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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 10-Q

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________________ to ___________________

Commission
File Number
Registrant; State of Incorporation;
Address; and Telephone Number
IRS Employer
Identification No.
image0a19.jpg
001-09057WEC ENERGY GROUP, INC.39-1391525
(A Wisconsin Corporation)
231 West Michigan Street
P.O. Box 1331
Milwaukee, WI 53201
(414) 221-2345


Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $.01 Par ValueWECNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 

    Yes     No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

    Yes     No




Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

    Yes     No

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date (March 31, 2024):

Common Stock, $.01 Par Value, 315,822,587 shares outstanding


WEC ENERGY GROUP, INC.
QUARTERLY REPORT ON FORM 10-Q
For the Quarter Ended March 31, 2024
TABLE OF CONTENTS
Page
Page

03/31/2024 Form 10-Q
i
WEC Energy Group, Inc.


GLOSSARY OF TERMS AND ABBREVIATIONS

The abbreviations and terms set forth below are used throughout this report and have the meanings assigned to them below:
Subsidiaries and Affiliates
ATCAmerican Transmission Company LLC
ATC HoldcoATC Holdco LLC
BluewaterBluewater Natural Gas Holding, LLC
IntegrysIntegrys Holding, Inc.
JayhawkJayhawk Wind, LLC
MERCMinnesota Energy Resources Corporation
MGUMichigan Gas Utilities Corporation
NSGNorth Shore Gas Company
PGLThe Peoples Gas Light and Coke Company
Samson ISamson I Solar Energy Center LLC
Sapphire SkySapphire Sky Wind Energy LLC
Tatanka RidgeTatanka Ridge Wind LLC
UMERCUpper Michigan Energy Resources Corporation
WEWisconsin Electric Power Company
We PowerW.E. Power, LLC
WEC Energy GroupWEC Energy Group, Inc.
WECIWEC Infrastructure LLC
WEPCo Environmental TrustWEPCo Environmental Trust Finance I, LLC
WGWisconsin Gas LLC
WPSWisconsin Public Service Corporation
Federal and State Regulatory Agencies
CBPUnited States Customs and Border Protection Agency
DOCUnited States Department of Commerce
EPAUnited States Environmental Protection Agency
FERCFederal Energy Regulatory Commission
ICCIllinois Commerce Commission
IRSUnited States Internal Revenue Service
MPSCMichigan Public Service Commission
MPUCMinnesota Public Utilities Commission
PSCWPublic Service Commission of Wisconsin
SECUnited States Securities and Exchange Commission
WDNRWisconsin Department of Natural Resources
Accounting Terms
AROAsset Retirement Obligation
ASCAccounting Standards Codification
ASUAccounting Standards Update
FASBFinancial Accounting Standards Board
GAAPUnited States Generally Accepted Accounting Principles
LIFOLast-In, First-Out
OPEBOther Postretirement Employee Benefits
VIEVariable Interest Entity
Environmental Terms
BATWBottom Ash Transport Water
BTABest Technology Available
CAAClean Air Act
CASACClean Air Scientific Advisory Committee
CCRCoal Combustion Residuals
CO2
Carbon Dioxide
CWAClean Water Act
03/31/2024 Form 10-Q
ii
WEC Energy Group, Inc.


ELGSteam Electric Effluent Limitation Guidelines
FGDFlue Gas Desulfurization
GHGGreenhouse Gas
MATSMercury and Air Toxics Standards
NAAQSNational Ambient Air Quality Standards
NOVNotice of Violation
NOxNitrogen Oxide
PMParticulate Matter
WPDESWisconsin Pollutant Discharge Elimination System
ZLDZero Liquid Discharge
Measurements
BcfBillion Cubic Feet
DthDekatherm
lb/MMBtuPound Per Million British Thermal Unit
MWMegawatt
MWhMegawatt-hours
µg/m3Micrograms Per Cubic Meter
Other Terms and Abbreviations
2007 Junior NotesWEC Energy Group, Inc.'s 2007 Series A Junior Subordinated Notes Due 2067
AMIAdvanced Metering Infrastructure
CABOClean and Affordable Buildings Ordinance
Chicago, IL-IN-WIChicago, Illinois, Indiana, and Wisconsin
CIPConservation Improvement Program
Compensation CommitteeCompensation Committee of the Board of Directors
D.C. Circuit Court of AppealsUnited States Court of Appeals for the District of Columbia Circuit
DarienDarien Solar Park
Delilah IDelilah I Solar Energy Center
DERDistributed Energy Resource
DRERDedicated Renewable Energy Resource
ERGSElm Road Generating Station
ESG Progress Plan
 
