WEC Energy Group, Inc. (WEC): Business Model Canvas

In der dynamischen Landschaft der Energietransformation erweist sich WEC Energy Group, Inc. als zentraler Akteur, der sich strategisch durch das komplexe Terrain der Stromerzeugung und -verteilung bewegt. Durch die sorgfältige Ausarbeitung eines umfassenden Geschäftsmodells, das traditionelle Energiequellen mit innovativen erneuerbaren Technologien in Einklang bringt, demonstriert WEC einen zukunftsorientierten Ansatz zur Erfüllung der sich verändernden Anforderungen privater, gewerblicher und industrieller Stromverbraucher. Ihr komplexes Business Model Canvas offenbart eine ausgeklügelte Strategie, die nicht nur eine zuverlässige Stromversorgung gewährleistet, sondern sich auch für Nachhaltigkeit, technologischen Fortschritt und kundenorientierte Lösungen in einem zunehmend wettbewerbsintensiven Energiemarkt einsetzt.

WEC Energy Group, Inc. (WEC) – Geschäftsmodell: Wichtige Partnerschaften

Partnerschaften zwischen Stromversorgern und regionalen Übertragungsorganisationen

Die WEC Energy Group ist Teil der regionalen Übertragungsorganisation Midcontinent Independent System Operator (MISO), die 15 US-Bundesstaaten und die kanadische Provinz Manitoba abdeckt.

Einzelheiten zur Partnerschaft	Übertragungsabdeckung	Jährliche Übertragungsinvestition
MISO-Teilnahme	15 US-Bundesstaaten	287 Millionen US-Dollar (2022)

Anbieter und Gerätehersteller für erneuerbare Energietechnologien

Die WEC Energy Group arbeitet mit mehreren Herstellern von Geräten für erneuerbare Energien zusammen.

• Vestas Wind Systems für die Beschaffung von Windkraftanlagen
• First Solar für Solarpanel-Technologie
• General Electric für Netzinfrastrukturausrüstung

Technologieanbieter	Technologiefokus	Jährlicher Beschaffungswert
Vestas Windsysteme	Windkraftanlagentechnologie	126 Millionen US-Dollar (2022)
Erste Solar	Herstellung von Solarmodulen	94 Millionen US-Dollar (2022)

Aufsichtsbehörden der Bundesstaaten und Kommunen

Die WEC Energy Group unterhält Partnerschaften mit Regulierungsbehörden in Wisconsin, Illinois und Michigan.

• Kommission für den öffentlichen Dienst von Wisconsin
• Handelskommission von Illinois
• Kommission für den öffentlichen Dienst von Michigan

Finanzinstitute für Infrastrukturinvestitionen

Die WEC Energy Group arbeitet bei der Infrastrukturfinanzierung mit Finanzinstituten zusammen.

Finanzinstitut	Anlagetyp	Jährlicher Investitionsbetrag
JPMorgan Chase	Infrastrukturfinanzierung	412 Millionen US-Dollar (2022)
Wells Fargo	Investition in grüne Energie	276 Millionen US-Dollar (2022)

Umweltschutz- und Nachhaltigkeitsorganisationen

Die WEC Energy Group arbeitet mit Umweltorganisationen zusammen, um Nachhaltigkeitsinitiativen zu unterstützen.

• Der Naturschutz
• Umweltschutzfonds
• World Wildlife Fund

Organisation	Nachhaltigkeitsfokus	Jährlicher Beitrag
Der Naturschutz	Lebensraumerhaltung	1,2 Millionen US-Dollar (2022)
Umweltschutzfonds	Kohlenstoffreduzierung	$875,000 (2022)

WEC Energy Group, Inc. (WEC) – Geschäftsmodell: Hauptaktivitäten

Stromerzeugung aus verschiedenen Quellen

Die WEC Energy Group erzeugt Strom aus mehreren Quellen mit folgender Zusammensetzung:

Generationsquelle	Prozentsatz	Kapazität (MW)
Kohle	47%	5,983
Erdgas	25%	3,190
Erneuerbare Energie	28%	3,572

Management der Stromübertragungs- und -verteilungsinfrastruktur

Details zur Infrastruktur:

• Gesamte Übertragungsleitungen: 6.500 Meilen
• Verteilungsleitungen: 45.000 Meilen
• Servicegebiet: Wisconsin, Illinois, Michigan
• Anzahl der Umspannwerke: 375

Entwicklung von Energieeffizienz- und Energiesparprogrammen

Programminvestitionen im Jahr 2023:

Programmkategorie	Investitionsbetrag
Energieeffizienz von Wohngebäuden	42,3 Millionen US-Dollar
Kommerzielles Energiemanagement	28,7 Millionen US-Dollar
Industrielle Erhaltung	19,5 Millionen US-Dollar

