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WECWEC Energy Group

Utilities · Electric & Gas Utilities · NYSE
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The 10-K against last year's

263 changes: 34 added, 72 removed, 156 reworded, 1 quiet changes

10-K Feb 20, 2026 vs Feb 21, 2025
Risk FactorsRedline ↓
21.8%
of the text changed · 12,713 words now
MD&ARedline ↓
32.6%
of the text changed · 19,359 words now
Legal ProceedingsRedline ↓
50.4%
of the text changed · 3,277 words now
Accounting PoliciesRedline ↓
11.0%
of the text changed · 8,786 words now

10-K 0000783325-26-000018 (2026-02-20) vs 10-K 0000107815-25-000103 (2025-02-21)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 291 words changed in this paragraph; it is 31% similar to last year's version.
Our operations are subject to extensive and evolving federal, state, and local environmental laws, regulations, and permit requirements related to, among other things, air emissions (including, but not limited to: to CO2, methane, mercury, SO2, NOx, ozone and NOx), other pollutants), protection of natural resources, water quality, wastewater discharges, and management of hazardous and toxic substances and solid wastes and soils. The EPA has recently adopted soils, and implemented new environmental regulations, which include regulations that govern the emission of NOx, ozone, fine particulates, and other air pollutants under the CAA through the NAAQS, climate change, other air quality regulations, and water quality regulations. For example, in 2024, the EPA revised the effluent guidelines for steam electric generating plants, published a final rule lowering the PM limit under the MATS, lowered the primary (health-based) annual PM 2.5 NAAQS, published the Greenhouse Gas Power Plant Rule for fossil-fired steam generating units, issued a final Mandatory Greenhouse Gas Reporting Rule, and finalized a rule for CCR that applies to landfills, historic fill sites, and projects where CCR was placed at a power plant site. Some change. Many of these rules could be challenged or reviewed are now the subject of a large deregulatory effort by agencies under the EPA and have resulted, and are expected to continue to result in, the adoption of new presidential administration, which creates additional uncertainty. As a result of these potential challenges and reviews, existing environmental federal, state, and/or local level laws and regulations may regulations. Any EPA actions will require formal rulemaking proceedings and are likely to be revised or new laws or regulations may be adopted subject to legal challenges. In addition, at the federal, state, or local level. end of 2025, the President issued executive orders directing the DOE to issue orders keeping certain coal plants running for grid reliability despite utilities' plans to retire them. Future orders impacting our planned retirements of coal plants could impact our ability to execute on our capital plan and to meet our environmental goal. We continue to monitor the evolving regulatory landscape and standards for impacts on our business operations and financial condition.

Source: Item 1A, 10-K 0000783325-26-000018 vs Item 1A, 10-K 0000107815-25-000103

Legal Proceedings 199 words changed in this paragraph; it is 41% similar to last year's version.
Our capital plan includes the planned retirement of older, fossil-fueled generation, to be replaced with natural gas, gas-fired generation and Weston Unit 3. zero-carbon-emitting renewables. We have retired nearly 2,500 MWs of fossil-fueled generation since the beginning of 2018. We expect to retire approximately 900 MWs of additional coal-fired generation by the end of 2031. In conjunction with our new capital plan, we and the other co-owners of Columbia Units 1 and 2 currently plan to continue coal operations at these units through at least 2029, and continue to evaluate the conversion of both units to natural gas. See Note 7, Property, Plant, and Equipment, for more information related to Columbia Units 1 and 2 and our planned power plant retirements. In May 2021, we announced goals We have a long-term goal to achieve reductions in carbon emissions from our net carbon-neutral electric generation fleet by 60% by the end of 2025 and by 80% by the end of 2030, both from a 2005 baseline. 2050. We expect to achieve these goals this goal by continuing to make operating refinements, retiring less efficient generating units, and executing our capital plan. Over As part of our path toward this goal, we started implementing co-firing with natural gas at the longer term, ERGS coal-fired units and at Weston Unit 4 in 2025. We expect to use coal only as a backup fuel by the target for our generation fleet is end of 2030 and to be net carbon neutral by 2050. We also believe we will be in a position to eliminate coal as an energy source by the end of 2032.

