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Property, Plant, and Equipment | 12 Months Ended
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Dec. 31, 2023
Property, Plant and Equipment [Abstract] |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT, AND EQUIPMENT Property, plant, and equipment consisted of the following at December 31:
(in millions) |  | 2023 |  | 2022
Electric – generation |  | $ | 6,190.4 |  |  | $ | 5,480.5 |
Electric – distribution |  | 8,688.0 |  |  | 8,233.3 |
Natural gas – distribution, storage, and transmission |  | 14,851.3 |  |  | 14,203.3 |
Property, plant, and equipment to be retired, net |  | 1,043.5 |  |  | 1,085.6 |
Other |  | 2,350.0 |  |  | 2,302.7 |
Less: Accumulated depreciation |  | 8,907.9 |  |  | 8,416.2 |
Net |  | 24,215.3 |  |  | 22,889.2 |
CWIP |  | 1,118.3 |  |  | 972.1 |
Net utility and non-utility property, plant, and equipment |  | 25,333.6 |  |  | 23,861.3 |
We Power generation |  | 3,295.9 |  |  | 3,237.1 |
Renewable generation |  | 3,667.7 |  |  | 2,537.1 |
Natural gas storage |  | 291.6 |  |  | 292.2 |
Net non-utility energy infrastructure |  | 7,255.2 |  |  | 6,066.4 |
Corporate services |  | 169.8 |  |  | 163.0 |
Other |  | 14.3 |  |  | 23.8 |
Less: Accumulated depreciation |  | 1,227.5 |  |  | 1,082.3 |
Net |  | 6,211.8 |  |  | 5,170.9 |
CWIP |  | 36.1 |  |  | 81.6 |
Net other property, plant, and equipment |  | 6,247.9 |  |  | 5,252.5 |
Total property, plant, and equipment |  | $ | 31,581.5 |  |  | $ | 29,113.8 |
Severance Liability for Plant Retirements We have severance liabilities related to past and future plant retirements recorded in other current and other long-term liabilities on our balance sheets. Activity related to these severance liabilities for the years ended December 31 was as follows:
(in millions) |  | 2023 |  | 2022 |  | 2021
Severance liability at January 1 |  | $ | 16.2 |  |  | $ | 4.9 |  |  | $ | 0.7 |
Severance expense |  | 1.6 |  |  | 11.3 |  |  | 4.6 |
Severance payments |  | — |  |  | — |  |  | (0.4) |
Total severance liability at December 31 |  | $ | 17.8 |  |  | $ | 16.2 |  |  | $ | 4.9 |
Wisconsin Segment Plant to be Retired Oak Creek Power Plant Units 5-8 As a result of a PSCW approval in December 2022 for the acquisition and construction of Darien, the retirement of OCPP Units 5-8 became probable. In early 2023, we received additional approvals for electric generation facilities, including Koshkonong and 100 MWs of West Riverside. See Note 2, Acquisitions, for more information on the West Riverside acquisition, which was completed in June 2023. OCPP Units 5 and 6 are expected to be retired by May 2024, while OCPP Units 7 and 8 are expected to be retired by late 2025. The total net book value of WE's ownership share of OCPP Units 5-8 was $783.7 million at December 31, 2023, which does not include deferred taxes. This amount was classified as plant to be retired within property, plant, and equipment on our balance sheet. These units are included in rate base, and WE continues to depreciate them on a straight-line basis using the composite depreciation rates approved by the PSCW. Columbia Units 1 and 2 As a result of a MISO ruling received in June 2021, retirement of the jointly-owned Columbia Units 1 and 2 became probable. Columbia Units 1 and 2 are expected to be retired by June 2026. The total net book value of WPS's ownership share of Columbia Units 1 and 2 was $259.8 million at December 31, 2023, which does not include deferred taxes. This amount was classified as plant to be retired within property, plant, and equipment on our balance sheet. These units are included in rate base, and WPS continues to depreciate them on a straight-line basis using the composite depreciation rates approved by the PSCW. The Peoples Gas Light and Coke Company and North Shore Gas Company Impairment In November 2023, the ICC issued written rate orders that disallowed $177.2 million of previously incurred capital costs related to the construction and improvement of PGL’s service centers and $1.7 million of capital costs related to NSG's construction of a gas infrastructure project. As a result of these disallowances, we recorded a $178.9 million non-cash impairment of our property, plant, and equipment in 2023. We anticipate appealing the ICC’s disallowance of these capital costs to the Illinois circuit court. See Note 26, Regulatory Environment, for more information. Samson I Solar Energy Center LLC – Storm Damage During wind storms in March and June 2023, certain sections of our Samson I solar facility incurred damage. As of December 31, 2023, we recognized an impairment of $2.3 million related to storm damage, which was offset by a $2.3 million receivable for future insurance recoveries. Although we may experience differences between periods in the timing of cash flows, we do not currently expect a significant impact to our long-term cash flows from this event. Public Service Building and Steam Tunnel Assets During a significant rain event in May 2020, an underground steam tunnel in downtown Milwaukee flooded and steam vented into WE’s PSB. The damage to the building and adjacent steam tunnel assets from the flooding and steam was extensive and required significant repairs and restorations. As of December 31, 2023, WE had incurred $95.3 million of costs related to these repairs and restorations. In June 2021, we received approval from the PSCW to restore the PSB and adjacent steam tunnel assets and to defer the project costs, net of insurance proceeds, as a component of rate base. As a result, we do not currently expect a significant impact to our future results of operations.

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