Netzmodernisierung und Implementierung intelligenter Technologien

Technologieinvestitionen:

• Smart-Meter-Installationen: 1,2 Millionen
• Erweiterte Netzsteuerungssysteme: 87 Einsätze
• Jährliche Technologieinvestition: 256 Millionen US-Dollar

Kundenservice und Energielösungsmanagement

Kundendienstkennzahlen:

Metrisch	Wert
Insgesamt bediente Kunden	4,5 Millionen
Bewertung der Kundenzufriedenheit	87%
Durchschnittliche Antwortzeit	45 Minuten

WEC Energy Group, Inc. (WEC) – Geschäftsmodell: Schlüsselressourcen

Energieerzeugungsanlagen

Die WEC Energy Group betreibt 36 Stromerzeugungsanlagen in mehreren Bundesstaaten mit einer Gesamterzeugungskapazität von 8.915 Megawatt (Stand 2023).

Einrichtungstyp	Anzahl der Einrichtungen	Gesamtkapazität (MW)
Kohlekraftwerke	12	4,215
Erdgasanlagen	8	2,650
Anlagen für erneuerbare Energien	16	2,050

Elektrische Netzinfrastruktur

WEC Energy Group behauptet 15.600 Meilen Übertragungsleitungen und 45.320 Meilen an Verteilungsleitungen in seinen Servicegebieten.

Zusammensetzung der Belegschaft

Im Jahr 2023 beschäftigt die WEC Energy Group 4.987 Fachkräfte mit folgender Aufteilung:

• Technische Mitarbeiter: 1.872
• Ingenieure: 1.245
• Betriebspersonal: 1.870

Finanzkapital

Finanzielle Mittel für Infrastrukturinvestitionen ab 2023:

Finanzkennzahl	Betrag
Gesamtvermögen	39,6 Milliarden US-Dollar
Jährliche Kapitalausgaben	2,3 Milliarden US-Dollar
Zahlungsmittel und Zahlungsmitteläquivalente	287 Millionen Dollar

Technologieressourcen

Die WEC Energy Group hat investiert 17 proprietäre Energiemanagementtechnologien, mit jährlichen F&E-Ausgaben von 42 Millionen US-Dollar im Jahr 2023.

WEC Energy Group, Inc. (WEC) – Geschäftsmodell: Wertversprechen

Zuverlässige und konsistente Stromverteilung

Die WEC Energy Group beliefert rund 4,5 Millionen Stromkunden in Wisconsin und Illinois. Das Unternehmen verfügt über eine Stromerzeugungskapazität von 8.700 Megawatt mit einer Systemzuverlässigkeit von 99,97 %.

Servicebereich	Stromkunden	Erzeugungskapazität
Wisconsin	3,2 Millionen	6.200 MW
Illinois	1,3 Millionen	2.500 MW

Wettbewerbsfähige Stromtarife für Privat- und Gewerbekunden

Die WEC Energy Group bietet wettbewerbsfähige Stromtarife von durchschnittlich 0,13 US-Dollar pro Kilowattstunde für Privatkunden und 0,085 US-Dollar pro Kilowattstunde für Gewerbekunden.

Wachsendes Portfolio an erneuerbaren Energien

Das Unternehmen hat sich dazu verpflichtet 30 % erneuerbare Energieerzeugung bis 2030. Das aktuelle Portfolio an erneuerbaren Energien umfasst:

• Windkraft: 700 MW
• Solarenergie: 250 MW
• Biomasse: 50 MW

Nachhaltige und umweltfreundliche Energielösungen

Die WEC Energy Group hat 1,2 Milliarden US-Dollar in Umweltinfrastruktur und Technologien zur Emissionsreduzierung investiert. Ziel zur Reduzierung der CO2-Emissionen: 50 % bis 2030 im Vergleich zum Niveau von 2005.

Umfassende Energieeffizienzprogramme

Programmtyp	Jährliche Investition	Kundeneinsparungen
Wohneffizienz	85 Millionen Dollar	45 $ pro Kunde
Kommerzielle Effizienz	120 Millionen Dollar	750 $ pro Unternehmen

WEC Energy Group, Inc. (WEC) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Kundenservice-Plattformen

Die WEC Energy Group betreibt Kundendienstplattformen mit folgenden Merkmalen:

Kundendienstkanal	Verfügbarkeit	Reaktionszeit
Telefonsupport	24/7	Durchschnittlich 3-5 Minuten
Online-Chat	8:00–20:00 Uhr CST	Durchschnittlich 2-4 Minuten
E-Mail-Support	Geschäftszeiten	24-48 Stunden

Tools zur digitalen Kontoverwaltung

Die WEC Energy Group bietet digitale Plattformen mit den folgenden Funktionen:

