WEC Energy Group, Inc. (WEC): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de la transformation d'énergie, WEC Energy Group, Inc. émerge comme un acteur pivot, naviguant stratégiquement sur le terrain complexe de la production et de la distribution d'électricité. En créant méticuleusement un modèle commercial complet qui équilibre les sources d'énergie traditionnelles avec des technologies renouvelables innovantes, WEC démontre une approche avant-gardiste pour répondre aux demandes évolutives des consommateurs résidentiels, commerciaux et industriels. Leur toile de modèle commercial complexe révèle une stratégie sophistiquée qui garantit non seulement une prestation de puissance fiable, mais championne également la durabilité, les progrès technologiques et les solutions centrées sur le client sur un marché de l'énergie de plus en plus compétitif.

WEC Energy Group, Inc. (WEC) - Modèle d'entreprise: partenariats clés

Partenariats électriques avec les organisations régionales de transmission

WEC Energy Group participe à l'Organisation régionale de transmission régionale du système indépendant du milieu de continent (MISO), couvrant 15 États américains et la province canadienne du Manitoba.

Détails du partenariat	Couverture de transmission	Investissement annuel de transmission
Participation Miso	15 États américains	287 millions de dollars (2022)

Fournisseurs de technologies et fabricants d'équipements en énergie renouvelable

WEC Energy Group collabore avec plusieurs fabricants d'équipements d'énergie renouvelable.

• Vestas Wind Systems for Wind Turbine Procurement
• Première technologie solaire pour les panneaux solaires
• General Electric for Grid Infrastructure Equipment

Fournisseur de technologie	Focus technologique	Valeur d'achat annuelle
Vestas Wind Systems	Technologie d'éoliennes	126 millions de dollars (2022)
Premier solaire	Fabrication de panneaux solaires	94 millions de dollars (2022)

Agences de réglementation des gouvernements des États et locaux

WEC Energy Group entretient des partenariats avec des organismes de réglementation dans le Wisconsin, l'Illinois et le Michigan.

• Commission de la fonction publique du Wisconsin
• Commission commerciale de l'Illinois
• Commission de la fonction publique du Michigan

Institutions financières pour l'investissement des infrastructures

WEC Energy Group travaille avec des institutions financières pour le financement des infrastructures.

Institution financière	Type d'investissement	Montant d'investissement annuel
JPMorgan Chase	Financement des infrastructures	412 millions de dollars (2022)
Wells Fargo	Investissement en énergie verte	276 millions de dollars (2022)

Organisations de conservation de l'environnement et de durabilité

WEC Energy Group s'associe à des organisations environnementales pour soutenir les initiatives de durabilité.

• La conservation de la nature
• Fonds de défense environnementale
• Fonds mondial de la faune

Organisation	Focus sur la durabilité	Contribution annuelle
La conservation de la nature	Conservation de l'habitat	1,2 million de dollars (2022)
Fonds de défense environnementale	Réduction du carbone	$875,000 (2022)

WEC Energy Group, Inc. (WEC) - Modèle d'entreprise: activités clés

Génération d'énergie électrique à partir de diverses sources

WEC Energy Group génère de l'électricité à partir de plusieurs sources avec la composition suivante:

Source de génération	Pourcentage	Capacité (MW)
Charbon	47%	5,983
Gaz naturel	25%	3,190
Énergie renouvelable	28%	3,572

Gestion des infrastructures de transmission et de distribution électriques

Détails de l'infrastructure:

• Lignes de transmission totales: 6 500 miles
• Lignes de distribution: 45 000 miles
• Zone de service: Wisconsin, Illinois, Michigan
• Nombre de sous-stations: 375

Élaboration de programmes d'efficacité énergétique et de conservation

Investissements du programme en 2023:

Catégorie de programme	Montant d'investissement
Efficacité énergétique résidentielle	42,3 millions de dollars
Gestion commerciale de l'énergie	28,7 millions de dollars
Conservation industrielle	19,5 millions de dollars

Modernisation de la grille et mise en œuvre de la technologie intelligente

Investissements technologiques:

• Installations de compteur intelligent: 1,2 million
• Systèmes de contrôle des grilles avancées: 87 déploiements
• Investissement technologique annuel: 256 millions de dollars

Service client et gestion des solutions énergétiques

Métriques du service client:

Métrique	Valeur
Les clients totaux ont servi	4,5 millions
Évaluation de satisfaction du client	87%
Temps de réponse moyen	45 minutes

WEC Energy Group, Inc. (WEC) - Modèle d'entreprise: Ressources clés

Installations de production d'électricité

WEC Energy Group exploite 36 installations de production d'électricité dans plusieurs États, avec une capacité de génération totale de 8 915 mégawatts à partir de 2023.

