WEC Energy : September Investor Book

WEC

Investing in Efficiency, Sustainability and Growth

Investor Update:

September 2024

$29.3 billion market cap*

4.7 million retail customers

60% ownership of American Transmission Company

$44.6 billion of assets

The Premier Energy Company

in America's Heartland

* As of August 28, 2024

3

A History of Quality Earnings Growth

$6.00

$5.00

$4.00

$3.00

$2.00

$1.00

$0.00

$4.80-$4.90

'04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24

GAAP Adjusted** 2024 Guidance

* Estimated based on 2024 guidance midpoint of $4.85 per share.

** See Appendix for reconciliation of adjusted amounts to GAAP amounts.

4

Consistent Performance Over Time

The only utility to beat guidance every year for 20 years running.

* On an adjusted basis, excluding a non-cash charge of 41 cents per share

EPS Guidance

2023

Exceeded*

2022

Exceeded

2021

Exceeded

2020

Exceeded

2019

Exceeded

2018

Exceeded

2017

Exceeded

2016

Exceeded

2015

Exceeded

2014

Exceeded

2013

Exceeded

2012

Exceeded

2011

Exceeded

2010

Exceeded

2009

Exceeded

2008

Exceeded

2007

Exceeded

2006

Exceeded

2005

Exceeded

2004

Exceeded

5

Strong Dividend Growth Continues

* Annualized based on the first quarter of 2024 dividend of 83.5 cents per share

** Reflects current and expected dividends declared in 2024

6

What's New?

Proposed Revenue Increases

Wisconsin

2025

2026

Electric

Electric

6.9%*

4.6%

Natural Gas

10.0%

4.6%

Wisconsin Gas

Natural Gas

8.2%

3.3%

Wisconsin Public Service

Electric

8.5%*

4.5%

Natural Gas

6.8%

3.7%

Order expected in Q4 2024 for new rates effective January 1, 2025

Wisconsin Rate Reviews

In April, Wisconsin Electric, Wisconsin Gas and Wisconsin Public Service filed applications with the state Public Service Commission

In 2025, we'll focus our spending and investment on 3 key priorities:

Customer bills Wisconsin Electric and Wisconsin Public Service

Typical residential customer bills are, and will continue to be, significantly below the national average and in line with utilities in Wisconsin and across the Midwest.

* Electric proposed increases include fuel, which will be updated Q4

8

Rate Review Summary

Wisconsin

Wisconsin Public

Wisconsin Electric

Gas

Service

Electric

Natural Gas

Natural Gas

Electric

Natural Gas

Current ROE

9.8%

9.8%

9.8%

9.8%

9.8%

Current Equity Ratio

53.0%

53.0%

53.0%

53.0%

53.0%

Proposed ROE

10.0%

10.0%

10.0%

10.0%

10.0%

Proposed Equity Ratio

53.5%

53.5%

53.5%

53.5%

53.5%

Forecasted 2025 Rate

$ 9,141

$ 1,663

$ 2,331

$ 4,551

$ 927

Base (in millions)

Earnings Sharing

No sharing on first 15 bp above allowed ROE,

Mechanism

50/50 on next 60 bp, 100% to customers beyond 75 bp

9

Illinois Proceedings

2023 Rate Order

10

Disclaimer

WEC Energy Group Inc. published this content on 03 September 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on September 03, 2024 at 21:38:03 UTC.