• Mobile App mit Echtzeit-Tracking des Energieverbrauchs
• Online-Rechnungszahlungssysteme
• Automatisierte Zählerstandsintegration
• Meldemechanismen für digitale Ausfälle

Community-Engagement und Energiebildungsinitiativen

Zu den Community-Engagement-Kennzahlen der WEC Energy Group gehören:

Initiative	Jährliche Reichweite	Investition
Energieerziehungsprogramme für Schulen	25.000 Studierende	$350,000
Community-Energie-Workshops	5.000 Teilnehmer	$150,000
Seminare zur Energieeffizienz	3.500 Teilnehmer	$125,000

Proaktive Kommunikation bei Serviceunterbrechungen

Kommunikationsstrategien für Dienstunterbrechungen:

• Aktualisierungen der Ausfallkarte in Echtzeit
• SMS-/Textbenachrichtigungssysteme
• Warnungen zur geschätzten Wiederherstellungszeit
• Kommunikationskanäle in den sozialen Medien

Maßgeschneiderte Energieeffizienz-Beratungsdienste

Die Beratungsangebote der WEC Energy Group zur Energieeffizienz:

Beratungstyp	Jährliche Teilnehmer	Durchschnittliche Beratungsdauer
Energieaudit für Wohngebäude	7,500	90 Minuten
Kommerzielle Energiebewertung	1,200	3 Stunden
Industrielle Energieoptimierung	350	Ganztägige Beratung

WEC Energy Group, Inc. (WEC) – Geschäftsmodell: Kanäle

Online-Kundendienstportale

Die WEC Energy Group bietet webbasierte Kundendienstplattformen für ihre Versorgungskunden in Wisconsin, Illinois und Michigan. Das Online-Portal verwaltet rund 2,5 Millionen Kundenkonten mit digitalen Servicemöglichkeiten.

Digitale Servicefunktion	Nutzungsstatistik
Online-Rechnungszahlung	78 % der Kunden nutzen digitale Zahlungsmethoden
Kontoverwaltung	1,9 Millionen aktive Online-Konten
Verfolgung des Energieverbrauchs	62 % der Kunden nutzen digitales Energiemonitoring

Mobile Smartphone-Anwendungen

Die WEC Energy Group bietet mobile Anwendungen für iOS- und Android-Plattformen mit Echtzeit-Versorgungsverwaltungsfunktionen.

• Downloadrate der mobilen App: 425.000 aktive Benutzer
• Monatlich aktive App-Nutzer: 287.000
• Wichtige App-Funktionen: Rechnungszahlung, Ausfallberichte, Verfolgung des Energieverbrauchs

Physische Kundendienstzentren

WEC unterhält in seinen Betriebsgebieten 17 physische Kundendienststandorte.

Standort des Service-Centers	Jährliche Kundeninteraktionen
Wisconsin-Standorte	312.000 persönliche Interaktionen
Standorte in Illinois	156.000 persönliche Interaktionen
Michigan-Standorte	98.000 persönliche Interaktionen

Direktabrechnungs- und Kommunikationssysteme

Die WEC Energy Group verarbeitet etwa 2,7 Millionen monatliche Abrechnungen über mehrere Kommunikationskanäle.

• Elektronische Rechnung: 1,9 Millionen Kunden
• Papierabrechnung: 800.000 Kunden
• Durchschnittliches monatliches Abrechnungsvolumen: 287 Millionen US-Dollar

Community Outreach- und Energie-Workshops

Die WEC Energy Group führt in ihren Servicegebieten Workshops zu Energieeffizienz und Nachhaltigkeit durch.

Outreach-Programm	Jährliche Teilnahme
Energieeffizienz-Workshops	42 Werkstätten
Community-Engagement-Events	87 Veranstaltungen
Gesamte Teilnehmerreichweite	26.500 Personen

WEC Energy Group, Inc. (WEC) – Geschäftsmodell: Kundensegmente

Stromverbraucher für Privathaushalte

Die WEC Energy Group beliefert ab 2023 rund 1,6 Millionen private Stromkunden in Wisconsin und Illinois.

Staat	Privatkunden	Durchschnittliche monatliche Rechnung
Wisconsin	1,1 Millionen	$124.50
Illinois	500,000	$136.75

Gewerbliche und industrielle Geschäftskunden

Die WEC Energy Group versorgt 180.000 Gewerbe- und Industriekunden mit Strom.

• Verarbeitendes Gewerbe: 65.000 Kunden
• Einzelhandelsunternehmen: 45.000 Kunden
• Dienstleistungsbranchen: 40.000 Kunden
• Große Firmenkunden: 30.000 Kunden

Kommunale und staatliche Institutionen

Das Unternehmen betreut 2.500 kommunale und staatliche Energiekunden in seinen Versorgungsgebieten.

