WEC Energy Group
36 named things its latest annual report says its results depend on, each in the company's own words. 22 of them are also named by other companies we've read.
Customers
Data center customers (very large customers)
earns fromnamed as a riskThis concentration of business with a small number of customers in an industry based on emerging technologies, including AI and machine learning, presents several risks.Risk factors (Item 1A)
Tilden Mining Company
earns fromUMERC generates and distributes electric energy to customers, including one iron ore mine owned by Tilden, located in the Upper Peninsula of Michigan.Business (Item 1)
Suppliers
Point Beach Nuclear Plant
depends on · 1,033 MWs per yearThis amount includes 1,033 MWs per year related to a long-term PPA for electricity generated by Point Beach.Business (Item 1)
Interstate natural gas pipelines
depends onnamed as a riskOur natural gas utilities purchase almost all of their natural gas supply from interstate sources that must be transported to the applicable service territories.Risk factors (Item 1A)
Rail coal transportation
depends onnamed as a riskCoal deliveries may occasionally be restricted because of rail congestion and maintenance, derailments, weather, public health crises, and supplier financial hardship as a result of decreased demand for coal.Risk factors (Item 1A)
Partners and platforms
Other companies
American Transmission Company (ATC)
approximately 60%As of December 31, 2025, our ownership interest in ATC was approximately 60%.Business (Item 1)
Also named by LNT
Bluewater Natural Gas Holding
depends on · approximately one-thirdBluewater owns natural gas storage facilities in Michigan and provides approximately one-third of the current storage needs for our Wisconsin natural gas utilities.Business (Item 1)
Manlove Field
operates in · 38.8 BcfWe own a 38.8 Bcf storage field (Manlove Field in central Illinois) and contract with various other underground storage service providers for additional storage services.Business (Item 1)
Places
Wyoming
depends on · 8.9 million tonsnamed as a riskThe unit trains transport the coal for electric generating facilities from mines in Wyoming and Pennsylvania.Business (Item 1)
Wisconsin
concentrated in · 90.0%Our electric utilities are authorized to provide retail electric service in designated territories in the state of Wisconsin, as established by indeterminate permits and boundary agreements with other utilities, and in certain territories in the state of Michigan pursuant to franchises granted by municipalities.Business (Item 1)
Chicago, Illinois
concentrated in · $1,683.6 (42.5% of natural gas revenues)Our customers are located in Chicago and the northern suburbs of Chicago.Business (Item 1)
Also named by TEM
Pennsylvania
depends onnamed as a riskWe diversify the coal supply for our electric generating facilities and jointly-owned plants by purchasing coal from several mines in Wyoming and Pennsylvania, as well as from various other states.Business (Item 1)
Also named by AWK, CNX, DTM, EQT, FE, GMED, NFG, PEG and 6 more
Hazards
Severe storms / wind storms
named as a riskAlso, major storms can damage solar panels and other equipment and lead to lower power generation until equipment can be repaired or replaced and brought back online.Business (Item 1)
Commodities and inputs
Coal
exposed to its price · 30.5%named as a riskCoal and associated transportation services are exposed to volatility in pricing due to changing domestic and world-wide demand for coal and diesel fuel.Business (Item 1)
Also named by AA, AEE, AEP, AES, ARLP, BKH, BRK/B, CNP and 19 more
Natural gas
exposed to its pricenamed as a riskOur operating and liquidity requirements are impacted by changes in the forward and current market prices of natural gas, coal, electricity, renewable energy credits, and ancillary services.Risk factors (Item 1A)
Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more
Imported solar panels tariffs
exposed to its pricenamed as a riskSupply 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.Risk factors (Item 1A)
Also named by ETR
Regulators
Federal Energy Regulatory Commission (FERC)
subject to · $382.8 (6.9%)named as a riskATC is regulated by the FERC for all rate terms and conditions of service and certain state regulatory commissions for routing and siting of transmission projects.Business (Item 1)
Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more
Public Service Commission of Wisconsin (PSCW)
subject to · $4,992.8 (90.0% of electric revenues)named as a riskOur retail electric rates in Wisconsin are established by the PSCW and include base amounts for fuel and purchased power costs.Business (Item 1)
Also named by LNT
Minnesota Public Utilities Commission (MPUC)