Source: Item 3, via Note 24 – COMMITMENTS AND CONTINGENCIES, 10-K 0000783325-26-000018 vs Item 3, via Note 24 – COMMITMENTS AND CONTINGENCIES, 10-K 0000107815-25-000103

MD&A 147 words changed in this paragraph; it is 53% similar to last year's version.
•Through the SMP, PGL •PGL had been working to replace old iron pipes and facilities in Chicago’s natural gas delivery system with modern polyethylene pipes to reinforce the long-term safety and reliability of the system. In November 2023, the ICC ordered PGL to pause spending on the SMP these projects until the ICC completed a proceeding to determine the optimal method for replacing aging natural gas infrastructure and a prudent investment level. The ICC granted PGL In a limited-scope rehearing related to of this order, PGL was authorized spending for the completion of SMP projects that had started in 2023 and the authorized spending for emergency repairs needed to ensure the safety and reliability of PGL's delivery system. On May 30, 2024, 2023. In February 2025, the ICC issued an order setting expectations for PGL's prospective retirement of its aging natural gas infrastructure. The ICC directed us to focus on retiring all cast and ductile iron pipe that has a written order on the rehearing, approving $28.5 million diameter of additional spending for emergency work, which represents a $1.6 million increase less than 36 inches by January 1, 2035. PGL is working to PGL's annual revenue requirement. retire this cast and ductile iron pipe through its PRP. For more information, see Note 26, Regulatory Environment, and Factors Affecting Results, Liquidity, and Capital Resources - Regulatory, Legislative, and Legal Matters - Illinois Proceedings.

Source: Item 7, 10-K 0000783325-26-000018 vs Item 7, 10-K 0000107815-25-000103

Accounting Policies 114 words changed in this paragraph; it is 33% similar to last year's version.
jurisdictions. When it becomes probable that part of the cost of recently completed plant will be disallowed for rate-making purposes, we assess whether (3) Represents a reasonable estimate of the amount of the disallowance can be made. The estimated amount of the probable disallowance will then be deducted from the reported cost of the plant and recognized as an impairment loss. In 2024, we recorded a non-cash impairment loss of $12.1 million driven by an ICC order received in August 2024 related to the 2016 annual prudency review of PGL's 2016 Rider QIP, which included a disallowance of certain capital costs. In 2023, we recorded a non-cash impairment loss of $178.9 million related to the disallowance of certain previously incurred capital costs resulting from PGL's and NSG's November 2023 rate orders from the ICC. See Note 26, Regulatory Environment, for more information.

Source: Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000783325-26-000018 vs Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000107815-25-000103

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of WEC's Risk Factors and MD&A, 10-K 2026-02-20 against 10-K 2025-02-21. Each links to the text at sec.gov.

All 263 Added 34Removed 72Reworded 156Quiet changes 1

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word listadverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
Our operations are subject to extensive and evolving federal, state, and local environmental laws, regulations, and permit requirements related to, among other things, air emissions (including, but not limited to CO2, methane, mercury, SO2, NOx, ozone and other pollutants), protection of natural resources, water quality, wastewater discharges, management of hazardous and toxic substances and solid wastes and soils, and climate change. Many of these rules are now the subject of a large deregulatory effort by the EPA and have resulted, and are expected to continue to result in, the adoption of new federal, state, and/or local level laws and regulations. Any EPA actions will require formal rulemaking proceedings and are likely to be subject to legal challenges. In addition, at the end of 2025, the President issued executive orders directing the DOE to issue orders keeping certain coal plants running for grid reliability despite utilities' plans to retire them. Future orders impacting our planned retirements of coal plants could impact our ability to execute on our capital plan and to meet our environmental goal. We continue to monitor the evolving regulatory landscape and standards for impacts on our business operations and financial condition.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedRisk Factors
Tax legislation and regulations can adversely affect, among other things, our financial condition, results of operations, cash flows, liquidity, and credit ratings. In July 2025, the OBBBA was signed into law, enacting significant modifications to clean-energy tax credits previously provided under the IRA. The OBBBA provides companies the ability to earn solar and wind tax credits at current credit rates under new beginning of construction rules. Solar and wind tax incentives can be denied for energy projects that use

