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We have received refunds of certain tariffs paid in connection with our capital projects and continue to pursue additional refunds, including requiring our contractors and vendors to seek refunds, as applicable, of tariffs paid under the International Emergency Economic Powers Act and other tariff provisions.
Read in the filing ↗
In March 2025, WE filed an application with the PSCW requesting approval to implement a VLC Tariff and a Bespoke Resources Tariff. The PSCW verbally approved the tariffs, with modifications, at its open meeting on April 24, 2026. Under these inter-connected tariffs, VLCs (customers with new demand exceeding 100 MWs, such as large data centers) will have access to reliable power to meet their needs and will directly pay for the electricity they consume, along with the power plants and distribution facilities built to serve them and operating and transmission costs allocated to their usage. The tariffs are designed so that the costs associated with these VLCs are not subsidized by or shifted to residential or business customers.
Read in the filing ↗ Also in 10-Q of Aug 1, 2025, 10-Q of Oct 30, 2026, 10-Q of Aug 4, 2026, 10-Q of Oct 31, 2025, 10-K of Feb 20, 2026, 10-Q of Oct 31, 2025, 10-K of Feb 20, 2026
Since 2002, PGL and NSG have, under ICC-approved tariffs, provided their customers with the option to choose a third-party natural gas supplier. There are no state laws requiring PGL and NSG to make this choice option available to customers, but since this option is currently provided to our Illinois customers under tariff, ICC approval would be needed to withdraw those tariffs.
Read in the filing ↗ Also in 10-K of Feb 20, 2026
In addition, we are in the process of evaluating whether we are eligible to seek refunds and/or require our contractors and developers to seek refunds of tariffs paid under the International Emergency Economic Powers Act and other tariff provisions.
Read in the filing ↗ Also in 10-Q of Aug 4, 2026
Our operations and corporate strategy may be adversely affected by supply chain disruptions, inflation, and tariffs.
Read in the filing ↗
In August 2025, in response to another petition filed by a coalition of trade groups, the DOC and USITC initiated new AD/CVD investigations based on the coalition’s claims that Chinese-owned manufacturers in Laos and Indonesia, as well as India-headquartered companies, are benefiting from illegal subsidies and selling solar products below cost in the United States. In February 2026, the DOC reached affirmative findings in its CVD investigation and released preliminary tariff rates applicable to each country generally, as well as certain specific manufacturers from those countries. In addition, in response to a critical circumstances petition, the DOC further determined that there had been a surge in panels from certain producers in India and from most Indonesian producers prior to the determination, applying tariffs retroactively to imports by such producers that entered the United States up to 90 days before the announcement of the new CVD tariffs. In April 2026, the DOC also issued preliminary affirmative findings in its AD investigation, setting additional rates applicable to these countries. Final AD/CVD rates are scheduled to be released in the fall of 2026, at which time the DOC will begin collecting final tariff amounts. These new tariffs may cause further cost increases or delays in the United States solar industry generally. We are currently assessing these new tariffs for any potential impact on our solar projects.
Read in the filing ↗ Also in 10-Q of Aug 4, 2026
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.
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• Item 1A. Risk Factors - Risks Related to the Operation of Our Business - Our operations and corporate strategy may be adversely affected by supply chain disruptions, inflation, and tariffs.
Read in the filing ↗ Also in 10-Q of May 7, 2026, 10-Q of Aug 4, 2026, 10-Q of Oct 30, 2026
We expect a decision from the PSCW in the second quarter of 2026. Prior to the PSCW approving the tariffs, WE requires VLCs to enter into payment and cancellation agreements which obligate the VLC to reimburse WE for all costs associated with projects requested by the customer until service agreements are executed under the approved tariffs. Reimbursement is required if, among other things, the VLC terminates the payment and cancellation agreement or reduces its anticipated load, or regulatory approval is not received for the construction of a project.
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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 in the filing ↗ Also in 10-K of Feb 20, 2026
Prices of equipment, materials, and other resources have increased and may continue to increase in the future, as a result of supply chain disruptions, inflation, and tariffs. Further governmental actions related to trade policy could exacerbate global supply chain disruptions and/or inflation. 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/or capital plan.
