WEC Energy Group, Inc. (WEC): PESTLE Analysis [Nov-2025 Updated]

You're tracking WEC Energy Group, Inc. because a utility with a massive, regulated capital plan is a stable bet, but the near-term story is all about a high-stakes bet on data centers. We're seeing WEC reaffirm its 2025 earnings guidance of $5.17 to $5.27 per share, which is solid, but the real engine is the new 2026-2030 capital plan-a staggering $36.5 billion investment designed to fuel 7% to 8% long-term EPS growth. This growth hinges on capturing 3.4 GW of new electric demand, mostly from data centers, meaning the company's success is now tied directly to navigating the political and legal landscape to get that new Very Large Customer (VLC) tariff approved. Let's dig into the Political, Economic, Social, Technological, Legal, and Environmental forces that will defintely determine if WEC unlocks this next phase of growth.

WEC Energy Group, Inc. (WEC) - PESTLE Analysis: Political factors

Regulatory compact provides stable, predictable returns on assets.

The core of WEC Energy Group's financial stability comes from the regulatory compact, which is the political agreement allowing utilities to earn a predictable, authorized rate of return on their capital investments (rate base). This mechanism insulates a large portion of earnings from market volatility, which is a major draw for investors.

In the first nine months of 2025, the Wisconsin utility segment, which drives the majority of WEC's earnings, saw a significant 29.4% increase in net income compared to the same period last year. This jump was primarily due to the impact of new Wisconsin rate orders. The company's regulated business model supports its long-term target for a compound annual earnings growth rate of 6.5% to 7%.

This political and regulatory structure is the defintely the backbone of the company's ability to execute on its massive capital plan.

Here's the quick math on the 2025 financial outlook:

Metric	2025 Fiscal Year Data	Source/Context
Full-Year Earnings Per Share (EPS) Guidance	$5.17 to $5.27	Reaffirmed guidance as of Q2 2025.
Long-Term Earnings Growth Target (CAGR)	6.5% to 7%	Supported by the regulated capital plan.
Total 5-Year Capital Plan (2025-2029)	$28 billion	Largest in company history, focused on regulated assets.
Net Income Increase (Wisconsin Segment YTD Q3 2025)	29.4%	Driven by new Wisconsin rate orders.

New Wisconsin Very Large Customer (VLC) tariff is pending approval.

A critical political and regulatory development in 2025 is the proposed Wisconsin Very Large Customer (VLC) tariff, filed with the Public Service Commission of Wisconsin (PSCW) on March 31, 2025. This is a direct response to the massive electrical demand from new industrial customers, most notably the data center boom, like the $3.3 billion Microsoft campus in Mount Pleasant.

The tariff is a political tool to attract and serve these high-load customers (those with 500 MW or more of forecasted new load) while protecting existing residential and small business ratepayers. It works by establishing a dedicated, long-term financial structure for the new generation assets required to serve them.

The key financial parameters of the pending VLC tariff, which are subject to PSCW approval, are:

• Fixed Return on Equity (ROE): 10.48% for the entire term.
• Equity Ratio: 57%.
• Term Length: 20 years for wind and solar projects, and the depreciable life for natural gas and battery storage assets.

The PSCW order on this tariff is required by May 1, 2026, for customers to begin service on June 1, 2026. If approved, this locks in a very attractive, non-rate-case-dependent return for a significant portion of the new capital investment. That's a huge win for predictability.

Direct lobbying supports carbon reduction and energy affordability targets.

WEC Energy Group actively engages with state and federal policymakers to align its business model with environmental and affordability goals. This isn't just a corporate social responsibility play; it's a political strategy to secure regulatory approvals and cost recovery for its massive capital spending.

The company's lobbying supports its aggressive environmental transition, which includes:

• Carbon Reduction Target: 60% reduction in carbon emissions by the end of 2025 (compared to 2005 levels).
• Long-Term Goal: Net carbon neutrality for the electric generation fleet by 2050.
• Investment Focus: Over $9.1 billion in new renewable investments (solar, wind, battery storage) are included in the 2025-2029 capital plan.

However, the political landscape is complex. While the company is retiring less efficient coal units (two at Oak Creek are scheduled to close in late 2025), it also successfully secured PSCW approval earlier in 2025 for a $1.5 billion investment in new gas power plants. This move, intended to meet the growing demand from data centers and ensure reliability, has drawn political opposition from environmental and consumer groups like the Sierra Club, who argue it undermines clean energy commitments and increases costs for customers.