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedRisk Factors
equipment beyond statutory guidelines from prohibited foreign entities or for taxpayers that exceed certain thresholds of equity or debt held by prohibited foreign entities.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedRisk Factors
We face risks related to providing service to our large-scale customers, including potential customers under our proposed VLC and Bespoke Resources Tariffs, which could impact our business, results of operations, and financial condition.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedRisk Factors
We are engaged in discussions with a small number of customers to provide power to large-scale data centers being constructed to support AI and other technology capabilities. Because of the significant demand and energy needs associated with these facilities, extending service to these facilities requires investment in incremental electric infrastructure. Subject to pending regulatory approvals from the PSCW, WE has made and will continue to make significant infrastructure investments in new solar and battery projects, natural gas power plants, and other generation and distribution assets to power and serve these large-scale data centers and other projects. Our transmission affiliate, ATC, also has made and will continue to make significant investments in additional transmission infrastructure to serve the increased customer load.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedRisk Factors
The ability to complete large capital projects is dependent upon a number of factors, including the ability to obtain financing of such projects on satisfactory terms and conditions. Along with the significant capital spend, a portion of the expected earnings growth from these projects will result in an increase in AFUDC as part of CWIP, with recovery of these costs delayed until the capital project is placed in service. As a result of this delay in receiving cash proceeds, we may be required to issue additional debt and/or equity to support these projects, which could negatively impact our earnings, balance sheet, and/or credit metrics. Other dependent factors include the ability to secure regulatory permits, secure sufficient land for the siting of power generation facilities, obtain necessary interconnection or transmission service in MISO, garner public support for these projects, and the ability of suppliers and contractors to fulfill their obligations under contracts. Successful completion of these projects may be further influenced by changes in law or regulation, such as new legislation or regulation impacting large data center cost allocation or environmental compliance requirements, trade and tariff issues, including those associated with imported solar panels, as well as supply chain delays or disruptions, workforce challenges, and other events beyond our control. If these projects are significantly delayed or become subject to cost overruns or cancellation due to these or other factors, we could incur additional costs and termination payments or face increased risk of potential write-offs of our investments in these projects. The occurrence of any of these events may materially affect the schedule, cost, and performance of these projects.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedRisk Factors
This concentration of business with a small number of customers in an industry based on emerging technologies, including AI and machine learning, presents several risks. We cannot predict the rate at which or the extent to which these emerging technologies will be broadly adopted and successful as business models. Changes in industry practice or advances in these technologies could reduce the demand for electricity to power data centers. Significant capital spend to build out required infrastructure or a downturn in business could cause the loss of these customers or may weaken their financial condition, liquidity and/or creditworthiness, including their ability to satisfy their reimbursement obligations to us. Similarly, customers may reduce their investment in these new technologies or abandon them entirely.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedRisk Factors
Any of these situations may result in the early termination or non-renewal of these customers’ electric service agreements or renewal on terms less favorable to us. Electric service agreements with these customers include provisions for early termination payments, but they may not fully protect against all risks. While the assets constructed to serve these customers may otherwise be useful in our utility operations, there is a risk that we may not be able to fully recover our investment in or a return on those assets.

Read it in 10-K 2026-02-20 at sec.gov ↗

Show the other 63
AddedRisk Factors
Our business, results of operations, and financial condition could be materially adversely affected as a result of any or all of these factors.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedRisk Factors
deliveries under our contracts even if our coal-fired generating facilities do not operate enough to fully utilize the amounts of coal covered by the contracts.