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The two new tariffs will work in tandem as VLCs will be required to sign a service agreement and subscribe to a portion of one or more "Bespoke Resources," including renewable generation facilities, battery storage, and natural gas generation units. Under these agreements, if a VLC terminates or downsizes its plans, it will still be required to pay for the Bespoke Resources and dedicated distribution facilities that have been built to support its forecasted load, unless the facilities can be repurposed, subject to PSCW approval. Service agreements under the Bespoke Resources Tariff will be effective for the depreciable life of the resource, except for wind or solar resources which will have a term of 20 years. As proposed, the ROE ( 10.48 %) and equity ratio ( 57 %) will be fixed for the entire term of the agreement, and the revenue and costs recovered through the tariffs will be excluded from future rate case proceedings and earnings sharing mechanisms.
Read in the filing ↗ Also in 10-Q of Oct 31, 2025, 10-K of Feb 20, 2026, 10-Q of May 7, 2026
The United States continues to implement changes to its international trade policy including changes to tariffs, port fees and other policies relating to exports from and imports into the United States. In response to these changes, foreign governments also
Read in the filing ↗ Also in 10-Q of May 7, 2026, 10-Q of Oct 30, 2026
An interstate pipeline may seek to provide transportation service directly to our Illinois end users, which would bypass our natural gas transportation service. However, PGL and NSG have anti-bypass tariffs approved by the ICC, which allow them to negotiate rates
Read in the filing ↗ Also in 10-K of Feb 20, 2026
• The risk of delays and shortages, and increased costs of equipment, materials, or other resources that are critical to our business operations and corporate strategy, as a result of supply chain disruptions (including disruptions from rail congestion), inflation, tariffs, and other factors;
Read in the filing ↗ Also in 10-Q of Aug 1, 2025, 10-Q of Oct 31, 2025, 10-K of Feb 20, 2026, 10-Q of May 7, 2026, 10-Q of Aug 4, 2026, 10-Q of Oct 30, 2026
We expect a decision from the PSCW in the second quarter of 2026. Prior to the PSCW approving the tariffs, for infrastructure investments that have not received regulatory approval, WE requires VLCs to enter into payment and cancellation agreements which obligate the VLC to reimburse WE for all costs associated with projects, including any associated costs incurred by ATC for transmission infrastructure projects, requested by the customer until service agreements are executed under the approved tariffs. Reimbursement is required if, among other things, the VLC terminates the payment and cancellation agreement or reduces its anticipated load, or regulatory approval is not received for the construction of a project.
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We have incurred significant costs to construct generation, transmission and distribution assets that will be used to provide energy and capacity to Oracle America Cloud Services LLC ("OACS"), which will be taking service under the recently approved VLC and Bespoke Resources tariffs. Following a recent credit rating downgrade of its parent, our contracts require additional collateral to secure our current and projected credit exposure. The amount of collateral required increases as additional project costs are incurred. The peak collateral requirement is currently expected to be approximately $7 billion. We fully expect OACS and its parent to provide the required collateral. See Note 24, Regulatory Environment, for more information on the VLC and Bespoke Resources tariffs.
Read in the filing ↗ Also in 10-Q of Oct 30, 2026
44 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 Regulatory Matters
Read in the filing ↗ Also in 8-K of Dec 5, 2025, 8-K of Jan 5, 2026, 8-K of Feb 6, 2026, 8-K of Mar 2, 2026
The two new tariffs work in tandem as VLCs are required to sign a service agreement and subscribe to a portion of one or more "Bespoke Resources," including renewable generation facilities, battery storage, natural gas generation units, and PPAs. Under these agreements, if a VLC terminates or downsizes its plans, it will still be required to pay for the Bespoke Resources and dedicated distribution facilities that have been built to support its forecasted load, unless the facilities can be repurposed, subject to PSCW approval. Service agreements under the Bespoke Resources Tariff will be effective for the depreciable life of a company-owned generation resource, except for wind and solar resources which will have a term of 20 years, or the duration of any PPAs that will be utilized as a Bespoke Resource. The ROE, which may range from 10.48 % to 10.98 % as agreed upon with the customer, and the equity ratio of 57 % will both be fixed for the entire term of the agreement. The revenue and costs recovered through the tariffs will be excluded from future rate case proceedings and earnings sharing mechanisms.
Read in the filing ↗ Also in 10-Q of Oct 30, 2026
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 in the filing ↗ Also in 10-Q of May 7, 2026, 10-Q of Aug 4, 2026, 10-Q of Oct 30, 2026
We have also filed requests with the PSCW to acquire and construct 1,660 MWs of additional natural gas-fired generation. Some of the generation projects pending approval are for bespoke resources to serve VLCs. See Note 26, Regulatory Environment, for more information on bespoke resources and the proposed VLC tariff.