subject to · $327.9 (8.3%)MERC has MPUC approval to hedge up to 30% of planned winter demand using NYMEX financial instruments.Business (Item 1)
Also named by CNP
U.S. Environmental Protection Agency (EPA)
subject tonamed as a riskCertain of our service territories in Wisconsin are located in areas that, in December 2024, were determined to be in "serious" nonattainment status under the EPA's ozone standard.Risk factors (Item 1A)
Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more
Pipeline and Hazardous Materials Safety Administration (PHMSA)
subject tonamed as a riskWe also continue to monitor the progress of the PHMSA’s proposed rulemaking titled "Gas Pipeline Leak Detection and Repair," which could have a significant impact on our natural gas utilities.Business (Item 1)
Also named by AM, ATO, BKH, CHRD, CNX, CP, CRC, CRGY and 29 more
North American Electric Reliability Corporation (NERC)
subject tonamed as a riskOur electric utilities are subject to mandatory reliability and critical infrastructure protection standards established by the North American Electric Reliability Corporation and enforced by the FERC.Risk factors (Item 1A)
Also named by BKH, DUK, EIX, EVRG, EXC, FE, HASI, MDU and 5 more
Illinois Commerce Commission (ICC)
subject tonamed as a riskFor example, the ICC's 2023 final rate order disallowed certain previously incurred capital costs, which resulted in PGL and NSG recording impairment losses in the fourth quarter of 2023, and caused PGL to pause spending on its PRP.Risk factors (Item 1A)
Michigan Public Service Commission (MPSC)
subject toMichigan legislation requires all electric providers to annually demonstrate to the MPSC that they have adequate resources to serve the anticipated needs of their customers for a minimum of four consecutive planning years beginning in the upcoming planning year June 1, 2026, through May 31, 2027.Business (Item 1)
Also named by DTE
Laws and programs
Wisconsin Utility Holding Company Act
subject to · 25%named as a riskUnder the Holding Company Act, the sum of certain assets of all non-utility affiliates in a holding company system generally may not exceed 25% of the assets of all public utility affiliates in the system, subject to certain exemptions for energy-related assets.Risk factors (Item 1A)
Also named by LNT
Michigan retail choice law
subject to · 10% of our Michigan retail loadnamed as a riskThe law limits customer choice to 10% of our Michigan retail load.Risk factors (Item 1A)
Wisconsin Leased Generation Law
subject to · 12.7% ROEUnder the lease terms, our return is calculated using a 12.7% ROE and the equity ratio is assumed to be 55% for the ERGS units and 53% for the PWGS units.Business (Item 1)
Production tax credits (IRA / OBBBA)
subject tonamed as a riskIn July 2025, the OBBBA was signed into law, enacting significant modifications to clean-energy tax credits previously provided under the IRA.Risk factors (Item 1A)
Low Income Home Energy Assistance Program
named as a riskIn addition, elimination or reduced financial support of programs that provide energy assistance to our customers, including the Low Income Home Energy Assistance Program, could impact the demand for energy and/or adversely impact our liquidity.Risk factors (Item 1A)
Also named by NFG
Peoples Gas Pipe Retirement Program (PRP)
subject tonamed as a riskThe ICC also indicated that failure to comply with this directive could subject us to civil penalties under Illinois statute.Business (Item 1)
PGL Qualifying Infrastructure Plant (QIP) rider
subject tonamed as a riskAs a result, we recorded a charge to income during the fourth quarter of 2025 through an impairment to net property, plant, and equipment and a reduction to revenues.Risk factors (Item 1A)
WE VLC Tariff and Bespoke Resources Tariff
subject tonamed as a riskIn March 2025, WE filed an application with the PSCW requesting approval to implement a VLC Tariff and a Bespoke Resources Tariff.Risk factors (Item 1A)
DOE coal plant retention orders
subject tonamed as a riskFuture orders impacting our planned retirements of coal plants could impact our ability to execute on our capital plan and to meet our environmental goal.Risk factors (Item 1A)
Chicago decarbonization / natural gas electrification
subject tonamed as a riskFor example, the ICC is exploring the role of natural gas in the future and issues related to decarbonization of the natural gas distribution system in Illinois.Risk factors (Item 1A)
Wisconsin Act 141 renewable portfolio standard
subject toWE and WPS are subject to Act 141 in Wisconsin, and UMERC is subject to Public Acts 295 and 342 in Michigan, which contain certain minimum requirements for renewable energy generation.Business (Item 1)