancing plans, provides 2003 earnings guidance, and outlines priorities including resolving its involvement with bankrupt company NRG.
This document provides an overview and financial projections for Xcel Energy. It discusses Xcel Energy's integrated utility operations, forecasts steady customer and earnings growth, and outlines plans to reduce emissions and refurbish coal plants. It also summarizes Xcel Energy's liquidity and debt refinancing plans, provides 2003 earnings guidance, and outlines priorities including resolving its NRG investment and maintaining its dividend.
This document provides an overview and financial projections for Xcel Energy. It discusses Xcel Energy's integrated utility operations, forecasts steady customer and earnings growth, and outlines plans to reduce emissions and refurbish coal plants. It also summarizes Xcel Energy's liquidity and debt refinancing plans, provides 2003 earnings guidance, and outlines priorities including resolving its involvement with bankrupt company NRG.
This document summarizes Xcel Energy's presentation at the 2003 Banc of America Securities Investment Conference. It outlines Xcel Energy's operations as an integrated utility across multiple US states, financial metrics including earnings growth and dividend yield, efforts to divest from the unprofitable NRG Energy business, and capital expenditure plans including converting coal plants to natural gas to reduce emissions. It also provides guidance for 2003 earnings per share and outlines financing plans to redeem higher interest debt.
This document summarizes Xcel Energy's presentation at the 2003 Banc of America Securities Investment Conference. It outlines Xcel Energy's operations as an integrated utility across multiple US states, its financial performance and guidance, initiatives to reduce emissions in Minnesota, and capital expenditure and financing plans. It highlights Xcel Energy's regulated business model, commitment to dividends, efforts to resolve issues related to its former subsidiary NRG, and expectations for continued earnings growth.
This document summarizes an investor presentation by Xcel Energy on its business operations and financial outlook. It discusses Xcel Energy's integrated utility operations, positive cash flow generation, plans to divest its stake in NRG Energy through bankruptcy proceedings, financial guidance for 2003 including earnings per share, and capital expenditure plans. The presentation also provides comparisons of Xcel Energy's operating metrics to industry peers.
This document provides an overview of Xcel Energy's financial performance and objectives presented at the Edison Electric Institute Financial Conference in October 2003. Key points include: Xcel achieved several accomplishments in 2003 including settling with NRG creditors and maintaining investment grade ratings. Objectives are to invest in utility assets, provide competitive returns, and improve credit ratings. Earnings guidance for 2003 is $1.48-$1.53 per share and $1.15-$1.25 for 2004, driven by utility operations and tax benefits from NRG. The presentation outlines capital expenditures, financing plans, and regulatory strategies.
This document provides an overview of Xcel Energy's financial performance and objectives presented at the Edison Electric Institute Financial Conference in October 2003. Key points include: Xcel achieved several accomplishments in 2003 including settling with NRG creditors and maintaining investment grade ratings. Objectives are to invest in utility assets, provide competitive returns, and improve credit ratings. Earnings guidance for 2003 is $1.48-$1.53 per share and $1.15-$1.25 for 2004, driven by utility operations and tax benefits from NRG. The presentation outlines capital expenditures, financing plans, and regulatory strategies.
This document provides an overview of Xcel Energy from their presentation at the Edison Electric Institute Financial Conference in October 2003. Key points include Xcel achieving several accomplishments in 2003 including settling with NRG creditors, maintaining investment grade ratings, and refinancing debt. Projections for 2004 include earnings of $1.15-1.25 per share assuming NRG emerges from bankruptcy. The presentation outlines Xcel's objectives, investments, regulatory strategy, and earnings drivers to emphasize the company as a low-risk, integrated utility with a total return of 7-8%.
This document provides an overview of Xcel Energy from their presentation at the Banc of America Securities Energy & Power Conference in November 2003. Key points include that Xcel achieved several accomplishments in 2003 including settling with NRG creditors and maintaining investment grade ratings. Objectives for 2004 include investing additional capital in utilities, providing competitive returns to shareholders, and improving credit ratings. Earnings guidance for 2003 is $1.48-$1.53 per share and $1.15-$1.25 per share for 2004.
This document summarizes Xcel Energy's presentation at the Banc of America Securities Energy & Power Conference on November 17-19, 2003. It discusses Xcel Energy's accomplishments in 2003, objectives for investment, earnings growth, and credit ratings improvement. It also provides guidance on projected 2003 and 2004 earnings, cash flows, utility investments, and the expected timeline for NRG's emergence from bankruptcy.
