Financial Data and Key Metrics Changes - The company reported full year 2022 earnings of $4.45 per share, an increase of $0.34 per share or 8.3% compared to 2021 [6][27] - Net cash provided by operating activities increased by $28 million, with total capital expenditures and asset acquisitions at $2.7 billion in 2022, a $324 million increase compared to 2021 [34] Business Line Data and Key Metrics Changes - Utility operations grew earnings by $0.19 compared to 2021, driven by rate base growth contributing $0.41 to earnings [28] - Earnings from the Energy Infrastructure segment improved by $0.14 in 2022, mainly due to production tax credits from stronger wind production [32] - Earnings at the Corporate and Other segment decreased by $0.06, primarily due to rabbi trust performance and lower gains from the clean energy fund [33] Market Data and Key Metrics Changes - Retail electric deliveries in Wisconsin, excluding iron ore mines, were up 0.1% on a weather-normalized basis, with small commercial and industrial sales increasing by 0.5% [30] - The unemployment rate in Wisconsin dropped to 3.2% in December 2022, well below the national average, indicating a strong regional economy [14] Company Strategy and Development Direction - The company announced a five-year investment plan totaling $20.1 billion focused on efficiency, sustainability, and growth, expecting to drive compound earnings growth of 6.5% to 7% annually from 2023 to 2027 [10] - A commitment to renewable projects is a key part of the plan, including the acquisition of an 80% ownership interest in the Samson Solar Energy Center [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering on earnings guidance for 2023, projecting earnings in the range of $4.58 to $4.62 per share, representing a growth of 6.7% from the previous year [25] - The company plans to fund its capital plan without issuing equity and has raised its quarterly cash dividend by 7.2%, marking the 20th consecutive year of dividend increases [25] Other Important Information - The company is working on a pilot project for long-duration battery storage, which is expected to be one of the first of its kind on the U.S. electric grid [12] - The company is also making progress on zero carbon projects, including the Thunderhead Wind Farm in Nebraska and the acquisition of Sapphire Sky in Illinois [23] Q&A Session Summary Question: Transmission CapEx with ATC - Management discussed the cadence of current increases and potential opportunities in Tranche 2 of MISO's planning process, indicating optimism for greater investment opportunities [38][39] Question: Current 5-Year Plan and Capital Deployment - Management indicated that the remaining capital would likely be deployed in solar and wind projects, with a focus on diversification [42][43] Question: Wisconsin Rate Case and Reopener - Management clarified that the limited reopener relates to investment costs of several projects coming into service in 2023, primarily renewable projects [47][48] Question: Illinois Rate Case and QIP Rider - Management confirmed that they do not intend to extend the QIP rider and are looking forward to traditional rate-making procedures for capital investments [64][65] Question: Samson 1 Acquisition and Market Interest - Management expressed confidence in the Samson 1 investment, highlighting the lack of construction risk and the quality of the project [67] Question: Solar Build-Out and Panel Availability - Management provided updates on the availability of solar panels, indicating that a significant portion is already in the U.S. and awaiting clearance [72] Question: Hydrogen Blending Project Update - Management reported encouraging initial results from the hydrogen blending project, with a full report expected soon [87]

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, 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-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].