SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) September 22, 1997
WISCONSIN ENERGY CORPORATION
(Exact name of registrant as specified in its charter)
1-9057
(Commission file number)
Wisconsin 39-1391525
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
231 West Michigan Street, P.O. Box 2949, Milwaukee, Wisconsin 53201
(Address of principal executive offices) (Zip Code)
(414) 221-2345
(Registrant's telephone number, including area code)
NOT APPLICABLE
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(Former name or former address, if changed since last report)
FORM 8-K
WISCONSIN ENERGY CORPORATION
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ITEM 5. OTHER EVENTS
1998 Test Year: On September 22, 1997, Wisconsin Electric Power Company
("WE", the principal subsidiary of Wisconsin Energy Corporation) filed
testimony and exhibits with the Public Service Commission of Wisconsin
("PSCW") related to the 1998 test year showing a $220.4 million revenue
deficiency for its utility operations based upon a regulatory return on equity
of 12.5%, up from 11.8% authorized since February 13, 1997. The dollar
impacts and percentage increases on an annualized basis requested for
Wisconsin retail services are $192.7 million or 15.3% for electric operations,
$26.5 million or 7.9% for gas operations and $1.2 million or 9.0% for the City
of Milwaukee steam operations. In the filing, WE asked the PSCW to provide
interim rate relief effective January 1, 1998, subject to refund, if the PSCW
does not issue a final order by this date.
WE's press release dated September 22, 1997, issued in connection with this
Request For Rate Increase And For Interim Rate Approval (Test Year 1998 Docket
No. 6630-UR-110), is filed as an exhibit to this report and is incorporated
herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) EXHIBITS. The following exhibit is filed herewith:
(99)-1 Press Release, dated September 22, 1997, of Wisconsin
Electric Power Company.
FORM 8-K
WISCONSIN ENERGY CORPORATION
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
WISCONSIN ENERGY CORPORATION
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(Registrant)
/s/C. H. Baker
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Date: September 30, 1997 C. H. Baker, Treasurer, Chief
Financial Officer and duly
authorized officer
WISCONSIN ENERGY CORPORATION
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EXHIBIT INDEX
Current Report on Form 8-K
Report Dated September 22, 1997
Exhibit
Number
- -------
The following exhibits are filed with this report:
(99)-1 News Release dated September 22, 1997
EXHIBIT (99)-1
From: Christopher Schoenherr
Sept. 22, 1997
Wisconsin Electric requests price increase from PSCW
Company plans service and reliability enhancements
MILWAUKEE - As anticipated and reported earlier this year, Wisconsin Electric
(WE) today filed a request for a price increase designed to ensure reliable
energy service in 1998 and the years to come.
"We've spent a lot of time listening to our customers and they've sent us a
powerful message," said David Porter, senior vice president. "Reliable energy
service is their top priority."
The request, filed with the Public Service Commission of Wisconsin (PSCW),
seeks an increase of 15.3% in electric prices for all customer classes, 9% in
steam prices and 7.9% in natural gas prices for Wisconsin customers. The
overall request totals $220 million and represents a 14% increase.
As part of the rate case filing, WE is asking that an interim rate increase
totaling approximately 90% of the requested amount become effective on Jan. 1,
1998.
WE is seeking the additional revenue through increased energy prices in order
to assure reliability of the company's generation, transmission and
distribution systems. Additionally, technological investments are needed to
upgrade a number of computer systems to improve customer service and provide
for year-2000 compatibility. Costs also are included for added personnel in
nuclear, information resources and customer services. The rate increase also
will help maintain the company's financial strength, allow continued low
financing costs and provide a fair stockholder return.
"Meeting our customers' long-term energy needs means that we must make the
necessary investments to ensure that we have the people, lines, equipment and
systems to provide the service that our customers expect," said Porter.
"Improving our electric, gas and steam supply infrastructure and upgrading our
computer systems are needed to provide reasonably priced, reliable energy to
our customers while ensuring a fair return to our stockholders."
If the increase is approved by the PSCW, WE's rates will continue to be among
the lowest of the 20 largest metropolitan areas nationwide. Presently, the
company's electric rates are actually less than they were 10 years ago.
The energy replacement costs associated with this past summer's power
situation are not part of the proposed 1998 increase. WE has filed separately
for these costs.
A subsidiary of Wisconsin Energy Corp., Wisconsin Electric provides
electricity, natural gas and/or steam service to about 2.3 million people in
southeastern Wisconsin (including the Milwaukee area), the Appleton area, the
Prairie du Chien area, and in northeastern Wisconsin and Michigan's Upper
Peninsula.
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