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, 2022 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. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 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. 001- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 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. 001-09057 WEC EN ...

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 June 30, 2021 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. ...

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, 2021 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. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | For | the | transition | period | from | ________________ | to | ___________________ | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ...

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 September 30, 2020 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 ...

Financial Data and Key Metrics Changes - The company reported third quarter 2020 earnings of $0.84 per share, an increase from $0.74 per share in 2019, reflecting a solid performance driven by economic recovery and operational efficiency [6][33]. - The effective income tax rate for the full year is expected to be between 16% and 17%, with projections showing a modest tax position for 2020 [37][38]. - Net cash provided by operating activities increased by $109 million, driven by higher cash earnings despite higher working capital requirements [38]. Business Line Data and Key Metrics Changes - Retail electric sales volume increased by 7.1% year-over-year, with residential sales up 4.2% on a weather-normal basis [21][22]. - Small commercial and industrial electric sales decreased by 2.5%, while large commercial and industrial sales were down 5.4% [22][23]. - The Energy Infrastructure segment contributed positively, with the Coyote Ridge wind farm adding $0.01 per share due to production tax credits [36]. Market Data and Key Metrics Changes - The unemployment rate in Wisconsin decreased to 5.4%, below the national average, indicating a rebound in the labor market [14]. - Customer growth was noted, with approximately 11,000 more electric and 32,000 more natural gas customers compared to the previous year [20][108]. Company Strategy and Development Direction - The company announced a five-year capital plan of $16.1 billion, the largest in its history, focusing on efficiency, sustainability, and growth, with significant investments in renewables [7][11]. - The ESG Progress Plan aims to reduce CO2 emissions by 70% below 2005 levels by 2030 and achieve net carbon neutrality by 2050 [11][12]. - The company plans to retire 1,400 megawatts of coal generation by 2025, modernizing its gas generation fleet and investing in battery storage [10][11]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about long-term sales growth due to a resilient economy and major developments in Wisconsin, including new manufacturing facilities [17][18]. - The company is prepared to respond to potential economic downturns and is closely monitoring economic indicators [24]. - Management reaffirmed long-term earnings growth projections of 5% to 7% annually, supported by the capital plan [42]. Other Important Information - The company plans to build two liquefied natural gas facilities, enhancing reliability during cold winters [30]. - The Two Creeks Solar farm began commercial operation ahead of schedule, providing 100 megawatts of renewable capacity [29]. Q&A Session Summary Question: How should we think about the cadence of capital spending through 2025? - Management indicated that capital spending will be more concentrated in the first four years, particularly in 2022 and 2023, with some unit retirements expected [52][55]. Question: What is the expected impact of retiring older units on O&M costs? - Management noted significant O&M savings from retiring older, less efficient units, estimating around $50 million in savings from a four-unit coal-fired plant retirement [58][60]. Question: How do potential higher tax rates affect infrastructure investment? - Management stated that higher tax rates could increase their tax appetite, potentially allowing for faster infrastructure investment [86][88]. Question: What are the trends in local economic sales? - Management reported stronger than expected residential electricity demand due to working from home, while small commercial sectors continue to struggle [103][104]. Question: Are there plans for battery storage beyond lithium-ion? - Currently, the company is focused on lithium-ion batteries due to their proven cost-effectiveness, but remains open to other technologies in the future [125].

Focused on Performance | --- | --- | --- | --- | |---------------------------------------------------------------------------------|-----------------------------------------------------------------|-----------------------------------------------------------------------|-----------------------------------------------------------------------------------------| | | | | | | Investor Update: | September 2020 | | | | One of America's Most Responsible Companies for 2020 WEC Energy Group Newsweek | Most Reliable Ut ...

