Why are Oak Creek Units 7 and 8 being kept open?

The filing states that the decision is based on reliability and affordability for customers. Tightened energy supply and higher energy costs in the Midwest power market during extreme winter temperatures prompted the change. The units will serve as a bridge until new dispatchable generation begins coming online, which is expected in late 2027.

What rate increases has the company requested in Wisconsin?

The presentation shows proposed base rate increases for Wisconsin Electric's electric business of 4.7% in 2027 and 4.5% in 2028, excluding fuel. Other Wisconsin utilities have proposed different increases, including Wisconsin Public Service electric at 6.3% for 2027 and 3.5% for 2028. The Public Service Commission of Wisconsin is expected to issue an order in Q4 2026, with new rates effective January 1, 2027 and 2028.

What is the company's long-term growth outlook?

The company states that its 2026-2030 capital plan of $37.5 billion supports 7.0% to 8.0% long-term EPS growth on a compound annual basis. It expects to grow its dividend at 6.5% to 7% and targets a payout ratio of 65% to 70% of earnings.

What is driving the increased demand in the company's service territory?

The presentation cites data center demand, including a Microsoft update adding 500 MW of new customer demand in the I-94 corridor, bringing forecasted demand there to 2.6 GW through 2030. It also cites a Vantage Data Centers campus in Port Washington with expected investment of $15 billion or more and site potential of up to 3.5 GW over time.

What is the Illinois settlement proposal?

Peoples Gas and North Shore Gas reached an agreement on a proposed settlement with the Illinois Attorney General and ICC Staff that would resolve all issues across 12 open dockets for approximately $2.3 billion, excluding carry costs. Terms include a $130 million gross plant reduction, a $75 million cash credit payable over three years under Rider QIP, and a $50 million cash credit payable over three years under Rider UEA. The settlement is subject to ICC approval.

WEC 8-K: Regulation FD

01—Abstract

Summary

Summary of the 8-K filed April 1, 2026. Cited figures are marked; the original filing is the authoritative source.

WEC Energy Group, Inc. (WEC) filed a Form 8-K on April 1, 2026, reporting three items: Regulation FD slides for upcoming investor meetings (Exhibit 99.1), Wisconsin rate requests, and a decision to extend the operating lives of Oak Creek Power Plant Units 7 and 8.

Its Wisconsin utility subsidiaries Wisconsin Electric Power Company, Wisconsin Gas LLC and Wisconsin Public Service Corporation filed requests with the Public Service Commission of Wisconsin to set electric and natural gas rates for 2027 and 2028, and Wisconsin Electric's filing also requests steam rates. The presentation states that proposed base rate increases for Wisconsin Electric's electric business are 4.7%^a in 2027 and 4.5% in 2028, with an order expected in Q4 2026 for rates effective January 1, 2027 and 2028. The filing states that Wisconsin Electric plans to keep Oak Creek Units 7 and 8 available through 2027, rather than retiring them at the end of 2026, citing reliability and affordability after tight Midwest energy supply and higher energy costs during extreme winter temperatures.

The units are described as a bridge until new dispatchable generation comes online, expected in late 2027. The accompanying presentation also reaffirms a 2026-2030 capital plan of $37.5 billion^b, which it says supports 7.0% to 8.0% long-term EPS growth, and a dividend growth target of 6.5% to 7%.

The presentation also reports 2026 EPS guidance with a midpoint of $5.56^c per share, a January 2026 dividend increase to an annualized $3.81 per share, and an Illinois settlement proposal for Peoples Gas and North Shore Gas covering about $2.3 billion across 12 dockets, subject to Illinois Commerce Commission approval. Investors will likely focus on the regulatory outcomes in Wisconsin and Illinois, the planned generation and capital spending, and the data center demand growth the company cites.

02—Key points

Key Highlights

Filed Wisconsin rate requests on April 1, 2026 for electric and natural gas rates for 2027 and 2028; Wisconsin Electric's filing also includes steam rates; order expected in Q4 2026
Proposed Wisconsin Electric electric base rate increases of 4.7% for 2027 and 4.5% for 2028 (excluding fuel); proposed ROE of 9.9% versus current 9.8%
Extended operating lives of Oak Creek Units 7 and 8 (611 MW) through 2027 instead of retiring them at the end of 2026, serving as a bridge until new dispatchable generation comes online in late 2027
2026-2030 capital plan increased by $1 billion to $37.5 billion, supporting 7.0% to 8.0% long-term EPS growth, with Microsoft demand update adding 500 MW
Dividend raised 6.7% in January to an annualized $3.81 per share; company expects to grow dividend at 6.5% to 7% and targets a 65% to 70% payout ratio
Illinois settlement proposal by Peoples Gas and North Shore Gas would resolve 12 open dockets totaling approximately $2.3 billion, subject to ICC approval
Presentation reports 2026 EPS guidance midpoint of $5.56 per share and a 22-year record of meeting or exceeding the top end of earnings guidance on an adjusted basis

03—Questions

Frequently Asked Questions

Why are Oak Creek Units 7 and 8 being kept open?
The filing states that the decision is based on reliability and affordability for customers. Tightened energy supply and higher energy costs in the Midwest power market during extreme winter temperatures prompted the change. The units will serve as a bridge until new dispatchable generation begins coming online, which is expected in late 2027.
What rate increases has the company requested in Wisconsin?
The presentation shows proposed base rate increases for Wisconsin Electric's electric business of 4.7% in 2027 and 4.5% in 2028, excluding fuel. Other Wisconsin utilities have proposed different increases, including Wisconsin Public Service electric at 6.3% for 2027 and 3.5% for 2028. The Public Service Commission of Wisconsin is expected to issue an order in Q4 2026, with new rates effective January 1, 2027 and 2028.
What is the company's long-term growth outlook?
The company states that its 2026-2030 capital plan of $37.5 billion supports 7.0% to 8.0% long-term EPS growth on a compound annual basis. It expects to grow its dividend at 6.5% to 7% and targets a payout ratio of 65% to 70% of earnings.
What is driving the increased demand in the company's service territory?
The presentation cites data center demand, including a Microsoft update adding 500 MW of new customer demand in the I-94 corridor, bringing forecasted demand there to 2.6 GW through 2030. It also cites a Vantage Data Centers campus in Port Washington with expected investment of $15 billion or more and site potential of up to 3.5 GW over time.
What is the Illinois settlement proposal?
Peoples Gas and North Shore Gas reached an agreement on a proposed settlement with the Illinois Attorney General and ICC Staff that would resolve all issues across 12 open dockets for approximately $2.3 billion, excluding carry costs. Terms include a $130 million gross plant reduction, a $75 million cash credit payable over three years under Rider QIP, and a $50 million cash credit payable over three years under Rider UEA. The settlement is subject to ICC approval.

04—Continue

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