WEC Energy Group

2024 Annual Report
Notice of 2025 Annual Meeting and Proxy Statement 

We provide vital 
services to 
4.7 million 
customers in Wisconsin, 
Illinois, Michigan 
and Minnesota.
72,400 miles of 
electric distribution
47,000 miles of 
natural gas distribution 
and transmission
8,150 megawatts 
of power generating 
capacity
7,000 employees
An Energy Industry Leader 
WEC Energy Group is one of the nation’s leading energy companies, with the 
operational expertise and financial resources to meet the needs of customers 
across the Midwest.
One-year
Three-year
Five-year
Ten-year
10-Year Total Shareholder Return 
WEC Energy Group consistently delivers among the best total returns in the industry. 
The illustration demonstrates our stock price appreciation plus the compound effect of 
dividend growth over the past decade. A $100 investment at the end of 2014 grew to a 
total value of $247, a 147% return.
$250
$200
$150
$100
Dividends
Stock price
WEC
Philadelphia Utility
S&P Utilities
147%
125%
119%
10-year total cumulative shareholder return Dec. 31, 2014, through Dec. 31, 2024.
$247

2024 ANNUAL REPORT  |  1
′15*
′16
′17
′18
′19
′20
′21
′22
′23
′24
′15
′16
′17
′18
′19
′20
′21
′22
′23
′24
*See Appendix A on page P-90 for reconciliation of non-GAAP measures.
$5.00
$4.50
$4.00
$3.50
$3.00
$2.50
$2.00
$1.50
$3.50
$3.00
$2.50
$2.00
$1.50
Annualized dividends per share
Earnings per share*
$4.83
GAAP
GAAP
GAAP
$4.88
ADJUSTED
ADJUSTED
GAAP
GAAP
ADJUSTED
ADJUSTED
ADJUSTED
  *Annualized based on fourth-quarter 2015 dividend of 45.75 cents per share.
$3.34
Financial Snapshot 
(In millions, except per share data and percentages)
2024
2023
Change
GAAP earnings
 $1,527.2 
 $1,331.7 
14.7%
GAAP earnings per share
 $4.83 
 $4.22 
14.5%
Adjusted earnings*
 $1,545.6 
 $1,461.5 
5.8%
Adjusted earnings per share*
 $4.88 
 $4.63 
5.4%
Dividends per share
 $3.34 
 $3.12 
7.1%
Dividend yield 
3.6%
3.7%
Diluted average shares outstanding
 316.5 
 315.9 
GAAP return on average common equity
12.66%
11.53%
Book value per share
 $39.02 
 $37.17 
5.0%
Total assets
 $47,363 
 $43,940 
7.8%
Market price per share at year-end
 $94.04 
 $84.17 
11.7%
Market capitalization at year-end
 $29,875 
 $26,550 
12.5%

2  |  WEC ENERGY GROUP
I’ve never been more 
optimistic about the 
future of our industry 
and the outlook for 
WEC Energy Group.
Powering growth and empowering possibilities
To my fellow shareholders,
Building from a solid foundation
For more than two decades, WEC Energy Group has 
been recognized as the guidepost for delivering solid 
and consistent operational and financial results.
Our leadership has driven operating efficiencies 
while we remain committed to delivering affordable, 
reliable and clean energy to our customers.
Throughout 2024, our board of directors and 
management team maintained a clear focus on 
the fundamentals of our business — resulting in 
an exceptional year on virtually every meaningful 
measure — from customer satisfaction, to financial 
performance, to steady execution of our capital plan.
Our financial discipline and resourceful mindset 
enabled us to navigate challenges and execute 
our plan. Once again, in 2024, WEC Energy Group 
delivered solid growth in net income and earnings 
per share, and continued its record of returning 
more cash to shareholders than in any other year 
in company history. We also increased the dividend 
by 6.9% in January 2025 — the 22nd consecutive 
year of dividend increases for our shareholders, and 
among the highest dividend growth rates in the 
utility industry.
And I’m pleased to note that we were added to 
S&P’s High Yield Dividend Aristocrats Index in 2024.
It is with this solid foundation and continued 
focus that WEC Energy Group is well positioned 
to capitalize on significant new investment 
opportunities — opportunities that are driven by 
vibrant and growing economic activity in our region.
Scott Lauber 
President and Chief Executive Officer  

2024 ANNUAL REPORT  |  3
Robust plan for growth and reliability
We’re looking forward to the years ahead that point 
to unprecedented electric demand growth. In fall 
2024, the company announced its largest five-
year capital plan to date, allocating $28 billion of 
investment to support safety, reliability and growth.
A balanced generation mix is a significant focus for 
our electric utilities to continue providing affordable 
and reliable energy to our customers. This capital 
investment strategy also supports annual growth in 
our asset base of 9.6%.
This means modernizing our natural gas-fueled 
generation. We plan to add more than 1,900 megawatts 
of new combustion turbines and reciprocating internal 
combustion engines — which are modular and scalable. 
Modern, efficient natural gas generation serves as a 
critical resource in our energy transformation. We’re also 
investing in reliability for our natural gas network with 
6 Bcf of new liquefied natural gas (LNG) storage. LNG 
facilities are needed to ensure gas supply for winter 
reliability — to meet peak customer demand for heating 
while ensuring gas supply for our power generation.
Also, we plan to invest $9.1 billion in regulated 
renewable generation to build and own approximately 
4,300 more megawatts. In 2024, WEC Energy Group 
added more low- and no-carbon generation to its 
fleet, while retiring older, less efficient coal generation. 
These investments have helped the company make 
significant progress toward a cleaner energy future. 
We plan to continue on this path, with supportive 
policies and constructive regulation in place. 
To support economic growth, the expansion of 
generation and grid reliability, we plan to invest  
$3.2 billion in transmission through our 60% 
ownership of American Transmission Company. 
The longer-term outlook for transmission investment 
is equally strong, as it is in our electric and gas 
distribution system, where we’re continually focused 
on improving network safety and reliability.
Poised for the future
Our focus on the fundamentals of our business 
begins with our 4.7 million customers who depend 
on reliable and affordable service, and this extends 
to the communities we’re privileged to serve. 
We’re working hard to strengthen the fabric of our 
neighborhoods as an engaged corporate citizen.
I’ve never been more optimistic about the future of 
our industry and the outlook for WEC Energy Group 
over my 30-year career. Our future is bright. Our 
investment opportunity has never been greater, 
and we’re focused on execution. We are guided by 
our values of safety, customer care and financial 
discipline, while acting with integrity, accountability 
and a sense of urgency. Our commitment to 
excellence ensures that we are on the right track.
We believe that we’re poised to deliver among the 
best risk-adjusted returns in our industry.
On behalf of our entire management team, thank 
you for your investment and confidence as we work 
hard to build on our legacy of success — delivering 
affordable, reliable, clean energy for years to come.
Respectfully,
Scott J. Lauber 
President and Chief Executive Officer
March 6, 2025
It is with this solid foundation and continued 
focus that WEC Energy Group is well 
positioned to capitalize on significant new 
investment opportunities — opportunities 
that are driven by vibrant and growing 
economic activity in our region.

4  |  WEC ENERGY GROUP
Wisconsin Public Service has earned national recognition for its commitment to reliability 
and customer service. The company was named the top-performing midsize utility as part 
of PA Consultingʼs 2024 ReliabilityOne Awards. To uphold our record of electric reliability, 
efficiency and safety, we are continuing to invest in system hardening initiatives, including 
overhead-to-underground line conversion in higher-risk areas.

2024 ANNUAL  
FINANCIAL STATEMENTS  
AND  
REVIEW OF OPERATIONS

TABLE OF CONTENTS
F-3
Glossary of Terms and Abbreviations
F-7
Cautionary Statement Regarding Forward-Looking Information
F-9
Business of the Company
F-10
Management's Discussion and Analysis of Financial Condition and Results of Operations
F-47
Quantitative and Qualitative Disclosures About Market Risk
F-48
Consolidated Financial Statements
F-53
Notes to Consolidated Financial Statements
F-110
Reports of Independent Registered Public Accounting Firm
F-113
Internal Control Over Financial Reporting
F-113
Market for Our Common Equity and Related Stockholder Matters
F-114
Performance Graph
F-115
Board of Directors
F-116
Officers
WEC Energy Group
F-2
2024 Annual Financial Statements

GLOSSARY OF TERMS AND ABBREVIATIONS
The abbreviations and terms set forth below are used throughout this report and have the meanings assigned to them below:
Subsidiaries and Affiliates
ATC
American Transmission Company LLC
ATC Holdco
ATC Holdco LLC
ATC Holding
ATC Holding LLC
Bishop Hill III
Bishop Hill Energy III LLC
Blooming Grove
Blooming Grove Wind Energy Center LLC
Bluewater
Bluewater Natural Gas Holding, LLC
Bluewater Gas Storage
Bluewater Gas Storage, LLC
Coyote Ridge
Coyote Ridge Wind, LLC
Delilah I
Delilah Solar Energy LLC
Hardin III
Hardin Solar III Energy Center LLC
Integrys
Integrys Holding, Inc.
Jayhawk
Jayhawk Wind, LLC
Maple Flats
Maple Flats Solar Energy Center LLC
MERC
Minnesota Energy Resources Corporation
MGU
Michigan Gas Utilities Corporation
NSG
North Shore Gas Company
PDL
WPS Power Development, LLC
PELLC
Peoples Energy, LLC
PGL
The Peoples Gas Light and Coke Company
Samson I
Samson I Solar Energy Center LLC
Sapphire Sky
Sapphire Sky Wind Energy LLC
Tatanka Ridge
Tatanka Ridge Wind, LLC
Thunderhead
Thunderhead Wind Energy LLC
UMERC
Upper Michigan Energy Resources Corporation
Upstream
Upstream Wind Energy LLC
WBS
WEC Business Services LLC
WE
Wisconsin Electric Power Company
We Power
W.E. Power, LLC
WEC Energy Group
WEC Energy Group, Inc.
WECC
Wisconsin Energy Capital Corporation
WECI
WEC Infrastructure LLC
WECI Energy Holding III
WEC Infrastructure Energy Holding III LLC
WECI Wind Holding I
WEC Infrastructure Wind Holding I LLC
WECI Wind Holding II
WEC Infrastructure Wind Holding II LLC
WEPCo Environmental Trust
WEPCo Environmental Trust Finance I, LLC
WG
Wisconsin Gas LLC
Wispark
Wispark LLC
Wisvest
Wisvest LLC
WPS
Wisconsin Public Service Corporation
WRPC
Wisconsin River Power Company
Federal and State Regulatory Agencies
CBP
United States Customs and Border Protection Agency
DOC
United States Department of Commerce
DOE
United States Department of Energy
EPA
United States Environmental Protection Agency
FERC
Federal Energy Regulatory Commission
ICC
Illinois Commerce Commission
IRS
United States Internal Revenue Service
MPSC
Michigan Public Service Commission
MPUC
Minnesota Public Utilities Commission
PSCW
Public Service Commission of Wisconsin
SEC
Securities and Exchange Commission
WEC Energy Group
F-3
2024 Annual Financial Statements

USITC
United States International Trade Commission
WDNR
Wisconsin Department of Natural Resources
Accounting Terms
AFUDC
Allowance for Funds Used During Construction
ARO
Asset Retirement Obligation
ASC
Accounting Standards Codification
ASU
Accounting Standards Update
CWIP
Construction Work in Progress
FASB
Financial Accounting Standards Board
GAAP
Generally Accepted Accounting Principles
LIFO
Last-In, First-Out
OPEB
Other Postretirement Employee Benefits
VIE
Variable Interest Entity
Environmental Terms
Act 141
2005 Wisconsin Act 141
BATW
Bottom Ash Transport Water
BTA
Best Technology Available
CAA
Clean Air Act
CASAC
Clean Air Scientific Advisory Committee
CCR
Coal Combustion Residual
CO2
Carbon Dioxide
CRL
Combustine Residual Leachate
CWA
Clean Water Act
ELG
Steam Electric Effluent Limitation Guidelines
FGD
Flue Gas Desulfurization
GHG
Greenhouse Gas
MATS
Mercury and Air Toxics Standards
NAAQS
National Ambient Air Quality Standards
NOV
Notice of Violation
NOx
Nitrogen Oxide
PCB
Polychlorinated Biphenyl
PM
Particulate Matter
SO2
Sulfur Dioxide
WPDES
Wisconsin Pollutant Discharge Elimination System
Measurements
Bcf
Billion Cubic Feet
Dth
Dekatherm
lb/MMBtu
Pound Per Million British Thermal Unit
MDth
One Thousand Dekatherms
MW
Megawatt
MWh
Megawatt-hour
µg/m3
Micrograms Per Cubic Meter
Other Terms and Abbreviations
2007 Junior Notes
WEC Energy Group, Inc.'s 2007 Junior Subordinated Notes Due 2067
2024A Junior Notes
WEC Energy Group, Inc.'s Series 2024A 6.69% Fixed-to-Fixed Reset Rate Junior Subordinated Notes 
Due June 15, 2055
2024B Junior Notes
WEC Energy Group, Inc.'s Series 2024B 6.74% Fixed-to-Fixed Reset Rate Junior Subordinated Notes 
Due June 15, 2055
2027 Notes
WEC Energy Group, Inc. 4.375% Convertible Senior Notes Due 2027
2029 Notes
WEC Energy Group, Inc. 4.375% Convertible Senior Notes Due 2029
AD
Antidumping
AI
Artificial Intelligence
AMI
Advanced Metering Infrastructure
AOC
Audit and Oversight Committee of the Board of Directors
ARR
Auction Revenue Right
WEC Energy Group
F-4
2024 Annual Financial Statements

Badger Hollow I
Badger Hollow Solar Park I
Badger Hollow II
Badger Hollow Solar Park II
Badger Hollow Wind
Badger Hollow Wind Energy Generation Facility
CABO
Clean and Affordable Buildings Ordinance
CAO
Chief Administrative Officer
CEO
Chief Executive Officer
CFR
Code of Federal Regulations
Chicago, IL-IN-WI
Chicago, Illinois, Indiana, and Wisconsin
CODM
Chief Operating Decision Maker
Columbia
Columbia Energy Center
Compensation Committee
Compensation Committee of the Board of Directors
CSIRT
Cybersecurity Incident Response Team
CVD
Countervailing Duty
D.C. Circuit Court of Appeals
United States Court of Appeals for the District of Columbia Circuit
Darien
Darien Solar Park
Dawn Harvest
Dawn Harvest Solar Energy Center
DER
Distributed Energy Resource
DRER
Dedicated Renewable Energy Resource
EDA
Equity Distribution Agreement
Edgewater
Edgewater Generating Station
Enterprise Security Director
Director of Enterprise Security & Compliance
ERGS
Elm Road Generating Station
ER 1
Elm Road Generating Station Unit 1
ER 2
Elm Road Generating Station Unit 2
ERSC
Enterprise Risk Steering Committee
ETB
Environmental Trust Bond
EV
Electric Vehicle
Exchange Act
Securities Exchange Act of 1934, as amended
Forward Wind
Forward Wind Energy Center
FTR
Financial Transmission Right
GCRM
Gas Cost Recovery Mechanism
Good Oak
Good Oak Solar Generation Facility
Gristmill
Gristmill Solar Generation Facility
High Noon
High Noon Solar Energy Center
Holding Company Act
Wisconsin Utility Holding Company Act
IRA
Inflation Reduction Act
IT/OT
Information Technology and Operational Technology
ITC
Investment Tax Credit
Koshkonong
Koshkonong Solar Park
LDC
Local Natural Gas Distribution Company
LMP
Locational Marginal Price
LNG
Liquefied Natural Gas
MG&E
Madison Gas and Electric Company
MISO
Midcontinent Independent System Operator, Inc.
MISO Energy Markets
MISO Energy and Operating Reserves Market
MRP
Main Replacement Program
NYMEX
New York Mercantile Exchange
OCPP
Oak Creek Power Plant
Omnibus Stock Incentive Plan
WEC Energy Group Omnibus Stock Incentive Plan, Amended and Restated, Effective as of May 6, 
2021
Paris
Paris Solar-Battery Park
PHMSA
Pipeline and Hazardous Materials Safety Administration
PIPP
Presque Isle Power Plant
Point Beach
Point Beach Nuclear Power Plant
PPA
Power Purchase Agreement
PTC
Production Tax Credit
PUHCA 2005
Public Utility Holding Company Act of 2005
Pulliam
J. P. Pulliam Generating Station
PWGS
Port Washington Generating Station
WEC Energy Group
F-5
2024 Annual Financial Statements

PWGS 1
Port Washington Generating Station Unit 1
PWGS 2
Port Washington Generating Station Unit 2
QIP
Qualifying Infrastructure Plant
REC
Renewable Energy Certificate
Red Barn
Red Barn Wind Park
Renegade
Renegade Solar Energy Center
RICE
Reciprocating Internal Combustion Engine
RNG
Renewable Natural Gas
ROE
Return on Equity
Rothschild
Rothschild Biomass Cogeneration Plant
RTC
Renewable Thermal Credit
RTO
Regional Transmission Organization
S&P
Standard & Poor's
Saratoga
Saratoga Solar Electric Generation and BESS Facility
SIP
State Implementation Plan
SMP
Safety Modernization Program
SSR
System Support Resource
Supreme Court
United States Supreme Court
Tax Legislation
Tax Cuts and Jobs Act of 2017
TCR
Transmission Congestion Right
Tilden
Tilden Mining Company
Two Creeks
Two Creeks Solar Park
UEA
Uncollectible Expense Adjustment
UFLPA
Uyghur Forced Labor Prevention Act
Ursa
Ursa Solar Electric Generation Facility
VAPP
Valley Power Plant
Weston
Weston Generating Station
West Riverside
West Riverside Energy Center
Whitetail
Whitetail Wind Energy Generation Facility
Whitewater
Whitewater Cogeneration Facility
WPL
Wisconsin Power and Light Company
WRO
Withhold Release Order
WEC Energy Group
F-6
2024 Annual Financial Statements