This document summarizes Xcel Energy's presentation at the Banc of America Securities Energy & Power Conference on November 17-19, 2003. It discusses Xcel Energy's accomplishments in 2003, objectives for investment, earnings growth, and credit ratings improvement. It also provides guidance on projected 2003 and 2004 earnings, cash flows, utility investments, and the expected timeline for NRG's emergence from bankruptcy.
This document provides an overview of Xcel Energy Inc. for investors attending the EEI International Financial Conference. It summarizes Xcel's financial performance, business segments, generation assets, environmental commitments, regulatory strategy, and earnings guidance. The presentation outlines Xcel's strengths as a utility, investment merits, and objectives to invest additional capital in its utility business and improve credit ratings while providing competitive returns.
This document provides an overview of Xcel Energy Inc. for investors attending the EEI International Financial Conference. It summarizes Xcel's financial performance, business segments, generation assets, environmental commitments, regulatory strategy, and earnings guidance. The presentation outlines Xcel's strengths as a growing utility, its investment merits, and capital expenditure plans to improve its credit ratings and provide competitive returns.
This document provides an overview of Xcel Energy Inc. for investors attending the EEI International Financial Conference. It summarizes Xcel's business segments, strengths, investment merits, capital investment plans, power supply, environmental commitments, and financial performance. Projections for 2004 earnings per share and cash flow are also presented. Key points include Xcel being the 4th largest US electric and gas utility, a growing service area, low rates, and a goal of providing competitive total returns of 7-9% to shareholders.
Xcel Energy reported improved second quarter 2004 earnings compared to the second quarter of 2003. Net income for the quarter was $86 million, or $0.21 per share, compared to a net loss of $283 million, or $0.71 per share in 2003. Regulated utility earnings from continuing operations improved to $89 million in 2004 from $77 million in 2003. Results from discontinued operations were earnings of $5 million in 2004 compared to losses of $337 million in 2003. The company maintained its annual earnings guidance of $1.15 to $1.25 per share.
This document summarizes a presentation given by Dick Kelly, president and COO of Xcel Energy, at a Lehman Brothers energy conference on September 8, 2004. Kelly outlines Xcel Energy's strategy of investing $900-950 million annually in its utility assets to meet growth, while also pursuing specific generation projects, including a $1 billion coal plant expansion in Colorado. Kelly projects total shareholder return of 7-9% annually through earnings growth of 2-4% and a dividend yield of around 5%.
Wayne Brunetti is the Chairman and CEO of Xcel Energy, a major electric and gas utility. The document discusses Xcel Energy's business strategy, which involves continued investment in its utility assets to meet growth. Key capital projects include a $1 billion emissions reduction program in Minnesota and a proposed $1.3 billion coal plant in Colorado. The summary also provides Xcel Energy's earnings guidance for 2004 and discusses its dividend policy. Brunetti emphasizes that Xcel Energy needs clarity on public policy regarding energy and the environment to effectively plan and invest.
Wayne Brunetti is the Chairman and CEO of Xcel Energy, a major electric and gas utility. The document discusses Xcel Energy's business strategy, which involves continued investment in its utility assets to meet growth. Key capital projects include a $1 billion emissions reduction program in Minnesota and a proposed $1.3 billion coal plant in Colorado. The summary also outlines Xcel Energy's financial metrics, earnings guidance, and dividend policy. Brunetti emphasizes that Xcel Energy needs clarity on public policy regarding energy and the environment to effectively plan and invest.
Wayne Brunetti is the Chairman and CEO of Xcel Energy, a major electric and gas utility. The document discusses Xcel Energy's business strategy, which involves continued investment in its utility assets to meet growth. Key capital projects include a $1 billion emissions reduction program in Minnesota and a proposed $1.3 billion coal plant in Colorado. The summary also provides Xcel Energy's earnings guidance for 2004 and discusses its dividend policy. Brunetti emphasizes that Xcel Energy needs clarity on public policy regarding energy and the environment to effectively plan and invest.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
South Dakota State University degree offer diploma Transcriptynfqplhm
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Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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."
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaAmit Kakkar
Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
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Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
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;
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Third Quarter 2008 Earnings Conference Call
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.
