WEC ENERGY GROUP, INC.
For the period ended Jun 30, 2025. Filed Aug 1, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 1, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Cover page
Show cover page
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the quarterly period ended June 30, 2025
OR
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the transition period from ________________ to ___________________
| Commission File Number | Registrant; State of Incorporation;Address; and Telephone Number | IRS EmployerIdentification No. |
|---|---|---|
| 001-09057 | WEC ENERGY GROUP, INC. | 39-1391525 |
(AWisconsin Corporation)
231 West Michigan Street
P.O. Box 1331
Milwaukee, WI 53201
(414)221-2345
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
|---|---|---|
| Common Stock, $.01 Par Value | WEC | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| Emerging growth company | ☐ | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes☐ No☒
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date (June 30, 2025):
Common Stock, $.01 Par Value,321,866,395 shares outstanding
QUARTERLY REPORT ON FORM 10-Q
For the Quarter Ended June 30, 2025
TABLE OF CONTENTS
| Page | |||
|---|---|---|---|
| CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION | 1 | ||
| PART I. | FINANCIAL INFORMATION | 4 | |
| ITEM 1. | FINANCIAL STATEMENTS (UNAUDITED) | 4 | |
| Condensed Consolidated Income Statements | 4 | ||
| Condensed Consolidated Statements of Comprehensive Income | 5 | ||
| Condensed Consolidated Balance Sheets | 6 | ||
| Condensed Consolidated Statements of Cash Flows | 7 | ||
| Condensed Consolidated Statements of Equity | 8 | ||
| Notes to Condensed Consolidated Financial Statements | 10 | ||
| Page | |||
| Note 1 | General Information | 10 | |
| Note 2 | Acquisitions | 10 | |
| Note 3 | Operating Revenues | 11 | |
| Note 4 | Credit Losses | 14 | |
| Note 5 | Regulatory Assets and Liabilities | 17 | |
| Note 6 | Property, Plant, and Equipment | 18 | |
| Note 7 | Common Equity | 18 | |
| Note 8 | Short-Term Debt and Lines of Credit | 20 | |
| Note 9 | Long-Term Debt | 21 | |
| Note 10 | Leases | 22 | |
| Note 11 | Materials, Supplies, and Inventories | 23 | |
| Note 12 | Income Taxes | 24 | |
| Note 13 | Fair Value Measurements | 25 | |
| Note 14 | Derivative Instruments | 27 | |
| Note 15 | Guarantees | 28 | |
| Note 16 | Employee Benefits | 29 | |
| Note 17 | Goodwill and Intangibles | 29 | |
| Note 18 | Investment in Transmission Affiliates | 31 | |
| Note 19 | Segment Information | 32 | |
| Note 20 | Variable Interest Entities | 37 | |
| Note 21 | Commitments and Contingencies | 38 | |
| Note 22 | Supplemental Cash Flow Information | 44 | |
| Note 23 | Regulatory Environment | 44 | |
| Note 24 | New Accounting Pronouncements | 47 | |
| ITEM 2. | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 48 | |
| ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 89 | |
| ITEM 4. | CONTROLS AND PROCEDURES | 89 | |
| PART II. | OTHER INFORMATION | 90 | |
| ITEM 1. | LEGAL PROCEEDINGS | 90 | |
| ITEM 1A. | RISK FACTORS | 90 | |
| ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS | 90 | |
| ITEM 5. | OTHER INFORMATION | 90 | |
| ITEM 6. | EXHIBITS | 91 | |
| SIGNATURE | 92 | ||
| 06/30/2025 Form 10-Q | i | WEC Energy Group, Inc. |
|---|
GLOSSARY OF TERMS AND ABBREVIATIONS
The abbreviations and terms set forth below are used throughout this report and have the meanings assigned to them below:
| Subsidiaries and Affiliates | |
|---|---|
| ATC | American Transmission Company LLC |
| ATC Holdco | ATC Holdco LLC |
| Blooming Grove | Blooming Grove Wind Energy Center LLC |
| Bluewater | Bluewater Natural Gas Holding, LLC |
| Delilah I | Delilah Solar Energy LLC |
| Hardin III | Hardin Solar III Energy Center |
| Integrys | Integrys Holding, Inc. |
| Jayhawk | Jayhawk Wind, LLC |
| MERC | Minnesota Energy Resources Corporation |
| MGU | Michigan Gas Utilities Corporation |
| NSG | North Shore Gas Company |
| PGL | The Peoples Gas Light and Coke Company |
| Samson I | Samson I Solar Energy Center LLC |
| Tatanka Ridge | Tatanka Ridge Wind LLC |
| UMERC | Upper Michigan Energy Resources Corporation |
| WE | Wisconsin Electric Power Company |
| We Power | W.E. Power, LLC |
| WEC Energy Group | WEC Energy Group, Inc. |
| WECI | WEC Infrastructure LLC |
| WECI Energy Holding III | WEC Infrastructure Energy Holding III LLC |
| WEPCo Environmental Trust | WEPCo Environmental Trust Finance I, LLC |
| WG | Wisconsin Gas LLC |
| WPS | Wisconsin Public Service Corporation |
| Federal and State Regulatory Agencies | |
| CBP | United States Customs and Border Protection Agency |
| DOC | United States Department of Commerce |
| EPA | United States Environmental Protection Agency |
| FERC | Federal Energy Regulatory Commission |
| ICC | Illinois Commerce Commission |
| IRS | United States Internal Revenue Service |
| MPSC | Michigan Public Service Commission |
| PSCW | Public Service Commission of Wisconsin |