WEC Energy Group's Capital Investment Plan for Efficiency, Sustainability, and Growth for 2024-2028
ETBEnvironmental Trust Bond
EVElectric Vehicle
Exchange ActSecurities Exchange Act of 1934, as amended
FTRFinancial Transmission Right
IRAInflation Reduction Act
ITCInvestment Tax Credit
KoshkonongKoshkonong Solar Park
LDCLocal Natural Gas Distribution Company
LNGLiquefied Natural Gas
Maple FlatsMaple Flats Solar Energy Center LLC
MG&EMadison Gas and Electric Company
MISOMidcontinent Independent System Operator, Inc.
OCPPOak Creek Power Plant
ParisParis Solar-Battery Park
PPAPower Purchase Agreement
PTCProduction Tax Credit
QIPQualifying Infrastructure Plant
Red BarnRed Barn Wind Park
RICEReciprocating Internal Combustion Engine
RNGRenewable Natural Gas
ROEReturn on Equity
S&PStandard & Poor's
SIPState Implementation Plan
03/31/2024 Form 10-Q
iii
WEC Energy Group, Inc.


SMPSafety Modernization Program
SOFRSecured Overnight Financing Rate
Tax Legislation
Tax Cuts and Jobs Act of 2017
TCRTransmission Congestion Right
UEAUncollectible Expense Adjustment
UFLPAUyghur Forced Labor Prevention Act
West RiversideWest Riverside Energy Center
WhitewaterWhitewater Cogeneration Facility
WPLWisconsin Power and Light Company
WROWithhold Release Order
WUAWisconsin Utilities Association

03/31/2024 Form 10-Q
iv
WEC Energy Group, Inc.


CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

In this report, we make statements concerning our expectations, beliefs, plans, objectives, goals, strategies, and future events or performance. These statements are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Readers are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements may be identified by reference to a future period or periods or by the use of terms such as "anticipates," "believes," "could," "estimates," "expects," "forecasts," "goals," "guidance," "intends," "may," "objectives," "plans," "possible," "potential," "projects," "seeks," "should," "targets," "will," or variations of these terms.

Forward-looking statements include, among other things, statements concerning management's expectations and projections regarding earnings, completion of capital projects, sales and customer growth, rate actions and related filings with regulatory authorities, environmental and other regulations, including associated compliance costs, legal proceedings, dividend payout ratios, effective tax rates, pension and OPEB plans, fuel costs, sources of electric energy supply, coal and natural gas deliveries, remediation costs, climate-related matters, our ESG Progress Plan, liquidity and capital resources, and other matters.

Forward-looking statements are subject to a number of risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in the statements. These risks and uncertainties include those described in risk factors as set forth in our 2023 Annual Report on Form 10-K, and those identified below:

Factors affecting utility and non-utility energy infrastructure operations such as catastrophic weather-related damage, environmental incidents, unplanned facility outages and repairs and maintenance, and electric transmission or natural gas pipeline system constraints;

Factors affecting the demand for electricity and natural gas, including political or regulatory developments, varying, adverse, or unusually severe weather conditions, including those caused by climate change, changes in economic conditions, customer growth and declines, commodity prices, energy conservation efforts, and continued adoption of distributed generation by customers;

The timing, resolution, and impact of rate cases and negotiations, including recovery of deferred and current costs and the ability to earn a reasonable return on investment, and other regulatory decisions impacting our regulated operations;

The impact of federal, state, and local legislative and/or regulatory changes, including changes in rate-setting policies or procedures, the results of recent or upcoming rate orders, deregulation and restructuring of the electric and/or natural gas utility industries, transmission or distribution system operation, the approval process for new construction, reliability standards, pipeline integrity and safety standards, allocation of energy assistance, energy efficiency mandates, electrification initiatives and other efforts to reduce the use of natural gas, and tax laws, including those that affect our ability to use PTCs and ITCs, as well as changes in the interpretation and/or enforcement of any laws or regulations by regulatory agencies;

Federal, state, and local legislative and regulatory changes relating to the environment, including climate change and other environmental regulations impacting generation facilities and renewable energy standards, the enforcement of these laws and regulations, changes in the interpretation of regulations or permit conditions by regulatory agencies, and the recovery of associated remediation and compliance costs;

