Wec Energy Group Stock Earnings Reports

Key investor takeaways:

- Growth and capital plan: Company reaffirmed a $37.5 billion 5-year capital plan focused on low-risk, executable projects with a significant portion dedicated to very large customers (data centers). By end of 2030 ~15% of the asset base is expected to be attributable to these very large customers. Long-term EPS growth of 7%–8% CAGR (2026–2030) was reiterated, with acceleration expected starting in 2028.

- Data center opportunity: Management highlighted strong demand tied to major hyperscalers (Microsoft, Vantage) with ~1.3 GW currently in the forecast over five years for one site and site potential up to 3.5 GW. Several additional permitted/acreage-ready sites could add multiple gigawatts; more development updates expected on the Q3 call.

- Project execution and timing: Construction is underway on multiple projects (solar, battery, new gas units). Paris and Old Creek gas/CT units are expected to start coming online in late 2027. The company extended operations of two units (units 7 and 8) through 2027 for reliability/affordability.

- Regulatory progress: Wisconsin VLC tariff was verbally approved (written order expected soon) with ROE range ~10.48%–10.98% and 57% equity ratio. Rate filings for non-VOC customers for 2027–2028 were submitted; Illinois settlements were filed to resolve legacy riders and the ICC rate case process continues with decisions expected by year-end.

- Financials & guidance: Q1 2026 EPS of $2.45 (up $0.18 YoY). Management reaffirmed 2026 EPS guidance of $5.51–$5.61 (assuming normal weather). Day-to-day O&M expected to increase ~3%–5% in 2026. Common equity issuance: ~$455 million locked in Q1 (including $430M via ATM forward contracts); up to $1.1 billion expected for 2026, with any incremental capital funded ~50% with equity.

- Key risks/notes: Local opposition and municipal actions (referendum/moratoria) could complicate local economic development processes, though management believes current planned sites and capacity are secure. Timing/approval risk remains on transmission approvals and certain regulatory outcomes. Replacement of Point Beach PPA capacity is being planned with estimated capex roughly $2.0–$2.5 billion for ~1 GW (potential mix of gas, combined cycle and renewables).