Eliminated supermajority voting requirements in May 2025, streamlining governance.

The political dynamics within the company's corporate governance saw a major shift at the Annual Meeting of Stockholders on May 8, 2025. Stockholders approved amendments to the Restated Articles of Incorporation and Bylaws to eliminate supermajority voting requirements.

This internal political victory for management and proponents of simple majority standards streamlines the governance process. The vote garnered approximately 245 million votes in favor of eliminating the supermajority requirements. This change makes the company more responsive to a simple majority of shareholders, potentially accelerating decision-making on future strategic and financial matters that previously required a higher threshold of support.

WEC Energy Group, Inc. (WEC) - PESTLE Analysis: Economic factors

Reaffirmed 2025 Earnings Guidance of $5.17 to $5.27 per Share

WEC Energy Group's near-term financial outlook remains rock-solid, a key indicator of economic stability for a regulated utility. You can see this in the company's reaffirmed 2025 earnings guidance, which sits in a tight range of $5.17 to $5.27 per share. That midpoint of $5.22 per share represents an anticipated growth of 7.6 percent over the 2024 adjusted guidance midpoint of $4.85 per share. This defintely signals management's confidence in their operational execution and the underlying strength of the regional economy they serve.

The Q1 2025 performance set a strong foundation, with reported net income of $724.2 million, or $2.27 per share, significantly up from $622.3 million, or $1.97 per share, in Q1 2024. This kind of consistent beat is what investors in the utility sector look for. The company's continued focus on rate base growth and operational excellence is translating directly to shareholder value, plus the dividend was increased by 6.9 percent in January 2025.

Q1 2025 Consolidated Revenues Reached $3.1 Billion

The company's top-line revenue for the first quarter of 2025 underscores the economic activity in its service territory. Consolidated revenues hit $3.1 billion, an increase of $469.3 million compared to the first quarter of the prior year. This revenue surge was driven by higher customer demand across key segments, which is a tangible sign of economic expansion, not just rate increases.

Here's the quick math on customer demand growth in Q1 2025, excluding the iron ore mine in Michigan's Upper Peninsula:

• Residential electricity use rose by 5.5 percent.
• Small commercial and industrial electricity consumption was 2.1 percent higher.
• Large commercial and industrial electricity use increased by 1.1 percent.

The increase in commercial and industrial consumption is particularly bullish, suggesting businesses are expanding and ramping up production, which directly benefits a utility's bottom line. The overall retail deliveries of electricity were up 2.9 percent in Q1 2025.

Regional Economic Strength is Evident with the Wisconsin Unemployment Rate at 3.1%

WEC Energy Group's operations are deeply tied to the health of the regional economy, and the data is overwhelmingly positive. The Wisconsin seasonally adjusted unemployment rate stood at a very low 3.1 percent in both July and August 2025. This is a full 1.2 percentage points below the national unemployment rate of 4.3 percent in August 2025, indicating a tight, resilient labor market.

A low unemployment rate translates to stable, growing customer bases and consistent energy demand, which is the bedrock of a utility's regulated earnings. This regional strength is a significant economic buffer for the company. The state's labor force participation rate was also high at 64.8 percent in August 2025, well above the national rate of 62.3 percent. This is a strong indicator of a healthy, engaged workforce that supports continued economic growth.

New $36.5 Billion Capital Plan (2026-2030) Targets 7% to 8% Long-Term EPS Growth

The most compelling economic factor is WEC Energy Group's dramatically increased capital expenditure (CapEx) plan. The new 2026-2030 capital plan is a massive $36.5 billion, representing an $8.5 billion increase over the prior five-year plan. This monumental investment is primarily a response to unprecedented economic development, specifically the surging demand from data centers in the region.

This CapEx commitment is expected to drive long-term projected earnings per share (EPS) growth of 7 percent to 8 percent annually on a compound basis between 2026 and 2030, accelerating from the near-term 6.5 percent to 7 percent target. The company expects asset-based growth at an average rate of just over 11 percent a year. This is an aggressive, but achievable, growth profile for a utility.

