<SEC-DOCUMENT>0001387131-23-004907.txt : 20230421
<SEC-HEADER>0001387131-23-004907.hdr.sgml : 20230421
<ACCEPTANCE-DATETIME>20230421091343
ACCESSION NUMBER:		0001387131-23-004907
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230421
DATE AS OF CHANGE:		20230421
EFFECTIVENESS DATE:		20230421

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WEC ENERGY GROUP, INC.
		CENTRAL INDEX KEY:			0000783325
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC & OTHER SERVICES COMBINED [4931]
		IRS NUMBER:				391391525
		STATE OF INCORPORATION:			WI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09057
		FILM NUMBER:		23834814

	BUSINESS ADDRESS:	
		STREET 1:		231 W MICHIGAN ST
		STREET 2:		P O BOX 1331
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53201
		BUSINESS PHONE:		414-221-2345

	MAIL ADDRESS:	
		STREET 1:		231 WEST MICHIGAN STREET
		STREET 2:		P O BOX 1331
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WISCONSIN ENERGY CORP
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Majority Action, LLC
		CENTRAL INDEX KEY:			0001738314
		IRS NUMBER:				825260248
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		1885 MISSION ST.
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94103
		BUSINESS PHONE:		2022152895

	MAIL ADDRESS:	
		STREET 1:		1885 MISSION ST.
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94103
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>wec-px14a6g_042023.htm
<DESCRIPTION>NOTICE OF EXEMPT SOLICITATION
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<P STYLE="font: 7pt Franklin Gothic; margin: 0">&nbsp;</P>

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    <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0">Notice Of Exempt Solicitation: (VOLUNTARY SUBMISSION)</P>
    <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0">NAME OF REGISTRANT: WEC Energy Group, Inc.</P>
    <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0">NAME OF PERSON RELYING ON EXEMPTION: Majority Action</P>
    <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0">ADDRESS OF PERSON RELYING ON EXEMPTION: PO Box 4831, Silver Spring, MD
    20914</P>
    <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0">Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated
    under the Securities Exchange Act of 1934. Submission is not required of this filer under the terms of the Rule but is made voluntarily.</P></TD>
    <TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 29%; padding-top: 5pt; padding-bottom: 5pt; text-align: right"><IMG SRC="majority_001.jpg" ALT=""></TD></TR>
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<P STYLE="font: 26pt Georgia, Times, Serif; margin: 10pt 0 3pt; color: #0072BD"><FONT STYLE="font-size: 13pt"><B>WEC Energy Group, Inc.
NYSE:WEC</B></FONT><B><FONT STYLE="font-size: 12pt">: Due to the company&#8217;s FAILURE to:</FONT></B></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Include
                                            scope 3 greenhouse gas (GHG) emissions in its net zero ambition and medium-term targets</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Align
                                            its operating and planned coal and fossil gas-fueled generation capacity with a Below 2&deg;C
                                            Scenario or a 1.5&deg;C scenario, and</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Make
                                            a specific commitment to ensure its trade associations lobby in accordance with the Paris
                                            Agreement and refrain from taking negative positions on U.S. climate change policy;</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0 0 3pt; color: #0072BD"><B>&nbsp;</B></P>

<P STYLE="font: 13pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>Vote AGAINST:</B></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Executive
                                            Chair, Gale Klappa (Item 1.07), </FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Independent
                                            Lead Director, William M. Farrow III (Item 1.04), and</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Audit
                                            and Oversight Committee Chair, Danny L. Cunningham (Item 1.03).</FONT></TD></TR></TABLE>