The ability to obtain and retain customers, including wholesale customers, due to increased competition in our electric and natural gas markets from retail choice and alternative electric suppliers, and continued industry consolidation;

The timely completion of capital projects within budgets and the ability to recover the related costs through rates;

The impact of changing expectations and demands of our customers, regulators, investors, and other stakeholders, including focus on environmental, social, and governance concerns;

The risk of delays and shortages, and increased costs of equipment, materials, or other resources that are critical to our business operations and corporate strategy, as a result of supply chain disruptions (including disruptions from rail congestion), inflation, and other factors;

03/31/2024 Form 10-Q
1
WEC Energy Group, Inc.


The impact of public health crises, including epidemics and pandemics, on our business functions, financial condition, liquidity, and results of operations;

Factors affecting the implementation of our CO2 emission and/or methane emission reduction goals and opportunities and actions related to those goals, including related regulatory decisions, the cost of materials, supplies, and labor, technology advances, the feasibility of competing generation projects, and our ability to execute our capital plan;

The financial and operational feasibility of taking more aggressive action to further reduce GHG emissions in order to limit future global temperature increases;

The risks associated with inflation and changing commodity prices, including natural gas and electricity;

The availability and cost of sources of natural gas and other fossil fuels, purchased power, materials needed to operate environmental controls at our electric generating facilities, or water supply due to high demand, shortages, transportation problems, nonperformance by electric energy or natural gas suppliers under existing power purchase or natural gas supply contracts, or other developments;

Any impacts on the global economy, including from sanctions, and impacts on supply chains and fuel prices, generally, from ongoing, expanding, or escalating regional conflicts, including those in Ukraine, Israel, and other parts of the Middle East;

Changes in credit ratings, interest rates, and our ability to access the capital markets, caused by volatility in the global credit markets, our capitalization structure, and market perceptions of the utility industry, us, or any of our subsidiaries;

Costs and effects of litigation, administrative proceedings, investigations, settlements, claims, and inquiries;

The direct or indirect effect on our business resulting from terrorist or other physical attacks and cybersecurity intrusions, as well as the threat of such incidents, including the failure to maintain the security of personally identifiable information, the associated costs to protect our utility assets, technology systems, and personal information, and the costs to notify affected persons to mitigate their information security concerns and to comply with state notification laws;

Restrictions imposed by various financing arrangements and regulatory requirements on the ability of our subsidiaries to transfer funds to us in the form of cash dividends, loans or advances, that could prevent us from paying our common stock dividends, taxes, and other expenses, and meeting our debt obligations;

The risk of financial loss, including increases in bad debt expense, associated with the inability of our customers, counterparties, and affiliates to meet their obligations;

Changes in the creditworthiness of the counterparties with whom we have contractual arrangements, including participants in the energy trading markets and fuel suppliers and transporters;

The financial performance of ATC and its corresponding contribution to our earnings;

The investment performance of our employee benefit plan assets, as well as unanticipated changes in related actuarial assumptions, which could impact future funding requirements;

Factors affecting the employee workforce, including loss of key personnel, internal restructuring, work stoppages, and collective bargaining agreements and negotiations with union employees;

Advances in technology, and related legislation or regulation supporting the use of that technology, that result in competitive disadvantages and create the potential for impairment of existing assets;

Risks related to our non-utility renewable energy facilities, including unfavorable weather, changes in the financial performance and/or creditworthiness of counterparties to the off-take agreements, changes in demand based on lower prices for alternative energy sources, the ability to replace expiring PPAs under acceptable terms, risks of rights related to property on which our projects are located but we do not own, the availability of reliable interconnection and electricity grids, and exposure to the rules and procedures of the power markets in which these facilities are located;

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The risk associated with the values of goodwill and other long-lived assets, including intangible assets, and equity method investments, and their possible impairment;

Potential business strategies to acquire and dispose of assets or businesses, or portions thereof, which cannot be assured to be completed timely or within budgets, and legislative or regulatory restrictions or caps on non-utility acquisitions, investments or projects, including the State of Wisconsin's public utility holding company law;

The timing and outcome of any audits, disputes, and other proceedings related to taxes;

The effect of accounting pronouncements issued periodically by standard-setting bodies; and

Other considerations disclosed elsewhere herein and in other reports we file with the SEC or in other publicly disseminated written documents.