Here is the breakdown of the $36.5 billion capital plan, showing where the economic opportunity is focused:

Investment Area (2026-2030)	Projected Investment Amount	Key Driver/Purpose
Electric Generation (Natural Gas, Renewables, Storage)	>$19 billion	Supporting 3.4 GW electric demand growth, including data centers.
Electric Transmission (ATC Projects)	$4.1 billion	Connecting new generation and strengthening the system for new load growth.
Gas Distribution	$7.1 billion	Infrastructure modernization and maintenance.
Electric Distribution	$4.7 billion	Network upgrades to support increased load.

What this estimate hides is the execution risk on a CapEx plan of this scale, but the economic tailwinds from projects like Microsoft's Mount Pleasant data center and the Vantage Data Centers' Port Washington campus, which will add an estimated 3.4 gigawatts (GW) of electric demand between 2026 and 2030, are powerful. The economic environment is forcing WEC Energy Group to become a growth stock in a traditionally slow-growth sector.

WEC Energy Group, Inc. (WEC) - PESTLE Analysis: Social factors

Serving a large, diverse customer base of 4.7 million across four Midwestern states

You are managing a utility that serves a massive, geographically diverse population, which means your social license to operate is constantly under scrutiny. WEC Energy Group provides vital services to approximately 4.7 million retail customers across four key Midwestern states: Wisconsin, Illinois, Michigan, and Minnesota. This broad service territory requires a nuanced approach to customer relations, as regulatory and community expectations vary significantly from Milwaukee to Chicago to Minneapolis.

The sheer scale of the customer base means any service interruption or rate hike affects millions of households and businesses, so public perception is defintely a core risk factor. The company's regulated utility subsidiaries, like We Energies and Peoples Gas, are embedded in the daily lives of these communities, making local goodwill a non-negotiable asset.

High customer satisfaction and workforce diversity are key metrics in executive pay

The company's leadership understands that social performance directly impacts financial outcomes. This is why key environmental, social, and governance (ESG) metrics are tied to incentive compensation (pay-for-performance) for named executive officers.

Specifically, the incentive program links pay to challenging metrics that include safety, reliability, customer satisfaction, financial discipline, and environmental stewardship. This alignment ensures that management's focus remains on operational excellence and social responsibility, not just raw profit. A concrete measure of the company's commitment to inclusive economic impact is its 2024 spend: WEC Energy Group spent $332.4 million with certified minority-, women-, veteran-, or service-disabled-owned businesses, showing a clear, measurable commitment to supplier diversity.

Community investment is significant, with $19 million in charitable contributions in 2024

Community investment is a critical component of maintaining a strong social license, and WEC Energy Group has a substantial program funded by shareholders. In 2024, the company provided $19 million in charitable grants and contributions to nonprofit organizations across its service territories. This is a significant figure, plus they provided an additional $2.5 million in donations specifically for low-income customer programs to help with affordability.

Here's the quick math on the 2024 charitable giving breakdown:

Donation Category	Amount (2024)	Details
Charitable Grants & Contributions	$19 million	To nonprofit organizations.
Low-Income Customer Programs	$2.5 million	Direct assistance for affordability.
We Energies Foundation Grants (Portion of Total)	$11.5 million	Portion of the total contributed via the We Energies Foundation.
Rewarding Responders Grant (Annual)	$100,000	Annual total for public safety response agencies.

This kind of targeted investment helps mitigate the social impact of being a monopoly utility and builds goodwill with local leaders and customers.

Public pressure demands a balance between clean energy and reliable, affordable service

The most intense social pressure WEC Energy Group faces in 2025 is the tension between its clean energy transition goals and the need for reliable, affordable service. You are trying to manage a transition that is both capital-intensive and subject to public opinion.

The company's long-term strategy is to achieve net carbon neutrality by 2050 and eliminate coal as an energy source by the end of 2032.

However, this transition is not without public backlash. A coalition of environmental groups, including the Sierra Club, is actively opposing WEC Energy Group's plan to build new natural gas plants, totaling 3,000 megawatts (MWs), arguing this contradicts the company's stated carbon reduction goals. Moreover, the controversy is amplified by the proposed rate increases:

• Public opposition centers on the company's requested $800 million rate increase over two years.
• Critics argue these rate hikes prioritize 'massive profit margins' over customer affordability, especially for vulnerable communities.
• The company is investing over $9.1 billion in new renewable investments between 2025 and 2029, which is part of its $28 billion capital plan to enhance reliability and resilience.

