Wec Energy Group, Inc. · NYSE:WEC
Wec Energy — Investor Presentation (March 2026)
51 slides from Wec Energy's investor presentation, Mar 2, 2026
Slide 1: Energizing the Future Investor Update: March 2026
1 Energizing the Future Investor Update: March 2026
Slide 2: Cautionary Statement Regarding Forward-Looking Information
2 Cautionary Statement Regarding Forward-Looking Information Much of the information contained in this presentation is forward-looking information based upon management’s current expectations and projections that involve risks and uncertainties. Forward-looking information includes, among other thin
Slide 3: A Premier Energy Company in America's Heartland
3 A Premier Energy Company in America’s Heartland * As of Feb. 20, 2026 $37.2 billion market cap* 4.7 million retail customers $51.5 billion of assets 60% ownership of American Transmission Company Ranked first overall in the 2025 E Source Large Business Customer Satisfaction Study
Slide 4: History of Consistent, Strong Earnings and Dividend Growth
4 $1 $2 $3 $4 $5 $6 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26E 1. Estimated based on 2026 guidance midpoint of $5.56 per share. 2. See Appendix for reconciliation of adjusted amounts to GAAP amounts. $5.51-$5.61 $3.81 $1 $2 $3 $4 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26E 3. Annualized b
Slide 5: Consistent Performance Over Time
5 22 consecutive years of exceeding or meeting top end of earnings guidance* Consistent Performance Over Time * On an adjusted basis
Slide 6: Robust Long-Term EPS Growth Outlook
6 $5.22 2025 2026 2027 2028 2029 2030 Robust Long-Term EPS Growth Outlook 1. Growth rate based on $5.22 per share, the midpoint of our 2025 adjusted guidance.
Slide 7: Strong Dividend Growth Continues
7 Strong Dividend Growth Continues ▪ In January, dividend was raised by 6.7% to a new annual rate of $3.81 per share* ▪ 23rd consecutive year of rewarding shareholders with higher dividends ▪ Top-decile dividend growth in industry** ▪ Included in S&P's High Yield Dividend Aristocrats Index ▪ Expect
Slide 8: What's New?
8 What’s New?
Slide 9: Illinois Proposed Settlement
9 Illinois Proposed Settlement Peoples Gas (PGL) and North Shore Gas (NSG) reached an agreement on the terms of a proposed settlement with the Illinois Attorney General. If approved by the Illinois Commerce Commission (ICC), it would resolve all issues related to 12 open dockets for a total of appro
Slide 10: Illinois Rate Reviews
10 Illinois Rate Reviews ▪ In January, Peoples Gas and North Shore Gas filed applications with the Illinois Commerce Commission: ▪ The estimated customer impact of our filing—if approved by state regulators—would be $10 to $11 per month for the typical Peoples Gas residential customer. ▪ Chicago hom
Slide 11: Powering Industry Leaders in Our Region
11 Powering Industry Leaders in Our Region
Slide 12: Demand Update
12 Demand Update Based on Microsoft’s new update in January 2026: ▪ Adding 500 MW of new customer demand, bringing forecasted demand in I-94 corridor to 2.6 GW through 2030 ▪ Estimated $1 billion of incremental investment, bringing 5-year capital plan total to $37.5 billion Wisconsin Segment
Slide 13: Longer-Term Sales and Load Growth Remain Strong
13 Longer-Term Sales and Load Growth Remain Strong Wisconsin Segment Year-Over-Year 2028-2030 Electric 6.0%-8.0% Gas 0.7%-1.0% Sales Growth Forecast (weather-normalized) 2026-2030 expecting to add 3.9 GW (~45%) of electric demand
Slide 14: 2.6 GW of Demand Forecasted through 2030
14 2.6 GW of Demand Forecasted through 2030 Robust demand along I-94 Milwaukee to Chicago corridor: Microsoft Data Center ▪ Announced investment of $20+ billion ▪ $7.3 billion – Phase 1 and 2 ▪ $13 billion - Additional ▪ Building 15 additional data centers beyond Phase 1 and 2 ▪ More than 2,000 acre
Slide 15: Strong Regional Growth: 1.3 GW of Demand Forecasted