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Third Quarter 2008 Earnings Conference Call
4. Non-GAAP Financial Information
Diluted Earnings Per Share Information – Non-GAAP Financial Information
Integrys Energy Group, Inc. prepares financial statements in accordance with accounting principles
generally accepted in the United States (GAAP). Along with this information, we disclose and discuss
“diluted earnings per share (EPS) from continuing operations – adjusted,” “forward book value,” and
“managerial gross margin,” which are non-GAAP measures. Management uses these measures in its
internal performance reporting and for reports to the Board of Directors. We disclose these measures
in our quarterly earnings releases, on investor conference calls, and during investor conferences and
related events. Management believes that diluted EPS from continuing operations – adjusted is a
useful measure for providing investors with additional insight into our operating performance because it
eliminates the effects of certain items that are not comparable from one period to the next.
Management believes that forward book value and managerial gross margin provide investors with a
more complete view of the fair value of the nonregulated contract portfolio and changes therein.
Unlike GAAP gross margin, managerial gross margin includes the fair value of contracts that are not
currently subject to the derivative accounting rules. Therefore, this measure allows investors to better
compare our financial results from period to period. The presentation of this additional information is
not meant to be considered in isolation or as a substitute for our results of operations prepared and
presented in conformance with GAAP. A reconciliation of non-GAAP information to GAAP information
is included either on the slide where the information appears, in the Supplemental Data Package, or in
the Appendix.
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Third Quarter 2008 Earnings Conference Call
5. 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
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Third Quarter 2008 Earnings Conference Call
6. 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
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Third Quarter 2008 Earnings Conference Call
7. Key Drivers – 3Q08 Versus 3Q07
(All dollars in millions and after tax)
Net loss, 3Q08 $ (59.1)
Earnings available for common shareholders, 3Q07 43.2
Quarter-over-Quarter Change $ (102.3)
Key Drivers of Quarter-over-Quarter Change
3Q08 3Q07 Change Explanation
Continuing Operations
Integrys Energy Services' electric margin (mainly non-cash mark-to-market (111.5) 14.0 $ (125.5) Accounting
derivitive accounting requirements)
Discontinued operations (driven by earnings from the oil and natural gas - 32.3 (32.3) Operations
production business unit sold in 3Q07)
Integrys Energy Services' natural gas margin (mainly non-cash mark-to-market 52.1 19.9 32.2 Accounting
derivitive accounting requirements, partially offset by non-cash fair value natural
gas inventory adjustment)
WPSC electric utility earnings (collection of a portion of under-recovered fuel costs from 49.8 34.8 15.0 Operations
1Q08, fewer planned power plant outages)
Natural gas utility earnings (Rate increase at Peoples Gas, synergy savings, (17.8) (30.6) 12.8 Operations
partially offset by higher bad debt expense)
Holding Company and Other Segment (decrease in interest expense, increase in 1.6 (8.7) 10.3 Operations
income from American Transmission Company)
Halt on synthetic fuel production and sale versus recognition of Section 29/45K - 8.2 (8.2) Operations - Expiration of
federal tax credits on the production and sale of synthetic fuel in 2007 Section 29 Legislation
Integrys Energy Services operating and maintenance expense (increase in bad (27.4) (22.9) (4.5) Operations
debt expense primarily related to Lehman Brothers bankruptcy)
Other (2.1) Operations
Total $ (102.3)
External cost to achieve merger synergies included in earnings:
3Q08 3Q07 Change
Peoples Energy $ 2.1 $ 7.9 $ (5.8)
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Third Quarter 2008 Earnings Conference Call
8. 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
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Third Quarter 2008 Earnings Conference Call
9. 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
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Third Quarter 2008 Earnings Conference Call
10. 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.
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Third Quarter 2008 Earnings Conference Call
11. 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
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Third Quarter 2008 Earnings Conference Call
12. Diluted EPS from Continuing Operations –
Adjusted – Revised Guidance
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)
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Third Quarter 2008 Earnings Conference Call
13. Diluted EPS from Continuing Operations –
Adjusted – Guidance Drivers
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)
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Third Quarter 2008 Earnings Conference Call
14. Wisconsin Public Service
Operational Update
Weston 4
Earned POWER Magazine’s 2008 Power Plant of the Year Award
Nominated for two additional awards
Power Engineering Magazine’s 2008 Best Coal-Fired Project Award
Platts ENR Energy Construction Project of the Year
Regulatory Update
Wisconsin Public Service general rate case in briefing stage
Expect revised revenue requirement request to decrease, reflecting lowered forecasted
fuel costs and added stability to earnings and cash flows from decoupling
Written decision expected December 2008
General rate increase expected to be effective January 2009
In July granted approval to increase 2008 retail electric rates due to fuel and purchased
power costs
Due to declining energy prices since July, our rates are subject to refund effective
September 30
Expect over or under recovery of fuel costs will not be significant
Customer Weather-Normalized Usage Decline – Electric
In third quarter 2008, residential declined 4% and commercial and industrial
declined approximately 3%
After-tax impact of $1.8 million, or approximately $0.02 per share.
