WEC ENERGY GROUP, INC.

Previous 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.

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 at Weston Unit 4. 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

We have already retired nearly 2,500 MWs of fossil-fueled generation since the beginning of 2018, which includes the retirement of OCPP Units 5 and 6 in May 2024, the 2019 retirement of the PIPP, and the 2018 retirements of the Pleasant Prairie power plant, the Pulliam power plant, and the jointly-owned Edgewater Unit 4 generating unit. We expect to retire approximately 1,200 MWs of additional coal-fired generation by the end of 2031, which includes the planned retirements of OCPP Units 7 and 8, the jointly-owned Columbia Units 1 and 2, and Weston Unit 3. See Note 6, Property, Plant, and Equipment, for more information related to planned power plant retirements.

Current wording

We have already retired nearly 2,500 MWs of fossil-fueled generation since the beginning of 2018, which includes the retirement of OCPP Units 5 and 6 in May 2024, the 2019 retirement of the PIPP, and the 2018 retirements of the Pleasant Prairie power plant, the Pulliam power plant, and the jointly-owned Edgewater Unit 4 generating unit. We expect to retire approximately 900 MWs of additional coal-fired generation by the end of 2031, which includes the planned retirements of OCPP Units 7 and 8 and Weston Unit 3. 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 6, Property, Plant, and Equipment, for more information related to Columbia Units 1 and 2 and our planned power plant retirements.

Previous wording

In addition to retiring these older, fossil-fueled plants, we expect to invest approximately $9.1 billion from 2025-2029 in regulated renewable energy in Wisconsin. Our plan is to replace a portion of the retired capacity by building and owning zero-carbon-emitting renewable generation facilities that are anticipated to include the following investments:

Current wording

In addition to retiring these older, fossil-fueled plants, we expect to invest approximately $11.6 billion from 2026 to 2030 in regulated renewable energy in Wisconsin. Our plan is to replace a portion of the retired capacity by building and owning zero-carbon-emitting renewable generation facilities that are anticipated to include the following investments:

Previous wording

•2,900 MWs of utility-scale solar;

Current wording

•3,700 MWs of utility-scale solar;

Previous wording

•1,100 MWs of combustion turbines to be constructed at our OCPP site (we plan on constructing a new natural gas lateral pipeline to support this generation); with

Current wording

•3,300 MWs of CTs (we plan on constructing a new natural gas lateral pipeline to support the CTs planned at our OCPP site); and

Previous wording

•An additional 114 MWs of RICE natural gas-fueled generation planned.

Current wording

•180 MWs of RICE natural gas-fueled generation.

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 ten customers, for a total of approximately 52 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 collectively have 16 active contracts, for a total of approximately 47 MWs of generation capacity.

Previous 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.

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 RTCs, 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 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 throughout 2025.

Current wording

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 2026.

Previous 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.

Current wording

•The PSCW 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

•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 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 subsequently granted PGL a limited-scope rehearing related to the completion of the projects that started in 2023 and emergency repairs needed to ensure the safety and reliability of the delivery system. In May 2024, the ICC issued a written order on the rehearing, approving $28.5 million of additional spending for this emergency work.

Current wording

•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 these projects until the ICC completed a proceeding to determine the optimal method for replacing aging natural gas infrastructure and a prudent investment level. 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 diameter of less than 36 inches by January 1, 2035. PGL will retire 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 expect to spend approximately $4.5 billion from 2025 to 2029 on reliability related to electric distribution projects with continued investment over the next decade. For more details, see Liquidity and Capital Resources – Cash Requirements – Significant Capital Projects.

Current wording

We expect to spend approximately $4.7 billion from 2026 to 2030 on reliability related to electric distribution projects with continued investment over the next decade. For more details, see Liquidity and Capital Resources – Cash Requirements – Significant Capital Projects.

Previous wording

Our planned investment focus from 2025 to 2029 is in our regulated utilities and our investment in ATC. We expect total capital expenditures for our regulated utility businesses to be approximately $24.4 billion from 2025 to 2029. In addition, we currently forecast that our share of ATC's projected capital expenditures over the next five years will be approximately $3.2 billion. In February 2025, we invested $406.1 million in our non-utility energy infrastructure business with the acquisition of Hardin III. Specific projects included in the $28.0 billion capital plan are discussed in more detail below under Liquidity and Capital Resources – Cash Requirements – Significant Capital Projects. Also, see Note 2, Acquisitions, for additional information on the acquisition of Hardin III.