The core challenge is a social one: how to fund a massive, necessary clean energy transition while keeping rates affordable for a diverse customer base, especially when the chosen path (natural gas as a bridge fuel) is viewed by some as financially irresponsible and environmentally regressive.

WEC Energy Group, Inc. (WEC) - PESTLE Analysis: Technological factors

Electric demand is forecast to grow by 3.4 GW by 2030, driven by data centers

You're seeing an unprecedented surge in electricity demand, primarily driven by the proliferation of hyperscale data centers and the infrastructure needed for artificial intelligence (AI). This isn't a slow trend; it's a near-term spike that requires immediate technological response.

WEC Energy Group is capitalizing on this, forecasting a demand increase of 3.4 GW between 2026 and 2030, which is a 1.6 GW jump from their prior forecast. This growth is largely anchored by major projects in Wisconsin, like Microsoft's $3.3 billion Mount Pleasant AI data center and the new Vantage Data Centers' Port Washington campus, which has a site potential of up to 3.5 GW over time. That kind of load growth is a game-changer for a regulated utility.

This massive demand requires not just more generation, but a smarter, more resilient grid to handle the constant, high-density power needs of these facilities.

Capital plan includes 4,300 MW of new carbon-free generation, including solar and battery storage

The company's response to this demand and the clean energy transition is laid out in its massive capital plan. The updated 2026-2030 capital plan is now projected at $36.5 billion, an $8.5 billion increase over the previous plan. A core part of this is a significant investment in carbon-free generation technology.

WEC Energy Group plans to build and own 4,300 MW of new carbon-free generation by the end of 2029, which is more than quadrupling its current renewable capacity. This includes substantial investments in solar and battery storage technology, totaling an incremental $2.5 billion in the updated plan. For context, here's a look at the major capital allocation shifts:

Capital Plan Component (2026-2030)	Incremental Increase over Prior Plan	Total Investment (Approximate)
Renewables & Battery Storage	$2.5 billion	Over $9.1 billion (2025-2029 prior plan) + $2.5 billion
Modern Natural Gas Generation	$3.4 billion	Not explicitly stated, but includes 1,100 MW of new combustion turbines
Transmission (ATC projects)	$900 million	$4.1 billion
Distribution Networks (Grid Modernization)	$2.0 billion	Not explicitly stated, but part of the $36.5 billion total

Here's the quick math: the focus is clearly on a balanced mix, with significant capital flowing to both intermittent renewables and the firming capacity of gas and battery storage to maintain reliability.

Investing in grid modernization: line burying and high-tech equipment for reliability

Grid modernization is a critical technological factor, not just for new data center load but for overall system reliability. WEC Energy Group's subsidiary, We Energies, received the 2025 ReliabilityOne Award for the Upper Midwest, which is a direct reflection of these investments.

The company is actively upgrading aging systems and deploying advanced grid technologies. This includes physical hardening and high-tech equipment deployment:

• Burying hundreds of miles of power lines to reduce storm-related outages.
• Adding high-tech equipment, such as remote sensors and advanced communication systems, that can automatically reduce the impact and duration of power outages.
• Investing an additional $2 billion in electric and natural gas distribution networks as part of the updated capital plan.

This is defintely a necessary defensive technology spend; you can't have a modern energy system without a smart, resilient delivery network.

Researching hydrogen power, renewable natural gas, and long-duration battery storage

Beyond current commercial technology, WEC Energy Group is actively exploring next-generation solutions to meet its goal of net carbon-neutral electric generation by 2050. This research is crucial for bridging the gap between intermittent renewables and 24/7 customer needs.

The company is conducting leading research in several key areas:

• Hydrogen Power: They successfully led a first-of-its-kind hydrogen power test in 2022, running a generating unit on hydrogen and natural gas blends up to 25% by volume. This RICE (reciprocating internal combustion engines) unit test provides key data for future low-carbon generation.
• Long-Duration Battery Storage: WEC Energy Group is collaborating on a pilot project at its Valley Power Plant in Milwaukee to test a new form of long-duration organic flow battery storage. This 1-to-2-megawatt-hour pilot is one of the first of its kind on the U.S. electric grid, aiming to solve the challenge of storing solar or wind power for days, not just hours.
• Renewable Natural Gas (RNG): The company is also investing in RNG, which captures methane from sources like landfills and farms, and in natural gas heat pumps, as part of a strategy to improve the natural gas distribution system and reduce emissions.