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Third Quarter 2008 Earnings Conference Call
15. Wisconsin Public Service Operations –
Prospects for Future Growth in Value
Guardian II pipeline laterals
Cost increased by $10 million to $85 million due
to flooding and heavy rainfall
Scheduled year-end 2008 project completion
Acquire wind farm project
Expect to close on purchase of $250 million,
99-megawatt wind farm in November
Expected in service by end of 2009
15
Third Quarter 2008 Earnings Conference Call
16. Integrys Gas Group – Recent
Accomplishments
Filed rate case with Minnesota Public Utilities
Commission requesting $22.0 million
Required because of general inflation, lower sales growth,
and increased customer service costs
First distribution rate increase since 2000
Interim rates of $19.8 million in effect October 1, 2008
Expect final rates to be effective in June 2009
Filed rate increase request with Michigan Public
Service Commission requesting $13.9 million
First distribution rate increase since 2003
Interim rate request expected December 2008 – Final rates
expected second quarter of 2009
16
Third Quarter 2008 Earnings Conference Call
17. Integrys Gas Group – Prospects
for Future Growth in Value
Complete rate case process in
Minnesota and Michigan to obtain
approval for rate requests
Acceleration of investment in Chicago
infrastructure
Program in place to reduce bad debt
17
Third Quarter 2008 Earnings Conference Call
18. 2008 Integrys Energy Services
Value Creation
Integrys Energy Services
Managerial Gross Margin Summary
Year-to-Date September 2008
(Pretax dollars in millions)
Total
Natural
Natural Gas Electric and Other Gas and
Wholesale Retail Wholesale
Retail Total Total Electric
MANAGERIAL GROSS MARGIN
(1)
Forward Book Value (a non-GAAP financial measure)
As of September 30, 2008 $ 48.0 $ 44.9 $ 92.9 $ 66.1 $ 99.9 $ 166.0 $ 258.9
As of December 31, 2007 41.2 37.0 78.2 58.5 48.4 106.9 185.1
6.8 7.9 14.7 7.6 51.5 59.1 73.8
Change in Forward Book Value
(2)
40.2 50.9 91.1 53.4 35.9 89.3 180.4
Total Realized Gross Margin
$ 47.0 $ 58.8 $ 105.8 $ 61.0 $ 87.4 $ 148.4 $ 254.2
Year-to-Date September 2008 Managerial
Gross Margin (3) (non-GAAP)
$ 53.3 $ 51.6 $ 104.9 $ 62.2 $ 46.1 $ 108.3 $ 213.2
Year-to-Date September 2007 Managerial
Gross Margin (3) (non-GAAP)
$ (6.3) $ 7.2 $ 0.9 $ (1.2) $ 41.3 $ 40.1 $ 41.0
Change from Prior Year
Refer to the appendix for a reconciliation of the non-GAAP financial metrics to the GAAP financial statements.
(1) Forward Book Value – Represents the estimated value that will be realized upon settlement of the contract portfolio based on industry
standard valuation approaches and assumptions. Derivative and non-derivative contracts are included in managerial gross margin.
(2) Realized Gross Margin – This is a GAAP-based measure that represents physical sales, net of physical purchases and the cash settlement
of financial contracts (i.e., forwards, futures, options, and swaps). Realized margins associated with the nonregulated generation fleet are
included herein, although the change in value of the physical plants is not included in the forward book value section. Purchase accounting
amortization has been excluded from this line item. The natural gas lower of cost or market non-cash negative adjustment of $119.5 million
pretax has also been excluded from this schedule and impacts the wholesale natural gas and total realized gross margin amounts above.
(3) The 2007 Managerial Gross Margin includes the value acquired as part of the Peoples Energy merger, which was $27.2 million at
acquisition date.