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9 Wisconsin Very Large Customer (VLC) Tariff Approved Meets the unique needs of very large customers while protecting other customers and shareholders ▪ Applies to customers with 100 MW or more of forecasted new load ▪ Customer subscribes to a portion of one or more dedicated new generation resources ▪ Terms: ▪ Wind and solar: 20 years ▪ Depreciable life for natural gas and battery storage assets ▪ Fixed for entire term: Return on Equity range of 10.48% to 10.98% and Equity Ratio of 57% ▪ Specific ROE within range agreed upon with customers ▪ Revenues and costs recovered through tariff excluded from future rate case proceedings and earnings sharing mechanisms ▪ Early termination: Customer pays for remaining net book value, to the extent it cannot be repurposed PSCW written order received May 21, 2026
Read in the filing ↗ Also in 8-K of Aug 3, 2026, 8-K of Sep 4, 2026, 8-K of Nov 6, 2026
9 Wisconsin Very Large Customer (VLC) Tariff Meets the unique needs of very large customers while protecting other customers and shareholders ▪ Applies to customers with 100 MW or more of forecasted new load ▪ Customer subscribes to a portion of one or more dedicated new generation resources ▪ Terms: ▪ Wind and solar: 20 years ▪ Depreciable life for natural gas and battery storage assets ▪ Fixed for entire term: Return on Equity range of 10.48% to 10.98% and Equity Ratio of 57%, as agreed upon with customers ▪ Revenues and costs recovered through tariff excluded from future rate case proceedings and earnings sharing mechanisms ▪ Early termination: Customer pays for remaining net book value, to the extent it cannot be repurposed Verbal approval received April 24, 2026; all terms subject to final PSCW written order
Read in the filing ↗ Also in 8-K of Apr 1, 2026, 8-K of Feb 6, 2026, 8-K of Mar 2, 2026, 8-K of Jan 5, 2026, 8-K of Nov 7, 2025, 8-K of Dec 5, 2025
In April 2024, a coalition of several U.S. producers of solar panels filed a new petition requesting tariffs on imports from the same four Southeast Asian countries. The group alleged that some Chinese companies had moved their solar operations to avoid penalties imposed in the first investigation. In April 2025, the DOC reached final affirmative determinations, increasing tariff rates, in some cases significantly. These increased rates became effective and enforceable in May 2025 upon the USITC’s final affirmative determination. As a result of these duties, the cost and availability of solar panels in the U.S. has been impacted and the U.S. solar industry overall has experienced higher costs of materials as well as delays. Some of these impacts have already been reflected in the estimated cost and in-service dates for certain of our solar projects.
Read in the filing ↗
Achieving the intended benefits of any large construction project is subject to many uncertainties, some of which we will have limited or no control over, that could adversely affect project costs and completion time. Supply chain disruptions, including solar panel shortages and delays, increasing material costs, government regulations and tariffs, and other factors, could impact the timing of completion of our renewable projects. Additional risks include, but are not limited to, the ability to adhere to established budgets and time frames; the availability of labor or materials at estimated costs; the ability of contractors to perform under their contracts; strikes; adverse weather conditions; potential legal challenges; changes in applicable laws or regulations; rising interest rates; inflation; tariffs; the impact of public health crises; other governmental actions; continued public and policymaker support for such projects; and events in the global economy.
Read in the filing ↗ Also in 10-K of Feb 21, 2025
In April 2025, based upon an investigation in response to a new petition, the DOC reached affirmative findings that some Chinese companies had moved their solar operations to avoid penalties imposed in the first investigation, increasing tariff rates, in some cases significantly. These increased rates became effective and enforceable in May 2025 upon the USITC’s final affirmative determination.
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In August 2023, the DOC issued a final decision regarding an AD/CVD petition filed by a California-based company alleging that Chinese manufacturers were shifting products to the four southeast Asian countries to avoid tariffs required on products imported from China and requesting that the DOC conduct a country-wide inquiry into each country. In its final decision, the DOC determined that circumvention was occurring in each of the four Southeast Asian countries noted above. Duties began to be applied to certain imports of solar cells from Malaysia, Vietnam, Thailand and Cambodia after expiration of the 24-month tariff moratorium on June 6, 2024. In addition, in response to its findings, the DOC promulgated new regulations that imposed enhanced duties in certain circumstances, including when the USITC determines there is a reasonable indication the domestic solar industry is materially or potentially injured because of imported products that violate certain fair trade laws.