Type d'installation	Nombre d'installations	Capacité totale (MW)
Centrales au charbon	12	4,215
Usines de gaz naturel	8	2,650
Installations d'énergie renouvelable	16	2,050

Infrastructure de réseau électrique

WEC Energy Group maintient 15 600 miles de lignes de transmission et 45 320 miles de lignes de distribution à travers ses territoires de service.

Composition de la main-d'œuvre

En 2023, WEC Energy Group emploie 4 987 travailleurs qualifiés, avec la rupture suivante:

• Employés techniques: 1 872
• Professionnels d'ingénierie: 1 245
• Personnel des opérations: 1 870

Capital financier

Ressources financières pour les investissements dans les infrastructures à partir de 2023:

Métrique financière	Montant
Actif total	39,6 milliards de dollars
Dépenses en capital annuelles	2,3 milliards de dollars
Equivalents en espèces et en espèces	287 millions de dollars

Ressources technologiques

WEC Energy Group a investi dans 17 technologies de gestion de l'énergie propriétaire, avec des dépenses annuelles de R&D de 42 millions de dollars en 2023.

WEC Energy Group, Inc. (WEC) - Modèle d'entreprise: propositions de valeur

Distribution d'énergie électrique fiable et cohérente

WEC Energy Group dessert environ 4,5 millions de clients électriques dans le Wisconsin et l'Illinois. La société maintient une capacité de production d'électricité de 8 700 mégawatts, avec un taux de fiabilité du système de 99,97%.

Aire de service	Clients électriques	Capacité de production
Wisconsin	3,2 millions	6 200 MW
Illinois	1,3 million	2 500 MW

Tarifs d'électricité compétitifs pour les clients résidentiels et commerciaux

WEC Energy Group maintient des tarifs d'électricité compétitifs en moyenne de 0,13 $ par kilowatt-heure pour les clients résidentiels et 0,085 $ par kilowattheure pour les clients commerciaux.

Portfolio croissant des énergies renouvelables

L'entreprise s'est engagée à 30% Génération d'énergie renouvelable d'ici 2030. Le portefeuille actuel des énergies renouvelables comprend:

• Énergie éolienne: 700 MW
• Énergie solaire: 250 MW
• Biomasse: 50 MW

Solutions énergétiques durables et respectueuses de l'environnement

WEC Energy Group a investi 1,2 milliard de dollars dans les technologies de réduction des infrastructures environnementales et des émissions. Cible de réduction des émissions de carbone: 50% d'ici 2030 par rapport aux niveaux de 2005.

Programmes complets d'efficacité énergétique

Type de programme	Investissement annuel	Économies de clients
Efficacité résidentielle	85 millions de dollars	45 $ par client
Efficacité commerciale	120 millions de dollars	750 $ par entreprise

WEC Energy Group, Inc. (WEC) - Modèle d'entreprise: relations avec les clients

Plateformes de service client personnalisées

WEC Energy Group exploite les plateformes de service client avec les caractéristiques suivantes:

Canal de service client	Disponibilité	Temps de réponse
Support téléphonique	24/7	Moyenne 3-5 minutes
Chat en ligne	8h à 20h CST	Moyenne 2-4 minutes
Assistance par e-mail	Heures de bureau	24-48 heures

Outils de gestion des comptes numériques

WEC Energy Group fournit des plates-formes numériques avec les fonctionnalités suivantes:

• Application mobile avec suivi de la consommation d'énergie en temps réel
• Systèmes de paiement de factures en ligne
• Intégration automatisée de lecture du compteur
• Mécanismes de rapports sur les panneaux numériques

