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Peoples Energy Announces Commencement of Consent Solicitation.

CHICAGO -- Peoples Energy Corporation (NYSE:PGL) today announced the commencement of a consent solicitation relating to its 6.90% senior unsecured notes due January 15, 2011 in the aggregate principal amount outstanding of $325,000,000 (the "Notes").

On July 10, 2006, WPS Resources Corporation ("WPS Resources") and Peoples Energy Corporation ("Peoples Energy") announced that they had signed a definitive merger agreement whereby Peoples Energy will become a wholly-owned subsidiary of WPS Resources. Upon the effectiveness of the merger, WPS Resources intends to change its name to Integrys Energy Group, Inc. ("Integrys"). Pursuant to the consent solicitation, Peoples Energy is requesting that holders of the Notes as of February 14, 2007, the record date for the consent solicitation, consent to certain proposed amendments to the Indenture governing the Notes. The proposed amendments will allow the consolidated annual audited financial statements of Integrys and its subsidiaries, and the periodic and other reports filed by Integrys with the Securities and Exchange Commission ("SEC"), to satisfy the requirement of Peoples Energy to file with the SEC and to deliver to the Trustee under the Indenture periodic and other reports and consolidated annual audited financial statements. If the required consents are received, the general conditions are satisfied, and the merger with WPS Resources is consummated, it is anticipated that Integrys will fully and unconditionally guarantee the Notes, at which time the proposed amendments to Peoples Energy's Indenture would become operative.

The consent solicitation is conditioned on the receipt of consents from holders of at least a majority in aggregate principal amount of the Notes and will expire at 5:00 p.m., New York City time, on Wednesday, February 28, 2007, unless extended.

The consent solicitation may be amended, extended or terminated, at the option of Peoples Energy. For a complete statement of the terms and conditions of the consent solicitation, holders of the Notes should refer to the consent solicitation statement, dated as of February 15, 2007, which is being sent to all holders of the Notes as of the record date.

The Solicitation Agent in connection with the consent solicitation is Banc of America Securities LLC. Questions regarding the consent solicitation may be directed to Banc of America Securities LLC toll free at (866) 475-9886. Global Bondholder Services Corporation is serving as Information Agent and Tabulation Agent in connection with the consent solicitation. Requests for assistance in delivering consents or for additional copies of the consent solicitation statement should be directed to the Information Agent at 866-873-6300 (toll free) or (212) 430-3774 (banks and brokers).

This announcement is not an offer to purchase, a solicitation of an offer to purchase, or a solicitation of consents with respect to any securities. The consent solicitation is being made solely by the consent solicitation statement and is subject to the terms and conditions stated therein. Peoples Energy reserves the right to modify the consent solicitation statement or to terminate the consent solicitation.

Peoples Energy, a member of the S&P 500, is a diversified energy company consisting of three primary business segments: Gas Distribution, Oil and Gas Production, and Energy Marketing. The Gas Distribution business serves about 1 million utility customers in Chicago and northeastern Illinois. Visit the Peoples Energy web site at www.PeoplesEnergy.com.

Forward-Looking Information. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Generally, the words "may", "could", "project", "believe", "anticipate", "estimate", "plan", "forecast", "will", and similar words identify forward-looking statements. Actual results could differ materially from such expectations because of many uncertainties, including, but not limited to the outcome of the pending merger between Peoples Energy and WPS Resources Corporation. Some of the uncertainties that may affect future results are discussed in more detail in Peoples Energy's most recent Form 10-K/A filed with the SEC under Item 1 - Business, Item 1A - Risk Factors and Item 7 - Management's Discussion and Analysis, as such information may be updated by subsequent filings under the Securities Exchange Act of 1934. All forward-looking statements included in this press release are based upon information presently available, and Peoples Energy assumes no obligation to update any forward-looking statements.
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Publication:Business Wire
Date:Feb 16, 2007
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