<P STYLE="font: 13pt Georgia, Times, Serif; margin: 0; color: #0072BD">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #0072BD"><B>The physical and financial risks posed
by climate change to long-term investors are systemic, portfolio-wide, unhedgeable and undiversifiable.</B></FONT> Therefore, the actions
of companies that fail to align to limiting warming to 1.5&deg;C pose risks to the financial system as a whole, and to investors&#8217;
entire portfolios. See <FONT STYLE="color: #1155CC"><U>www.proxyvoting.majorityaction.us</U></FONT> for more information regarding Majority
Action&#8217;s Proxy Voting for a 1.5&deg;C World initiative and the transformation required in key industries.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #0072BD"><B>WEC Energy Group (WEC) had the fourteenth-highest
CO<SUB>2 </SUB>emission rate (CO<SUB>2</SUB> lb/MWh) in the U.S. in 2020<A HREF="#a_edn1" NAME="a_ednref1" TITLE="" STYLE="mso-endnote-id: edn1"></A><FONT STYLE="font-size: 11pt"><SUP>1</SUP></FONT>
while generating the eighteenth-most electricity among privately/investor owned power producers.<A HREF="#a_edn2" NAME="a_ednref2" TITLE="" STYLE="mso-endnote-id: edn2"></A><FONT STYLE="font-size: 11pt"><SUP>2</SUP></FONT></B></FONT>
In 2021 WEC relied on fossil fuel sources for 72% of its total generation.<A HREF="#a_edn3" NAME="a_ednref3" TITLE="" STYLE="mso-endnote-id: edn3"></A><FONT STYLE="font-size: 11pt"><SUP>3</SUP></FONT>
The company is among the 166 target companies named by Climate Action 100+ as the most significant global emitters and &#8220;key to driving
the global net zero emissions transition.&#8221;<A HREF="#a_edn4" NAME="a_ednref4" TITLE="" STYLE="mso-endnote-id: edn4"></A><FONT STYLE="font-size: 11pt"><SUP>4</SUP></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #0072BD"><B>Electric power production is
responsible for nearly one-third of energy-related carbon emissions in the United States.</B></FONT><A HREF="#a_edn5" NAME="a_ednref5" TITLE="" STYLE="mso-endnote-id: edn5"></A><FONT STYLE="font-size: 11pt"><SUP>5 </SUP></FONT>The
largest publicly-traded electric utilities remain among the largest sources of carbon emissions in the U.S. economy.<A HREF="#a_edn6" NAME="a_ednref6" TITLE="" STYLE="mso-endnote-id: edn6"></A><FONT STYLE="font-size: 11pt"><SUP>6 </SUP></FONT>Their
capital investments in fossil fuel-based electric power infrastructure have the potential to lock in greenhouse gas emissions for
decades to come. In addition to curbing a direct source of emissions, the decarbonization of electricity production also enables the
decarbonization of the transportation and industrial sectors as electrification efficiencies are implemented.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #0072BD"><B>Failure to set ambitious decarbonization
targets in line with <FONT STYLE="background-color: white">1.5&deg;C</FONT> pathways, and to align companies&#8217; business plans and
policy influence to those targets, is a failure of strategy and corporate governance, for which long-term investors should hold directors
accountable.</B></FONT> At companies where the production, processing, sale, and/or consumption of fossil fuels is central to their core
business, GHG emissions reductions have profound strategic implications. The board chair, lead independent director where the position
exists, and other board members with climate-related oversight responsibilities should be held accountable for oversight failures related
to decarbonization.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #0072BD"><B>In 2023, we have updated our metrics to
more closely align with the Climate Action 100+ Net Zero Benchmark Indicators</B></FONT>, while still focusing on the core pillars of
target setting, disclosure and measurement, capital allocation, and policy influence. This allows for a more standardized assessment across
companies that is broadly accepted by investors.</P>

<P STYLE="font: 14pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>Target setting</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #0072BD">
    <TD COLSPAN="3" STYLE="vertical-align: top; border-top: white 1pt solid; border-right: #0072BD 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Climate Action 100+ Net Zero Benchmark Indicators</FONT></TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 1.1</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">The company has set an ambition to achieve net zero GHG emissions by 2050 or sooner.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #F1C232; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 16pt; color: white"><B>&#8212;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 9%; border-left: white 1pt solid; padding: 5pt; border-bottom: white 1pt solid; border-right: #0072BD 1pt solid; background-color: #0072BD">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 16%; border-bottom: white 1pt solid; padding: 5pt; border-right: white 1pt solid; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 1.1A</FONT></TD>
    <TD STYLE="vertical-align: top; width: 64%; border-bottom: white 1pt solid; padding: 5pt; border-right: white 1pt solid; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">The company has made a qualitative net zero GHG emissions ambition statement that explicitly includes at least 95% of its scope 1 and 2 emissions.</FONT></TD>
    <TD STYLE="width: 11%; border-bottom: white 1pt solid; padding: 5pt; border-right: white 1pt solid; background-color: #6AA84F; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 16pt; color: white"><B>&#10003;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: #0072BD 1pt solid; border-left: white 1pt solid; padding: 5pt; border-bottom: white 1pt solid; background-color: #0072BD">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 1.1B</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">The company&#8217;s net zero GHG emissions ambition covers the most relevant scope 3 GHG emissions categories for the company&#8217;s sector, where applicable.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 16pt; color: white"><B>X</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 3.1</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">The company has set a target for reducing its GHG emissions by between 2026 and 2035 on a clearly defined scope of emissions.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #6AA84F; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 16pt; color: white"><B>&#10003;</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 3.2</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">The medium-term (2026 to 2035) GHG reduction target covers at least 95% of scope 1 &amp; 2 emissions and the most relevant scope 3 emissions (where applicable).</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #F1C232; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 16pt; color: white"><B>&#8212;</B></FONT></TD></TR>

