Marketplace Today Blog

Officials of Upper Peninsula Power Co., a subsidiary of Integrys Energy Group, today announced that it has accepted an offer to purchase the bulk of the private, non-project lands it owns adjacent to the Prickett and Victoria reservoirs.

Some of the lands were retained for potential expansion of project boundaries for hydropower operation needs. Terms of the offer from Upper Peninsula businessman Norman Pestka were not announced. The parties expect to close the deal early in February 2009.

“As we said when we originally announced our intentions to sell non-project land, UPPCO’s priority is its utility business,” said Keith Moyle, UPPCO Vice President and General Manager. “We are not interested in keeping land we don't need for operations.”

Moyle was not certain of Pestka’s plans for the land but said, “He’s in the construction, wood products, and real estate business.”