What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-02-20 compared with 2025-02-21 · 119 added, 164 removed, 558 unchanged (34% of the section changed)

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References to "Notes" are to the Notes to Consolidated Financial Statements included in this Annual Report on Form 10-K.

For more information about our business operations, see Note 22, Segment Information, and Item 7.

For more information about our business operations, including financial and geographic information, see Note 22, Segment Information, and Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations.

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We provide wholesale electric service to various customers, including electric cooperatives, municipal joint action agencies, other investor-owned utilities, municipal utilities, and energy marketers.

The majority of our sales for resale are sold into an energy market operated by MISO at market rates based on the availability of our generation and market demand.

The majority of our sales for resale are conducted within an energy market operated by MISO at market rates based on the availability of our generation and market demand.

Retail fuel costs are reduced by the amount that revenue exceeds the cost of sales derived from these opportunity sales.

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Electric Sales Forecast

Our service territory experienced relatively flat weather-normalized retail electric sales in 2024, compared with 2023.

We currently forecast retail electric sales volumes, excluding the Tilden mine located in the Upper Peninsula of Michigan, to increase 0.7% for 2025, assuming normal weather.

Our service territory experienced higher weather-normalized retail electric sales in 2025, compared with 2024.

We currently forecast retail electric sales volumes, excluding the Tilden mine located in the Upper Peninsula of Michigan, to increase 1.6% for 2026, compared with 2025, assuming normal weather.

Excluding the very large data center customers, we currently forecast sales volumes to be relatively flat for 2026, assuming normal weather.

2025 Form 10-K 5

WEC Energy Group, Inc.

Year Ended December 31

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Steam customers – end of year 0.4 0.4 0.4

2024 Form 10-K 5

WEC Energy Group, Inc.

Electric Commercial and Industrial Retail Customers

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Electric Generation and Supply Mix

Our electric supply strategy is to provide our customers with energy from a diverse generation portfolio that is expected to balance a stable, reliable, and affordable supply of electricity with environmental stewardship.

Our electric supply strategy is to provide our customers with energy from a diverse generation portfolio that balances a stable, reliable, and affordable supply of electricity with environmental stewardship.

Through our participation in the MISO Energy Markets, we supply a significant amount of electricity to our customers from generation that we own.

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We also sell excess power supply into the MISO Energy Markets when it is economical, which reduces net fuel costs by offsetting costs of purchased power.

All options, including owned generation resources and purchased power opportunities, are continually evaluated on a real time basis to select and dispatch the lowest-cost resources available to meet system load requirements.

On a real time basis, the MISO Energy Market continuously evaluates system load requirements and dispatches the lowest-cost generation resources, while respecting any limitations on the transmission system.

The table below indicates our sources of electric energy supply as a percentage of sales for the three years ended December 31, as well as estimates for 2026:

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Nuclear 19.2 % 19.8 % 20.3 % 20.1 %

Natural gas — % — % — % 2.2 %

Renewables (3)

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(1) The values included in the estimate assume a natural gas price based on the December 2025 NYMEX.

(2) Includes hydroelectric, biomass, solar, and wind generation.

(2) Includes hydroelectric, biomass, solar, BESS, and wind generation.

(3) Includes hydroelectric, wind, and customer-owned renewable generation.

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Electric Generation Facilities

Our generation portfolio is a mix of energy resources having different operating characteristics and fuel sources designed to balance providing energy that is stable, reliable, and affordable with environmental stewardship.

Our generation portfolio is a mix of energy resources having different operating characteristics and fuel sources.

We own 8,375 MWs of generation capacity, including wholly owned and jointly owned facilities.

We Power's generating units are also included in the generation capacity.

Our facilities include natural gas-fired plants, coal-fired plants, and renewable generation.

Our generation facilities include natural gas-fired plants, coal-fired plants, renewable generation, and BESSs.

Certain of our natural gas-fired generation units have the ability to burn oil if natural gas is not available due to delivery constraints.

For more information about our facilities, see Item 2.

Environmental Goals

We have announced goals to achieve reductions in carbon emissions from our electric generation fleet by 60% by the end of 2025 and by 80% by the end of 2030, both from a 2005 baseline.

We are engaged in discussions with a small number of customers to provide power to large-scale data centers being constructed in our service territories.

We anticipate electric demand growth in the years ahead from these VLCs.