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
In this report, we make statements concerning our expectations, beliefs, plans, objectives, goals, strategies, and future events or 
performance. These statements are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as 
amended, and Section 21E of the Exchange Act. Readers are cautioned not to place undue reliance on these forward-looking 
statements. Forward-looking statements may be identified by reference to a future period or periods or by the use of terms such as 
"anticipates," "believes," "could," "estimates," "expects," "forecasts," "goals," "guidance," "intends," "may," "objectives," "plans," 
"possible," "potential," "projects," "seeks," "should," "targets," "will," or variations of these terms.
Forward-looking statements include, among other things, statements concerning management's expectations and projections regarding 
earnings, completion of capital projects, sales and customer growth, rate actions and related filings with regulatory authorities, 
environmental and other regulations, including associated compliance costs, legal proceedings, dividend payout ratios, effective tax 
rates, pension and OPEB plans, fuel costs, sources of electric energy supply, coal and natural gas deliveries, remediation costs, 
climate-related matters, our capital plan, liquidity and capital resources, and other matters.
Forward-looking statements are subject to a number of risks and uncertainties that could cause our actual results to differ materially 
from those expressed or implied in the statements. These risks and uncertainties include those described below:
• Factors affecting utility and non-utility energy infrastructure operations such as catastrophic weather-related damage, 
environmental incidents, unplanned facility outages and repairs and maintenance, electric grid reliability, and electric transmission 
or natural gas pipeline system constraints;
• Factors affecting the demand for electricity and natural gas, including political or regulatory developments, varying, adverse, or 
unusually severe weather conditions, including those caused by climate change, changes in economic conditions including 
continued economic growth, customer growth and declines, commodity prices, energy conservation efforts, and continued adoption 
of distributed generation by customers or co-location of generation near data centers;
• The timing, resolution, and impact of rate cases and negotiations, including recovery of deferred and current costs and the ability to 
earn a reasonable return on investment, and other regulatory decisions impacting our regulated operations;
• The impact of federal, state, and local legislative and/or regulatory changes, including changes in rate-setting policies or 
procedures, the results of recent or upcoming rate orders, deregulation and restructuring of the electric and/or natural gas utility 
industries, transmission or distribution system operation, the approval process for new construction, reliability standards, pipeline 
integrity and safety standards, allocation of energy assistance, energy efficiency mandates, electrification initiatives and other 
efforts to reduce the use of natural gas, and tax laws, including those that affect our ability to use PTCs and ITCs, as well as 
changes in the interpretation and/or enforcement of any laws or regulations by regulatory agencies;
• Federal, state, and local legislative and regulatory changes relating to the environment, including climate change and other 
environmental regulations impacting generation facilities and renewable energy standards, the enforcement of these laws and 
regulations, changes in and uncertainty regarding the interpretation of regulations or permit conditions by regulatory agencies, 
including as a result of the transition to a new presidential administration, and the recovery of associated remediation and 
compliance costs;
• The ability to obtain and retain customers, including wholesale customers, due to increased competition in our electric and natural 
gas markets from retail choice and alternative electric suppliers, and continued industry consolidation;
• The timely completion of capital projects within budgets and the ability to recover the related costs through rates;
• The impact of changing expectations and demands of our customers, regulators, investors, and other stakeholders, including focus 
on environmental, social, and governance concerns;
• The risk of delays and shortages, and increased costs of equipment, materials, or other resources that are critical to our business 
operations and corporate strategy, as a result of supply chain disruptions (including disruptions from rail congestion), inflation, 
tariffs, and other factors;
• The impact of public health crises, including epidemics and pandemics, on our business functions, financial condition, liquidity, and 
results of operations;
• Risks inherent in electric generation and distribution and natural gas transportation, distribution, and storage activities, including 
leaks, accidental explosions, mechanical problems, fires, discharges or releases of toxic or hazardous substances or gases, and 
risks related to the ability to obtain adequate insurance to cover such events;
• Factors affecting the implementation of our CO2 emission and/or methane emission reduction goals and opportunities and actions 
related to those goals, including related regulatory decisions, the cost of materials, supplies, and labor, technology advances, 
significant increases in demand, the feasibility of competing generation projects, and our ability to execute our capital plan;
• The financial and operational feasibility of taking more aggressive action to further reduce GHG emissions in order to limit future 
global temperature increases;
• The risks associated with inflation and changing commodity prices, including natural gas and electricity; 
WEC Energy Group
F-7
2024 Annual Financial Statements

• The availability and cost of sources of natural gas and other fossil fuels, purchased power, materials needed to operate 
environmental controls at our electric generating facilities, or water supply due to high demand, shortages, transportation problems, 
nonperformance by electric energy or natural gas suppliers under existing power purchase or natural gas supply contracts, or other 
developments;
• Any impacts on the global economy, including from sanctions, and impacts on supply chains and fuel prices, generally, from 
ongoing, expanding, or escalating regional or international conflicts, including those in Ukraine, Israel, and other parts of the Middle 
East;
• Changes in credit ratings, interest rates, and our ability to access the capital markets, caused by volatility in the global credit 
markets, our capitalization structure, and market perceptions of the utility industry, us, or any of our subsidiaries;
• Costs and effects of litigation, administrative proceedings, investigations, settlements, claims, and inquiries;
• The direct or indirect effect on our business resulting from terrorist or other physical attacks and cybersecurity intrusions, as well as 
the threat of such incidents, including the failure to maintain the security of personally identifiable information, the associated costs 
to protect our utility assets, technology systems, and personal information, and the costs to notify affected persons to mitigate their 
information security concerns and to comply with state notification laws;
• Restrictions imposed by various financing arrangements and regulatory requirements on the ability of our subsidiaries to transfer 
funds to us in the form of cash dividends, loans or advances, that could prevent us from paying our common stock dividends, 
taxes, and other expenses, and meeting our debt obligations;
• The risk of financial loss, including increases in bad debt expense, associated with the inability of our customers, counterparties, 
and affiliates to meet their obligations;
• Changes in the creditworthiness of the counterparties with whom we have contractual arrangements, including participants in the 
energy trading markets and fuel suppliers and transporters;
• The financial performance of ATC and its corresponding contribution to our earnings;
• The investment performance of our employee benefit plan assets, as well as unanticipated changes in related actuarial 
assumptions, which could impact future funding requirements;
• Factors affecting the employee workforce, including loss of key personnel, internal restructuring, work stoppages, and collective 
bargaining agreements and negotiations with union employees;
• Advances in technology, and related legislation or regulation supporting the use of that technology, that result in competitive 
disadvantages and create the potential for impairment of existing assets;
• Risks involved in developing and implementing AI, including data privacy concerns or other legal liability, new or enhanced 
governmental or regulatory scrutiny or regulations governing the use of AI, the ability to meet expectations or requirements relating 
to adoption or implementation of AI technology, or other complications related to the use of AI;
• Risks related to our non-utility renewable energy facilities, including unfavorable weather, changes in the financial performance 
and/or creditworthiness of counterparties to the off-take agreements, changes in demand based on lower prices for alternative 
energy sources, pricing differentials between the facilities' point of interconnection and our required delivery location, the ability to 
replace expiring PPAs under acceptable terms, rights to property on which our projects are located but we do not own, the 
availability of reliable interconnection and electricity grids, the performance and quality of the wind turbine and solar panel 
components and availability of replacement parts, and exposure to the rules and procedures of the power markets in which these 
facilities are located;
• The risk associated with the values of goodwill and other long-lived assets, including intangible assets, and equity method 
investments and their possible impairment;
• Potential business strategies to acquire and dispose of assets or businesses, or portions thereof, which cannot be assured to be 
completed timely or within budgets, and legislative or regulatory restrictions or caps on non-utility acquisitions, investments or 
projects, including the State of Wisconsin's public utility holding company law;
• The timing and outcome of any audits, disputes, and other proceedings related to taxes;
• The effect of accounting pronouncements issued periodically by standard-setting bodies; and
• Other considerations disclosed elsewhere herein and in other reports we file with the SEC or in other publicly disseminated written 
documents.
Except as may be required by law, we expressly disclaim any obligation to publicly update or revise any forward-looking 
statements, whether as a result of new information, future events, or otherwise.
WEC Energy Group
F-8
2024 Annual Financial Statements

BUSINESS OF THE COMPANY
WEC Energy Group, Inc. was incorporated in the state of Wisconsin in 1981 and became a diversified holding company in 1986. We 
maintain our principal executive offices in Milwaukee, Wisconsin. On June 29, 2015, Wisconsin Energy Corporation acquired 100% of 
the outstanding common shares of Integrys Energy Group and changed its name to WEC Energy Group, Inc.
In this report, when we refer to "WEC Energy Group," "the Company," "us," "we," "our," or "ours," we are referring to WEC Energy 
Group, Inc. and all of its subsidiaries. The term "utility" refers to the regulated activities of the electric and natural gas utility companies, 
while the term "non-utility" refers to the activities of the electric and natural gas companies that are not regulated, as well as We Power 
and Bluewater. The term "nonregulated" refers to activities at WECI, which holds interests in several renewable generating facilities, 
and our Corporate and Other Segment.
Our wholly owned subsidiaries are primarily engaged in the business of providing regulated electricity service in Wisconsin and 
Michigan; regulated natural gas service in Wisconsin, Illinois, Michigan, and Minnesota; and nonregulated renewable energy. In 
addition, we have an approximate 60% equity interest in ATC, an electric transmission company operating primarily in four states. At 
December 31, 2024, we conducted our operations in the six reportable segments discussed below.
WISCONSIN SEGMENT
The Wisconsin segment includes the electric and natural gas utility operations of WE, WPS, WG, and UMERC. At December 31, 2024, 
these companies served approximately 1,682,700 electric customers and 1,530,900 natural gas customers. This segment also includes 
steam service to approximately 400 WE steam customers in metropolitan Milwaukee, Wisconsin.
ILLINOIS SEGMENT
The Illinois segment includes the natural gas utility operations of PGL and NSG. At December 31, 2024, these companies served 
approximately 1,059,900 natural gas customers located in Chicago and the northern suburbs of Chicago. 
OTHER STATES SEGMENT
The other states segment includes the natural gas utility operations of MERC and MGU, as well as the non-utility operations of MERC 
related to servicing appliances for customers. At December 31, 2024, these companies served approximately 440,300 natural gas 
customers, with MERC serving customers in various cities and communities throughout Minnesota and MGU serving customers in 
southern and western Michigan.
ELECTRIC TRANSMISSION SEGMENT
The electric transmission segment includes our approximate 60% ownership interest in ATC, an electric transmission company 
regulated by the FERC and certain state regulatory commissions. ATC owns, maintains, monitors, and operates electric transmission 
systems in Wisconsin, Michigan, Illinois, and Minnesota.
In addition, we own approximately 75% of ATC Holdco, a separate entity formed in December 2016 to invest in transmission-related 
projects outside of ATC’s traditional footprint.
NON-UTILITY ENERGY INFRASTRUCTURE SEGMENT
The non-utility energy infrastructure segment includes We Power, Bluewater, and WECI. We Power, through wholly owned subsidiaries, 
owns and leases certain generating facilities to WE. Bluewater owns natural gas storage facilities in southeastern Michigan and 
provides natural gas storage and hub services to WE, WPS, and WG. At December 31, 2024, WECI had controlling ownership interests 
in 11 non-utility renewable generating facilities, with a combined nameplate generating capacity of 2,404.2 MWs. 
CORPORATE AND OTHER SEGMENT
The corporate and other segment includes the operations of the WEC Energy Group holding company, the Integrys holding company, 
and the PELLC holding company, as well as the operations of Wispark and WBS. This segment also includes Wisvest, WECC, and 
PDL, which no longer have significant operations.
Wispark develops and invests in real estate, primarily in southeastern Wisconsin. WBS is a wholly owned centralized service company 
that provides administrative and general support services to our regulated entities, as well as certain administrative and support 
services to our nonregulated entities.
WEC Energy Group
F-9
2024 Annual Financial Statements

MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
CORPORATE DEVELOPMENTS
INTRODUCTION
We are a diversified holding company with natural gas and electric utility operations (serving customers in Wisconsin, Illinois, Michigan, 
and Minnesota), an approximately 60% equity ownership interest in ATC (a for-profit electric transmission company regulated by FERC 
and certain state regulatory commissions), and non-utility energy infrastructure operations through We Power (which owns generation 
assets in Wisconsin that it leases to WE), Bluewater (which owns underground natural gas storage facilities in Michigan), and WECI, 
which holds ownership interests in several renewable generating facilities.
CORPORATE STRATEGY
Our goal is to continue to build and sustain long-term value for our shareholders and customers by focusing on the fundamentals of our 
business: environmental stewardship; reliability; operating efficiency; financial discipline; exceptional customer care; and safety. Our 
capital plan provides a roadmap for us to achieve this goal. It is an aggressive plan to cut emissions, maintain superior reliability, deliver 
significant savings for customers, and grow our investment in the future of energy.
Throughout our strategic planning process, we take into account important developments, risks and opportunities, including new 
technologies, customer preferences and affordability, energy resiliency efforts, and sustainability. 
Creating a Sustainable Future
Our capital plan includes the retirement of older, fossil-fueled generation, to be replaced with zero-carbon-emitting renewables and 
reliable, efficient natural gas-fired generation. The retirements are intended to address compliance with the EPA Clean Air rules as well 
as contribute to meeting our goals to reduce CO2 emissions from our electric generation. When taken together, the retirements and new 
investments in renewables and reliable, efficient natural gas generation should better balance our supply with our demand, while 
helping to address compliance and maintaining reliable, affordable energy for our customers. 
We have announced goals to achieve reductions in carbon emissions from our electric generation fleet by 60% by the end of 2025 and 
by 80% by the end of 2030, both from a 2005 baseline. We expect to achieve these goals by continuing to make operating refinements, 
retiring less efficient generating units, and executing our capital plan. Over the longer term, the target for our generation fleet is to be 
net carbon neutral by 2050.
As part of our path toward these goals, we have started implementing co-firing with natural gas at the ERGS coal-fired units and plan to 
co-fire with natural gas at Weston Unit 4. By the end of 2030, we expect to use coal as a backup fuel only and to be in a position to 
eliminate coal as an energy source by the end of 2032.
We have already retired nearly 2,500 MWs of fossil-fueled generation since the beginning of 2018, which includes the retirement of 
OCPP Units 5 and 6 in May 2024, the 2019 retirement of the PIPP, and the 2018 retirements of the Pleasant Prairie power plant, the 
Pulliam power plant, and the jointly-owned Edgewater Unit 4 generating unit. We expect to retire approximately 1,200 MWs of additional 
coal-fired generation by the end of 2031, which includes the planned retirements of OCPP Units 7 and 8, the jointly-owned Columbia 
Units 1 and 2, and Weston Unit 3. For more information on the retirement of OCPP Units 5 and 6, see Note 6, Regulatory Assets and 
Liabilities. See Note 7, Property, Plant, and Equipment, for more information related to planned power plant retirements.
In addition to retiring these older, fossil-fueled plants, we expect to invest approximately $9.1 billion from 2025-2029 in regulated 
renewable energy in Wisconsin. Our plan is to replace a portion of the retired capacity by building and owning zero-carbon-emitting 
renewable generation facilities that are anticipated to include the following new investments:
• 2,900 MWs of utility-scale solar;
• 900 MWs of wind; and
• 565 MWs of battery storage.
We also plan on investing in a combination of clean, natural gas-fired generation, including:
• 1,100 MWs of combustion turbines to be constructed at our OCPP site (we plan on constructing a new natural gas lateral pipeline 
to support this generation); with
• An additional 675 MWs of combustion turbines planned; and
• 128 MWs of RICE natural gas-fueled generation to be constructed in Kenosha County; with 
• An additional 114 MWs of RICE natural gas-fueled generation planned.
WEC Energy Group
F-10
2024 Annual Financial Statements

In May 2024, WE completed the acquisition of an additional 100 MWs of West Riverside's nameplate capacity, a commercially 
operational dual fueled combined cycle generation facility in Beloit, Wisconsin operated by an unaffiliated utility. See Note 2, 
Acquisitions, for more information.
For more details on the projects discussed above, see Liquidity and Capital Resources – Cash Requirements – Significant Capital 
Projects.
In December 2018, WE received approval from the PSCW for two renewable energy pilot programs. The Solar Now pilot is expected to 
add a total of 35 MWs of solar generation to WE's portfolio, allowing non-profit and governmental entities, as well as commercial and 
industrial customers, to site utility owned solar arrays on their property. Under this program, WE has energized 29 Solar Now projects 
and currently has another one under construction, together totaling more than 30 MWs. The second program, the DRER pilot, is 
designed to allow large commercial and industrial customers to access renewable resources that WE would operate. The DRER pilot is 
intended to help these larger customers meet their sustainability and renewable energy goals, and could add up to 35 MWs of 
renewables to WE's portfolio. In July 2023, the PSCW approved the Renewable Pathway Pilot, the third renewable energy program. 
This program allows WE and WPS commercial and industrial customers to subscribe to a portion of a utility-scale, Wisconsin-based 
renewable energy generating facility for up to 125 MWs at WE and 40 MWs at WPS. Under this program, WE has signed up seven 
customers for a total of 59 MWs of generation capacity.
In August 2021, the PSCW approved pilot programs for WE and WPS to install and maintain EV charging equipment for customers at 
their homes or businesses. We proposed modifications to these pilot programs, which were approved by the PSCW and implemented 
on January 1, 2025. The programs provide direct benefits to customers by removing cost barriers associated with installing EV 
equipment. In October 2021, subject to the receipt of any necessary regulatory approvals, we pledged to expand the EV charging 
network within the service territories of our electric utilities. In doing so, we joined a coalition of utility companies in a unified effort to 
make EV charging convenient and widely available throughout the Midwest. The coalition we joined is planning to help build and grow 
EV charging corridors, enabling the general public to safely and efficiently charge their vehicles.
We also continue to focus on methane emission reductions by improving our natural gas distribution system. We set a target across our 
natural gas distribution operations to achieve net-zero methane emissions by the end of 2030. We plan to achieve our net-zero goal 
through an effort that includes continuous operational improvements and equipment upgrades, as well as the use of RNG throughout 
our natural gas utility systems. In 2022, we received approval from the PSCW for our RNG pilots and in 2023, we began transporting 
the output of local dairy farms onto our natural gas distribution systems in Wisconsin. The RNG supplied will directly replace higher-
emission methane from natural gas that would have entered our pipes. We currently have contracts in place for 2.1 Bcf of RNG. In 
addition, subject to regulatory approval and market conditions, we expect to procure RTCs.
In December 2023, we started a pilot program with Electric Power Research Institute and CMBlu Energy, a Germany-based designer 
and manufacturer of an organic solid flow battery, to test this new form of long-duration energy storage on the U.S. electric grid at our 
VAPP. The program will test battery system performance, including the ability to store and discharge energy for up to twice as long as 
the typical lithium-ion batteries in use today. We expect the pilot activities to continue into 2025.
Reliability
We have made significant reliability-related investments in recent years, and in accordance with our capital plan, expect to continue 
strengthening and modernizing our generation fleet, as well as our electric and natural gas distribution networks to further improve 
reliability.
Below are a few examples of reliability projects that are proposed, currently underway, or recently completed.
• WE and WG have completed the construction of their respective LNG facilities. Each facility provides approximately one Bcf of 
natural gas supply to meet anticipated peak demand, without requiring the construction of additional interstate pipeline capacity. 
The WE LNG facility was commercially operational in November 2023 and the WG LNG facility was commercially operational in 
February 2024.
• In April 2024, WE filed a request with the PSCW to construct an LNG facility with a storage capacity of two Bcf, which would be 
located on the OCPP site. In addition, the construction of additional LNG facilities in Wisconsin has been proposed as part of the 
2025-2029 capital plan and would provide another approximately four Bcf of natural gas supply. The LNG facilities are expected to 
reduce the likelihood of constraints on our natural gas distribution system during the highest demand days of winter.
• Through the SMP, PGL had been working to replace old iron pipes and facilities in Chicago’s natural gas delivery system with 
modern polyethylene pipes to reinforce the long-term safety and reliability of the system. In November 2023, the ICC ordered PGL 
to pause spending on the SMP until the ICC completed a proceeding to determine the optimal method for replacing aging natural 
gas infrastructure and a prudent investment level. The ICC granted PGL a limited-scope rehearing related to authorized spending 
for the completion of SMP projects that started in 2023 and the authorized spending for emergency repairs needed to ensure the 
safety and reliability of PGL's delivery system. On May 30, 2024, the ICC issued a written order on the rehearing, approving 
$28.5 million of additional spending for emergency work, which represents a $1.6 million increase to PGL's annual revenue 
requirement. 
WEC Energy Group
F-11
2024 Annual Financial Statements