<TR>
    <TD STYLE="vertical-align: top; width: 9%; border-top: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; border-right: #0072BD 1pt solid; padding: 5pt; background-color: #0072BD">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 16%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 3.2A</FONT></TD>
    <TD STYLE="vertical-align: top; width: 64%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">The company has specified that this target covers at least 95% of its total scope 1 and 2 emissions.</FONT></TD>
    <TD STYLE="width: 11%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #6AA84F; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 16pt; color: white"><B>&#10003;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: #0072BD 1pt solid; border-left: white 1pt solid; padding: 5pt; border-bottom: white 1pt solid; background-color: #0072BD">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 3.2B</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">If the company has set a scope 3 GHG emissions target, it covers the most relevant scope 3 emissions categories for the company&#8217;s sector (for applicable sectors), and the company has published the methodology used to establish any scope 3 target.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 16pt; color: white"><B>X</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 3.3</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">The target (or, in the absence of a target, the company&#8217;s latest disclosed GHG emissions intensity) is aligned with the goal of limiting global warming to 1.5&deg;C.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 16pt; color: white"><B>X</B></FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #0E101A">WEC aims to be net carbon neutral by 2050.<A HREF="#a_edn7" NAME="a_ednref7" TITLE="" STYLE="mso-endnote-id: edn7"></A><FONT STYLE="font-size: 11pt"><SUP>7</SUP></FONT>
Similarly, the company has established a 2030 CO<SUB>2</SUB> reduction goal of 80% below 2005 levels for electric generation, and a 2030
net zero methane emissions goal for natural gas distribution.<A HREF="#a_edn8" NAME="a_ednref8" TITLE="" STYLE="mso-endnote-id: edn8"></A><FONT STYLE="font-size: 11pt"><SUP>8</SUP></FONT>
The company&#8217;s 2050 and 2030 targets cover at least 95% of its scope 1 and scope 2 emissions.<A HREF="#a_edn9" NAME="a_ednref9" TITLE="" STYLE="mso-endnote-id: edn9"></A><FONT STYLE="font-size: 11pt"><SUP>9</SUP></FONT>
However, the company has not established goals for reducing its scope 3 emissions, such as those derived from its customers&#8217; use
of fossil gas or purchased power delivered.<A HREF="#a_edn10" NAME="a_ednref10" TITLE="" STYLE="mso-endnote-id: edn10"></A><FONT STYLE="font-size: 11pt"><SUP>10</SUP></FONT>
In 2021 scope 3 emissions from WEC customers&#8217; use of natural gas was estimated to be 25.6 million metric tons CO<SUB>2</SUB>e, vs
the 21.2 million from the company&#8217;s scope 1 emissions from electricity generation.<A HREF="#a_edn11" NAME="a_ednref11" TITLE="" STYLE="mso-endnote-id: edn11"></A><FONT STYLE="font-size: 11pt"><SUP>11</SUP></FONT>
WEC has indicated that it is in the development process of a comprehensive scope 3 emissions reduction strategy.<A HREF="#a_edn12" NAME="a_ednref12" TITLE="" STYLE="mso-endnote-id: edn12"></A><FONT STYLE="font-size: 11pt"><SUP>12</SUP></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #0E101A">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #0E101A">The Transition Pathway Initiative (TPI) has assessed WEC&#8217;s
2021-2030 decarbonization trajectory to be out of alignment with the global 1.5&deg;C decarbonization pathway,<A HREF="#a_edn13" NAME="a_ednref13" TITLE="" STYLE="mso-endnote-id: edn13"></A><FONT STYLE="font-size: 11pt"><SUP>13</SUP></FONT>
not to mention the 1.5&deg;C pathway for advanced economies that requires net zero emissions from power production by 2035.<A HREF="#a_edn14" NAME="a_ednref14" TITLE="" STYLE="mso-endnote-id: edn14"></A><FONT STYLE="font-size: 11pt"><SUP>14</SUP></FONT>
The same assessment calculated WEC&#8217;s 2021-2030 targeted pathway to be in alignment with the global below 2&deg;C scenario.<A HREF="#a_edn15" NAME="a_ednref15" TITLE="" STYLE="mso-endnote-id: edn15"></A><FONT STYLE="font-size: 11pt"><SUP>15</SUP></FONT></P>