Read in the filing ↗
Starting in June 2024, the DOC began applying duties to certain imports of solar cells from Malaysia, Vietnam, Thailand and Cambodia, with the potential for enhanced duties in certain circumstances, based on final findings by both the DOC and the USITC in their AD/CVD investigations that Chinese manufacturers were shifting products to those four Southeast Asian countries to avoid tariffs on products imported from China.
Read in the filing ↗ Also in 10-Q of Aug 4, 2026, 10-Q of Oct 30, 2026, 10-K of Feb 20, 2026
The U.S. continues to implement changes to its international trade policy including changes to tariffs, port fees and other policies relating to exports from and imports into the United States. In response to these changes, foreign governments are also adjusting their trade policies, including the imposition of additional tariffs. There remains significant uncertainty as to the ultimate scope of the U.S. and foreign trade policies. Both the U.S. and foreign trade policy changes could increase the cost of materials or disrupt supply chains, which could impact our ability to repair or maintain our infrastructure; the timing, cost or completion of our infrastructure projects; and/or our ability to execute our capital plan. In addition, these changes, including any impact they may have to economic conditions, could lead to reduced energy demand by our customers. Consequently, these policy changes could have a material adverse effect on our business, results of operations and financial condition.
Read in the filing ↗ Also in 10-Q of Oct 31, 2025, 10-K of Feb 20, 2026
In MISO, transmission costs are allocated in accordance with the MISO tariff, which is reviewed and approved by the FERC. Base transmission costs are paid by load-serving entities located in the service territories of each MISO transmission owner. Costs for new regional transmission projects are allocated to load-serving entities throughout the MISO footprint, while the costs for new generation interconnections are allocated to the interconnection customer.
Read in the filing ↗ Also in 10-K of Feb 20, 2026
Starting on June 6, 2024, the DOC began applying duties to certain imports of solar cells from Malaysia, Vietnam, Thailand and Cambodia, with the potential for enhanced duties in certain circumstances, based on final findings by both the DOC and the USITC in their AD/CVD investigations that Chinese manufacturers were shifting products to those four Southeast Asian countries to avoid tariffs required on products imported from China.
Read in the filing ↗
We recognize natural gas utility operating revenues under requirements contracts with residential, commercial and industrial, and transportation customers served under the tariffs of our regulated utilities. Tariffs provide our customers with the standard terms and conditions, including rates, related to the services offered. Requirements contracts provide for the delivery of as much natural gas as the customer needs. These requirements contracts represent discrete deliveries of natural gas and constitute a single performance obligation satisfied over time. Our performance obligation is both created and satisfied with the transfer of control of natural gas upon delivery to the customer. For most of our customers, natural gas is delivered and consumed by the customer simultaneously. A performance obligation can be bundled to consist of both the sale and the delivery of the natural gas commodity. In certain of our service territories, customers can purchase the commodity from a third party. In this case, the performance obligation only includes the delivery of the natural gas to the customer.
Read in the filing ↗ Also in 10-K of Feb 20, 2026
• Risks related to providing service to our data center and other large-scale customers including project termination, cancellation or delay, failure to receive regulatory approvals of projects or tariffs or other necessary permitting or siting approvals, delays in recovery of contractual reimbursement for project costs, the ability to fully recover our investment on assets developed to serve our large-scale customers, and lower than anticipated need for electricity by these customers;
Read in the filing ↗ Also in 10-K of Feb 20, 2026
In April 2024, a coalition of several U.S. producers of solar panels filed a petition with the DOC requesting new tariffs on imports from the same four Southeast Asian countries. The group alleged that some Chinese companies had moved their solar operations to avoid penalties implemented after the expiration of the moratorium. In May 2024, in response to the petition, the DOC initiated a new AD/CVD investigation of solar panels from the four southeast Asian countries.
Read in the filing ↗
WE requires VLCs to enter into payment and cancellation agreements which obligate the VLC to reimburse WE for all costs associated with projects, including any associated costs incurred by ATC for transmission infrastructure projects, requested by the customer until service agreements are executed under the approved tariffs. Reimbursement is required if, among other things, the VLC terminates the payment and cancellation agreement or reduces its anticipated load, or regulatory approval is not received for the construction of a project.