Read it in 10-K 2026-02-20 at sec.gov ↗

RemovedRisk Factors
unrecoverable during the review of the outstanding reconciliations, could have a material adverse impact on PGL’s, and correspondingly our, results of operations, financial position, and liquidity.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
Our operations are subject to extensive and evolving federal, state, and local environmental laws, regulations, and permit requirements related to, among other things, air emissions (including, but not limited to: CO2, methane, mercury, SO2, and NOx), protection of natural resources, water quality, wastewater discharges, and management of hazardous and toxic substances and solid wastes and soils. The EPA has recently adopted and implemented new environmental regulations, which include regulations that govern the emission of NOx, ozone, fine particulates, and other air pollutants under the CAA through the NAAQS, climate change, other air quality regulations, and water quality regulations. For example, in 2024, the EPA revised the effluent guidelines for steam electric generating plants, published a final rule lowering the PM limit under the MATS, lowered the primary (health-based) annual PM 2.5 NAAQS, published the Greenhouse Gas Power Plant Rule for fossil-fired steam generating units, issued a final Mandatory Greenhouse Gas Reporting Rule, and finalized a rule for CCR that applies to landfills, historic fill sites, and projects where CCR was placed at a power plant site. Some of these rules could be challenged or reviewed by agencies under the new presidential administration, which creates additional uncertainty. As a result of these potential challenges and reviews, existing environmental laws and regulations may be revised or new laws or regulations may be adopted at the federal, state, or local level.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
As a result of these compliance costs and other factors, certain of our coal-fired electric generating facilities have become uneconomical to maintain and operate, which has resulted in these units being retired or converted to an alternative type of fuel. As part of our commitment to a cleaner energy future, we have already retired nearly 2,500 MWs of fossil-fueled generation since the beginning of 2018. We expect to retire approximately 1,200 MWs of additional coal-fired generation by the end of 2031, and plan to replace a portion of the retired capacity by building and owning zero-carbon-emitting renewable and reliable, efficient natural gas generation facilities. We have also started implementing co-firing with natural gas at certain of our coal-fired units and are evaluating the conversion to natural gas.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
Our electric and natural gas utilities are also subject to significant liabilities related to the investigation and remediation of environmental impacts at certain of our current and former facilities and at third-party owned sites. We accrue liabilities and defer

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
There has been significant attention to issues concerning climate change as well as activism from certain stakeholders, including institutional investors and other sources of financing, to accelerate the transition to lower and limit GHG emissions. The EPA and some states have adopted and are implementing regulations to restrict emissions of GHGs. There have also been increasing efforts to introduce and adopt electrification initiatives and/or mandates and other efforts to reduce or eliminate reliance on natural gas as an energy source.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
We have set goals to achieve reductions in carbon emissions from our electric generation fleet by 60% by the end of 2025 and by 80% by the end of 2030, both from a 2005 baseline. Over the longer term, the target for our generation fleet is to be net carbon neutral by 2050. We have a goal to eliminate coal as an energy source by the end of 2032.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
Our financial performance depends on the successful operation of our electric generation and transmission, natural gas and electric distribution facilities, natural gas storage fields, and renewable energy facilities. The operation of these facilities involves many risks, including operator error and the breakdown or failure of equipment or processes.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
Insurance, warranties, performance guarantees, or recovery through the regulatory process may not cover any or all of these lost revenues or increased expenses, which could adversely affect our results of operations and cash flows.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
winter weather expectations. Although our utilities have regulatory mechanisms in place for recovering all prudently incurred natural gas costs, our regulators could disallow recovery or order the refund of any costs determined to be imprudent.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
As it relates to electric generation, a diversified fleet with increasingly clean generation resources may facilitate more efficient financing and lower costs. Conversely, jurisdictions utilizing more carbon-intensive generation such as coal may experience difficulty attracting certain investors and obtaining the most economical financing terms available.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
In addition, the imposition of new tariffs, or other changes in United States trade policy, could trigger retaliatory actions by affected countries. A “trade war” of this nature or other governmental action related to tariffs or international trade agreements or policies has the potential to result in or exacerbate global supply chain disruptions and/or inflation, which could result in an adverse impact on our business operations, financial condition, and/or capital plan.