15 Strong Regional Growth 1.3 GW of Demand Forecasted through 2030 Vantage Data Centers plans to develop a large campus that will be part of OpenAI and Oracle’s partnership for the Stargate expansion: ▪ Four data center buildings planned on 670 acres with expected investment of $15+ billion in Port
Slide 16: Wisconsin Very Large Customer (VLC) Tariff
16 Wisconsin Very Large Customer (VLC) Tariff Meets the unique needs of very large customers while protecting other customers and shareholders ▪ Applies to customers with 500 MW or more of forecasted new load ▪ Customer subscribes to a portion of one or more dedicated new generation resources ▪ Term
Slide 17: Increasing Five-Year Capital Plan by $1 Billion
17 $19.3 $20.3 $1.3 $1.3 $4.7 $4.7 $7.1 $7.1 $4.1 $4.1 $36.5 $37.5 2026-2030 2026-2030 Electric Transmission (ATC)* Gas Distribution** Electric Distribution WI LNG Capacity Electric Generation U p d a te d p la n N o v e m b e r 2 0 2 5 p la n *ATC is accounted for using the equity method; this repr
Slide 18: $37.5 Billion Projected Capital Spend From 2026-2030
18 $37.5 Billion Projected Capital Spend From 2026-2030 Capital Plan Drives EPS Growth Depreciation at utilities expected to average $1.6 billion annually, and $190 million at ATC, over 2026-2030 period *ATC is accounted for using the equity method; this represents WEC Energy Group’s portion of the
Slide 19: Diverse Portfolio of Businesses
19 Diverse Portfolio of Businesses 63% 14% 4% 9% 10% WI IL MI/MN WECI ATC* By Jurisdiction By Business Based on average asset base. *ATC is accounted for using the equity method; this represents WEC Energy Group’s portion of the asset base. 2030E Asset base $59.6 billion2025A Asset base $34.2 billio
Slide 20: Investing $12.6 Billion in Regulated Renewables
20 Solar 3,850 MW $7.9 billion Battery Storage 2,130 MW $2.9 billion Wind 555 MW $1.8 billion Grand Total 6,535 MW $12.6 billion Investing $12.6 Billion in Regulated Renewables 2026-2030 Capital Plan Dollars exclude capital spend outside of 2026-2030.
Slide 21: Investing $7.4B in Thermal Generation Fleet and LNG Capacity
21 2026-2030 Capital Plan Investing $7.4B in Our Thermal Generation Fleet and LNG Capacity Proposed Oak Creek Combustion Turbine and LNG Storage Facility Combustion Turbines 3,300 MW $5.2 billion RICE Generation 180 MW $240 million CCGT Summer Upgrades 150 MW $280 million Coal to Gas Conversions and
Slide 22: Future Transmission Investment
22 $1,095 $1,337 $1,477 $1,493 $1,502 $657 $802 $886 $896 $901 2026 2027 2028 2029 2030 ATC WEC portion 60% Capital Drivers*: ▪ Economic Growth ▪ $1.4 billion ▪ LRTP ▪ Tranche 1 ▪ $700 million ▪ Tranche 2 ▪ $400 million ▪ $800 million additional investment expected 2031 and beyond (2024 dollars) WEC
Slide 23: Pipe Retirement Program (PRP)
23 Pipe Retirement Program (PRP) ▪ Plan to retire over 1,000 miles of older, cast and ductile iron pipe (less than 36 inches in diameter) ▪ Annual investment for pipe replacement expected to ramp up to $500 million in 2028 ▪ ICC ordered program to be complete by January 1, 2035 Illinois
Slide 24: Projected Cash Flows and Financing Plan
24 Projected Cash Flows and Financing Plan ($ in billions) Cash from Operations $20.5 - $21.5 Common Equity $5.3 - $5.7 Dividends $7.6 - $7.8 Capital Plan 1 $33.3 Cash Uses Cash Sources Incremental Debt 2 $14.2 - $14.8 1. Excludes ATC’s capital. ATC is accounted for using the equity method. 2. Inclu
Slide 25: Credit Quality — Maintaining a Healthy Balance Sheet
25 Credit Quality — Maintaining a Healthy Balance Sheet Current Issuer Credit Ratings Entity S&P Rating Moody’s Rating WEC Energy Group A- Baa1 Wisconsin Electric A- A2 Wisconsin Gas A A3 Wisconsin Public Service A- A2 Peoples Gas A- A2 FFO/Debt Metrics 2026-2030 WEC Energy Group Target S&P FFO to D
Slide 26: Coal Generation
26 Coal Generation ▪ Since 2018, we have retired nearly 2,500 MW of fossil fuel generation ▪ Retirements planned: ▪ Oak Creek Units 7-8: 611 MW (targeting end of 2026) ▪ Weston Unit 3: 328 MW (expected end of 2031) ▪ Enhancing fuel flexibility (gas blending) at Oak Creek Power the Future units and W
Slide 27: Tracking Carbon Reduction