Institutionstyp	Anzahl der Kunden
Lokale Regierungen	1,200
Staatliche Institutionen	850
Bundeseinrichtungen	450

Energieverbraucher im Agrarsektor

Die WEC Energy Group beliefert 12.500 landwirtschaftliche Kunden in Wisconsin und Illinois mit Strom.

• Milchviehbetriebe: 7.500 Kunden
• Pflanzenbau: 3.500 Kunden
• Landwirtschaftliche Verarbeitungsbetriebe: 1.500 Kunden

Projektentwickler für erneuerbare Energien

Das Unternehmen unterstützt 85 Projektentwickler im Bereich erneuerbare Energien mit Netzanbindungs- und Energieübertragungsdienstleistungen.

Art der erneuerbaren Energie	Anzahl der Entwickler
Solar	45
Wind	30
Biomasse	10

WEC Energy Group, Inc. (WEC) – Geschäftsmodell: Kostenstruktur

Wartung von Energieerzeugungsanlagen

Die WEC Energy Group meldete im Jahr 2022 Gesamtwartungskosten für die Stromerzeugung in Höhe von 487,3 Millionen US-Dollar. Die Aufschlüsselung der Wartungskosten des Unternehmens umfasst:

Wartungskategorie	Jährliche Kosten (Mio. USD)
Wartung fossiler Kraftwerke	276.4
Wartung von Anlagen für erneuerbare Energien	112.9
Wartung von Kernkraftwerken	98.0

Entwicklung und Modernisierung der Infrastruktur

Die Infrastrukturinvestitionen für 2022 beliefen sich auf insgesamt 1,2 Milliarden US-Dollar, mit spezifischen Zuteilungen:

• Netzmodernisierung: 412 Millionen US-Dollar
• Modernisierung der Übertragungsleitung: 287 Millionen US-Dollar
• Verbesserungen der Umspannwerke: 215 Millionen US-Dollar
• Smart-Grid-Technologie: 286 Millionen US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich für die WEC Energy Group im Jahr 2022 auf 213,7 Millionen US-Dollar, darunter:

Compliance-Bereich	Jährliche Kosten (Mio. USD)
Umweltvorschriften	89.6
Sicherheitskonformität	62.3
Emissionsüberwachung	41.8
Regulatorische Berichterstattung	20.0

Vergütung und Schulung der Mitarbeiter

Die gesamten mitarbeiterbezogenen Ausgaben für 2022 beliefen sich auf 456,2 Millionen US-Dollar:

• Grundgehälter: 312,5 Millionen US-Dollar
• Sozialleistungen und Gesundheitsversorgung: 87,3 Millionen US-Dollar
• Schulung und Entwicklung: 56,4 Millionen US-Dollar

Investitionen in Technologie und digitale Infrastruktur

Die Technologieinvestitionen für 2022 erreichten 178,6 Millionen US-Dollar und verteilten sich wie folgt:

Kategorie „Technologie“.	Jährliche Investition (Mio. USD)
Cybersicherheitsinfrastruktur	52.3
Cloud-Computing-Systeme	43.7
Datenanalyseplattformen	38.2
Kundenschnittstellentechnologien	44.4

WEC Energy Group, Inc. (WEC) – Geschäftsmodell: Einnahmequellen

Stromverkauf für Privathaushalte

Die WEC Energy Group meldete im Jahr 2022 einen Stromumsatz für Privathaushalte in Höhe von 2,86 Milliarden US-Dollar, was etwa 35 % des Gesamtumsatzes der Versorgungsunternehmen entspricht.

Jahr	Umsatzerlöse aus Wohnimmobilien	Prozentsatz der gesamten Versorgungseinnahmen
2022	2,86 Milliarden US-Dollar	35%
2021	2,74 Milliarden US-Dollar	33%

Kommerzielle und industrielle Energieverträge

Der kommerzielle und industrielle Stromverkauf generierte für die WEC Energy Group im Jahr 2022 einen Umsatz von 3,42 Milliarden US-Dollar, was 42 % des Umsatzes der Versorgungsunternehmen ausmacht.

• Gesamter kommerzieller Stromumsatz: 2,18 Milliarden US-Dollar
• Gesamtumsatz mit Industriestrom: 1,24 Milliarden US-Dollar

Verkauf von Gutschriften für erneuerbare Energien

Die WEC Energy Group erwirtschaftete im Jahr 2022 rund 78 Millionen US-Dollar aus dem Verkauf von Krediten für erneuerbare Energien.

Art des Kredits für erneuerbare Energien	Einnahmen
Solar-RECs	42 Millionen Dollar
Wind-RECs	36 Millionen Dollar

Gebühren für das Energieeffizienzprogramm

Die Gebühren für Energieeffizienzprogramme trugen im Jahr 2022 55 Millionen US-Dollar zum Umsatz der WEC Energy Group bei.