<P STYLE="font: 14pt Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 14pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>Capital allocation and investment plans</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #0072BD">
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-right: #0072BD 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Climate Action 100+ Net Zero Benchmark Indicators</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 30%; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Capital Allocation Alignment Assessment (Carbon Tracker) 1: Coal Phase-Out</FONT></TD>
    <TD STYLE="vertical-align: top; width: 59%; border-bottom: white 1pt solid; padding: 5pt; border-right: white 1pt solid; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Has the company announced a full phase-out of coal units by 2040 that is consistent with Carbon Tracker Initiative's (CTI&#8217;s) interpretation of the International Energy Agency&#8217;s (IEA&#8217;s) Beyond 2&deg;C Scenario (B2DS)?</FONT></TD>
    <TD STYLE="width: 11%; border-bottom: white 1pt solid; padding: 5pt; border-right: white 1pt solid; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 16pt; color: white"><B>X</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Capital Allocation Alignment Assessment (Carbon Tracker) 2: Gas Phase-Out</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Has the company announced a full phase-out of gas units by 2050 that is consistent with CTI's interpretation of the IEA&#8217;s B2DS?</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 16pt; color: white"><B>X</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">WEC plans to eliminate coal as an energy source by the end of
2035.<A HREF="#a_edn16" NAME="a_ednref16" TITLE="" STYLE="mso-endnote-id: edn16"></A><FONT STYLE="font-size: 11pt"><SUP>16 </SUP></FONT>Similarly,
the company anticipates using coal as a backup fuel only by the end of 2030, and its near-term retirements include six units
totaling 1,439 MW of coal-fired generation capacity.<A HREF="#a_edn17" NAME="a_ednref17" TITLE="" STYLE="mso-endnote-id: edn17"></A><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><SUP>17 </SUP></FONT>Accordingly,
one-third of WEC&#8217;s operating and planned coal-fired generation capacity remains out of alignment with the Carbon Tracker
Initiative&#8217;s interpretation of the IEA&#8217;s B2DS,<A HREF="#a_edn18" NAME="a_ednref18" TITLE="" STYLE="mso-endnote-id: edn18"></A><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><SUP>18 </SUP></FONT>let
alone a 1.5&deg;C scenario which would require even faster closure timelines.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">In its 2022 Climate Report, WEC emphasizes the importance of new fossil
gas-fueled generation as a replacement for older coal-units and gas units.<A HREF="#a_edn19" NAME="a_ednref19" TITLE="" STYLE="mso-endnote-id: edn19"></A><FONT STYLE="font-size: 11pt"><SUP>19</SUP></FONT>
As such, fossil gas-fueled plants are projected to make up 32% of WEC&#8217;s 2030 generation portfolio,<A HREF="#a_edn20" NAME="a_ednref20" TITLE="" STYLE="mso-endnote-id: edn20"></A><FONT STYLE="font-size: 11pt"><SUP>20</SUP></FONT>
with half of the company&#8217;s operating and planned fossil gas-generation capacity out of alignment with the IEA&#8217;s B2DS,<A HREF="#a_edn21" NAME="a_ednref21" TITLE="" STYLE="mso-endnote-id: edn21"></A><FONT STYLE="font-size: 11pt"><SUP>21</SUP></FONT>
let alone a 1.5&deg;C scenario.</P>

