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OPERATING REVENUES | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
OPERATING REVENUES | OPERATING REVENUES For more information about our operating revenues, see Note 1(d), Operating Revenues, in our 2024 Annual Report on Form 10-K. 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 has 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 September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric |  | $ | 1,608.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,608.6 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,608.6 |
Natural gas |  | 179.5 |  |  | 185.2 |  |  | 47.9 |  |  | 412.6 |  |  | 10.4 |  |  | — |  |  | (9.7) |  |  | 413.3 |
Total regulated revenues |  | 1,788.1 |  |  | 185.2 |  |  | 47.9 |  |  | 2,021.2 |  |  | 10.4 |  |  | — |  |  | (9.7) |  |  | 2,021.9 |
Other non-utility revenues |  | — |  |  | — |  |  | 5.5 |  |  | 5.5 |  |  | 62.5 |  |  | — |  |  | (1.6) |  |  | 66.4 |
Total revenues from contracts with customers |  | 1,788.1 |  |  | 185.2 |  |  | 53.4 |  |  | 2,026.7 |  |  | 72.9 |  |  | — |  |  | (11.3) |  |  | 2,088.3 |
Other operating revenues |  | 3.5 |  |  | (1.7) |  |  | (0.4) |  |  | 1.4 |  |  | 120.4 |  |  | — |  |  | (106.1) |  | (1) | 15.7 |
Total operating revenues |  | $ | 1,791.6 |  |  | $ | 183.5 |  |  | $ | 53.0 |  |  | $ | 2,028.1 |  |  | $ | 193.3 |  |  | $ | — |  |  | $ | (117.4) |  |  | $ | 2,104.0 |
(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 September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric |  | $ | 1,422.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,422.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,422.2 |
Natural gas |  | 163.7 |  |  | 168.0 |  |  | 48.4 |  |  | 380.1 |  |  | 10.4 |  |  | — |  |  | (9.6) |  |  | 380.9 |
Total regulated revenues |  | 1,585.9 |  |  | 168.0 |  |  | 48.4 |  |  | 1,802.3 |  |  | 10.4 |  |  | — |  |  | (9.6) |  |  | 1,803.1 |
Other non-utility revenues |  | — |  |  | — |  |  | 5.1 |  |  | 5.1 |  |  | 47.7 |  |  | — |  |  | (1.6) |  |  | 51.2 |
Total revenues from contracts with customers |  | 1,585.9 |  |  | 168.0 |  |  | 53.5 |  |  | 1,807.4 |  |  | 58.1 |  |  | — |  |  | (11.2) |  |  | 1,854.3 |
Other operating revenues |  | 4.1 |  |  | 5.6 |  |  | (0.5) |  |  | 9.2 |  |  | 105.0 |  |  | — |  |  | (105.0) |  | (1) | 9.2 |
Total operating revenues |  | $ | 1,590.0 |  |  | $ | 173.6 |  |  | $ | 53.0 |  |  | $ | 1,816.6 |  |  | $ | 163.1 |  |  | $ | — |  |  | $ | (116.2) |  |  | $ | 1,863.5 |
(in millions) |  | Wisconsin |  | Illinois |  | Other States |  | Total Utility Operations |  | Non-Utility Energy Infrastructure |  | Corporate and Other |  | Reconciling Eliminations |  | WEC Energy Group Consolidated
Nine Months Ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric |  | $ | 4,231.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,231.7 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,231.7 |
Natural gas |  | 1,190.7 |  |  | 1,225.0 |  |  | 348.1 |  |  | 2,763.8 |  |  | 35.9 |  |  | — |  |  | (33.7) |  |  | 2,766.0 |
Total regulated revenues |  | 5,422.4 |  |  | 1,225.0 |  |  | 348.1 |  |  | 6,995.5 |  |  | 35.9 |  |  | — |  |  | (33.7) |  |  | 6,997.7 |
Other non-utility revenues |  | — |  |  | — |  |  | 16.4 |  |  | 16.4 |  |  | 182.1 |  |  | — |  |  | (7.1) |  |  | 191.4 |
Total revenues from contracts with customers |  | 5,422.4 |  |  | 1,225.0 |  |  | 364.5 |  |  | 7,011.9 |  |  | 218.0 |  |  | — |  |  | (40.8) |  |  | 7,189.1 |
Other operating revenues |  | 16.3 |  |  | 17.4 |  |  | (2.1) |  |  | 31.6 |  |  | 359.0 |  |  | — |  |  | (316.7) |  | (1) | 73.9 |
