integrys 2003 wpsr

1) WPS Resources Corporation faced challenges in 2003 including delays in regulatory approval that reduced earnings, maintenance issues and high fuel costs that impacted some non-regulated assets, and a difficult market environment for non-regulated businesses. 2) However, the company also had many successes, such as receiving approval to build a new power plant, selling some non-core assets, increasing its dividend for the 45th consecutive year, and meeting peak energy demand records. 3) The company took steps to adjust to the new market environment for non-regulated businesses, including downsizing some operations and refocusing its non-regulated subsidiaries, while maintaining the goal of deriving the majority of its earnings from utility investments.