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OPERATING REVENUES (Tables)

6 Months Ended

Jun. 30, 2022

Disaggregation of Operating Revenues

Operating revenues disaggregated by revenue source

Disaggregation of Operating Revenues

The following tables present our operating revenues disaggregated by revenue source. We do not have any revenues associated with our electric transmission segment, which includes investments accounted for using the equity method. We disaggregate revenues into categories that depict how the nature, amount, timing, and uncertainty of revenues and cash flows are affected by economic factors. For our segments, revenues are further disaggregated by electric and natural gas operations and then by customer class. Each customer class within our electric and natural gas operations have different expectations of service, energy and demand requirements, and can be impacted differently by regulatory activities within their jurisdictions.

(in millions)						Wisconsin						Illinois						Other States						Total Utility Operations						Non-Utility Energy Infrastructure						Corporate and Other						Reconciling Eliminations						WEC Energy Group Consolidated
Three Months Ended June 30, 2022
Electric						$	1,221.1					$	—					$	—					$	1,221.1					$	—					$	—					$	—					$	1,221.1
Natural gas						329.5						442.2						95.8						867.5						12.0						—						(11.0)						868.5
Total regulated revenues						1,550.6						442.2						95.8						2,088.6						12.0						—						(11.0)						2,089.6
Other non-utility revenues						—						—						4.5						4.5						31.1						—						(4.0)						31.6
Total revenues from contracts with customers						1,550.6						442.2						100.3						2,093.1						43.1						—						(15.0)						2,121.2
Other operating revenues						6.8						0.2						(0.4)						6.6						100.5						0.1						(100.5)			(1)			6.7
Total operating revenues						$	1,557.4					$	442.4					$	99.9					$	2,099.7					$	143.6					$	0.1					$	(115.5)					$	2,127.9

(in millions)						Wisconsin						Illinois						Other States						Total Utility Operations						Non-Utility Energy Infrastructure						Corporate and Other						Reconciling Eliminations						WEC Energy Group Consolidated
Three Months Ended June 30, 2021
Electric						$	1,083.2					$	—					$	—					$	1,083.2					$	—					$	—					$	—					$	1,083.2
Natural gas						212.7						266.1						66.9						545.7						9.4						—						(8.7)						546.4
Total regulated revenues						1,295.9						266.1						66.9						1,628.9						9.4						—						(8.7)						1,629.6
Other non-utility revenues						—						—						4.4						4.4						24.2						—						(3.9)						24.7
Total revenues from contracts with customers						1,295.9						266.1						71.3						1,633.3						33.6						—						(12.6)						1,654.3
Other operating revenues						11.6						9.4						0.8						21.8						99.9						0.1						(99.9)			(1)			21.9
Total operating revenues						$	1,307.5					$	275.5					$	72.1					$	1,655.1					$	133.5					$	0.1					$	(112.5)					$	1,676.2

(in millions)						Wisconsin						Illinois						Other States						Total Utility Operations						Non-Utility Energy Infrastructure						Corporate and Other						Reconciling Eliminations						WEC Energy Group Consolidated
Six Months Ended June 30, 2022
Electric						$	2,408.6					$	—					$	—					$	2,408.6											$	—					$	—					$	2,408.6
Natural gas						1,076.3						1,122.1						334.0						2,532.4						27.3						—						(25.8)						2,533.9
Total regulated revenues						3,484.9						1,122.1						334.0						4,941.0						27.3						—						(25.8)						4,942.5
Other non-utility revenues						—						—						9.1						9.1						74.8						—						(5.6)						78.3
Total revenues from contracts with customers						3,484.9						1,122.1						343.1						4,950.1						102.1						—						(31.4)						5,020.8
Other operating revenues						14.8						2.4						(2.3)						14.9						201.0						0.3						(201.0)			(1)			15.2
Total operating revenues						$	3,499.7					$	1,124.5					$	340.8					$	4,965.0					$	303.1					$	0.3					$	(232.4)					$	5,036.0