Total operating revenues |  | $ | 5,438.7 |  |  | $ | 1,242.4 |  |  | $ | 362.4 |  |  | $ | 7,043.5 |  |  | $ | 577.0 |  |  | $ | — |  |  | $ | (357.5) |  |  | $ | 7,263.0 |
(in millions) |  | Wisconsin |  | Illinois |  | Other States |  | Total Utility Operations |  | Non-Utility Energy Infrastructure |  | Corporate and Other |  | Reconciling Eliminations |  | WEC Energy Group Consolidated
Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric |  | $ | 3,756.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,756.0 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,756.0 |
Natural gas |  | 964.8 |  |  | 1,027.3 |  |  | 285.4 |  |  | 2,277.5 |  |  | 36.3 |  |  | — |  |  | (34.6) |  |  | 2,279.2 |
Total regulated revenues |  | 4,720.8 |  |  | 1,027.3 |  |  | 285.4 |  |  | 6,033.5 |  |  | 36.3 |  |  | — |  |  | (34.6) |  |  | 6,035.2 |
Other non-utility revenues |  | — |  |  | — |  |  | 15.0 |  |  | 15.0 |  |  | 159.1 |  |  | — |  |  | (7.1) |  |  | 167.0 |
Total revenues from contracts with customers |  | 4,720.8 |  |  | 1,027.3 |  |  | 300.4 |  |  | 6,048.5 |  |  | 195.4 |  |  | — |  |  | (41.7) |  |  | 6,202.2 |
Other operating revenues |  | 16.2 |  |  | 89.1 |  |  | 8.2 |  |  | 113.5 |  |  | 314.2 |  |  | — |  |  | (314.2) |  | (1) | 113.5 |
Total operating revenues |  | $ | 4,737.0 |  |  | $ | 1,116.4 |  |  | $ | 308.6 |  |  | $ | 6,162.0 |  |  | $ | 509.6 |  |  | $ | — |  |  | $ | (355.9) |  |  | $ | 6,315.7 |
(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 Utility Operating Revenues The following table disaggregates electric utility operating revenues into customer class:
|  | Three Months Ended September 30 |  | Nine Months Ended September 30
(in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Residential |  | $ | 658.1 |  |  | $ | 592.4 |  |  | $ | 1,715.0 |  |  | $ | 1,534.2 |
Small commercial and industrial |  | 498.8 |  |  | 457.9 |  |  | 1,343.2 |  |  | 1,233.2 |
Large commercial and industrial |  | 318.8 |  |  | 284.1 |  |  | 814.9 |  |  | 726.6 |
Other |  | 7.5 |  |  | 7.2 |  |  | 22.9 |  |  | 22.3 |
Total retail revenues |  | 1,483.2 |  |  | 1,341.6 |  |  | 3,896.0 |  |  | 3,516.3 |
Wholesale |  | 30.7 |  |  | 27.0 |  |  | 84.2 |  |  | 80.3 |
Resale |  | 84.3 |  |  | 46.0 |  |  | 212.8 |  |  | 128.9 |
Steam |  | 2.2 |  |  | 2.2 |  |  | 20.6 |  |  | 16.5 |
Other utility revenues |  | 8.2 |  |  | 5.4 |  |  | 18.1 |  |  | 14.0 |
Total electric utility operating revenues |  | $ | 1,608.6 |  |  | $ | 1,422.2 |  |  | $ | 4,231.7 |  |  | $ | 3,756.0 |
Natural Gas Utility Operating Revenues 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 September 30, 2025 |  |  |  |  |  |  |  |
Residential |  | $ | 84.4 |  |  | $ | 115.9 |  |  | $ | 25.8 |  |  | $ | 226.1 |
Commercial and industrial |  | 40.9 |  |  | 32.7 |  |  | 13.8 |  |  | 87.4 |
Total retail revenues |  | 125.3 |  |  | 148.6 |  |  | 39.6 |  |  | 313.5 |
Transportation |  | 20.1 |  |  | 43.5 |  |  | 6.8 |  |  | 70.4 |
Other utility revenues (1) |  | 34.1 |  |  | (6.9) |  |  | 1.5 |  |  | 28.7 |
Total natural gas utility operating revenues |  | $ | 179.5 |  |  | $ | 185.2 |  |  | $ | 47.9 |  |  | $ | 412.6 |
(in millions) |  | Wisconsin |  | Illinois |  | Other States |  | Total Natural Gas Utility Operating Revenues
Three Months Ended September 30, 2024 |  |  |  |  |  |  |  |
Residential |  | $ | 76.8 |  |  | $ | 114.0 |  |  | $ | 24.5 |  |  | $ | 215.3 |
Commercial and industrial |  | 30.8 |  |  | 32.0 |  |  | 10.7 |  |  | 73.5 |
Total retail revenues |  | 107.6 |  |  | 146.0 |  |  | 35.2 |  |  | 288.8 |
