WEC Energy : First Quarter 2026 MGU

(in millions)

2026

2025

Operating revenues

$

97.3

$

84.8

Operating expenses

Cost of natural gas sold

55.3

39.0

Other operation and maintenance

9.9

9.1

Depreciation and amortization

5.8

5.4

Property and revenue taxes

2.5

2.4

Total operating expenses

73.5

55.9

Operating income

23.8

28.9

Other income, net

-

0.1

Interest expense

2.4

2.3

Other expense

(2.4)

(2.2)

Income before income taxes

21.4

26.7

Income tax expense

5.0

6.2

Net income

$

16.4

$

20.5

‌CONDENSED BALANCE SHEETS (Unaudited)

(in millions, except share amounts)

March 31

2026

December 31

2025

Assets

Current assets

Cash and cash equivalents

$

0.1

$ -

Accounts receivable and unbilled revenues, net of reserves of $2.0 and $2.8, respectively

47.3

48.7

Accounts receivable from related parties

0.7

1.2

Materials, supplies, and inventories:

Natural gas in storage

8.1

14.6

Materials and supplies

2.3

2.3

Deferred property taxes

7.6

10.2

Prepayments

0.6

0.8

Amounts recoverable from customers

19.8

5.7

Other

1.1

1.8

Current assets

87.6

85.3

Long-term assets

Property, plant, and equipment, net of accumulated depreciation and amortization of $224.4 and

$221.6, respectively

530.1

528.1

Regulatory assets

26.7

27.4

Goodwill

34.5

34.5

Pension and OPEB assets

26.2

25.8

Other

6.7

6.5

Long-term assets

624.2

622.3

Total assets

$ 711.8

$ 707.6

Liabilities and Equity

Current liabilities

Short-term debt to parent

$ 55.1

$ 43.6

Accounts payable

8.8

25.9

Accounts payable to related parties

3.7

3.4

Accrued taxes

11.7

10.3

Customer credit balances

10.9

12.2

Other

8.1

6.3

Current liabilities

98.3

101.7

Long-term liabilities

Long-term debt

189.1

189.0

Deferred income taxes

87.4

83.1

Regulatory liabilities

87.1

87.1

Environmental remediation liabilities

12.0

12.0

Other

3.2

3.3

Long-term liabilities

378.8

374.5

Commitments and contingencies

Common shareholder's equity

Common stock - without par value, 100 shares authorized; 100 shares issued and outstanding

181.7

181.7

Retained earnings

53.0

49.7

Common shareholder's equity

234.7

231.4

Total liabilities and equity

$ 711.8

$ 707.6

(in millions)

2026

2025

Operating activities

Net income

$

16.4

$

20.5

Reconciliation to cash provided by operating activities

Depreciation and amortization

5.8

5.4

Deferred income taxes and ITC's, net

3.5

1.6

Change in -

Accounts receivable and unbilled revenues, net

1.8

(8.4)

Materials, supplies, and inventories

6.5

5.8

Prepayments

0.2

4.0

Amounts recoverable from customers

(14.1)

(2.8)

Other current assets

2.5

2.4

Accounts payable

(16.3)

(8.4)

Accrued taxes

1.4

0.9

Other current liabilities

0.8

(1.0)

Other, net

-

0.1

Net cash provided by operating activities

8.5

20.1

Investing activities

Capital expenditures

(6.8)

(10.5)

Other, net

(0.1)

(0.1)

Net cash used in investing activities

(6.9)

(10.6)

Financing activities

Short-term debt to parent, net

11.5

13.6

Payment of dividends to parent

(13.0)

(23.0)

Net cash used in financing activities

(1.5)

(9.4)

Net change in cash and cash equivalents

0.1

0.1

Cash and cash equivalents at beginning of period

-

-

Cash and cash equivalents at end of period

$

0.1

$

0.1

Supplemental cash flow information

Cash paid for interest, net of amount capitalized

$

1.9

$

1.9