SECURITIES AND EXCHANGE COMMISSION

Date of Report: January 1, 2001
(Date of earliest event reported)

On January 1, 2001, Wisconsin Public Service Corporation, a utility subsidiary of WPS Resources Corporation (NYSE: WPS), completed the transfer of the ownership and operation of certain of its transmission facilities to American Transmission Company, LLC pursuant to regulatory approvals. In return for its transfer of assets, Wisconsin Public Service Corporation, through a wholly-owned subsidiary, received a proportionate ownership share in American Transmission Company, LLC with the other members.

WPS Resources Corporation (NYSE: WPS) currently funds its Stock Investment Plan by purchasing WPS Resources common stock on the open market. The Chief Financial Officer of WPS Resources has determined that our capital needs have changed. Therefore, effective January 22, 2001 we will be issuing new shares of WPS Resources common stock to meet the annual requirements of the Stock Investment Plan. Additionally, WPS Resources' stock-based employee benefit plans are currently funded through market purchases of stock. Certain plans will now be funded through the issuance of new shares of WPS Resources common stock. Total annual potential issuance of WPS Resources common stock for all these programs ranges between 500,000 and 700,000 shares.

This report contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. You can identify these statements by the fact that they do not relate strictly to historical or current facts and often include words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," and other similar words. Although we believe we have been prudent in our plans and assumptions, there can be no assurance that indicated results will be realized. Should known or unknown risks or uncertainties materialize, or should underlying assumptions prove inaccurate, actual results could vary materially from those anticipated.

Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise. We recommend that you consult any further disclosures we make on related subjects in our 10-Q, 8-K, and 10-K reports to the Securities and Exchange Commission.

The following is a cautionary list of risks and uncertainties that may affect the assumptions which form the basis of forward-looking statements relevant to our business. These factors, and other factors not listed here, could cause actual results to differ materially from those contained in forward-looking statements.