Read it in 10-K 2025-02-21 at sec.gov ↗

RewordedRisk Factors
Protracted, expanding or escalating regional or international conflicts, including the conflicts involving Ukraine, Israel, and parts of the Middle East, as well as strained relationships Increased tensions between the United States and other countries related to such conflicts, countries, as well as new, protracted, or escalating regional or international conflicts could result in domestic and global supply chain disruptions that delay the delivery, or result in shortages of, materials, equipment, and other resources that are critical to our business operations.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
The Reductions or eliminations of tax credits or other governmental incentives that promote renewable energy generating facilities, or the imposition of additional taxes, tariffs, or other assessments related to renewable energy projects or the equipment necessary to generate or deliver it, as well as any reductions or eliminations of tax credits or other governmental incentives that promote renewable energy generating facilities, may also limit our ability to make further investments in renewable energy generating facilities or reduce the returns on our existing investments.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
In addition, changes Changes in policy our corporate strategy to combat climate change, including mitigation and adaptation efforts, efforts and technology advancement, each of which can also accelerate the implications of a transition to lower emissions, may materially adversely impact our results of operations and cash flows through significant capital expenditures and investments in renewable generation. flows.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
There Otherwise, there can be no assurance that all costs incurred under the QIP rider during the open reconciliation years, which include including 2017 through 2023, will be deemed recoverable by the ICC. ICC, which could have a material adverse impact on PGL’s, and correspondingly our, results of operations, financial condition, and liquidity.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
We may also be adversely impacted by labor disruptions and productivity as a result of infections, employee attrition, and a reduced ability or the inability to replace departing employees as a result of employees who leave or forego employment to avoid any required precautionary measures. maintain appropriate staffing.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
Increases in inflation raise our Increased costs for labor, materials, and services, as a result of supply chain disruptions, inflation, or tariffs, and failure to secure these resources on economically acceptable terms, as well as any regulatory delay in adjusting rates to account for increased costs, may adversely impact our business operations, financial condition and results of operations. condition, and/or capital plan.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
Distributed generation technologies that produce power, including fuel cells, microturbines, wind turbines, solar cells, and related energy storage devices, have technologically improved and have become more cost competitive than they were in the past.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
Future local, statewide, or nationwide actions like these to regulate GHG emissions in our service territories could increase the price of natural gas, reduce the gas resulting in reduced demand for for, and revenues from, natural gas, cause us to accelerate the replacement and/or updating of our natural gas delivery systems, and adversely affect our ability to operate our natural gas facilities.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
As a result, our overall results may fluctuate substantially on a seasonal basis. basis and could be negatively impacted by milder temperatures during the summer cooling season and winter heating season.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
In addition, permits and other approvals and licenses are often granted for a term that is less than the expected life of the associated facility. facility and may require periodic renewal, which may result in additional requirements being imposed by the granting agency.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
In its November For example, the ICC's 2023 final rate orders for PGL and NSG, the ICC order disallowed certain previously incurred capital costs, which resulted in PGL and NSG recording impairment losses in the fourth quarter of 2023, and caused PGL to pause spending on its SMP. PRP.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
These regulations, GHG legislation, regulation, or the emission reduction goal, as well as changes in the fuel markets and advances in technology, technology could make additional electric generating units uneconomic to maintain or operate, maintain, may impact how we operate our existing fossil-fueled power plants and biomass facility, and could cause us to retire and replace units earlier than planned under our capital plan, which could lead to a possible loss on abandonment and reduced revenues.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
Economic growth continues in our Wisconsin service territories. Companies are investing in major projects, including data centers and modern manufacturing facilities. We anticipate electric demand growth in the years ahead from these economic developments. Microsoft has announced plans to invest over $20 billion in data centers in southern Wisconsin over the next several years, and we expect up to 2.6 GWs of load growth in the Milwaukee-to-Chicago corridor through 2030. Additionally, Vantage Data Centers plans to develop a large data center campus in Port Washington that is forecasted to add 1.3 GWs of demand through 2030. This site has the potential to add an incremental 2.2 GWs, for a total of up to 3.5 GWs over time. We are working closely with these large customers to provide power to meet this substantial projected demand. In 2025, we submitted a proposal to the PSCW for new VLC and Bespoke Resources tariffs. The proposed tariffs specifically address the unique needs of VLCs while protecting our other customers and shareholders. See Note 26, Regulatory Environment, for more information on the VLC and Bespoke Resources tariffs.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
To meet the forecasted electric demand growth in the years ahead, greater capacity will be required to provide affordable, reliable, and clean energy for our communities. Our capital plan addresses that demand with a range of planned investments in natural gas-fired generation, renewables, and battery storage. We plan on investing approximately $5.4 billion from 2026 to 2030 in a combination of efficient natural gas-fired generation, including:

