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The Federal Energy Regulatory Commission approved the merger of three Midwestern utilities to create a holding company called Interstate Energy Corp. The union of Cedar Rapids, Iowa-based IES Industries Inc., Dubuque, Iowa-based Interstate Power Co., and Madison, Wis.-based WPL Holdings Inc. will create an electric and natural-gas distribution company with a market capitalization of about $2 billion and assets of nearly $4 billion. The deal is expected to close soon after the Securities and Exchange Commission approves the merger. All other regulatory approvals have been received. The SEC is expected to act soon in the wake of FERC’s order.
