WEC ENERGY GROUP, INC.

Previous wording

We are a diversified holding company with natural gas and electric utility operations (serving customers in Wisconsin, Illinois, Michigan, and Minnesota), an approximately 60% equity ownership interest in ATC (a for-profit electric transmission company regulated by FERC and certain state regulatory commissions), and non-utility energy infrastructure operations through We Power (which owns generation assets in Wisconsin that it leases to WE), Bluewater (which owns underground natural gas storage facilities in Michigan), and WECI, which holds ownership interests in several renewable generating facilities.

Current wording

We are a diversified holding company with natural gas and electric utility operations (serving customers in Wisconsin, Illinois, Michigan, and Minnesota), an approximately 60% equity ownership interest in ATC (a for-profit electric transmission company regulated by the FERC and certain state regulatory commissions), and non-utility energy infrastructure operations through We Power (which owns generation assets in Wisconsin that it leases to WE), Bluewater (which owns underground natural gas storage facilities in Michigan), and WECI, which holds ownership interests in several renewable generating facilities.

Previous wording

As part of our path toward these goals, we have started implementing co-firing with natural gas at the ERGS coal-fired units and plan to begin testing co-firing with natural gas at Weston Unit 4 in 2025. By the end of 2030, we expect to use coal as a backup fuel only and to be in a position to eliminate coal as an energy source by the end of 2032.

Current wording

In the third quarter of 2025, we made a decision to reconsider our near-term CO 2 emission reduction goals due to a combination of factors, including tightened energy supply requirements in the Midwest power market and the need to serve our customers with safe, reliable, and affordable energy. However, our long-term goal to achieve net carbon neutral electric generation by 2050 remains intact. We expect to achieve this goal by continuing to make operating refinements, retiring less efficient generating units, and executing our capital plan. As part of our path toward this goal, we have started implementing co-firing with natural gas at the ERGS coal-fired units and plan to begin testing co-firing with natural gas at Weston Unit 4 in 2025. We expect to use coal only as a backup fuel by the end of 2030 and to be in a position to eliminate coal as an energy source by the end of 2032.

Previous wording

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 30 Solar Now projects, 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. WE has signed up one customer under this program for 4 MWs of generation capacity. 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 and WPS have collectively signed up nine customers, for a total of approximately 51 MWs of generation capacity.

Current wording

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 30 Solar Now projects, 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. WE has signed up one customer under this program for 4 MWs of generation capacity. 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 and WPS have collectively signed up ten customers, for a total of approximately 52 MWs of generation capacity.

Previous wording

We also continue to focus on methane emission reductions by improving our natural gas distribution system. We set a target across our natural gas distribution operations to achieve net-zero methane emissions by the end of 2030. We plan to achieve our net-zero goal through an effort that includes continuous operational improvements and equipment upgrades, as well as the use of RNG throughout our natural gas utility systems. In 2022, we received approval from the PSCW for our RNG pilots and in 2023, we began transporting the output of local dairy farms onto our natural gas distribution systems in Wisconsin. The RNG supplied is expected to directly replace higher-emission methane from natural gas that would have entered our pipes. We currently have contracts in place for 2.1 Bcf of RNG. In addition, subject to regulatory approval and market conditions, we expect to procure RTCs.

Current wording

We also continue to focus on methane emission reductions by improving and upgrading our natural gas distribution systems, and using RNG throughout our natural gas utility systems. In 2022, we received approval from the PSCW for our RNG pilots and in 2023, we began transporting the output of local dairy farms onto our natural gas distribution systems in Wisconsin. The RNG supplied is expected to directly replace higher-emission methane from natural gas that would have entered our pipes. We currently have contracts in place for 2.1 Bcf of RNG. In light of our progress, significant uncertainty surrounding the market for renewable thermal credits, and our desire to focus on long-term GHG emissions-reduction across the enterprise, in the third quarter of 2025, we made a decision to reassess our previous, standalone goal related to methane emissions from natural gas distribution.