(in millions)						Wisconsin						Illinois						Other States						Total Utility Operations						Non-Utility Energy Infrastructure						Corporate and Other						Reconciling Eliminations						WEC Energy Group Consolidated
Six Months Ended June 30, 2021
Electric						$	2,178.2					$	—					$	—					$	2,178.2					$	—					$	—					$	—					$	2,178.2
Natural gas						840.0						959.6						292.5						2,092.1						24.0						—						(22.0)						2,094.1
Total regulated revenues						3,018.2						959.6						292.5						4,270.3						24.0						—						(22.0)						4,272.3
Other non-utility revenues						—						—						9.1						9.1						47.4						—						(5.5)						51.0
Total revenues from contracts with customers						3,018.2						959.6						301.6						4,279.4						71.4						—						(27.5)						4,323.3
Other operating revenues						21.0						19.3						3.8						44.1						199.7						0.2						(199.7)			(1)			44.3
Total operating revenues						$	3,039.2					$	978.9					$	305.4					$	4,323.5					$	271.1					$	0.2					$	(227.2)					$	4,367.6

(1)Amounts eliminated represent lease revenues related to certain plants that We Power leases to WE to supply electricity to its customers. Lease payments are billed from We Power to WE and then recovered in WE's rates as authorized by the PSCW and the FERC. WE operates the plants and is authorized by the PSCW and Wisconsin state law to fully recover prudently incurred operating and maintenance costs in electric rates.

Revenues from contracts with customers | Electric

Disaggregation of Operating Revenues

Operating revenues disaggregated by revenue source

The following table disaggregates electric utility operating revenues into customer class:

						Three Months Ended June 30												Six Months Ended June 30
(in millions)						2022						2021						2022						2021
Residential						$	449.7					$	419.0					$	912.8					$	842.7
Small commercial and industrial						378.4						346.6						748.5						678.0
Large commercial and industrial						268.1						224.5						497.3						434.0
Other						7.2						6.9						15.0						14.7
Total retail revenues						1,103.4						997.0						2,173.6						1,969.4
Wholesale						40.8						38.6						83.2						78.3
Resale						60.7						37.4						117.5						100.1
Steam						4.7						4.2						16.8						19.0
Other utility revenues						11.5						6.0						17.5						11.4
Total electric utility operating revenues						$	1,221.1					$	1,083.2					$	2,408.6					$	2,178.2

Revenues from contracts with customers | Natural gas

Disaggregation of Operating Revenues

Operating revenues disaggregated by revenue source

The following tables disaggregate natural gas utility operating revenues into customer class:

(in millions)						Wisconsin						Illinois						Other States						Total Natural Gas Utility Operating Revenues
Three Months Ended June 30, 2022
Residential						$	198.5					$	268.6					$	63.5					$	530.6
Commercial and industrial						102.1						78.2						36.6						216.9
Total retail revenues						300.6						346.8						100.1						747.5
Transportation						18.0						54.5						6.0						78.5
Other utility revenues (1)						10.9						40.9						(10.3)						41.5
Total natural gas utility operating revenues						$	329.5					$	442.2					$	95.8					$	867.5

(in millions)						Wisconsin						Illinois						Other States						Total Natural Gas Utility Operating Revenues
Three Months Ended June 30, 2021
Residential						$	188.6					$	199.1					$	37.9					$	425.6
Commercial and industrial						90.2						51.5						17.3						159.0
Total retail revenues						278.8						250.6						55.2						584.6
Transportation						17.8						48.8						6.6						73.2
Other utility revenues (1)						(83.9)						(33.3)						5.1						(112.1)
Total natural gas utility operating revenues						$	212.7					$	266.1					$	66.9					$	545.7