Except as may be required by law, we expressly disclaim any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

WEC ENERGY GROUP, INC.

CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited)Three Months Ended
March 31
(in millions, except per share amounts)20242023
Operating revenues$2,680.2 $2,888.1 
Operating expenses
Cost of sales927.1 1,309.7 
Other operation and maintenance530.8 534.0 
Depreciation and amortization333.4 305.5 
Property and revenue taxes75.5 69.6 
Total operating expenses1,866.8 2,218.8 
Operating income813.4 669.3 
Equity in earnings of transmission affiliates44.8 43.8 
Other income, net44.1 40.8 
Interest expense 192.0 172.2 
Other expense(103.1)(87.6)
Income before income taxes710.3 581.7 
Income tax expense87.7 74.1 
Net income622.6 507.6 
Preferred stock dividends of subsidiary0.3 0.3 
Net loss attributed to noncontrolling interests 0.2 
Net income attributed to common shareholders$622.3 $507.5 
Earnings per share
Basic$1.97 $1.61 
Diluted$1.97 $1.61 
Weighted average common shares outstanding
Basic315.6315.4
Diluted315.9315.9

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements.

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WEC Energy Group, Inc.


WEC ENERGY GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)Three Months Ended
March 31
(in millions)20242023
Net income$622.6 $507.6 
Other comprehensive loss, net of tax  
Derivatives accounted for as cash flow hedges  
Reclassification of realized derivative gains to net income, net of tax(0.1)(0.1)
Comprehensive income622.5 507.5 
Preferred stock dividends of subsidiary0.3 0.3 
Comprehensive loss attributed to noncontrolling interests 0.2 
Comprehensive income attributed to common shareholders$622.2 $507.4 

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements.

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WEC Energy Group, Inc.


WEC ENERGY GROUP, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in millions, except share and per share amounts)
March 31, 2024December 31, 2023
Assets
Current assets
Cash and cash equivalents$38.9 $42.9 
Accounts receivable and unbilled revenues, net of reserves of $190.7 and $193.5, respectively
1,557.0 1,503.2 
Materials, supplies, and inventories608.6 775.2 
Prepaid taxes143.0 173.9 
Other prepayments70.9 76.8 
Other186.2 223.7 
Current assets2,604.6 2,795.7 
Long-term assets
Property, plant, and equipment, net of accumulated depreciation and amortization of $11,275.0 and $11,073.1, respectively
31,729.8 31,581.5 
Regulatory assets (March 31, 2024 and December 31, 2023 include $84.1 and $85.9, respectively, related to WEPCo Environmental Trust)
3,247.0 3,249.8 
Equity investment in transmission affiliates2,027.1 2,005.9 
Goodwill3,052.8 3,052.8 
Pension and OPEB assets883.9 870.9 
Other382.0 383.1 
Long-term assets41,322.6 41,144.0 
Total assets$43,927.2 $43,939.7 
Liabilities and Equity
Current liabilities
Short-term debt$2,574.2 $2,020.9 
Current portion of long-term debt (March 31, 2024 and December 31, 2023 include $9.0, related to WEPCo Environmental Trust)
640.5 1,264.2 
Accounts payable640.9 896.6 
Other854.1 933.1 
Current liabilities4,709.7 5,114.8 
Long-term liabilities
Long-term debt (March 31, 2024 and December 31, 2023 include $85.4 and $85.3, respectively, related to WEPCo Environmental Trust)
15,375.8 15,512.8 
Deferred income taxes5,120.0 4,918.5 
Deferred revenue, net351.1 356.4 
Regulatory liabilities3,730.2 3,697.7 
Intangible liabilities581.4 594.8 
Environmental remediation liabilities448.9 463.7 
AROs377.7 374.2 
Other806.3 835.3 
Long-term liabilities26,791.4 26,753.4 
Commitments and contingencies (Note 20)
Common shareholders' equity
Common stock – $0.01 par value; 325,000,000 shares authorized; 315,822,587 and 315,434,531 shares outstanding, respectively
3.2 3.2 
Additional paid in capital4,145.7 4,115.9 
Retained earnings7,971.6 7,612.8 
Accumulated other comprehensive loss(7.8)(7.7)
Common shareholders' equity12,112.7 11,724.2 
Preferred stock of subsidiary30.4 30.4 
Noncontrolling interests283.0 316.9 
Total liabilities and equity$43,927.2 $43,939.7 
The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements.
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WEC Energy Group, Inc.


