WEC Energy Group, Inc. (WEC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da transformação de energia, o WEC Energy Group, Inc. surge como um jogador fundamental, navegando estrategicamente no complexo terreno de geração e distribuição de energia. Ao elaborar meticulosamente um modelo de negócios abrangente que equilibra fontes de energia tradicionais com tecnologias renováveis ​​inovadoras, o WEC demonstra uma abordagem de visão de futuro para atender às demandas em evolução dos consumidores de eletricidade residencial, comercial e industrial. Seu intrincado modelo de negócios Canvas revela uma estratégia sofisticada que não apenas garante a entrega confiável de energia, mas também defende a sustentabilidade, o avanço tecnológico e as soluções centradas no cliente em um mercado de energia cada vez mais competitivo.

WEC Energy Group, Inc. (WEC) - Modelo de negócios: Parcerias -chave

Parcerias de serviços elétricos com organizações de transmissão regional

O WEC Energy Group participa da Organização Regional de Transmissão Regional do Operador Independente do Sistema Independente (MISO), cobrindo 15 estados dos EUA e a província canadense de Manitoba.

Detalhes da parceria	Cobertura de transmissão	Investimento anual de transmissão
Participação do miso	15 Estados dos EUA	US $ 287 milhões (2022)

Provedores de tecnologia de energia renovável e fabricantes de equipamentos

O WEC Energy Group colabora com vários fabricantes de equipamentos de energia renovável.

• Sistemas eólicos Vestas para compras de turbinas eólicas
• Primeira Solar para Tecnologia de Painel Solar
• General Electric for Grid Infrastructure Equipment

Provedor de tecnologia	Foco em tecnologia	Valor anual de compras
Vestas Wind Systems	Tecnologia da turbina eólica	US $ 126 milhões (2022)
Primeiro solar	Fabricação de painel solar	US $ 94 milhões (2022)

Agências regulatórias do governo estadual e local

O WEC Energy Group mantém parcerias com agências reguladoras em Wisconsin, Illinois e Michigan.

• Comissão de Serviço Público de Wisconsin
• Comissão de Comércio de Illinois
• Comissão de Serviço Público de Michigan

Instituições financeiras para investimento de infraestrutura

O WEC Energy Group trabalha com instituições financeiras para financiamento de infraestrutura.

Instituição financeira	Tipo de investimento	Valor anual do investimento
JPMorgan Chase	Financiamento de infraestrutura	US $ 412 milhões (2022)
Wells Fargo	Investimento em energia verde	US $ 276 milhões (2022)

Organizações de conservação e sustentabilidade ambientais

O WEC Energy Group faz parceria com organizações ambientais para apoiar iniciativas de sustentabilidade.

• A Conservancy Nature
• Fundo de Defesa Ambiental
• World Wildlife Fund

Organização	Foco de sustentabilidade	Contribuição anual
A Conservancy Nature	Preservação do habitat	US $ 1,2 milhão (2022)
Fundo de Defesa Ambiental	Redução de carbono	$875,000 (2022)

WEC Energy Group, Inc. (WEC) - Modelo de negócios: Atividades -chave

Geração de energia elétrica de diversas fontes

O WEC Energy Group gera eletricidade de várias fontes com a seguinte composição:

Fonte de geração	Percentagem	Capacidade (MW)
Carvão	47%	5,983
Gás natural	25%	3,190
Energia renovável	28%	3,572

Gerenciamento de infraestrutura de transmissão e distribuição elétrica

Detalhes da infraestrutura:

• Total de linhas de transmissão: 6.500 milhas
• Linhas de distribuição: 45.000 milhas
• Área de serviço: Wisconsin, Illinois, Michigan
• Número de subestações: 375

Deficiência de eficiência energética Desenvolvimento do Programa de Conservação

Investimentos de programa em 2023:

Categoria de programa	Valor do investimento
Eficiência energética residencial	US $ 42,3 milhões
Gerenciamento de energia comercial	US $ 28,7 milhões
Conservação industrial	US $ 19,5 milhões

Modernização da grade e implementação de tecnologia inteligente

Investimentos de tecnologia:

