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Wec Energy Group 8-K Report, Regulation FD Disclosure (Sep 2, 2025)

Reports
Regulation FD·Exhibits & Filings
Filing Date
Filed September 2, 2025
Period End
September 2, 2025
Security
WEC
In the record · 2016–202610-K1110-Q338-K260

WEC filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 260 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Oct ’20Oct ’20
  2. Leadership change8-K · Oct ’22Oct ’22
  3. Material agreement8-K · Aug ’26Aug ’26

01—Abstract

Summary

Summary of the 8-K filed September 2, 2025. Cited figures are marked; the original filing is the authoritative source.

WEC Energy Group, Inc. filed this Form 8-K on September 2, 2025 under Item 7.01 (Regulation FD Disclosure) to furnish presentation slides for its "Energizing the Future" Investor Update, to be used in upcoming meetings with investors.

The filing itself contains no new financial results; the substance is in the attached Exhibit 99.1 slides. The company states it has a market capitalization of $34.9 billiona as of August 22, 2025, 4.7 million retail customers, a 60% ownership interest in American Transmission Company, and $48.5 billion of assets. It reports 2025 adjusted EPS guidance with a midpoint of $5.22 per share, a guidance range of $5.17-$5.27, and a 2025-2029 capital plan of $27.6 billion in projected capital spend.

The slides highlight growth drivers tied to large-load customers, including a proposed Wisconsin Very Large Customer (VLC) tariff filed March 31, 2025 for customers with 500 MW or more of forecasted new load, and 1,800 MW of additional demand expected through 2029 in the Wisconsin segment. The company plans to build and own 4,300 MW of regulated renewable generation and storage, investing $9.1 billionb, and to exit coal by the end of 2032. Projected financing for 2025-2029 includes cash from operations of $18.5-$19.5 billion, incremental debt of $9.5-$10.0 billion, and common equity of $2.7-$3.2 billion.

The company also states its long-term EPS growth outlook is 6.5% to 7.0%, and it reaffirmed a dividend increase of 6.9% to an annual rate of $3.57c per share. The slides also disclose risks and regulatory items investors should note, including the timing of the PSCW decision on the VLC tariff (expected Q4 2025 for the decision and an order required by May 1, 2026 for service starting June 1, 2026), a revised Oak Creek Units 7-8 coal retirement target of end of 2026 due to tight MISO supply conditions, and an ICC order directing replacement of cast and ductile iron pipe under 36 inches by January 1, 2035. The presentation is forward-looking and subject to the risk factors cited in WEC's 2024 Form 10-K.

02—Key points

Key Highlights

  1. Investor presentation furnished under Item 7.01 (Regulation FD) for upcoming investor meetings; the filing itself reports no new financial results.
  2. 2025 adjusted EPS guidance midpoint of $5.22 per share (range $5.17-$5.27); the company states it has exceeded or achieved EPS guidance for multiple decades.
  3. 2025-2029 capital plan of $27.6 billion, described as the largest five-year plan in company history, with 98%+ of capital allocated to regulated businesses.
  4. Long-term EPS growth outlook of 6.5% to 7.0%, and a dividend raised 6.9% to an annual rate of $3.57 per share, the 22nd consecutive year of higher dividends.
  5. Wisconsin Very Large Customer tariff (500 MW+ new load) filed March 31, 2025, with a PSCW order required by May 1, 2026; 1,800 MW of additional demand expected through 2029.
  6. Plans to build and own 4,300 MW of regulated renewables and storage ($9.1 billion) and to eliminate coal as an energy source by end of 2032, with Oak Creek Units 7-8 retirement revised to end of 2026.
  7. Projected 2025-2029 financing includes $9.5-$10.0 billion of incremental debt and $2.7-$3.2 billion of common equity; the company renewed its credit facilities to $3.9 billion in August 2025.

03—Questions

Frequently Asked Questions

  1. Does this 8-K report new financial results or guidance changes?

    No. The filing is a Regulation FD disclosure furnishing presentation slides (Exhibit 99.1) for upcoming investor meetings. The slides restate 2025 guidance of $5.17-$5.27 per share in adjusted EPS, with a midpoint of $5.22.

  2. What is driving WEC's projected load growth?

    The slides cite the Wisconsin Very Large Customer tariff for customers with 500 MW or more of forecasted new load, and data center projects including Microsoft's $3.3 billion Mount Pleasant campus. The company expects to add 1,800 MW of electric demand over 2025-2029, excluding the Vantage Data Centers Port Washington development, which is not in the current demand forecast.

  3. What regulatory approvals are pending that could affect the outlook?

    The VLC tariff (Docket 6630-TE-113) has an estimated PSCW decision in Q4 2025, and the slides note a PSCW order is required by May 1, 2026 for service starting June 1, 2026. Several Wisconsin gas generation and LNG projects are also pending, with decisions expected in Q4 2025 and 2026.

  4. How is WEC planning to fund its 2025-2029 capital plan?

    The slides project cash from operations of $18.5-$19.5 billion, common equity of $2.7-$3.2 billion, dividends of $6.8-$7.0 billion, and incremental debt of $9.5-$10.0 billion, including $2.2-$3.0 billion of junior subordinated notes or other securities with equity content. Credit targets are S&P FFO to debt above 15% and Moody's CFO pre-working capital to debt above 16%.

  5. How is the company changing its coal and emissions plans?

    WEC plans to eliminate coal as an energy source by end of 2032 and expects to use coal only as backup fuel by end of 2030. Oak Creek Units 7-8 retirement was revised to end of 2026 due to expected tight energy supply in MISO. The company states its long-term goal of net carbon neutral electric generation by 2050 remains intact, while near-term goals are being reconsidered.

04—Continue

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