WEC ENERGY GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)Three Months Ended
March 31
(in millions)20242023
Operating activities
Net income$622.6 $507.6 
Reconciliation to cash provided by operating activities
Depreciation and amortization333.4 305.5 
Deferred income taxes and ITCs, net184.3 56.5 
Contributions and payments related to pension and OPEB plans(4.0)(5.5)
Equity income in transmission affiliates, net of distributions(9.1)(6.4)
Change in –
Accounts receivable and unbilled revenues, net(61.3)60.7 
Materials, supplies, and inventories166.6 293.6 
Collateral on deposit17.2 (91.8)
Other current assets19.7 89.4 
Accounts payable(229.8)(424.7)
Other current liabilities(44.8)63.7 
Other, net(131.2)(52.5)
Net cash provided by operating activities863.6 796.1 
Investing activities
Capital expenditures(444.5)(499.4)
Acquisition of Whitewater (76.0)
Acquisition of Sapphire Sky, net of cash acquired of $0.3
 (442.6)
Acquisition of Samson I, net of cash acquired of $5.2
 (249.4)
Capital contributions to transmission affiliates(12.1)(6.1)
Proceeds from the sale of investments held in rabbi trust14.8 10.4 
Other, net5.6 (4.8)
Net cash used in investing activities(436.2)(1,267.9)
Financing activities
Exercise of stock options3.7 0.9 
Issuance of common stock 19.2  
Purchase of common stock(2.0)(6.9)
Dividends paid on common stock(263.5)(246.1)
Issuance of long-term debt 1,100.0 
Retirement of long-term debt(756.9)(35.2)
Change in commercial paper552.8 (385.4)
Purchase of additional ownership interest in Samson I from noncontrolling interest(28.1) 
Other, net(1.7)(9.7)
Net cash provided by (used in) financing activities(476.5)417.6 
Net change in cash, cash equivalents, and restricted cash(49.1)(54.2)
Cash, cash equivalents, and restricted cash at beginning of period165.2 182.2 
Cash, cash equivalents, and restricted cash at end of period$116.1 $128.0 

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements.

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WEC Energy Group, Inc.


WEC ENERGY GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)
WEC Energy Group Common Shareholders' Equity
(in millions, except per share amounts)Common StockAdditional Paid In CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Common Shareholders' EquityPreferred Stock of SubsidiaryNon-controlling InterestsTotal Equity
Balance at December 31, 2023$3.2 $4,115.9 $7,612.8 $(7.7)$11,724.2 $30.4 $316.9 $12,071.5 
Net income attributed to common shareholders  622.3  622.3   622.3 
Other comprehensive loss   (0.1)(0.1)  (0.1)
Issuance of common stock 19.2   19.2   19.2 
Common stock dividends of $0.8350 per share
  (263.5) (263.5)  (263.5)
Exercise of stock options 3.7   3.7   3.7 
Purchase of common stock (2.0)  (2.0)  (2.0)
Purchase of additional ownership interest in Samson I from noncontrolling interest 4.3   4.3  (32.4)(28.1)
Distributions to noncontrolling interests      (1.5)(1.5)
Stock-based compensation and other 4.6   4.6   4.6 
Balance at March 31, 2024$3.2 $4,145.7 $7,971.6 $(7.8)$12,112.7 $30.4 $283.0 $12,426.1 

WEC Energy Group Common Shareholders' Equity
(in millions, except per share amounts)Common StockAdditional Paid In CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Common Shareholders' EquityPreferred Stock of SubsidiaryNon-controlling InterestsTotal Equity
Balance at December 31, 2022$3.2 $4,115.2 $7,265.3 $(6.8)$11,376.9 $30.4 $209.3 $11,616.6 
Net income attributed to common shareholders  507.5  507.5   507.5 
Net loss attributed to noncontrolling interests      (0.2)(0.2)
Other comprehensive loss   (0.1)(0.1)  (0.1)
Common stock dividends of $0.7800 per share
  (246.1) (246.1)  (246.1)
Exercise of stock options 0.9   0.9   0.9 
Purchase of common stock (6.9)  (6.9)  (6.9)
Acquisition of noncontrolling interests      112.9 112.9 
Distributions to noncontrolling interests      (1.3)(1.3)
Stock-based compensation and other 4.4   4.4   4.4 
Balance at March 31, 2023$3.2 $4,113.6 $7,526.7 $(6.9)$11,636.6 $30.4 $320.7 $11,987.7 

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements.

