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 .
- 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.
- Natural Gas Utility Operations - Offers natural gas services in Wisconsin, Illinois, Minnesota, and Michigan.
- American Transmission Company (ATC) - Holds a 60% equity interest in ATC, which operates electric transmission facilities across multiple states.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Anthony L. Reese Executive | VP and Treasurer | None | Joined WEC in 2015. Promoted to VP and Treasurer in October 2019. | |
Daniel P. Krueger Executive | EVP - WEC Infrastructure | None | Joined WEC in 2018. Oversees infrastructure investments and operations. | |
Margaret C. Kelsey Executive | EVP, Corporate Secretary, and General Counsel | None | Joined WEC in 2017. Promoted to EVP, Corporate Secretary, and General Counsel in January 2018. | |
Mary Beth Straka Executive | SVP - Corporate Communications and Investor Relations | None | Joined WEC in 2015. Oversees corporate communications and investor relations. | |
Michael Hooper Executive | President of Wisconsin Utilities | None | Joined WEC in 2024. Previously served as President of NIPSCO and held senior roles at NiSource. | |
Molly A. Mulroy Executive | EVP and Chief Administrative Officer | None | Joined WEC in 2015. Promoted to EVP and Chief Administrative Officer in August 2021. | |
Robert M. Garvin Executive | EVP - External Affairs | None | Joined WEC in 2015. Oversees external affairs and regulatory matters. | |
Scott J. Lauber Executive | President and CEO | None | Joined WEC in 2016 as EVP and CFO; became President and CEO in 2022. Previously served as COO and CFO. | View Report → |
William J. Guc Executive | VP and Controller | None | Joined WEC in 2015. Has served as VP and Controller since October 2015. | |
William Mastoris Executive | EVP - Customer Service and Operations | None | Joined WEC in 2015. Promoted to EVP in December 2021. Previously led supply chain and fleet operations. | |
Xia Liu Executive | EVP and CFO | None | Joined WEC in 2020 as EVP and CFO. Previously held senior roles at CenterPoint Energy and Georgia Power Company. | |
Gale E. Klappa Board | Non-Executive Chairman | Director at Associated Banc-Corp | Former CEO and Executive Chairman of WEC. Played a key role in the 2015 acquisition of Integrys Energy Group. | |
John Lange Board | Director | None | Former Global Head of Energy and Industrials at Barclays. Joined WEC's Board in 2025. | |
Mary Ellen Stanek Board | Director | Managing Director at Baird Financial Group; Co-CIO at Baird Advisors; President of Baird Funds, Inc. | Independent Director since 2012. Extensive experience in asset management and institutional fixed income investment. | |
Thomas K. Lane Board | Independent Lead Director | Vice Chairman of Energy Capital Partners | Former Goldman Sachs executive with over 30 years of experience in energy sector investment strategies and M&A. | |
Ulice Payne, Jr. Board | Director | Managing Member of Addison-Clifton, LLC; Director at Foot Locker, Inc. and Manpower Group | Independent Director since 2003. Chair of the Compensation Committee. Former President and CEO of the Milwaukee Brewers Baseball Club. | |
Warner Baxter Board | Director | Director at U.S. Bancorp and Quanta Services, Inc. | Former Executive Chairman of Ameren Corp. Joined WEC's Board in 2025. |
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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?
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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?
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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?
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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?
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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?
Research analysts who have asked questions during WEC ENERGY GROUP earnings calls.
Andrew Weisel
Scotiabank
4 questions for WEC
Carly Davenport
Goldman Sachs
3 questions for WEC
Durgesh Chopra
Evercore ISI
3 questions for WEC
Jeremy Tonet
JPMorgan Chase & Co.
3 questions for WEC
Brian Russo
Jefferies
2 questions for WEC
Julien Dumoulin-Smith
Jefferies
2 questions for WEC
Neil Kalton
Wells Fargo Securities
2 questions for WEC
Nicholas Campanella
Barclays
2 questions for WEC
Paul Patterson
Glenrock Associates
2 questions for WEC
Shahriar Pourreza
Guggenheim Partners
2 questions for WEC
Anthony Crowdell
Mizuho Financial Group
1 question for WEC
Paul Fremont
Ladenburg Thalmann
1 question for WEC
Sophie Karp
KeyBanc Capital Markets Inc.
