Michigan regulators approve UPPCO electric utility sale
MARQUETTE (AP) — Michigan regulators approved the sale of the Upper Peninsula’s largest electric utility to another private owner.
Upper Peninsula Power Co. will join Axium Infrastructure, which has offices in New York and Canada. The Marquette-based utility serves about 53,000 customers in 10 counties.
The company agreed to not seek a rate increase that would take effect before Jan. 1, 2023, unless tax rates increase, the Michigan Public Service Commission said.
UPPCO was part of Integrys Energy, then was acquired by Basalt Infrastructure Partners for $298 million in 2014.