Previous wording

•In April 2024, WE filed a request with the PSCW to construct an LNG facility with a storage capacity of two Bcf, which would be located on the OCPP site. In addition, the construction of additional LNG facilities in Wisconsin has been proposed as part of our capital plan and would provide another approximately four Bcf of natural gas supply. The LNG facilities are expected to reduce the likelihood of constraints on our natural gas distribution system during the highest demand days of winter.

Current wording

•On July 17, 2025, the PSCW verbally approved WE's request to construct an LNG facility with a storage capacity of two Bcf, which will be located on the OCPP site. In addition, the construction of additional LNG facilities in Wisconsin has been proposed as part of our capital plan and would provide another approximately four Bcf of natural gas supply. The LNG facilities are expected to reduce the likelihood of constraints on our natural gas distribution system during the highest demand days of winter.

Previous wording

On February 20, 2025, the ICC issued an order setting expectations for PGL's prospective replacement of its aging natural gas infrastructure. The ICC directed us to focus on replacing all cast and ductile iron pipe that has a diameter of less than 36 inches by January 1, 2035. PGL will replace this cast and ductile iron pipe through its PRP. For more information, see Note 23, Regulatory Environment, and Factors Affecting Results, Liquidity, and Capital Resources - Regulatory, Legislative, and Legal Matters - Illinois Proceedings.

Current wording

In February 2025, the ICC issued an order setting expectations for PGL's prospective replacement of its aging natural gas infrastructure. The ICC directed us to focus on replacing all cast and ductile iron pipe that has a diameter of less than 36 inches by January 1, 2035. PGL will replace this cast and ductile iron pipe through its PRP. For more information, see Note 23, Regulatory Environment, and Factors Affecting Results, Liquidity, and Capital Resources - Regulatory, Legislative, and Legal Matters - Illinois Proceedings.

Previous wording

We continue to focus on integrating the resources of all our businesses and finding the best and most efficient processes.

Current wording

We continue to focus on integrating the resources of all our businesses and improving our business processes to find the best and most efficient processes possible. We expect these efforts to continue to drive operational efficiency and to put us in a position to effectively support plans for future growth.

Previous wording

The following table compares our consolidated results for the first quarter of 2025 with the first quarter of 2024, including favorable or better, "B", and unfavorable or worse, "W", variances:

Current wording

The following table compares our consolidated results for the second quarter of 2025 with the second quarter of 2024, including favorable or better, "B", and unfavorable or worse, "W", variances:

Previous wording

•A $93.5 million increase in net income attributed to common shareholders at the Wisconsin segment, driven by higher margins from the impact of the Wisconsin rate orders approved by the PSCW, effective January 1, 2025, and higher retail sales volumes. See Note 26, Regulatory Environment, in our 2024 Annual Report on Form 10-K, for more information on the 2025 rate orders. These positive impacts were partially offset by higher operating expenses, primarily due to increases in depreciation and amortization expense and transmission expense.

Current wording

Earnings increased $34.1 million during the second quarter of 2025, compared with the same quarter in 2024. The $34.1 million increase in earnings was driven by a $50.3 million increase in net income attributed to common shareholders at the Wisconsin segment, primarily due to higher margins from the impact of the Wisconsin rate orders approved by the PSCW, effective January 1, 2025, and higher retail sales volumes. See Note 26, Regulatory Environment, in our 2024 Annual Report on Form 10-K, for more information on the 2025 rate orders. These positive impacts were partially offset by higher operating expenses, primarily due to increases in depreciation and amortization expense, transmission expense, and regulatory amortizations.

Previous wording

•A $14.5 million increase in net income attributed to common shareholders at the non-utility energy infrastructure segment, driven by an increase in PTCs from our non-utility renewable generating facilities and higher operating income at WECI.

Current wording

•An $11.0 million decrease in net income attributed to common shareholders at the non-utility energy infrastructure segment, driven by lower operating income at WECI. An increase in PTCs from our non-utility renewable generating facilities partially offset the lower operating income.

