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Operating Revenues (Tables) | 12 Months Ended
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Dec. 31, 2024
Disaggregation of Operating Revenues |
Operating revenues disaggregated by revenue source |
(in millions) |  | Wisconsin |  | Illinois |  | Other States |  | Total Utility Operations |  | Non-Utility Energy Infrastructure |  | Corporate and Other |  | Reconciling Eliminations |  | WEC Energy Group Consolidated
Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric |  | $ | 4,908.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,908.4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,908.4 |
Natural gas |  | 1,402.4 |  |  | 1,499.6 |  |  | 419.7 |  |  | 3,321.7 |  |  | 48.4 |  |  | — |  |  | (46.0) |  |  | 3,324.1 |
Total regulated revenues |  | 6,310.8 |  |  | 1,499.6 |  |  | 419.7 |  |  | 8,230.1 |  |  | 48.4 |  |  | — |  |  | (46.0) |  |  | 8,232.5 |
Other non-utility revenues |  | — |  |  | — |  |  | 20.4 |  |  | 20.4 |  |  | 223.9 |  |  | — |  |  | (9.1) |  |  | 235.2 |
Total revenues from contracts with customers |  | 6,310.8 |  |  | 1,499.6 |  |  | 440.1 |  |  | 8,250.5 |  |  | 272.3 |  |  | — |  |  | (55.1) |  |  | 8,467.7 |
Other operating revenues |  | 19.7 |  |  | 102.8 |  |  | 9.7 |  |  | 132.2 |  |  | 419.0 |  |  | — |  |  | (419.0) |  | (1) | 132.2 |
Total operating revenues |  | $ | 6,330.5 |  |  | $ | 1,602.4 |  |  | $ | 449.8 |  |  | $ | 8,382.7 |  |  | $ | 691.3 |  |  | $ | — |  |  | $ | (474.1) |  |  | $ | 8,599.9 |
(in millions) |  | Wisconsin |  | Illinois |  | Other States |  | Total Utility Operations |  | Non-Utility Energy Infrastructure |  | Corporate and Other |  | Reconciling Eliminations |  | WEC Energy Group Consolidated
Year ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric |  | $ | 4,994.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,994.6 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,994.6 |
Natural gas |  | 1,606.7 |  |  | 1,480.5 |  |  | 493.7 |  |  | 3,580.9 |  |  | 61.9 |  |  | — |  |  | (60.2) |  |  | 3,582.6 |
Total regulated revenues |  | 6,601.3 |  |  | 1,480.5 |  |  | 493.7 |  |  | 8,575.5 |  |  | 61.9 |  |  | — |  |  | (60.2) |  |  | 8,577.2 |
Other non-utility revenues |  | — |  |  | — |  |  | 19.6 |  |  | 19.6 |  |  | 197.5 |  |  | 0.1 |  |  | (9.1) |  |  | 208.1 |
Total revenues from contracts with customers |  | 6,601.3 |  |  | 1,480.5 |  |  | 513.3 |  |  | 8,595.1 |  |  | 259.4 |  |  | 0.1 |  |  | (69.3) |  |  | 8,785.3 |
Other operating revenues |  | 24.6 |  |  | 77.3 |  |  | 5.8 |  |  | 107.7 |  |  | 407.1 |  |  | — |  |  | (407.1) |  | (1) | 107.7 |
Total operating revenues |  | $ | 6,625.9 |  |  | $ | 1,557.8 |  |  | $ | 519.1 |  |  | $ | 8,702.8 |  |  | $ | 666.5 |  |  | $ | 0.1 |  |  | $ | (476.4) |  |  | $ | 8,893.0 |
(in millions) |  | Wisconsin |  | Illinois |  | Other States |  | Total Utility Operations |  | Non-Utility Energy Infrastructure |  | Corporate and Other |  | Reconciling Eliminations |  | WEC Energy Group Consolidated
Year Ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric |  | $ | 4,956.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,956.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,956.2 |
Natural gas |  | 1,980.7 |  |  | 1,883.7 |  |  | 601.8 |  |  | 4,466.2 |  |  | 54.3 |  |  | — |  |  | (51.8) |  |  | 4,468.7 |
Total regulated revenues |  | 6,936.9 |  |  | 1,883.7 |  |  | 601.8 |  |  | 9,422.4 |  |  | 54.3 |  |  | — |  |  | (51.8) |  |  | 9,424.9 |
Other non-utility revenues |  | — |  |  | — |  |  | 18.7 |  |  | 18.7 |  |  | 133.6 |  |  | — |  |  | (9.1) |  |  | 143.2 |
Total revenues from contracts with customers |  | 6,936.9 |  |  | 1,883.7 |  |  | 620.5 |  |  | 9,441.1 |  |  | 187.9 |  |  | — |  |  | (60.9) |  |  | 9,568.1 |
Other operating revenues |  | 23.6 |  |  | 7.2 |  |  | (2.0) |  |  | 28.8 |  |  | 402.1 |  |  | 0.5 |  |  | (402.1) |  | (1) | 29.3 |
Total operating revenues |  | $ | 6,960.5 |  |  | $ | 1,890.9 |  |  | $ | 618.5 |  |  | $ | 9,469.9 |  |  | $ | 590.0 |  |  | $ | 0.5 |  |  | $ | (463.0) |  |  | $ | 9,597.4 |
(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:
|  | Year Ended December 31
(in millions) |  | 2024 |  | 2023 |  | 2022
Residential |  | $ | 1,996.3 |  |  | $ | 1,992.3 |  |  | $ | 1,879.1 |
Small commercial and industrial |  | 1,613.0 |  |  | 1,641.1 |  |  | 1,530.4 |
Large commercial and industrial |  | 942.6 |  |  | 978.4 |  |  | 1,042.2 |
Other |  | 30.2 |  |  | 30.5 |  |  | 29.9 |