Finance: Track the regulatory approval timelines for the $36.5 billion capital plan, as project execution is the next big hurdle.

WEC Energy Group, Inc. (WEC) - PESTLE Analysis: Legal factors

Regulated environment requires rate case approvals for capital recovery and returns.

WEC Energy Group operates in a highly regulated environment across multiple states, where state Public Service Commissions (PSCs) determine the utility's allowed Return on Equity (ROE) and approve rate cases necessary for capital recovery. This process is the primary legal mechanism for ensuring the company can earn a return on its massive infrastructure investments, which are projected to be a $28 billion capital plan for the 2025-2029 period.

In Wisconsin, the Public Service Commission of Wisconsin (PSCW) approved rate increases for WEC subsidiaries We Energies and Wisconsin Public Service for 2025 and 2026. While the utilities requested a 10% ROE, the commission ultimately held the authorized ROE at 9.80% for both utilities. This decision directly impacts the company's profitability, as a 20-basis-point difference on a large rate base is a material financial factor. In Illinois, the authorized ROE for the gas subsidiaries, Peoples Gas and North Shore Gas, is even tighter at 9.38%, reflecting a more challenging regulatory climate in that jurisdiction.

Utility Subsidiary (State)	Authorized ROE (2025)	Equity Layer Midpoint
Wisconsin Electric (WI)	9.80%	53.00%
Wisconsin Public Service (WI)	9.80%	53.00%
Peoples Gas (IL)	9.38%	50.79%
North Shore Gas (IL)	9.38%	52.58%

Proposed VLC tariff aims for a fixed Return on Equity (ROE) between 10.48%-10.98%.

A significant legal and regulatory opportunity is the proposed Very Large Customer (VLC) tariff, which is currently under review by the PSCW. This bespoke tariff is designed to serve new, high-demand industrial clients, such as Microsoft's planned $3.3 billion data center campus in Mount Pleasant, Wisconsin.

The VLC tariff is a strategic move to de-risk high-growth investments by proposing a fixed financial structure for the entire term of the agreement, which is 20 years for wind and solar assets. The proposal seeks a fixed ROE of 10.48% and a fixed equity ratio of 57%. This is a higher and more stable ROE than the standard 9.80% authorized for the general Wisconsin rate base, and it offers a clear, long-term financial structure that bypasses the volatility of future general rate cases. The PSCW is expected to issue an order by the second quarter of 2026.

Illinois gas pipe replacement mandates require long-term capital compliance spending.

WEC's Illinois gas subsidiaries, Peoples Gas and North Shore Gas, are subject to state-mandated replacement programs for aging infrastructure, which drives substantial, long-term capital compliance spending. The legal requirement is to replace all gas distribution mains under 36 inches in diameter by January 1, 2035.

While this spending is a regulatory obligation, it also forms a major component of the rate base upon which the utilities earn their authorized ROE of 9.38%. The prior five-year capital budget (2019-2023) for the two Illinois utilities was $3.1 billion, with a significant portion dedicated to the pipe replacement work. The ongoing nature of this mandate ensures a consistent, albeit regulated, investment pipeline and revenue stream for the company.

Ongoing compliance programs address ethics, lobbying, and anti-retaliation policies.

Maintaining a strong legal and ethical posture is crucial in a regulated industry, and WEC Energy Group has a comprehensive Ethics and Compliance program in place. The program is overseen by the Compliance Officer, who reports regularly to the Board's Audit and Oversight Committee.

Key areas of legal compliance are reinforced through mandatory training and explicit policies:

• Ethics and Code of Conduct: The Code of Business Conduct is the foundation, requiring all directors, executive officers, and employees to comply and report suspected violations.
• Lobbying and Government Relations: A formal Government Relations Policy is in place, and in the first quarter of 2025, all external lobbyists and political consultants were required to complete a specialized training course on compliance with lobbying, campaign finance, and political law.
• Anti-Retaliation: The company maintains a strong, explicit anti-retaliation policy, prohibiting any disciplinary action against individuals who report misconduct in good faith. Any employee found to be engaging in retaliation is subject to disciplinary action, up to and including immediate discharge.

The Audit and Oversight Committee conducts an annual review of the Government Relations Policy and related political activities. The compliance framework is defintely a core defense against legal and reputational risk.