Subject to pending regulatory approvals from the PSCW as discussed below, 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 power and serve these large-scale data centers and other projects.

We are working closely with the new data center customers to provide bespoke resources, which are generation resources assigned to the VLCs that match their growing demand in order to minimize the impact on our other retail customers.

Supporting Economic Growth Within Our Communities

Our capital plan reflects the planned retirement of our older, fossil-fueled generation, which we expect to replace with natural gas-fired generation and zero-carbon-emitting renewables.

These retirements are intended to address compliance with EPA regulations established under the CAA, as well as contribute to meeting our goal to reduce CO 2 emissions from our electric generation.

When taken together, the retirements and new investments in natural gas generation and renewables discussed in more detail below should better balance our supply with our demand, while helping to address compliance and maintaining reliable, affordable energy for our customers.

As described in the preceding section, we are planning to make significant investments in generation and distribution assets for the future demands of VLCs.

Environmental Goal

Our long-term goal is to achieve net carbon neutral electric generation by the end of 2050.

We expect to achieve this goal by continuing to make operating refinements, retiring less efficient generating units, and executing our capital plan.

We expect 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, our electric generation fleet has achieved a 53% reduction in carbon emissions from the 2005 baseline.

We expect to achieve these goals by continuing to make operating

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refinements, retiring less efficient generating units, and executing our capital plan.

Over the longer term, the target for our generation fleet is to be net carbon neutral by 2050.

As part of our path toward these goals, we have started implementing co-firing with natural gas at the ERGS coal-fired units and plan to co-fire with natural gas at Weston Unit 4.

By the end of 2030, we expect to use coal as a backup fuel only and to be in a position to eliminate coal as an energy source by the end of 2032.

Creating a Sustainable Future

Our capital plan includes the retirement of older, fossil-fueled generation, to be replaced with zero-carbon-emitting renewables and reliable, efficient natural gas-fired generation.

The retirements are intended to address compliance with the EPA Clean Air rules as well as contribute to meeting our goals to reduce CO 2 emissions from our electric generation.

When taken together, the retirements and new investments in renewables and reliable, efficient natural gas generation discussed in more detail below should better balance our supply with our demand, while helping to address compliance and maintaining reliable, affordable energy for our customers.

We have already retired nearly 2,500 MWs of fossil-fueled generation since the beginning of 2018, which includes the retirement of OCPP Units 5 and 6 in May 2024, the 2019 retirement of the PIPP, and the 2018 retirements of the Pleasant Prairie power plant, the Pulliam power plant, and the jointly-owned Edgewater Unit 4 generating unit.

See Note 6, Regulatory Assets and Liabilities, for more information related to these power plant retirements.

We expect to retire approximately 1,200 MWs of additional coal-fired generation by the end of 2031, which includes the planned retirements of OCPP Units 7 and 8, the jointly-owned Columbia Units 1 and 2 while investigating conversion of at least one unit to natural gas, and Weston Unit 3.

As part of our path toward this goal, we have started implementing co-firing with natural gas at the ERGS coal-fired units and at Weston Unit 4.

Additionally, we have retired nearly 2,500 MWs of fossil-fueled generation since the beginning of 2018, which includes the 2024 retirements of OCPP Units 5 and 6, the 2019 retirement of the PIPP, and the 2018 retirements of the Pleasant Prairie power plant, the Pulliam power plant, and the jointly-owned Edgewater Unit 4 generating unit.

See Note 6, Regulatory Assets and Liabilities, for more information related to certain of these power plant retirements.

We expect to retire approximately 900 MWs of additional coal-fired generation by the end of 2031, which includes the planned retirements of OCPP Units 7 and 8 and Weston Unit 3.

See Note 7, Property, Plant, and Equipment, for more information.

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Also see Item 1A.

Risk Factors - Risks Related to Legislation and Regulation - Our operations, capital expenditures, and financial results may be affected by the impact of greenhouse gas legislation, regulation, and emission reduction goals.

Risk Factors - Risks Related to Legislation and Regulation - Our operations, capital expenditures, and financial results may be affected by the impact of GHG legislation, regulation, and our emission reduction goal.

Renewable Generation

Our electric utilities meet a portion of their electric generation supply with various renewable energy resources, including wind, solar, hydroelectric, and biomass.

This helps our electric utilities work towards our goals of reducing carbon emissions while also maintaining compliance with renewable energy legislation.

