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    WEC Energy Group Inc (WEC)

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    Business Description

    WEC Energy Group, Inc. is a diversified holding company that operates through its subsidiaries in both regulated and nonregulated sectors. The company primarily provides regulated natural gas and electricity services and invests in renewable energy, with a significant presence in the electric and natural gas utility sectors across Wisconsin, Michigan, Illinois, and Minnesota . WEC Energy Group's operations are divided into six reportable segments, focusing on electric utility operations in Wisconsin and the Upper Peninsula of Michigan, and natural gas utility operations in Wisconsin, Illinois, Minnesota, and Michigan .

    1. Electric Utility Operations - Conducts electric energy generation and distribution through subsidiaries such as Wisconsin Electric Power Company (WE), Wisconsin Public Service Corporation (WPS), and Upper Michigan Energy Resources Corporation (UMERC) in Wisconsin and Michigan.
      • Wisconsin Electric Power Company (WE) - Provides electric services in Wisconsin.
      • Wisconsin Public Service Corporation (WPS) - Supplies electric energy in Wisconsin.
      • Upper Michigan Energy Resources Corporation (UMERC) - Distributes electric energy in the Upper Peninsula of Michigan.
    2. Natural Gas Utility Operations - Offers natural gas services in Wisconsin, Illinois, Minnesota, and Michigan.
    3. American Transmission Company (ATC) - Holds a 60% equity interest in ATC, which operates electric transmission facilities across multiple states.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Scott J. LauberPresident and Chief Executive OfficerFebruary 1, 2022Scott J. Lauber has been serving as the President and CEO of WEC Energy Group since February 1, 2022. He joined the company in 1990 and has held various positions in financial planning, management, accounting, and internal controls .
    Xia LiuExecutive Vice President and Chief Financial OfficerJune 2020Xia Liu has been serving as the Executive Vice President and CFO of WEC Energy Group since June 2020. She was previously a Senior Advisor at CenterPoint Energy, Inc. and held executive roles at Georgia Power Company .
    Gale E. KlappaExecutive Chairman (transitioning to Non-Executive Chairman)February 2019Gale E. Klappa has been a director of WEC Energy Group since 2003 and has served as Executive Chairman since February 2019. He will transition to Non-Executive Chairman following the 2024 annual meeting of stockholders .
    Margaret C. KelseyExecutive Vice President, General Counsel, and Corporate SecretaryJanuary 2018Margaret C. Kelsey has been serving in her current roles at WEC Energy Group since January 2018. She was an Executive Vice President from September 2017 to January 2018 .
    Robert M. GarvinExecutive Vice President - External AffairsJune 2015Robert M. Garvin has been serving as the Executive Vice President - External Affairs at WEC Energy Group since June 2015 and at WEC Business Services since January 2019 .
    William MastorisExecutive Vice President – Customer Service and OperationsDecember 2021William Mastoris has been the Executive Vice President – Customer Service and Operations at WEC Energy Group since December 2021. He was previously Vice President – Supply Chain and Fleet .
    Molly A. MulroyExecutive Vice President and Chief Administrative OfficerAugust 2021Molly A. Mulroy has been serving as the Executive Vice President and Chief Administrative Officer at WEC Business Services since August 2021. She was previously Vice President and Chief Information Officer .
    Anthony L. ReeseVice President and TreasurerOctober 2019Anthony L. Reese has been serving as the Vice President and Treasurer at WEC Energy Group since October 2019. He was previously the Controller for PGL in Illinois .
    Mary Beth StrakaSenior Vice President - Corporate Communications and Investor RelationsJune 2015Mary Beth Straka has been serving as the Senior Vice President - Corporate Communications and Investor Relations at WEC Energy Group since June 2015 .
    Michael HooperPresident Wisconsin UtilitiesApril 1, 2024Michael Hooper serves as the President of Wisconsin Utilities at WEC Energy Group. He is listed as an officer in a Form 3 filing dated April 1, 2024 .
    Warner BaxterDirectorJanuary 1, 2025Warner Baxter was elected to the Board of Directors of WEC Energy Group, effective January 1, 2025. He has over 28 years of experience at Ameren Corp., where he served as executive chairman until November 2023 .
    John LangeDirectorJanuary 1, 2025John Lange was elected to the Board of Directors of WEC Energy Group, effective January 1, 2025. He has over 28 years of experience in investment banking, retiring as the global head of the Energy and Industrials Groups for Barclays PLC in April 2024 .

    Questions to Ask Management

    1. With the six-month delay of the Delilah I solar project , how do you plan to mitigate the financial impact, and can you provide specific details on the measures you're taking to offset this downside?

    2. Regarding your ongoing discussions with NextEra about a new Point Beach PPA , what are the key obstacles preventing an agreement, and what risks do you foresee if a new PPA is not in place by year-end?

    3. The Public Service Commission's denial of your request for AFUDC on preconstruction costs , how does this decision impact your capital allocation strategy, and what steps are you taking to address the commission's concerns?

    4. With MISO Tranche 2 expected to be larger than Tranche 1 and significant transmission opportunities through ATC , how are you adjusting your capital expenditure plans to capture this growth, and what are the implications for your balance sheet and potential equity needs?

    5. Considering the appeal of the Illinois Commerce Commission's decision on the Safety Modernization program might take one to two years , how will this prolonged legal process affect your operational plans in Illinois, and what contingencies are in place if the appeal is unsuccessful?

    Debt Maturity Schedule

    YearAmount Due (Millions)Debt TypeInterest Rate (%)% of Total Debt
    2027862.5Convertible Senior Notes (2027 Notes)4.3754.5% = (862.5 / 19,309.9) * 100
    2029862.5Convertible Senior Notes (2029 Notes)4.3754.5% = (862.5 / 19,309.9) * 100
    2029350.0Wisconsin Electric Power Company Debentures5.001.8% = (350.0 / 19,309.9) * 100
    2029100.0Wisconsin Gas LLC Debentures4.860.5% = (100.0 / 19,309.9) * 100
    202910.0Michigan Gas Utilities Corporation Senior Notes4.850.1% = (10.0 / 19,309.9) * 100
    2034300.0Wisconsin Electric Power Company Debentures4.601.6% = (300.0 / 19,309.9) * 100
    2034300.0Wisconsin Electric Power Company Debentures5.051.6% = (300.0 / 19,309.9) * 100
    2034100.0Wisconsin Gas LLC Debentures5.180.5% = (100.0 / 19,309.9) * 100
    204125.0Bluewater Gas Storage, LLC Senior Notes5.410.1% = (25.0 / 19,309.9) * 100
    2067358.92007 Junior NotesN/A1.9% = (358.9 / 19,309.9) * 100

    Auditor

    NameStart DateEnd DateReason for Change
    Deloitte & Touche LLP2002 PresentCurrent auditor