<P STYLE="font: 14pt Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 14pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>Policy influence</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #0072BD">
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-right: #0072BD 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Climate Action 100+ Net Zero Benchmark Indicators</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 28%; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Climate Policy Engagement Alignment (InfluenceMap) 1: Organization Score</FONT></TD>
    <TD STYLE="vertical-align: top; width: 61%; border-bottom: white 1pt solid; padding: 5pt; border-right: white 1pt solid; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">The level of company support for (or opposition to) Paris Agreement-aligned climate policy.</FONT></TD>
    <TD STYLE="width: 11%; border-bottom: white 1pt solid; padding: 5pt; border-right: white 1pt solid; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 14pt; color: white"><B>44%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Climate Policy Engagement Alignment (InfluenceMap) 2: Relationship Score</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">The level of a company&#8217;s industry associations&#8217; support for (or opposition to) Paris Agreement-aligned climate policy.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 14pt; color: white"><B>40%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">WEC&#8217;s positions on U.S. climate change policy, including at the
state level in its operating jurisdictions, appear to be mostly negative, according to InfluenceMap.<A HREF="#a_edn22" NAME="a_ednref22" TITLE="" STYLE="mso-endnote-id: edn22"></A><FONT STYLE="font-size: 11pt"><SUP>22</SUP></FONT>
The company has advocated for preserving the role of fossil gas in the energy mix, taken negative positions on gas ban preemption legislation
and lobbied against GHG emissions caps, renewable energy credits and energy efficiency provisions at the state level.<A HREF="#a_edn23" NAME="a_ednref23" TITLE="" STYLE="mso-endnote-id: edn23"></A><FONT STYLE="font-size: 11pt"><SUP>23</SUP></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">In spite of WEC&#8217;s top-line commitment to conduct all of its lobbying
in line with the goals of the Paris Agreement, the company does not publicly disclose its climate-related lobbying activities, such as
meetings and policy submissions.<A HREF="#a_edn24" NAME="a_ednref24" TITLE="" STYLE="mso-endnote-id: edn24"></A><FONT STYLE="font-size: 11pt"><SUP>24</SUP></FONT>
Likewise, the company does not have a process to ensure its trade associations lobby in accordance with the Paris Agreement on its behalf.<A HREF="#a_edn25" NAME="a_ednref25" TITLE="" STYLE="mso-endnote-id: edn25"></A><FONT STYLE="font-size: 11pt"><SUP>25</SUP></FONT>
WEC&#8217;s lack of commitment with regard to its trade association affiliations is concerning given the company&#8217;s Board-level membership
to the American Gas Association, which is strategically involved in negative top-line messaging, policy positions, and campaigns against
the clean energy transition.<A HREF="#a_edn26" NAME="a_ednref26" TITLE="" STYLE="mso-endnote-id: edn26"></A><FONT STYLE="font-size: 11pt"><SUP>26</SUP></FONT></P>

<P STYLE="font: 14pt Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Franklin Gothic; margin: 0; color: #0072BD"><B>Conclusion: WEC has failed to include its scope 3 GHG emissions
in its net zero ambition and medium-term targets, align its operating and planned coal and fossil gas-fueled generation capacity
with a B2DS or a 1.5&deg;C scenario, make a specific commitment to ensure its trade associations lobby in accordance with the Paris
Agreement, and refrain from taking negative positions on U.S. climate change policy. Therefore, it is recommended that shareholders
vote AGAINST Gale Klappa (Item 1.07), William M. Farrow III (Item 1.04), and Danny L. Cunningham (Item 1.03) <FONT STYLE="font-family: Franklin Gothic; font-size: 12pt; color: #0072BD">at
the company&#8217;s annual meeting on May 4, 2023.</FONT></B></P>

<P STYLE="font: 12pt Franklin Gothic; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Franklin Gothic; margin: 0"><B>&nbsp;</B></P>

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<P STYLE="font: 12pt Franklin Gothic; margin: 0"><B>&nbsp;</B></P>