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
•Our capital plan includes $2.9 billion of investments in BESSs from 2026 to 2030, which are intended to capture excess power and release it during peak demand or when power is limited due to weather or other unexpected disruptions.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
Through our multiyear Energy Delivery Program, we are planning to implement capabilities and standard processes for customer service, natural gas and electric operations, work management, and field operations. This includes improvements to outage management, geographic information systems, and work and asset management systems, as well as the implementation of new capabilities through advanced distribution management systems.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
Year Ended December 31 Natural Gas Sales Volumes (Therms - in millions) 2025 2024 B (W) Customer class Residential 1,125.8 968.5 157.3 Commercial and industrial 737.0 625.2 111.8 Total retail 1,862.8 1,593.7 269.1 Transportation 1,381.2 1,316.5 64.7 Total sales in therms 3,244.0 2,910.2 333.8

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
Year Ended December 31 (in millions) 2025 2024 B (W) Operating revenues $ 1,683.6 $ 1,602.4 $ 81.2 Operating expenses Cost of natural gas sold 508.0 376.7 (131.3) Other operation and maintenance 482.2 461.5 (20.7) Impairments 130.0 12.1 (117.9) Depreciation and amortization 259.7 255.4 (4.3) Property and revenue taxes 55.5 59.9 4.4 Operating income 248.2 436.8 (188.6) Other income, net 8.6 7.6 1.0 Interest expense 88.9 94.7 5.8 Income before income taxes 167.9 349.7 (181.8) Income tax expense 45.8 97.6 51.8 Net income attributed to common shareholders $ 122.1 $ 252.1 $ (130.0)

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
Year Ended December 31 Natural Gas Sales Volumes (Therms - in millions) 2025 2024 B (W) Customer Class Residential 855.9 745.4 110.5 Commercial and industrial 317.6 287.7 29.9 Total retail 1,173.5 1,033.1 140.4 Transportation 775.1 707.8 67.3 Total sales in therms 1,948.6 1,740.9 207.7

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
•A $130.0 million impairment related to PGL and NSG agreeing on the terms of a proposed settlement with the Illinois Attorney General that would resolve all open proceedings related to the QIP and UEA riders. See Note 26, Regulatory Environment, for more information.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
Year Ended December 31 Natural Gas Sales Volumes (Therms - in millions) 2025 2024 B (W) Customer Class Residential 325.9 285.2 40.7 Commercial and industrial 209.2 179.9 29.3 Total retail 535.1 465.1 70.0 Transportation 759.3 828.5 (69.2) Total sales in therms 1,294.4 1,293.6 0.8

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
Year Ended December 31 (in millions) 2025 2024 B (W) Operating revenues $ 527.5 $ 449.8 $ 77.7 Operating expenses Cost of natural gas sold (246.3) (198.6) (47.7) Other operation and maintenance (1) (59.0) (55.4) (3.6) Depreciation and amortization (49.8) (47.0) (2.8) Property and revenue taxes (26.2) (21.0) (5.2) Gross margin (GAAP) 146.2 127.8 18.4 Other operation and maintenance (1) 59.0 55.4 3.6 Depreciation and amortization 49.8 47.0 2.8 Property and revenue taxes 26.2 21.0 5.2 Utility margin (non-GAAP) $ 281.2 $ 251.2 $ 30.0

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
Year Ended December 31 (in millions) 2025 2024 B (W) Equity in earnings of transmission affiliates $ 215.8 $ 207.5 $ 8.3 Interest expense 19.3 19.4 0.1 Income before income taxes 196.5 188.1 8.4 Income tax expense 48.9 47.1 (1.8) Net income attributed to common shareholders $ 147.6 $ 141.0 $ 6.6

