01—Abstract
Summary
Summary of the 8-K filed December 5, 2025. Cited figures are marked; the original filing is the authoritative source.
WEC Energy Group, Inc. filed a Form 8-K on December 5, 2025 under Item 7.01 (Regulation FD Disclosure) to furnish presentation slides for its Energizing the Future Investor Update: December 2025, to be used in upcoming meetings with investors.
The filing itself contains no financial statements; its substance is in the attached Exhibit 99.1 slides, which describe the company's outlook. The slides present a 2026-2030 capital plan of $36.5 billiona, which is $8.5 billion more than the previous five-year plan. Stated drivers include $3.4 billion for natural gas generation, $2.5 billion for regulated renewables, and $1.5 billion for the Pipe Retirement Program.
The company cites 2026 EPS guidance midpoint of $5.56b per share and a long-term EPS growth outlook of 7.0% to 8.0%. The board announced on December 4, 2025 a plan to raise the quarterly dividend to 95.25 cents per share for the first quarter of 2026, an annual rate of $3.81 per share, and the company expects to grow the dividend at 6.5% to 7%. The slides also highlight large-load demand: 2.1 GW of forecasted demand through 2030 along the I-94 corridor, including a Microsoft data center, and 1.3 GW tied to a Vantage Data Centers campus in Port Washington.
A Very Large Customer tariff filed March 31, 2025 awaits PSCW approval, with an order required by May 1, 2026. The company reports a 2026-2030 financing plan with $20.5 to $21.5 billionc of cash from operations and $13.7 to $14.3 billion of incremental debt.
02—Key points
Key Highlights
- Five-year 2026-2030 capital plan of $36.5 billion, an increase of $8.5 billion versus the prior five-year plan, supporting 7.0% to 8.0% long-term EPS growth
- 2026 EPS guidance midpoint of $5.56 per share; 2025 guidance range of $5.17 to $5.27
- Board plans to raise the quarterly dividend to 95.25 cents per share for Q1 2026, an annual rate of $3.81 per share; dividend growth expected at 6.5% to 7%
- Large-load demand: 2.1 GW forecasted through 2030 along the I-94 Milwaukee to Chicago corridor and 1.3 GW forecasted through 2030 tied to the Port Washington data center campus
- Wisconsin Very Large Customer tariff filed March 31, 2025 with PSCW; PSCW order required by May 1, 2026 for service starting June 1, 2026
- Credit ratings listed as A- (S&P) and Baa1 (Moody's) for WEC Energy Group, with targets of S&P FFO to Debt above 15% and Moody's CFO Pre-WC/Debt above 16%
- Company reports 21 consecutive years of exceeding or meeting the top end of earnings guidance on an adjusted basis
03—Questions
Frequently Asked Questions
Why did WEC Energy Group file this 8-K?
The company filed under Item 7.01 (Regulation FD Disclosure) to furnish Exhibit 99.1, the presentation slides representatives will use in upcoming investor meetings. The filing contains no financial statements.
How large is the planned capital investment and where is it going?
The 2026-2030 capital plan totals $36.5 billion, $8.5 billion more than the previous five-year plan. The slides cite increases in natural gas generation ($3.4 billion), regulated renewables ($2.5 billion), transmission ($900 million), and the Pipe Retirement Program ($1.5 billion), partly offset by a $400 million decrease in WEC Infrastructure.
What is the outlook for earnings and dividends?
The slides cite 2026 EPS guidance with a midpoint of $5.56 per share and a long-term EPS growth outlook of 7.0% to 8.0%. The board plans to raise the quarterly dividend to 95.25 cents per share for Q1 2026, an annual rate of $3.81, and expects dividend growth of 6.5% to 7% with a payout ratio target of 65% to 70%.
What is driving demand growth?
The slides forecast 2.1 GW of demand through 2030 along the I-94 corridor, including a Microsoft data center with operations expected to commence in 2026, and 1.3 GW of demand through 2030 tied to a Vantage Data Centers campus in Port Washington that is part of the OpenAI and Oracle Stargate expansion. The slides also describe a Very Large Customer tariff for customers with 500 MW or more of forecasted new load, subject to PSCW approval.
How will the capital plan be financed?
The slides show 2026-2030 projected cash from operations of $20.5 to $21.5 billion, common equity of $4.8 to $5.2 billion, dividends of $7.6 to $7.8 billion, and incremental debt of $13.7 to $14.3 billion, which includes $5.0 to $6.0 billion of junior subordinated notes or other securities with equity content.
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