MARQUETTE, Mich., Nov. 27, 2012 /PRNewswire/ -- We Energies and Wolverine Power Cooperative announced today that the two companies will pursue joint ownership and the addition of state-of-the-art emission controls at the Presque Isle Power Plant in Marquette, Mich.
The two companies have signed a definitive agreement in which Wolverine will acquire a minority interest in the facility by funding and constructing the air quality control additions.
"Wolverine is excited to invest in Michigan to secure power supply for our members and protect grid reliability in northern Michigan," said Eric D. Baker, president and CEO of Wolverine. "We are pleased to have a quality operating partner in We Energies that shares our desire to install state-of-the-art environmental systems at the Presque Isle Power Plant that meet new air quality requirements."
"We look forward to working with Wolverine," said Allen L. Leverett, executive vice president of We Energies. " Presque Isle is important to the Upper Peninsula of Michigan and we have developed a life extension option that is the most economic and timely solution.""This exciting partnership is a great example of the public and private sectors working together to move Michigan forward," said Michigan Governor Rick Snyder. "The agreement between We Energies and Wolverine Power Cooperative provides environmental and economic benefits to the entire region. The cleaner air emissions resulting from Wolverine's significant investment enhances our environmental quality. The agreement also preserves much-needed jobs in the community and protects consumers throughout the region by ensuring greater energy reliability. I applaud the support of labor and community leaders in making this a reality. Keeping the Presque Isle Power Plant operating is critical to the future of the Marquette area and I'm pleased that we could all come together to do what's best for the region." Over the past several months, the two companies studied the practicality of retrofitting the facility's five units and have developed a cost-effective solution to meet air quality requirements while maintaining system reliability. Wolverine will invest approximately $130 to $140 million to retrofit the facility's units to meet expected environmental regulations. We Energies and its employees will continue to operate the plant as well as the air quality control system. The project will enable the continued reliable operation of the power plant, while supporting the regional economy by creating construction jobs and protecting the local tax base.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV