Edgar Filing: BORGARD LAWRENCE T

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

BORGARD LAWRENCE T

2. Issuer Name and Ticker or Trading Symbol
WPS RESOURCES CORP [WPS]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	_____ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
Pres & COO-Eng Del,WPSC, a sub

(Last)

(First)

(Middle)

700 NORTH ADAMS STREET, P. O. BOX 19001

3. Date of Earliest Transaction (Month/Day/Year)
01/13/2005

(Street)

GREEN BAY, WI 543079001

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	01/13/2005		J⁽¹⁾	V	239.4898	A	$ 0	1,778.9715	I	By ESOP

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Employee Stock Option (Right to buy)

$ 34.75 ⁽²⁾

12/14/2001

12/14/2010

Common Stock

1,393

Employee Stock Option (Right to buy)

$ 34.09 ⁽³⁾

12/13/2002

12/13/2011

Common Stock

6,148

Employee Stock Option (Right to buy)

$ 37.96 ⁽⁴⁾

12/12/2003

12/12/2012

Common Stock

6,284

Employee Stock Option (Right to buy)

$ 44.73 ⁽⁵⁾

12/10/2004

12/10/2013

Common Stock

6,235

Employee Stock Option (Right to Buy)

$ 48.11 ⁽⁶⁾

12/08/2005

12/08/2014

Common Stock

11,786

Performance Rights

$ 0 ⁽⁷⁾

01/01/2005⁽⁷⁾

06/30/2005

Common Stock

903

Performance Rights

$ 0 ⁽⁷⁾

01/01/2006⁽⁷⁾

06/30/2006

Common Stock

823

Performance Rights

$ 0 ⁽⁷⁾

01/01/2007⁽⁷⁾

06/30/2007

Common Stock

840

Performance Rights

$ 0 ⁽⁷⁾

01/01/2008⁽⁷⁾

06/30/2008

Common Stock

1,372

Phantom Stock Unit

$ 0 ⁽⁸⁾

⁽⁹⁾

Common Stock

11,953.7032

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
BORGARD LAWRENCE T 700 NORTH ADAMS STREET P. O. BOX 19001 GREEN BAY, WI 543079001			Pres & COO-Eng Del,WPSC, a sub

Signatures

By: Barth J. Wolf (See POA filed in August 2002)		01/13/2005
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Reflects shares allocated by the company's ESOP program on December 31, 2004. This transaction is being voluntarily reported.
(2)	The option vests in four equal annual installments beginning on December 14, 2001.
(3)	The option vests in four equal annual installments beginning on December 13, 2002.
(4)	The option vests in four equal annual installments beginning on December 12, 2003.
(5)	The option vests in four equal annual installments beginning on December 10, 2004.
(6)	The option vests in four equal annual installments beginning on December 8, 2005.
(7)	Performance shares vest and are issued three years after the performance shares are awarded and the final number of shares issued is determined based on company performance against an established industry benchmark.
(8)	These phantom stock units convert to common stock on a one-for-one basis.
(9)	Unless the participant has selected a later commencement date, distribution of stock and equivalents will commence within 60 days following the end of the calendar year in which occurs the participant's retirement or termination of service.

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