On February 20, 2025, the ICC issued an order setting expectations for PGL's prospective operations under its SMP. For more 
information, see Note 26, Regulatory Environment, and Factors Affecting Results, Liquidity, and Capital Resources - Regulatory, 
Legislative, and Legal Matters - Future Illinois Proceedings.
• Our utilities continue to upgrade their electric and natural gas distribution systems to enhance reliability and storm hardening.
We expect to spend approximately $4.5 billion from 2025 to 2029 on reliability related projects with continued investment over the next 
decade. For more details, see Liquidity and Capital Resources – Cash Requirements – Significant Capital Projects.
Operating Efficiency
We continually look for ways to optimize the operating efficiency of our company and will continue to do so under our capital plan. For 
example, we are making progress on our AMI program, replacing aging meter-reading equipment on both our network and customer 
property. An integrated system of smart meters, communication networks, and data management programs enables two-way 
communication between our utilities and our customers. This program reduces the manual effort for disconnects and reconnects and 
enhances outage management capabilities.
We continue to focus on integrating the resources of all our businesses and finding the best and most efficient processes.
Financial Discipline
A strong adherence to financial discipline is essential to meeting our earnings projections and maintaining a strong balance sheet, 
stable cash flows, a growing dividend, and quality credit ratings.
We follow an asset management strategy that focuses on investing in and acquiring assets consistent with our strategic plans, as well 
as disposing of assets, including property, plants, equipment, and entire business units, that are no longer strategic to operations, are 
not performing as intended, or have an unacceptable risk profile. 
Our planned investment focus from 2025 to 2029 is in our regulated utilities and our investment in ATC. We expect total capital 
expenditures for our regulated utility businesses to be approximately $24.4 billion from 2025 to 2029. In addition, we currently forecast 
that our share of ATC's projected capital expenditures over the next five years will be approximately $3.2 billion. In February 2025, we 
invested approximately $405.9 million in our non-utility energy infrastructure business with the acquisition of Hardin III. Specific projects 
included in the $28.0 billion capital plan are discussed in more detail below under Liquidity and Capital Resources – Cash 
Requirements – Significant Capital Projects. Also, see Note 2, Acquisitions, for additional information on the acquisition of Hardin III and 
other recent and pending transactions. See Note 3, Disposition, for more information on the disposal of real estate.
Exceptional Customer Care
Our approach is driven by an intense focus on delivering exceptional customer care every day. We strive to provide the best value for 
our customers by demonstrating personal responsibility for results, leveraging our capabilities and expertise, and using creative 
solutions to meet or exceed our customers’ expectations.
A multiyear effort is driving a standardized, seamless approach to digital customer service across our companies. We have moved all 
utilities to a common platform for all customer-facing self-service options. Using common systems and processes reduces costs, 
provides greater flexibility and enhances the consistent delivery of exceptional service to customers.
Safety
Safety is one of our core values and a critical component of our culture. We are committed to keeping our employees and the public 
safe through a comprehensive corporate safety program that focuses on employee engagement and elimination of at-risk behaviors.
Under our "Target Zero" mission, we have an ultimate goal of zero incidents, accidents, and injuries. Management and union leadership 
work together to reinforce the Target Zero culture. We set annual goals for safety results as well as measurable leading indicators, in 
order to raise awareness of at-risk behaviors and situations and guide injury-prevention activities. All employees are encouraged to 
report unsafe conditions or incidents that could have led to an injury. Injuries and tasks with high levels of risk are assessed, and 
findings and best practices are shared across our companies.
Our corporate safety program provides a forum for addressing employee concerns, training employees and contractors on current 
safety standards, and recognizing those who demonstrate a safety focus.
RESULTS OF OPERATIONS
The following discussion and analysis of our Results of Operations includes comparisons of our results for the year ended 
December 31, 2024 with the year ended December 31, 2023, and for the year ended December 31, 2023 with the year ended 
December 31, 2022.
WEC Energy Group
F-12
2024 Annual Financial Statements

CONSOLIDATED EARNINGS
The following table compares our consolidated results, including favorable or better, "B," and unfavorable or worse, "W," variances:
Year Ended December 31
B (W)
B (W)
(in millions, except per share data)
2024
2023
2022
2024 vs 2023
2023 vs 2022
Wisconsin
$ 
863.1 
$ 
851.3 
$ 
758.4 
$ 
11.8 
$ 
92.9 
Illinois
 
252.1 
 
140.0 
 
226.9 
 
112.1 
 
(86.9) 
Other states 
 
54.5 
 
48.1 
 
39.7 
 
6.4 
 
8.4 
Electric transmission
 
141.0 
 
119.1 
 
129.5 
 
21.9 
 
(10.4) 
Non-utility energy infrastructure
 
380.8 
 
336.0 
 
324.4 
 
44.8 
 
11.6 
Corporate and other 
 
(164.3)  
(162.8)  
(70.8)  
(1.5)  
(92.0) 
Net income attributed to common shareholders
$ 
1,527.2 
$ 
1,331.7 
$ 
1,408.1 
$ 
195.5 
$ 
(76.4) 
Diluted earnings per share 
$ 
4.83 
$ 
4.22 
$ 
4.45 
$ 
0.61 
$ 
(0.23) 
2024 Compared with 2023
Earnings increased $195.5 million during 2024, compared with 2023. The significant factors impacting the $195.5 million increase in 
earnings were:
• A $112.1 million increase in net income attributed to common shareholders at the Illinois segment, primarily due to a $178.9 million 
impairment recorded in 2023 associated with the ICC's disallowance of certain incurred capital costs in its November 2023 rate 
orders for PGL and NSG. An increase in margins related to the impacts of the November 2023 rate orders, effective December 1, 
2023 for PGL, and February 1, 2024 for NSG, also contributed to the higher net income. SMP costs that were previously being 
recovered under PGL's QIP rider are now included in PGL's base rates. Partially offsetting these increases were higher property 
and revenue taxes, depreciation and amortization, and natural gas distribution and maintenance costs, along with a $25.3 million 
pre-tax charge to income related to the ICC's disallowance of certain capital costs in PGL's 2016 rider QIP reconciliation. See 
Note 26, Regulatory Environment, for more information on the PGL and NSG rate orders and the ICC's disallowance.
• A $44.8 million increase in net income attributed to common shareholders at the non-utility energy infrastructure segment, driven by 
higher operating income at WECI and an increase in PTCs from our non-utility renewable generating facilities in 2024.
• A $21.9 million increase in net income attributed to common shareholders at the electric transmission segment, driven by higher 
equity earnings from ATC primarily due to the positive impact of a FERC order issued in October 2024 addressing complaints 
related to ATC's ROE. For information on this FERC order, see Factors Affecting Results, Liquidity, and Capital Resources – 
Regulatory, Legislative, and Legal Matters – American Transmission Company Allowed Return on Equity Complaints. Continued 
capital investment by ATC also contributed to the year-over-year increase in equity earnings.
• An $11.8 million increase in net income attributed to common shareholders at the Wisconsin segment, driven by an increase in 
margins due to the impact of the Wisconsin limited rate case re-openers approved by the PSCW, effective January 1, 2024, and a 
positive impact from collections of fuel and purchased power costs. These increases were partially offset by higher operating 
expenses, primarily driven by higher depreciation and amortization. See Note 26, Regulatory Environment, for more information on 
the limited rate case re-openers. 
2023 Compared with 2022
Earnings decreased $76.4 million during 2023, compared with 2022. The significant factors impacting the $76.4 million decrease in 
earnings were:
• A $92.0 million increase in the net loss attributed to common shareholders at the corporate and other segment, driven by higher 
interest expense on both long-term and short-term debt. This negative impact was partially offset by net gains from the investments 
held in the Integrys rabbi trust during 2023, compared with net losses during the same period in 2022. The gains and losses from 
the investments held in the rabbi trust partially offset the changes in benefit costs related to deferred compensation, which are 
primarily included in other operation and maintenance expense in our utility segments. See Note 17, Fair Value Measurements, for 
more information on our investments held in the Integrys rabbi trust. 
• An $86.9 million decrease in net income attributed to common shareholders at the Illinois segment, driven by higher operating 
expenses, primarily due to a $178.9 million pre-tax impairment associated with the ICC's disallowance of certain incurred capital 
costs in its November 2023 rate orders for PGL and NSG, and the year-over-year impact of a gain recorded in 2022 on the sale of 
certain real estate by PGL. Partially offsetting these increases in operating expenses were lower natural gas distribution and 
maintenance costs and a decrease in expenses related to charitable contributions. Higher margins, due to a positive impact from 
PGL's rate order, effective December 1, 2023, and continued capital investment in the SMP project in 2023 under PGL's former 
QIP rider, also partially offset the net increase in operating expenses. 
• A $10.4 million decrease in net income attributed to common shareholders at the electric transmission segment, driven by the 
positive impact in 2022 related to the D.C. Circuit Court of Appeals opinion issued in August 2022 addressing complaints related to 
ATC's ROE. For information on this D.C. Circuit Court of Appeals opinion, see Factors Affecting Results, Liquidity, and Capital 
WEC Energy Group
F-13
2024 Annual Financial Statements

Resources – Regulatory, Legislative, and Legal Matters – American Transmission Company Allowed Return on Equity Complaints 
in our 2023 Annual Report on Form 10-K.
These decreases in earnings were partially offset by:
• A $92.9 million increase in net income attributed to common shareholders at the Wisconsin segment, driven by an increase in 
margins related to the impact of the Wisconsin rate orders approved by the PSCW, effective January 1, 2023, and a positive year-
over-year impact from collections of fuel and purchased power costs. These positive impacts were partially offset by a decrease in 
margins due to lower sales volumes, and higher operating expenses, including increases in expenses related to transmission, 
depreciation and amortization, and regulatory amortizations.
• An $11.6 million increase in net income attributed to common shareholders at the non-utility energy infrastructure segment, 
primarily due to an increase in PTCs driven by the acquisition of additional renewable generation facilities in the second half of 
2022 and the first quarter of 2023, partially offset by higher interest expense.
• An $8.4 million increase in net income attributed to common shareholders at the other states segment, driven by higher margins 
due to an interim rate increase at MERC, effective January 1, 2023. See Note 26, Regulatory Environment, for more information. 
This positive impact was partially offset by a decrease in margins due to lower sales volumes and increases in depreciation and 
amortization and interest expense.
Non-GAAP Financial Measures
The discussions below address the contribution of each of our utility segments to net income attributed to common shareholders. The 
discussions include financial information prepared in accordance with GAAP, as well as utility margin, which is not a measure of 
financial performance under GAAP. Utility margin (operating revenues less fuel and purchased power costs and cost of natural gas 
sold) is a non-GAAP financial measure because it excludes certain operation and maintenance expenses applicable to revenues, as 
well as depreciation and amortization and property and revenue taxes. 
We believe that utility margin provides a useful basis for evaluating utility operations since the majority of prudently incurred fuel and 
purchased power costs, as well as prudently incurred natural gas costs, are passed through to customers in current rates. As a result, 
management uses utility margin internally when assessing the operating performance of our utility segments as these measures 
exclude the majority of revenue fluctuations caused by changes in these expenses. Similarly, the presentation of utility margin herein is 
intended to provide supplemental information for investors regarding our operating performance. 
Our utility margin may not be comparable to similar measures presented by other companies. Furthermore, this measure is not 
intended to replace gross margin as determined in accordance with GAAP as an indicator of operating performance. Each of our three 
utility segment discussions below include a table that provides the calculation of both gross margin as determined in accordance with 
GAAP and utility margin, as well as a reconciliation between the two measures.
WISCONSIN SEGMENT CONTRIBUTION TO NET INCOME ATTRIBUTED TO COMMON SHAREHOLDERS
The Wisconsin segment's contribution to net income attributed to common shareholders for the year ended December 31, 2024 was 
$863.1 million, representing an $11.8 million, or 1.4%, increase over the prior year. The higher earnings were driven by an increase in 
margins due to the impact of the Wisconsin limited rate case re-openers approved by the PSCW, effective January 1, 2024, and a 
positive impact from collections of fuel and purchased power costs. These increases were partially offset by higher operating expenses, 
primarily driven by higher depreciation and amortization. See Note 26, Regulatory Environment, for more information on the limited rate 
case re-openers. 
WEC Energy Group
F-14
2024 Annual Financial Statements

The Wisconsin segment's contribution to net income attributed to common shareholders for the year ended December 31, 2023 was 
$851.3 million, representing a $92.9 million, or 12.2%, increase over the prior year. The higher earnings were driven by an increase in 
margins related to the impact of the Wisconsin rate orders approved by the PSCW, effective January 1, 2023, and a positive year-over-
year impact from collections of fuel and purchased power costs. These positive impacts were partially offset by a decrease in margins 
due to lower sales volumes, and higher operating expenses, including increases in expenses related to transmission, depreciation and 
amortization, and regulatory amortizations.
Year Ended December 31
B (W)
B (W)
(in millions)
2024
2023
2022
2024 vs 2023
2023 vs 2022
Operating revenues
$ 
6,330.5 
$ 
6,625.9 
$ 
6,960.5 
$ 
(295.4) $ 
(334.6) 
Operating expenses
Cost of sales (1)
 
2,117.6 
 
2,510.6 
 
3,208.8 
 
393.0 
 
698.2 
Other operation and maintenance
 
1,547.9 
 
1,531.3 
 
1,351.3 
 
(16.6)  
(180.0) 
Depreciation and amortization
 
919.9 
 
851.5 
 
754.7 
 
(68.4)  
(96.8) 
Property and revenue taxes
 
169.6 
 
179.2 
 
182.6 
 
9.6 
 
3.4 
Operating income
 
1,575.5 
 
1,553.3 
 
1,463.1 
 
22.2 
 
90.2 
Other income, net
 
146.6 
 
137.6 
 
99.9 
 
9.0 
 
37.7 
Interest expense
 
637.3 
 
601.0 
 
555.9 
 
(36.3)  
(45.1) 
Income before income taxes
 
1,084.8 
 
1,089.9 
 
1,007.1 
 
(5.1)  
82.8 
Income tax expense
 
220.5 
 
237.4 
 
247.5 
 
16.9 
 
10.1 
Preferred stock dividends of subsidiary
 
1.2 
 
1.2 
 
1.2 
 
— 
 
— 
Net income attributed to common shareholders
$ 
863.1 
$ 
851.3 
$ 
758.4 
$ 
11.8 
$ 
92.9 
(1) 
Cost of sales includes fuel and purchased power and cost of natural gas sold.
The following table shows a breakdown of other operation and maintenance:
Year Ended December 31
B (W)
B (W)
(in millions)
2024
2023
2022
2024 vs 2023
2023 vs 2022
Operation and maintenance not included in line items below
$ 
659.6 
$ 
635.1 
$ 
655.8 
$ 
(24.5) $ 
20.7 
Transmission (1)
 
543.3 
 
540.4 
 
430.9 
 
(2.9)  
(109.5) 
Regulatory amortizations and other pass through 
expenses (2)
 
215.9 
 
208.2 
 
145.5 
 
(7.7)  
(62.7) 
We Power (3)
 
131.4 
 
141.4 
 
108.1 
 
10.0 
 
(33.3) 
Earnings sharing mechanisms (4)
 
(4.3)  
5.6 
 
(13.5)  
9.9 
 
(19.1) 
Other
 
2.0 
 
0.6 
 
24.5 
 
(1.4)  
23.9 
Total other operation and maintenance
$ 
1,547.9 
$ 
1,531.3 
$ 
1,351.3 
$ 
(16.6) $ 
(180.0) 
(1) 
Represents transmission expense that our electric utilities are authorized to collect in rates. The PSCW has approved escrow accounting for ATC and MISO 
network transmission expenses for WE and WPS. As a result, WE and WPS defer as a regulatory asset or liability, the difference between actual 
transmission costs and those included in rates until recovery or refund is authorized in a future rate proceeding. During 2024, 2023, and 2022, $565.3 million, 
$520.4 million, and $516.7 million, respectively, of costs were billed to our electric utilities by transmission providers. 
During 2022, WE and WPS amortized $81.0 million of the regulatory liabilities associated with their transmission escrows to offset certain 2022 revenue 
deficiencies, as approved by the PSCW in order to forego filing for 2022 base rate increases. This amortization drove the lower transmission expense during 
2022. 
(2) 
Regulatory amortizations and other pass through expenses are substantially offset in margins and therefore do not have a significant impact on net income. 
Effective January 1, 2023, the PSCW approved escrow accounting for pension and OPEB costs, as well as certain costs associated with our jointly-owned 
Columbia plant. As a result, our Wisconsin utilities defer as a regulatory asset or liability, the difference between these actual costs and those included in 
rates until recovery or refund is authorized in a future rate proceeding.
(3) 
Represents costs associated with the We Power generation units, including operating and maintenance costs recognized by WE. During 2024, 2023, and 
2022, $115.8 million, $124.5 million, and $121.7 million, respectively, of costs were billed to or incurred by WE related to the We Power generation units, with 
the difference in costs billed or incurred and expenses recognized, either deferred or deducted from the regulatory asset. 
(4) 
Represents operation and maintenance associated with the earnings mechanisms we have in place. In 2024, earnings sharing was reduced by the impact of 
the deferral of amounts collected in rates related to Badger Hollow II prior to its in-service date, which was delayed, as approved by the PSCW in the 
Wisconsin limited rate case reopener effective January 1, 2024. Additionally, in 2022, earnings sharing was reduced by amortization related to certain 
regulatory liability balances associated with WPS's 2020 earnings sharing mechanism to offset certain 2022 revenue deficiencies, as approved by the PSCW 
in order to forego filing for 2022 base rate increases. See Note 26, Regulatory Environment, for more information.
WEC Energy Group
F-15
2024 Annual Financial Statements

The following tables provide information on delivered sales volumes by customer class and weather statistics:
Year Ended December 31
B (W)
B (W)
Electric Sales Volumes (MWh - in thousands)
2024
2023
2022
2024 vs 2023
2023 vs 2022
Customer class
Residential
 
11,025.3 
 
10,966.8 
 
11,372.6 
 
58.5 
 
(405.8) 
Small commercial and industrial (1)
 
12,815.8 
 
12,729.9 
 
12,867.1 
 
85.9 
 
(137.2) 
Large commercial and industrial (1)
 
11,966.7 
 
11,992.8 
 
12,181.6 
 
(26.1)  
(188.8) 
Other
 
125.1 
 
128.6 
 
139.0 
 
(3.5)  
(10.4) 
Total retail (1)
 
35,932.9 
 
35,818.1 
 
36,560.3 
 
114.8 
 
(742.2) 
Wholesale
 
1,648.2 
 
1,821.8 
 
2,444.7 
 
(173.6)  
(622.9) 
Resale
 
5,863.1 
 
6,015.5 
 
3,962.8 
 
(152.4)  
2,052.7 
Total sales in MWh (1)
 
43,444.2 
 
43,655.4 
 
42,967.8 
 
(211.2)  
687.6 
(1) 
Includes distribution sales for customers who have purchased power from an alternative electric supplier in Michigan.
Year Ended December 31
B (W)
B (W)
Natural Gas Sales Volumes (Therms - in millions)
2024
2023
2022
2024 vs 2023
2023 vs 2022
Customer class
Residential
 
968.5 
 
1,014.8 
 
1,189.6 
 
(46.3)  
(174.8) 
Commercial and industrial
 
625.2 
 
660.1 
 
746.6 
 
(34.9)  
(86.5) 
Total retail
 
1,593.7 
 
1,674.9 
 
1,936.2 
 
(81.2)  
(261.3) 
Transportation
 
1,316.5 
 
1,321.6 
 
1,438.1 
 
(5.1)  
(116.5) 
Total sales in therms
 
2,910.2 
 
2,996.5 
 
3,374.3 
 
(86.3)  
(377.8) 
Year Ended December 31
B (W)
B (W)
Weather (Degree Days)
2024
2023
2022
2024 vs 2023
2023 vs 2022
WE and WG (1)
Heating (6,461 Normal)
 
5,190 
 
5,409 
 
6,369 
 (4.0) %
 (15.1) %
Cooling (790 Normal)
 
831 
 
876 
 
944 
 (5.1) %
 (7.2) %
WPS (2)
Heating (7,329 Normal)
 