This helps our electric utilities work towards our goal of reducing carbon emissions while also maintaining compliance with renewable energy legislation.

These renewable energy resources also help us maintain diversity in our generation portfolio, which effectively serves as a price hedge against future fuel costs, and will help mitigate the risk of potential unknown costs associated with any future carbon restrictions for electric generators.

In September 2024, WE and WPS, along with an unaffiliated utility, filed a request with the PSCW to acquire and construct Badger Hollow Wind and to acquire Whitetail, two utility-scale wind-powered electric generating facilities.

If approved, Badger Hollow Wind will be located in Iowa and Grant counties, Wisconsin, and Whitetail will be located in Grant County, Wisconsin.

Once fully constructed, WE and WPS will collectively own 100 MWs of wind generation of Badger Hollow Wind and 60 MWs of wind generation of Whitetail.

If approved, the construction of both of these projects is expected to be completed in 2027.

Solar and Battery Storage

In December 2024, the construction of the solar portion of Paris located in Kenosha County, Wisconsin was completed, and the facility became commercially operational.

Paris is owned by WE, WPS, and an unaffiliated utility, with WE and WPS collectively owning 180 MWs of solar generation.

WE and WPS will collectively own 99 MWs of battery storage of this project, with construction expected to be completed in 2025.

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As part of our commitment to invest in additional zero-carbon generation within our Wisconsin segment, we have filed requests to acquire and construct 868 MWs of additional renewable generation and 244 MWs of battery storage, including the following:

• In October 2024, WE and WPS, along with an unaffiliated utility, filed a request with the PSCW to acquire and construct Good Oak and Gristmill, two utility-scale solar-powered electric generating facilities.

If approved, both Good Oak and Gristmill will be located in Columbia County, Wisconsin.

Once fully constructed, WE and WPS will collectively own 88 MWs of solar generation of Good Oak and 60 MWs of solar generation of Gristmill.

If approved, the construction for both projects is expected to be completed in 2028.

• In September 2024, WE and WPS, along with an unaffiliated utility, filed a request with the PSCW to acquire Dawn Harvest, a utility-scale solar-powered electric generating facility with a battery energy storage system.

If approved, the project will be located in Rock County, Wisconsin and once fully constructed, WE and WPS will collectively own 135 MWs of solar generation and WE will own 50 MWs of battery storage of this project.

If approved, the construction is expected to be completed in 2028.

• In September 2024, WE and WPS, along with an unaffiliated utility, filed a request with the PSCW to acquire Saratoga, a utility-scale solar-powered electric generating facility with a battery energy storage system, and Ursa, a utility-scale solar-powered electric generating facility.

If approved, Saratoga will be located in Wood County, Wisconsin and Ursa will be located in Columbia County, Wisconsin.

Once fully constructed, WE and WPS will collectively own 135 MWs of solar generation and 45 MWs of battery storage of Saratoga and 180 MWs of solar generation of Ursa.

If approved, the Ursa construction is expected to be completed in 2027, and the Saratoga construction is expected to be completed in 2028.

• In February 2024, WE and WPS, along with an unaffiliated utility, filed a request with the PSCW to acquire and construct High Noon, a utility-scale solar-powered electric generating facility with a battery energy storage system .

If approved, the project will be located in Columbia County, Wisconsin and once fully constructed, WE and WPS will collectively own 2 70 MWs of solar generation and 149 MWs of battery storage of this project .

If approved, the construction of the solar and battery storage is expected to be completed in 2027.

We have also received approvals from the PSCW to invest in 595 MWs of renewable generation and 217 MWs of battery storage currently under construction, including the following:

• In April 2024, UMERC received MPSC approval to acquire and construct Renegade, a utility-scale solar-powered electric generating facility.

The project will be located in Delta and Marquette counties, Michigan and once fully constructed, UMERC will own 100 MWs of solar generation.

The construction is expected to be completed by the end of 2026.

• In April 2023, WE and WPS, along with an unaffiliated utility, received PSCW approval to acquire Koshkonong, a utility-scale solar-powered electric generating facility with a battery energy storage system.

The project will be located in Dane County, Wisconsin and once fully constructed, WE and WPS will collectively own 270 MWs of solar generation and 149 MWs of battery storage of this project.

The construction of the solar portion and battery storage is expected to be completed in 2026 and 2027, respectively.