WEC Energy Group, Inc. (WEC) - PESTLE Analysis: Environmental factors

You need to understand that WEC Energy Group's environmental strategy is a delicate balance of aggressive decarbonization goals and the immediate, non-negotiable need for grid reliability in the Upper Midwest. The company is on track to meet its near-term carbon reduction targets, but the recent delay in a major coal plant retirement highlights the real-world friction between policy and power supply. This is a story of transition, not just a switch being flipped.

Here's the quick math: The $28 billion capital plan is the engine for 7% to 8% EPS growth, but the regulatory approval of the VLC tariff is the key to unlocking the data center opportunity. Finance: monitor the Wisconsin Public Service Commission's VLC tariff decision by early May 2026.

Targeting a 60% reduction in carbon emissions by end of 2025 (from 2005 levels)

WEC Energy Group is committed to achieving a 60% reduction in carbon emissions from its electric generation fleet by the end of 2025, measured against a 2005 baseline. This aggressive target is a core component of the company's broader climate strategy, which ultimately aims for a net-zero carbon electric generation fleet by 2050. The execution of this plan is supported by the company's substantial capital investment. The most recent capital plan, announced in late 2024, is a $28 billion investment through 2029, with a significant portion dedicated to clean energy projects. This shift is also expected to drop the percentage of the company's revenue and assets tied to coal to less than 10% by the end of 2025.

Coal will be eliminated as an energy source by the end of 2032

The company has a firm, long-term goal to eliminate coal as an energy source entirely by the end of 2032. This is an acceleration from the previously stated 2035 target, reflecting a decisive move away from fossil fuels. To manage the transition, WEC Energy Group plans to use coal only as an emergency backup fuel by the end of 2030. The challenge is replacing the reliable, dispatchable capacity of coal with a mix of renewable and natural gas generation without compromising service reliability, especially during peak demand periods. The company is planning, permitting, or constructing over 6,300 MW of new capacity over the next five years, which includes natural gas, wind, solar, and battery storage.

Goal to achieve net-zero methane emissions from natural gas distribution by 2030

A third of WEC Energy Group's business is natural gas distribution, so addressing methane-a potent greenhouse gas-is critical. The company has set a goal to achieve net-zero methane emissions from its natural gas distribution operations by the end of 2030. This is being accomplished through continuous upgrades to gas delivery networks and the incorporation of renewable natural gas (RNG) into the system. This focus on the distribution side is an important risk mitigation step, as investors are increasingly scrutinizing the full scope of a utility's environmental footprint, not just its electric generation. Honestly, this methane goal puts them ahead of many peers.

Retirement of Oak Creek Units 7-8 (611 MW) is planned for late 2025

The planned retirement of coal-fired generation is facing real-world headwinds. The closure of Oak Creek Units 7 and 8, which had been scheduled for the end of 2025, has been postponed until the end of 2026. This one-year extension was a direct response to warnings from national grid experts about elevated risks of power supply shortages in the Upper Midwest. The units, built in the 1960s, have a combined capacity of 610 megawatts (MW), a capacity the grid operator deemed essential for reliability, particularly during extreme weather events. This is a clear example of reliability trumping the original decarbonization timeline in the near term.

The table below summarizes the key environmental targets and the financial commitment driving the transition.

Environmental Metric	Target/Status (2025 Fiscal Year Focus)	Financial/Capacity Impact	Timeline
Carbon Emission Reduction (Electric Generation)	60% reduction (from 2005 levels)	Backed by a $28 billion capital plan through 2029	By end of 2025
Coal-Fired Assets/Revenue	Less than 10% of total revenue and assets	Reduces stranded asset risk; supports clean energy investment	By end of 2025
Methane Emissions (Natural Gas Distribution)	Net-zero methane emissions	Mitigates regulatory and climate risk for 33% of the business	By end of 2030
Oak Creek Units 7-8 Retirement	Postponed retirement to maintain grid reliability	Preserves 610 MW of coal-fired capacity for an extra year	Delayed from end of 2025 to end of 2026

The company's focus on a 'clean energy future' is defintely evident in its capital allocation:

• Total planned investment in renewables by 2029 is $9.1 billion.
• New generation capacity planned, permitted, or under construction is over 6,300 MW.
• The long-term coal elimination date is set for the end of 2032.