olivLaw · US equity research
WEC Energy Group, Inc. WEC
Electric & Other Services Combined · SIC 4931 · Vertical: Electric & Other Services Combined (SIC 4931)
WEC Energy Group is a diversified holding company with natural gas and electric utility operations serving 4.8 million customers in Wisconsin, Illinois, Michigan and Minnesota. It reported second-quarter 2026 net income attributed to common shareholders of $299.2 million and reaffirmed 2026 EPS guidance of $5.51 to $5.61. A $37.5 billion capital plan for 2026 to 2030 relies heavily on demand from data centers.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, WEC Energy Group, Inc. (WEC) stock was 118.11 USD (+2.35% on the day), with market capitalisation 38.9 bn USD, P/E 24.6 on diluted EPS of 4.81 USD over the last 12 months, dividend yield 3.18%, beta 0.04, 52-week range 100.78–118.85 USD. Latest reported quarter (Q3 2026): revenue of 2.3 bn USD (+8.9% YoY), net income of 390.3 m USD (+44.4% YoY).
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 73.3
- overbought (≥ 70)
- Bollinger (20, 2)
- 101.42 – 118.71
- in the upper half of the band · %B 0.97 · band width 15.7%
- SMA 50 / 200
- 106.43 / 111.65
- mixed trend
- MACD (12, 26, 9)
- 3.11 / 2.26
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +16.6% | −1.1% | +17.7 pp | — |
| 3 months | +9.1% | −0.5% | +9.6 pp | — |
| 6 months | +3.7% | +4.4% | −0.7 pp | — |
| Year to date | +12.0% | +12.3% | −0.3 pp | — |
| 1 year | +5.6% | +13.5% | −8.0 pp | +2.6% |
| 3 years | +40.7% | +76.4% | −35.7 pp | +33.5% |
| 5 years | +30.0% | +63.7% | −33.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.3 bn | 3.1 bn | 2.0 bn | 2.1 bn | 2.5 bn | 3.4 bn | 2.1 bn | 2.3 bn |
| Cost of revenue | 738.4 m | 1.2 bn | 570.5 m | 608.1 m | 921.5 m | 1.4 bn | 555.6 m | 651.2 m |
| Operating income | 590.9 m | 937.5 m | 404.9 m | 449.6 m | 452.9 m | 980.0 m | 432.8 m | 563.7 m |
| Depreciation & amortisation | 344.0 m | 359.9 m | 368.9 m | 373.4 m | 376.3 m | 379.8 m | 384.9 m | 389.0 m |
| Interest expense | 218.5 m | 223.0 m | 220.8 m | 223.6 m | 227.7 m | 228.5 m | 228.9 m | 241.7 m |
| Pre-tax income | 514.2 m | 786.2 m | 262.5 m | 304.6 m | 320.2 m | 859.2 m | 328.0 m | 437.3 m |
| Income tax | 61.1 m | 60.7 m | 19.5 m | 34.4 m | 3.4 m | 53.1 m | 27.0 m | 47.0 m |
| Net income | 453.1 m | 725.5 m | 243.0 m | 270.2 m | 316.8 m | 806.1 m | 301.0 m | 390.3 m |
| Diluted EPS | 1.43 ≈ | 2.27 ≈ | 0.75 ≈ | 0.83 ≈ | 0.97 ≈ | — | — | — |
| Operating cash flow | 581.8 m | 1.2 bn | 853.3 m ≈ | 938.9 m ≈ | 424.6 m | 1.2 bn | 992.3 m ≈ | 1.2 bn ≈ |
| Capex | — | 701.1 m | 829.4 m ≈ | 1.6 bn ≈ | — | 817.9 m | 1.3 bn ≈ | 1.2 bn ≈ |
| Dividends paid | 265.0 m | 283.6 m | 285.1 m ≈ | 288.7 m ≈ | 290.4 m | 310.1 m | 310.2 m ≈ | 310.5 m ≈ |
| Share repurchases | 0 | 1.3 m | 0 ≈ | 0 ≈ | 0 | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 93 percentile of its own 41-quarter history (min 16.1, median 21.3, max 27.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7.7 bn | 7.5 bn | 7.2 bn | 8.3 bn | 9.6 bn | 8.9 bn | 8.6 bn | 9.8 bn |
| Revenue YoY | +0.4% | −2.0% | −3.7% | +14.8% | +15.4% | −7.3% | −3.3% | +14.0% |
