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OPERATING REVENUES (Tables) | 9 Months Ended
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Sep. 30, 2025
Disaggregation of Operating Revenues |
Operating revenues disaggregated by revenue source | 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 |
Disaggregation of Operating Revenues |
Operating revenues disaggregated by revenue source | 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 |
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
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.
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:
|  | 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 |
Other operating revenues |
Disaggregation of Operating Revenues |
Operating revenues disaggregated by revenue source | 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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