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Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of long-term debt instruments | The following table is a summary of our long-term debt outstanding as of December 31:
|  | 2024 |  | 2023
(in millions) |  | Maturity Date |  | Weighted Average Interest Rate |  | Balance |  | Weighted Average Interest Rate |  | Balance
WEC Energy Group Senior Notes (unsecured) |  | 2025-2033 |  | 4.13 | % |  | $ | 6,045.0 |  |  | 3.68 | % |  | $ | 5,320.0 |
WEC Energy Group Junior Notes (unsecured) (1) (2) |  | 2055 |  | 6.72 | % |  | 750.0 |  |  | 7.75 | % |  | 500.0 |
WE Debentures (unsecured) |  | 2025-2095 |  | 4.55 | % |  | 3,935.0 |  |  | 4.22 | % |  | 3,285.0 |
WEPCo Environmental Trust (secured, nonrecourse) (5) (10) |  | 2025-2035 |  | 1.58 | % |  | 88.0 |  |  | 1.58 | % |  | 97.0 |
WPS Senior Notes (unsecured) |  | 2025-2051 |  | 4.17 | % |  | 2,275.0 |  |  | 4.11 | % |  | 1,975.0 |
WG Debentures (unsecured) |  | 2025-2046 |  | 3.92 | % |  | 840.0 |  |  | 3.35 | % |  | 790.0 |
PGL First and Refunding Mortgage Bonds (secured) (3) |  | 2027-2047 |  | 3.56 | % |  | 1,995.0 |  |  | 3.53 | % |  | 2,070.0 |
NSG First Mortgage Bonds (secured) (4) |  | 2027-2043 |  | 3.81 | % |  | 177.0 |  |  | 3.81 | % |  | 177.0 |
MERC Senior Notes (unsecured) |  | 2025-2047 |  | 3.04 | % |  | 210.0 |  |  | 3.04 | % |  | 210.0 |
MGU Senior Notes (unsecured) |  | 2025-2047 |  | 3.45 | % |  | 175.0 |  |  | 3.18 | % |  | 150.0 |
UMERC Senior Notes (unsecured) |  | 2029 |  | 3.26 | % |  | 160.0 |  |  | 3.26 | % |  | 160.0 |
Bluewater Gas Storage Senior Notes (unsecured) (5) |  | 2025-2047 |  | 4.07 | % |  | 131.9 |  |  | 3.76 | % |  | 109.8 |
ATC Holding Senior Notes (unsecured) |  | 2025-2030 |  | 4.05 | % |  | 475.0 |  |  | 4.05 | % |  | 475.0 |
We Power Subsidiaries Notes (secured, nonrecourse) (5) (6) |  | 2025-2041 |  | 5.67 | % |  | 814.3 |  |  | 5.65 | % |  | 856.4 |
WECC Notes (unsecured) |  | 2028 |  | 6.94 | % |  | 50.0 |  |  | 6.94 | % |  | 50.0 |
WECI Wind Holding I Senior Notes (secured, nonrecourse) (5) (7) |  | 2025-2032 |  | 2.75 | % |  | 246.4 |  |  | 2.75 | % |  | 307.7 |
WECI Wind Holding II Senior Notes (secured, nonrecourse) (5) (8) |  | 2025-2031 |  | 6.38 | % |  | 167.6 |  |  | 6.38 | % |  | 191.4 |
WECI Energy Holding III Senior Notes (secured, nonrecourse) (5) (9) |  | 2025-2039 |  | 5.73 | % |  | 488.7 |  |  | — | % |  | — |
Total |  |  |  |  |  | 19,023.9 |  |  |  |  | 16,724.3 |
Jayhawk acquisition |  |  |  |  |  | 7.5 |  |  |  |  | 7.5 |
Unamortized debt issuance costs |  |  |  |  |  | (103.2) |  |  |  |  | (80.2) |
Unamortized discount, net and other |  |  |  |  |  | (21.1) |  |  |  |  | (20.5) |
Total long-term debt, including current portion |  |  |  |  |  | 18,907.1 |  |  |  |  | 16,631.1 |
Current portion of long-term debt |  |  |  |  |  | (1,729.0) |  |  |  |  | (1,264.2) |
Total long-term debt |  |  |  |  |  | $ | 17,178.1 |  |  |  |  | $ | 15,366.9 |
(1) In December 2024, we redeemed the remaining outstanding balance of our 2007 Junior Notes. The variable rate for our 2007 Junior Notes was 7.75% as of December 31, 2023. (2) In December 2024, we issued our 2024A Junior Notes and 2024B Junior Notes. Our 2024A Junior Notes and 2024B Junior Notes are fixed-to-fixed reset rate junior subordinated notes. The rate for our 2024A Junior Notes was 6.69% as of December 31, 2024. The rate for our 2024A Junior Notes will reset on June 15, 2030. The rate for our 2024B Junior Notes was 6.74% as of December 31, 2024. The rate for our 2024B Junior Notes will reset on June 15, 2035. (3) PGL's First Mortgage Bonds are subject to the terms and conditions of PGL's First Mortgage Indenture dated January 2, 1926, as supplemented. Under the terms of the Indenture, substantially all property owned by PGL is pledged as collateral for these outstanding debt securities. PGL has used certain First Mortgage Bonds to secure tax exempt interest rates. The Illinois Finance Authority has issued Tax Exempt Bonds, and the proceeds from the sale of these bonds were loaned to PGL. In return, PGL issued $100 million of collateralized First Mortgage Bonds. (4) NSG's First Mortgage Bonds are subject to the terms and conditions of NSG's First Mortgage Indenture dated April 1, 1955, as supplemented. Under the terms of the Indenture, substantially all property owned by NSG is pledged as collateral for these outstanding debt securities. (5) The long-term debt of Bluewater, WECI Wind Holding I, WECI Wind Holding II, WECI Energy Holding III, WEPCo Environmental Trust, and We Power's subsidiaries requires periodic principal payments. (6) We Power's subsidiaries' senior notes are secured by a collateral assignment of the leases between We Power's subsidiaries and WE related to PWGS and ERGS, as applicable. (7) WECI Wind Holding I's Senior Notes are secured by a first priority security interest in the ownership interest of its subsidiaries, as well as a pledge of equity in WECI Wind Holding I. (8) WECI Wind Holding II's Senior Notes are secured by a first priority security interest in the ownership interest of its subsidiaries, as well as a pledge of equity in WECI Wind Holding II. (9) WECI Energy Holding III's Senior Notes are secured by a first priority security interest in the ownership interest of its subsidiaries, as well as a pledge of equity in WECI Energy Holding III. (10) WEPCo Environmental Trust’s ETBs are secured by a pledge of and lien on environmental control property, which includes the right to impose, collect and receive a non-bypassable environmental control charge paid by all of WE's retail electric distribution customers, the right to obtain true-up adjustments of the environmental control charges, and all revenues or other proceeds arising from those rights and interests. See Note 23, Variable Interest Entities, for more information.