Netzdienstleistungen und Übertragungserlöse

Die Einnahmen aus Netzdienstleistungen und Übertragung beliefen sich im Jahr 2022 für die WEC Energy Group auf insgesamt 312 Millionen US-Dollar.

Servicekategorie	Einnahmen
Übertragungsdienste	218 Millionen Dollar
Netzzuverlässigkeitsdienste	94 Millionen Dollar

WEC Energy Group, Inc. (WEC) - Canvas Business Model: Value Propositions

You're looking at the core promises WEC Energy Group, Inc. makes to its customers and investors as of late 2025. This is what anchors their regulated utility model and fuels their growth strategy.

Highly reliable, regulated electric and natural gas service

WEC Energy Group provides essential services across Wisconsin, Illinois, Michigan, and Minnesota, serving 4.7 million retail customers. Reliability is a key pillar, evidenced by Wisconsin Public Service being named one of the top-performing midsize utilities in PA Consulting's 2024 ReliabilityOne® Awards. The overall asset base supporting this service is substantial, standing at $49.8 billion. You can see the underlying demand growth, with residential electricity use rising by 1.6% in the second quarter of 2025.

The value proposition here is stability derived from being a rate-regulated utility. Here's a quick look at the authorized Return on Equity (ROE) structure for some of their regulated operations:

Utility Subsidiary	Authorized ROE
Wisconsin Electric, Wisconsin Public Service, Wisconsin Gas	9.80%
Peoples Gas, North Shore Gas	9.38%
Michigan Gas Utilities, Upper Michigan Energy Resources	9.86%

This regulated structure provides a predictable earnings base, which is crucial for long-term planning.

Predictable, stable returns via the fixed ROE VLC tariff

For large, new infrastructure demands, WEC Energy Group offers specific regulatory mechanisms to secure returns. The proposed Wisconsin VLC (Large Customer) tariff is designed to ensure a fixed return on equity for these significant investments. The proposed terms for this tariff include an ROE range of 10.48%-10.98% and an equity ratio of approximately 57%. This mechanism is viewed as making Wisconsin more attractive for large customers, such as data centers.

Commitment to net carbon neutrality by 2050, eliminating coal by 2032

WEC Energy Group has set firm environmental targets aligned with broader climate goals. The long-term goal is to achieve net carbon neutrality for the electric generation fleet by 2050. A major interim step is the plan to eliminate coal as an energy source entirely by the end of 2032. By the end of 2030, the company expects to use coal only as a backup fuel.

Significant infrastructure investment for regional economic development

This commitment is backed by massive capital expenditure plans designed to support regional growth, particularly from data centers. The company detailed a $28 billion five-year capital plan spanning 2025-2029. Furthermore, the projected capital spend for 2026-2030 is set at $36.5 billion. This investment fuels growth, with electric demand expected to increase by 3.4 GW by 2030, largely driven by hyperscalers like Microsoft. The 2025-2029 plan alone earmarks more than $9.1 billion for new renewable investments like solar, wind, and battery storage. The 2026-2030 capital plan is specifically structured to support an estimated 7.0% to 8.0% Long-Term EPS Growth.

Consistent dividend growth, targeting 6.5%-7% CAGR

Shareholder returns are a core value proposition, supported by the stable regulated earnings. WEC Energy Group targets a dividend growth rate of 6.5% to 7% compound annual rate. This is supported by a long-term EPS growth projection of 7% to 8% CAGR over the next five years. As of late 2025, the company announced a plan to raise the quarterly dividend by 6.7% for the first quarter of 2026, setting the new annual rate at $3.81 per share. This represents the 23rd consecutive year of rewarding shareholders with higher dividends. The target dividend payout ratio is set between 65% to 70% of earnings.

You can see the trajectory of the dividend growth here:

Metric	Value
Target Dividend CAGR	6.5% to 7%
Projected Long-Term EPS CAGR (5 Years)	7% to 8%
Planned Q1 2026 Quarterly Dividend	$0.9525 per share
New Annualized Dividend Rate (Effective Q1 2026)	$3.81 per share
Consecutive Years of Dividend Increases	23

Finance: draft 13-week cash view by Friday.

WEC Energy Group, Inc. (WEC) - Canvas Business Model: Customer Relationships

WEC Energy Group, Inc. operates under a heavily regulated service model across its footprint, which includes Wisconsin, Illinois, Michigan, and Minnesota. Customer rates and service terms are directly governed by state commissions; for instance, the Public Service Commission of Wisconsin (PSCW) reviews and approves major capital investments and tariffs, while the Illinois Commerce Commission (ICC) oversees operations like Peoples Gas pipeline replacement. This regulatory structure defines the parameters for how WEC Energy Group interacts with its 4.7 million retail customers.

