WPS Resources Corporation reports 52 percent increase in earnings

GREEN BAY, Wis., Jan. 29, 2002 — WPS Resources Corporation’s consolidated net income was $77.6 million for the year ended December 31, 2001, compared with $67.0 million for the year ended December 31, 2000. WPS Resources Corp. is an energy holding company.

Basic earnings per share of WPS Resources’ common stock increased to $2.75 for the year ended December 31, 2001 compared with $2.53 for the year ended December 31, 2000, an increase of 9%. Basic earnings per average share of WPS Resources’ common stock were $0.70 for the fourth quarter of 2001 compared with $0.51 for the fourth quarter of 2000.

“Increased profitability at our nonregulated segments offset a drop in earnings at our electric and gas utility segments resulting in improved earnings in 2001,” stated Larry Weyers, WPS Resources’ Chairman, President, and CEO. “In addition to improved earnings, we accomplished many of our goals for the year including the Wisconsin Fuel and Light Company merger into Wisconsin Public Service Corporation, the replacement of the steam generators at the Kewaunee Nuclear Power Plant, the initiation of our asset management strategy with the sale of some hydro lands, and the sale of a portion of WPS Power Development’s ownership interest in our synthetic fuel operation. The successful completion of each of these goals has helped position us for the future.”


WPS Resources’ Electric Utility segment includes the regulated electric utility operations of two wholly-owned subsidiaries, Wisconsin Public Service and Upper Peninsula Power Company.

The Gas Utility segment consists of the gas utility operations at Wisconsin Public Service. Nonregulated segments include WPS Energy Services, Inc., a diversified energy supply and services company, and WPS Power Development, Inc., an electric generation asset development company.

The Holding Company and Other segment includes the operations of the WPS Resources holding company and the nonutility activities at Wisconsin Public Service and Upper Peninsula Power.

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