Read it in 10-K 2026-02-20 at sec.gov ↗

RemovedMD&A
In May 2024, WE completed the acquisition of an additional 100 MWs of West Riverside's nameplate capacity, a commercially operational dual fueled combined cycle generation facility in Beloit, Wisconsin operated by an unaffiliated utility. See Note 2, Acquisitions, for more information.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
In December 2018, WE received approval from the PSCW for two renewable energy pilot programs. The Solar Now pilot is expected to add a total of 35 MWs of solar generation to WE's portfolio, allowing non-profit and governmental entities, as well as commercial and industrial customers, to site utility owned solar arrays on their property. Under this program, WE has energized 29 Solar Now projects and currently has another one under construction, together totaling more than 30 MWs. The second program, the DRER pilot, is designed to allow large commercial and industrial customers to access renewable resources that WE would operate. The DRER pilot is intended to help these larger customers meet their sustainability and renewable energy goals, and could add up to 35 MWs of renewables to WE's portfolio. In July 2023, the PSCW approved the Renewable Pathway Pilot, the third renewable energy program. This program allows WE and WPS commercial and industrial customers to subscribe to a portion of a utility-scale, Wisconsin-based renewable energy generating facility for up to 125 MWs at WE and 40 MWs at WPS. Under this program, WE has signed up seven customers for a total of 59 MWs of generation capacity.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
In August 2021, the PSCW approved pilot programs for WE and WPS to install and maintain EV charging equipment for customers at their homes or businesses. We proposed modifications to these pilot programs, which were approved by the PSCW and implemented on January 1, 2025. The programs provide direct benefits to customers by removing cost barriers associated with installing EV equipment. In October 2021, subject to the receipt of any necessary regulatory approvals, we pledged to expand the EV charging network within the service territories of our electric utilities. In doing so, we joined a coalition of utility companies in a unified effort to make EV charging convenient and widely available throughout the Midwest. The coalition we joined is planning to help build and grow EV charging corridors, enabling the general public to safely and efficiently charge their vehicles.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
In December 2023, we started a pilot program with Electric Power Research Institute and CMBlu Energy, a Germany-based designer and manufacturer of an organic solid flow battery, to test this new form of long-duration energy storage on the U.S. electric grid at our VAPP. The program will test battery system performance, including the ability to store and discharge energy for up to twice as long as the typical lithium-ion batteries in use today. We expect the pilot activities to continue into 2025.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
•WE and WG have completed the construction of their respective LNG facilities. Each facility provides approximately one Bcf of natural gas supply to meet anticipated peak demand, without requiring the construction of additional interstate pipeline capacity. The WE LNG facility was commercially operational in November 2023 and the WG LNG facility was commercially operational in February 2024.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
On February 20, 2025, the ICC issued an order setting expectations for PGL's prospective operations under its SMP. For more information, see Note 26, Regulatory Environment, and Factors Affecting Results, Liquidity, and Capital Resources - Regulatory, Legislative, and Legal Matters - Future Illinois Proceedings.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
During 2022, WE and WPS amortized $81.0 million of the regulatory liabilities associated with their transmission escrows to offset certain 2022 revenue deficiencies, as approved by the PSCW in order to forego filing for 2022 base rate increases. This amortization drove the lower transmission expense during 2022.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
(4) Represents operation and maintenance associated with the earnings mechanisms we have in place. In 2024, earnings sharing was reduced by the impact of the deferral of amounts collected in rates related to Badger Hollow II prior to its in-service date, which was delayed, as approved by the PSCW in the Wisconsin limited rate case reopener effective January 1, 2024. Additionally, in 2022, earnings sharing was reduced by amortization related to certain regulatory liability balances associated with WPS's 2020 earnings sharing mechanism to offset certain 2022 revenue deficiencies, as approved by the PSCW in order to forego filing for 2022 base rate increases. See Note 26, Regulatory Environment, for more information.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
•A $38.5 million year-over-year positive impact from collections of fuel and purchased power costs. Under the Wisconsin fuel rules, the margins of our electric utilities are impacted by under- or over-collections of certain fuel and purchased power costs that are within a 2% price variance from the costs included in rates, and the remaining variance above or below the 2% is generally deferred for future recovery or refund to customers.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
•A $22.1 million decrease in pre-tax gains on the sales of land, primarily related to the land sale at the site of our former Pleasant Prairie power plant in 2023. See Note 3, Dispositions, for more information.