| Net income | 1.1 bn | 1.1 bn | 1.2 bn | 1.3 bn | 1.4 bn | 1.3 bn | 1.5 bn | 1.6 bn |
| Net income YoY | −12.0% | +7.0% | +5.9% | +8.1% | +8.6% | −5.5% | +14.5% | +2.0% |
| Diluted EPS | 3.34 | 3.58 | 3.79 | 4.11 | 4.45 | 4.22 | 4.83 | 4.81 |
| Diluted EPS YoY | −11.9% | +7.2% | +5.9% | +8.4% | +8.3% | −5.2% | +14.5% | −0.4% |
| net % | 13.8% | 15.1% | 16.6% | 15.6% | 14.7% | 15.0% | 17.7% | 15.9% |
| Free cash flow | 28.4 m | -183.5 m | -678.3 m | -340.0 m | -636.2 m | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 27.6 m USD
- Financial debt
- 20.4 bn USD
- Net debt
- 20.4 bn USD
- Equity
- 14.1 bn USD
- Total assets
- 51.5 bn USD
- Debt / equity
- 1.45x
- Current ratio
- 0.59x
- ROE
- 11.6%
- ROA
- 3.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 7.2 bn | 8.3 bn | 9.6 bn | 8.9 bn | 8.6 bn | 9.8 bn | SEC (XBRL)· 20 Feb 2026verified |
| Cost of revenue | 2.3 bn | 3.3 bn | 4.4 bn | 3.2 bn | 2.7 bn | 3.3 bn | SEC (XBRL)· 20 Feb 2026verified |
| Gross profit | 4.9 bn ≈ | 5.0 bn ≈ | 5.2 bn ≈ | 5.7 bn ≈ | 5.9 bn ≈ | 6.5 bn ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Operating income | 1.7 bn | 1.7 bn | 1.9 bn | 1.9 bn | 2.2 bn | 2.2 bn | SEC (XBRL)· 20 Feb 2026verified |
| Depreciation & amortisation | 975.9 m | 1.1 bn | 1.1 bn | 1.3 bn | 1.4 bn | 1.5 bn | SEC (XBRL)· 20 Feb 2026verified |
| EBITDA | 2.7 bn ≈ | 2.8 bn ≈ | 3.0 bn ≈ | 3.2 bn ≈ | 3.5 bn ≈ | 3.7 bn ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Interest expense | 493.7 m | 471.1 m | 515.1 m | 726.9 m | 815.3 m | 895.1 m | SEC (XBRL)· 20 Feb 2026verified |
| Pre-tax income | 1.4 bn | 1.5 bn | 1.7 bn | 1.5 bn | 1.7 bn | 1.7 bn | SEC (XBRL)· 20 Feb 2026verified |
| Income tax | 227.9 m | 200.3 m | 322.9 m | 204.6 m | 222.0 m | 118.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Net income | 1.2 bn | 1.3 bn | 1.4 bn | 1.3 bn | 1.5 bn | 1.6 bn | SEC (XBRL)· 20 Feb 2026verified |
| Diluted EPS | 3.79 | 4.11 | 4.45 | 4.22 | 4.83 | 4.81 | SEC (XBRL)· 20 Feb 2026verified |
| Weighted average diluted shares | 316.5 m | 316.3 m | 316.1 m | 315.9 m | 316.5 m | 323.8 m | SEC (XBRL)· 20 Feb 2026verified |
| Dividend per share | 2.53 | 2.71 | 2.91 | 3.12 | 3.34 | 3.57 | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 24.8 m | 16.3 m | 28.9 m | 42.9 m | 9.8 m | 27.6 m | SEC (XBRL)· 20 Feb 2026verified |
| Receivables | 1.2 bn | 1.5 bn | 1.8 bn | 1.5 bn | 1.7 bn | 2.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Current assets | 2.1 bn | 2.7 bn | 3.2 bn | 2.8 bn | 2.9 bn | 3.3 bn | SEC (XBRL)· 20 Feb 2026verified |
| Property, plant & equipment, net | 25.7 bn | 27.0 bn | 29.1 bn | 31.6 bn | 34.6 bn | 38.3 bn | SEC (XBRL)· 20 Feb 2026verified |
| Goodwill | 3.1 bn | 3.1 bn | 3.1 bn | 3.1 bn | 3.1 bn | 3.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Intangibles (excl. goodwill) | — | — | — | — | — | 17.4 m | SEC (XBRL)· 07 May 2026verified |
| Total assets | 37.0 bn | 39.0 bn | 41.9 bn | 43.9 bn | 47.4 bn | 51.5 bn | SEC (XBRL)· 20 Feb 2026verified |