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WEC Energy Group, Inc.


WEC ENERGY GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
March 31, 2024

NOTE 1—GENERAL INFORMATION

WEC Energy Group serves approximately 1.7 million electric customers and 3.0 million natural gas customers, owns approximately 60% of ATC, and owns majority interests in multiple renewable generating facilities as part of its non-utility energy infrastructure segment.

As used in these notes, the term "financial statements" refers to the condensed consolidated financial statements. This includes the income statements, statements of comprehensive income, balance sheets, statements of cash flows, and statements of equity, unless otherwise noted. In this report, when we refer to "the Company," "us," "we," "our," or "ours," we are referring to WEC Energy Group and all of its subsidiaries.

On our financial statements, we consolidate our majority-owned subsidiaries, which we control, and VIEs, of which we are the primary beneficiary. We reflect noncontrolling interests for the portion of entities that we do not own as a component of consolidated equity separate from the equity attributable to our shareholders. The noncontrolling interests that we reported as equity on our balance sheets related to the minority interests held by third parties in the renewable generating facilities that are included in our non-utility energy infrastructure segment.

We use the equity method to account for investments in companies we do not control but over which we exercise significant influence regarding their operating and financial policies. As a result of our limited voting rights, we account for ATC and ATC Holdco as equity method investments. See Note 17, Investment in Transmission Affiliates, for more information.

We have prepared the unaudited interim financial statements presented in this Form 10-Q pursuant to the rules and regulations of the SEC and GAAP. Accordingly, these financial statements do not include all of the information and footnotes required by GAAP for annual financial statements. These financial statements should be read in conjunction with the consolidated financial statements and footnotes in our Annual Report on Form 10-K for the year ended December 31, 2023. Financial results for an interim period may not give a true indication of results for the year. In particular, the results of operations for the three months ended March 31, 2024, are not necessarily indicative of expected results for 2024 due to seasonal variations and other factors.

In management's opinion, we have included all adjustments, normal and recurring in nature, necessary for a fair presentation of our financial results.

NOTE 2—ACQUISITIONS

In accordance with Topic 805: Clarifying the Definition of a Business (ASU 2017-01), transactions are evaluated and are accounted for as acquisitions of assets or businesses, and transaction costs are capitalized in asset acquisitions. It was determined that all of the below acquisitions met the criteria of asset acquisitions. The purchase price of certain acquisitions below includes intangibles recorded as long-term liabilities related to PPAs. See Note 16, Goodwill and Intangibles, for more information.

Acquisitions of Solar Generation Facilities in Texas

In March 2024, WECI signed an agreement to acquire a 90% ownership interest in Delilah I, a 300 MW solar generating facility under construction in Lamar County, Texas, for approximately $459.0 million. 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. The transaction is subject to FERC approval and commercial operation is expected to begin by the end of the second quarter of 2024, at which time the transaction is expected to close. Delilah I is expected to qualify for PTCs and will be included in the non-utility energy infrastructure segment.

In February 2023, WECI completed the acquisition of an 80% ownership interest in Samson I, a commercially operational 250 MW solar generating facility in Lamar County, Texas. Samson I was acquired for $257.3 million, which included payments related to contingent consideration, transaction costs, and was net of cash acquired. 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, May 2022. Samson I qualifies for PTCs and is included in the non-utility energy infrastructure segment. In January 2024, WECI acquired an additional 10% ownership interest in Samson I for $28.1 million.
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WEC Energy Group, Inc.



Acquisitions of Electric Generation Facilities in Wisconsin

In June 2023, WE completed the acquisition of 100 MWs of West Riverside's nameplate capacity, in the first of two potential option exercises. West Riverside is a commercially operational dual fueled combined cycle generation facility in Beloit, Wisconsin. Prior to acquisition, WPS received approval to transfer its ownership interest rights to WE. WE's investment was $95.3 million. In addition, WPS filed an application with the PSCW in September 2023 to exercise a second option to acquire an additional 100 MWs of West Riverside's nameplate capacity. As it did with the first option, in October 2023, WPS filed for approval to assign its ownership interest pursuant to this second option to WE. The PSCW approved both requests in February 2024. WE's incremental share of this investment is expected to be approximately $100 million, with the transaction expected to close in June 2024.