Transportation |  | 19.3 |  |  | 44.7 |  |  | 6.2 |  |  | 70.2 |
Other utility revenues (1) |  | 36.8 |  |  | (22.7) |  |  | 7.0 |  |  | 21.1 |
Total natural gas utility operating revenues |  | $ | 163.7 |  |  | $ | 168.0 |  |  | $ | 48.4 |  |  | $ | 380.1 |
(in millions) |  | Wisconsin |  | Illinois |  | Other States |  | Total Natural Gas Utility Operating Revenues
Nine Months Ended September 30, 2025 |  |  |  |  |  |  |  |
Residential |  | $ | 733.5 |  |  | $ | 808.7 |  |  | $ | 214.5 |  |  | $ | 1,756.7 |
Commercial and industrial |  | 369.2 |  |  | 222.4 |  |  | 109.0 |  |  | 700.6 |
Total retail revenues |  | 1,102.7 |  |  | 1,031.1 |  |  | 323.5 |  |  | 2,457.3 |
Transportation |  | 76.0 |  |  | 201.0 |  |  | 27.9 |  |  | 304.9 |
Other utility revenues (1) |  | 12.0 |  |  | (7.1) |  |  | (3.3) |  |  | 1.6 |
Total natural gas utility operating revenues |  | $ | 1,190.7 |  |  | $ | 1,225.0 |  |  | $ | 348.1 |  |  | $ | 2,763.8 |
(in millions) |  | Wisconsin |  | Illinois |  | Other States |  | Total Natural Gas Utility Operating Revenues
Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |
Residential |  | $ | 599.3 |  |  | $ | 651.1 |  |  | $ | 166.0 |  |  | $ | 1,416.4 |
Commercial and industrial |  | 275.8 |  |  | 180.5 |  |  | 80.9 |  |  | 537.2 |
Total retail revenues |  | 875.1 |  |  | 831.6 |  |  | 246.9 |  |  | 1,953.6 |
Transportation |  | 70.4 |  |  | 187.3 |  |  | 24.0 |  |  | 281.7 |
Other utility revenues (1) |  | 19.3 |  |  | 8.4 |  |  | 14.5 |  |  | 42.2 |
Total natural gas utility operating revenues |  | $ | 964.8 |  |  | $ | 1,027.3 |  |  | $ | 285.4 |  |  | $ | 2,277.5 |
(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, compared with the recovery of natural gas costs that were anticipated in rates. Other Natural Gas Operating Revenues We have other natural gas operating revenues from Bluewater, which is in our non-utility energy infrastructure segment. Bluewater has entered into long-term service agreements for natural gas storage services with WE, WPS, and WG. All amounts associated with the service agreements with WE, WPS, and WG have been eliminated at the consolidated level. Other Non-Utility Operating Revenues Other non-utility operating revenues consist primarily of the following:
|  | Three Months Ended September 30 |  | Nine Months Ended September 30
(in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Renewable generation revenues |  | $ | 54.7 |  |  | $ | 40.0 |  |  | $ | 156.6 |  |  | $ | 133.8 |
We Power revenues (1) |  | 6.2 |  |  | 6.1 |  |  | 18.4 |  |  | 18.2 |
Appliance service revenues |  | 5.5 |  |  | 5.1 |  |  | 16.4 |  |  | 15.0 |
Total other non-utility operating revenues |  | $ | 66.4 |  |  | $ | 51.2 |  |  | $ | 191.4 |  |  | $ | 167.0 |
(1)As part of the construction of the We Power electric utility generating units, 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 Other operating revenues consist primarily of the following:
|  | Three Months Ended September 30 |  | Nine Months Ended September 30
(in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Late payment charges |  | $ | 10.4 |  |  | $ | 10.4 |  |  | $ | 38.1 |  |  | $ | 39.1 |
Alternative revenues (1) |  | (9.6) |  |  | (1.7) |  |  | (9.6) |  |  | 71.1 |
Other |  | 14.9 |  |  | 0.5 |  |  | 45.4 |  |  | 3.3 |
Total other operating revenues |  | $ | 15.7 |  |  | $ | 9.2 |  |  | $ | 73.9 |  |  | $ | 113.5 |
(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, in our 2024 Annual Report on Form 10-K.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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