<HR ALIGN="LEFT" SIZE="1" STYLE="width: 28%">

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref1" NAME="a_edn1" TITLE="" STYLE="mso-endnote-id: edn1"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>1
</SUP></FONT><FONT STYLE="font-size: 10pt">Ceres, et al., <I>Benchmarking Air Emissions of the 100 Largest Electric Power Producers in
the United States</I>, September 2022, <U>https://www.sustainability.com/globalassets/sustainability.com/thinking/pdfs/2022/benchmarking-air-emissions-2022.pdf</U>,
p. 14</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref2" NAME="a_edn2" TITLE="" STYLE="mso-endnote-id: edn2"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>2
</SUP></FONT><FONT STYLE="font-size: 10pt">Ceres, et al., <I>Benchmarking Air Emissions of the 100 Largest Electric Power Producers in
the United States</I>, September 2022, <U>https://www.sustainability.com/globalassets/sustainability.com/thinking/pdfs/2022/benchmarking-air-emissions-2022.pdf</U>,
p. 9</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref3" NAME="a_edn3" TITLE="" STYLE="mso-endnote-id: edn3"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>3
</SUP></FONT><FONT STYLE="font-size: 10pt">WEC, <I>Pathway to a Clean Energy Future: 2022 Climate Report</I>, August 2022 <U>https://wecenergygroup.com/csr/climate-report2022.pdf</U>,
p.14</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref4" NAME="a_edn4" TITLE="" STYLE="mso-endnote-id: edn4"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>4
</SUP></FONT><FONT STYLE="font-size: 10pt">Climate Action 100+, &#8220;Companies,&#8221; <U>https://www.climateaction100.org/whos-involved/companies/</U>,
accessed April 19, 2023 </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref5" NAME="a_edn5" TITLE="" STYLE="mso-endnote-id: edn5"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>5
</SUP></FONT><FONT STYLE="font-size: 10pt">U.S. Energy Information Administration, &#8220;Frequently Asked Questions,&#8221; <U>https://www.eia.gov/tools/faqs/faq.php?id=75&amp;t=11</U>,
accessed April 19, 2023</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref6" NAME="a_edn6" TITLE="" STYLE="mso-endnote-id: edn6"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>6</SUP></FONT>
<FONT STYLE="font-size: 10pt">Ceres, et al., <I>Benchmarking Air Emissions</I>, p. 7</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref7" NAME="a_edn7" TITLE="" STYLE="mso-endnote-id: edn7"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>7</SUP></FONT>
<FONT STYLE="font-size: 10pt">WEC, <I>Pathway to a Clean Energy Future, </I>p. 6</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref8" NAME="a_edn8" TITLE="" STYLE="mso-endnote-id: edn8"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>8</SUP></FONT>
<FONT STYLE="font-size: 10pt">WEC, <I>Pathway to a Clean Energy Future</I>, p. 6</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref9" NAME="a_edn9" TITLE="" STYLE="mso-endnote-id: edn9"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>9
</SUP></FONT><FONT STYLE="font-size: 10pt">Climate Action 100+, &#8220;WEC Energy Group, Inc.,&#8221; Company Assessment, <U>https://www.climateaction100.org/company/wec-energy-group-inc/</U>,
accessed April 19, 2023 </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref10" NAME="a_edn10" TITLE="" STYLE="mso-endnote-id: edn10"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>10</SUP></FONT>
<FONT STYLE="font-size: 10pt">WEC, <I>Pathway to a Clean Energy Future</I>, p. 46</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref11" NAME="a_edn11" TITLE="" STYLE="mso-endnote-id: edn11"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>11</SUP></FONT>
<FONT STYLE="font-size: 10pt">WEC, <I>Pathway to a Clean Energy Future</I>, p. 46</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref12" NAME="a_edn12" TITLE="" STYLE="mso-endnote-id: edn12"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>12</SUP></FONT>
<FONT STYLE="font-size: 10pt">WEC, <I>Pathway to a Clean Energy Future</I>, p. 46</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref13" NAME="a_edn13" TITLE="" STYLE="mso-endnote-id: edn13"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>13</SUP></FONT>
<FONT STYLE="font-size: 10pt">WEC, <I>Pathway to a Clean Energy Future</I>, p. 4</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref14" NAME="a_edn14" TITLE="" STYLE="mso-endnote-id: edn14"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>14</SUP></FONT>