Previous wording

The Wisconsin segment's contribution to net income attributed to common shareholders was $359.9 million during the first quarter of 2025, representing a $93.5 million, or 35.1%, increase over the same quarter in 2024. The increase in earnings was driven by higher margins from the impact of the Wisconsin rate orders approved by the PSCW, effective January 1, 2025, and higher retail sales volumes. See Note 26, Regulatory Environment, in our 2024 Annual Report on Form 10-K, for more information on the 2025 rate orders. These positive impacts were partially offset by higher operating expenses, primarily due to increases in depreciation and amortization expense and transmission expense.

Current wording

The Wisconsin segment's contribution to net income attributed to common shareholders was $182.4 million during the second quarter of 2025, representing a $50.3 million, or 38.1%, increase over the same quarter in 2024. The increase in earnings was driven by higher margins from the impact of the Wisconsin rate orders approved by the PSCW, effective January 1, 2025, and higher retail sales volumes. See Note 26, Regulatory Environment, in our 2024 Annual Report on Form 10-K, for more information on the 2025 rate orders. These positive impacts were partially offset by higher operating expenses, primarily due to increases in depreciation and amortization expense, transmission expense, and regulatory amortizations.

Previous wording

(1)Represents transmission expense that our electric utilities are authorized to collect in rates. The PSCW has approved escrow accounting for ATC and MISO network transmission expenses for WE and WPS. As a result, WE and WPS defer as a regulatory asset or liability, the difference between actual transmission costs and those included in rates until recovery or refund is authorized in a future rate proceeding. During the first quarter of 2025 and 2024, $149.0 million and $137.8 million, respectively, of costs were billed to our electric utilities by transmission providers.

Current wording

(1)Represents transmission expense that our electric utilities are authorized to collect in rates. The PSCW has approved escrow accounting for ATC and MISO network transmission expenses for WE and WPS. As a result, WE and WPS defer as a regulatory asset or liability, the difference between actual transmission costs and those included in rates until recovery or refund is authorized in a future rate proceeding. During the second quarter of 2025 and 2024, $159.9 million and $140.0 million, respectively, of costs were billed to our electric utilities by transmission providers.

Previous wording

(3)Represents costs associated with the We Power generation units, including operating and maintenance costs recognized by WE. During the first quarter of 2025 and 2024, $27.1 million and $29.5 million, respectively, of costs were billed to or incurred by WE related to the We Power generation units, with the difference in costs billed or incurred and expenses recognized, either deferred or deducted from the regulatory asset.

Current wording

(3)Represents costs associated with the We Power generation units, including operating and maintenance costs recognized by WE. During the second quarter of 2025 and 2024, $32.9 million and $29.3 million, respectively, of costs were billed to or incurred by WE related to the We Power generation units, with the difference in costs billed or incurred and expenses recognized, either deferred or deducted from the regulatory asset.

Previous wording

•A $109.4 million increase in margins driven by the impact of the Wisconsin rate orders approved by the PSCW, effective January 1, 2025. See Note 26, Regulatory Environment, in our 2024 Annual Report on Form 10-K, for more information on the 2025 rate orders.

Current wording

•An $87.9 million increase in margins driven by the impact of the Wisconsin rate orders approved by the PSCW, effective January 1, 2025. See Note 26, Regulatory Environment, in our 2024 Annual Report on Form 10-K, for more information on the 2025 rate orders.

Previous wording

•A $64.2 million increase in margins related to higher retail sales volumes, driven by the impact of colder winter weather during the first quarter of 2025, compared with the same quarter in 2024. As measured by heating degree days, the first quarter of 2025 was 21.5% and 16.1% colder than the same quarter in 2024 in the Milwaukee area and Green Bay area, respectively.

Current wording

•A $19.6 million increase in margins related to higher retail sales volumes, driven by the impact of colder spring weather during the second quarter of 2025, compared with the same quarter in 2024. As measured by heating degree days, the second quarter of 2025 was 60.5% and 16.8% colder than the same quarter in 2024 in the Milwaukee area and Green Bay area, respectively.