• Instalações de medidores inteligentes: 1,2 milhão
• Sistemas avançados de controle de grade: 87 implantações
• Investimento de tecnologia anual: US $ 256 milhões

Atendimento ao cliente e gerenciamento de soluções energéticas

Métricas de atendimento ao cliente:

Métrica	Valor
Total de clientes atendidos	4,5 milhões
Classificação de satisfação do cliente	87%
Tempo médio de resposta	45 minutos

WEC Energy Group, Inc. (WEC) - Modelo de negócios: Recursos -chave

Instalações de geração de energia

O WEC Energy Group opera 36 instalações de geração de energia em vários estados, com uma capacidade total de geração de 8.915 megawatts a partir de 2023.

Tipo de instalação	Número de instalações	Capacidade total (MW)
Plantas a carvão	12	4,215
Plantas de gás natural	8	2,650
Instalações de energia renovável	16	2,050

Infraestrutura da grade elétrica

WEC Energy Group mantém 15.600 milhas de linhas de transmissão e 45.320 milhas de linhas de distribuição em seus territórios de serviço.

Composição da força de trabalho

A partir de 2023, o WEC Energy Group emprega 4.987 trabalhadores qualificados, com a seguinte quebra:

• Funcionários técnicos: 1.872
• Profissionais de engenharia: 1.245
• Equipe de operações: 1.870

Capital financeiro

Recursos financeiros para investimentos em infraestrutura a partir de 2023:

Métrica financeira	Quantia
Total de ativos	US $ 39,6 bilhões
Despesas de capital anuais	US $ 2,3 bilhões
Caixa e equivalentes de dinheiro	US $ 287 milhões

Recursos tecnológicos

O WEC Energy Group investiu em 17 Tecnologias proprietárias de gerenciamento de energia, com gastos anuais de P&D de US $ 42 milhões em 2023.

WEC Energy Group, Inc. (WEC) - Modelo de negócios: proposições de valor

Distribuição de energia elétrica confiável e consistente

O WEC Energy Group atende a aproximadamente 4,5 milhões de clientes elétricos em Wisconsin e Illinois. A empresa mantém uma capacidade de geração de energia de 8.700 megawatts, com uma taxa de confiabilidade do sistema de 99,97%.

Área de serviço	Clientes elétricos	Capacidade de geração
Wisconsin	3,2 milhões	6.200 MW
Illinois	1,3 milhão	2.500 MW

Taxas de eletricidade competitivas para clientes residenciais e comerciais

O WEC Energy Group mantém taxas de eletricidade competitivas com média de US $ 0,13 por quilowatt-hora para clientes residenciais e US $ 0,085 por quilowatt-hora para clientes comerciais.

Portfólio de energia renovável em crescimento

A empresa se comprometeu com 30% de geração de energia renovável até 2030. O portfólio atual de energia renovável inclui:

• Energia eólica: 700 MW
• Energia solar: 250 MW
• Biomassa: 50 MW

Soluções de energia sustentável e ambientalmente responsável

O WEC Energy Group investiu US $ 1,2 bilhão em tecnologias de infraestrutura ambiental e redução de emissões. Alvo de redução de emissões de carbono: 50% até 2030 em comparação com os níveis de 2005.

Programas abrangentes de eficiência energética

Tipo de programa	Investimento anual	Economia de clientes
Eficiência residencial	US $ 85 milhões	US $ 45 por cliente
Eficiência comercial	US $ 120 milhões	US $ 750 por empresa

WEC Energy Group, Inc. (WEC) - Modelo de Negócios: Relacionamentos do Cliente

Plataformas personalizadas de atendimento ao cliente

O WEC Energy Group opera plataformas de atendimento ao cliente com as seguintes características:

Canal de atendimento ao cliente	Disponibilidade	Tempo de resposta
Suporte telefônico	24/7	Média de 3-5 minutos
Chat online	8h às 20h CST	Média 2-4 minutos
Suporte por e -mail	Horário de negócios	24-48 horas

Ferramentas de gerenciamento de contas digitais

O WEC Energy Group fornece plataformas digitais com os seguintes recursos:

• Aplicativo móvel com rastreamento de uso de energia em tempo real
• Sistemas de pagamento de conta on -line
• Integração de leitura automatizada do medidor
• Mecanismos de relatório de interrupção digital