6,015 
 
6,544 
 
7,387 
 (8.1) %
 (11.4) %
Cooling (554 Normal)
 
608 
 
596 
 
718 
 2.0 %
 (17.0) %
UMERC (3)
Heating (8,369 Normal)
 
7,190 
 
7,539 
 
8,643 
 (4.6) %
 (12.8) %
Cooling (345 Normal)
 
317 
 
315 
 
358 
 0.6 %
 (12.0) %
(1) 
Normal degree days are based on a 20-year moving average of monthly temperatures from Mitchell International Airport in Milwaukee, Wisconsin.
(2) 
Normal degree days are based on a 20-year moving average of monthly temperatures from the Green Bay, Wisconsin weather station.
(3) 
Normal degree days are based on a 20-year moving average of monthly temperatures from the Iron Mountain, Michigan weather station. 
WEC Energy Group
F-16
2024 Annual Financial Statements

Gross Margin GAAP and Utility Margin Non-GAAP
The following table summarizes our Wisconsin segment gross margin (GAAP) and reconciles gross margin (GAAP) to utility margin 
(non-GAAP). See "Non-GAAP Financial Measures" above for additional information regarding gross margin (GAAP) and utility margin 
(non-GAAP).
Year Ended December 31
B (W)
B (W)
(in millions)
2024
2023
2022
2024 vs 2023
2023 vs 2022
Electric revenues
$ 
4,921.6 
$ 
5,010.8 
$ 
4,971.8 
$ 
(89.2) $ 
39.0 
Natural gas revenues
 
1,408.9 
 
1,615.1 
 
1,988.7 
 
(206.2)  
(373.6) 
Operating revenues
 
6,330.5 
 
6,625.9 
 
6,960.5 
 
(295.4)  
(334.6) 
Operating expenses
Fuel and purchased power
 
(1,455.7)  
(1,615.9)  
(1,881.4)  
160.2 
 
265.5 
Cost of natural gas sold
 
(661.9)  
(894.7)  
(1,327.4)  
232.8 
 
432.7 
Other operation and maintenance (1)
 
(1,095.1)  
(1,133.8)  
(978.2)  
38.7 
 
(155.6) 
Depreciation and amortization
 
(919.9)  
(851.5)  
(754.7)  
(68.4)  
(96.8) 
Property and revenue taxes
 
(169.6)  
(179.2)  
(182.6)  
9.6 
 
3.4 
Gross margin (GAAP)
 
2,028.3 
 
1,950.8 
 
1,836.2 
 
77.5 
 
114.6 
Other operation and maintenance (1)
 
1,095.1 
 
1,133.8 
 
978.2 
 
(38.7)  
155.6 
Depreciation and amortization
 
919.9 
 
851.5 
 
754.7 
 
68.4 
 
96.8 
Property and revenue taxes
 
169.6 
 
179.2 
 
182.6 
 
(9.6)  
(3.4) 
Utility margin (non-GAAP)
$ 
4,212.9 
$ 
4,115.3 
$ 
3,751.7 
$ 
97.6 
$ 
363.6 
(1) 
Operating and maintenance expenses deemed to be directly attributable to our revenue-producing activities include plant operating and maintenance 
expenses related to our generating units; costs associated with the We Power generating units; and transmission, distribution and customer service 
expenses. These expenses are included in the above table to calculate gross margin as defined under GAAP. 
2024 Compared with 2023
Gross margin (GAAP) at the Wisconsin segment increased $77.5 million during 2024, compared to 2023 and utility margin (non-GAAP) 
increased $97.6 million during 2024, compared to 2023. Both measures were driven by:
• A $48.7 million increase in margins related to the impact of the Wisconsin limited rate case re-openers approved by the PSCW, 
effective January 1, 2024. 
• A $38.5 million year-over-year positive impact from collections of fuel and purchased power costs. Under the Wisconsin fuel rules, 
the margins of our electric utilities are impacted by under- or over-collections of certain fuel and purchased power costs that are 
within a 2% price variance from the costs included in rates, and the remaining variance above or below the 2% is generally 
deferred for future recovery or refund to customers.
• A $9.1 million increase in revenues primarily related to third-party use of our assets. 
These increases in margins were partially offset by a $3.6 million decrease in margins related to lower retail sales volumes, driven by 
the impact of warmer winter weather during 2024, compared with 2023. As measured by heating degree days, 2024 was 4.0% and 
8.1% warmer than 2023 in the Milwaukee area and Green Bay area, respectively.
Additionally, the smaller increase in gross margin (GAAP) as compared with the increase in utility margin (non-GAAP), was driven by 
the following items that are further described in Other Operating Expenses below:
• A $68.4 million increase in depreciation and amortization; and
• A $10.5 million increase in electric and natural gas distribution expenses.
These increases were partially offset by:
• A $34.9 million decrease in other operation and maintenance related to our power plants;
• A $10.0 million decrease in other operation and maintenance expense related to the We Power leases;
• A $10.0 million decrease in expense related to the settlement of certain items in our rate orders; and
• A $9.6 million decrease in property and revenue taxes.
WEC Energy Group
F-17
2024 Annual Financial Statements

Other Operating Expenses (includes other operation and maintenance, depreciation and amortization, and 
property and revenue taxes)
Other operating expenses at the Wisconsin segment increased $75.4 million during 2024, compared with 2023. The significant factors 
impacting the increase in other operating expenses were:
• A $68.4 million increase in depreciation and amortization expense, driven by assets being placed into service as we continue to 
execute on our capital plan.
• A $24.9 million increase in benefit costs, primarily driven by higher stock-based compensation expense.
• A $22.1 million decrease in pre-tax gains on the sales of land, primarily related to the land sale at the site of our former Pleasant 
Prairie power plant in 2023. See Note 3, Dispositions, for more information.
• A $10.9 million increase in expenses associated with legal matters.
• A $10.5 million increase in electric and natural gas distribution expenses, primarily driven by storm restoration and higher costs to 
maintain the distribution systems.
• A $7.7 million increase in regulatory amortizations and other pass through expenses, as discussed in the notes under the other 
operation and maintenance table above.
These increases in other operating expenses were partially offset by:
• A $34.9 million decrease in other operating and maintenance related to our power plants, driven by the resolution of certain items 
as a result of the December 2024 Wisconsin rate orders approved by the PSCW, as well as lower severance expense during 2024.
• A $10.0 million decrease in other operation and maintenance expense related to the We Power leases, as discussed in the notes 
under the other operation and maintenance table above.
• A $10.0 million decrease in expense, driven by the resolution of certain items as a result of the December 2024 Wisconsin rate 
order approved by the PSCW, as well as the October 2024 UMERC rate order approved by the MPSC.
• A $9.9 million decrease in expense related to the earnings sharing mechanisms in place at our Wisconsin utilities, as discussed in 
the notes under the other operation and maintenance table above. See Note 26, Regulatory Environment, for more information.
• A $9.6 million decrease in property and revenue taxes driven by a favorable adjustment related to a sales tax audit at WE.
Other Income, Net
Other income, net at the Wisconsin segment increased $9.0 million during 2024, compared with 2023, driven by higher interest income 
primarily due to interest earned on amounts due from ATC for the construction of transmission infrastructure upgrades needed for new 
generation projects. We are required to initially fund these expenditures, and ATC reimburses us when the new generation is placed in 
service. See Note 21, Investment in Transmission Affiliates, for more information. Higher interest income on cash balances also 
contributed to the increase.
Interest Expense
Interest expense at the Wisconsin segment increased $36.3 million during 2024, compared with 2023. The increase was primarily due 
to the impact of WE issuing long-term debt in 2024. See Note 14, Long-Term Debt, for more information. Also contributing to the 
increase were higher average short-term debt balances and higher average short-term debt interest rates. 
Income Tax Expense
Income tax expense at the Wisconsin segment decreased $16.9 million during 2024, compared with 2023. The decrease was primarily 
due to a $10.2 million increase in PTCs and lower pre-tax income. See Note 16, Income Taxes, for more information.
2023 Compared with 2022
Gross margin (GAAP) at the Wisconsin segment increased $114.6 million during 2023, compared to 2022 and utility margin (non-
GAAP) increased $363.6 million during 2023, compared to 2022. Both measures were driven by:
• A $447.1 million increase in margins related to the impact of the Wisconsin rate orders approved by the PSCW, effective January 1, 
2023. 
• A $61.6 million year-over-year positive impact from collections of fuel and purchased power costs. Under the Wisconsin fuel rules, 
the margins of our electric utilities are impacted by under- or over-collections of certain fuel and purchased power costs that are 
within a 2% price variance from the costs included in rates, and the remaining variance beyond the 2% price variance is generally 
deferred for future recovery or refund to customers. In 2022, WPS was unable to defer a portion of its under-collected fuel and 
purchased power costs due to earning an ROE in excess of the PSCW authorized amount.
• A $15.7 million increase in margins during 2023, related to the expiration of a capacity purchase contract in connection with the 
acquisition of the Whitewater facility, effective January 1, 2023.
WEC Energy Group
F-18
2024 Annual Financial Statements

These increases in margins were partially offset by:
• A $125.3 million decrease in margins related to lower retail sales volumes, driven by the impact of unfavorable weather during 
2023, compared with 2022. As measured by cooling degree days, 2023 was 7.2% and 17.0% cooler than 2022 in the Milwaukee 
area and Green Bay area, respectively. As measured by heating degree days, 2023 was 15.1% and 11.4% warmer than 2022 in 
the Milwaukee area and Green Bay area, respectively.
• A $25.1 million decrease in other revenues, primarily related to a FERC order in January 2023 that eliminated reactive power 
compensation MISO was required to pay to generators, including our electric utilities, as well as lower revenues from third-party 
use of our assets. The decrease in reactive power revenues is substantially offset by a decrease in transmission expense related to 
a deferral of these revenues as a component of our transmission escrow, as approved by the PSCW in June 2023 and discussed 
below.
• Lower margins of $8.0 million driven by the expiration of a wholesale contract in May 2022.
Additionally, the smaller increase in gross margin (GAAP) as compared to the increase in utility margin (non-GAAP), was driven by the 
following items that are further described in Other Operating Expenses below:
• A $109.5 million increase in transmission expense;
• A $96.8 million increase in depreciation and amortization;
• A $33.3 million increase in other operation and maintenance expense related to the We Power leases; and
• A $29.4 million increase in other operation and maintenance related to our power plants; partially offset by
• A $15.6 million decrease in electric and natural gas distribution expenses.
Other Operating Expenses (includes other operation and maintenance, depreciation and amortization, and 
property and revenue taxes)
Other operating expenses at the Wisconsin segment increased $273.4 million during 2023, compared with 2022. The significant factors 
impacting the increase in other operating expenses were:
• A $109.5 million increase in transmission expense as approved in the PSCW's 2023 rate orders, effective January 1, 2023. See the 
notes under the other operation and maintenance table above for more information. This amount is net of a deferral of $11.9 million 
approved by the PSCW in June 2023, retroactive to December 1, 2022, in response to a FERC order eliminating reactive power 
compensation to our utilities, as discussed above.
• A $96.8 million increase in depreciation and amortization, driven by assets being placed into service as we continue to execute on 
our capital plan.
• A $62.7 million increase in regulatory amortizations and other pass through expenses, as discussed in the notes under the other 
operation and maintenance table above.
• A $33.3 million increase in other operation and maintenance expense related to the We Power leases, as discussed in the notes 
under the other operation and maintenance table above.
• A $29.4 million increase in other operating and maintenance related to our power plants, driven by increases to certain plant-
related regulatory assets in 2022 as a result of the December 2022 Wisconsin rate orders as well as operating costs associated 
with Whitewater, which we purchased in January 2023. These increases were partially offset by lower severance expense during 
2023. 
• A $19.1 million increase in expense related to the earnings sharing mechanisms in place at our Wisconsin utilities, as discussed in 
the notes under the other operation and maintenance table above. 
These increases in other operating expenses were partially offset by:
• A $23.9 million decrease in expense primarily related to lower commitments made in 2023 to fund our charitable foundations.
• A $19.1 million increase in pre-tax gains on the sale of land, primarily at the site of our former Pleasant Prairie power plant during 
2023.
• A $15.6 million decrease in electric and natural gas distribution expenses, driven by lower costs to maintain the distribution system 
and for storm restoration during 2023, compared with 2022.
• A $7.0 million decrease in expenses associated with the settlement of legal claims.
Other Income, Net
Other income, net at the Wisconsin segment increased $37.7 million during 2023, compared with 2022, driven by higher AFUDC-Equity 
due to continued capital investment. See Note 27, Other Income, Net, for more information.
WEC Energy Group
F-19
2024 Annual Financial Statements

Interest Expense
Interest expense at the Wisconsin segment increased $45.1 million during 2023, compared with 2022. The increase was primarily due 
to the impact of WE and WPS issuing long-term debt during the third and fourth quarters of 2022, respectively, and higher average 
short-term debt balances and increased short-term debt interest rates. Also contributing to the increase was the 2022 deferral of 
$8.2 million of interest expense related to capital investments made by WG since its 2020 rate case, as approved by the PSCW in an 
order that allowed our Wisconsin utilities to offset certain 2022 revenue deficiencies in order to forego filing for 2022 base rate 
increases. This deferred interest expense was amortized over a two-year period. During 2023, WG amortized $4.1 million of interest 
expense. See Note 26, Regulatory Environment, for more information. These increases were partially offset by higher AFUDC-Debt due 
to continued capital investment and lower interest expense on finance lease liabilities, primarily related to the We Power leases, as 
finance lease liabilities decrease each year as payments are made.
Income Tax Expense
Income tax expense at the Wisconsin segment decreased $10.1 million during 2023, compared with 2022. The decrease was primarily 
due to a $23.1 million increase in PTCs and a $6.3 million increase in income tax benefits associated with AFUDC-Equity, both driven 
by continued capital investment. These decreases in income tax expense were partially offset by higher pre-tax income. 
ILLINOIS SEGMENT CONTRIBUTION TO NET INCOME ATTRIBUTED TO COMMON SHAREHOLDERS
The Illinois segment's contribution to net income attributed to common shareholders for the year ended December 31, 2024 was 
$252.1 million, representing a $112.1 million, or 80.1%, increase from the prior year. The increase was primarily due to a $178.9 million 
impairment recorded in 2023 associated with the ICC's disallowance of certain incurred capital costs in its November 2023 rate orders 
for PGL and NSG. An increase in margins related to the impacts of the November 2023 rate orders, effective December 1, 2023 for 
PGL, and February 1, 2024 for NSG, also contributed to the higher net income. SMP costs that were previously being recovered under 
PGL's QIP rider are now included in PGL's base rates. Partially offsetting these increases were higher property and revenue taxes, 
depreciation and amortization, and natural gas distribution and maintenance costs, along with a $25.3 million pre-tax charge to income 
related to the ICC's disallowance of certain capital costs in PGL's 2016 rider QIP reconciliation. See Note 26, Regulatory Environment, 
for more information on the PGL and NSG rate orders and the ICC's disallowance.
The Illinois segment's contribution to net income attributed to common shareholders for the year ended December 31, 2023 was 
$140.0 million, representing an $86.9 million, or 38.3%, decrease from the prior year. The decrease was driven by higher operating 
expenses, primarily due to a $178.9 million pre-tax impairment associated with the ICC's disallowance of certain incurred capital costs 
in its November 2023 rate orders for PGL and NSG, and the year-over-year impact of a gain recorded in 2022 on the sale of certain real 
estate by PGL. Partially offsetting these increases in operating expenses were lower natural gas distribution and maintenance costs 
and a decrease in expenses related to charitable contributions. Higher margins, due to a positive impact from PGL's rate order, effective 
December 1, 2023, and continued capital investment in the SMP project in 2023 under PGL's former QIP rider, also partially offset the 
net increase in operating expenses. 
Since the majority of PGL and NSG customers use natural gas for heating, net income attributed to common shareholders at the Illinois 
segment is sensitive to weather and is generally higher during the winter months.
Year Ended December 31
B (W)
B (W)
(in millions)
2024
2023
2022
2024 vs 2023
2023 vs 2022
Operating revenues
$ 
1,602.4 
$ 
1,557.8 
$ 
1,890.9 
$ 
44.6 
$ 
(333.1) 
Operating expenses
Cost of natural gas sold
 
376.7 
 
443.0 
 
792.5 
 
66.3 
 
349.5 
Other operation and maintenance
 
461.5 
 
397.9 
 
459.2 
 
(63.6)  
61.3 
Impairment related to ICC disallowances
 
12.1 
 
178.9 
 
— 
 
166.8 
 
(178.9) 
Depreciation and amortization
 
255.4 
 
237.3 
 
230.9 
 
(18.1)  
(6.4) 
Property and revenue taxes
 
59.9 
 
29.9 
 
38.6 
 
(30.0)  
8.7 
Operating income
 
436.8 
 
270.8 
 
369.7 
 
166.0 
 
(98.9) 
Other income, net
 
7.6 
 
6.7 
 
14.1 
 
0.9 
 
(7.4) 
Interest expense
 
94.7 
 
88.9 
 
73.8 
 
(5.8)  
(15.1) 
Income before income taxes
 
349.7 
 
188.6 
 
310.0 
 
161.1 
 
(121.4) 
Income tax expense
 
97.6 
 
48.6 
 
83.1 
 
(49.0)  
34.5 
Net income attributed to common shareholders
$ 
252.1 
$ 
140.0 
$ 
226.9 
$ 
112.1 
$ 
(86.9) 
WEC Energy Group
F-20
2024 Annual Financial Statements

The following table shows a breakdown of other operation and maintenance: 
Year Ended December 31
B (W)
B (W)
(in millions)
2024
2023
2022
2024 vs 2023
2023 vs 2022
Operation and maintenance not included in the line items 
below
$ 
318.5 
$ 
303.4 
$ 
319.4 
$ 
(15.1) $ 
16.0 
Riders (1)
 
139.7 
 
94.3 
 
127.2 
 
(45.4)  
32.9 
Regulatory amortizations (1)
 
2.3 
 
0.2 
 
(2.4)  
(2.1)  
(2.6) 
Other
 
1.0 
 
— 
 
15.0 
 
(1.0)  
15.0 
Total other operation and maintenance
$ 
461.5 
$ 
397.9 
$ 
459.2 
$ 
(63.6) $ 
61.3 
(1) 
These riders and regulatory amortizations are substantially offset in margins and therefore do not have a significant impact on net income.
The following tables provide information on delivered sales volumes by customer class and weather statistics:
Year Ended December 31
B (W)
B (W)
Natural Gas Sales Volumes (Therms - in millions)
2024
2023
2022
2024 vs 2023
2023 vs 2022
Customer Class
Residential
 
745.4 
 
778.1 
 
907.0 
 
(32.7)  
(128.9) 
Commercial and industrial
 
287.7 
 
305.2 
 
353.7 
 
(17.5)  
(48.5) 
Total retail
 
1,033.1 
 
1,083.3 
 
1,260.7 
 
(50.2)  
(177.4) 
Transportation
 
707.8 
 
740.4 
 
839.5 
 
(32.6)  
(99.1) 
Total sales in therms
 
1,740.9 
 
1,823.7 
 
2,100.2 
 
(82.8)  
(276.5) 
Year Ended December 31
B (W)
B (W)
Weather (Degree Days) (1)
2024
2023
2022
2024 vs 2023
2023 vs 2022
Heating (5,944 Normal)
 