| Accounts payable | 880.7 m | 1.0 bn | 1.2 bn | 896.6 m | 1.1 bn | 1.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Short-term debt | 1.8 bn | 1.9 bn | 1.6 bn | 2.0 bn | 1.1 bn | 1.9 bn | SEC (XBRL)· 20 Feb 2026verified |
| Long-term debt | 11.7 bn | 13.5 bn | 14.7 bn | 15.4 bn | 17.2 bn | 18.5 bn | SEC (XBRL)· 20 Feb 2026verified |
| Current liabilities | 4.1 bn | 3.8 bn | 4.6 bn | 5.1 bn | 4.8 bn | 5.6 bn | SEC (XBRL)· 20 Feb 2026verified |
| Equity | 10.7 bn | 11.1 bn | 11.6 bn | 12.1 bn | 12.8 bn | 14.1 bn | SEC (XBRL)· 20 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 2.2 bn | 2.0 bn | 2.1 bn | 3.0 bn | 3.2 bn | 3.4 bn | SEC (XBRL)· 20 Feb 2026verified |
| Capex | 2.9 bn | 2.4 bn | 2.7 bn | — | — | — | SEC (XBRL)· 23 Feb 2023verified |
| Free cash flow | -678.3 m ≈ | -340.0 m ≈ | -636.2 m ≈ | — | — | — | SEC (XBRL)· 23 Feb 2023derived |
| Investing cash flow | -2.8 bn | -2.3 bn | -2.6 bn | -3.6 bn | -3.8 bn | -4.9 bn | SEC (XBRL)· 20 Feb 2026verified |
| Financing cash flow | 601.1 m | 294.0 m | 676.4 m | 522.8 m | 467.7 m | 1.5 bn | SEC (XBRL)· 20 Feb 2026verified |
| Dividends paid | 798.0 m | 854.8 m | 917.9 m | 984.2 m | 1.1 bn | 1.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Share repurchases | 99.2 m | 33.1 m | 69.2 m | 16.6 m | 3.2 m | 1.3 m | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
3 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 42 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 38.9 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet30
- Valuation21
- Quality85
- Growth27
- Returns67
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 46.91 – 123.96 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Dividend discount (DDM)46.91 – 63.09 (Mid 53.81)
- Peers: EV/EBITDA63.62 – 100.53 (Mid 88.65)8 companies used · median multiple 12.8x · quartiles 10.7x – 13.8xAEE, CMS, DUK, EVRG, EXC, LNT, NI, XEL
- Peers: P/E104.81 – 123.96 (Mid 110.68)10 companies used · median multiple 20.1x · quartiles 19.0x – 22.5xAEE, CMS, DUK, ED, EVRG, EXC, LNT, NI, PEG, XEL
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 42/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.5% | 90 (vs peers) | 6% |
| Net margin · Quality | 17.6% | 80 (vs peers) | 6% |
| Revenue CAGR 3Y · Growth | 0.7% | 27 (on a fixed band) | 6% |
| EPS CAGR 3Y · Growth | 2.6% | 26 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 5.4x | 38 (vs peers) | 13% |
| Interest coverage · Balance sheet | 2.6x | 32 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 0.5x | 0 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 21.4x | 27 (vs peers) | 13% |
| EV/EBITDA · Valuation | 15.3x | 13 (vs peers) | 11% |
| Dividend yield · Returns | 3.2% | 73 (vs peers) | 15% |
| Payout ratio (EPS) · Returns | 78.0% | 53 (on a fixed band) | 6% |
Score groups
- Balance sheet30/100 · 3/3 factors with a value
- Growth27/100 · 2/2 factors with a value
- Quality85/100 · 2/2 factors with a value
- Returns67/100 · 2/2 factors with a value
- Valuation21/100 · 2/2 factors with a value
Memo
WEC ENERGY GROUP, INC. (WEC). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 9.8 bn USD in 2025; YoY growth 14.0%; net margin 17.6%; ROE 12.5%; net debt/EBITDA 5.4x.