Iniciativas de engajamento e educação energética da comunidade

As métricas de engajamento da comunidade do WEC Energy Group incluem:

Iniciativa	Alcance anual	Investimento
Programas de educação energética escolar	25.000 estudantes	$350,000
Workshops de energia comunitária	5.000 participantes	$150,000
Seminários de eficiência energética	3.500 participantes	$125,000

Comunicação proativa durante interrupções de serviço

Estratégias de comunicação de interrupção de serviço:

• Atualizações de mapas de interrupção em tempo real
• Sistemas de notificação de SMS/texto
• Alertas de tempo de restauração estimados
• Canais de comunicação de mídia social

Serviços de consulta de eficiência energética personalizada

Ofertas de consulta de eficiência energética do WEC Energy Group:

Tipo de consulta	Participantes anuais	Duração média da consulta
Auditoria de energia residencial	7,500	90 minutos
Avaliação de energia comercial	1,200	3 horas
Otimização de energia industrial	350	Consulta de dia inteiro

WEC Energy Group, Inc. (WEC) - Modelo de Negócios: Canais

Portais de atendimento ao cliente online

O WEC Energy Group fornece plataformas de atendimento ao cliente baseadas na Web para seus clientes de serviços públicos em Wisconsin, Illinois e Michigan. O portal on -line lida com aproximadamente 2,5 milhões de contas de clientes com recursos de serviço digital.

Recurso de serviço digital	Estatísticas de uso
Pagamento da conta on -line	78% dos clientes usam métodos de pagamento digital
Gerenciamento de contas	1,9 milhão de contas online ativas
Rastreamento de uso de energia	62% dos clientes utilizam monitoramento de energia digital

Aplicativos para smartphones móveis

O WEC Energy Group oferece aplicativos móveis para plataformas iOS e Android com recursos de gerenciamento de utilidades em tempo real.

• Taxa de download de aplicativos móveis: 425.000 usuários ativos
• Usuários mensais de aplicativos ativos: 287.000
• Principais funcionalidades do aplicativo: pagamento da conta, relatórios de interrupção, rastreamento de uso de energia

Centros de atendimento ao cliente físico

O WEC mantém 17 locais de atendimento ao cliente físico em seus territórios operacionais.

Localização do centro de serviço	Interações anuais do cliente
Locais de Wisconsin	312.000 interações pessoais
Locais de Illinois	156.000 interações pessoais
Locais de Michigan	98.000 interações pessoais

Sistemas diretos de cobrança e comunicação

O WEC Energy Group processa aproximadamente 2,7 milhões de declarações de cobrança mensal por meio de vários canais de comunicação.

• Cobrança eletrônica: 1,9 milhão de clientes
• Cobrança em papel: 800.000 clientes
• Volume médio de cobrança mensal: US $ 287 milhões

Oficinas de divulgação e energia comunitária

O WEC Energy Group conduz oficinas de eficiência energética e sustentabilidade em seus territórios de serviço.

Programa de divulgação	Participação anual
Oficinas de eficiência energética	42 workshops
Eventos de engajamento da comunidade	87 eventos
Alcance total do participante	26.500 indivíduos

WEC Energy Group, Inc. (WEC) - Modelo de negócios: segmentos de clientes

Consumidores de eletricidade residencial

O WEC Energy Group atende a aproximadamente 1,6 milhão de clientes de eletricidade residencial em Wisconsin e Illinois a partir de 2023.

Estado	Clientes residenciais	Conta mensal média
Wisconsin	1,1 milhão	$124.50
Illinois	500,000	$136.75

Clientes comerciais comerciais e industriais

O WEC Energy Group fornece eletricidade a 180.000 clientes comerciais e industriais.

• Setor de manufatura: 65.000 clientes
• Empresas de varejo: 45.000 clientes
• Indústrias de serviço: 40.000 clientes
• Grandes clientes corporativos: 30.000 clientes

Instituições municipais e governamentais

A empresa atende a 2.500 contas de energia municipal e governamental em seus territórios de serviço.