[PART I. FINANCIAL INFORMATION](index=11&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements (Unaudited)](index=11&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS%20(UNAUDITED)) Presents WEC Energy Group's unaudited condensed consolidated financial statements, reporting **$694.1 million** net income for the six months ended June 30, 2020 Condensed Consolidated Income Statement Highlights (Six Months Ended June 30) | Indicator (in millions, except EPS) | 2020 | 2019 | | :--- | :--- | :--- | | Operating Revenues | $3,657.3 | $3,967.6 | | Operating Income | $965.4 | $857.4 | | Net Income Attributed to Common Shareholders | $694.1 | $655.8 | | Diluted Earnings Per Share (EPS) | $2.19 | $2.07 | Condensed Consolidated Balance Sheet Highlights | Indicator (in millions) | June 30, 2020 | Dec 31, 2019 | | :--- | :--- | :--- | | Total Assets | $35,042.0 | $34,951.8 | | Total Liabilities | $24,549.3 | $24,697.2 | | Common Shareholders' Equity | $10,383.7 | $10,113.4 | Condensed Consolidated Cash Flow Highlights (Six Months Ended June 30) | Indicator (in millions) | 2020 | 2019 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $1,379.6 | $1,291.2 | | Net Cash Used in Investing Activities | $(1,006.2) | $(1,066.4) | | Net Cash Used in Financing Activities | $(393.3) | $(280.2) | [Notes to Condensed Consolidated Financial Statements](index=21&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Detailed notes support financial statements, covering acquisitions, COVID-19 impacts on credit losses and regulatory actions, debt, segment performance, and environmental matters - In July 2020, WECI signed an agreement to acquire an **85% ownership interest** in Tatanka Ridge, a **155 MW** wind generating facility in South Dakota, for approximately **$235 million**. The transaction is expected to close in **Q4 2020**[45](index=45&type=chunk) - WECI is also acquiring a **90% ownership interest** in the **300 MW** Thunderhead wind facility in Nebraska and a **90% interest** in the **250 MW** Blooming Grove wind facility in Illinois[46](index=46&type=chunk)[50](index=50&type=chunk) - Due to economic risks from the COVID-19 pandemic, the company recorded a **$3.4 million** increase to its allowance for credit losses as of June 30, 2020[69](index=69&type=chunk) - Regulators in Wisconsin, Illinois, Minnesota, and Michigan issued orders in response to COVID-19, generally requiring suspension of disconnections and late fees, and authorizing deferral of certain incremental costs and foregone revenues for future recovery[182](index=182&type=chunk)[183](index=183&type=chunk)[188](index=188&type=chunk) - The Board of Directors declared a quarterly cash dividend of **$0.6325 per share**, payable on September 1, 2020[83](index=83&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=72&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses financial condition, strategy, and liquidity, noting **Q2 2020** earnings growth driven by Illinois and transmission affiliates, with **$13.7 billion** projected capital expenditures - The company updated its carbon reduction goals to reduce CO2 emissions from electricity generation by **70% below 2005 levels by 2030**, with a long-term goal for its electric generation fleet to be **net carbon neutral by 2050**[163](index=163&type=chunk)[225](index=225&type=chunk) - Total capital expenditures for regulated utility and non-utility energy infrastructure businesses are expected to be approximately **$13.7 billion from 2020 to 2024**[236](index=236&type=chunk) Q2 2020 vs Q2 2019 Earnings Comparison | Metric (in millions, except EPS) | Q2 2020 | Q2 2019 | Change | | :--- | :--- | :--- | :--- | | Net Income Attributed to Common Shareholders | $241.6 | $235.7 | $5.9 | | Diluted EPS | $0.76 | $0.74 | $0.02 | - In response to market instability from COVID-19, the company enhanced its liquidity by entering into a **$340 million 364-day term loan** in March 2020[85](index=85&type=chunk)[338](index=338&type=chunk)[365](index=365&type=chunk) [Results of Operations](index=77&type=section&id=RESULTS%20OF%20OPERATIONS) Net income for **Q2 2020** increased by **$5.9 million** to **$241.6 million**, driven by Illinois segment and transmission affiliates, partially offset by Wisconsin segment declines - The Illinois segment's operating income increased by **$16.9 million** in **Q2 2020**, driven by lower O&M costs and higher margins from the System Modernization Program (SMP) capital investments[243](index=243&type=chunk)[270](index=270&type=chunk)[271](index=271&type=chunk) - Earnings from transmission affiliates (ATC) increased by **$16.0 million** in **Q2 2020**, primarily due to a retroactive base ROE increase ordered by FERC in May 2020[243](index=243&type=chunk)[281](index=281&type=chunk) - The Wisconsin segment's operating income decreased, primarily due to lower electric and natural gas margins from reduced sales volumes related to the COVID-19 pandemic and the impact of new rate orders[246](index=246&type=chunk) Operating Income by Segment (Three Months Ended June 30) | Segment (in millions) | 2020 | 2019 | | :--- | :--- | :--- | | Wisconsin | $277.6 | $270.2 | | Illinois | $59.5 | $42.6 | | Other states | $6.0 | $4.6 | | Non-utility energy infrastructure | $91.4 | $91.3 | | **Total Operating Income** | **$338.8** | **$314.6** | [Liquidity and Capital Resources](index=104&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) The company maintains strong liquidity, with net cash from operations increasing to **$1.38 billion** for the first six months of 2020, and projected capital