Regulatory and rate-setting risk
Revenue and cost recovery depend on PSCW oversight and approved rates.
- Scope
- Wisconsin regulated utility operations
- Materiality
- high
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.
40,1 %
66,6 %
+12,9 %
0.76
0.76
| % | |
|---|---|
| Retail electric service | 70% Electricity sold to residential, commercial, and industrial customers in Wisconsin service territories. |
| Wholesale electric service | 8% Power sold to cooperatives, municipal utilities, joint action agencies, and other utilities. |
| Electric resale and market sales | 14% Sales for resale and opportunity sales through the MISO energy market. |
| Natural gas distribution | 6% Regulated delivery of natural gas to retail customers in designated Wisconsin territories. |
| Natural gas transportation and interruptible service | 2% Transportation and flexible gas service offerings for customers that source gas elsewhere. |
The company serves regulated retail customers in Wisconsin, including households, businesses, and industrial users that...
- Residential electric and gas customersprimary
Households in Wisconsin buying regulated delivery and supply for everyday heating, cooling, and power needs.
- Commercial customersprimary
Businesses that buy electric and natural gas service for lighting, operations, and building energy use.
- Industrial customerssecondary
Manufacturing and large-site users that need dependable power and gas service for process energy.
- Wholesale utilities and cooperativessecondary
Municipal utilities, cooperatives, and other utilities purchasing wholesale electricity or resale power.
- Non-residential gas choice customerssecondary
Commercial and industrial gas users that may buy supply from third parties and use transportation service.
Wisconsin Electric Power Company operates primarily in Wisconsin, with electric service in southeastern, east central,...
- •Headquartered in Milwaukee, Wisconsin
- •Electric service in southeastern, east central, and northern Wisconsin
- •Natural gas territories west and south of Milwaukee, Appleton, Iron and Vilas Counties
- •Operations tied to Wisconsin regulation and local utility franchises
- •Wholesale power exposure extends into the MISO market footprint
The company’s strategy centers on maintaining reliable utility service, upgrading distribution infrastructure, and...
01
Reliability and system hardeningmedium-term
Utility value depends on dependable service and resilience against storms and outages.
02
Operating efficiency and AMI deploymentmedium-term
Automation and smart metering reduce manual work and improve outage management.
03
Capital investment for future energy needslong-term
New infrastructure supports load growth, service quality, and long-lived regulated returns.
The business is exposed to regulatory oversight, weather-driven demand swings, and operational risks tied to...
Weather and physical asset disruption
Storms, floods, and other events can damage lines, plants, and gas systems.
- Scope
- Electric and gas distribution networks
- Materiality
- high
Customer concentration and load risk
Large customers, including data centers, may reduce demand or renegotiate terms.
- Scope
- Wholesale and large-load electric service
- Materiality
- high
Wholesale market and dispatch risk
MISO market prices and competitor generation affect buy/sell outcomes.
- Scope
- Electric generation and resale sales
- Materiality
- medium
Cybersecurity and physical security risk
Utility operations and customer data can be disrupted by intrusions or attacks.
- Scope
- Operational technology and customer systems
- Materiality
- medium
Unbilled revenue estimation
Affects revenue timing and quarterly comparability
Utility margin non-GAAP measure
Changes how investors assess operating performance
Income taxes and deferred tax balances
Can materially affect net income and effective tax rate
Depreciation of regulated infrastructure
Affects earnings and book value over time
: 29.4.2026