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WEC Energy Group — Jan 5, 2026 release

Fiscal 2025 fourth-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0000783325-26-000003
Open on SEC.gov ↗
Showing in the filing
Nonutility Energy Infrastructure Capital Projection
“$132.5”
Period
FY2027
Measure
Company-defined measure
Source
Guidance table
All guidance in this release · 123
EPS Midpoint for FY2026
“$5.56 per share”
Adjusted EPS - Non-GAAP Basis for FY2025
“$5.17 - $5.27”
EPS - 2025 Adjusted for FY2025
“$5.17 - $5.27”
Adjusted EPS for FY2026
“$5.51-$5.61”
Quarterly Dividend for Q1 FY2026
“95.25 cents per share”
Quarterly dividend on the company's common s… for Q1 FY2026
“95.25 cents per share”
Annualized Dividend Rate for FY2026
“$3.81 per share”
Dividend growth rate
“6.5-7%”
Dividend Growth Rate Target for the long term
“6.5-7%”
Dividend Payout Ratio Target for the long term
“65-70% of earnings”
Payout ratio
“65-70% of earnings”
Peoples Gas Typical Residential Customer Bil…
“$10 to $11 per month”
North Shore Gas Proposed ROE for FY2027
“10.10%”
North Shore Gas Proposed Equity Ratio for FY2027
“54.0%”
Peoples Gas Forecasted Rate Base for FY2027
“$4,678M”
North Shore Gas Forecasted Rate Base for FY2027
“$449M”
Peoples Gas Proposed Base Rate Increase for FY2027
“$202.2M”
North Shore Gas Proposed Base Rate Increase for FY2027
“$14.4M”
Electric for FY2028
“6.0%-7.0%”
Wisconsin Segment Electric Sales Growth Fore… for FY2028
“6.0%-7.0%”
Wisconsin Segment Gas Sales Growth Forecast for FY2028
“0.7%-1.0%”
Electric Demand Growth (Wisconsin Segment) for FY2026
“3.4 GW (~40%)”
Mount Pleasant Corridor Demand Forecast for FY2030
“2.1 GW”
Port Washington Corridor Demand Forecast for FY2030
“1.3 GW”
VLC Tariff Return on Equity
“Return on Equity range of 10.48% to 10.98%”
VLC Tariff Equity Ratio
“57%”
Natural Gas Generation Capital Increase for FY2026
“$3.4 billion increase”
Regulated Renewables Capital Increase for FY2026
“$2.5 billion increase”
Transmission Capital Increase for FY2026
“$900 million increase”
Electric Distribution Capital Increase for FY2026
“$200 million increase”
Pipe Retirement Program (PRP) Capital Increase for FY2026
“$1.5 billion increase”
WEC Infrastructure Capital Change for FY2026
“$400 million decrease”
Incremental Capital Plan Investment for FY2026
“$8.5 billion”
Long-Term EPS Growth for the long term
“7.0% to 8.0%”
Bluewater Capital Projection for FY2027
“$1.6”
Average Annual Utility Depreciation for FY2026–2030
“$1.6 billion annually”
Depreciation at utilities for FY2026
“$1.6 billion annually”
Average Annual ATC Depreciation for FY2026–2030
“$190 million”
Depreciation at ATC for FY2026
“$190 million”
Regulated Renewables Solar Capacity for FY2026
“3,700 MW”
Regulated Renewables Solar Investment for FY2026
“$7.6 billion”
Regulated Renewables Battery Storage Capacity for FY2026
“1,780 MW”
Regulated Renewables Battery Storage Investm… for FY2026
“$2.2 billion”
Regulated Renewables Wind Capacity for FY2026
“555 MW”
Regulated Renewables Wind Investment for FY2026
“$1.8 billion”
Regulated Renewables Grand Total Capacity for FY2026
“6,035 MW”
Regulated Renewables Grand Total Investment for FY2026
“$11.6 billion”
Thermal Generation Fleet and LNG Capacity In… for FY2026
“$7.4B”
Combustion Turbines Capacity for FY2026
“3,300 MW”
Combustion Turbines Investment for FY2026
