0000107815-01-500014.txt : 20011009 0000107815-01-500014.hdr.sgml : 20011009 ACCESSION NUMBER: 0000107815-01-500014 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010920 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20010921 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WISCONSIN ENERGY CORP CENTRAL INDEX KEY: 0000783325 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 391391525 STATE OF INCORPORATION: WI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09057 FILM NUMBER: 1741655 BUSINESS ADDRESS: STREET 1: 231 W MICHIGAN ST STREET 2: P O BOX 2949 CITY: MILWAUKEE STATE: WI ZIP: 53201 BUSINESS PHONE: 4142212345 MAIL ADDRESS: STREET 1: 231 WEST MICHIGAN STREET STREET 2: P O BOX 2949 CITY: MILWAUKEE STATE: WI ZIP: 53201 8-K 1 wec8k92001.txt CORE 8-K WEC DOCUMENT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 Current Report On FORM 8-K PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported): SEPTEMBER 20, 2001 --------------- Commission Registrant; State of Incorporation IRS Employer File Number Address; and Telephone Number Identification No. ----------- ---------------------------------- ------------------ 001-09057 WISCONSIN ENERGY CORPORATION 39-1391525 (A Wisconsin Corporation) 231 West Michigan Street P.O. Box 2949 Milwaukee, WI 53201 (414) 221-2345 FORM 8-K WISCONSIN ENERGY CORPORATION ------------------------------ ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE ASSET SALES AND DIVESTITURES: Wisvest-Connecticut, LLC, a wholly-owned subsidiary of Wisvest Corporation ("Wisvest")which in turn is a wholly-owned subsidiary of Wisconsin Energy Corporation ("Wisconsin Energy"), owns and operates two fossil- fueled power plants in the state of Connecticut. The plants include the Bridgeport Harbor Station, which has an active generating capacity of 590 megawatts, and the New Haven Harbor Station, which has an active generating capacity of 466 megawatts. These plants were originally acquired in April 1999. In December 2000, Wisconsin Energy signed an agreement with NRG Energy, Inc. to sell the Bridgeport Harbor Station and the New Haven Harbor Station power plants for anticipated gross proceeds of approximately $350 million, including amounts for inventory. Upon the sale of the Connecticut generating stations, Wisvest expected to retire $208.0 million of variable rate notes which are secured by the plants. On September 20, 2001, Wisconsin Energy issued a press release announcing that both parties have terminated this agreement. The press release is filed as an exhibit hereto. It was decided to terminate the sale agreement because the parties believe NRG Energy will be unable to obtain necessary regulatory approvals for the transaction. Wisconsin Energy remains committed to selling the Wisvest-Connecticut assets. The text of the Press Release is incorporated herein by this reference. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits: See Exhibit Index following the Signature page of this report, which is incorporated herein by reference. FORM 8-K SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. WISCONSIN ENERGY CORPORATION (Registrant) /s/ STEPHEN P. DICKSON ----------------------------------- Date: September 20, 2001 Stephen P. Dickson - Controller and Principal Accounting Officer FORM 8-K WISCONSIN ENERGY CORPORATION (Commission File No. 001-09057) ------------------------------ EXHIBIT INDEX to CURRENT REPORT ON FORM 8-K Date of Report: SEPTEMBER 20, 2001 The following Exhibit is filed with this Current Report on Form 8-K: Exhibit No. 99.1 News Release dated September 20, 2001 reporting the signing of a joint termination agreement with NRG Energy, Inc. to terminate the agreement for the sale of two fossil-fueled power plants operated by Wisvest- Connecticut, LLC. EX-99 3 wec8kex99.txt WEC PRESS RELEASE Exhibit 99.1 From: Michael John September 20, 2001 Wisconsin Energy, NRG Energy terminate sale agreement Jointly terminate sale because of regulatory concerns MILWAUKEE - Wisconsin Energy Corp. (NYSE: WEC) announced today that it has signed a joint termination agreement with NRG Energy, Inc. (NYSE: NRG) to terminate the agreement for the sale to NRG Energy of two fossil-fueled power plants operated by Wisconsin Energy's subsidiary Wisvest Connecticut, LLC. It was decided to terminate the sale agreement, which was announced in Dec. 2000, because the parties believe NRG Energy will be unable to obtain necessary regulatory approvals for the transaction. "We are disappointed that we have to terminate this agreement, but remain confident that we will be able to profitably sell these assets because of their importance to the New England electricity market, fuel flexibility and skilled workforce," said Richard A. Abdoo, chairman, president and chief executive officer of Wisconsin Energy. "In the meantime, we will continue to safely and reliably operate these plants." Wisconsin Energy had anticipated the receipt of approximately $350 million in gross proceeds from the sale. The plants have operated profitably and the company expects that the contribution to earnings prior to an ultimate sale will remain positive. "As we have announced, we are focusing on our core competencies of electric generation and electric and gas distribution in our service territory, pump manufacturing, and continuing our announced strategic priority of focusing on Wisconsin's energy needs with our Power the Future program. We remain committed to selling these assets to monetize their value for the benefit of our shareholders," said Abdoo. The power plants, located in Bridgeport and New Haven, Conn., have a combined generating capacity of approximately 1,100 megawatts. There will be no impact on employees. Wisvest Connecticut will continue to recognize the current collective bargaining agreement with Local 470-1 of the Utility Workers Union of America. Wisconsin Energy Corporation (NYSE: WEC) is a Milwaukee-based holding company with subsidiaries in utility and non-utility businesses. The company serves more than one million electric customers in Wisconsin and Michigan's Upper Peninsula and 960,000 natural gas customers in Wisconsin through its utility subsidiaries - Wisconsin Electric, Wisconsin Gas and Edison Sault Electric. Its non-utility subsidiaries include energy development, pump manufacturing, waste-to-energy and real estate businesses. Visit the company's Web site at www.WisconsinEnergy.com Some matters discussed above, including the estimates of future earnings, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward- looking statements are subject to various risks and uncertainties. Actual results may vary materially. Factors that could cause actual results to differ materially include, but are not limited to: ability to arrange and consummate an alternative transaction for the sale of the two Connecticut power plants on favorable terms; general economic conditions, business and competitive conditions in the deregulating and consolidating energy industry, in general, and in the company's service territories; availability of the company's generating facilities; changes in purchased power costs; changes in coal or natural gas prices and supply availability and the ability to recover fuel and purchased power costs; unusual weather; risks associated with non-utility diversification; regulatory decisions; obtaining necessary regulatory approvals and investment capital to implement the growth strategy; timely realization of anticipated net cost savings; foreign, governmental, economic, political and currency risks; and the other cautionary factors described in the Management's Discussion and Analysis of Financial Condition and Results of Operations in Wisconsin Energy Corporation's 10-Q for the quarter ended June 30, 2001, and other factors described from time to time in the company's reports to the Securities and Exchange Commission. # # #