WEC ENERGY GROUP, INC. (WEC)

WEC Energy Group, Inc. is a diversified holding company incorporated in Wisconsin in 1981, with principal executive offices in Milwaukee. Through its wholly owned subsidiaries it provides or invests in regulated natural gas and electricity and in renewable energy, along with nonregulated renewable energy. It acquired Integrys in June 2015 and adopted its current name at that time. It also holds an approximately 60% equity interest in ATC, an electric transmission company operating in Illinois, Michigan, Minnesota and Wisconsin.

At December 31, 2025, the company had six reportable segments. The portion of the text provided describes the Wisconsin segment, which covers the electric and natural gas utility operations of WE, WPS, WG and UMERC. WE, WPS and UMERC generate and distribute electricity in Wisconsin and Michigan's Upper Peninsula. WE also runs a steam utility in metropolitan Milwaukee that supplies steam for processing, space heating, hot water and humidification. WE, WPS and WG distribute natural gas in Wisconsin, and UMERC does so in the Upper Peninsula of Michigan. The utilities also provide natural gas transportation service to customers who buy gas from third-party suppliers. The company owns 8,375 MWs of generation capacity, including natural gas-fired plants, coal-fired plants, renewables and battery storage. In 2025, 71.7% of electric supply came from company-owned generation, 21.5% from power purchase contracts (mainly the Point Beach nuclear PPA) and 6.8% from the MISO market. Its capital plan calls for retiring older fossil-fueled units and adding natural gas generation, wind, solar and batteries, with a goal of net carbon neutral electric generation by the end of 2050.

At the end of 2025 the electric utilities served about 1.70 million customers, mostly residential, along with small and large commercial and industrial customers and wholesale customers. Retail sales made up 92.3% of 2025 electric operating revenues, wholesale 1.9% and resale 4.8%. Commercial and industrial customers span metals and other manufacturing, paper, government, food manufacturing and health services, and UMERC serves an iron ore mine owned by Tilden. Wholesale customers include electric cooperatives, municipal utilities and joint action agencies, other investor-owned utilities and energy marketers. Natural gas customers are residential and commercial and industrial, in sectors such as real estate, food manufacturing, government, restaurants and paper. The company is also in discussions with a small number of very large customers, such as data centers, about providing power to them, and it expects demand growth from them.

The utilities operate under regulation by the PSCW in Wisconsin and the MPSC in Michigan, in territories set by permits, boundary agreements and municipal franchises. They buy and sell power in the MISO Energy Markets, where they compete on generation cost with other suppliers. Coal is bought mainly under long-term contracts from mines in Wyoming and Pennsylvania and shipped by unit trains the company owns or leases. Natural gas for plants is bought on the spot market and moved under firm and interruptible transportation agreements. Hedging programs approved by the PSCW cover coal-related rail fuel surcharges and natural gas price risk.