1 question for WEC
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
West Riverside | 2024 | In May 2024, WE completed the acquisition of 100 MW of West Riverside’s nameplate capacity for $97.9 million, increasing its overall stake to 27.5% (200 MW) at a total cost of $193.2 million. |
Maple Flats | 2024 | WECI acquired a 90% ownership interest in the 250 MW Maple Flats Solar Energy Center in Clay County, Illinois for approximately $431 million, with a 15-year offtake agreement and eligibility for Production Tax Credits. |
Delilah I | 2024 | WEC Energy Group acquired a 90% stake in the 300 MW Delilah I Solar Energy Center in Lamar County, Texas for about $459 million; the project—subject to FERC approval and qualifying for PTCs—is set for commercial operation by the end of 2024 with a 15-year power purchase agreement. |
Samson I (Additional Ownership) | 2024 | In January 2024, WEC Infrastructure LLC purchased an additional 10% for $28.1 million in the 250 MW Samson I facility in Lamar County, Texas, raising its total ownership to 90%, while maintaining a 15-year offtake agreement and tax credit benefits. |
Whitewater Facility | 2023 | In January 2023, WE and WPS acquired the commercially operational 236.5 MW dual-fueled Whitewater Facility in Wisconsin for $76.0 million, bolstering their energy generation capacity. |
Samson I Solar Facility | 2023 | An 80% ownership interest in the 250 MW Samson I Solar Facility in Lamar County, Texas was acquired for approximately $249.4 million, with the facility having achieved commercial operation in May 2022, a 15-year offtake agreement, and qualifying for Production Tax Credits despite a wind storm–related impairment. |
Sapphire Sky Wind Facility | 2023 | The acquisition of a 90% stake in the 250 MW Sapphire Sky Wind Facility in McLean County, Illinois for about $442.6 million was completed in 2023, with operations commencing in February and a 12-year energy offtake agreement in place, all while qualifying for PTCs. |
Red Barn Wind Facility | 2023 | In April 2023, WPS acquired 90% of the Red Barn Wind Facility in Grant County, Wisconsin (82 MW) for $143.8 million; the facility is a utility-scale wind-powered generation asset that qualifies for Production Tax Credits. |
Thunderhead Wind Generating Facility | 2022 | In 2022, a 90% interest in the 300 MW Thunderhead Wind Generating Facility in Nebraska was acquired for $381.9 million, including milestone payments linked to its commercial operation expected by year-end, along with a 12-year energy offtake agreement and PTC qualification. |
Recent press releases and 8-K filings for WEC.
- 2025 guidance of $5.17–$5.27 adjusted EPS and a 6.9% dividend increase to $3.57 per share, marking the 22nd consecutive annual raise and targeting a 65–70% payout ratio.
- 7.0–8.0% EPS CAGR through 2030 backed by a $36.5 billion 2026–2030 capital plan focused entirely on regulated businesses to drive growth.
- Robust demand growth with Wisconsin electric sales projected at 6–7% (weather-normalized, 2028–2030) and major AI data center investments by Microsoft ($7 billion+) and Vantage ($15 billion+) supporting load additions.
- Maintains investment-grade credit (S&P A-/Moody’s Baa1), targets FFO/debt >15% and CFO Pre-WC/debt >16%, with a financing plan comprising $20.5–21.5 billion cash from operations, $4.8–5.2 billion equity and $13.7–14.3 billion incremental debt over 2026–2030.
- On November 3, 2025, WEC Energy Group entered into an underwriting agreement to issue $600 million aggregate principal amount of 5.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due May 15, 2056.
- The notes will bear a 5.625% initial coupon rate from November 6, 2025, to May 15, 2031, then reset every five years at the Five-Year Treasury Rate plus 1.905%.
- The offering is led by Barclays Capital, BofA Securities, Citigroup, Morgan Stanley, U.S. Bancorp Investments and Wells Fargo Securities, with net proceeds of $594 million to the issuer before expenses.
- On October 31, 2025, WEC Energy Group entered into an Equity Distribution Agreement with a syndicate of sales agents and forward purchasers to offer and sell up to $3.0 billion of its $0.01 par value common stock from time to time.
- Sales agents may act as agents or purchase shares as principals, and the Company may hedge share issuances through forward sale agreements with designated forward purchasers.
- The Agreement contemplates both Initially Priced Forward Sale Agreements and Collared Forward Sale Agreements, featuring forward price adjustments based on a floating interest rate factor and expected quarterly dividends.
- The Equity Distribution Agreement remains in effect until the earliest of full sale of the $3.0 billion, termination by either party, or October 31, 2028, with customary surviving covenants.
- WEC Energy Group reported Q3 2025 EPS of $0.83, up $0.01 year-over-year, and reaffirmed 2025 EPS guidance at $5.17–$5.27 assuming normal weather.
- Announced a $36.5 billion capital investment plan for 2026–2030, an increase of $8.5 billion over the prior plan, supporting 11% annual asset-base growth and 7–8% EPS CAGR through 2030.
