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WEC MERGER
6 Months Ended
Jun. 30, 2015
Business Combinations [Abstract]  
WEC MERGER
WEC Merger

On June 29, 2015, the WEC Merger was completed and we became a wholly owned subsidiary of WEC. Our shareholders received 1.128 shares of Wisconsin Energy common stock and $18.58 in cash for each share of our common stock. In addition, all of our unvested stock-based compensation awards became fully vested upon the close of the transaction. All outstanding awards were either paid out in cash to award recipients or the value of the awards was deferred into a deferred compensation plan. The total purchase price was approximately $5.6 billion.
 
In connection with the merger, we recognized after-tax merger-related costs of $38.4 million and $39.0 million during the three and six months ended June 30, 2015, respectively, and $4.1 million during the three and six months ended June 30, 2014. Included in the 2015 costs was $26.6 million of after-tax expense related to the accelerated vesting of our outstanding stock-based compensation awards and change-in-control payments. Our balance sheet as of June 30, 2015 included receivables from and payables to WEC of $27.3 million and $1.8 million, respectively. These balances primarily relate to the cash payments made for our outstanding stock-based compensation awards.

The merger was subject to the approvals of various government agencies, including the FERC, Federal Communications Commission, PSCW, ICC, MPSC, and MPUC. Approvals were obtained from all agencies subject to several conditions. The PSCW order requires that any future electric generation projects affecting Wisconsin ratepayers submitted by WEC or its subsidiaries will first consider the extent to which existing intercompany resources can meet energy and capacity needs. Additionally, the ICC order included a base rate freeze for PGL and NSG effective for two years after the close of the merger. We do not believe that the conditions set forth in the various regulatory orders approving the merger will have a material impact on our operations or financial results.

On July 24, 2015, the Citizens Utility Board, the City of Chicago, and the Illinois State Attorney General's office asked the ICC to rehear the merger order. The parties seek additional conditions previously requested during the approval process. The ICC has until August 13, 2015 to accept or deny the request. We believe the ICC's decision to approve the merger was correct and supported by sound principles and an extensive body of evidence.