“$5.2 billion”
RICE Generation Capacity for FY2026
“180 MW”
RICE Generation Investment for FY2026
“$240 million”
CCGT Summer Upgrades Capacity for FY2026
“150 MW”
CCGT Summer Upgrades Investment for FY2026
“$280 million”
Coal to Gas Conversions and Fuel Oil Backup … for FY2026
“$370 million”
Thermal Generation Fleet Investment for FY2026
“$6.1B”
LNG Storage Facilities Investment for FY2026
“$1.3B”
LNG Storage Facilities Capacity for FY2026
“6 Bcf”
ATC Projected Capital Expenditures for FY2026
“$1,095”
ATC Projected Capital Expenditures for FY2027
“$1,337”
ATC Projected Capital Expenditures for FY2028
“$1,477”
ATC Projected Capital Expenditures for FY2029
“$1,493”
ATC Projected Capital Expenditures for FY2030
“$1,502”
WEC Portion (60%) of ATC Capital Expenditures for FY2026
“$657”
WEC Portion (60%) of ATC Capital Expenditures for FY2029
“$896”
WEC Portion (60%) of ATC Capital Expenditures for FY2030
“$901”
ATC Economic Growth Capital Driver for FY2026
“$1.4 billion”
LRTP Tranche 1 Capital for FY2026
“$700 million”
LRTP Tranche 2 Capital for FY2026
“$400 million”
Additional ATC Investment Expected Beyond Plan for FY2031
“$800 million additional investment expected 2031 and beyond (2024 dollars)”
WEC portion of ATC investment for FY2026
“$4.1 billion”
Pipe Retirement Plan for FY2035
“over 1,000 miles”
Annual investment for pipe replacement for FY2028
“$500 million”
Annual PRP Investment Ramp-Up for FY2028
“$500 million”
Cash from Operations for FY2026
“$20.5 - $21.5”
Common Equity for FY2026
“$4.8 - $5.2”
Dividends (Cash Use) for FY2026
“$7.6 - $7.8”
Capital Plan (Cash Use) for the long term
“$32.3”
Incremental Debt for FY2026
“$13.7 - $14.3”
Incremental Debt - junior subordinated notes… for FY2026
“$5.0B - $6.0B”
S&P FFO to Debt Target for FY2026
“>15%”
Moody's CFO Pre-WC/Debt Target for FY2026
“>16%”
Oak Creek Units 7-8 Coal Retirement for FY2026
“611 MW”
Weston Unit 3 Coal Retirement for FY2031
“328 MW”
Coal Use as Backup Fuel Only for FY2030
“use coal only as a backup fuel”
Coal Elimination Goal for FY2032
“eliminate coal as an energy source”
Weston 4 Additional Capacity Acquisition
“165 MW”
Net Carbon Neutral Electric Generation Goal for FY2050
“net carbon neutral electric generation”
Capital Allocated to Regulated Businesses for FY2026
“100%”
Wisconsin Electric Capital Projection for FY2026
“$3,212.1”
Wisconsin Electric Capital Projection for FY2027
“$4,670.5”
Wisconsin Electric Capital Projection for FY2028
“$4,666.0”
Wisconsin Segment Capital Projection for FY2026
“$4,223.0”
Wisconsin Segment Capital Projection for FY2027
“$5,952.5”
Wisconsin Segment Capital Projection for FY2028
“$5,949.7”
Illinois Segment Capital Projection for FY2026
“$566.6”
Illinois Segment Capital Projection for FY2027
“$738.4”
Illinois Segment Capital Projection for FY2028
“$744.0”
Other States Segment Capital Projection for FY2026
“$115.0”
Other States Segment Capital Projection for FY2027
“$110.5”
Other States Segment Capital Projection for FY2028
“$125.5”
Nonutility Energy Infrastructure Capital Pro… for FY2026
“$98.2”
Nonutility Energy Infrastructure Capital Pro… for FY2027
“$132.5”
Nonutility Energy Infrastructure Capital Pro… for FY2028
“$125.0”
Corporate and Other Capital Projection for FY2026
“$15.3”
Corporate and Other Capital Projection for FY2027
“$15.6”
Corporate and Other Capital Projection for FY2028