Previous wording

•A $6.8 million increase in electric and natural gas distribution expenses, driven by higher costs to maintain the distribution system during the first quarter of 2025, compared with the same quarter in 2024.

Current wording

•A $6.3 million increase in electric and natural gas distribution expenses, driven by higher costs to maintain the distribution systems during the second quarter of 2025, compared with the same quarter in 2024.

Previous wording

Other income, net at the Wisconsin segment decreased $15.8 million during the first quarter of 2025, compared with the same quarter in 2024, driven by a $22.5 million negative impact from the non-service components of our net periodic pension and OPEB costs. See Note 16, Employee Benefits, for more information on our benefit costs. This decrease was partially offset by a $4.3 million positive impact from higher AFUDC-Equity due to continued capital investment and a $1.5 million increase in interest income.

Current wording

Other income, net at the Wisconsin segment decreased $12.5 million during the second quarter of 2025, compared with the same quarter in 2024, driven by a $21.5 million negative impact from the non-service components of our net periodic pension and OPEB costs. See Note 16, Employee Benefits, for more information on our benefit costs. This decrease was partially offset by an $8.9 million positive impact from higher AFUDC-Equity due to continued capital investment.

Previous wording

Interest expense at the Wisconsin segment increased $4.0 million during the first quarter of 2025, compared with the same quarter in 2024, driven by the impact of WE, WPS, and WG issuing long-term debt in 2024. Partially offsetting the increase was lower average short-term debt balances and lower short-term debt interest rates.

Current wording

Interest expense at the Wisconsin segment increased $0.6 million during the second quarter of 2025, compared with the same quarter in 2024, driven by the impact of WE, WPS, and WG issuing long-term debt in 2024. Partially offsetting the increase was lower

Previous wording

Income tax expense at the Wisconsin segment increased $7.1 million during the first quarter of 2025, compared with the same quarter in 2024, driven by higher pre-tax income. Partially offsetting this increase was an increase in PTCs and the increased benefit from the flow through of tax repairs in connection with the Wisconsin rate orders approved by the PSCW, effective January 1, 2025.

Current wording

Income tax expense at the Wisconsin segment increased $1.1 million during the second quarter of 2025, compared with the same quarter in 2024, driven by higher pre-tax income. Partially offsetting this increase was an increase in PTCs, an increase in income tax benefits associated with AFUDC-Equity, driven by continued capital investment, and the increased benefit from the flow through of tax repairs in connection with the Wisconsin rate orders approved by the PSCW, effective January 1, 2025.

Previous wording

Other operating expenses at the Illinois segment increased $18.3 million, net of the $24.8 million impact of the riders referenced in the table above, during the first quarter of 2025, compared with the same quarter in 2024. The significant factors impacting the increase in other operating expenses were:

Current wording

Other operating expenses at the Illinois segment increased $5.4 million, net of the $6.7 million impact of the riders referenced in the table above, during the second quarter of 2025, compared with the same quarter in 2024. The significant factors impacting the increase in other operating expenses were:

Previous wording

•A $2.2 million increase in natural gas distribution and maintenance costs, primarily related to maintaining the natural gas infrastructure.

Current wording

•A $1.5 million increase in natural gas distribution and maintenance costs, primarily related to maintaining the natural gas infrastructure.

Previous wording

Income tax expense at the Illinois segment decreased $2.9 million during the first quarter of 2025, compared with the same quarter in 2024, driven by a decrease in pre-tax income.

Current wording

Income tax expense at the Illinois segment decreased $1.5 million during the second quarter of 2025, compared with the same quarter in 2024, driven by a decrease in pre-tax income.

Previous wording

•A $4.4 million increase related to MERC's rate increase that was effective March 1, 2024 and MGU's approved rate increase that was effective January 1, 2025.

Current wording

•A $3.2 million increase related to MGU's approved rate increase that was effective January 1, 2025, and MERC's rate increase that was effective March 1, 2024.

