Wisconsin Power and Light Company and City of Ripon Unable to Reach Water Utility Sale Agreement
Utility to Pursue Sale With Other Interested Parties
The city of Ripon and Wisconsin Power and Light Company (WP&L), a subsidiary of Alliant Energy Corporation, have mutually agreed to end formal negotiations in the sale of the water system serving the Ripon area.
Officials from the city and the utility were unable to reach an agreement that met the needs of both parties, and WP&L will now pursue sale of the system with private investors and other investor-owned utilities.
WP&L announced its decision to exit the water business in August 2002, in a strategic move to increase investments in its core electric and natural gas business operations.
"Both parties negotiated in good faith and worked hard to arrive at a mutually-acceptable agreement," said Steve Barg, Ripon city administrator. "It's unfortunate that an agreement could not be reached."
WP&L will immediately begin the process to invite offers from private investors and other investor-owned utilities that express interest in purchasing the water system serving the city of Ripon.
"WP&L is proud of the system's operational performance in delivering safe, reliable and environmentally-sound water service to the citizens of Ripon," said Zuhlke. "As we pursue selling the system, we will entertain those offers that continue to keep the best interests of the citizens of Ripon in mind."
More Like This
- Letters of Intent: What Are They?
- Pennichuck Corporation and Philadelphia Suburban Corporation Agree to Terminate Merger Agreement
- San Gabriel Basin WQA Decides to Release Draft of Groundwater Cleanup Deal
- Drafting Your Contracts: You or a Court?
- Calif. DWR Announces Sale of Unsecured Settlement Claim Against Mirant