MARQUETTE, MI-- Upper Peninsula Power Company has new owners.
On Wednesday the Michigan Public Service Commission approved the transfer of the company’s stock to an affiliated entity of Axium UP Holdings, LLC.
Under terms of a settlement agreement existing rates will not be impacted; no workforce cuts are expected; and UPPCO agrees not to request an adjustment to base rates that would take effect before January 1, 2023, unless the company must do so because corporate income tax rates increase. Also, in its next rate case, UPPCO will include proposals to address Upper Peninsula Energy Task Force Committee recommendations for an electric vehicle charging station pilot program.
The sale is expected to close next month.