Initiatives d'engagement communautaire et d'éducation énergétique

Les mesures d'engagement communautaire de WEC Energy Group comprennent:

Initiative	Portée annuelle	Investissement
Programmes d'éducation à l'énergie scolaire	25 000 étudiants	$350,000
Ateliers d'énergie communautaire	5 000 participants	$150,000
Séminaires d'efficacité énergétique	3 500 participants	$125,000

Communication proactive lors des interruptions de service

Stratégies de communication d'interruption de service:

• Mises à jour de la carte de panne en temps réel
• SMS / Systèmes de notification texte
• Alertes de temps de restauration estimées
• Canaux de communication des médias sociaux

Services de consultation sur l'efficacité énergétique sur mesure

Offres de consultation de l'efficacité énergétique de WEC Energy Group:

Type de consultation	Participants annuels	Durée de consultation moyenne
Audit d'énergie résidentielle	7,500	90 minutes
Évaluation commerciale de l'énergie	1,200	3 heures
Optimisation de l'énergie industrielle	350	Consultation d'une journée

WEC Energy Group, Inc. (WEC) - Modèle d'entreprise: canaux

Portails de service à la clientèle en ligne

WEC Energy Group fournit des plateformes de service client basées sur le Web pour ses clients de services publics dans le Wisconsin, l'Illinois et le Michigan. Le portail en ligne gère environ 2,5 millions de comptes clients avec des capacités de service numérique.

Fonctionnalité de service numérique	Statistiques d'utilisation
Paiement de facture en ligne	78% des clients utilisent des méthodes de paiement numérique
Gestion des comptes	1,9 million de comptes en ligne actifs
Suivi de la consommation d'énergie	62% des clients utilisent la surveillance de l'énergie numérique

Applications de smartphone mobile

WEC Energy Group propose des applications mobiles pour les plates-formes iOS et Android avec des fonctionnalités de gestion des services publics en temps réel.

• Taux de téléchargement des applications mobiles: 425 000 utilisateurs actifs
• Utilisateurs mensuels de l'application active: 287 000
• Fonctionnalités clés de l'application: paiement des factures, reporting des panneaux, suivi de la consommation d'énergie

Centres de service client physique

WEC maintient 17 emplacements de service client physique sur ses territoires opérationnels.

Emplacement du centre de service	Interactions annuelles du client
Emplacements du Wisconsin	312 000 interactions en personne
Emplacements de l'Illinois	156 000 interactions en personne
Emplacements du Michigan	98 000 interactions en personne

Systèmes de facturation directe et de communication

WEC Energy Group traite environ 2,7 millions de relevés de facturation mensuels via plusieurs canaux de communication.

• Facturation électronique: 1,9 million de clients
• Facturation papier: 800 000 clients
• Volume de facturation mensuel moyen: 287 millions de dollars

Ateliers de sensibilisation et d'énergie communautaires

WEC Energy Group effectue des ateliers d'efficacité énergétique et de durabilité dans ses territoires de service.

Programme de sensibilisation	Participation annuelle
Ateliers d'efficacité énergétique	42 ateliers
Événements d'engagement communautaire	87 événements
Total des participants	26 500 personnes

WEC Energy Group, Inc. (WEC) - Modèle d'entreprise: segments de clientèle

Consommateurs d'électricité résidentielle

WEC Energy Group dessert environ 1,6 million de clients d'électricité résidentielle dans le Wisconsin et l'Illinois en 2023.

État	Clients résidentiels	Facture mensuelle moyenne
Wisconsin	1,1 million	$124.50
Illinois	500,000	$136.75

Clients commerciaux et industriels

WEC Energy Group fournit de l'électricité à 180 000 clients commerciaux et industriels.

• Secteur de la fabrication: 65 000 clients
• Commerces de détail: 45 000 clients
• Industries de services: 40 000 clients
• GRANDES CLIENTS CLIENTS: 30 000 clients

Institutions municipales et gouvernementales

La société dessert 2 500 comptes énergétiques municipaux et gouvernementaux dans ses territoires de service.