18
Third Quarter 2008 Earnings Conference Call
19. Integrys Energy Services Forward
Contracted Volumes – 3Q08
Natural Gas
Bcf
700
600
602.3
600.3
500
400
Key Drivers in 3Q08: 300
200
100
Lower energy prices, longer 0
contracting terms 3Q07 3Q08
Wholesale electric customer
origination MWH
Electric
(Millions)
140
120
122.4
100
80
81.3
60
40
20
0
3Q07 3Q08
19
Third Quarter 2008 Earnings Conference Call
20. Future Integrys Energy Services
Accounting Recognition
As of September 30, 2008
(Pre-tax dollars in millions)
Amount
Amount Yet To Be Purchase
Recognized Recognized Accounting GAAP
Forward To Date In In GAAP Amortization Gross Margin
Book GAAP Gross Margin To Be Recognized To Be Recognized
Settlement Years Value Gross Margin In Future Periods In Future Periods In Future Periods
A B C =A -B D E=C +D
2008 $ 49.1 $ (41.4) $ 90.5 $ (3.0) $ 87.5
2009 93.9 28.9 65.0 2.9 67.9
2010 51.8 21.2 30.6 2.7 33.3
2011 28.2 17.2 11.0 2.0 13.0
2012 and Beyond 35.9 18.5 17.4 0.2 17.6
$ 258.9 $ 44.4 $ 214.5 $ 4.8 $ 219.3
Refer to the Appendix for a reconciliation of the non-GAAP financial metrics to the GAAP financial statements.
20
Third Quarter 2008 Earnings Conference Call
21. Integrys Energy Services
Mark-to-Market Volatility Adjustment
YTD Sept YTD Sept
3Q08 3Q07 Variance 2008 2007 Variance
(Millions) (Millions)
GAAP Gross Margin $ (98.9) $ 66.8 $ (165.7) $ 88.4 $ 174.0 $ (85.6)
Add: Non-GAAP Adjustments
Purchase Accouting (0.1) (0.2) 0.1 11.9 9.4 2.5
Synfuel activity included in Gross Margin 0.0 (10.3) 10.3 0.0 (11.5) 11.5
Power contract in Maine liquidated in 2005 0.0 0.0 0.0 0.0 0.9 (0.9)
$ (99.0) $ 56.3 $ (155.3) $ 100.3 $ 172.8 $ (72.5)
Less: Managerial Gross Margin (non-GAAP) $ 102.5 $ 56.6 $ 45.9 $ 254.2 $ 213.2 $ 41.0
Mark-to-Market Volatility Adjustment - Pretax (1) (201.5) (0.3) (201.2) (153.9) (40.4) (113.5)
Mark-to-Market Volatility Adjustment - Net of tax (1) $ (120.9) $ (0.2) $ (120.7) $ (92.3) $ (24.2) $ (68.1)
(1) Represents the estimated impact of derivative accounting mismatches that create earnings
volatility that is not reflective of the economic substance of the underlying commercial activity.
21
Third Quarter 2008 Earnings Conference Call
22. 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
22
Third Quarter 2008 Earnings Conference Call
23. 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
23
Third Quarter 2008 Earnings Conference Call
24. Integrys Energy Group, Inc.
Diluted EPS from Continuing Operations – Adjusted
Revised Guidance
EPS
Non-GAAP Financial Information
Low High
$3.45
$3.44
$3.40
$3.35
$3.33
$3.30
$3.25
2008
Key Assumptions:
• Normal weather for remainder of 2008
• Continued availability of generating units
• Impacts of purchase accounting/transition costs related to merger
• Anticipated 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) (See Slide 12 for more information)
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Third Quarter 2008 Earnings Conference Call
26. Regulated Electric Utility Segment – 3Q08
Earnings (millions)
$50
$51.6
$40
$38.0
$30
$20
$10
$-
3Q07 3Q08
Key Drivers (after tax):
• (+) $10.8 million lower fuel and purchased power costs at Wisconsin Public Service than recovered in rates
• (+) $ 9.4 million mainly due to retail electric rate increase
• (+) $ 1.1 million decrease in electric utility maintenance expense due to planned outages in 2007 at Weston 3,
the De Pere Energy Center, and Pulliam
• (--) $ 1.3 million increase in depreciation expense due to Weston 4 being placed in service
• (--) $ 3.6 million decrease related to a decrease in sales volumes
• (--) $ 2.8 million increase in electric transmission expense due to higher rates charged by MISO and American
Transmission Company
26
Third Quarter 2008 Earnings Conference Call
27. Regulated Natural Gas Utility Segment – 3Q08
Earnings (millions)
$5
$(17.8)
$(5)
$(15)
$(25) $(30.6)
$(35)
3Q07 3Q08
Key Drivers (after tax):
• (+) $12.6 million Peoples Gas and North Shore Gas rate change
• (+) $ 1.8 million Michigan Gas Utilities regulatory reconciliation of revenues from natural gas charges and related
natural gas costs as required by the Michigan Public Service Commission
• (+) $ 0.2 million decrease in general and administrative expense related to decrease in pension, post-retirement
medical, and other benefit expenses, partially offset by a $7.6 million increase in bad debt expense
• (--) $ 0.6 million lower volumes
• (--) $ 1.8 million decrease in natural gas margin due to decreased throughput volumes