Previous wording

•A $2.6 million increase related to MERC CIP revenue, which was offset in operation and maintenance expense. Rebates and programs are available to residential and commercial customers of MERC through the CIP, which is funded by rate payers using the Conservation Cost Recovery Charge and the Conservation Cost Recovery Adjustment funds that are collected on their monthly billing statements.

Current wording

•A $0.8 million increase related to MERC CIP revenue, which was offset in operation and maintenance expense. Rebates and programs are available to residential and commercial customers of MERC through the CIP, which is funded by rate payers using the Conservation Cost Recovery Charge and the Conservation Cost Recovery Adjustment funds that are collected on their monthly billing statements.

Previous wording

•A $2.6 million increase in operation and maintenance expense related to MERC's CIP program, which has an offsetting increase in margins.

Current wording

•A $0.8 million increase in operation and maintenance expense related to MERC's CIP program, which has an offsetting increase in margins.

Previous wording

Operating income at the non-utility energy infrastructure segment increased $9.1 million during the first quarter of 2025, compared with the same quarter in 2024, driven by these items at WECI:

Current wording

Operating income at the non-utility energy infrastructure segment decreased $23.9 million during the second quarter of 2025, compared with the same quarter in 2024, driven by these items at WECI:

Previous wording

Interest expense at the non-utility energy infrastructure segment increased $6.5 million during the first quarter of 2025, compared with the same quarter in 2024, driven by the impact of WECI Energy Holding III issuing long-term debt in December 2024.

Current wording

Interest expense at the non-utility energy infrastructure segment increased $7.4 million during the second quarter of 2025, compared with the same quarter in 2024, driven by the impact of WECI Energy Holding III issuing long-term debt in December 2024.

Previous wording

The income tax benefit at the non-utility energy infrastructure segment increased $12.2 million during the first quarter of 2025, compared with the same quarter in 2024, due to an increase in PTCs that was related to the acquisition of additional renewable generation facilities, an IRS approved PTC rate increase, and higher production volumes, partially offset by higher pre-tax income.

Current wording

The income tax benefit at the non-utility energy infrastructure segment increased $18.7 million during the second quarter of 2025, compared with the same quarter in 2024, due to an increase in PTCs that was related to the acquisition of additional renewable generation facilities and an IRS approved PTC rate increase, partially offset by lower production volumes. Also contributing to the favorable income tax variance was lower pre-tax income.

Previous wording

Interest expense at the corporate and other segment increased $20.3 million during the first quarter of 2025, compared with the same quarter in 2024, due to the impact of long-term debt issuances by WEC Energy Group in 2024. Partially offsetting this increase in interest expense were lower average short-term debt balances and lower average short-term interest rates.

Current wording

Interest expense at the corporate and other segment increased $12.0 million during the second quarter of 2025, compared with the same quarter in 2024, due to the impact of long-term debt issuances by WEC Energy Group in June 2024, December 2024, and June 2025. Partially offsetting this increase in interest expense was lower average short-term debt balances and lower average short-term interest rates.

Previous wording

These increases in earnings were partially offset by a $9.4 million decrease in earnings at the Illinois segment, driven by higher operating expenses. The quarter-over-quarter impact from a favorable settlement of a legal claim during 2024, along with higher property and revenue taxes, an increase in natural gas distribution and maintenance costs, and higher benefit costs in the first quarter of 2025, all contributed to the increase in operating expenses.

Current wording

•A $12.5 million decrease in net income attributed to common shareholders at the Illinois segment, driven by higher operating expenses. The period-over-period impact from a favorable settlement of a legal claim during 2024 and an increase in costs associated with maintenance at the Manlove Gas Storage Field drove the higher operating expenses.

Previous wording

We expect our 2025 annual effective tax rate to be between 6.5% and 7.5%. Our effective tax rate calculations are revised every quarter based on the best available year-end tax assumptions, adjusted in the following year after returns are filed. Tax accrual estimates are trued-up to the actual amounts claimed on the tax returns and further adjusted after examinations by taxing authorities, as needed.