Tipo de instituição	Número de clientes
Governos locais	1,200
Instituições do Estado	850
Instalações federais	450

Usuários de energia do setor agrícola

O WEC Energy Group fornece eletricidade a 12.500 clientes agrícolas em Wisconsin e Illinois.

• Fazendas de laticínios: 7.500 clientes
• Produção agrícola: 3.500 clientes
• Instalações de processamento agrícola: 1.500 clientes

Desenvolvedores de projetos de energia renovável

A empresa suporta 85 desenvolvedores de projetos de energia renovável com conexão de grade e serviços de transmissão de energia.

Tipo de energia renovável	Número de desenvolvedores
Solar	45
Vento	30
Biomassa	10

WEC Energy Group, Inc. (WEC) - Modelo de negócios: estrutura de custos

Manutenção da instalação de geração de energia

O WEC Energy Group relatou despesas totais de manutenção de geração de energia de US $ 487,3 milhões em 2022. A quebra dos custos de manutenção da empresa inclui:

Categoria de manutenção	Custo anual ($ m)
Manutenção da usina fóssil	276.4
Manutenção da instalação de energia renovável	112.9
Manutenção da usina nuclear	98.0

Desenvolvimento de infraestrutura e atualizações

O investimento em infraestrutura para 2022 totalizou US $ 1,2 bilhão, com alocações específicas:

• Modernização da grade: US $ 412 milhões
• Atualizações da linha de transmissão: US $ 287 milhões
• Melhorias da subestação: US $ 215 milhões
• Tecnologia de grade inteligente: US $ 286 milhões

Despesas de conformidade regulatória

Os custos de conformidade regulatória do WEC Energy Group em 2022 foram de US $ 213,7 milhões, incluindo:

Área de conformidade	Custo anual ($ m)
Regulamentos ambientais	89.6
Conformidade de segurança	62.3
Monitoramento de emissões	41.8
Relatórios regulatórios	20.0

Compensação e treinamento de funcionários

As despesas totais relacionadas aos funcionários em 2022 foram de US $ 456,2 milhões:

• Salários base: US $ 312,5 milhões
• Benefícios e assistência médica: US $ 87,3 milhões
• Treinamento e desenvolvimento: US $ 56,4 milhões

Investimentos de tecnologia e infraestrutura digital

O investimento em tecnologia para 2022 atingiu US $ 178,6 milhões, distribuído da seguinte forma:

Categoria de tecnologia	Investimento anual ($ M)
Infraestrutura de segurança cibernética	52.3
Sistemas de computação em nuvem	43.7
Plataformas de análise de dados	38.2
Tecnologias de interface do cliente	44.4

WEC Energy Group, Inc. (WEC) - Modelo de negócios: fluxos de receita

Vendas de eletricidade residencial

O WEC Energy Group registrou vendas de eletricidade residencial de US $ 2,86 bilhões em 2022, representando aproximadamente 35% da receita total de serviços públicos.

Ano	Receita de vendas residenciais	Porcentagem da receita total de utilidade
2022	US $ 2,86 bilhões	35%
2021	US $ 2,74 bilhões	33%

Contratos de energia comercial e industrial

As vendas comerciais e industriais de eletricidade geraram US $ 3,42 bilhões em receita para o WEC Energy Group em 2022, representando 42% da receita de serviços públicos.

• Vendas comerciais totais de eletricidade: US $ 2,18 bilhões
• Vendas totais de eletricidade industrial: US $ 1,24 bilhão

Vendas de crédito energético renováveis

O WEC Energy Group gerou aproximadamente US $ 78 milhões com vendas de crédito de energia renovável em 2022.

Tipo de crédito energético renovável	Receita
Solar Recs	US $ 42 milhões
Vento recs	US $ 36 milhões

Taxas do programa de eficiência energética

As taxas do programa de eficiência energética contribuíram com US $ 55 milhões para a receita do WEC Energy Group em 2022.

Serviços de grade e receitas de transmissão

Os serviços de grade e as receitas de transmissão totalizaram US $ 312 milhões para o WEC Energy Group em 2022.

Categoria de serviço	Receita
Serviços de transmissão	US $ 218 milhões
Serviços de confiabilidade da grade	US $ 94 milhões

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.