<FONT STYLE="font-size: 10pt">IIGCC as part of Climate Action 100+, <I>Global Sector Strategies: Investor interventions to accelerate
net zero electric utilities</I>, October 2021, https://www.climateaction100.org/wp-content/uploads/2021/10/Global-Sector-Strategy-Electric-Utilities-IIGCC-Oct-21.pdf,
p. 6</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref15" NAME="a_edn15" TITLE="" STYLE="mso-endnote-id: edn15"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>15</SUP></FONT>
<FONT STYLE="font-size: 10pt">WEC, <I>Pathway to a Clean Energy Future</I>, p. 4</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref16" NAME="a_edn16" TITLE="" STYLE="mso-endnote-id: edn16"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>16
</SUP></FONT><FONT STYLE="font-size: 10pt">WEC, <I>Our &#8220;ESG&#8221; Progress Plan Update</I> (Investor Update), April 2023, <U>https://s22.q4cdn.com/994559668/files/doc_presentations/2023/Mar/27/04-2023-april.pdf</U>,
p. 20</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref17" NAME="a_edn17" TITLE="" STYLE="mso-endnote-id: edn17"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>17</SUP></FONT>
<FONT STYLE="font-size: 10pt">WEC, <I>Our &#8220;ESG&#8221; Progress Plan Update, </I>p. 20</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref18" NAME="a_edn18" TITLE="" STYLE="mso-endnote-id: edn18"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>18
</SUP></FONT><FONT STYLE="font-size: 10pt">Climate Action 100+, <I>Climate Action 100+ Net Zero Company Benchmark</I>, Carbon Tracker
data, October 2022, <U>https://www.climateaction100.org/wp-content/uploads/2022/12/Downloadable-Excel_CA100-Benchmark_Dec-2022_CAAA-scores-v1.1.xlsx</U></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref19" NAME="a_edn19" TITLE="" STYLE="mso-endnote-id: edn19"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>19</SUP></FONT>
<FONT STYLE="font-size: 10pt">WEC, <I>Pathway to a Clean Energy Future, </I>p. 15</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref20" NAME="a_edn20" TITLE="" STYLE="mso-endnote-id: edn20"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>20</SUP></FONT>
<FONT STYLE="font-size: 10pt">WEC, <I>Our &#8220;ESG&#8221; Progress Plan Update, </I> p. 14</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref21" NAME="a_edn21" TITLE="" STYLE="mso-endnote-id: edn21"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>21
</SUP></FONT><FONT STYLE="font-size: 10pt">Climate Action 100+, <I>Climate Action 100+ Net Zero Company Benchmark</I>, Carbon Tracker
data, October 2022, <U>https://www.climateaction100.org/wp-content/uploads/2022/12/Downloadable-Excel_CA100-Benchmark_Dec-2022_CAAA-scores-v1.1.xlsx</U></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref22" NAME="a_edn22" TITLE="" STYLE="mso-endnote-id: edn22"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>22
</SUP></FONT><FONT STYLE="font-size: 10pt">InfluenceMap, &#8220;WEC Energy Group Inc,&#8221; LobbyMap, <U>https://lobbymap.org/company/WEC-Energy-Group-Inc-ba7ae7a1bbf87e08cce4e074235eaf2d/projectlink/WEC-Energy-Group-Inc-in-Climate-Change-2a35d84ac6dddac8a3eb1b227a1e4ebb</U>,
accessed April 19, 2023 </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref23" NAME="a_edn23" TITLE="" STYLE="mso-endnote-id: edn23"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>23</SUP></FONT>
<FONT STYLE="font-size: 10pt">InfluenceMap, &#8220;WEC Energy Group Inc&#8221; </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref24" NAME="a_edn24" TITLE="" STYLE="mso-endnote-id: edn24"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>24</SUP></FONT>
<FONT STYLE="font-size: 10pt">Climate Action 100+, &#8220;WEC Energy Group, Inc&#8221; </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref25" NAME="a_edn25" TITLE="" STYLE="mso-endnote-id: edn25"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>25</SUP></FONT>
<FONT STYLE="font-size: 10pt">Climate Action 100+, &#8220;WEC Energy Group, Inc&#8221; </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref26" NAME="a_edn26" TITLE="" STYLE="mso-endnote-id: edn26"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>26
</SUP></FONT><FONT STYLE="font-size: 10pt">InfluenceMap, &#8220;American Gas Association,&#8221; LobbyMap, <U>https://lobbymap.org/influencer/American-Gas-Association-bc1dc2f7fbce7747ce06e6c537cb8fdc/projectlink/American-Gas-Association-in-Climate-Change-12e4ede7ec85d33e314a6535b6e7bf20</U>,
accessed April 19. 2023</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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