The estimated value range is 63.62–100.53 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 88.65 USD, the price of 118.11 USD leaves a potential of -24.9% (value / price − 1) and a margin of safety of -33.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 42/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 6.5%
- Net margin: 17.6%
- Dividend yield: 3.2%
What contradicts it
- Revenue CAGR 3Y: 0.7%
- EPS CAGR 3Y: 2.6%
- Current ratio: 0.5x
- P/E (TTM): 21.4x
- EV/EBITDA: 15.3x
- The price is above the estimated value range
Versus the vertical median
Electric & Other Services Combined (SIC 4931) · same industry (4-digit SIC) · compared with 11 companies
Only companies with a capitalisation between 4.6 bn and 292.4 bn (within 8× of the company's); 6 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DUKDuke Energy CORP | 101.0 bn | 19.8 | 9.8% | 15.8% | +5.6% | +5% / +40% |
| XELXcel Energy Inc | 51.7 bn | 18.8 | 11.4% | — | +1.2% | −2% / +32% |
| EXCExelon Corporation | 47.3 bn | 16.9 | 9.8% | 11.2% | +5.3% | −2% / +20% |
| EDConsolidated Edison Inc | 44.3 bn | 20.3 | 8.7% | 12.5% | +10.9% | +20% / +34% |
| WECWec Energy Group, Inc. | 38.9 bn | 21.4 | 12.5% | 17.6% | +14.0% | +6% / +41% |
| PEGPublic Service Enterprise Group Incorporated | 36.5 bn | 18.2 | 11.8% | 16.0% | +18.3% | −12% / +17% |
| PCGPg&E Corp | 35.9 bn | 9.6 | 9.7% | 12.3% | +2.1% | −17% / −22% |
| AEEAmeren Corp | 31.3 bn | 19.9 | 12.1% | 17.9% | +15.4% | +6% / +46% |
| CMSCms Energy Corp | 22.3 bn | 21.3 | 11.3% | 11.6% | +13.6% | −6% / +25% |
| NINiSource Inc. | 21.7 bn | 23.1 | 10.1% | 8.2% | +23.5% | +3% / +77% |
| EVRGEvergy, Inc. | 19.9 bn | 22.9 | 8.8% | 14.6% | +2.0% | +11% / +69% |
| LNTAlliant Energy Corp | 19.1 bn | 23.1 | 11.3% | 18.6% | +9.6% | +6% / +46% |
1- and 3-year price returns: for WEC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 67.15 Total return -40% · Per year -40% | 118.94 Total return 4% · Per year 4% | 179.46 Total return 56% · Per year 56% |
| 3 years | 60.28 Total return -41% · Per year -16% | 120.60 Total return 13% · Per year 4% | 200.50 Total return 84% · Per year 22% |
| 5 years | 54.12 Total return -42% · Per year -10% | 122.30 Total return 22% · Per year 4% | 224.00 Total return 114% · Per year 16% |
- Exit P/E± 30.15
- Net margin± 21.11
- Annual revenue growth± 17.98
- Annual dilution± 1.77
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (29 Oct 2026 · results).
In brief
WEC Energy Group is a diversified holding company with natural gas and electric utility operations serving 4.8 million customers in Wisconsin, Illinois, Michigan and Minnesota 3. It reported second-quarter 2026 net income attributed to common shareholders of $299.2 million and reaffirmed 2026 EPS guidance of $5.51 to $5.61 3. A $37.5 billion capital plan for 2026 to 2030 relies heavily on demand from data centers 12.
SWOT
Strengths
- A large regulated asset base and a substantial capital plan give visibility into planned investment growth.
- A diversified generation mix across coal, gas, renewables and purchase contracts reduces reliance on any single fuel.
- The ATC stake and non-utility activities add income streams complementary to the regulated utilities.
Weaknesses
- The company depends on regulatory approvals to recover costs, and some recent decisions have led to impairments.
- High debt levels and financing needs for the capital plan are sensitive to capital market conditions.
- Illinois operations have faced cost recovery difficulties that weighed on regional profitability.
Opportunities
- Data center demand could significantly expand the utility's load base if the projects proceed.
- Investment in gas, renewables and battery storage could support growth in the regulated rate base.
- Gas infrastructure replacement and modernization programs could create further approved investment opportunities.
Threats
- Changes in emissions policy and regulation could raise compliance costs or affect retirement plans.
- Political pressure over energy affordability could limit the ability to recover costs through rates.
- Geopolitical risks and fuel price volatility could affect generation and purchased power costs.
Risks
- Cost recovery in regulatory proceedingshigh
Regulators may disallow costs judged imprudent or delay recovery, which could affect results and financial condition 1.
- Environmental and compliance costshigh
Compliance with environmental laws and emissions requirements can involve substantial costs, and early retirement of assets could produce losses 1.
- Execution of the capital planmedium
Delivering a very large capital plan depends on approvals, supply chains and construction, and delays could slow anticipated growth 2.
- Concentrated data center demandmedium
Reliance on a small number of very large customers could create volatility if projects change or are postponed 2.
- Capital market and interest rate exposurelow
Large funding needs through debt and equity could be affected by market conditions, potentially raising the cost of capital 12.
Investment thesis
What would need to be true (bull case)
- If data center demand materializes, the capital plan could support sustained growth in the regulated rate base.