4,848 
 
5,097 
 
6,140 
 (4.9) %
 (17.0) %
(1) 
Normal heating degree days are based on a 12-year moving average of monthly temperatures from Chicago's O'Hare Airport.
Gross Margin GAAP and Utility Margin Non-GAAP
The following table summarizes our Illinois segment gross margin (GAAP) and reconciles gross margin (GAAP) to utility margin (non-
GAAP). See "Non-GAAP Financial Measures" above for additional information regarding gross margin (GAAP) and utility margin (non-
GAAP).
Year Ended December 31
B (W)
B (W)
(in millions)
2024
2023
2022
2024 vs 2023
2023 vs 2022
Operating revenues
$ 
1,602.4 
$ 
1,557.8 
$ 
1,890.9 
$ 
44.6 
$ 
(333.1) 
Operating expenses
Cost of natural gas sold
 
(376.7)  
(443.0)  
(792.5)  
66.3 
 
349.5 
Other operation and maintenance (1)
 
(227.2)  
(206.2)  
(255.8)  
(21.0)  
49.6 
Depreciation and amortization
 
(255.4)  
(237.3)  
(230.9)  
(18.1)  
(6.4) 
Property and revenue taxes
 
(59.9)  
(29.9)  
(38.6)  
(30.0)  
8.7 
Gross margin (GAAP)
 
683.2 
 
641.4 
 
573.1 
 
41.8 
 
68.3 
Other operation and maintenance (1)
 
227.2 
 
206.2 
 
255.8 
 
21.0 
 
(49.6) 
Depreciation and amortization
 
255.4 
 
237.3 
 
230.9 
 
18.1 
 
6.4 
Property and revenue taxes
 
59.9 
 
29.9 
 
38.6 
 
30.0 
 
(8.7) 
Utility margin (non-GAAP)
$ 
1,225.7 
$ 
1,114.8 
$ 
1,098.4 
$ 
110.9 
$ 
16.4 
(1) 
Operating and maintenance expenses deemed to be directly attributable to our revenue-producing activities include distribution and customer service 
expenses. These expenses are included in the above table to calculate gross margin as defined under GAAP. 
WEC Energy Group
F-21
2024 Annual Financial Statements

2024 Compared with 2023
Gross margin (GAAP) at the Illinois segment increased $41.8 million during 2024, compared with 2023, and utility margin (non-GAAP) 
increased $110.9 million during 2024, compared with 2023. Both measures were driven by:
• An $84.0 million increase in margins related to the impacts of the PGL and NSG rate orders issued by the ICC, effective 
December 1, 2023 and February 1, 2024, respectively. PGL’s rate order includes the recovery of costs related to PGL’s SMP in 
base rates. Previously, these costs were being recovered under its QIP rider. See Note 26, Regulatory Environment, for more 
information on the rate orders.
• A $45.4 million increase in revenues associated with certain riders that are offset in other operation and maintenance and therefore 
do not have a significant impact on net income. 
These increases in gross margin (GAAP) and utility margin (non-GAAP) were partially offset by a $12.9 million decrease in revenues 
driven by an ICC order received in August 2024 related to PGL's 2016 Rider QIP reconciliation prudency review, which requires refunds 
to ratepayers for amounts previously collected related to the disallowance of certain capital costs. See Factors Affecting Results, 
Liquidity, and Capital Resources – Regulatory, Legislative, and Legal Matters – Regulatory Recovery and Note 26, Regulatory 
Environment, for more information on the ICC disallowance.
Additionally, the smaller increase in gross margin (GAAP) as compared with the increase in utility margin (non-GAAP), was driven by 
the following items that are further described in Other Operating Expenses below:
• A $30.0 million increase in property and revenue taxes; 
• An $18.1 million increase in depreciation and amortization;
• A $14.6 million increase in natural gas distribution and maintenance costs; and
• A $7.3 million increase in customer service expense.
Other Operating Expenses (includes other operation and maintenance, impairment related to ICC disallowances, 
depreciation and amortization, and property and revenue taxes)
Other operating expenses at the Illinois segment decreased $100.5 million, net of the $45.4 million impact of the riders referenced in the 
table above, during 2024, compared with 2023. The significant factors impacting the decrease in other operating expenses were:
• A $178.9 million impairment associated with the ICC orders received in November 2023 related to PGL's and NSG's rate reviews, 
which included the disallowance of previously incurred capital costs at PGL and NSG, in the amount of $177.2 million and 
$1.7 million, respectively. See Note 26, Regulatory Environment, for more information on the ICC disallowances.
• An $11.1 million decrease in expense driven by an ICC order received in May 2023 related to an annual prudency review of PGL's 
and NSG's UEA riders, which required refunds to ratepayers starting in September 2023. See Factors Affecting Results, Liquidity, 
and Capital Resources – Regulatory, Legislative, and Legal Matters – Regulatory Recovery and Note 26, Regulatory Environment, 
for more information.
These decreases in operating expenses were partially offset by:
• A $30.0 million increase in property and revenue taxes, driven by an increase in the invested capital tax. This increase was related 
to an increase in regulatory amortizations as approved in the PGL and NSG rate orders issued by the ICC, effective December 1, 
2023 and February 1, 2024, respectively.
• An $18.1 million increase in depreciation and amortization, driven by assets being placed into service as we continue to execute on 
our capital plan.
• A $14.6 million increase in natural gas distribution and maintenance costs, primarily related to maintaining the natural gas 
infrastructure during 2024, compared with 2023.
• A $12.1 million impairment driven by an ICC order received in August 2024 related to the 2016 annual prudency review of PGL's 
2016 Rider QIP, which included a disallowance of certain capital costs. See Note 26, Regulatory Environment, for more information 
on the ICC disallowances.
• A $7.3 million increase in customer service expense due to higher call center expense and metering costs.
Interest Expense
Interest expense at the Illinois segment increased $5.8 million during 2024, compared with 2023, driven by the impact of PGL and NSG 
issuing long-term debt in November 2023.
Income Tax Expense
Income tax expense at the Illinois segment increased $49.0 million during 2024, compared with 2023, driven by an increase in pre-tax 
income.
WEC Energy Group
F-22
2024 Annual Financial Statements

2023 Compared with 2022
Gross margin (GAAP) at the Illinois segment increased $68.3 million during 2023, compared with 2022, and utility margin (non-GAAP) 
increased $16.4 million during 2023, compared with 2022. Both measures were driven by:
• A $29.5 million increase in margins related to the impact of the PGL rate order issued by the ICC, effective December 1, 2023. 
• A $23.9 million increase in revenues at PGL due to continued capital investment in the SMP project under the QIP rider. PGL 
recovered the costs related to the SMP through a surcharge on customer bills pursuant to the QIP rider, which was in effect for 
most of 2023.
These increases in margins were partially offset by a $32.9 million decrease in margins associated with certain riders that are offset in 
other operation and maintenance and therefore do not have a significant impact on net income. 
For information on the QIP rider and PGL's recovery of SMP costs after 2023, as well as the pause in spending on the SMP, see 
Note 26, Regulatory Environment.
Additionally, the larger increase in gross margin (GAAP) as compared to the increase in utility margin (non-GAAP), was driven by the 
following items:
• A $43.8 million decrease in natural gas distribution and maintenance costs;
• An $8.7 million decrease in property and revenue taxes; and
• A $3.7 million decrease in customer service expense, partially offset by 
• A $6.4 million increase in depreciation and amortization.
Other Operating Expenses (includes other operation and maintenance, impairment related to ICC disallowances, 
depreciation and amortization, and property and revenue taxes)
Other operating expenses at the Illinois segment increased $148.2 million, net of the $32.9 million impact of the riders referenced in the 
table above, during 2023, compared with 2022. The significant factors impacting the increase in other operating expenses were:
• A $178.9 million impairment associated with the ICC orders received in November 2023 related to PGL's and NSG's rate reviews, 
which included the disallowance of previously incurred capital costs at PGL and NSG, in the amount of $177.2 million and 
$1.7 million, respectively. 
• A $54.5 million pre-tax gain on the sale of certain real estate in Chicago during 2022. See Note 3, Dispositions, for more 
information.
• An $11.1 million increase in expense driven by an ICC order received in May 2023 related to an annual prudency review of PGL's 
and NSG's UEA riders, which required refunds to ratepayers starting in September 2023. 
These increases in operating expenses were partially offset by:
• A $43.8 million decrease in natural gas distribution and maintenance costs, primarily related to maintaining the natural gas 
infrastructure during 2023, compared with 2022.
• A $25.0 million decrease in expenses related to contributions to charitable projects supporting our customers and the communities 
within our service territories during 2023, compared with 2022.
• A $9.4 million decrease in expenses associated with the settlement of legal claims during 2022.
• An $8.7 million decrease in property and revenue taxes, primarily driven by lower property and use taxes.
• A $3.7 million decrease in customer service expense due to lower call center expense and metering costs.
• A $3.0 million decrease in benefit costs, primarily due to lower stock-based compensation expense related to plan performance 
during 2023.
Other Income, Net
Other income, net at the Illinois segment decreased $7.4 million during 2023, compared with 2022, driven by lower net credits from the 
non-service components of our net periodic pension and OPEB costs. See Note 20, Employee Benefits, for more information on our 
benefit costs.
Interest Expense
Interest expense at the Illinois segment increased $15.1 million during 2023, compared with 2022, driven by higher long-term debt 
balances related to incremental borrowings in both 2023 and 2022, primarily related to additional capital investment. Also contributing to 
the increase was higher short-term debt interest rates.
WEC Energy Group
F-23
2024 Annual Financial Statements

Income Tax Expense
Income tax expense at the Illinois segment decreased $34.5 million during 2023, compared with 2022, driven by a decrease in pre-tax 
income.
OTHER STATES SEGMENT CONTRIBUTION TO NET INCOME ATTRIBUTED TO COMMON 
SHAREHOLDERS
The other states segment's contribution to net income attributed to common shareholders for the year ended December 31, 2024 was 
$54.5 million, representing a $6.4 million, or 13.3%, increase over the prior year. The increase was driven by higher margins due to 
MGU's rate increase approved by the MPSC that was effective January 1, 2024 and MERC's final rate increase approved by the MPUC 
in November 2023. See Note 26, Regulatory Environment, for more information.
The other states segment's contribution to net income attributed to common shareholders for the year ended December 31, 2023 was 
$48.1 million, representing an $8.4 million, or 21.2%, increase over the prior year. The increase was driven by higher margins due to an 
interim rate increase at MERC, effective January 1, 2023. This positive impact was partially offset by a decrease in margins due to 
lower sales volumes and increases in depreciation and amortization and interest expense.
Since the majority of MERC and MGU customers use natural gas for heating, net income attributed to common shareholders is 
sensitive to weather and is generally higher during the winter months.
Year Ended December 31
B (W)
B (W)
(in millions)
2024
2023
2022
2024 vs 2023
2023 vs 2022
Operating revenues
$ 
449.8 
$ 
519.1 
$ 
618.5 
$ 
(69.3) $ 
(99.4) 
Operating expenses
Cost of natural gas sold
 
198.6 
 
277.2 
 
391.6 
 
78.6 
 
114.4 
Other operation and maintenance
 
93.9 
 
94.5 
 
98.5 
 
0.6 
 
4.0 
Depreciation and amortization
 
47.0 
 
43.3 
 
40.9 
 
(3.7)  
(2.4) 
Property and revenue taxes
 
21.0 
 
24.4 
 
23.3 
 
3.4 
 
(1.1) 
Operating income
 
89.3 
 
79.7 
 
64.2 
 
9.6 
 
15.5 
Other income, net
 
0.3 
 
0.6 
 
2.5 
 
(0.3)  
(1.9) 
Interest expense
 
16.4 
 
15.9 
 
13.9 
 
(0.5)  
(2.0) 
Income before income taxes
 
73.2 
 
64.4 
 
52.8 
 
8.8 
 
11.6 
Income tax expense
 
18.7 
 
16.3 
 
13.1 
 
(2.4)  
(3.2) 
Net income attributed to common shareholders
$ 
54.5 
$ 
48.1 
$ 
39.7 
$ 
6.4 
$ 
8.4 
The following table shows a breakdown of other operation and maintenance: 
Year Ended December 31
B (W)
B (W)
(in millions)
2024
2023
2022
2024 vs 2023
2023 vs 2022
Operation and maintenance not included in line item below
$ 
76.8 
$ 
72.6 
$ 
77.8 
$ 
(4.2) $ 
5.2 
Regulatory amortizations and other pass through 
expenses (1)
 
17.1 
 
21.9 
 
20.7 
 
4.8 
 
(1.2) 
Total other operation and maintenance
$ 
93.9 
$ 
94.5 
$ 
98.5 
$ 
0.6 
$ 
4.0 
(1) 
Regulatory amortizations and other pass through expenses are substantially offset in margins and therefore do not have a significant impact on net income.
WEC Energy Group
F-24
2024 Annual Financial Statements

The following tables provide information on delivered sales volumes by customer class and weather statistics:
Year Ended December 31
B (W)
B (W)
Natural Gas Sales Volumes (Therms - in millions)
2024
2023
2022
2024 vs 2023
2023 vs 2022
Customer Class
Residential
 
285.2 
 
293.8 
 
353.1 
 
(8.6)  
(59.3) 
Commercial and industrial
 
179.9 
 
196.5 
 
227.6 
 
(16.6)  
(31.1) 
Total retail
 
465.1 
 
490.3 
 
580.7 
 
(25.2)  
(90.4) 
Transportation
 
828.5 
 
799.6 
 
794.8 
 
28.9 
 
4.8 
Total sales in therms
 
1,293.6 
 
1,289.9 
 
1,375.5 
 
3.7 
 
(85.6) 
Year Ended December 31
B (W)
B (W)
Weather (Degree Days) (1)
2024
2023
2022
2024 vs 2023
2023 vs 2022
MERC
Heating (7,993 Normal)
 
6,792 
 
7,324 
 
8,585 
 (7.3) %
 (14.7) %
MGU
Heating (6,208 Normal)
 
5,083 
 
5,456 
 
6,277 
 (6.8) %
 (13.1) %
(1) 
Normal heating degree days for MERC and MGU are based on a 20-year moving average and 15-year moving average, respectively, of monthly 
temperatures from various weather stations throughout their respective territories.
Gross Margin GAAP and Utility Margin Non-GAAP
The following table summarizes our other states segment gross margin (GAAP) and reconciles gross margin (GAAP) to utility margin 
(non-GAAP). See "Non-GAAP Financial Measures" above for additional information regarding gross margin (GAAP) and utility margin 
(non-GAAP).
Year Ended December 31
B (W)
B (W)
(in millions)
2024
2023
2022
2024 vs 2023
2023 vs 2022
Operating revenues
$ 
449.8 
$ 
519.1 
$ 
618.5 
$ 
(69.3) $ 
(99.4) 
Operating expenses
Cost of natural gas sold
 
(198.6)  
(277.2)  
(391.6)  
78.6 
 
114.4 
Other operation and maintenance (1)
 
(55.4)  
(54.2)  
(55.9)  
(1.2)  
1.7 
Depreciation and amortization
 
(47.0)  
(43.3)  
(40.9)  
(3.7)  
(2.4) 
Property and revenue taxes
 
(21.0)  
(24.4)  
(23.3)  
3.4 
 
(1.1) 
Gross margin (GAAP)
 
127.8 
 
120.0 
 
106.8 
 
7.8 
 
13.2 
Other operation and maintenance (1)
 
55.4 
 
54.2 
 
55.9 
 
1.2 
 
(1.7) 
Depreciation and amortization
 
47.0 
 
43.3 
 
40.9 
 
3.7 
 
2.4 
Property and revenue taxes
 
21.0 
 
24.4 
 
23.3 
 
(3.4)  
1.1 
Utility margin (non-GAAP)
$ 
251.2 
$ 
241.9 
$ 
226.9 
$ 
9.3 
$ 
15.0 
(1) 
Operating and maintenance expenses deemed to be directly attributable to our revenue-producing activities include distribution and customer service 
expenses. These expenses are included in the above table to calculate gross margin as defined under GAAP.
2024 Compared with 2023
Gross margin (GAAP) increased $7.8 million during 2024, compared to 2023, and utility margin (non-GAAP) increased $9.3 million 
during 2024, compared to 2023. Both measures were driven by:
• A $9.6 million increase related to MGU's rate increase approved by the MPSC that was effective January 1, 2024.
• A $2.0 million increase related to MERC's final rate increase approved by the MPUC in November 2023.
• A $1.6 million increase related to higher sales volumes, driven by higher transportation sales.
WEC Energy Group
F-25
2024 Annual Financial Statements

These increases were partially offset by:
• A $2.3 million decrease related to MGU's energy optimization program, which provides rebates, incentives, and energy efficiency 
education to customers.
• A $1.4 million decrease related to MERC CIP revenue, which was offset in operation and maintenance expense. Rebates and 
programs are available to residential and commercial customers of MERC through the CIP, which is funded by rate payers using 
the Conservation Cost Recovery Charge and the Conservation Cost Recovery Adjustment funds that are collected on their monthly 
billing statements.
Additionally, the lower increase in gross margin (GAAP) as compared to the increase in utility margin (non-GAAP), was driven by the 
following items that are further described in Other Operating Expenses below:
• A $3.7 million increase in depreciation and amortization; and
• A $1.2 million increase in natural gas operations and customer service expense; partially offset by
• A $3.4 million decrease in property and revenue taxes.
Other Operating Expenses (includes other operation and maintenance, depreciation and amortization, and 
property and revenue taxes)
Other operating expenses at the other states segment decreased $0.3 million during 2024, compared with 2023. The significant factors 
impacting the decrease in operating expenses were:
• A $4.2 million decrease in bad debt expense, driven by improvements in MERC's and MGU's loss rates and lower past due 
account receivable balances due to warmer than normal weather conditions during most of 2024 and low average natural gas 
prices.
• A $3.4 million decrease in property and revenue taxes, driven by the resolution of a use tax audit at MGU.
• A $1.4 million decrease in operation and maintenance expense related to MERC's CIP program, which has an offsetting decrease 
in margins.
These decreases in other operating expenses were partially offset by:
• A $3.7 million increase in depreciation and amortization related to continued capital investment. 
• A $2.8 million increase in benefit costs, driven by higher costs related to stock-based compensation and deferred compensation.
• A $1.2 million increase in natural gas operations and customer service expense, driven by the timing of various operation and 
maintenance projects approved in MERC's and MGU's most recent rate orders.
Interest Expense
Interest expense at the other states segment increased $0.5 million during 2024, compared with 2023, due to higher average short-term 
debt balances and higher average short-term debt interest rates. Also contributing to the increase was the impact of MGU issuing long-
term debt in October 2024.
Income Tax Expense
Income tax expense at the other states segment increased $2.4 million during 2024, compared with 2023, driven by an increase in pre-
tax income.
2023 Compared with 2022
Gross margin (GAAP) increased $13.2 million during 2023, compared to 2022, and utility margin (non-GAAP) increased $15.0 million 
during 2023, compared to 2022. Both measures were driven by a $19.5 million positive impact related to an interim rate increase at 
MERC that was effective January 1, 2023. See Note 26, Regulatory Environment, for more information. This increase was partially 
offset by a $6.1 million decrease related to lower sales volumes, primarily driven by warmer weather. As measured by heating degree 
days, 2023 was 14.7% and 13.1% warmer than 2022 at MERC and MGU, respectively.
Additionally, the smaller increase in gross margin (GAAP) as compared to the increase in utility margin (non-GAAP), was driven by the 
following items that are further described in "Other Operating Expenses" below:
• A $2.4 million increase in depreciation and amortization; partially offset by
• A $1.8 million decrease in natural gas operations and customer service expense.
WEC Energy Group
F-26
2024 Annual Financial Statements