Schedule of convertible debt | The following is a summary of our convertible debt instruments as of December 31, 2024:
(in millions) |  | Principal Amount |  | Unamortized Debt Issuance Costs |  | Net Carrying Amount |  | Fair Value Amount (1)
2027 Notes |  | $ | 862.5 |  |  | $ | (8.0) |  |  | $ | 854.5 |  |  | $ | 920.6 |
2029 Notes |  | 862.5 |  |  | (8.8) |  |  | 853.7 |  |  | 929.1 |
(1) The fair values are categorized in Level 2 of the fair value hierarchy. See Note 1(r), Fair Value Measurements, for more information on the levels of the fair value hierarchy.
Schedule of convertible debt interest expense | The following table provides a summary of the interest expense recorded for each of the 2027 Notes and 2029 Notes for the year ended December 31:
(in millions) |  | 2024 |  |
2027 Notes |  |  |  |
Contractual interest expense |  | $ | 22.3 |  |  |
Amortization of debt issuance costs |  | 1.9 |  |  |
Total interest expense – 2027 Notes |  | 24.2 |  |  |
2029 Notes |  |  |  |
Contractual interest expense |  | 22.3 |  |  |
Amortization of debt issuance costs |  | 1.2 |  |  |
Total interest expense – 2029 Notes |  | $ | 23.5 |  |  |
Schedule of current maturities of long-term debt | The following table shows the long-term debt securities maturing within one year of December 31, 2024:
(in millions) |  | Interest Rate |  | Maturity Date (1) |  | Principal Amount
MGU Senior Notes (unsecured) |  | 2.69% |  | May |  | $ | 60.0 |
MERC Senior Notes (unsecured) |  | 2.69% |  | May |  | 50.0 |
WE Debentures (unsecured) |  | 3.10% |  | June |  | 250.0 |
WEC Energy Group Senior Notes (unsecured) |  | 3.55% |  | June |  | 120.0 |
WEC Energy Group Senior Notes (unsecured) |  | 5.00% |  | September |  | 500.0 |
WG Debentures (unsecured) |  | 3.53% |  | September |  | 200.0 |
WPS Senior Notes (unsecured) |  | 5.35% |  | November |  | 300.0 |
ATC Holding (unsecured) |  | 4.18% |  | December |  | 85.0 |
WEPCo Environmental Trust (secured, nonrecourse) |  | 1.58% |  | Semi-annually |  | 9.2 |
Bluewater Gas Storage Senior Notes (unsecured) |  | 3.76% |  | Semi-annually |  | 3.0 |
Bluewater Gas Storage Senior Notes (unsecured) |  | 5.41% |  | Semi-annually |  | 0.9 |
We Power Subsidiaries Notes – PWGS (secured, nonrecourse) |  | 4.91% |  | Monthly |  | 8.4 |
We Power Subsidiaries Notes – ERGS (secured, nonrecourse) |  | 5.209% |  | Semi-annually |  | 16.3 |
We Power Subsidiaries Notes – ERGS (secured, nonrecourse) |  | 4.673% |  | Semi-annually |  | 12.2 |
We Power Subsidiaries Notes – PWGS (secured, nonrecourse) |  | 6.00% |  | Monthly |  | 7.5 |
WECI Wind Holding I Senior Notes (secured, nonrecourse) |  | 2.75% |  | Semi-annually |  | 44.4 |
WECI Wind Holding II Senior Notes (secured, nonrecourse) |  | 6.38% |  | Semi-annually |  | 19.6 |
WECI Energy Holding III Senior Notes (secured, nonrecourse) |  | 5.73% |  | Semi-annually |  | 42.5 |
Total |  |  |  |  |  | $ | 1,729.0 |
(1) Maturity dates listed as semi-annually and monthly are associated with debt that requires periodic principal payments.
Schedule of future maturities of long-term debt | The following table shows the future maturities of our long-term debt outstanding as of December 31, 2024:
(in millions) |  | Payments
2025 |  | $ | 1,729.0 |
2026 |  | 1,519.4 |
2027 |  | 2,137.3 |
2028 |  | 2,303.2 |
2029 |  | 2,643.4 |
Thereafter |  | 8,691.6 |
Total |  | $ | 19,023.9 |

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