WEC Energy Group, Inc. (WEC)

WEC Energy Group reported third-quarter 2026 net income of $389.3 million, or $1.18 per share, on 29 October, up from $271.3 million, or 83 cents per share, a year earlier 1.

The company credited warmer-than-normal weather, execution of its capital plan and operating efficiency 1. In Wisconsin, profit rose $80.4 million to $361.7 million, helped by rate orders effective 1 January 2026, hotter summer sales and its new very large customers 2.

The company raised and narrowed its 2026 earnings guidance to a range of $5.60 to $5.64 per share, from $5.51 to $5.61, assuming normal weather for the rest of the year 1.

Two regulatory answers are due: Illinois gas rates in the fourth quarter of 2026 2, and Wisconsin approval of a 20-year nuclear power contract 4.

WEC Energy Group was incorporated in Wisconsin in 1981 and became a diversified holding company in 1986 3. On 29 June 2015 it acquired all of the common shares of Integrys and took its present name 3.

Since 2018 much has gone into reshaping the plants: the company has retired nearly 2,500 MW of fossil-fueled generation and plans natural gas and zero-carbon renewables in their place 3.

Its W.E. Power unit built about 2,500 MW in Wisconsin: two coal units at Oak Creek from 2010 and 2011, and two gas-fired units at Port Washington from 2005 and 2008 3.

In 2025 net income attributed to common shareholders was $1,557.5 million, up $30.3 million, while diluted earnings per share were $4.81 against $4.83 a year before 3.

The Wisconsin segment earned $191.7 million more in 2025, driven by rate orders effective 1 January 2025, higher retail sales volumes and certain income tax benefits 3.

Illinois profit fell $130.0 million after a $205.0 million pre-tax charge tied to a proposed settlement with the Illinois Attorney General over two riders 3.

The non-utility energy segment added $30.3 million, mainly from production tax credits on renewable plants acquired in the fourth quarter of 2024 and the first quarter of 2025 3.

The board raised the quarterly dividend by 6.9 percent in January 2025, and by 6.7 percent in January 2026 to $0.9525 a share, an annual rate of $3.81 3.

Wisconsin electric and gas

Wisconsin Electric serves southeastern Wisconsin, including Milwaukee, plus east central and northern areas, and Wisconsin Public Service serves the northeast and center 3.

At the end of 2025 the segment had 1,696.6 thousand electric customers and 1,545.0 thousand gas customers, and retail sales were 92.3 percent of electric operating revenues 3.

A small Michigan utility serves one iron ore mine owned by Tilden, and a steam utility serves downtown Milwaukee customers for heating and processing 3.

Illinois and other states

Peoples Gas and North Shore Gas serve Chicago and its northern suburbs and had 1,064.0 thousand customers at the end of 2025 3. They own a 38.8 Bcf storage field in central Illinois 3.

In January 2026 they asked the Illinois regulator for gas rate increases of $144.0 million (14.6 percent) and $8.7 million (8.4 percent), citing safety and reliability investment 2.

Minnesota Energy Resources and Michigan Gas Utilities serve gas customers in Minnesota and Michigan, 444.1 thousand in all at the end of 2025 3.

Transmission and non-utility energy

The company owns about 60 percent of American Transmission Company, which runs high-voltage lines in four states, and about 75 percent of ATC Holdco 23.

Bluewater owns underground gas storage in Michigan providing about one-third of the current storage needs of the Wisconsin gas utilities, and WEC Infrastructure owns majority stakes in renewable plants 2.

Data centers and very large customers

Microsoft announced over $20 billion of data center investment in southeastern Wisconsin, its first phase in service in April 2026 2. Vantage Data Centers is developing a Port Washington campus forecast at 1.3 GW of demand through 2031 2.

In May 2026 Wisconsin regulators approved tariffs for customers needing over 100 MW, who pay for the plants built for them, with a return on equity of 10.48 to 10.98 percent 2.

Oracle's cloud unit is to take service under the tariffs, and after a credit downgrade of its parent the contracts required extra collateral, which Oracle and its parent have provided 2. Wisconsin Public Radio reported that Oracle plans to take part of the Point Beach nuclear power the utility purchases, subject to regulator approval 5.

People and workforce

Scott Lauber is chairman, president and chief executive 1. The company says it has about 7,000 employees and 4.8 million customers in Wisconsin, Illinois, Michigan and Minnesota 1.

Caroline Garcia became vice president and controller on 31 August 2026, succeeding William Guc, who intends to retire in early 2027 7.

Rivals and problems

The electric utilities face competition from self-generation by customers and from other utilities for wholesale business, and many large gas customers can switch fuels 3.

Storms damaged the Samson and Delilah solar plants in March 2025, and an impairment loss of $8.8 million followed 2.

The umbrella, in words

The principal utilities are Wisconsin Electric, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources and Upper Michigan Energy Resources 1. W.E. Power designs, builds and owns generating plants 1.

Its subsidiary list as of 31 December 2025 shows American Transmission Company at 60.34 percent, ATC Holdco at 75.17 percent and Bluewater Natural Gas Holding at 100 percent 8.

The company owns 90 percent of Hardin III, a 250 MW solar plant in Ohio, bought for $409.1 million 2. It owns 70 percent of Weston Unit 4 through Wisconsin Public Service 2.

The largest holder reporting is Vanguard Capital Management, which reported 7.54 percent of the common stock in its Schedule 13G 9.

The company expects 2026 earnings of $5.60 to $5.64 per share, assuming normal weather 1.

Its capital plan for 2027 to 2031 is $47.5 billion: about $42.2 billion for the regulated utilities and about $5.3 billion for its share of American Transmission Company 2.

The plan includes about $9.4 billion in gas-fired generation, with 3,540 MW of turbines and engines and 750 MW of combined cycle units 2. It also holds $13.7 billion in Wisconsin renewables, with 3,100 MW of solar and 3,450 MW of batteries 2.

On 1 April 2026 the Wisconsin utilities asked for rates effective 1 January 2027 and 2028, including $175.8 million (4.7 percent) more for Wisconsin Electric's electric customers in 2027 2.

A contract for 86 percent of both Point Beach nuclear units would run 20 years from 2030 and 2033, and needs Wisconsin approval before 1 January 2028 4.

The utility has filed to acquire a 30 percent share of Weston Unit 4 for about $150 million, closing in the first half of 2027 if approved 2.

On 2 November 2026 the company began offering Series 2026A and 2026B junior subordinated notes due 2057, with proceeds meant to repay short-term debt and for general corporate purposes 6.

Its goal is net carbon neutral electric generation by the end of 2050 2.