NUMB:
990164
VERS:
SUBSTITUTE 3
REF:
XXBY:
ALD. HENNINGSEN
TITL:
Substitute resolution seeking introduction and passage of state legislation to exempt energy-related investments from the sum of the assets of all non-utility affiliates in a holding company system.
ANLS:
- Analysis -
This resolution directs the Intergovernmental Relations Division - Department of Administration to seek introduction and passage of state legislation to exempt energy-related investments from the sum of the assets of all non-utility affiliates in a holding company system, s. 196.795(5)(p), Wis. Stats. Prior to introduction of such legislation, Wisconsin Energy Corporation (WEC) must commit to perform specified actions that combine transmissions into a single common carrier system, provide low-income utility-related assistance, provide for continuity, safety and reliability for power system workers, grant a revenue incentive to the city of Milwaukee for new transmission projects and provide certain options for retail customers.
BODY:
Whereas, Wisconsin law permits Wisconsin utilities to invest in Wisconsin jobs and enterprises through the creation of non-utility subsidiaries; and
Whereas, The Wisconsin statute, s. 196.795(5)(p), that authorizes non-utility investments by such subsidiaries also includes an "asset cap" that limits to 25% the maximum investment a utility holding company affiliate can make in non-utility investments; and
Whereas, Even under the asset cap, such investments by utility holding companies have directly invested millions of dollars in such Wisconsin projects as Steeltech, Milwaukee Sign Co., Westside Conservation Corp, Brewers Hill, Historic King Place and numerous other, worthwhile projects; and
Whereas, Wisconsin Energy Corporation has actively pursued investments that have provided over $360 million for Wisconsin enterprises, and increasing the asset cap would allow Wisconsin Energy to continue its vital position as a viabl...
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