• In December 2022, WE and WPS, along with an unaffiliated utility, received PSCW approval to acquire and construct Darien, a utility-scale solar-powered electric generating facility with a battery energy storage system.

The project will be located in Rock and Walworth counties, Wisconsin and once fully constructed, WE and WPS will collectively own 225 MWs of solar generation and 68 MWs of battery storage of this project.

The construction of the solar portion and battery storage is expected to be completed in 2025 and 2026, respectively .

Natural Gas-Fired Generation

In May 2024, WE completed the acquisition of an add itional 100 MWs o f West Riverside's nameplate capacity, in the second of two option exercises.

West Riverside is a commercially operational dual fueled combined cycle generation facility in Beloit, Wisconsin and is operated by an unaffiliated utility.

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In April 2024, WE filed requests with the PSCW for the following projects:

• Adding seven natural gas-fired RICE units near the Paris Generating Station.

The new RICE units would be fueled with natural gas and capable of producing approximately 128 MWs.

• Building five natural gas-fired combustion turbines capable of producing approximately 1,100 MWs, which would be located at the existing OCPP site.

Our utilities continue to invest in and upgrade their wind-powered generation systems to enhance reliability.

We have received approval from the PSCW to acquire and construct 160 MWs of additional wind-powered generation.

Our subsidiaries will jointly own these generation facilities with an unaffiliated entity.

See Note 8, Jointly-Owned Utility Facilities, for more information.

Solar and Battery Storage

In June 2025, the construction of the battery portion of Paris located in Kenosha County, Wisconsin was completed, and the facility became commercially operational.

The solar portion of Paris was commercially operational in December 2024.

Paris is owned by WE, WPS, and an unaffiliated entity, with WE and WPS collectively owning 180 MWs of solar generation.

WE and WPS also collectively own 99 MWs of battery storage associated with this project.

In March 2025, the construction of the solar portion of Darien located in Rock and Walworth counties, Wisconsin was completed, and the facility became commercially operational.

Darien is owned by WE, WPS, and an unaffiliated entity, with WE and WPS collectively owning 225 MWs of solar generation.

WE and WPS will collectively own 68 MWs of battery storage associated with this project, with construction expected to be completed in 2027.

As part of our commitment to invest in additional zero-carbon generation within our Wisconsin segment, we have received approval from the PSCW to acquire and construct 955 MWs of additional solar-powered generation and 411 MWs of battery storage.

See Note 8, Jointly-Owned Utility Facilities, for more information.

We have also filed requests with the PSCW to acquire and construct 1,333 MWs of solar-powered generation and 212 MWs of battery storage.

Thermal Generation

As part of our commitment to invest in additional thermal generation within our Wisconsin segment, we have received approval from the PSCW to acquire and construct 1,228 MWs of additional natural gas-fired generation.

We have also filed requests with the PSCW to acquire and construct 1,660 MWs of additional natural gas-fired generation.

Some of the generation projects pending approval are for bespoke resources to serve VLCs.

See Note 26, Regulatory Environment, for more information on bespoke resources and the proposed VLC tariff.

Electric System Reliability

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We also fully anticipate that we will have adequate capacity to meet the planning reserve margin requirements for the upcoming planning year in both jurisdictions.

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WEC Energy Group, Inc.

Fuel and Purchased Power Costs

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We purchase natural gas for our plants on the spot market from natural gas marketers, utilities, and producers, and we arrange for transportation of the natural gas to our plants.

We have firm and interruptible transportation, as well as balancing and storage

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agreements, intended to support our plants' variable usage.

We have firm and interruptible transportation, as well as balancing and storage agreements, intended to support our plants' variable usage.

WE and WPS also have PSCW approval for a hedging program to mitigate against volatility related to natural gas price risk.

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(in thousands) Annual Tonnage

2025 4,446 (1)

(1) Coal contracts exceed the total projected requirement due to prior year delivery constraints and forecasted lower operating hours.

Coal Deliveries

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Risk Factors – Risks Related to Economic and Market Volatility – We may not be able to obtain an adequate supply of coal, which could limit our ability to operate our coal-fired facilities.

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WEC Energy Group, Inc.

Power Purchase Commitments

We enter into short- and long-term power purchase commitments to meet a portion of our anticipated electric energy supply needs.

Excluding planning capacity purchases, our power purchase commitments with unaffiliated parties consist of 1,133 MWs per year for 2025 through 2029.

