SEC Form 4
FORM 4

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

(Print or Type Responses) 		UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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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OMB Number: 3235-0287
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hours per response. . . . . 0.5
1. Name and Address of Reporting Person*
Borgard, Lawrence     Thomas
(Last)                      (First)                      (Middle)
700 North Adams Street
P. O. Box 19001
(Street)
Green Bay, WI     54307-001
(City)                      (State)                      (Zip)
2. Issuer Name and Ticker or Trading Symbol

WPS Resources Corporation   WPS
6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

                        Director                           10% Owner
           X          Officer                             Other
          VP of Wisconsin Public Service Corporation, a subsidiary
7. Individual or Joint/Group Filing (Check Applicable Line)

X   Form filed by One Reporting Person
      Form filed by More than One Reporting Person
3. I.R.S. Identification
    Number of Reporting
    Person, if an entity
    (voluntary)
4. Statement for
    Month/Day/Year

    March 07, 2003

5. If Amendment,
    Date of Original
    (Month/Day/Year)
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
    and
    Voluntary
    Code
    (Instr. 8)

Code  |  V    
4. Securities Acquired (A) or Disposed (D) Of
    (Instr. 3, 4, and 5)



        Amount      |         A/D         |         Price          
5. Amount of
    Securities
    Beneficially
    Owned
    Following
    Reported
Transaction(s)

    (Instr. 3 and 4)
6. Owner-
    ship
    Form:
    Direct(D)
    or
    Indirect (I)

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

    (Instr. 4)
Common Stock




1,262.4226
I
By ESOP








Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
Persons who respond to the collection of information contained in this form are not required to
respond unless the form displays a currently valid OMB control number.
(over)
SEC 1474 (9-02)
Borgard, Lawrence Thomas - March 07, 2003
Form 4 (continued)
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. Conver-
    sion or
    Exercise
    Price of
    Deri-
    vative
    Security
3. Transaction
    Date

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

      (Month/
      Day/
      Year)
 4. Transaction
    Code
    and
    Voluntary (V)
    Code
    (Instr.8)


Code | V    
5. Number of Derivative
    Securities Acquired (A)
    or Disposed (D) Of

    (Instr. 3,4 and 5)
6. Date Exercisable(DE) and
    Expiration Date(ED)
    (Month/Day/Year)





  (DE)     |     (ED)  
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
    Transactions
    (Instr.4) 		10.
Owner-
ship
Form of
Deriv-
ative
Security:
Direct
(D)
or
Indirect
(I)
(Instr.4) 		11. Nature of
      Indirect
      Beneficial
      Ownership
      (Instr.4)
Phantom Stock Unit
 1-for-1 03/07/2003

A (1) |     
    (A) 1,559.8710
Varies (2) | Varies (2)
 Common Stock - 1,559.8710 $39.0600 7,960.4486
D
Employee Stock Option (Right to buy)
 $29.8750



02/11/2000 (3) | 02/11/2009
 Common Stock - 12,000.0000
12,000.0000
D
Employee Stock Option (Right to buy)
 $34.7500



12/14/2001 (4) | 12/14/2010
 Common Stock - 5,393.0000
5,393.0000
D
Employee Stock Option (Right to buy)
 $34.0900



12/13/2002 (5) | 12/13/2011
 Common Stock - 6,148.0000
6,148.0000
D
Employee Stock Option (Right to buy)
 $37.9600



12/12/2003 (6) | 12/12/2012
 Common Stock - 6,284.0000
6,284.0000
D
Performance Rights
 1-for-1



Varies (7) | Varies (7)
 Common Stock - 2,569.0000
2,569.0000
D












Explanation of Responses :


** Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
        See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:   File three copies of this Form, one of which must be manually signed. If space is insufficient,
            see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMB number. 		By: Barth J. Wolf (See POA filed in August 2002)                   03-11-2002    
** Signature of Reporting Person                         Date

Power of Attorney

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Borgard, Lawrence Thomas - March 07, 2003
Form 4 (continued)
FOOTNOTE Descriptions for WPS Resources Corporation WPS

Form 4 - March 2003

Lawrence Thomas Borgard
700 North Adams Street
P. O. Box 19001
Green Bay, WI 54307-001
Explanation of responses:

(1)   Award of phantom stock units under WPS Resources Corporation Deferred Compensation Plan.
(2)   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 as director.
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