| SEC | United States Securities and Exchange Commission |
| USITC | United States International Trade Commission |
| WDNR | Wisconsin Department of Natural Resources |
| Accounting Terms | |
| AFUDC | Allowance for Funds Used During Construction |
| ARO | Asset Retirement Obligation |
| ASC | Accounting Standards Codification |
| ASU | Accounting Standards Update |
| FASB | Financial Accounting Standards Board |
| GAAP | United States Generally Accepted Accounting Principles |
| LIFO | Last-In, First-Out |
| OPEB | Other Postretirement Employee Benefits |
| VIE | Variable Interest Entity |
| Environmental Terms | |
| BATW | Bottom Ash Transport Water |
| BTA | Best Technology Available |
| CAA | Clean Air Act |
| 06/30/2025 Form 10-Q | ii | WEC Energy Group, Inc. |
|---|
| CASAC | Clean Air Scientific Advisory Committee |
|---|---|
| CCR | Coal Combustion Residuals |
| CO2 | Carbon Dioxide |
| CRL | Combustine Residual Leachate |
| CWA | Clean Water Act |
| ELG | Steam Electric Effluent Limitation Guidelines |
| FGD | Flue Gas Desulfurization |
| GHG | Greenhouse Gas |
| GHG Power Plant Rule | 2024 Greenhouse Gas Power Plant Rule |
| MATS | Mercury and Air Toxics Standards |
| NAAQS | National Ambient Air Quality Standards |
| NOV | Notice of Violation |
| NOx | Nitrogen Oxide |
| PM | Particulate Matter |
| WPDES | Wisconsin Pollutant Discharge Elimination System |
| Measurements | |
| Bcf | Billion Cubic Feet |
| Dth | Dekatherm |
| lb/MMBtu | Pound Per Million British Thermal Unit |
| MW | Megawatt |
| MWh | Megawatt-hours |
| µg/m3 | Micrograms Per Cubic Meter |
| Other Terms and Abbreviations | |
| 2024A Junior Notes | WEC Energy Group, Inc.'s Series 2024A 6.69% Fixed-to-Fixed Reset Rate Junior Subordinated Notes Due June 15, 2055 |
| 2024B Junior Notes | WEC Energy Group, Inc.'s Series 2024B 6.69% Fixed-to-Fixed Reset Rate Junior Subordinated Notes Due June 15, 2055 |
| 2027 Notes | WEC Energy Group, Inc.'s 4.375% Convertible Senior Notes Due 2027 |
| 2028 Notes | WEC Energy Group, Inc.'s 3.375% Convertible Senior Notes Due 2028 |
| 2029 Notes | WEC Energy Group, Inc.'s 4.375% Convertible Senior Notes Due 2029 |
| AD | Antidumping |
| AI | Artificial Intelligence |
| AMI | Advanced Metering Infrastructure |
| AREP | Amended Renewable Energy Plan |
| Badger Hollow Wind | Badger Hollow Wind Energy Generation Facility |
| CABO | Clean and Affordable Buildings Ordinance |
| Chicago, IL-IN-WI | Chicago, Illinois, Indiana, and Wisconsin |
| CODM | Chief Operating Decision Maker |
| Columbia | Columbia Energy Center |
| Compensation Committee | Compensation Committee of the Board of Directors |
| CVD | Countervailing Duty |
| D.C. Circuit Court of Appeals | United States Court of Appeals for the District of Columbia Circuit |
| Darien | Darien Solar Park |
| DRER | Dedicated Renewable Energy Resource |
| EDA | Equity Distribution Agreement |
| Edgewater | Edgewater Generating Station |
| EPS | Earnings Per Share |
| ERGS | Elm Road Generating Station |
| ETB | Environmental Trust Bond |
| EV | Electric Vehicle |
| Exchange Act | Securities Exchange Act of 1934, as amended |
| FTR | Financial Transmission Right |
| Good Oak | Good Oak Solar Generation Facility |
| Gristmill | Gristmill Solar Generation Facility |
| High Noon | High Noon Solar Energy Center |
| 06/30/2025 Form 10-Q | iii | WEC Energy Group, Inc. |
|---|
| IRA | Inflation Reduction Act |
|---|---|
| ITC | Investment Tax Credit |
| LDC | Local Natural Gas Distribution Company |
| LNG | Liquefied Natural Gas |
| MG&E | Madison Gas and Electric Company |
| MISO | Midcontinent Independent System Operator, Inc. |
| NOPP | Notice of Planned Participation |
| OBBBA | One Big Beautiful Bill Act |
| OCPP | Oak Creek Power Plant |
| Paris | Paris Solar-Battery Park |
| PIPP | Presque Isle Power Plant |
| PPA | Power Purchase Agreement |
| PRP | Pipe Replacement Program |
| PTC | Production Tax Credit |
| Pulliam | J.P. Pulliam Generating Station |
| QIP | Qualifying Infrastructure Plant |
| Renegade | Renegade Solar Energy Center |
| RICE | Reciprocating Internal Combustion Engine |
| RNG | Renewable Natural Gas |
| ROE | Return on Equity |
| S&P | Standard & Poor's |
| Saratoga | Saratoga Solar Electric Generation and BESS Facility |
| SIP | State Implementation Plan |
| Supreme Court | United States Supreme Court |
| Tax Legislation | Tax Cuts and Jobs Act of 2017 |
| TCR | Transmission Congestion Act |
| UEA | Uncollectible Expense Adjustment |
| UFLPA | Uyghur Forced Labor Prevention Act |
| Ursa | Ursa Solar Electric Generation Facility |
| VAPP | Valley Power Plant |
| VLC | Very Large Customer |
| West Riverside | West Riverside Energy Center |
| Weston | Weston Generating Station |
| Whitetail | Whitetail Wind Energy Generation Facility |
| WPL | Wisconsin Power and Light Company |
| 06/30/2025 Form 10-Q | iv | WEC Energy Group, Inc. |
|---|
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.