• (+) $ 1.2 million increase in natural gas margin due to decoupling at Peoples Gas and North Shore Gas
27
Third Quarter 2008 Earnings Conference Call
28. Nonregulated Integrys Energy
Services Segment – 3Q08
Income from Continuing Operations (millions)
$20
$13.2
$-
($94.5)
$(20)
$(40)
$(60)
$(80)
$(100)
3Q07 3Q08
Key Drivers (after tax):
• (+) $ 32.2 million increase in retail and wholesale natural gas margins
• (+) $116.3 million increase in non-cash unrealized gains on derivative instruments
• (--) $ 84.1 million decrease in realized natural gas margins
• (--) $ 72.9 million negative non-cash lower of cost or market value inventory adjustment required by GAAP
• (--) $ 11.2 million decrease in natural gas margins related to realized losses on wholesale natural
gas transactions, primarily due to timing
• (--) $ 8.2 million former investment in synthetic fuel facility
• (--) $125.5 million decrease in retail and wholesale electric margin
• (--) $121.8 negative non-cash fair value adjustments related to electric customer supply contracts
28
Third Quarter 2008 Earnings Conference Call
29. Holding Company/Other – 3Q08
Earnings (millions)
$1 $1.6
$(1)
$(8.7)
$(3)
$(5)
$(7)
3Q07 3Q08
Key Drivers (after tax):
• (+) $ 4.2 million, decrease in interest expense due to decrease in average amount of short-term
debt
• (+) $ 3.5 million increased earnings from American Transmission Company
• (+) $ 1.7 million decrease in operating and maintenance expenses related to consulting fees and
other costs recorded in 2007 related to the Peoples Energy merger
29
Third Quarter 2008 Earnings Conference Call
30. 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%
• 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
30
Third Quarter 2008 Earnings Conference Call
31. 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
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Third Quarter 2008 Earnings Conference Call
32. 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 $202.1 million
Interim rate order expected December 2008 at the earliest
Final rates expected second quarter 2009
Web site:
http://efile.mpsc.cis.state.mi.us/cgi-bin/efile/viewcase.pl?casenum=15549
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Third Quarter 2008 Earnings Conference Call
33. Regulated Utilities Serving Over
2 Million Customers
PGL NSG MERC MGUC W PSC UPPCO
As of 12/31/2007
Electric Customers 433,000 52,000
Natural Gas Customers 830,000 158,000 207,000 165,000 314,000
Generation capacity (megawatts) 1,757.4 58.9
Natural gas storage (Bcf) 47.3 6.9* 3.6* 5.1 8.1*
For the period ending 12/31/2007
Annual electric volumes (million megawatt-hours) 14.8 1.2
Annual natural gas throughput (Bcf) 124.1 25.8 70.5 31.1 78.8
Retail as of 12/31/2007 Natural Gas Natural Gas Natural Gas Natural Gas Natural Ga s Electric Electric
Rate base/investment ($ millions), IL 1,157 177
Rate base/investment ($ millions), WI 338 1,288
Rate base/investment ($ millions), MI 170 3 15 84.5
Rate base/investment ($ millions), MN 186
W holesale as of 12/31/07
Rate base/investment ($ millions) 174 7.5
* Represents contracted storage.
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Third Quarter 2008 Earnings Conference Call
34. 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.
34
Third Quarter 2008 Earnings Conference Call
35. Reconciliation of Integrys Energy
Services’ Forward Book Value to GAAP
As of December 2007
(Pre-tax dollars in millions)
Total
Natural Gas Electric and Other Natural Gas
Retail Wholesale Total Retail Wholesale Total and Electric
Forward Book Value (a Non-GAAP financial measure)
$ 41.2 $ 37.0 $ 78.2 $ 58.5 $ 48.4 $ 106.9 $ 185.1
As of December 31, 2007
Fair value of oil options, including unamortized premiums (1) - - - - (0.2) (0.2) (0.2)
Unamortized electric and gas option premiums (2) 1.1 0.1 1.2 1.3 0.7 2.0 3.2
Fair value of nonderivative contracts, derivative
contracts designated as normal purchase
and sales, as well as portfolio valuation reserves (3) (1.3) 11.4 10.1 (43.6) (17.1) (60.7) (50.6)
Net Risk Management Assets and Liabilities per GAAP
$ 137.5
Balance Sheet $ 41.0 $ 48.5 $ 89.5 $ 16.2 $ 31.8 $ 48.0
(1) These contracts were used to mitigate the risk of a tax credit phaseout associated with rising oil prices. Since the synfuel production
facility is not part of the core marketing and trading business, the oil contracts have been excluded from Forward Book Value included
in the calculation of Managerial Gross Margin.