The relationship with Very Large Customers (VLCs), particularly the burgeoning data center segment, involves highly specialized, dedicated account management. WEC Energy Group, Inc. is actively working with the PSCW on a novel Very Large Customer (VLC) tariff, designed for customers forecasting 500 MW or more of new load, such as Microsoft's planned $3.3 billion data center campus in Mount Pleasant, Wisconsin. The proposed terms for these VLCs include a fixed Return on Equity (ROE) between 10.48% and 10.98% and an Equity Ratio of 57% for the dedicated capacity, ensuring these large users pay their way without subsidizing smaller customers.

For the vast majority of its customer base, the relationship is standardized and transactional, centered on reliable delivery and billing. However, WEC Energy Group, Inc. maintains a strong focus on community and energy stewardship. In 2024, the company provided $19 million in charitable grants and contributions, alongside an additional $2.5 million directed to low-income customer programs. Energy efficiency and research are supported through participation in the Focus on Energy program, and community outreach includes programs like 'Plant the Right Tree in the Right Location' conducted with local schools.

Customer perception remains a key performance indicator. WEC Energy Group, Inc. achieved a significant benchmark by ranking first overall in the 2025 E Source Large Business Customer Satisfaction Study. Specifically, managed business customers gave WEC Energy Group, Inc. an overall satisfaction score of 9.5 out of 10.

Here's a quick look at some key customer-facing metrics as of late 2025:

Metric Category	Detail	Value/Score
Total Retail Customers Served	Across all service territories	4.7 million
Large Business Satisfaction (2025 E Source)	Overall Customer Satisfaction Score	9.5 out of 10
VLC Tariff Threshold	Minimum forecasted new load for VLC tariff eligibility	500 MW
VLC Tariff Fixed ROE	Target Return on Equity for dedicated capacity	10.48% to 10.98%
Charitable Giving (2024)	Total charitable grants and contributions	$19 million
Low-Income Customer Support (2024)	Donations to low-income customer programs	$2.5 million

The relationship management structure for different customer types is clearly segmented:

• Regulated Residential/Small Business: Standardized transactional service governed by state commission approvals.
• Very Large Customers (VLCs): Dedicated account management focused on custom tariffs for massive load commitments like data centers.
• Community Stakeholders: Engagement through charitable giving and energy efficiency program support.

To be fair, the push for the VLC tariff is a direct response to the massive projected demand from entities like Microsoft, which expects energy consumption to reach about 1,800 megawatts by 2029. This specialized service model is key to managing the $36.5 billion capital plan, which is heavily focused on infrastructure to support this regional growth. Finance needs to track the PSCW decision timeline for the VLC tariff, expected by May 1, 2026, for a June 1, 2026 service start.

WEC Energy Group, Inc. (WEC) - Canvas Business Model: Channels

You're looking at how WEC Energy Group, Inc. gets its energy and services to its 4.7 million retail customers across Wisconsin, Illinois, Michigan, and Minnesota. The channels are deeply tied to their regulated utility footprint and their growing non-regulated infrastructure arm.

Principal utility brands are the primary interface for the vast majority of customers. These regulated entities deliver electricity and natural gas directly to homes and businesses, forming the core distribution channel.

Utility Brand	Primary Service Area	Customer Count (Approx. End of 2024)
We Energies	Wisconsin (Electricity & Natural Gas)	More than 2.3 million customers
Wisconsin Public Service	Wisconsin (Electricity & Natural Gas)	More than 817,000 customers
Peoples Gas	Chicago, Illinois (Natural Gas)	Approximately 894,000 customers

The physical infrastructure itself is a massive channel for delivery. WEC Energy Group's combined assets allow for operating efficiencies across these extensive networks.

Physical transmission and distribution networks represent the tangible assets moving the product to the customer. As of year-end 2024, the scale of this physical channel included:

• Electric distribution lines spanning 72,400 miles.
• Natural gas distribution and transmission lines totaling 47,000 miles.

For customer interaction beyond the physical delivery, digital channels for billing, outage reporting, and customer service are critical touchpoints. While specific digital usage metrics aren't public, these channels support the 4.7 million retail customers and are essential for managing the business, which reported total assets of approximately $49.8 billion as of late 2025.

The non-utility sales channel is managed through WEC Infrastructure LLC for non-utility renewable energy sales. This subsidiary owns a fleet of renewable generation facilities across several states, including South Dakota and Texas. This business line is a key part of the company's $28 billion five-year capital plan (2025-2029), which earmarks more than $9.1 billion for new renewable investments across the group.

The renewable asset portfolio managed through this channel, based on figures reported in 2025, includes significant capacity:

Renewable Asset Type	Total Capacity (MW)	Investment Value ($)
Solar Total	3,700 MW	$7.6 billion
Battery Storage Total	1,780 MW	$2.2 billion
Wind Total	555 MW	$1.8 billion

Finally, direct human interaction remains a necessary channel. Local service centers and field operations teams handle installation, maintenance, and emergency response across the service territories. These teams support the 7,000 employees mentioned in late 2025 reports, ensuring reliability for the customer base that generated Q3 2025 earnings of $0.83 per share.