27 * We have paused our near-term reduction goals due to a combination of factors, including tightened energy supply requirements in the Midwest power market and the need to serve our customers with reliable and affordable energy. However, our long-term goal to achieve net carbon neutral electric ge
Slide 28: Key Takeaways for WEC Energy Group
28 Key Takeaways for WEC Energy Group ▪ Consistent, strong earnings growth ▪ Top-decile dividend growth ▪ Capital plan supported by economic growth ▪ Drives premium long-term EPS growth of 7.0% to 8.0% on a compound annual basis ▪ 100% of capital allocated to regulated businesses ▪ Poised to deliver
Slide 29: Appendix
Appendix WEC Energy Group
Slide 30: WEC Energy Group Businesses
30 Electric Transmission 60% ownership Electric DistributionElectric Generation Natural Gas Distribution Energy Infrastructure
Slide 31: Regulated Renewable Generation and Storage Projects: Solar
31 Solar Projects Docket Anticipated Approval WEC Capacity (MW) WEC Investment ($M) Ownership Anticipated In-Service Koshkonong Solar Park 5-BS-258 Approved 270 565E WEPCO/ WPS 90%1 2026 High Noon Solar Park 5-BS-276 270 576E 2027 Ursa Solar Park 5-BS-280 180 406E 2027 Saratoga Solar Park 135 314E 2
Slide 32: Battery and Wind Projects
32 Battery Projects Docket Anticipated Approval WEC Capacity (MW) WEC Investment ($M) Ownership Anticipated In-Service Darien Battery Park 5-BS-255 Approved 68 140E WEPCO/WPS 90%1 2027 Koshkonong Battery Park 5-BS-258 149 272E 2027 High Noon Battery Park 5-BS-276 149 307E 2027 Saratoga Battery Park
Slide 33: Thermal Generation and Other Projects
33 Project Docket Anticipated Approval WEC Capacity (MW) WEC Investment ($M) Ownership Anticipated In-Service Oak Creek CTs 6630-CE-317 Approved 1,100 1,200E WEPCO 100% 2027/2028 Paris RICE generation 6630-CE-316 128 300E 2027 Oak Creek LNG 6630-CG-140 - 456E 2027 Rochester Lateral 6630-CG-139 - 200
Slide 34: Responsible Governance
34 Responsible Governance Appointed six new independent directors since 2020 — increasing depth of utility experience of our board of directors. $24 million Contributed by our companies and foundations to nonprofit organizations in 2025. $324 million Spent with certified minority-, women-, service d
Slide 35: Exiting Coal: Electricity Supply by Fuel Type
35 73% 33% 7% 36% 55% 17% 21% 17% 3% 10% 27% 2005 2025 2030E 2032 2050 Coal Natural Gas Nuclear Renewables 1% Net carbon neutral goal Planned exit from coal Exiting Coal Electricity Supply by Fuel Type (megawatt-hours delivered to regulated utility customers)
Slide 36: Clean Energy Pilot Projects
36 Clean Energy Pilot Projects Investing in Innovation Organic Flow Battery Storage ▪ Leading a pilot project to test a new ‘green battery’ – a form of long-duration energy storage that incorporates environmentally friendly materials ▪ Partnering with EPRI and CMBlu Energy ▪ Project will test batter
Slide 37: WEC Infrastructure Portfolio
37 In service Total Project Capacity (MW) Investment (in millions) Wind ● Upstream 200 $307 ● Bishop Hill III 132 166 ● Coyote Ridge 97 145 ● Blooming Grove 250 389 ● Tatanka Ridge 155 240 ● Jayhawk 190 282 ● Thunderhead 300 381 ● Sapphire Sky 250 442 Solar ● Samson I 250 278 ● Maple Flats 250 431 ●
Slide 38: WEC Infrastructure Offtake Agreements
38 Project Ownership Percentage Offtake Agreement WEC Commercial Operations Bishop Hill III Wind Energy Center 90% ownership WPPI Energy – 22 years 8/31/18 Upstream Wind Energy Center 90% ownership Affiliate of Allianz – 10 years 1/10/19 Coyote Ridge Wind Farm 82% ownership and 99% of tax benefits G
Slide 39: Capital Plan Projections
39 Company 2026 2027 2028 Wisconsin Electric $3,212.1 $4,670.5 $4,666.0 Wisconsin Gas 257.5 296.3 257.7 Wisconsin Public Service 706.3 959.0 999.4 Upper Michigan Energy 47.1 26.7 26.6 Wisconsin Segment $4,223.0 $5,952.5 $5,949.7 Peoples Gas 512.7 680.7 700.0 North Shore Gas 53.9 57.7 44.0 Illinois S
Slide 40: Composition of Asset Base
