Analyst Report: WEC Energy Group Inc

Summary

WEC Energy Group, based in Milwaukee, is a 98%-regulated energy company serving 4.7 million utility customers in Wisconsin (63% of customers), Illinois (17%), Minnesota (5%) and Michigan (5%). The company generates and distributes electricity and delivers natural gas. The company’s primary subsidiaries are We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources, and Upper Michigan Energy Resources. The company’s other major subsidiary, We Power, designs, builds, and owns electric generating plants.

WEC’s current revenue by business is approximately 75% regulated electricity generation and distribution and 22% regulated natural gas distribution. In 2023, about 14% of MWh sales were for resale customers and 4% were for wholesale.

WEC is heavily dependent on the Wisconsin economy and the dairy industry. The company’s 2022 fuel mix for electric generation was 32% coal, 37% natural gas, 22% nuclear, and 8% renewables. It plans to reduce carbon emissions by 80% and stop using coal as a primary fuel source by 2030, in line with many peers, and to also eliminate methane emissions by 2030.

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