Wisconsin Energy completes Wisvest-Connecticut sale

MILWAUKEE, Dec. 6, 2002 — Wisconsin Energy Corp. Friday announced it had completed the sale of its Wisvest-Connecticut LLC subsidiary to PSEG Fossil, LLC of New Jersey.

The definitive agreement was signed on June 7, 2002. Wisvest-Connecticut is the owner and operator of two fossil-fueled power plants in Southern Connecticut.

Wisconsin Energy is expected to receive approximately $280 million from the sale, including reimbursement for capital expenditures, inventory and tax benefits. The value of the plants was written down to market value in the first quarter of 2002.

“We are pleased that the sale has been successfully completed,” said Richard A. Abdoo, Wisconsin Energy’s chairman, president and chief executive officer. “With the sale of the Wisvest-Connecticut assets, we have received about $1 billion in proceeds from the divestiture of non-core assets since September of 2000. Those proceeds have reduced our debt and strengthened our balance sheet.”

Wisvest-Connecticut purchased the fossil-fueled power plants in 1999 from The United Illuminating Company. The plants, located in Bridgeport and New Haven, Connecticut, have a combined generating capacity of more than 1,000 megawatts and employ about 175 people.

Wisconsin Energy Corporation is a Milwaukee-based holding company with utility and non-utility subsidiaries. The company serves more than one million electric customers in Wisconsin and Michigan’s Upper Peninsula and 970,000 natural gas customers in Wisconsin through its We Energies and Edison Sault Electric businesses. Its non-utility businesses include energy development, pump manufacturing, recycling and renewable energy and real estate. Visit the Web site at http://www.WisconsinEnergy.com .


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