Excluding planning capacity purchases, our power purchase commitments with unaffiliated parties consist of 1,133 MWs per year for 2026 through 2029 and 1,033 MWs in 2030.

This amount includes 1,033 MWs per year related to a long-term PPA for electricity generated by Point Beach.

To procure additional planning capacity, we purchase capacity from the MISO annual auction to ensure that we maintain our compliance with planning reserve requirements as established by the PSCW, MPSC, and MISO.

If necessary, we purchase planning capacity from the MISO annual auction to ensure that we maintain our compliance with planning reserve requirements as established by the PSCW, MPSC, and MISO.

Natural Gas Utility Operations

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Management's Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations – Wisconsin Segment Contribution to Net Income Attributed to Common Shareholders for information on natural gas sales volumes by customer class in Wisconsin and the Upper Peninsula of Michigan.

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WEC Energy Group, Inc.

Operating Revenues

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Our combined Wisconsin service territories experienced slightly lower weather-normalized retail natural gas deliveries (excluding natural gas deliveries for electric generation) in 2025 as compared to 2024.

We currently forecast retail natural gas delivery volumes to grow 1.9% in 2025, assuming normal weather.

We currently forecast retail natural gas delivery volumes to decrease slightly in 2026 as compared to 2025, assuming normal weather.

Year Ended December 31

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This strategy reflects management's belief that overall supply security is enhanced by geographic diversification of the supply portfolio.

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Due to variations in natural gas usage in Wisconsin, our Wisconsin natural gas utilities have also contracted for substantial underground storage capacity, primarily in Michigan.

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These facilities are typically utilized during extreme demand conditions to ensure reliable supply to our customers.

WE and WG completed construction of LNG facilities that were placed into service in November 2023 and February 2024, respectively, which

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together provide approximately 2.0 Bcf of natural gas supply.

In addition to its existing facilities, WE has filed a request with the PSCW to construct another LNG facility with a storage capacity of 2.0 Bcf.

In addition, the construction of additional LNG facilities in Wisconsin has been proposed as part of the 2025-2029 capital plan and would provide another approximately 4.0 Bcf of natural gas supply.

WE and WG each have LNG facilities, which together provide approximately two Bcf of natural gas supply.

The PSCW approved WE's request to construct an additional LNG facility with a storage capacity of two Bcf.

The construction of additional LNG facilities in Wisconsin has been proposed as part of the 2026-2030 capital plan and would provide another approximately four Bcf of natural gas supply.

The use of LNG allows us to meet anticipated peak demand without requiring the construction of additional interstate pipeline capacity.

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In addition, PGL and NSG offer natural gas transportation services to our customers that elect to purchase natural gas directly from a third-party supplier.

Major industries served include real estate, education, non-profits, wholesale distributors, and food manufacturing.

Major industries served include real estate, non-profits, education, restaurants, and wholesale distributors.

Management's Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations – Illinois Segment Contribution to Net Income Attributed to Common Shareholders for information on natural gas sales volumes by customer class.

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Operating Revenues

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For more information on our natural gas utility supply and transportation contracts, see Note 24, Commitments and Contingencies.

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Pipeline Capacity and Storage

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To supplement natural gas supply and manage risk, we purchase additional natural gas supply on the monthly and daily spot markets.

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Hedging Natural Gas Supply Prices

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They hedge between 25% and 50% of planned natural gas purchases, with a target of 37.5%.

Natural Gas System Modernization Program

During 2023, PGL continued work on the SMP, a project to replace approximately 2,000 miles of Chicago's aging natural gas pipeline infrastructure that began in 2011.

Prior to December 1, 2023, PGL recovered these costs through a surcharge on customer bills pursuant to an ICC approved QIP rider.

Beginning December 1, 2023, recovery of SMP costs are included in PGL's base rates.

As part of the ICC's November 16, 2023 rate order issued in PGL's rate case, the ICC ordered PGL to pause spending on its SMP until the ICC had a proceeding to determine the optimal method of pipeline replacement and a prudent investment level.

The ICC conducted a limited-scope rehearing related to authorized spending for the completion of SMP projects that started in 2023 and the authorized spending for emergency repairs needed to ensure the safety and reliability of PGL's delivery system.

On May 30, 2024, the ICC issued a written order on the rehearing.

The order approved $28.5 million of additional spending for emergency work.