(in millions)						Wisconsin						Illinois						Other States						Total Natural Gas Utility Operating Revenues
Six Months Ended June 30, 2022
Residential						$	701.0					$	734.1					$	224.8					$	1,659.9
Commercial and industrial						374.6						236.5						123.4						734.5
Total retail revenues						1,075.6						970.6						348.2						2,394.4
Transportation						43.5						135.4						19.9						198.8
Other utility revenues (1)						(42.8)						16.1						(34.1)						(60.8)
Total natural gas utility operating revenues						$	1,076.3					$	1,122.1					$	334.0					$	2,532.4

(in millions)						Wisconsin						Illinois						Other States						Total Natural Gas Utility Operating Revenues
Six Months Ended June 30, 2021
Residential						$	536.2					$	533.0					$	125.8					$	1,195.0
Commercial and industrial						266.6						154.2						61.2						482.0
Total retail revenues						802.8						687.2						187.0						1,677.0
Transportation						42.2						123.0						17.6						182.8
Other utility revenues (1)						(5.0)						149.4						87.9						232.3
Total natural gas utility operating revenues						$	840.0					$	959.6					$	292.5					$	2,092.1

(1)Includes the revenues subject to the purchased gas recovery mechanisms of our utilities. The amounts for the three months ended June 30, 2022 reflect higher natural gas costs incurred than were anticipated in rates. During the six months ended June 30, 2022, we continued to recover natural gas costs we under-collected from our customers in 2021, related to the extreme weather. As these amounts were billed to customers, they were reflected in retail revenues with an offsetting decrease in other utility revenues. The negative amount during this period also relates to the over-collection of natural gas costs recorded in a regulatory liability due to these costs being lower than what was anticipated in rates. See Note 6, Regulatory Assets and Liabilities, for more information.

The negative amount for the three months ended June 30, 2021 primarily relates to the approval by our utility commissions to recover from customers, over the second quarter of 2021, the higher natural gas costs that were incurred as a result of the extreme winter weather conditions in February 2021. As these amounts were billed to customers, they were reflected in retail revenues with an offsetting decrease in other utility revenues. For the six months ended June 30, 2021, in addition to costs related to the extreme weather event, we incurred higher natural gas costs as a result of an increase in the price of natural gas.

See Note 23, Regulatory Environment, for more information.

Revenues from contracts with customers | Other non-utility revenues

Disaggregation of Operating Revenues

Operating revenues disaggregated by revenue source

Other non-utility operating revenues consist primarily of the following:

						Three Months Ended June 30												Six Months Ended June 30
(in millions)						2022						2021						2022						2021
Wind generation revenues						$	21.3					$	14.5					$	57.5					$	30.3
We Power revenues (1)						5.8						5.8						11.7						11.6
Appliance service revenues						4.5						4.4						9.1						9.1
Total other non-utility operating revenues						$	31.6					$	24.7					$	78.3					$	51.0

(1)As part of the construction of the We Power EGUs, we capitalized interest during construction, which is included in property, plant, and equipment. As allowed by the PSCW, we collected these carrying costs from WE's utility customers during construction. The equity portion of these carrying costs was recorded as a contract liability, which is presented as deferred revenue, net on our balance sheets. We continually amortize the deferred carrying costs to revenues over the related lease term that We Power has with WE.

Other operating revenues

Disaggregation of Operating Revenues

Operating revenues disaggregated by revenue source

Other operating revenues consist primarily of the following:

						Three Months Ended June 30												Six Months Ended June 30
(in millions)						2022						2021						2022						2021
Late payment charges						$	16.3					$	17.3					$	29.9					$	32.3
Alternative revenues (1)						(11.3)						2.9						(17.3)						9.1
Other						1.7						1.7						2.6						2.9
Total other operating revenues						$	6.7					$	21.9					$	15.2					$	44.3

(1)Negative amounts can result from alternative revenues being reversed to revenues from contracts with customers as the customer is billed for these alternative revenues. Negative amounts can also result from revenues to be refunded to customers subject to decoupling mechanisms, wholesale true-ups, conservation improvement rider true-ups, and certain late payment charges.

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