Wisconsin Electric Power Co
Wisconsin Electric Power Company is a regulated electric and natural gas utility based in Milwaukee, Wisconsin and a wholly owned subsidiary of WEC Energy Group. It generates and distributes electricity and provides retail natural gas service to customers across designated service territories in Wisconsin, while also serving wholesale power customers and market participants.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueElectricity sold to residential, commercial, and industrial customers in Wisconsin service territories.
Power sold to cooperatives, municipal utilities, joint action agencies, and other utilities.
Sales for resale and opportunity sales through the MISO energy market.
Regulated delivery of natural gas to retail customers in designated Wisconsin territories.
Transportation and flexible gas service offerings for customers that source gas elsewhere.
Customers
The company serves regulated retail customers in Wisconsin, including households, businesses, and industrial users that rely on electric and gas delivery. It also sells wholesale electricity to cooperatives, municipal utilities, joint action agencies, other investor-owned utilities, and energy marketers. Natural gas service extends to residential and commercial and industrial customers, with non-residential users able to choose third-party gas supply in competitive market settings.
Households in Wisconsin buying regulated delivery and supply for everyday heating, cooling, and power needs.
Businesses that buy electric and natural gas service for lighting, operations, and building energy use.
Manufacturing and large-site users that need dependable power and gas service for process energy.
Municipal utilities, cooperatives, and other utilities purchasing wholesale electricity or resale power.
Commercial and industrial gas users that may buy supply from third parties and use transportation service.
Strategy
The company’s strategy centers on maintaining reliable utility service, upgrading distribution infrastructure, and improving operating efficiency across its regulated footprint. It also emphasizes disciplined capital investment, customer care, safety, and environmental stewardship, including modernization efforts such as smart metering and system hardening.
Utility value depends on dependable service and resilience against storms and outages.
Automation and smart metering reduce manual work and improve outage management.
New infrastructure supports load growth, service quality, and long-lived regulated returns.
Geography
Wisconsin Electric Power Company operates primarily in Wisconsin, with electric service in southeastern, east central, and northern parts of the state. Its natural gas territories include areas west and south of Milwaukee, the Appleton area, and parts of Iron and Vilas Counties. The business is geographically concentrated, so weather, local regulation, and regional load growth directly affect operations and demand.
Risks
The business is exposed to regulatory oversight, weather-driven demand swings, and operational risks tied to generation, transmission, and distribution assets. It also faces competition in wholesale markets, potential retail competition, cybersecurity threats, and the risk that large customer concentrations or infrastructure failures could affect earnings and asset recovery.
- Regulatory and rate-setting riskImpact: HighLikelihood: Medium
Revenue and cost recovery depend on PSCW oversight and approved rates.
Exposure: Wisconsin regulated utility operations
- Weather and physical asset disruptionImpact: HighLikelihood: Medium
Storms, floods, and other events can damage lines, plants, and gas systems.
Exposure: Electric and gas distribution networks
- Customer concentration and load riskImpact: HighLikelihood: Medium
Large customers, including data centers, may reduce demand or renegotiate terms.
Exposure: Wholesale and large-load electric service
- Wholesale market and dispatch riskImpact: MediumLikelihood: Low
MISO market prices and competitor generation affect buy/sell outcomes.
Exposure: Electric generation and resale sales
- Cybersecurity and physical security riskImpact: MediumLikelihood: Low
Utility operations and customer data can be disrupted by intrusions or attacks.
Exposure: Operational technology and customer systems
Accounting
Judgemental itemsMonthly estimates rely on usage, weather, and rate assumptions and can later be trued up.
Impact: Affects revenue timing and quarterly comparability
Pass-through fuel and gas costs are excluded to show underlying utility operations.
Impact: Changes how investors assess operating performance
Tax accruals, repairs, and rate-order effects require management judgment.
Impact: Can materially affect net income and effective tax rate
Large capital assets are depreciated over long lives and drive expense recognition.
Impact: Affects earnings and book value over time
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Last updated: 24/09/2026