Other Operating Expenses (includes other operation and maintenance, depreciation and amortization, and 
property and revenue taxes)
Other operating expenses at the other states segment decreased $0.5 million during 2023, compared with 2022. The significant factors 
impacting the decrease in operating expenses were:
• A $1.8 million decrease in natural gas operations and customer service expense, driven by fewer operation and maintenance 
projects at MGU during 2023. 
• A $1.6 million decrease in benefit costs, primarily due to lower stock-based compensation expense related to plan performance. 
These decreases in other operating expenses were partially offset by a $2.4 million increase in depreciation and amortization related to 
continued capital investment. 
Other Income, Net
Other income, net at the other states segment decreased $1.9 million during 2023, compared with 2022, driven by lower net credits 
from the non-service components of our net periodic pension and OPEB costs. See Note 20, Employee Benefits, for more information 
on our benefit costs.
Interest Expense
Interest expense at the other states segment increased $2.0 million during 2023, compared with 2022, primarily due to higher short-
term debt interest rates.
Income Tax Expense
Income tax expense at the other states segment increased $3.2 million during 2023, compared with 2022, primarily driven by an 
increase in pre-tax income.
ELECTRIC TRANSMISSION SEGMENT CONTRIBUTION TO NET INCOME ATTRIBUTED TO COMMON 
SHAREHOLDERS
Year Ended December 31
B (W)
B (W)
(in millions)
2024
2023
2022
2024 vs 2023
2023 vs 2022
Equity in earnings of transmission affiliates
$ 
207.5 
$ 
177.5 
$ 
194.7 
$ 
30.0 
$ 
(17.2) 
Interest expense
 
19.4 
 
19.4 
 
19.4 
 
— 
 
— 
Income before income taxes
 
188.1 
 
158.1 
 
175.3 
 
30.0 
 
(17.2) 
Income tax expense
 
47.1 
 
39.0 
 
45.8 
 
(8.1)  
6.8 
Net income attributed to common shareholders
$ 
141.0 
$ 
119.1 
$ 
129.5 
$ 
21.9 
$ 
(10.4) 
2024 Compared with 2023
Equity in Earnings of Transmission Affiliates
Equity in earnings of transmission affiliates increased $30.0 million during 2024, compared with 2023. This increase was primarily 
driven by a $20.1 million increase in equity earnings due to the impact of a FERC order issued in October 2024 addressing complaints 
related to ATC's ROE. For information on this FERC order, see Factors Affecting Results, Liquidity, and Capital Resources – Regulatory, 
Legislative, and Legal Matters – American Transmission Company Allowed Return on Equity Complaints. Continued capital investment 
by ATC also contributed to the year-over-year increase in equity earnings.
Income Tax Expense
Income tax expense at the electric transmission segment increased $8.1 million during 2024, compared with 2023, driven by an 
increase in pre-tax income.
2023 Compared with 2022
Equity in Earnings of Transmission Affiliates
Equity in earnings of transmission affiliates decreased $17.2 million during 2023, compared with 2022. This decrease was primarily 
driven by the $20.5 million positive impact recorded in 2022 related to the D.C. Circuit Court of Appeals opinion issued in August 2022 
addressing complaints related to ATC's ROE. For information on this D.C. Circuit Court of Appeals opinion, see Factors Affecting 
Results, Liquidity, and Capital Resources – Regulatory, Legislative, and Legal Matters – American Transmission Company Allowed 
Return on Equity Complaints in our 2023 Annual Report on Form 10-K. Partially offsetting this negative year-over-year impact was 
continued capital investment by ATC.
WEC Energy Group
F-27
2024 Annual Financial Statements

Income Tax Expense
Income tax expense at the electric transmission segment decreased $6.8 million during 2023, compared with 2022, driven by a 
decrease in pre-tax income.
NON-UTILITY ENERGY INFRASTRUCTURE SEGMENT CONTRIBUTION TO NET INCOME ATTRIBUTED 
TO COMMON SHAREHOLDERS
Year Ended December 31
B (W)
B (W)
(in millions)
2024
2023
2022
2024 vs 2023
2023 vs 2022
Operating income
$ 
393.0 
$ 
360.7 
$ 
372.8 
$ 
32.3 
$ 
(12.1) 
Other income, net
 
1.0 
 
— 
 
— 
 
1.0 
 
— 
Interest expense
 
99.7 
 
94.3 
 
68.9 
 
(5.4)  
(25.4) 
Income before income taxes
 
294.3 
 
266.4 
 
303.9 
 
27.9 
 
(37.5) 
Income tax benefit
 
(82.4)  
(68.4)  
(20.9)  
14.0 
 
47.5 
Net (income) loss attributed to noncontrolling interests
 
4.1 
 
1.2 
 
(0.4)  
2.9 
 
1.6 
Net income attributed to common shareholders
$ 
380.8 
$ 
336.0 
$ 
324.4 
$ 
44.8 
$ 
11.6 
2024 Compared with 2023
Operating Income
Operating income at the non-utility energy infrastructure segment increased $32.3 million during 2024, compared with 2023, driven by 
these items at WECI:
• A $48.4 million positive impact in 2024 related to the receipt of performance payments.
• A $3.9 million increase in PPA revenue resulting from increased generation driven by higher wind speeds and lower energy 
curtailments.
These increases in operating income were partially offset by:
• A $12.3 million negative impact due to transmission congestion that reduced energy market prices.
• A $7.1 million increase in operation and maintenance expenses due primarily to equipment failures at several of our renewable 
generation facilities.
• The recognition of $6.4 million in revenue related to Blooming Grove in 2023 for a capacity payment received from PJM 
Interconnection that was associated with a December 2022 cold weather event. The capacity payment was subject to a FERC 
complaint, so we recognized this as revenue in 2023 when FERC issued an order denying that complaint.
• A $3.1 million decrease due to lower amounts recognized for REC sales in 2024 at Blooming Grove driven by lower contracted 
REC prices overall, as well as timing of REC contract execution.
In addition to the above items at WECI, there was an $11.7 million positive impact from We Power due to continued capital investment.
Interest Expense
Interest expense at the non-utility energy infrastructure segment increased $5.4 million during 2024, compared with 2023, driven by an 
$8.6 million increase in interest expense due to WECI’s issuance of a $430.0 million long-term intercompany note payable to WEC 
Energy Group in April 2023. The $430.0 million intercompany note payable was redeemed in December 2024, and WECI recorded a 
$3.5 million loss on early redemption. This intercompany interest expense (including the loss on early redemption) is offset by higher 
intercompany interest income at the corporate and other segment and is eliminated in consolidation. Also driving an increase in interest 
expense was the impact of WECI Energy Holding III's issuance of long-term debt in December 2024. Partially offsetting these increases 
was lower interest expense due to lower principal balances on previously issued long-term debt, as a result of the semi-annual principal 
payments on long-term debt.
Income Tax Benefit
The income tax benefit at the non-utility energy infrastructure segment increased $14.0 million during 2024, compared with 2023. The 
increase was primarily due to an increase in PTCs that was related to the acquisition of additional renewable generation facilities, the 
IRS approved PTC rate increase, and higher production volumes, partially offset by higher pre-tax earnings.
WEC Energy Group
F-28
2024 Annual Financial Statements

2023 Compared with 2022
Operating Income
Operating income at the non-utility energy infrastructure segment decreased $12.1 million during 2023, compared with 2022, driven by 
these items at WECI: 
• The recognition of $15.2 million in revenue related to our Upstream wind park in 2022 that was associated with market settlements 
received from SPP in February 2021. These settlements were subject to a FERC complaint, so we were not able to recognize them 
as revenue until the FERC issued an order denying that complaint in 2022.
• A $13.4 million positive revenue impact in 2022 from a sharing arrangement with one of our Blooming Grove customers resulting 
from strong energy prices.
These decreases in operating income were partially offset by:
• The recognition of $6.4 million in revenue related to our Blooming Grove wind park in 2023 for a capacity payment received from 
PJM Interconnection that was associated with a December 2022 cold weather event. The capacity payment was subject to a FERC 
complaint, so we recognized this as revenue in 2023 when FERC issued an order denying that complaint.
• A $4.4 million positive impact from Sapphire Sky, a wind facility acquired in February 2023.
In addition to the above items at WECI, there was a $5.4 million positive impact from We Power due to continued capital investment.
Interest Expense
Interest expense at the non-utility energy infrastructure segment increased $25.4 million during 2023, compared with 2022, driven by a 
$16.1 million increase in interest expense due to WECI’s issuance of a $430.0 million long-term intercompany note payable to WEC 
Energy Group in April 2023. This intercompany interest expense is offset by higher intercompany interest income at the corporate and 
other segment and is eliminated in consolidation. Also driving the increase was the impact of WECI Wind Holding II's issuance of long-
term debt in December 2022.
Income Tax Benefit
The income tax benefit at the non-utility energy infrastructure segment increased $47.5 million during 2023, compared with 2022. The 
increase was primarily due to a $37.5 million increase in PTCs in 2023, driven by the acquisition of additional renewable generation 
facilities in the second half of 2022 and in the first quarter of 2023. Also contributing to the favorable income tax variance were lower 
pre-tax earnings during 2023, compared with 2022.
CORPORATE AND OTHER SEGMENT CONTRIBUTION TO NET INCOME ATTRIBUTED TO COMMON 
SHAREHOLDERS
Year Ended December 31
B (W)
B (W)
(in millions)
2024
2023
2022
2024 vs 2023
2023 vs 2022
Operating loss
$ 
(11.3) $ 
(26.8) $ 
(11.7) $ 
15.5 
$ 
(15.1) 
Other income, net
 
54.4 
 
53.3 
 
14.6 
 
1.1 
 
38.7 
Interest expense
 
310.0 
 
258.1 
 
119.4 
 
(51.9) 
 
(138.7) 
Gain on debt extinguishment
 
(23.1)  
(0.5)  
— 
 
22.6 
 
0.5 
Loss before income taxes
 
(243.8)  
(231.1)  
(116.5)  
(12.7) 
 
(114.6) 
Income tax benefit
 
(79.5)  
(68.3)  
(45.7)  
11.2 
 
22.6 
Net loss attributed to common shareholders
$ 
(164.3) $ 
(162.8) $ 
(70.8) $ 
(1.5) 
$ 
(92.0) 
2024 Compared with 2023
Operating Loss
The operating loss at the corporate and other segment decreased $15.5 million during 2024, compared with 2023. The lower operating 
loss was driven by a $16.8 million positive impact from WBS's allocation of its net credits from the non-service components of its net 
periodic pension and OPEB costs. These net credits are initially recorded in other income, net, but are allocated to our operating 
segments as an overhead cost, which is recorded through operating expenses. As a result, this positive impact is fully offset in the other 
income, net line item discussed below.
WEC Energy Group
F-29
2024 Annual Financial Statements

Other Income, Net
Other income, net at the corporate and other segment increased $1.1 million during 2024, compared with 2023. The significant factors 
impacting the increase in other income, net were:
• A $14.3 million increase in interest income, driven by an $8.6 million increase in intercompany interest income from WECI, primarily 
related to its issuance of a $430.0 million long-term intercompany note to WEC Energy Group in April 2023. The $430.0 million 
intercompany note was redeemed in December 2024, and WEC Energy Group recorded a $3.5 million gain on the redemption. 
This intercompany interest income is offset by higher intercompany interest expense at our non-utility energy infrastructure 
segment. Higher interest income on cash balances of $3.5 million also contributed to the increase in other income.
• A $5.8 million increase due to net earnings of $2.3 million from our equity method investments in technology and energy-focused 
investment funds during 2024, compared with net losses of $3.5 million during 2023. 
These increases in other income, net were partially offset by:
• A $16.8 million decrease driven by lower net credits from the non-service components of WBS's net periodic pension and OPEB 
costs. As discussed above, this negative impact was offset by lower operating expenses as these credits are allocated to our 
operating segments as an overhead cost.
• A $2.0 million decrease due to lower net gains from the investments held in the Integrys rabbi trust. The gains from the investments 
held in the rabbi trust partially offset the changes in benefit costs related to deferred compensation, which are primarily included in 
other operation and maintenance expense in our utility segments. See Note 17, Fair Value Measurements, for more information on 
our investments held in the Integrys rabbi trust.
Interest Expense
Interest expense at the corporate and other segment increased $51.9 million during 2024, compared with 2023, primarily due to the 
impact of long-term debt issuances in April and September 2023, as well as May and December 2024. This increase was partially offset 
by long-term debt maturities and redemptions. See Note 14, Long-Term Debt, for more information.
Gain on Debt Extinguishments
The gain on debt extinguishments increased $22.6 million during 2024, compared with 2023, driven by the early settlement of a portion 
of both our 5.60% Senior Notes due September 12, 2026 and our 1.80% Senior Notes due October 15, 2030. We also recorded gains 
on redemptions and repurchases of our 2007 Junior Notes during 2024.
Income Tax Benefit
The income tax benefit at the corporate and other segment increased $11.2 million during 2024, compared with 2023, driven by the 
resolution of a tax audit and higher pre-tax loss. 
2023 Compared with 2022
Operating Loss
The operating loss at the corporate and other segment increased $15.1 million during 2023, compared with 2022, driven by the year-
over-year impact from the 2022 resolution of a previously recorded liability as certain outstanding matters reached a favorable outcome. 
Lower operating income at Wispark also contributed to the higher operating loss, driven by the 2022 positive impact from a payment on 
a note receivable that was previously written off due to uncertainty regarding its collectability and lower gains related to the sale of land 
and other assets.
Other Income, Net
Other income, net at the corporate and other segment increased $38.7 million during 2023, compared with 2022. The significant factors 
impacting the increase in other income, net were:
• A $13.7 million net gain from the investments held in the Integrys rabbi trust during 2023, compared with a $12.6 million net loss 
during 2022.
• An $18.3 million increase in intercompany interest income, driven by WECI's issuance of a $430.0 million long-term intercompany 
note to WEC Energy Group in April 2023 and higher interest rates on short-term borrowings to subsidiaries in our operating 
segments. This intercompany interest income is offset by higher intercompany interest expense in our operating segments and is 
eliminated in consolidation.
These increases in other income, net were partially offset by a $3.5 million net loss from our equity method investments in technology 
and energy-focused investment funds during 2023, compared with $6.5 million of net earnings during 2022.
WEC Energy Group
F-30
2024 Annual Financial Statements

Interest Expense
Interest expense at the corporate and other segment increased $138.7 million during 2023, compared with 2022, primarily due to the 
impact of long-term debt issuances in September 2022, January 2023, and April 2023. Also driving the increase in interest expense was 
higher average short-term debt balances and increased short-term debt interest rates.
Income Tax Benefit
The income tax benefit at the corporate and other segment increased $22.6 million during 2023, compared with 2022, driven by a 
higher pre-tax loss. This increase in the income tax benefit was partially offset by a $5.9 million decrease in excess tax benefits 
recognized related to stock option exercises. 
LIQUIDITY AND CAPITAL RESOURCES
OVERVIEW
We expect to maintain adequate liquidity to meet our cash requirements for operation of our businesses and implementation of our 
corporate strategy through internal generation of cash from operations and access to the capital markets.
The following discussion and analysis of our Liquidity and Capital Resources includes comparisons of our cash flows for the year ended 
December 31, 2024 with the year ended December 31, 2023. For a similar discussion that compares our cash flows for the year ended 
December 31, 2023 with the year ended December 31, 2022, see Item 7. Management's Discussion and Analysis of Financial Condition 
and Results of Operations – Liquidity and Capital Resources in Part II of our 2023 Annual Report on Form 10-K, which was filed with 
the SEC on February 22, 2024.
CASH FLOWS
The following table summarizes our cash flows during the years ended December 31:
(in millions)
2024
2023
Change in 2024 
Over 2023
Cash provided by (used in):
Operating activities
$ 
3,211.8 
$ 
3,018.4 
$ 
193.4 
Investing activities
 
(3,802.5)  
(3,558.2)  
(244.3) 
Financing activities
 
467.7 
 
522.8 
 
(55.1) 
Operating Activities
Net cash provided by operating activities increased $193.4 million during 2024, compared with 2023, driven by: 
• A $215.5 million increase in cash driven by lower amounts of collateral paid to counterparties during 2024, compared with 2023, as 
well as lower realized losses on derivative instruments recognized during 2024, compared with 2023.
• A $205.3 million increase in cash received for income taxes driven by proceeds received during 2024, compared with 2023, related 
to 2023 and 2024 PTCs that were sold to third parties.
• An $83.1 million increase in cash from lower payments for operating and maintenance expenses. During 2024, our payments were 
lower associated with previous commitments to charitable projects and operation and maintenance related to our We Power and 
Wisconsin generation units, as well as due to the timing of payments for accounts payable. 
• A $21.9 million increase in cash related to lower payments for taxes other than income taxes during 2024, compared with 2023.
• An $8.9 million increase in cash from lower payments for environmental remediation related to work completed on former 
manufactured gas plant sites during 2024, compared with 2023.
These increases in net cash provided by operating activities were partially offset by:
• A $224.8 million decrease in cash from lower overall collections from customers during 2024, compared with 2023. This decrease 
was driven by the lower per-unit cost of natural gas and lower sales volumes from warmer winter weather during 2024, compared 
with 2023.
• A $132.3 million decrease in cash from higher payments for interest, driven by long-term debt issuances at higher interest rates 
during 2023 and 2024, higher average short-term debt balances, and higher average short-term debt interest rates during 2024, 
compared with 2023.
WEC Energy Group
F-31
2024 Annual Financial Statements

Investing Activities
Net cash used in investing activities increased $244.3 million during 2024, compared with 2023, driven by:
• The acquisition of a 90% ownership interest in Delilah I in December 2024 for $462.5 million, net of cash acquired of $0.6 million.
• The acquisition of a 90% ownership interest in Maple Flats in November 2024 for $431.2 million, net of cash acquired of 
$0.5 million.
• A $288.2 million increase in cash paid for capital expenditures during 2024, compared with 2023, which is discussed in more detail 
below. 
• A $31.1 million decrease in proceeds received from the sale of assets during 2024, compared with 2023, driven by the sale of land 
at the site of our former Pleasant Prairie power plant in 2023. See Note 3, Dispositions, for more information.
These increases in net cash used in investing activities were partially offset by: 
• The acquisition of a 90% ownership interest in Sapphire Sky in February 2023 for $442.6 million, net of cash acquired of 
$0.3 million.
• The acquisition of an 80% ownership interest in Samson I in February 2023 for $257.3 million, net of cash acquired of $5.2 million.
• The acquisition of a 90% ownership interest in Red Barn in April 2023 for $143.8 million.
• The acquisition of Whitewater in January 2023 for $76.0 million.
• An $18.2 million decrease in capital contributions paid to transmission affiliates during 2024, compared with 2023. See Note 21, 
Investment in Transmission Affiliates, for more information. 
For more information on our acquisitions, see Note 2, Acquisitions.
Capital Expenditures
Capital expenditures by segment for the years ended December 31 were as follows:
Reportable Segment (in millions)
2024
2023
Change in 2024 
Over 2023
Wisconsin 
$ 
2,247.1 
$ 
1,819.3 
$ 
427.8 
Illinois
 