“$21.4”
Subtotal Capital Projection for FY2026
“$5,018.1”
Subtotal Capital Projection for FY2027
“$6,949.5”
Subtotal Capital Projection for FY2028
“$6,965.6”
ATC Investment Capital Projection for FY2026
“$656.9”
ATC Investment Capital Projection for FY2027
“$802.0”
WEC Portion (60%) of ATC Capital Expenditures for FY2027
“$802”
ATC Investment Capital Projection for FY2028
“$886.1”
WEC Portion (60%) of ATC Capital Expenditures for FY2028
“$886”
Total WEC Capital Projection for FY2026
“$5,675.0”
Total WEC Capital Projection for FY2027
“$7,751.5”
Total WEC Capital Projection for FY2028
“$7,851.7”
Holding Company Planned Financing for FY2026
“$1,800 - $2,400”
Utilities & Energy Infrastructure Planned Fi… for FY2026
“$2,600 - $3,100”
Equity Issuances for FY2026
“$900 - $1,100”
Bluewater Capital Projection for FY2028
“$2.3”
EPS - GAAP basis for FY2025
“$4.83 - $4.93”
Exhibit 99.1 · the passage around this item
… earlier in the release
– 10 years 12/15/21 Thunderhead Wind Energy Center 90% ownership Verizon, GM, Ultium Cells LLC, and a Fortune 100 Company – 12 years 11/16/22 Sapphire Sky Wind Energy Center 90% ownership Microsoft Corp – 12 years 2/7/23 Samson I Solar Energy Center 90% ownership AT&T Corp – 15 years 80% on 2/24/23, 10% on 1/1/24 Maple Flats Solar Energy Center 90% ownership Verizon – 15 years 11/21/24 Delilah I Solar Energy Center 90% ownership Honda and Tesla – 15 years 12/3/24 Hardin Solar III Energy Center 90% ownership Microsoft Corp – 15 years 2/11/25 Infrastructure Investment Summary   38 Company 2026 2027 2028 Wisconsin Electric $3,212.1 $4,670.5 $4,666.0 Wisconsin Gas 257.5 296.3 257.7 Wisconsin Public Service 706.3 959.0 999.4 Upper Michigan Energy 47.1 26.7 26.6 Wisconsin Segment $4,223.0 $5,952.5 $5,949.7 Peoples Gas 512.7 680.7 700.0 North Shore Gas 53.9 57.7 44.0 Illinois Segment $566.6 $738.4 $744.0 Minnesota Energy Resources 62.8 67.3 77.7 Michigan Gas Utilities 52.2 43.2 47.8 Other States Segment $115.0 $110.5 $125.5 We Power 96.3 130.9 122.7 Bluewater 1.9 1.6 2.3 Infrastructure Investments 0.0 0.0 0.0 Nonutility Energy Infrastructure $98.2 $132.5 $125.0 Corporate and Other $15.3 $15.6 $21.4 Subtotal $5,018.1 $6,949.5 $6,965.6 ATC Investment* $656.9 $802.0 $886.1 Total WEC Capital Projection $5,675.0 $7,751.5 $7,851.7 Capital Plan Projections ($ in millions) * ATC is accounted for using the equity method; this represents WEC Energy Group’s portion of the investment.   39 Composition of Asset Base Total 2024 Average Asset Base of $30.8 Billion Note: We Power value represents investment book value for lease calculation purposes. Company Asset Base - $B % of Total Wisconsin Electric $9.0 29.2% Wisconsin Gas 2.2 7.1 Wisconsin Public Service 4.8 15.6 Upper Michigan Energy Resources 0.4 1.3 Peoples Gas 4.5 14.6 North Shore Gas 0.4 1.3 Minnesota Energy Resources 0.5 1.6 Michigan Gas Utilities 0.4 1.3 We Power 3.2 10.4 Bluewater 0.3 1.0 WEC Infrastructure 2.2 7.1 American Transmission Company 2.9 9.5 Total $30.8 100%   40 Power the Future Investments Port Washington (Natural Gas) Oak Creek Expansion (Coal/Co-Fire Gas2) Capacity1 1,090 MW 1,030 MW ROE / Equity 12.7% / 53% 12.7% / 55% 2024 Investment Book Value for Lease Calculation Purposes1 $790 million $2.4 billion Base Lease Term 25 years 30 years Base
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.