In April 2023, WPS, along with an unaffiliated utility, completed the acquisition of Red Barn, a commercially operational utility-scale wind-powered electric generating facility. The project is located in Grant County, Wisconsin and WPS owns 82 MWs of this project. WPS's share of the cost of this project was $143.8 million. Red Barn qualifies for PTCs.

In January 2023, WE and WPS completed the acquisition of Whitewater, a commercially operational 236.5 MW dual fueled (natural gas and low sulfur fuel oil) combined cycle electric generation facility in Whitewater, Wisconsin, for $76.0 million.

Acquisitions of Electric Generation Facilities in Illinois

In February 2023, upon achievement of commercial operation, WECI completed the acquisition of a 90% ownership interest in Sapphire Sky, a 250 MW wind generating facility in McLean County, Illinois, for a total investment of $442.6 million, which includes transaction costs and is net of cash acquired. The project has an offtake agreement for all of the energy to be produced by the facility for a period of 12 years from the date of commercial operation. Sapphire Sky qualifies for PTCs and is included in the non-utility energy infrastructure segment.

In October 2022, WECI signed an agreement to acquire an 80% ownership interest in Maple Flats, a 250 MW solar generating facility under construction in Clay County, Illinois, for approximately $360 million. 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. The transaction is subject to FERC approval and commercial operation is expected to begin during the fourth quarter of 2024, at which time the transaction is expected to close. Maple Flats is expected to qualify for PTCs and will be included in the non-utility energy infrastructure segment.

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WEC Energy Group, Inc.


NOTE 3—OPERATING REVENUES

For more information about our operating revenues, see Note 1(d), Operating Revenues, in our 2023 Annual Report on Form 10-K.

Disaggregation of Operating Revenues

The following tables present our operating revenues disaggregated by revenue source. We do not have any revenues associated with our electric transmission segment, which includes investments accounted for using the equity method. We disaggregate revenues into categories that depict how the nature, amount, timing, and uncertainty of revenues and cash flows are affected by economic factors. For our segments, revenues are further disaggregated by electric and natural gas operations and then by customer class. Each customer class within our electric and natural gas operations has different expectations of service, energy and demand requirements, and can be impacted differently by regulatory activities within their jurisdictions.
(in millions)WisconsinIllinoisOther StatesTotal Utility OperationsNon-Utility Energy InfrastructureCorporate and OtherReconciling EliminationsWEC Energy Group Consolidated
Three Months Ended March 31, 2024      
Electric$1,185.3 $ $ $1,185.3 $ $ $ $1,185.3 
Natural gas586.0 603.8 173.6 1,363.4 14.5  (14.2)1,363.7 
Total regulated revenues1,771.3 603.8 173.6 2,548.7 14.5  (14.2)2,549.0 
Other non-utility revenues  5.0 5.0 52.1  (1.6)55.5 
Total revenues from contracts with customers1,771.3 603.8 178.6 2,553.7 66.6  (15.8)2,604.5 
Other operating revenues7.5 62.2 6.0 75.7 104.3  (104.3)
(1)
75.7 
Total operating revenues$1,778.8 $666.0 $184.6 $2,629.4 $170.9 $ $(120.1)$2,680.2 

(in millions)WisconsinIllinoisOther StatesTotal Utility OperationsNon-Utility Energy InfrastructureCorporate and OtherReconciling EliminationsWEC Energy Group Consolidated
Three Months Ended March 31, 2023      
Electric$1,203.8 $ $ $1,203.8 $ $ $ $1,203.8 
Natural gas784.4 577.7 245.0 1,607.1 21.3  (21.1)1,607.3 
Total regulated revenues1,988.2 577.7 245.0 2,810.9 21.3  (21.1)2,811.1 
Other non-utility revenues  5.2 5.2 43.5  (1.6)47.1 
Total revenues from contracts with customers1,988.2 577.7 250.2 2,816.1 64.8  (22.7)2,858.2 
Other operating revenues8.1 22.0 (0.2)29.9 101.4  (101.4)
(1)
29.9 
Total operating revenues$1,996.3 $599.7 $250.0 $2,846.0 $166.2 $ $(124.1)$2,888.1 

(1)Amounts eliminated represent lease revenues related to certain plants that We Power leases to WE to supply electricity to its customers. Lease payments are billed from We Power to WE and then recovered in WE's rates as authorized by the PSCW and the FERC. WE operates the plants and is authorized by the PSCW and Wisconsin state law to fully recover prudently incurred operating and maintenance costs in electric rates.