On June 7, 2024, PGL filed a petition with the Illinois Appellate Court for review of the November 16, 2023 and May 30, 2024 orders, including the disallowance of SMP capital investments needed to meet safety and reliability requirements.

Although the ICC ordered PGL to complete safety and reliability work in 2024, it denied the recovery of these costs.

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In accordance with the November 16, 2023 rate order, the ICC initiated the SMP proceeding in January 2024.

On February 20, 2025, the ICC issued an order setting expectations for PGL's prospective operations under its SMP.

The ICC directed us to focus on replacing all cast and ductile iron pipe that has a diameter under 36 inches by January 1, 2035.

Natural Gas Pipe Retirement Program

In February 2025, the ICC issued an order setting expectations for PGL's prospective operations.

The ICC directed us to focus on retiring all cast and ductile iron pipe that has a diameter under 36 inches by January 1, 2035.

The ICC also indicated that failure to comply with this directive could subject us to civil penalties under Illinois statute.

We are evaluating the impact of this order on our operations and capital plan.

For information on regulatory proceedings related to the SMP, see Note 26, Regulatory Environment, and Item 7.

PGL is working to retire this cast and ductile iron pipe through its PRP.

Costs incurred under the PRP will be evaluated for prudency by the ICC in future rate cases.

In addition, the program will be overseen by a safety monitor hired by the ICC.

For information on regulatory proceedings related to the PRP, see Note 26, Regulatory Environment, and Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations – Factors Affecting Results, Liquidity, and Capital Resources – Regulatory, Legislative, and Legal Matters – Illinois Proceedings.

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In addition, MERC and MGU offer natural gas transportation services to our customers that elect to purchase natural gas directly from a third-party supplier.

Major industries served include real estate, education, wholesale distributors, restaurants, and metals manufacturing.

Major industries served include real estate, education, restaurants, wholesale distributors, and non-profits.

Management's Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations – Other States Segment Contribution to Net Income Attributed to Common Shareholders for information on natural gas sales volumes by customer class.

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We believe that having diverse capacity and storage benefits our customers.

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Combined with our storage capability, management believes that the volume of gas under contract is sufficient to meet our forecasted firm peak-day and seasonal demand.

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For information on the GCRMs, see Note 1(d), Operating Revenues.

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Natural Gas Supply

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Short-term debt is typically reduced over the January through June period.

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Electric Utility Operations – Wisconsin Segment

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Our electric utilities compete with other utilities for sales to municipalities and cooperatives as well as with other utilities and marketers for wholesale electric business.

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Natural Gas Utility Operations – Wisconsin, Illinois, and Other States Segments

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Management's Discussion and Analysis of Financial Condition and Results of Operations – Factors Affecting Results, Liquidity, and Capital Resources – Competitive Markets.

Environmental Goals

Methane Emission Reductions

Natural Gas Utility Operations – Wisconsin, Illinois, and Other States Segments

We also continue to focus on methane emission reductions by improving our natural gas distribution systems.

We set a target across our natural gas distribution operations to achieve net-zero methane emissions by the end of 2030.

We plan to achieve our net-zero goal through an effort that includes continuous operational improvements and equipment upgrades, as well as the use of RNG throughout our natural gas utility systems.

In 2022, we received approval from the PSCW for our RNG pilots and in 2023, we began transporting the output of local dairy farms onto our natural gas distribution systems in Wisconsin.

The RNG supplied will directly replace higher-emission methane from natural gas that would have entered our pipes.

We continue to focus on methane emission reductions by improving and upgrading our natural gas distribution systems, and using RNG throughout our natural gas utility systems.

In 2023, our Wisconsin utilities began transporting the output of local dairy farms onto their natural gas distribution systems.

The RNG supplied is replacing higher-emission methane from natural gas that would have entered our pipes.

We currently have contracts in place for 2.1 Bcf of RNG.

In addition, subject to regulatory approval, we expect to procure RTCs.

ELECTRIC TRANSMISSION SEGMENT

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NON-UTILITY OPERATIONS

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Properties, for more information on our non-utility energy infrastructure facilities.

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We Power, through wholly owned subsidiaries, designed and built approximately 2,500 MWs of generation in Wisconsin.

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We Power's share of the ERGS units and both PWGS units are being leased to WE under long-term leases (the ERGS units have 30-year leases that began on the in-service dates of the generating units and the PWGS units have 25-year leases that began on the in-service dates of the generating units).