- First-half 2026 results and the reaffirmed guidance could indicate solid operational execution.
- Asset diversification and the ATC stake could offer relative protection against shocks in any single segment.
What would break the thesis
- Unfavorable regulatory decisions could limit cost recovery and lead to further asset impairments.
- The large investment program could increase debt and financing costs, which could compress margins.
- If data center projects are delayed or scaled back, expected sales growth could fall short of estimates.
What to watch
- Update to 2026 EPS guidanceQ3 2026
- Progress of data center projects in Port Washington and southeastern Wisconsin2026
- ICC decision on the proposed QIP rider settlement for PGL2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (29 Oct 2026 · results).
The business
At December 31, 2025 the company had six reportable segments and owned 8,375 MWs of generation capacity, including jointly owned facilities 1. Its generation mix includes coal, combined-cycle gas, gas and oil peaking units, renewables and a nuclear power purchase contract 1. Electricity is also supplied through participation in MISO Energy Markets 1.
The strategy emphasizes reliability, operating efficiency, financial discipline, environmental stewardship, customer care and safety, and the capital plan is meant to support regional economic growth 2. The company aims to eliminate coal as an energy source by the end of 2032 and targets net carbon neutral electric generation by 2050 1.
Segments
Wisconsin segment
The Wisconsin segment includes the electric and natural gas utility operations of WE, WPS, WG and UMERC and was the largest contributor to 2025 net income 1. Planned regulated renewable investment in Wisconsin totals about $12.6 billion for 2026 to 2030, including utility-scale solar and battery storage 2.
Illinois segment
Illinois operations through PGL and NSG were affected by a 2023 ICC rate order that disallowed certain capital costs, leading to impairment losses 1. In the fourth quarter of 2025 the company recorded a charge tied to a proposed settlement of QIP rider proceedings, subject to ICC approval 1.
Market context
The core market is the Milwaukee-to-Chicago corridor, where demand growth comes from industrial investment and data centers. The company expects up to 2.6 GWs of load growth in that corridor through 2030 2. Microsoft has announced plans to invest over $20 billion in data centers in southeastern Wisconsin 2.
For 2026 the company forecasts retail electric sales excluding the Tilden mine to increase 1.6% under normal weather 1. Excluding very large data center customers, sales are expected to be relatively flat for 2026 1.
Trends
- Data center demandtailwind
Large data center projects in Wisconsin, such as the Port Washington campus, could add significant demand, and VLC tariffs approved in May 2026 are designed to protect other customers 2. If these projects expand, planned investment could increase.
- Shift from coal to gas and renewablesmixed
Retiring coal plants and replacing them with gas and renewables reflects environmental requirements, but also compliance costs and the risk of impairments on retired assets 1.
- Cost of capital and financingheadwind
A very large capital plan implies extensive debt and equity financing, and higher long-term debt reflects that need 21. Higher financing costs could weigh on margins.
- Environmental policy and deregulationmixed
The EPA is pursuing broad deregulation, but greenhouse gas rules remain relevant, and recent federal orders keeping certain coal plants running could affect retirement plans 1.
Competitive position
The company operates in regulated territories where direct competition is limited by assigned service areas, but it competes on generation cost through MISO market participation 1. Its generation cost relative to other participants determines how often its units are dispatched and whether it buys or sells power 1.
Competitive pressure also comes from alternative electric suppliers in Michigan, which can attract customers, and from supply options in regional markets 12. The strategy relies on reliability and customer service to sustain long-term contracts 2.
- Other regional utilities
The company is compared with other regulated Midwest utilities that participate in the MISO market, though the source does not name specific companies.
- Alternative electric suppliers in Michigan
Alternative suppliers can attract customers in areas where the company operates, such as the Upper Peninsula, according to the annual report.
- MISO market operator and its participants
The cost of generation relative to other MISO market participants determines the company's dispatch and energy trading.
- Renewable and storage developers
Solar, wind and storage projects can compete for capacity approvals and for contracts with large customers.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Is WEC Energy Stock Underperforming the Dow?Yahoo Finance — News · 15 Sept 2026 · EN
The latest news item in our archive is from 15 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report04 Nov 2026Other events · Financial statements and exhibits
- Current report04 Nov 2026Other events · Financial statements and exhibits
- Quarterly report30 Oct 2026
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Current report04 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report18 Aug 2026Material agreement
- Current report11 Aug 2026Departure or appointment of officers
- Quarterly report04 Aug 2026
- Current report03 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / WEC Energy Group, Inc. · 20 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / WEC Energy Group, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / WEC Energy Group, Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.