Current wording

Our planned investment focus from 2026 to 2030 is in our regulated utilities and our investment in ATC. We expect total capital expenditures for our regulated utility businesses to be approximately $32.4 billion from 2026 to 2030. In addition, we currently forecast that our share of ATC's projected capital expenditures over the next five years will be approximately $4.1 billion. In February 2025, we invested $406.1 million in our non-utility energy infrastructure business with the acquisition of Hardin III. Specific projects included in the $36.5 billion capital plan are discussed in more detail below under Liquidity and Capital Resources – Cash Requirements – Significant Capital Projects. Also, see Note 2, Acquisitions, for additional information on the acquisition of Hardin III.

Previous 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:

Current wording

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

Previous 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.

Current wording

•A $43.5 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, higher retail sales volumes, and an increase in certain income tax benefits. 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 an increase in depreciation and amortization expense, higher costs related to our power plants, and an increase in property and revenue taxes.

Previous wording

•A $17.2 million increase in the net loss attributed to common shareholders at the corporate and other segment, driven by higher interest expense and a decrease in earnings from our equity method investments in technology and energy-focused investment funds. These decreases in earnings were partially offset by a positive impact from an increase in an interim income tax benefit recorded to adjust consolidated income tax expense to the projected, annualized consolidated effective income tax rate.

Current wording

These increases in earnings were partially offset by a $33.7 million increase in the net loss attributed to common shareholders at the corporate and other segment, driven by an increase in an interim income tax expense recorded to adjust consolidated income tax expense to the projected, annualized consolidated effective income tax rate. Higher interest expense and a net loss from our equity

Previous 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.

Current wording

The Wisconsin segment's contribution to net income attributed to common shareholders was $281.3 million during the third quarter of 2025, representing a $43.5 million, or 18.3%, 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, higher retail sales volumes, and an increase in certain income tax benefits. 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 an increase in depreciation and amortization expense, higher costs related to our power plants, and an increase in property and revenue taxes.

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 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.

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 third quarter of 2025 and 2024, $157.9 million and $147.5 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 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.

Current wording

(3)Represents costs associated with the We Power generation units, including operating and maintenance costs recognized by WE. During the third quarter of 2025 and 2024, $29.0 million and $27.8 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

•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.

Current wording

•A $97.8 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 $3.7 million quarter-over-quarter 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 either future recovery from or refund to customers.

Current wording

•A $4.9 million quarter-over-quarter 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 either future recovery from or refund to customers.

Previous 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.

Current wording

•A $10.4 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

•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.

Current wording

•A $6.6 million increase in electric and natural gas distribution expenses, driven by higher costs to maintain the distribution systems during the third quarter of 2025, compared with the same quarter in 2024.

Previous 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.

Current wording

Other income, net at the Wisconsin segment decreased $10.7 million during the third quarter of 2025, compared with the same quarter in 2024, driven by a $19.7 million negative impact from the non-service components of our net periodic pension and OPEB costs. In accordance with our December 2024 PSCW rate orders, in 2025, we began amortizing our pension and OPEB costs that were previously deferred under escrow accounting. During the third quarter of 2025, we amortized $12.1 million of the previously deferred non-service costs as we are now collecting these costs in rates. See Note 16, Employee Benefits, for more information on our benefit costs. This decrease in other income, net was partially offset by a $9.1 million positive impact from higher AFUDC-Equity due to continued capital investment.

Previous 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

Current wording

Interest expense at the Wisconsin segment decreased $1.4 million during the third quarter of 2025, compared with the same quarter in 2024, due to higher AFUDC-Debt due to continued capital investment, lower average short-term debt balances, and lower average short-term debt interest rates. Partially offsetting these decreases were the impact of WE, WPS, WG, and UMERC issuing long-term debt.

Previous 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.

Current wording

•A $6.2 million increase in the 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

(1)Normal heating degree days are based on a 12-year moving average of monthly temperatures from Chicago's O'Hare Airport.

Current wording

(1)Normal heating degree days are based on a 12-year moving average of monthly temperature readings from National Oceanic and Atmospheric Administration weather stations throughout our Illinois service territories.

Previous wording

Gross margin (GAAP) at the Illinois segment decreased $3.4 million during the second quarter of 2025, compared with the same quarter in 2024, and utility margin (non-GAAP) increased $6.1 million during the second quarter of 2025, compared with the same quarter in 2024. Both measures were impacted by a $6.7 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

Gross margin (GAAP) at the Illinois segment increased $6.1 million during the third quarter of 2025, compared with the same quarter in 2024, and utility margin (non-GAAP) increased $6.3 million during the third quarter of 2025, compared with the same quarter in 2024.