As part of our carbon emission reduction goals, we have started implementing co-firing with natural gas at the ERGS coal-fired units.

For information on our carbon emission reduction goals, see Item 7.

As part of our carbon emission reduction goal, we have started implementing co-firing with natural gas at the ERGS coal-fired units.

For information on our carbon emission reduction goal, see Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations – Corporate Developments.

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WE, WPS, and WG have entered into long-term service agreements for approximately one-third of their combined natural gas storage needs with a wholly owned subsidiary of Bluewater.

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WEC Infrastructure LLC

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Delilah I 90.0% December 2024

Hardin III 90.0% February 2025

(1) Although Samson I was commercially operational in May 2022, WECI didn't complete the purchase of its initial 80.0% ownership interest in this solar facility until February 2023.

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See Note 2, Acquisitions, for more information.

Bishop Hill III, Coyote Ridge, Blooming Grove, Tatanka Ridge, Jayhawk, Thunderhead, Samson I, Sapphire Sky, Maple Flats, and Delilah I have offtake agreements with creditworthy counterparties for the sale of all of the energy they produce over periods

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ranging from 10 to 22 years following commercial operation.

Bishop Hill III, Coyote Ridge, Blooming Grove, Tatanka Ridge, Jayhawk, Thunderhead, Samson I, Sapphire Sky, Maple Flats, Delilah I, and Hardin III have offtake agreements with creditworthy counterparties for the sale of all of the energy they produce over periods ranging from 10 to 22 years following commercial operation.

In addition, Upstream's revenue is substantially fixed over the 10-year period following commercial operation through an agreement with a creditworthy counterparty.

Under the Tax Legislation, all of these investments qualify for PTCs.

WECI is entitled to the tax benefits of Bishop Hill III, Upstream, Blooming Grove, Thunderhead, Samson I, Sapphire Sky, Maple Flats, and Delilah I in proportion to its ownership interest.

WECI is entitled to the tax benefits of Bishop Hill III, Upstream, Blooming Grove, Thunderhead, Samson I, Sapphire Sky, Maple Flats, Delilah I, and Hardin III in proportion to its ownership interest.

WECI is entitled to 99% of the tax benefits of Coyote Ridge and Tatanka Ridge for the first 11 years following commercial operation, and is entitled to 99% of the tax benefits of Jayhawk for the first 10 years following commercial operation, after which WECI will be entitled to any tax benefits from these three facilities in proportion to its ownership interests.

WECI recognizes PTCs as power is generated over a period of 10 years following commercial operation.

Under the IRA transferability option, WEC Energy Group sold substantially all of its 2023 generated PTCs, including those generated by WECI, to a third party.

In addition, WEC Energy Group has entered into agreements to sell substantially all of its 2024 generated PTCs and the majority of the PTCs expected to be generated in 2025, including PTCs generated by WECI, to third parties.

Under the IRA transferability option, WEC Energy Group has sold substantially all of WECI's 2023 and 2024 generated PTCs to third parties.

In addition, WEC Energy Group has either sold or entered into agreements to sell substantially all PTCs generated by WECI in 2025.

A significant portion of WECI PTCs expected to be generated in 2026 are also under contract for sale to third parties.

See Note 1(q), Income Taxes, for more information about the impact of these sales.

See Note 25, Supplemental Cash Flow Information, for more information on proceeds received in 2024 and 2023 related to the sale of PTCs.

In February 2025, WECI completed the acquisition of a 90.0% ownership interest in Hardin III, a 250 MW solar generating facility located in Hardin County, Ohio.

The project has an offtake agreement for all of the energy to be produced by the facility for a period of 15 years from the date of commercial operation.

Hardin III qualifies for PTCs and is included in the non-utility energy infrastructure segment.

See Note 2, Acquisitions, for more information on certain of these renewable generating facilities.

The electricity produced and revenues generated by our wind generating facilities depend heavily on wind conditions, which are variable.

See Note 16, Income Taxes, for more information on proceeds received related to the sale of PTCs.

See Note 2, Acquisitions, for more information on the more recent renewable generating facility acquisitions.

The electricity produced and revenues generated by the wind generating facilities depend heavily on wind conditions, which are variable.

Operating results for wind generating facilities vary significantly from period to period depending on the wind conditions during the periods in question.