Type d'institution	Nombre de clients
Gouvernements locaux	1,200
Institutions d'État	850
Installations fédérales	450

Utilisateurs d'énergie du secteur agricole

WEC Energy Group fournit de l'électricité à 12 500 clients agricoles du Wisconsin et de l'Illinois.

• Fermes laitières: 7 500 clients
• Production agricole: 3 500 clients
• Installations de traitement agricole: 1 500 clients

Développeurs de projets d'énergie renouvelable

La société soutient 85 développeurs de projets d'énergie renouvelable avec des services de connexion Grid et de transmission d'énergie.

Type d'énergie renouvelable	Nombre de développeurs
Solaire	45
Vent	30
Biomasse	10

WEC Energy Group, Inc. (WEC) - Modèle d'entreprise: Structure des coûts

Entretien des installations de production d'électricité

WEC Energy Group a déclaré des frais de maintenance de production d'électricité totale de 487,3 millions de dollars en 2022. La rupture des coûts de maintenance de l'entreprise comprend:

Catégorie de maintenance	Coût annuel ($ m)
Entretien des centrales fossiles	276.4
Entretien des installations d'énergie renouvelable	112.9
Entretien des centrales nucléaires	98.0

Développement et mises à niveau des infrastructures

L'investissement en infrastructure pour 2022 a totalisé 1,2 milliard de dollars, avec des allocations spécifiques:

• Modernisation de la grille: 412 millions de dollars
• Mises à niveau de la ligne de transmission: 287 millions de dollars
• Améliorations de la sous-station: 215 millions de dollars
• Technologie de la grille intelligente: 286 millions de dollars

Frais de conformité réglementaire

Les coûts de conformité réglementaire pour WEC Energy Group en 2022 étaient de 213,7 millions de dollars, notamment:

Zone de conformité	Coût annuel ($ m)
Règlements environnementaux	89.6
Conformité à la sécurité	62.3
Surveillance des émissions	41.8
Représentation réglementaire	20.0

Compensation et formation des employés

Les dépenses totales liées aux employés pour 2022 étaient de 456,2 millions de dollars:

• Salaires de base: 312,5 millions de dollars
• Avantages et soins de santé: 87,3 millions de dollars
• Formation et développement: 56,4 millions de dollars

Investissements technologiques et infrastructures numériques

L'investissement technologique pour 2022 a atteint 178,6 millions de dollars, distribué comme suit:

Catégorie de technologie	Investissement annuel ($ m)
Infrastructure de cybersécurité	52.3
Systèmes de cloud computing	43.7
Plateformes d'analyse de données	38.2
Technologies d'interface client	44.4

WEC Energy Group, Inc. (WEC) - Modèle d'entreprise: Strots de revenus

Ventes d'électricité résidentielle

WEC Energy Group a déclaré des ventes d'électricité résidentielle de 2,86 milliards de dollars en 2022, ce qui représente environ 35% des revenus totaux des services publics.

Année	Revenus de ventes résidentiels	Pourcentage du total des revenus des services publics
2022	2,86 milliards de dollars	35%
2021	2,74 milliards de dollars	33%

Contrats d'électricité commerciaux et industriels

Les ventes d'électricité commerciale et industrielle ont généré 3,42 milliards de dollars de revenus pour WEC Energy Group en 2022, représentant 42% des revenus des services publics.

• Ventes totales d'électricité commerciale: 2,18 milliards de dollars
• Ventes totales d'électricité industrielle: 1,24 milliard de dollars

Ventes de crédit d'énergie renouvelable

WEC Energy Group a généré environ 78 millions de dollars à partir des ventes de crédit aux énergies renouvelables en 2022.

Type de crédit d'énergie renouvelable	Revenu
Recs solaires	42 millions de dollars
Recs	36 millions de dollars

Frais de programme d'efficacité énergétique

Les frais du programme d'efficacité énergétique ont contribué 55 millions de dollars aux revenus du WEC Energy Group en 2022.

Services de grille et revenus de transmission

Les services de grille et les revenus de transmission ont totalisé 312 millions de dollars pour WEC Energy Group en 2022.

Catégorie de service	Revenu
Services de transmission	218 millions de dollars
Services de fiabilité de la grille	94 millions de dollars

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.