(2) Option premiums are included in the GAAP balance sheet until expiration of the associated options. The Forward Book Value line item
of Managerial Gross Margin only includes the net difference between the premium and the fair value of the option. Upon option expiration,
premium amortization is included in the Total Realized Gross Margin line in the Managerial Gross Margin Analysis.
(3) Represents the estimated fair value of contracts that either do not meet the criteria for derivative accounting treatment under SFAS 133 or contracts
that have been excluded from mark-to-market accounting under the normal purchase and sale exception. Contract types include full requirements
sales contracts, natural gas storage and transport capacity contracts, among others.
35
Third Quarter 2008 Earnings Conference Call
36. Reconciliation of Integrys Energy
Services’ Forward Book Value to GAAP
Year-to-Date September 2008
(Pre-tax dollars in millions)
Total
Natural Gas Electric and Other Natural Gas
Retail W holesale Total Retail W holesale Total and Electric
Forw ard Book Value (a Non-GAAP financial
measure)
$ 48.0 $ 44.9 $ 92.9 $ 66.1 $ 99.9 $ 166.0 $ 258.9
As of September 30, 2008
Unamortized electric and gas option premiums (1) 0.3 0.8 1.1 7.0 3.9 10.9 12.0
Fair value of nonderivative contracts, derivative
contracts designated as normal purchase and sales,
as well as portfolio valuation reserves and eliminations (2) 52.5 123.9 176.4 (117.2) (54.6) (171.8) 4.6
Net Risk Management Assets and Liabilities per
$ 275.5
GAAP Balance Sheet $ 100.8 $ 169.6 $ 270.4 $ (44.1) $ 49.2 $ 5.1
(1) Option premiums are included in the GAAP balance sheet until expiration of the associated options. The Forward Book Value line item
of Managerial Gross Margin only includes the net difference between the premium and the fair value of the option. Upon option expiration,
premium amortization is included in the Total Realized Gross Margin line in the Managerial Gross Margin Analysis. A negative number
represents an expected future accounting gain, while a positive number represents an expected future accounting loss.
(2) Represents the estimated fair value of contracts that either do not meet the criteria for derivative accounting treatment under SFAS 133 or contracts
that have been excluded from mark-to-market accounting under the normal purchase and sale exception. Contract types include full requirements
sales contracts, natural gas storage and transport capacity contracts, among others. A negative number represents an expected future accounting
gain, while a positive number represents an expected future accounting loss.
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Third Quarter 2008 Earnings Conference Call
37. Integrys Energy Services – Margins
($ Millions)
3 M onths Ende d Se pte m be r 30 9 M onths Ende d Se pte m be r 30
2008 2007 Change 2008 2007 Change
Natural Gas
Retail
Realized margins (1) $ 0.1 $ 5.7 $ (5.6) $ 40.2 $ 39.8 $ 0.4
Unrealized gain/(loss) (2) 73.7 5.8 67.9 26.2 (11.6) 37.8
Ef f ect of purchase accounting on realized margins (3) (0.5) (0.6) 0.1 (4.9) (6.3) 1.4
Ef f ect of purchase accounting on unrealized margins (3) - (0.1) 0.1 (0.8) 2.6 (3.4)
73.3 10.8 62.5 60.7 24.5 36.2
Wholesale
Realized margins (1) (115.5) 19.5 (135.0) (68.6) 45.3 (113.9)
Unrealized gain/(loss) (2) 127.4 1.9 125.5 53.8 15.0 38.8
Ef f ect of purchase accounting on realized margins (3) 1.0 0.7 0.3 1.0 3.2 (2.2)
Ef f ect of purchase accounting on unrealized margins (3) 0.6 0.2 0.4 (0.7) 0.5 (1.2)
13.5 22.3 (8.8) (14.5) 64.0 (78.5)
Total Natural Gas Margins 86.8 33.1 53.7 46.2 88.5 (42.3)
Electric and Other
Retail
Realized margins (1) 23.0 19.5 3.5 53.4 36.0 17.4
Unrealized gain/(loss) (2) (159.8) (10.9) (148.9) (53.8) (2.2) (51.6)
Ef f ect of purchase accounting on realized margins (3) (0.7) 3.1 (3.8) (6.4) (9.0) 2.6
Ef f ect of purchase accounting on unrealized margins (3) (0.3) (3.1) 2.8 (0.1) (0.4) 0.3
(137.8) 8.6 (146.4) (6.9) 24.4 (31.3)