Historically, wind production has been greater in the first and fourth quarters.

The electricity produced and revenues generated by solar generating facilities is also variable and depends heavily on seasonality and weather conditions.

The electricity produced and revenues generated by the solar generating facilities is also variable and depends heavily on seasonality and weather conditions.

Spring and summer are usually the peak solar production seasons due to increased direct sunlight and longer days.

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Also, major storms can damage solar panels and other equipment and lead to lower power generation until equipment can be repaired or replaced and brought back online.

See Note 7, Property, Plant, and Equipment, for more information on the wind storms that damaged equipment at Samson I.

See Note 7, Property, Plant, and Equipment, for more information on the wind storms that damaged equipment at Samson I and Delilah I.

2025 Form 10-K 17

WEC Energy Group, Inc.

Corporate and Other Segment

The corporate and other segment includes the operations of the WEC Energy Group holding company, the Integrys holding company, and the PELLC holding company, as well as the operations of Wispark and WBS.

In addition, we have certain subsidiaries that hold investments in several clean energy investment funds and have engaged in certain financing activities.

Wispark develops and invests in real estate, primarily in southeastern Wisconsin.

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We report to the PSCW annually on our compliance with this law and provide supporting documentation to show that our non-utility assets are below the non-utility asset cap.

2024 Form 10-K 18

WEC Energy Group, Inc.

Regulated Utility Operations

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Total utility operating revenues $ 9,506.6 $ 8,382.7 $ 8,702.8

The state regulatory commissions have general supervisory and regulatory powers over public utilities in their respective jurisdictions including, but not limited to, approval of retail utility rates and standards of service, mergers, affiliate transactions, location and construction of electric generating units and natural gas facilities, and certain other additions and extensions to utility facilities.

2025 Form 10-K 18

WEC Energy Group, Inc.

The PSCW, ICC, and MPUC also regulate security issuances at utilities in their respective jurisdictions.

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See Note 26, Regulatory Environment, for more information on these earnings sharing mechanisms.

2024 Form 10-K 19

WEC Energy Group, Inc.

The table below reflects the various state commissions that regulated each of our utilities' retail rates during 2025, along with the approved ROE and capital structure for each utility during 2025.

Regulated Retail Rates Regulatory Commission Authorized ROE Average Common Equity Component

WE – Electric, natural gas, and steam PSCW 9.80% 53.0%

WE – Electric, natural gas, and steam (1)

PSCW 9.80% 53.0%

WPS – Electric and natural gas PSCW 9.80% 53.0%

WG – Natural gas PSCW 9.80% 53.0%

UMERC – Electric (former WE customers) (1)

MPSC 10.1% 55.3%

UMERC – Electric (former WPS customers) (1)

MPSC 10.2% 52.94%

UMERC – Electric MPSC 9.86% 50.0%

PGL – Natural gas ICC 9.38% 50.79%

NSG – Natural gas (2)

ICC 9.67% / 9.38% 51.58% / 52.58%

MERC – Natural gas (3)

MPUC 9.65% 53.0%

MGU – Natural gas (4)

MPSC 9.80% 51.0%

(1) Effective January 1, 2025, UMERC's electric base rates for non-mine customers reflect a 9.86% authorized ROE and an average common equity component of 50.0%.

See Note 26, Regulatory Environment, for more information.

(2) Effective February 1, 2024, NSG's base rates reflect a 9.38% authorized ROE and an average common equity component of 52.58%.

See Note 26, Regulatory Environment, for more information.

(3) MERC's final rates approved by the MPUC in November 2023 were retroactive to January 1, 2023.

See Note 26, Regulatory Environment, for more information.

(4) Effective January 1, 2025, MGU's base rates reflect a 9.86% authorized ROE and an average common equity component of 50.0%.

NSG – Natural gas ICC 9.38% 52.58%

MERC – Natural gas MPUC 9.65% 53.0%

MGU – Natural gas MPSC 9.86% 50.0%

(1) As currently proposed, the ROE for VLCs will range from 10.48% to 10.98%, as agreed upon with the customer, and the average common equity ratio will be 57.0%.

See Note 26, Regulatory Environment, for more information.

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For information on our regulatory proceedings, see Note 26, Regulatory Environment.

Orders from our respective regulators can be viewed at the following websites:

Orders from our respective state regulators can be viewed at the following websites:

Regulatory Commission Website

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business