WEC Energy Group (WEC) FY2025 results: revenue $9.8 billion, up 14.0% on the year

WEC Energy Group was incorporated in Wisconsin in 1981, became a diversified holding company in 1986 and is headquartered in Milwaukee. It took its present name on 29 June 2015, when it acquired all of the outstanding common shares of Integrys. Its wholly owned subsidiaries provide or invest in regulated natural gas and electricity and renewable energy, as well as nonregulated renewable energy, and it holds an approximately 60 percent equity interest in ATC, an electric transmission company operating in Illinois, Michigan, Minnesota and Wisconsin. It reported six segments at the end of 2025: Wisconsin, Illinois, Other States, Electric Transmission, Non-Utility Energy Infrastructure, and Corporate and Other.

Wisconsin

The Wisconsin segment includes the electric and natural gas utility operations of WE, WPS, WG and UMERC. WE generates and distributes electricity in southeastern Wisconsin including metropolitan Milwaukee, east central Wisconsin and northern Wisconsin; WPS in northeastern and central Wisconsin; and UMERC in the Upper Peninsula of Michigan, where its customers include an iron ore mine owned by Tilden. The electric utilities are authorised to serve designated territories in Wisconsin under indeterminate permits and boundary agreements with other utilities, and certain Michigan territories under franchises granted by municipalities. Wholesale customers include electric cooperatives, municipal joint action agencies, other investor-owned utilities, municipal utilities and energy marketers.

Total electric customers were 1,696.6 thousand at the end of 2025, of which 1,512.2 thousand were residential, 181.9 thousand small commercial and industrial, 0.8 thousand large commercial and industrial and 1.7 thousand wholesale and other. WE also runs a small steam utility, generating and selling steam from one plant to 0.4 thousand customers in metropolitan Milwaukee for processing, space heating, domestic hot water and humidification.

Where the electricity comes from

The company owns 8,375 MW of generation capacity, counting wholly owned and jointly owned facilities and the units owned by We Power. The portfolio is natural gas-fired plants, coal-fired plants, renewable generation and battery storage, with certain gas units able to burn oil if gas delivery is constrained.

Of total electric utility supply in 2025, company-owned generation provided 71.7 percent: coal 30.5 percent, combined cycle gas 24.1 percent, gas and oil peaking units 7.9 percent, renewables 8.4 percent and gas steam turbines 0.8 percent. Power purchase contracts provided 21.5 percent, almost all of it nuclear at 19.8 percent, and purchases from the MISO market the remaining 6.8 percent. The utilities buy and sell power by participating in the MISO energy markets, where the cost of their own generation against competitors' determines how often their units are dispatched.

Coal, and what replaces it

The stated long-term goal is net carbon neutral electric generation by the end of 2050, and the filing says the company expects to use coal only as a backup fuel by the end of 2030 and to be in a position to eliminate coal as an energy source by the end of 2032. As of the end of 2025 the electric generation fleet had achieved a 53 percent reduction in carbon emissions from the 2005 baseline.

Nearly 2,500 MW of fossil-fuelled generation has been retired since the beginning of 2018, including two units at OCPP in 2024, PIPP in 2019, and the Pleasant Prairie and Pulliam plants and the jointly owned Edgewater Unit 4 in 2018. The filing says approximately 900 MW of additional coal-fired generation is expected to be retired by the end of 2031, including two further OCPP units and Weston Unit 3, and that co-firing with natural gas has started at the ERGS coal-fired units and at Weston Unit 4.

Data centres

The company is in discussions with a small number of customers about providing power to large-scale data centres being built in its service territories, and the filing says it anticipates electric demand growth from these very large customers in the years ahead. The filing says that subject to pending approvals from the Wisconsin regulator, WE is planning to make significant infrastructure investments in new natural gas-fired plants, wind, solar and battery projects and other generation and distribution assets to serve them. The filing says the company is working with the new data centre customers to provide bespoke resources, meaning generation resources assigned to those customers to match their growing demand and so minimise the impact on other retail customers. The filing says the company currently forecasts retail electric sales volumes, excluding the Tilden mine, to increase 1.6 percent for 2026 assuming normal weather, and that excluding the very large data centre customers it forecasts volumes to be relatively flat.

Illinois and Other States

The Illinois segment is the natural gas utility operations of PGL and NSG, serving residential, commercial and industrial customers in Chicago and its northern suburbs, with major industries including real estate, non-profits, education, restaurants and wholesale distributors. The Other States segment is the gas utilities MERC, serving cities and communities throughout Minnesota, and MGU, serving southern and western Michigan, plus MERC's non-utility appliance servicing business. Both segments also offer gas transportation to customers who choose to buy their gas directly from a third-party supplier.

The Wisconsin gas utilities have contracted for substantial underground storage capacity, primarily in Michigan, including long-term service agreements for approximately 99 percent of the storage owned by a Bluewater subsidiary, which supplies approximately one-third of their current storage needs. The company says it targets storage inventory levels at approximately 40 percent of forecasted demand for November through March, with gas injected in spring and summer and withdrawn in winter.

The last three segments

Electric Transmission is the stake in ATC, which owns, maintains, monitors and operates electric transmission systems in Wisconsin, Michigan, Illinois and Minnesota. It is regulated by the federal energy regulator for all rate terms and conditions of service and by certain state commissions for routing and siting, and it is a transmission-owning member of MISO, which maintains operational control of its system.

Non-Utility Energy Infrastructure holds We Power, which owns and leases generating facilities to WE; Bluewater, which owns the Michigan gas storage; and WECI, which holds interests in several renewable generating facilities. We Power designed and built approximately 2,500 MW of generation in Wisconsin: the two coal-fired ERGS units placed in service in February 2010 and January 2011, and the two gas-fired PWGS units placed in service in July 2005 and May 2008. Two unaffiliated entities collectively own approximately 17 percent, or approximately 211 MW, of the ERGS units. We Power's share is leased to WE on 30-year leases for the ERGS units and 25-year leases for the PWGS units, each beginning at the in-service date.

Corporate and Other holds the group's holding companies, Wispark, which develops and invests in real estate primarily in southeastern Wisconsin, and WBS, a centralised service company providing administrative and general support to the regulated and nonregulated entities, along with investments in several clean energy investment funds.

From WEC Energy Group's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 20 February 2026: read the full 10-K.