WEC Energy Group, Inc. (WEC) - Canvas Business Model: Customer Segments

You're looking at the core customer base for WEC Energy Group, Inc. (WEC) as of late 2025, which is heavily concentrated in the Midwest, serving a diverse set of energy users across its regulated utility footprint in Wisconsin, Illinois, Michigan, and Minnesota.

WEC Energy Group, Inc. serves a total of approximately 4.7 million retail customers across its service territories as of mid-2025. The composition of this base, particularly for the Wisconsin electric utility segment, shows a significant reliance on residential and small business usage, though the growth narrative is increasingly dominated by Very Large Customers.

Here is a breakdown of the key customer groups WEC Energy Group, Inc. serves:

• The combined Residential and Small Commercial/Industrial customer base represents a substantial portion of the customer count, with the Wisconsin segment's 2024 retail MWh deliveries mix showing 31% for Residential and Farm customers and 36% for Small C&I customers.
• Large Commercial and Industrial (C&I) customers in the Midwest contribute to overall demand, with their electricity use (excluding the Michigan iron ore mine) increasing by 1.1 percent in the first quarter of 2025 compared to the first quarter of 2024.
• Very Large Customers (VLCs) are a critical growth driver, defined by the proposed Wisconsin Very Large Customer (VLC) Tariff applying to customers with 500 MW or more of forecasted new load.
• Wholesale energy markets are served via non-utility infrastructure, with the FERC wholesale segment accounting for 5.8% of WEC Energy Group's electric operating revenues in 2024.
• Municipalities and government entities are included within the overall customer base served by the principal utilities, such as We Energies and Wisconsin Public Service.

The impact of the Very Large Customer segment is quantifiable through projected load growth and specific project commitments. For instance, electric demand growth across the service territory is forecast to be 3.4 GW by 2030, largely supported by data center development. Microsoft Corporation's $3.3 billion data center campus in Mount Pleasant, Wisconsin, is expected to bring online its first phase in 2026, adding an estimated 1800 MW of load, which is about 20% of the system's current demand. To support this, the proposed VLC tariff terms include a fixed Return on Equity of 10.48% to 10.98% and an Equity Ratio of 57% for these dedicated resources.

You can see how the revenue and volume are distributed across the utility operations:

Segment Category	Metric Type	Value	Period/Context
Total Retail Customers	Customer Count	4.7 million	As of mid-2025
Wisconsin Electric Utility	Electric Operating Revenue Share	91.3%	2024
FERC Wholesale	Electric Operating Revenue Share	5.8%	2024
Residential and Farm (WI Electric MWh Mix)	Volume Share	31%	2024
Small C&I (WI Electric MWh Mix)	Volume Share	36%	2024
Microsoft Data Center Load Addition	Projected MW	1800 MW	Expected load from Mount Pleasant campus
VLC Tariff ROE	Proposed Rate of Return	10.48% to 10.98%	For dedicated new generation resources

The growth in demand from these major users is driving WEC Energy Group, Inc.'s capital plan; the 2026-2030 capital plan was increased by $8.5 billion to a total of $36.5 billion.

WEC Energy Group, Inc. (WEC) - Canvas Business Model: Cost Structure

The Cost Structure for WEC Energy Group, Inc. is heavily weighted toward long-term asset investment and the associated financing and operational expenses required to serve its customer base across Wisconsin, Illinois, Michigan, and Minnesota.

Heavy Capital Expenditures

WEC Energy Group, Inc. has significantly increased its commitment to long-term asset investment, driven by robust economic development, particularly from data centers.

• The announced capital plan for 2026-2030 totals $36.5 billion.
• This represents an increase of $8.5 billion above the previous five-year plan.
• Spending for 2026 is projected at $5.68 billion, with subsequent years projected to exceed $7 billion each.

The allocation of this capital investment highlights key areas of focus:

Investment Category	Incremental Investment (vs. Prior Plan)	Total Program Focus
Modern Natural Gas Generation	$3.4 billion more	Generation for estimated 1.3 gigawatts of demand in the next 5 years.
Renewables and Battery Storage	$2.5 billion more	Adding to 4,300 MW of carbon-free generation planned by end of 2030 (2025-2029 plan).
American Transmission Co. (ATC) Projects	$4.1 billion total	Supporting new load growth.
Electric and Natural Gas Distribution Networks	Additional $2 billion	Includes the pipe retirement program in Illinois.

Interest Expense on Substantial Debt Financing

Financing the large capital plan necessitates substantial debt, which results in significant interest costs.