40 Composition of Asset Base Total 2025 Average Asset Base of $34.2 Billion Note: We Power value represents investment book value for lease calculation purposes. Company Asset Base - $B % of Total Wisconsin Electric $10.5 30.7% Wisconsin Gas 2.3 6.7 Wisconsin Public Service 5.2 15.2 Upper Michigan E
Slide 41: Power the Future Investments
41 Power the Future Investments Port Washington (Natural Gas) Oak Creek Expansion (Coal/Co-Fire Gas2) Capacity1 1,090 MW 1,030 MW ROE / Equity 12.7% / 53% 12.7% / 55% 2024 Investment Book Value for Lease Calculation Purposes1 $790 million $2.4 billion Base Lease Term 25 years 30 years Base Lease Ter
Slide 42: Port Washington Power the Future Lease Renewal
42 Port Washington Power the Future Lease Renewal WEPCO filed a $227 million Turbine Upgrade project at Port Washington* Three options: ▪ Renew the lease ▪ First Renewal is 50% of last base term payment for 7 years (Unit 1 – July 2037, Unit 2 – May 2040) ▪ Turbine Project earns 100% of the original
Slide 43: National Leader in Operating Efficiency and Financial Discipline
43 National Leader in Operating Efficiency and Financial Discipline $29.69 $11.90 $16.80 $19.60 $20.00 $20.00 $23.00 $23.80 $25.60 $26.10 $50.20 $89.60 $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 2024 Non-Fuel O&M per MWh* Source: FERC Form 1 Reports *For all companies, excluded 1) pensions and other emp
Slide 44: Projected Financing Plans for 2026
44 Projected Financing Plans for 20261 $400 $300 $1,400 - $2,000 $2,300 - $2,800 $900 - $1,100 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 Holding Company Utilities & Energy Infrastructure Equity Issuances (i n m ill io n s ) Completed Financing Planned Financing Existing Facilities $1.3B net liquidi
Slide 45: Balanced and Diverse Sales Mix
45 33% Large C&I by Segment Paper/Packaging 24% Mining/Minerals 10% Foundry (SIC 33) 8% Other Manufacturing 8% Medical 7% Metal (SIC 34,35,37) 6% Food/Agriculture 6% Education 4% Chemical 3% Printing 2% Office 2% Data Centers 1% Other 19% Balanced and Diverse Sales Mix Large C&I 33% Residential and
Slide 46: Regulatory Matters: Estimated Decision Dates
46 Estimated Decision Date Wisconsin (apps.psc.wi.gov) ▪ Decision on Very Large Customer Tariff (Docket: 6630-TE-113 filed 3/31/25) Q2 2026 Illinois (icc.illinois.gov) ▪ Decision on 2017 QIP Reconciliation* (Docket: 18-0620 filed 3/20/18) 2026 ▪ Decision on general rate review for new base rates eff
Slide 47: Regulatory Environment
47 Regulatory Environment Wisconsin Commissioners Name Party Current Term Starts Current Term Ends Summer Strand Chair D 03/2023 03/2029 Kristy Nieto* D 04/2025 03/2031 Marcus Hawkins* D 04/2024 03/2027 Wisconsin ▪ Governor Tony Evers (D) ▪ Term ends January 2027 ▪ Commission ▪ Gubernatorial appoint
Slide 48: Rate-Making Parameters by Company
48 Rate-Making Parameters by Company Utility Equity Layer1 Authorized ROE Wisconsin Electric 50.50%-55.50% 9.80% Wisconsin Public Service 50.50%-55.50% 9.80% Wisconsin Gas 50.50%-55.50% 9.80% Peoples Gas 50.79% 9.38% North Shore Gas 52.58% 9.38% Minnesota Energy Resources 53.00% 9.65% Michigan Gas U
Slide 49: Key Rate-Making Components
49 Key Rate-Making Components State Illinois Minnesota Michigan Wisconsin Utility Gas Gas Electric and Gas Gas Electric Gas Pipeline Replacement Rider MGU Bad Debt Rider ✓ Bad Debt Escrow Accounting Residential Residential Decoupling ✓ ✓ Fuel Cost Recovery 1 for 1 recovery of prudent fuel costs +/-
Slide 50: Reconciliation of EPS (GAAP) to Adjusted EPS (Non-GAAP)
50 Reconciliation of EPS (GAAP) to Adjusted EPS (Non-GAAP) 2015 2016 2017 2023 2024 2025 EPS – GAAP basis $2.34 $2.96 $3.79 $4.22 $4.83 $4.81 Acquisition Costs 0.39 0.01 – Integrys Earnings (0.47) Impact of Additional Shares 0.47 Tax Benefit Related to Tax Cuts and Jobs Act of 2017 (0.65) Illinois D
Slide 51: Contact Information
51 Contact Information M. Beth Straka Senior Vice President – Investor Relations and Corporate Communications Beth.Straka@wecenergygroup.com 414-221-4639 Ashley Pless Investor Relations Analyst Ashley.Pless@wecenergygroup.com 414-221-4088
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