Wholesale Trading and Structured Origination (4)
Realized margins (1) 2.2 8.0 (5.8) 35.9 47.2 (11.3)
Unrealized gain/(loss) (2) (50.1) 6.8 (56.9) 13.2 2.4 10.8
(47.9) 14.8 (62.7) 49.1 49.6 (0.5)
Oil option activity
Realized gain - - - - - -
Unrealized gain/(loss) - 10.3 (10.3) - 11.5 (11.5)
- 10.3 (10.3) - 11.5 (11.5)
Total Electric and Other Margins (185.7) 33.7 (219.4) 42.2 85.5 (43.3)
Total Gros s M argin $ (98.9) $ 66.8 (165.7) $ 88.4 $ 174.0 (85.6)
Re alize d m argins (1) (90.2) 52.7 (142.9) 60.9 168.3 (107.4)
Unre alize d gain/(los s ) (2) (8.8) 13.9 (22.7) 39.4 15.1 24.3
Effe ct of purchas e accounting on re alize d m argins (3) (0.2) 3.2 (3.4) (10.3) (12.1) 1.8
Effe ct of purchas e accounting on unre alize d m argins (3) 0.3 (3.0) 3.3 (1.6) 2.7 (4.3)
Total Gros s M argin $ (98.9) $ 66.8 $ (165.7) $ 88.4 $ 174.0 $ (85.6)
37
Third Quarter 2008 Earnings Conference Call
38. Integrys Energy Services – Definitions
Related to Margin Exhibit
3 Months Ended September 30 9 Months Ended September 30
2008 2007 Change 2008 2007 Change
Volumes Delivered (includes only transactions settled physically
for the periods show n)
Retail Natural Gas (in billion cubic feet) 71.1 66.0 5.1 252.0 231.0 21.0
Realized per unit margins ($ per dekatherm) $ - $ 0.09 $ (0.09) $ 0.16 $ 0.17 $ (0.01)
Retail Electric (in kilowatt-hours) 4,552.9 4,708.1 (155.2) 12,542.3 10,567.3 1,975.0
Realized per unit margins ($ per megawatt-hour) $ 5.05 $ 4.14 $ 0.91 $ 4.26 $ 3.41 $ 0.85
Definitions (These definitions should be used in conjunction with the previous slide.)
(1) Realized margins - Represents physical sales, net of physical purchases and the cash settlement of financial contracts (i.e., forwards, futures, and swaps).
W holesale natural gas realized margins include the negative impact of the inventory lower of cost or market adjustment of $124.2 million for the three
month period and $119.5 million for the nine month period ended September 30, 2008.
(2) Unrealized gain/(loss) - Represents the non-cash change in fair value of the portfolio of contracts deemed to be derivative instruments as defined by
Financial Accounting Standards Board Statement No. 133 quot;Accounting for Derivative Instruments.quot; In addition to the change in the value of currently
outstanding contracts, this amount is impacted when contracts are settled. The value is taken out of unrealized gain/loss and the actual settlement
gain/loss and the actual settlement amount are reflected in realized margins.
(3) Effect of purchase accounting - Represents the attribution of purchase price related to the contracts acquired via the Peoples Energy merger. The value of the
the contracts (calculated as of the merger date) is reversed through gross margin in the month of settlement. A portion of this impact runs through
unrealized gains and losses and another portion runs through realized margins. Both are noncash impacts that are broken out above in order to help
reconcile to the year-over-year variance discussion within Item 2 of the Form 10-Q, Management's Discussion and Analysis of the Financial Condition and Results of
Operations. This schedule excludes the amortization of intangibles identified as part of the merger (i.e., customer list) which is included in operating expenses.
Effect of purchase accounting budgeted in operating expenses, while actual impacts margin.
(4) W holesale Trading and Structured Origination - Captures our proprietary trading activity, structured origination activity and optimization of our
plants and customer load. Variance explanations are captured in three line items in the Form 10-Q: (1) Realized gains on structured origination
contracts, (2) Liquidation of an electric supply contract in 2005, and (3) All other wholesale electric operations.
38
Third Quarter 2008 Earnings Conference Call
39. 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
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Third Quarter 2008 Earnings Conference Call