WEC ENERGY GROUP, INC. (WEC)

WEC Energy Group, Inc., incorporated in Wisconsin in 1981 and headquartered in Milwaukee, is a diversified holding company that became a multi-state energy business following its 2015 acquisition of Integrys. Through wholly owned subsidiaries, the company provides regulated electric and natural gas utility services, invests in renewable energy, and conducts nonregulated renewable energy activities, while also holding an approximately 60% equity interest in ATC, an electric transmission company operating across Illinois, Michigan, Minnesota, and Wisconsin. The company operates six reportable segments, with its Wisconsin segment encompassing the electric and natural gas utility operations of subsidiaries WE, WPS, WG, and UMERC; WE generates and distributes electric energy in southeastern, east central, and northern Wisconsin, WPS serves northeastern and central Wisconsin, and UMERC serves customers, including an iron ore mine, in Michigan's Upper Peninsula, while WE also operates a steam utility serving metropolitan Milwaukee.

Electric operations serve retail, wholesale, and resale customers—including electric cooperatives, municipal joint action agencies, other investor-owned and municipal utilities, and energy marketers—with retail sales comprising roughly 93% of electric revenues in 2023, and the company participates actively in the MISO Energy Markets to buy and sell power. The company's diversified generation portfolio, totaling 8,337 MWs of owned capacity, includes coal, natural gas combined cycle and peaking units, nuclear power purchase agreements, and a growing renewable base of wind, solar, hydroelectric, and biomass resources, supported by ongoing acquisitions and construction of utility-scale solar, wind, battery storage, and natural gas-fired generation projects such as Badger Hollow II, Red Barn, Koshkonong, Darien, Paris, High Noon, Renegade, West Riverside, and Whitewater. The company has committed to significant decarbonization goals, targeting 60% and 80% reductions in electric generation carbon emissions by 2025 and 2030 respectively (from a 2005 baseline), net carbon neutrality by 2050, and the phased retirement of coal-fired generation, alongside sustainability initiatives including EV charging pilot programs and renewable subscription programs for commercial and industrial customers.

Its commercial and industrial electric customer base spans industries including metals and manufacturing, paper, government, food products, and health services, and its operations are subject to regulatory oversight by the PSCW, MPSC, and MISO, which govern rate-setting, fuel cost recovery, and reliability planning reserve margin requirements across its Wisconsin and Michigan service territories.