Read in the filing ↗ Also in 10-Q of Oct 30, 2026
12 3.2 GW of Demand Forecasted Through 2031 Robust demand along I-94 Milwaukee to Chicago corridor: Microsoft Data Center ▪ Announced investment of approximately $20 billion ▪ More than 2,200 acres purchased previously, additional 70 acres purchased in October 2026 ▪ First site operations commenced in April 2026 ▪ On the VLC tariff as of June 1, 2026 Strong Regional Growth ‘Mount Pleasant AI data center will be among the world’s most advanced’ –Brad Smith, President of Microsoft BizTimes Milwaukee © Microsoft
Read in the filing ↗
On June 10, 2026, WE, along with two intervenors, filed a petition for rehearing with the PSCW requesting reconsideration and modification to the credit support criteria and collateral provisions in the May 21, 2026 order. The PSCW did not take action on the petition within the allowed 30 -day time period so it is deemed denied by operation of law. A VLC has filed a petition for review of the VLC tariff's credit support and collateral requirements in the Wisconsin Circuit Court.
Read in the filing ↗
As a result of the duties that have been imposed to date, the cost and availability of solar panels in the United States has been impacted and the United States solar industry overall has experienced higher costs of materials as well as delays. Some of these impacts have already been reflected in the estimated cost and in-service dates for certain of our solar projects; however, we are continuing to monitor the tariffs and investigations for any additional potential impact on our solar projects.
Read in the filing ↗
• Risks related to providing service to data centers and other large-scale customers including project termination, cancellation or delay, failure to receive regulatory approvals of projects or tariffs or other necessary permitting or siting approvals, delays in recovery of contractual reimbursement for project costs, the ability to fully recover our investment on assets developed to serve our large-scale customers, lower than anticipated need for electricity by these customers, failure to garner public support, or new legislation or regulation impacting large-scale customer cost allocation;
Read in the filing ↗
The tariffs of our natural gas utilities include various rate mechanisms that allow them to recover or refund changes in prudently incurred costs from rate case-approved amounts. The rates for all of our natural gas utilities include one-for-one recovery mechanisms for natural gas commodity costs. Under normal circumstances, we defer any difference between actual natural gas costs incurred and costs recovered through rates as a current asset or liability. The deferred balance is returned to or recovered from customers at intervals throughout the year.
Read in the filing ↗ Also in 10-K of Feb 20, 2026
In addition, the rates of PGL and NSG, and the residential tariffs of WE, WPS, and WG, include riders or other mechanisms for cost recovery or refund of uncollectible expense based on the difference between actual uncollectible write-offs and the amounts recovered in rates. The rates of PGL and NSG include riders for cost recovery of both environmental cleanup costs and energy conservation and management program costs. Finally, the rates of MGU include a rider to recover costs incurred to replace or modify natural gas facilities.
Read in the filing ↗
In June 2026, WE, along with two intervenors, filed a petition for rehearing with the PSCW requesting reconsideration and modification to the credit support criteria and collateral provisions in the May 2026 order. The PSCW did not take action on the petition within the allowed 30 -day time period so it was deemed denied by operation of law. A VLC had also filed a petition for review of the VLC tariff's credit support and collateral requirements in the Wisconsin Circuit Court, but subsequently withdrew its petition.
Read in the filing ↗
The transaction price of the performance obligations for our natural gas customers is valued using the rates, charges, terms, and conditions of service included in the tariffs of our regulated utilities, which have been approved by state regulators. These rates often have a fixed component customer charge and a usage-based variable component charge. We recognize revenue for the fixed component customer charge monthly using a time-based output method. We recognize revenue for the usage-based variable component charge using an output method based on natural gas delivered each month.
Read in the filing ↗ Also in 10-K of Feb 20, 2026
We expect a final written order from the PSCW by the end of May 2026. WE requires VLCs to enter into payment and cancellation agreements which obligate the VLC to reimburse WE for all costs associated with projects, including any associated costs incurred by ATC for transmission infrastructure projects, requested by the customer until service agreements are executed under the approved tariffs. Reimbursement is required if, among other things, the VLC terminates the payment and cancellation agreement or reduces its anticipated load, or regulatory approval is not received for the construction of a project.
Read in the filing ↗