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 | |
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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 |
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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.
- 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
- Postponed retirement: Oak Creek Power Plant Units 7 & 8 retirement delayed from end-2025 to end-2026 to meet high demand periods amid tightened Midwest supply.
- 610 MW total capacity: The 1960s-built units are equipped with modern environmental controls and generate 610 MW.
- New generation pipeline unaffected: Over 6,300 MW of planned natural gas, wind, solar and battery storage projects remain on schedule.
- WEC Energy Group, Inc. issued $900 million aggregate principal amount of its 3.375% Convertible Senior Notes due 2028, with interest payable semiannually starting December 1, 2025.
- The offering included an additional $125 million of notes exercised by Initial Purchasers, and the conversion terms allow for conversion into Common Stock at an initial rate of 9.5428 shares per $1,000 principal, subject to adjustments.
- Investor meetings announced: Representatives will use attached presentation slides (Exhibit 99.1) for upcoming investor meetings.
- Robust financial outlook: The update highlights strong EPS guidance and consistent dividend growth, underscoring the company’s solid performance.
- Strategic capital and environmental initiatives: The presentation details a significant 2025-2029 capital plan with investments in transmission, renewables, and infrastructure, alongside efforts to transition away from coal.
- Developed its largest five-year capital plan and added two large-scale solar projects, enhancing renewable energy capacity in late 2024 and early 2025.
- Returned a record $1.06 billion to shareholders and raised the dividend by 6.9% to $3.57 per share, marking the 22nd consecutive year of increased dividends.
- Held key stockholder votes, including director elections, auditor ratification, and executive compensation approval.
- Earnings Results: Q1 2025 net income reached $724.2 million with diluted EPS of $2.27, up from $622.3 million and $1.97 EPS in Q1 2024
- Revenue Growth: Consolidated revenues totaled $3.1 billion, marking an increase of $469.3 million over Q1 2024
- Full-Year Guidance: Reaffirmed EPS guidance of $5.17 to $5.27 for the full year, assuming normal weather conditions
- Capital Investment: Announced a 5-year capital plan of $28 billion to boost economic growth and reliability, including the 225 MW Darien Solar project
- Regulatory & Tariff Updates: Filed a VLC tariff proposal with a 10.48% ROE for large load customers and outlined plans for pipeline modernization in Illinois, potentially increasing CapEx to over $500 million annually by 2028
- Operational Enhancements: Improved performance with a 15.5% increase in Wisconsin natural gas deliveries and a 2.9% rise in retail electricity deliveries
- WEC Energy Group announced an investor update in April 2025 with presentation slides attached as Exhibit 99.1 for upcoming investor meetings.
- The update includes extensive forward-looking information on earnings, capital plans, and key regulatory risks that could affect future performance.