343.0 
 
489.8 
 
(146.8) 
Other states
 
118.3 
 
103.5 
 
14.8 
Non-utility energy infrastructure
 
52.1 
 
54.5 
 
(2.4) 
Corporate and other
 
20.6 
 
25.8 
 
(5.2) 
Total capital expenditures
$ 
2,781.1 
$ 
2,492.9 
$ 
288.2 
The increase in cash paid for capital expenditures at the Wisconsin segment during 2024, compared with 2023, was driven by higher 
payments for WE's electric distribution system, increased capital expenditures for renewable energy projects at WE, WPS, and 
UMERC, increased capital expenditures for combustion turbines at OCPP, as well as increased capital expenditures for a project to 
consolidate our electric utility operations technology. These increases in capital expenditures were partially offset by decreased 
payments for construction of WE's and WG's LNG facilities, which were completed in November 2023 and February 2024, respectively, 
as well as decreased payments for natural gas-fired generation that was constructed at WPS's existing Weston power plant site, which 
was completed in July 2023. 
The decrease in cash paid for expenditures at the Illinois segment during 2024, compared with 2023, was driven by lower payments 
related to PGL's natural gas distribution system, including SMP. For more information on the factors contributing to this decrease, see 
Factors Affecting Results, Liquidity, and Capital Resources – Regulatory, Legislative, and Legal Matters – Illinois Proceedings.
The increase in cash paid for capital expenditures at the Other States segment during 2024, compared with 2023, was driven by 
increased payments for MGU's natural gas distribution system.
See Liquidity and Capital Resources – Cash Requirements – Significant Capital Projects below for more information.
Financing Activities
Net cash provided by financing activities decreased $55.1 million during 2024, compared with 2023, driven by:
• A $1,276.5 million decrease in cash due to $902.8 million of net repayments of commercial paper during 2024, compared with 
$373.7 million of net borrowings of commercial paper during 2023. 
• A $1,132.6 million decrease in cash due to higher retirements of long-term debt during 2024, compared with 2023.
WEC Energy Group
F-32
2024 Annual Financial Statements

• A $72.0 million decrease in cash due to higher dividends paid on our common stock during 2024, compared with 2023. In January 
2024, our Board of Directors increased our quarterly dividend by $0.055 per share (7.1%) effective with the March 2024 dividend 
payment.
• A $31.7 million decrease in cash due to higher payments for debt extinguishment and issuance costs during 2024, compared with 
2023. 
• The purchase of an additional 10% ownership interest in Samson I in January 2024 for $28.1 million.
These decreases in net cash provided by financing activities were partially offset by:
• A $2,290.9 million increase in cash due to higher issuances of long-term debt during 2024, compared with 2023.
• A $163.4 million increase in cash due to the issuance of common stock during 2024. We did not issue any common stock during 
2023. See Note 11, Common Equity, for more information.
• A $17.4 million increase in cash proceeds related to an increase in stock options exercised during 2024, compared with 2023.
• A $13.4 million increase in cash due to a decrease in common stock purchased during 2024, compared with 2023, to satisfy 
requirements of our stock-based compensation plans. See Note 11, Common Equity, for more information.
Significant Financing Activities
For more information on our financing activities, see Note 13, Short-Term Debt and Lines of Credit, and Note 14, Long-Term Debt. 
CASH REQUIREMENTS
We require funds to support and grow our businesses. Our significant cash requirements primarily consist of capital and investment 
expenditures, payments to retire and pay interest on long-term debt, the payment of common stock dividends to our shareholders, and 
the funding of our ongoing operations. Our significant cash requirements are discussed in further detail below.
Significant Capital Projects
We have several capital projects and acquisitions that will require significant capital expenditures over the next three years and beyond. 
All projected capital requirements are subject to periodic review and may vary significantly from estimates, depending on a number of 
factors. These factors include environmental requirements, regulatory restraints and requirements, changes in tax laws and regulations, 
acquisition and development opportunities, market volatility, economic trends, supply chain disruptions, inflation, and interest rates. Our 
estimated capital expenditures and acquisitions for the next three years are reflected below. These amounts include anticipated 
expenditures for environmental compliance and certain remediation issues. For a discussion of certain environmental matters affecting 
us, see Note 24, Commitments and Contingencies.
(in millions)
2025
2026
2027
Wisconsin
$ 
4,202.4 
$ 
4,410.7 
$ 
4,873.2 
Illinois
 
373.7 
 
404.8 
 
369.7 
Other states
 
106.5 
 
121.4 
 
123.4 
Non-utility energy infrastructure
 
437.6 
 
23.1 
 
33.8 
Corporate and other
 
17.9 
 
10.2 
 
2.4 
Total
$ 
5,138.1 
$ 
4,970.2 
$ 
5,402.5 
Our utilities continue to upgrade their electric and natural gas distribution systems to enhance reliability. These upgrades include 
addressing our aging infrastructure, system hardening, and the AMI program. AMI is an integrated system of smart meters, 
communication networks, and data management systems that enable two-way communication between utilities and customers.
We are committed to investing in solar, wind, battery storage, and natural gas-fired generation. Below are examples of projects that are 
proposed or currently underway.
• WE and WPS, along with an unaffiliated utility, received PSCW approval to acquire and construct Paris, a utility-scale solar-
powered electric generating facility with a battery energy storage system located in Kenosha County, Wisconsin. In December 
2024, the construction of the solar portion of Paris was completed, with WE and WPS collectively owning 180 MWs of solar 
generation. WE and WPS will collectively own 99 MWs of battery storage of this project, with construction expected to be 
completed in 2025. WE's and WPS's combined share of the cost of this project is estimated to be approximately $542 million.
• WE and WPS, along with an unaffiliated utility, received PSCW approval to acquire and construct Darien, a utility-scale solar-
powered electric generating facility with a battery energy storage system. The project will be located in Rock and Walworth 
counties, Wisconsin and once fully constructed, WE and WPS will collectively own 225 MWs of solar generation and 68 MWs of 
battery storage of this project. WE's and WPS's combined share of the cost of this project is estimated to be approximately 
$567 million, with construction of the solar portion and battery storage expected to be completed in 2025 and 2026, respectively.
• WE and WPS, along with an unaffiliated utility, received PSCW approval to acquire Koshkonong, a utility-scale solar-powered 
electric generating facility with a battery energy storage system. The project will be located in Dane County, Wisconsin and once 
WEC Energy Group
F-33
2024 Annual Financial Statements

fully constructed, WE and WPS will collectively own 270 MWs of solar generation and 149 MWs of battery storage of this project. 
WE's and WPS's combined share of the cost of this project is estimated to be approximately $930 million, with construction of the 
solar portion and battery storage expected to be completed in 2026 and 2027, respectively.
• WE and WPS plan to enhance fuel flexibility at the coal-fired ERGS units and Weston Unit 4. 
• In February 2024, WE and WPS, along with an unaffiliated utility, filed a request with the PSCW to acquire and construct High 
Noon, a utility-scale solar-powered electric generating facility with a battery energy storage system. If approved, the project will be 
located in Columbia County, Wisconsin and once fully constructed, WE and WPS will collectively own 270 MWs of solar generation 
and 149 MWs of battery storage of this project. If approved, WE and WPS's combined share of the cost of the project is estimated 
to be approximately $883 million, with construction of the solar portion and battery storage expected to be completed in 2027.
• UMERC received MPSC approval to acquire and construct Renegade, a utility-scale solar-powered electric generating facility. The 
project will be located in Delta and Marquette counties, Michigan and once fully constructed, UMERC will own 100 MWs of solar 
generation. The cost of this project is estimated to be approximately $226 million, with construction expected to be completed by 
the end of 2026.
• In April 2024, WE filed a request with the PSCW to build five natural gas-fired combustion turbines capable of producing 
approximately 1,100 MWs, which would be located at the existing OCPP site. If approved, the cost of this project is estimated to be 
approximately $1.2 billion.
• In April 2024, WE filed a request with the PSCW to add seven natural gas-fired RICE units near the Paris Generating Station. The 
new RICE units would be fueled with natural gas and capable of producing approximately 128 MWs. If approved, the cost of this 
project is estimated to be approximately $280 million.
• In April 2024, WE filed a request with the PSCW to construct the Rochester Lateral, which would supply additional natural gas 
service to the OCPP site. The natural gas lateral would be built in Kenosha, Racine, and Milwaukee counties. If approved, the cost 
of this project is estimated to be approximately $200 million.
• In April 2024, WE filed a request with the PSCW to construct an LNG facility which would be located on the OCPP site. If approved, 
the facility would have a storage capacity of two Bcf and the cost of this project is estimated to be approximately $456 million.
• In September 2024, WE and WPS, along with an unaffiliated utility, filed a request with the PSCW to acquire Dawn Harvest, a 
utility-scale solar-powered electric generating facility with a battery energy storage system. If approved, the project will be located 
in Rock County, Wisconsin and once fully constructed, WE and WPS will collectively own 135 MWs of solar generation and WE will 
own 50 MWs of battery storage of this project. If approved, WE and WPS's combined share of the cost of this project is estimated 
to be approximately $409 million, with construction expected to be completed in 2028.
• In September 2024, WE and WPS, along with an unaffiliated utility, filed a request with the PSCW to acquire Saratoga, a utility-
scale solar-powered electric generating facility with a battery energy storage system, and Ursa, a utility-scale solar-powered 
electric generating facility. If approved, Saratoga will be located in Wood County, Wisconsin and Ursa will be located in Columbia 
County, Wisconsin. Once fully constructed, WE and WPS will collectively own 135 MWs of solar generation and 45 MWs of battery 
storage of Saratoga and 180 MWs of solar generation of Ursa. If approved, WE and WPS's combined share of the cost of Ursa is 
estimated to be approximately $406 million, with construction expected to be completed in 2027. If approved, WE and WPS's 
combined share of the cost of Saratoga is estimated to be approximately $406 million, with construction expected to be completed 
in 2028.
• In September 2024, WE and WPS, along with an unaffiliated utility, filed a request with the PSCW to acquire and construct Badger 
Hollow Wind and to acquire Whitetail, two utility-scale wind-powered electric generating facilities. If approved, Badger Hollow Wind 
will be located in Iowa and Grant counties, Wisconsin, and Whitetail will be located in Grant County, Wisconsin. Once fully 
constructed, WE and WPS will collectively own 100 MWs of wind generation of Badger Hollow Wind and 60 MWs of wind 
generation of Whitetail. If approved, WE and WPS's combined share of the cost of Badger Hollow Wind is estimated to be 
$320 million, with construction expected to be completed in 2027. If approved, WE and WPS's combined share of the cost of 
Whitetail is estimated to be approximately $200 million, with construction expected to be completed in 2027.
• In October 2024, WE and WPS, along with an unaffiliated utility, filed a request with the PSCW to acquire and construct Good Oak 
and Gristmill, two utility-scale solar electric generating facilities. If approved, both Good Oak and Gristmill will be located in 
Columbia County, Wisconsin. Once fully constructed, WE and WPS will collectively own 88 MWs of solar generation of Good Oak 
and 60 MWs of solar generation of Gristmill. If approved, WE and WPS's combined share of the cost of Good Oak is estimated to 
be $194 million and the cost of Gristmill is estimated to be approximately $130 million, with construction for both projects expected 
to be completed in 2028.
The construction of additional LNG facilities in Wisconsin has been proposed as part of our capital plan and would provide another 
approximately four Bcf of natural gas supply at an estimated cost of $940 million. The facilities are expected to reduce the likelihood of 
constraints on our natural gas distribution system during the highest demand days of winter.
As part of our capital plan, we plan to build additional natural gas-fired combustion turbines capable of producing approximately 
675 MWs at an estimated cost of $960 million. In addition, we plan to add natural gas-fired RICE units that would be capable of 
producing approximately 114 MWs at an estimated cost of $250 million.
In connection with several investigations it conducted, the DOC set duties on solar panels and cells imported from four southeast Asian 
countries. See Factors Affecting Results, Liquidity, and Capital Resources – Regulatory, Legislative, and Legal Matters – United States 
WEC Energy Group
F-34
2024 Annual Financial Statements

Department of Commerce Complaints and Factors Affecting Results, Liquidity, and Capital Resources – Regulatory, Legislative, and 
Legal Matters – Uyghur Forced Labor Prevention Act for information on the potential impacts to our solar projects as a result of the 
duties set by the DOC and related USITC and DOC investigations, and CBP actions related to solar panels, respectively. The expected 
in-service dates and costs identified above already reflect some of these impacts.
In November 2023, the ICC ordered PGL to pause spending on its SMP until the ICC had a proceeding to determine the optimal 
method for replacing aging natural gas infrastructure and a prudent investment level. In accordance with the written order, the ICC 
initiated the proceeding in January 2024. On February 20, 2025, the ICC issued an order setting expectations for PGL's prospective 
operations under its SMP. For information on regulatory proceedings related to the SMP, see Note 26, Regulatory Environment, and 
Factors Affecting Results, Liquidity, and Capital Resources – Regulatory, Legislative, and Legal Matters – Illinois Proceedings.
The non-utility energy infrastructure line item in the table above includes WECI's investment in Hardin III, which closed in February 
2025. See Note 2, Acquisitions, for more information on this project.
We expect to provide total capital contributions to ATC (not included in the above table) of approximately $445 million from 2025 
through 2027. We do not expect to make any contributions to ATC Holdco during that period. WEC's portion of the investment in MISO 
Tranche 1 is estimated to be approximately $580 million between 2025 and 2029, a portion of which will be funded by ATC's cash from 
operations. Tranche 1 is part of MISO's Long Range Transmission Planning initiative to upgrade the grid so that it can reliably 
accommodate for the shift in generation to lower-carbon resources. 
Long-Term Debt
A significant amount of cash is required to retire and pay interest on our long-term debt obligations. See Note 14, Long-Term Debt, for 
more information on our outstanding long-term debt, including a schedule of our long-term debt maturities over the next five years. The 
following table summarizes our required interest payments on long-term debt as of December 31, 2024:
Interest Payments Due by Period
(in millions)
Total
Less Than 
1 Year
1-3 Years
3-5 Years
More Than 
5 Years
Interest payments due on long-term debt
$ 
8,357.6 
$ 
805.2 
$ 
1,330.7 
$ 
1,014.9 
$ 
5,206.8 
Common Stock Dividends
On January 16, 2025, our Board of Directors increased our quarterly dividend to $0.8925 per share effective with the first quarter of 
2025 dividend payment, an increase of 6.9%. This equates to an annual dividend of $3.57 per share. In addition, the Board of Directors 
affirmed our dividend policy that continues to target a dividend payout ratio of 65-70% of earnings.
We have been paying consecutive quarterly dividends dating back to 1942 and expect to continue paying quarterly cash dividends in 
the future. Any payment of future dividends is subject to approval by our Board of Directors and is dependent upon future earnings, 
capital requirements, and financial and other business conditions. In addition, our ability as a holding company to pay common stock 
dividends primarily depends on the availability of funds received from our subsidiaries. Various financing arrangements and regulatory 
requirements impose certain restrictions on the ability of our subsidiaries to transfer funds to us in the form of cash dividends, loans, or 
advances. We do not believe that these restrictions will materially affect our operations or limit any dividend payments in the 
foreseeable future. See Note 11, Common Equity, for more information related to these restrictions and our other common stock 
matters.
Other Significant Cash Requirements
Our utility and non-utility operations have purchase obligations under various contracts for the procurement of fuel, power, and gas 
supply, as well as the related storage and transportation. These costs are a significant component of funding our ongoing operations. 
See Note 24, Commitments and Contingencies, for more information, including our minimum future commitments related to these 
purchase obligations. 
In addition to our energy-related purchase obligations, we have commitments for other costs incurred in the normal course of business, 
including costs related to information technology services, meter reading services, maintenance and other service agreements for 
certain generating facilities, and various engineering agreements. Our estimated future cash requirements related to these purchase 
obligations, excluding energy-related obligations, are reflected below.
Payments Due by Period
(in millions)
Total
Less Than 
1 Year
1-3 Years
3-5 Years
More Than 
5 Years
Purchase orders
$ 
561.3 
$ 
276.4 
$ 
197.6 
$ 
54.7 
$ 
32.6 
We have various finance and operating lease obligations. Our finance lease obligations primarily relate to land leases for our renewable 
generation projects. Our operating lease obligations are for office space and land. See Note 15, Leases, for more information, including 
an analysis of our minimum lease payments due in future years.
WEC Energy Group
F-35
2024 Annual Financial Statements

We make contributions to our pension and OPEB plans based upon various factors affecting us, including our liquidity position and tax 
law changes. See Note 20, Employee Benefits, for our expected contributions in 2025 and our expected pension and OPEB payments 
for the next 10 years. We expect the majority of these future pension and OPEB payments to be paid from our outside trusts. See 
Sources of Cash–Investments in Outside Trusts below for more information.
In addition to the above, our balance sheet at December 31, 2024 included various other liabilities that, due to the nature of the 
liabilities, the amount and timing of future payments cannot be determined with certainty. These liabilities include AROs, liabilities for the 
remediation of manufactured gas plant sites, and liabilities related to the accounting treatment for uncertainty in income taxes. For 
additional information on these liabilities, see Note 9, Asset Retirement Obligations, Note 16, Income Taxes, and Note 24, Commitments 
and Contingencies, respectively.
Off-Balance Sheet Arrangements
We are a party to various financial instruments with off-balance sheet risk as a part of our normal course of business, including financial 
guarantees and letters of credit that support construction projects, commodity contracts, and other payment obligations. We believe that 
these agreements do not have, and are not reasonably likely to have, a current or future material effect on our financial condition, 
changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources. See 
Note 13, Short-Term Debt and Lines of Credit, Note 19, Guarantees, and Note 23, Variable Interest Entities, for more information.
SOURCES OF CASH
Liquidity
We anticipate meeting our short-term and long-term cash requirements to operate our businesses and implement our corporate 
strategy through internal generation of cash from operations and access to the capital markets, and common equity. Accessing the 
capital markets allows us to obtain external short-term borrowings, including commercial paper and term loans, and issue intermediate 
or long-term debt securities, as well as other types of securities. In 2024, we started issuing common equity through a combination of 
our employee benefit plans and stock purchase and dividend reinvestment plan, as well as through an at-the-market program. Cash 
generated from operations is primarily driven by sales of electricity and natural gas to our utility customers, reduced by costs of 
operations. Our access to the capital markets is critical to our overall strategic plan and allows us to supplement cash flows from 
operations with external borrowings to manage seasonal variations, working capital needs, commodity price fluctuations, unplanned 
expenses, and unanticipated events. Subject to market conditions and other factors, we may repurchase our debt securities through 
open market purchases, privately negotiated transactions and/or other types of transactions. 
In January and February 2024, pursuant to a tender offer, we purchased $122.1 million aggregate principal amount of the $500.0 million 
outstanding of our 2007 Junior Notes for $115.2 million with proceeds from issuing commercial paper. We recorded a $6.4 million gain 
related to the early settlement. Additionally, in May 2024, we repurchased $19.0 million aggregate principal amount of the $377.9 million 
outstanding of our 2007 Junior Notes for $18.7 million, plus accrued interest, with proceeds received from issuing commercial paper. 
We recorded a $0.2 million gain related to the early settlement. In December 2024, we redeemed the remaining $358.9 million 
outstanding principal at par, plus accrued interest, of our 2007 Junior Notes with the proceeds we received from the issuance of our 
2024A Junior Notes and 2024B Junior Notes. 
In December 2024, pursuant to a tender offer, we repurchased $250.0 million aggregate principal amount of the $600.0 million 
outstanding of our 5.60% Senior Notes due September 12, 2026 and repurchased $150.0 million aggregate principal amount of the 
$450.0 million outstanding of our 1.80% Senior Notes due October 15, 2030, for $380.9 million, plus accrued interest, with proceeds 
received from issuing commercial paper. As a result of the repurchase, we recorded a $16.5 million gain on debt extinguishment. 
WEC Energy Group, WE, WPS, WG, and PGL maintain bank back-up credit facilities, which provide liquidity support for each 
company's obligations with respect to commercial paper and for general corporate purposes. We review our bank back-up credit facility 
needs on an ongoing basis and expect to be able to maintain adequate credit facilities to support our operations.
The amount, type, and timing of any financings in 2025, as well as in subsequent years, will be contingent on investment opportunities 
and our cash requirements and will depend upon prevailing market conditions, regulatory approvals for certain subsidiaries, and other 
factors. Our regulated utilities plan to maintain capital structures consistent with those approved by their respective regulators.
The issuance of securities by our utility companies is subject to the approval of the applicable state commissions or FERC. Additionally, 
with respect to the public offering of securities, we, WE, and WPS file registration statements with the SEC under the Securities Act of 
1933, as amended (1933 Act). The amounts of securities authorized by the appropriate regulatory authorities, as well as the securities 
registered under the 1933 Act, are closely monitored and appropriate filings are made to ensure flexibility in the capital markets.
At December 31, 2024, our current liabilities exceeded our current assets by $1,930.2 million. We do not expect this to have an impact 
on our liquidity as we currently believe that our cash and cash equivalents, our available capacity under existing revolving credit 
facilities, cash generated from ongoing operations, and access to the capital markets are adequate to meet our short-term and long-
term cash requirements.
WEC Energy Group
F-36
2024 Annual Financial Statements