Read it in 10-K 2025-02-21 at sec.gov ↗

RewordedMD&A
The increase in cash paid for capital expenditures at the Wisconsin segment during 2024, 2025, compared with 2023, 2024, was driven by higher payments for WE's electric distribution system, increased an increase in capital expenditures for the following: renewable energy projects at WE, WPS, and UMERC, increased capital expenditures for combustion turbines at OCPP, as well as increased capital expenditures for a project to consolidate our electric utility operations technology. UMERC;

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
These increases in capital expenditures were partially offset by decreased payments for construction of WE's WPS's service center completed in October 2024 and WG's LNG facilities, which were facility completed in November 2023 and February 2024, respectively, as well as decreased payments for natural gas-fired generation that was constructed at WPS's existing Weston power plant site, which was completed in July 2023. 2024.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
(2) (1) Included in long-term debt on our Consolidated Balance Sheets as of December 31, 2023, 2025, was $500.0 $600.0 million principal amount of the 2007 WEC Energy Group's 2025 Junior Notes. Notes due 2056 and $750.0 million principal amount of WEC Energy Group's 2024 Junior Notes (2024A Junior Notes and 2024B Junior Notes, collectively) due 2055.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
In accordance with its November 2023, 2023 PGL rate order, the ICC ordered PGL to pause spending on its SMP until the ICC had initiated a proceeding in January 2024 to determine the optimal method and prudent investment level for replacing aging natural gas infrastructure and a prudent investment level. infrastructure.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
The UFLPA In June 2022, the CBP implemented the UFLPA, which establishes a rebuttable presumption that any imports certain silica-based products wholly or partially manufactured in the Xinjiang Uyghur Autonomous Region of China, such as polysilicon included in the manufacturing of solar panels, are prohibited from entering the United States.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
In addition, there is continuing uncertainty over the impact that of increasing tensions between the ongoing U.S. and other countries and new, protracted or escalating regional and international conflicts, including those in Ukraine, Israel and in other parts of the Middle East, will have conflicts on the global economy, supply chains, and fuel prices.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
The higher earnings were driven by an increase in margins due to from the impact of the Wisconsin limited rate case re-openers orders approved by the PSCW, effective January 1, 2024, 2025, higher retail sales volumes, and a positive impact from collections of fuel and purchased power costs. an increase in certain income tax benefits.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
The increase was driven by higher margins due related to positive impacts from MGU's rate increase approved by the MPSC that was effective January 1, 2024 and 2025, MERC's final rate increase approved by the MPUC that was effective March 1, 2024, and an increase in November 2023. retail sales volumes.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
The increase in cash paid for capital expenditures at the Other States non-utility energy infrastructure segment during 2024, 2025, compared with 2023, 2024, was driven by increased payments for MGU's natural gas distribution system. an increase in capital expenditures related to new generator units at ERGS and PWGS.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
Partially offsetting these increases were higher property and revenue taxes, depreciation and amortization, and natural gas distribution and maintenance costs, along with this decrease was a year-over-year positive impact from a $25.3 million pre-tax charge to income in 2024 related to the ICC's disallowance of certain capital costs in PGL's 2016 rider QIP reconciliation.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
In connection with several investigations it conducted, the The DOC set duties on solar panels and cells imported from four southeast Asian countries. countries and is investigating additional AD/CVD allegations relating to Chinese-owned manufacturers in Laos and Indonesia, as well as India-headquartered companies.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
In June 2024, March 2025, Moody's changed the rating outlook for PGL to stable from negative from stable as a result of the November 2023 rate ICC's February 2025 order and the May 2024 limited re-hearing. setting expectations for PGL's retirement of aging natural gas infrastructure.

Read it in 10-K 2026-02-20 at sec.gov ↗

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