Current wording

We expect our 2025 annual effective tax rate to be between 7.5% and 8.5%. Our effective tax rate calculations are revised every quarter based on the best available year-end tax assumptions, adjusted in the following year after returns are filed. Tax accrual estimates are trued-up to the actual amounts claimed on the tax returns and further adjusted after examinations by taxing authorities, as needed.

Previous wording

These increases in margins were partially offset by a $9.3 million quarter-over-quarter negative 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 either future recovery from or refund to customers.

Current wording

These increases in margins were partially offset by a $5.6 million period-over-period negative 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 either future recovery from or refund to customers.

Previous wording

•A $10.1 million increase in transmission expense as approved by the PSCW in our Wisconsin rate orders, effective January 1, 2025. See the notes under the other operation and maintenance table above for more information.

Current wording

•A $21.4 million increase in transmission expense as approved by the PSCW in our Wisconsin rate orders, effective January 1, 2025. See the notes under the other operation and maintenance table above for more information.

Previous wording

The Illinois segment's contribution to net income attributed to common shareholders was $178.1 million during the first quarter of 2025, representing a $9.4 million, or 5.0%, decrease in earnings over the same quarter in 2024. The lower earnings were driven by higher operating expenses. The quarter-over-quarter impact from a favorable settlement of a legal claim during 2024, along with higher property and revenue taxes, an increase in natural gas distribution and maintenance costs, and higher benefit costs in the first quarter of 2025, all contributed to the increase in operating expenses.

Current wording

The Illinois segment's contribution to net income attributed to common shareholders was $200.7 million during the six months ended June 30, 2025, representing a $12.5 million, or 5.9%, decrease over the same period in 2024. The decrease was driven by higher operating expenses, primarily due to the period-over-period impact from a favorable settlement of a legal claim during 2024 and an increase in costs associated with maintenance at the Manlove Gas Storage Field.

Previous wording

•A $24.8 million increase in revenues associated with certain riders that are offset in other operation and maintenance and therefore do not have a significant impact on net income.

Current wording

•A $31.5 million increase in revenues associated with certain riders that are offset in other operation and maintenance and therefore do not have a significant impact on net income.

Previous wording

•A $2.3 million increase in revenues related to the impact of the NSG rate order issued by the ICC, effective February 1, 2024.

Current wording

•A $2.2 million increase in revenues related to the impact of the NSG rate order issued by the ICC, effective February 1, 2024.

Previous wording

•A $12.4 million increase in expense primarily associated with the favorable settlement of a legal claim during the first quarter of 2024.

Current wording

•An $11.6 million increase in expense primarily associated with the favorable settlement of a legal claim during the six months ended June 30, 2024.

Previous wording

•A $2.3 million increase in property and revenue taxes, driven by an increase in the invested capital tax and property taxes.

Current wording

•A $3.5 million increase in property and revenue taxes, driven by an increase in property taxes and use taxes.

Previous wording

•A $3.7 million increase in benefit costs, primarily driven by higher stock-based compensation and deferred compensation expense.

Current wording

•A $2.0 million increase in benefit costs, driven by higher stock-based compensation and deferred compensation expense.

Previous wording

The other states segment's net income attributed to common shareholders was $43.1 million during the first quarter of 2025, representing a $4.5 million, or 11.7%, increase over the same quarter in 2024. The increase was driven by higher margins related to an increase in sales volumes and positive impacts from MERC's rate increase that was effective March 1, 2024 and MGU's approved rate increase that was effective January 1, 2025. These increases in earnings were partially offset by higher bad debt expense and higher natural gas operations and customer services expense.

Current wording

The other states segment's contribution to net income attributed to common shareholders was $46.6 million during the six months ended June 30, 2025, representing a $7.4 million, or 18.9%, increase over the same period in 2024. The increase was driven by higher margins related to positive impacts from MGU's rate increase that was effective January 1, 2025, MERC's rate increase that was effective March 1, 2024, and an increase in retail sales volumes. These increases in earnings were partially offset by higher operating expenses.