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Wisconsin Energy Management Presents At Goldman Sachs 11th Annual Power And Utility Conference (Transcript)

We also have initiated a share buyback program and basically the board authorized us to repurchase up to $300 million worth of stock by 2013. Last year we repurchased $100 million of worth of that. We are also looking for investments that don't change the fundamental risk profile of the company and which would be outside the regulated business or could be outside the regulated business and I think an example of that is the state of Wisconsin has expressed a potential interest in privatizing some combined heat and power plants that provide heating and power for central government facilities we would be interested in doing that again within the context of not changing the fundamental risk profile of the company.

And in terms of capital structure we may look at basically retire some debt at the holding company at some point. Right now we don't see that as an economic choice.

Ray Leung

Marty how do you think through given the fact that your company really has two separate businesses, the regulated utilities and Illinois and Missouri as well as the non-regulated merchant generation primarily coal fired business also in Illinois. How do you think through where the best place to allocate capital with both in terms of managing short-term meaning two to three years earnings goals and long-term kind of your view of the market, your view of what is potential value creating over a five, 10 year cycle.

Martin Lyons

Sure. Yes, I think that when we think about it, if you look at our capital expenditure plan going forward next five years. You say about that over the next three but we typically look at three to five years and if you look at our five year capital expenditure plan and where we're allocating our capital, it's about $7.5 billion and its 95% regulated. So very much a regulated focus and certainly when we look to allocate capital, I think we take two approaches Michael. One sort of top down approach and one is a bottoms up kind of approach. So a top down approach, we're certainly looking for the investment opportunities that we have across the enterprise and trying to focus the capital investment on those areas where we feel like we get I'll call the best risk adjusted return.

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