• Interest expense for the nine months ended September 30, 2025, was $667.4 million.
• The latest twelve months interest expense was reported at $4.721 billion.
• WEC Energy Group expects to fund incremental capital with approximately 50% equity content, including about $14 billion in incremental debt through 2030.

Fuel and Purchased Power Costs

Costs for natural gas, coal, and purchased power are a major variable component of operating expenses, though recovery mechanisms are generally in place.

• WEC Energy Group utilities have recovery mechanisms that generally allow them to recover or refund all or a portion of the changes in prudently incurred fuel, natural gas, and purchased power costs from rate case-approved amounts.
• The company plans to eliminate coal as an energy source by the end of 2032, expecting to use coal only as a backup fuel by the end of 2030.

Operating and Maintenance (O&M) Expenses

Day-to-day running costs, including upkeep and regulatory-driven maintenance, form a consistent expense base.

• Other operation and maintenance expenses for the six months ended June 30, 2025, totaled $1,204.2 million.
• Management reaffirmed an expectation for full-year 2025 O&M expense to grow 8 to 10 percent when compared to actual 2024 O&M.
• This growth is largely driven by continued focus on commission-approved vegetation management and new assets placed in service.

Regulatory and Compliance Costs

Navigating the economic, compliance, and regulatory environment is a material cost driver, especially concerning rate case outcomes and infrastructure investment recovery.

• WEC Energy Group utilities filed rate cases in April 2024 seeking increases of more than $800 million for customers for 2025-2026.
• A proposed Very Large Customer (VLC) tariff update includes a proposed Return on Equity (ROE) range of 10.48%-10.98% and an equity ratio of approximately 57%.
• The Illinois Commerce Commission (ICC) previously disallowed certain capital expenditures under the Qualifying Infrastructure Plant (QIP) rider, resulting in an earnings charge in 2024.

WEC Energy Group, Inc. (WEC) - Canvas Business Model: Revenue Streams

The revenue streams for WEC Energy Group, Inc. are heavily weighted toward regulated utility operations, providing a predictable base for cash flow generation.

The consensus forecast for WEC Energy Group, Inc.'s total revenue for the full year 2025 falls within the range of $9.11-$9.59 billion.

For the nine months ended September 30, 2025, consolidated revenues totaled $7.3 billion. This figure reflects the core business of delivering energy services to a customer base of approximately 4.7 million retail customers as of October 31, 2025.

The regulated electric sales component forms the foundation of this revenue base. For context on volume drivers, retail electricity deliveries in the first quarter of 2025, excluding the iron ore mine in Michigan's Upper Peninsula, were up by 2.9 percent compared to the first quarter of 2024.

Regulated natural gas sales and distribution fees also contribute significantly. Natural gas deliveries in Wisconsin, excluding gas used for power generation, rose by 15.5 percent in the first quarter of 2025 compared to the first quarter of 2024.

The company is actively structuring new revenue mechanisms to secure returns from major industrial users.

• Fixed returns from the new Very Large Customer (VLC) tariffs are being designed to include a fixed return on equity of 10.48 percent.
• The associated equity ratio for these VLC tariffs is set at 57 percent.
• The expected term for these tariff agreements is 20 years for wind and solar assets and the depreciable lives for natural gas and battery storage assets.

Equity earnings from the American Transmission Company (ATC) investment provide an additional, regulated revenue stream. WEC Energy Group, Inc. holds an approximately 60 percent equity ownership interest in ATC. For the second quarter of 2025, capital investment growth from ATC contributed an incremental $0.01 to earnings compared to the second quarter of 2024.

Here is a summary of key financial metrics relevant to the revenue and asset base as of late 2025:

Financial Metric	Value/Amount	Period/Context
Projected Full-Year 2025 Revenue Range	$9.11-$9.59 billion	Consensus Forecast
Consolidated Revenue	$7.3 billion	Nine Months Ended September 30, 2025
Consolidated Revenue	$2.01 billion	Second Quarter 2025
Consolidated Revenue	$5.2 billion	First Half (H1) 2025
Reaffirmed Full-Year 2025 EPS Guidance Midpoint	$5.22 per share	Based on $5.17 to $5.27 range
ATC Equity Ownership Percentage	60 percent	Current Ownership Interest
VLC Tariff Fixed Return on Equity	10.48 percent	New Tariff Design Parameter
VLC Tariff Equity Ratio	57 percent	New Tariff Design Parameter

The company is also executing a substantial capital plan to support future regulated revenue growth, targeting $36.5 billion in capital investment from 2026 to 2030.

• Regulated renewable energy projects in Wisconsin are allocated $11.6 billion within the 2026-2030 plan.
• Electric and natural gas distribution system upgrades are planned for $4.7 billion.
• Battery energy storage systems are budgeted at $2.2 billion.

Finance: draft 13-week cash view by Friday.