Previous 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:

Current wording

Other operating expenses at the Illinois segment decreased $11.6 million, net of the $6.6 million impact of the riders referenced in the table above, during the third quarter of 2025, compared with the same quarter in 2024. The significant factors impacting the decrease in other operating expenses were:

Previous wording

•A $3.7 million increase in natural gas distribution and maintenance costs, primarily related to maintaining the natural gas infrastructure.

Current wording

•A $2.0 million decrease in natural gas distribution and maintenance costs, primarily related to maintaining the natural gas infrastructure.

Previous wording

Interest expense at the Illinois segment decreased $1.4 million during the second quarter of 2025, compared with the same quarter in 2024, due to lower average short-term debt balances, lower short-term debt interest rates, and the impact of a series of PGL's first mortgage bonds maturing in November 2024.

Current wording

Interest expense at the Illinois segment decreased $0.5 million during the third quarter of 2025, compared with the same quarter in 2024, driven by the impact of a series of PGL's first mortgage bonds maturing in November 2024.

Previous 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.

Current wording

The income tax benefit at the Illinois segment decreased $7.5 million during the third quarter of 2025, compared with the same quarter in 2024, driven by a decrease in pre-tax loss.

Previous wording

(1)Normal heating degree days for MERC and MGU are based on a 20-year moving average and 15-year moving average, respectively, of monthly temperatures from various weather stations throughout their respective service territories.

Current wording

(1)Normal heating degree days for MERC and MGU are based on a 20-year moving average and 15-year moving average, respectively, of monthly temperature readings from National Oceanic and Atmospheric Administration weather stations throughout their respective service territories.

Previous wording

Additionally, the decrease in gross margin (GAAP) as compared with the increase in utility margin (non-GAAP), was driven by the following items that are further described in Other Operating Expenses below:

Current wording

Gross margin (GAAP) decreased $5.6 million during the third quarter of 2025, compared with the same quarter in 2024, and utility margin (non-GAAP) decreased $0.6 million during the third quarter of 2025, compared with the same quarter in 2024. The larger decrease in gross margin (GAAP) as compared to the decrease in utility margin (non-GAAP), was driven by a $4.0 million increase in property and revenue taxes that is further described in Other Operating Expenses below.

Previous wording

Interest expense at the other states segment increased $0.7 million during the second quarter of 2025, compared with the same quarter in 2024, driven by the impact of MERC issuing long-term debt in April 2025 and MGU issuing long-term debt in October 2024 and April 2025.

Current wording

Interest expense at the other states segment increased $0.9 million during the third quarter of 2025, compared with the same quarter in 2024, driven by the impact of MERC issuing long-term debt in April 2025 and MGU issuing long-term debt in October 2024 and April 2025. This increase was partially offset by lower average short-term debt interest rates.

Previous wording

•A $9.7 million increase in operating income from new investments in several WECI renewable generation facilities made in late 2024 and early 2025.

Current wording

Operating income at the non-utility energy infrastructure segment increased $1.6 million during the third quarter of 2025, compared with the same quarter in 2024, driven by a $15.2 million increase in operating income from new investments in several WECI renewable generation facilities made in late 2024 and early 2025.

Previous wording

•An $11.6 million impairment loss recorded at our Samson I and Delilah I solar facilities related to damage incurred associated with various storms. See Note 6, Property, Plant, and Equipment, for more information.

Current wording

•A $5.3 million impairment loss recorded at Samson I, Delilah I, and Thunderhead related to storm damage. See Note 6, Property, Plant, and Equipment, for more information on the Samson I and Delilah I storm damage.

Previous wording

•A $5.2 million increase in operation and maintenance expenses due primarily to a higher number of equipment repairs at our renewable generation facilities.

Current wording

•A $4.3 million increase in operation and maintenance expenses due primarily to a higher number of equipment repairs at our renewable generation facilities.

Previous 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.

Current wording

Interest expense at the non-utility energy infrastructure segment increased $7.1 million during the third 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 $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.

Current wording

The income tax benefit at the non-utility energy infrastructure segment increased $8.2 million during the third 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, partially offset by lower production volumes. Also contributing to the favorable income tax variance was lower pre-tax income.