expenditures of **$3.1 billion** in 2020 - Net cash from operating activities increased by **$88.4 million** in the first six months of 2020 compared to 2019, driven by lower payments for O&M expenses and fuel[326](index=326&type=chunk)[327](index=327&type=chunk) - Net cash used in investing activities decreased by **$60.2 million**, largely because the prior year period included the **$268.2 million** acquisition of the Upstream wind facility[329](index=329&type=chunk)[330](index=330&type=chunk) Projected Capital Expenditures (2020-2022) | Segment (in millions) | 2020 | 2021 | 2022 | | :--- | :--- | :--- | :--- | | Wisconsin | $1,482.0 | $1,881.1 | $1,630.5 | | Illinois | $779.0 | $619.4 | $586.7 | | Other states | $117.4 | $111.6 | $87.4 | | Non-utility energy infrastructure | $706.5 | $440.7 | $258.0 | | Corporate and other | $24.6 | $22.7 | $2.7 | | **Total** | **$3,109.5** | **$3,075.5** | **$2,565.3** | - Significant capital projects include utility-scale solar projects (Badger Hollow I & II, Two Creeks), the Lakeshore Lateral natural gas main project, new LNG facilities, and PGL's System Modernization Program in Chicago[349](index=349&type=chunk)[352](index=352&type=chunk)[353](index=353&type=chunk)[354](index=354&type=chunk) [Factors Affecting Results, Liquidity, and Capital Resources](index=112&type=section&id=FACTORS%20AFFECTING%20RESULTS,%20LIQUIDITY,%20AND%20CAPITAL%20RESOURCES) Key factors affecting results include COVID-19 impacts on energy demand and regulatory mitigation, PGL's QIP rider recovery risk, and FERC's revised **10.02%** ROE for ATC - The COVID-19 pandemic has led to reduced energy demand, particularly from commercial and industrial customers, but regulatory mechanisms in all states of operation help mitigate the financial impact by allowing deferral of incremental costs and bad debt[363](index=363&type=chunk)[368](index=368&type=chunk)[369](index=369&type=chunk) - In May 2020, FERC issued an order increasing the base ROE for MISO transmission owners, including ATC, to **10.02%** (from a previously reduced **9.88%**), effective retroactively to September 28, 2016. This positively impacted earnings from transmission affiliates[390](index=390&type=chunk)[392](index=392&type=chunk) - PGL's QIP rider, a key cost recovery mechanism for its System Modernization Program, has pending reconciliations for **2016 through 2019**, creating regulatory recovery risk[383](index=383&type=chunk)[385](index=385&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=121&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) No material changes to market risk disclosures from the 2019 Form 10-K, except for risks associated with the COVID-19 pandemic - There have been no material changes related to market risk from the disclosures presented in the 2019 Annual Report on Form 10-K, aside from risks associated with the COVID-19 pandemic[396](index=396&type=chunk) [Controls and Procedures](index=121&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were effective as of June 30, 2020, with no material changes in internal control over financial reporting - Disclosure controls and procedures were deemed effective as of the end of the period covered by this report[397](index=397&type=chunk) - No changes in internal control over financial reporting occurred during the second quarter of 2020 that materially affected, or are reasonably likely to materially affect, internal controls[398](index=398&type=chunk) [PART II. OTHER INFORMATION](index=123&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=123&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) Discusses legal proceedings, primarily PGL's Manlove Field natural gas leak remediation, which is not expected to materially impact financial statements - PGL is addressing a natural gas leak from its Manlove Gas Storage Field that occurred in **2016**. The company is working with the Illinois AG and IEPA on remediation and anticipates its Groundwater Management Zone (GMZ) application will be approved in **Q3 2020**[402](index=402&type=chunk) - Management believes that the ultimate resolution of ongoing legal proceedings, including the Manlove Field matter, will not have a material effect on the company's financial statements[401](index=401&type=chunk)[404](index=404&type=chunk) [Risk Factors](index=123&type=section&id=ITEM%201A.%20RISK%20FACTORS) Updates risk factors, emphasizing the COVID-19 pandemic's potential adverse impacts on energy demand, supply chains, and capital markets, with uncertain full extent - The COVID-19 pandemic poses a significant risk, with potential adverse impacts including reduced energy demand (especially from commercial and industrial customers), supply chain disruptions, and impaired access to capital markets[406](index=406&type=chunk)[409](index=409&type=chunk) - Adverse investment performance of pension plan assets due to market volatility could increase plan costs and funding requirements[410](index=410&type=chunk) - The full impact of the COVID-19 pandemic on the business is currently undeterminable as it depends on factors beyond the company's control, such as the duration of the outbreak and related government responses[412](index=412&type=chunk) [Exhibits](index=126&type=section&id=ITEM%206.%20EXHIBITS) Lists exhibits filed with the Form 10-Q, including material contracts, Sarbanes-Oxley certifications, and Inline XBRL data files - The exhibits filed with this report include a consulting agreement, certifications pursuant to Sarbanes-Oxley Sections 302 and 906, and Inline XBRL data files[414](index=414&type=chunk)