Total retail revenues |  | 4,582.1 |  |  | 4,642.3 |  |  | 4,481.6 |
Wholesale |  | 102.6 |  |  | 120.4 |  |  | 153.9 |
Resale |  | 176.7 |  |  | 195.4 |  |  | 256.7 |
Steam |  | 22.4 |  |  | 25.2 |  |  | 28.4 |
Other utility revenues |  | 24.6 |  |  | 11.3 |  |  | 35.6 |
Total electric utility operating revenues |  | $ | 4,908.4 |  |  | $ | 4,994.6 |  |  | $ | 4,956.2 |
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
Year ended December 31, 2024 |  |  |  |  |  |  |  |
Residential |  | $ | 893.1 |  |  | $ | 945.5 |  |  | $ | 250.5 |  |  | $ | 2,089.1 |
Commercial and industrial |  | 416.8 |  |  | 274.5 |  |  | 123.9 |  |  | 815.2 |
Total retail revenues |  | 1,309.9 |  |  | 1,220.0 |  |  | 374.4 |  |  | 2,904.3 |
Transportation |  | 96.8 |  |  | 272.2 |  |  | 33.6 |  |  | 402.6 |
Other utility revenues (1) |  | (4.3) |  |  | 7.4 |  |  | 11.7 |  |  | 14.8 |
Total natural gas utility operating revenues |  | $ | 1,402.4 |  |  | $ | 1,499.6 |  |  | $ | 419.7 |  |  | $ | 3,321.7 |
(in millions) |  | Wisconsin |  | Illinois |  | Other States |  | Total Natural Gas Utility Operating Revenues
Year ended December 31, 2023 |  |  |  |  |  |  |  |
Residential |  | $ | 1,012.0 |  |  | $ | 966.0 |  |  | $ | 324.4 |  |  | $ | 2,302.4 |
Commercial and industrial |  | 506.7 |  |  | 267.1 |  |  | 175.3 |  |  | 949.1 |
Total retail revenues |  | 1,518.7 |  |  | 1,233.1 |  |  | 499.7 |  |  | 3,251.5 |
Transportation |  | 93.0 |  |  | 231.9 |  |  | 32.5 |  |  | 357.4 |
Other utility revenues (1) |  | (5.0) |  |  | 15.5 |  |  | (38.5) |  |  | (28.0) |
Total natural gas utility operating revenues |  | $ | 1,606.7 |  |  | $ | 1,480.5 |  |  | $ | 493.7 |  |  | $ | 3,580.9 |
(in millions) |  | Wisconsin |  | Illinois |  | Other States |  | Total Natural Gas Utility Operating Revenues
Year Ended December 31, 2022 |  |  |  |  |  |  |  |
Residential |  | $ | 1,234.0 |  |  | $ | 1,297.4 |  |  | $ | 391.3 |  |  | $ | 2,922.7 |
Commercial and industrial |  | 672.7 |  |  | 408.8 |  |  | 218.7 |  |  | 1,300.2 |
Total retail revenues |  | 1,906.7 |  |  | 1,706.2 |  |  | 610.0 |  |  | 4,222.9 |
Transportation |  | 81.8 |  |  | 259.8 |  |  | 34.5 |  |  | 376.1 |
Other utility revenues (1) (2) |  | (7.8) |  |  | (82.3) |  |  | (42.7) |  |  | (132.8) |
Total natural gas utility operating revenues |  | $ | 1,980.7 |  |  | $ | 1,883.7 |  |  | $ | 601.8 |  |  | $ | 4,466.2 |
(1) Includes the revenues subject to the purchased gas recovery mechanisms of our utilities, which fluctuate by segment based on actual natural gas costs incurred at our utilities, compared with the recovery of natural gas costs that were anticipated in rates. (2) During 2022, we continued to recover natural gas costs we under-collected from our customers in 2021 related to the extreme weather experienced in February 2021, as well as higher natural gas costs incurred at the majority of our segments during 2022. As these amounts are billed to customers, they are reflected in retail revenues with an offsetting decrease in other utility revenues. See Note 26, 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:
|  | Year Ended December 31
(in millions) |  | 2024 |  | 2023 |  | 2022
Renewable generation revenues |  | $ | 190.5 |  |  | $ | 164.9 |  |  | $ | 101.0 |
We Power revenues |  | 24.3 |  |  | 23.5 |  |  | 23.4 |
Appliance service revenues |  | 20.4 |  |  | 19.6 |  |  | 18.7 |
Other |  | — |  |  | 0.1 |  |  | 0.1 |
Total other non-utility operating revenues |  | $ | 235.2 |  |  | $ | 208.1 |  |  | $ | 143.2 |
Other operating revenues |
Disaggregation of Operating Revenues |
Operating revenues disaggregated by revenue source | Other operating revenues consist primarily of the following:
|  | Year Ended December 31
(in millions) |  | 2024 |  | 2023 |  | 2022
Alternative revenues (1) |  | $ | 79.8 |  |  | $ | 47.0 |  |  | $ | (30.3) |
Late payment charges |  | 48.5 |  |  | 56.5 |  |  | 55.6 |
Other |  | 3.9 |  |  | 4.2 |  |  | 4.0 |
Total other operating revenues |  | $ | 132.2 |  |  | $ | 107.7 |  |  | $ | 29.3 |
(1) Alternative revenues consist of amounts to be recovered or refunded to customers subject to decoupling mechanisms, wholesale true-ups, and conservation improvement rider true-ups. Negative amounts can result from alternative revenues being reversed to revenues from contracts with customers as the customer is billed for these alternative revenues. For more information about our alternative revenues, see Note 1(d), Operating Revenues.

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