- Projects electric demand growth of 3.4 GW by 2030, led by Microsoft’s Mount Pleasant data center and Vantage Data Centers’ Port Washington campus (1.3 GW over five years).
- Financing to be 50% equity: expects $21 billion cash from operations, $14 billion incremental debt and $5 billion common equity issuances, with $0.9–1.1 billion equity planned in 2026.
- WEC delivered $0.83 EPS in Q3 2025 and reaffirmed full-year guidance of $5.17–$5.27 per share assuming normal weather.
- The company unveiled a five-year capital plan to invest $36.5 billion from 2026–2030—up $8.5 billion (>30% vs. prior plan)—driving average asset-base growth of 11.3% per year.
- Long-term projected EPS compound annual growth of 7–8% from 2026–2030 (up from 6.5–7% near-term), with acceleration to the upper end starting in 2028.
- Incremental infrastructure investments include $3.4 billion in natural gas generation, $2.5 billion in renewables/battery storage, $4.1 billion in transmission (ATC), and $2 billion in distribution across Wisconsin and Illinois.
- To fund the plan (50% equity content), WEC expects $21 billion from operations, $14 billion debt, and $5 billion common equity issuances over five years.
- WEC Energy Group posted net income of $271.3 million, or $0.83 diluted EPS, for Q3 2025, up from $240.1 million, or $0.76 per share a year ago.
- Operating revenues increased to $2.104 billion from $1.863 billion in Q3 2024.
- Retail electricity deliveries (excluding Michigan iron ore mine) rose 1.9% year-over-year (1.8% on a weather-normalized basis) in the quarter.
- The company reaffirmed its 2025 earnings guidance of $5.17 to $5.27 per share, assuming normal weather.
- WEC Energy Group reported Q3 net income of $271.3 million, or $0.83 per diluted share, up from $240.1 million, or $0.76 per share in Q3 2024.
- For the nine months ended Sept. 30, 2025, net income was $1.239 billion, or $3.85 per share, compared to $1.071 billion, or $3.40 per share last year.
- Retail electricity deliveries (excluding Michigan iron ore mine) grew 1.9% year-over-year in Q3 2025.
- The company reaffirmed its 2025 EPS guidance of $5.17–$5.27 per share, assuming normal weather for the remainder of the year.
- WEC Energy Group reiterates 2025 EPS guidance of $5.17–$5.27 per share and announced a 6.9% dividend increase to $3.57 per share, marking decades of consistent earnings and dividend growth.
- The company unveiled a $28.0 billion 2025–2029 capital plan—with over 98% allocated to regulated businesses—including $9.1 billion in renewables (4,365 MW) and $3.2 billion for ATC transmission.
- Targets elimination of coal-fired generation by end of 2032 (coal only as backup by 2030) and plans to quadruple carbon-free generation to ~4,300 MW by 2029.
- Filed a Wisconsin Very Large Customer tariff for customers with ≥500 MW load, featuring a 10.48% ROE and 57% equity ratio, pending PSCW approval by May 1, 2026.
- Financing to be funded 60% by cash from operations, 31% by incremental debt, and 9% by equity, while maintaining S&P A-/Moody’s Baa1 ratings with target FFO/Debt >15%.
- WEC Energy Group detailed its $28 billion capital plan targeting new power generation and system resilience projects across its Midwest utilities.
- The report reaffirms goals to achieve net carbon neutral electric generation by 2050 and to eliminate coal by the end of 2032.
- Investments highlighted include research in hydrogen, natural gas heat pumps, renewable natural gas and long-duration battery storage to meet growing regional demand.
- WEC Energy Group supported communities with $19 million in charitable grants and $2.5 million for low-income programs, earned the Vets Ready Award, and was added to S&P’s High Yield Dividend Aristocrats Index.
- Earnings of $0.76 per share, up $0.09 y/y; reaffirmed 2025 guidance of $5.17–$5.27 EPS and long-term EPS CAGR of 6.5–7%
- $28 billion five-year capital plan underway, including 1,100 MW of simple-cycle CTs at Oak Creek ($1.2 billion), 128 MW at Paris ($300 million) and a 2 Bcf LNG storage facility ($456 million) by 2027
- Five-year demand growth forecast of 1.8 GW in the I-94 corridor; expansions by Microsoft, Vantage (up to 3.5 GW potential) and Yaskawa’s $180 million investment creating 700 jobs
- Progress on renewables and storage, with Paris Solar Battery Park’s 110 MW battery online and safe-harboring of wind/solar projects under current Treasury guidance