See Note 11, Common Equity, Note 13, Short-Term Debt and Lines of Credit, and Note 14, Long-Term Debt, for more information about 
our common stock activity, commercial paper, credit facilities, and debt securities. 
Investments in Outside Trusts
We maintain investments in outside trusts to fund the obligation to provide pension and certain OPEB benefits to current and future 
retirees. As of December 31, 2024, these trusts had investments of approximately $3.5 billion, consisting of fixed income and equity 
securities, that are subject to the volatility of the stock market and interest rates. The performance of existing plan assets, long-term 
discount rates, changes in assumptions, and other factors could affect our future contributions to the plans, our financial position if our 
accumulated benefit obligation exceeds the fair value of the plan assets, and future results of operations related to changes in pension 
and OPEB expense and the assumed rate of return. For additional information, see Note 20, Employee Benefits.
Capitalization Structure
The following table shows our capitalization structure as of December 31, 2024 and 2023, as well as an adjusted capitalization structure 
that we believe is consistent with how a majority of the rating agencies currently view our Junior Notes:
2024
2023
(in millions)
Actual
Adjusted (1)
Actual
Adjusted (2)
Common shareholders' equity
$ 
12,395.0 
$ 
12,770.0 
$ 
11,724.2 
$ 
11,974.2 
Preferred stock of subsidiary
 
30.4 
 
30.4 
 
30.4 
 
30.4 
Long-term debt (including current portion)
 
18,907.1 
 
18,532.1 
 
16,631.1 
 
16,381.1 
Short-term debt
 
1,116.6 
 
1,116.6 
 
2,020.9 
 
2,020.9 
Total capitalization
$ 
32,449.1 
$ 
32,449.1 
$ 
30,406.6 
$ 
30,406.6 
Total debt
$ 
20,023.7 
$ 
19,648.7 
$ 
18,652.0 
$ 
18,402.0 
Ratio of debt to total capitalization
 61.7 %
 60.6 %
 61.3 %
 60.5 %
(1) 
Included in long-term debt on our Consolidated Balance Sheets as of December 31, 2024, was $750.0 million principal amount of WEC Energy Group's 2024 
Junior Notes (2024A Junior Notes and 2024B Junior Notes, collectively) due 2055. The adjusted presentation at December 31, 2024 attributes $375.0 million 
of the Junior Notes to common equity and $375.0 million to long-term debt, similar to how the majority of rating agencies treat them. 
(2) 
Included in long-term debt on our Consolidated Balance Sheets as of December 31, 2023, was $500.0 million principal amount of the 2007 Junior Notes. The 
adjusted presentation at December 31, 2023 attributes $250.0 million of the 2007 Junior Notes to common equity and $250.0 million to long-term debt, similar 
to how the majority of rating agencies treat them. 
The adjusted presentation of our consolidated capitalization structure is included as a complement to our capitalization structure 
presented in accordance with GAAP. Management evaluates and manages our capitalization structure, including our total debt to total 
capitalization ratio, using the GAAP calculation as adjusted to reflect the treatment of the 2024 Junior Notes and 2007 Junior Notes by 
the majority of rating agencies. Therefore, we believe the non-GAAP adjusted presentation reflecting this treatment is useful and 
relevant to investors in understanding how management and the rating agencies evaluate our capitalization structure.
Debt Covenants
Certain of our short-term and long-term debt agreements contain financial covenants that we must satisfy, including debt to 
capitalization ratios and debt service coverage ratios. At December 31, 2024, we were in compliance with all such covenants related to 
outstanding short-term and long-term debt. We expect to be in compliance with all such debt covenants for the foreseeable future. See 
Note 11, Common Equity, Note 13, Short-Term Debt and Lines of Credit, and Note 14, Long-Term Debt, for more information.
Credit Rating Risk
Cash collateral postings and prepayments made with external parties, including postings related to exchange-traded contracts, and 
cash collateral posted by external parties were immaterial as of December 31, 2024. From time to time, we may enter into commodity 
contracts that could require collateral or a termination payment in the event of a credit rating change to below BBB- at S&P Global 
Ratings, a division of S&P Global Inc., and/or Baa3 at Moody’s Investors Service, Inc. If WE had a sub-investment grade credit rating at 
December 31, 2024, it could have been required to post $103 million of additional collateral or other assurances pursuant to the terms 
of a PPA. We also have other commodity contracts that, in the event of a credit rating downgrade, could result in a reduction of our 
unsecured credit granted by counterparties.
In addition, access to capital markets at a reasonable cost is determined in large part by credit quality. Any credit ratings downgrade 
could impact our ability to access capital markets.
In June 2024, Moody's changed the rating outlook for PGL to negative from stable as a result of the November 2023 rate order and the 
May 2024 limited re-hearing. The change in rating outlook has not had, and we do not believe that it will have, a material impact on our 
ability to access capital markets. Moody's affirmed PGL's ratings including its Aa3 senior secured rating and its P-1 short term rating for 
commercial paper. See Note 26, Regulatory Environment, for more information on the outcome of the rate order.
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Subject to other factors affecting the credit markets as a whole, we believe our current ratings should provide a significant degree of 
flexibility in obtaining funds on competitive terms. However, these security ratings reflect the views of the rating agency only. An 
explanation of the significance of these ratings may be obtained from the rating agency. Such ratings are not a recommendation to buy, 
sell, or hold securities. Any rating can be revised upward or downward or withdrawn at any time by a rating agency.
FACTORS AFFECTING RESULTS, LIQUIDITY, AND CAPITAL RESOURCES
COMPETITIVE MARKETS
Electric Utility Industry
The FERC supports large RTOs, which directly impacts the structure of the wholesale electric market. Due to the FERC's support of 
RTOs, MISO uses the MISO Energy Markets to carry out its operations, including the use of LMPs to value electric transmission 
congestion and losses. Increased competition in the retail and wholesale markets, which may result from restructuring efforts, could 
have a significant and adverse financial impact on us.
Wisconsin
Electric utility revenues in Wisconsin are regulated by the PSCW. The PSCW continues to maintain the position that the question of 
whether to implement electric retail competition in Wisconsin should ultimately be decided by the Wisconsin legislature. No such 
legislation has been introduced in Wisconsin to date, and it is uncertain when, if at all, retail choice might be implemented in Wisconsin. 
Michigan
Michigan has adopted a limited retail choice program. Under Michigan law, our retail customers may choose an alternative electric 
supplier to provide power supply service. As a result, some of our small retail customers have switched to an alternative electric 
supplier. At December 31, 2024, Michigan law limited customer choice to 10% of an electric utility's Michigan retail load. Our iron ore 
mine customer, Tilden, is exempt from this 10% cap based on current law, but Tilden is required under a long-term agreement to 
purchase electric power from UMERC through March 2039. In addition, certain load increases by facilities already using an alternative 
electric supplier can still be serviced by their alternative electric supplier, when various conditions exist, even if the cap has already 
been met. When a customer switches to an alternative electric supplier, we continue to provide distribution and customer service 
functions for the customer.
Natural Gas Utility Industry
We offer natural gas transportation services to our customers that elect to purchase natural gas directly from a third-party supplier. 
Since these transportation customers continue to use our distribution systems to transport natural gas to their facilities, we earn 
distribution revenues from them. As such, the loss of revenue associated with the cost of natural gas that our transportation customers 
purchase from third-party suppliers has little impact on our net income, as it is substantially offset by an equal reduction to natural gas 
costs. 
Wisconsin
Our Wisconsin utilities offer both natural gas transportation service and interruptible natural gas sales to enable customers to better 
manage their energy costs. Customers continue to switch between firm system supply, interruptible system supply, and transportation 
service each year as the economics and service options change. 
Due to the PSCW's previous proceedings on natural gas industry regulation in a competitive environment, the PSCW currently provides 
all Wisconsin customer classes with competitive markets the option to choose a third-party natural gas supplier. All of our Wisconsin 
non-residential customer classes have competitive market choices and, therefore, can purchase natural gas directly from either a third-
party supplier or their local natural gas utility. Since third-party suppliers can be used in Wisconsin, the PSCW has also adopted 
standards for transactions between a utility and its natural gas marketing affiliates. 
We are currently unable to predict the impact, if any, of potential future industry restructuring on our results of operations or financial 
position.
Illinois
Absent extraordinary circumstances, potential competitors are not allowed to construct competing natural gas distribution systems in 
the service territories for PGL and NSG. A charter from the State of Illinois gives PGL the right to provide natural gas distribution service 
in the City of Chicago as a public utility. Further, the "first in the field" and public interest standards limit the ability of potential 
competitors to operate in an existing utility service territory. In addition, we believe it would be impractical to construct competing 
duplicate distribution facilities due to the high cost of installation.
Since 2002, PGL and NSG have, under ICC-approved tariffs, provided their customers with the option to choose a third-party natural 
gas supplier. There are no state laws requiring PGL and NSG to make this choice option available to customers, but since this option is 
currently provided to our Illinois customers under tariff, ICC approval would be needed to withdraw those tariffs.
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An interstate pipeline may seek to provide transportation service directly to our Illinois end users, which would bypass our natural gas 
transportation service. However, PGL and NSG have anti-bypass tariffs approved by the ICC, which allow them to negotiate rates with 
customers that are potential bypass candidates to help ensure that such customers continue to use utility transportation service.
Minnesota
Natural gas utilities in the state of Minnesota do not have exclusive franchise service territories and, as a matter of law and policy, 
natural gas utilities may compete for new customers. However, natural gas utilities have customarily avoided competing for existing 
customers of other utilities, as there would be duplicative utility facilities and/or increased costs to customers. If this approach were to 
change, it could lead to a greater level of competition amongst utilities to obtain customers and potentially adversely impact our results 
of operations.
MERC offers both natural gas transportation service and interruptible natural gas sales to enable customers to better manage their 
energy costs. Customers continue to switch between firm system supply, interruptible system supply, and transportation service each 
year as the economics and service options change. MERC has provided its commercial and industrial customers with the option to 
choose a third-party natural gas supplier since 2006. We are not required by the MPUC or state law to make this choice option available 
to customers, but since this option is currently provided to our Minnesota commercial and industrial customers, we would need MPUC 
approval to eliminate it.
Michigan
The option to choose a third-party natural gas supplier has been provided to UMERC’s natural gas customers (formerly WPS’s 
Michigan natural gas customers) since the late 1990s and MGU's customers since 2005. We are not required by the MPSC or state law 
to make this choice option available to customers, but since this option is currently provided to our Michigan customers, we would need 
MPSC approval to eliminate it.
REGULATORY, LEGISLATIVE, AND LEGAL MATTERS
Regulatory Recovery
Our utilities account for their regulated operations in accordance with accounting guidance under the Regulated Operations Topic of the 
FASB ASC. Our rates are determined by various regulatory commissions.
Regulated entities are allowed to defer certain costs that would otherwise be charged to expense if the regulated entity believes the 
recovery of those costs is probable. We record regulatory assets pursuant to generic and/or specific orders issued by our regulators. 
Recovery of the deferred costs in future rates is subject to the review and approval by those regulators. We assume the risks and 
benefits of ultimate recovery of these items in future rates. If the recovery of the deferred costs, including those referenced below, is not 
approved by our regulators, the costs would be charged to income in the current period. Regulators can impose liabilities on a 
prospective basis for amounts previously collected from customers and for amounts that are expected to be refunded to customers. We 
record these items as regulatory liabilities. See Note 6, Regulatory Assets and Liabilities, for more information on our regulatory assets 
and liabilities. See Note 26, Regulatory Environment, for more information regarding recent and pending rate proceedings, orders, and 
investigations involving our utilities.
Uncollectible Expense Adjustment Rider
The rates of PGL and NSG include a UEA rider for cost recovery or refund of uncollectible expense based on the difference between 
actual uncollectible write-offs and the amounts recovered in rates. The UEA rider is subject to an annual reconciliation whereby costs 
are reviewed for accuracy and prudency by the ICC. In May 2023, the ICC issued a written order on PGL's and NSG's 2018 UEA rider 
reconciliation. The order required a $15.4 million and $0.7 million refund to ratepayers at PGL and NSG, respectively. These amounts 
were refunded over a period of nine months, which began on September 1, 2023. In July 2023, PGL and NSG petitioned the Illinois 
Appellate Court for review of the ICC order. On November 7, 2024, the Illinois Appellate Court issued an opinion affirming the ICC order 
and the related disallowance. PGL and NSG petitioned the Illinois Supreme Court on December 12, 2024 seeking review and reversal 
of the May 2023 order. 
As of December 31, 2024, there can be no assurance that all costs incurred under the UEA rider during the open reconciliation years, 
which include 2019 through 2024, will be deemed recoverable by the ICC. The combined annual costs of PGL and NSG included in the 
rider, which reflect uncollectible write-offs in excess of what is recovered in base rates, have ranged from $10 million to $40 million 
during these open reconciliation years. Disallowances by the ICC, if any, could be material and have a material adverse impact on our 
results of operations.
Qualifying Infrastructure Plant Rider
In January 2014, the ICC approved PGL's use of the QIP rider as a recovery mechanism for costs incurred related to investments in 
QIP. This rider, which was in effect until December 1, 2023, continues to be subject to an annual reconciliation whereby costs are 
reviewed for accuracy and prudency. In August 2024, the ICC issued a final order on PGL's 2016 annual reconciliation, which included 
a disallowance of $14.8 million of certain capital costs. PGL recorded a pre-tax charge to income of $25.3 million during the third quarter 
of 2024 related to the disallowance and the previously recognized return on and of these investments. The charge was recorded on the 
income statement as a $12.9 million reduction in revenues for the amounts previously collected from customers, a $12.1 million 
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increase to operating expenses for the impairment of PGL's property, plant, and equipment, and a $0.3 million increase to interest 
expense related to the amounts due to customers. On October 25, 2024, PGL filed a petition with the Illinois Appellate Court for review 
of the ICC's August order. 
In March 2024, PGL filed its 2023 reconciliation with the ICC, which, along with the reconciliations from 2017 through 2022, is still 
pending. The aggregate capital costs included in the rider during the open reconciliation years, which include 2017 through 2023, along 
with any previously recognized return on these investments, totaled approximately $2.8 billion as of December 31, 2024. There can be 
no assurance that all of these costs and the previously recognized returns will be deemed recoverable by the ICC. Further 
disallowances by the ICC, if any, could be material and have a material adverse impact on our results of operations.
Illinois Proceedings
In the PGL rate order issued by the ICC in November 2023, the ICC ordered PGL to pause spending on its SMP until the ICC 
completed a proceeding to determine the optimal method for replacing aging natural gas infrastructure and a prudent investment level. 
In accordance with the written order, the ICC initiated the proceeding in January 2024. On February 20, 2025, the ICC issued an order 
setting expectations for PGL's prospective operations under its SMP. The ICC directed us to focus on replacing all cast and ductile iron 
pipe that has a diameter under 36 inches by January 1, 2035. The ICC also indicated that failure to comply with this directive could 
subject us to civil penalties under Illinois statute. We are evaluating the impact of this order on our operations and capital plan.
In March 2024, the ICC initiated a statewide "Future of Gas" proceeding. The goal of this proceeding is to explore the issues involved 
with decarbonization of the gas distribution system in Illinois and recommend any future ICC action or legislative changes needed. It 
includes the formal exploration and consideration of the role of natural gas in the future, including in the context of the state’s 
environmental and energy policy goals. The proceeding includes a broad range of stakeholders, including Illinois utilities and other 
interested parties. The “Future of Gas” proceeding is expected to be completed in 2026. At this time, we cannot predict the ultimate 
outcome of this proceeding or the resulting impact to our natural gas operations in Illinois. Future natural gas investment opportunities 
in Illinois could be negatively impacted depending upon the outcome.
See Note 26, Regulatory Environment, for more information regarding the November 2023 ICC rate order.
Chicago Decarbonization Efforts
The CABO was introduced at a meeting of the Chicago city council held in January 2024. If approved, this ordinance would set an 
indoor emissions standard that would require zero-to-low-emission energy systems in newly built commercial and residential buildings 
and major building additions in the city of Chicago. The proposed emission standards would effectively prohibit the use of natural gas in 
new buildings and homes and require electric heat and appliances. The CABO would not impact existing homes and businesses. In 
addition, certain buildings and equipment, such as hospitals, commercial kitchens, and back-up generators, would be exempt from the 
new emission limits.
In response to the CABO, a resolution was also introduced that would require the formation of a working group comprised of various 
subject matter experts to analyze the costs of converting buildings from natural gas to electricity, the costs for additional electric 
generation capacity needed for future building conversions, and the impact of shifting natural gas system costs from new construction to 
existing buildings if electrification measures are adopted. If the resolution is passed, this analysis would need to be completed prior to 
the adoption of any decarbonization initiatives, such as the CABO.
If approved by the city council, the CABO is expected to become effective one year after the approval date. PGL's future natural gas 
operations could be materially adversely impacted if the CABO is passed.
Petitions Before PSCW Regarding Third-Party Financed Distributed Energy Resources
In May 2022, a petition was filed with the PSCW requesting a declaratory ruling that the owner of a third-party financed DER is not a 
"public utility" as defined under Wisconsin law and, therefore, is not subject to the PSCW’s jurisdiction under any statute or rule 
regulating public utilities. The party that filed the petition provides financing to its customers for installation of DERs (including solar 
panels and energy storage) on the customer’s property. A DER is connected to the host customer’s utility meter and is used for the 
customer’s energy needs. It may also be connected to the grid for distribution.
In December 2022, the PSCW granted the petitioner’s request for a declaratory ruling in part, finding that the owner of the third-party 
financed DER at issue in the petitioner’s brief is not a public utility under Wisconsin law, but declining to issue the petitioner’s request 
for a broader declaratory ruling that the petitioner would not be regulated as a "public utility". 
Upon appeal, in April 2024, the Dane County Circuit Court reversed the PSCW’s decision, finding that the PSCW erroneously 
interpreted the definition of "public utility," and the evidence did not support its determination that the lease at issue in the petition did 
not involve the sale of electricity to the "public" under Wisconsin law. The case was remanded to the PSCW for further review. Although 
the PSCW issued an order in June 2024 to reopen the docket to consider modifications, the project lease originally at issue was no 
longer going forward, and so in October 2024 the PSCW issued an order declining to issue any declaratory ruling. 
Meanwhile, in June 2024, the party that filed the May 2022 PSCW petition appealed the Dane County Circuit Court’s April 2024 
decision to the Wisconsin Court of Appeals. That appeal was in briefing when the PSCW issued its October 2024 order, which left the 
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2024 Annual Financial Statements

Court of Appeals with no agency decision to review. Based on this and the fact that the underlying project was no longer going forward, 
a motion to dismiss the appeal was granted by the Court of Appeals in February 2025. At this time we do not expect any material impact 
on our business operations.
Uyghur Forced Labor Prevention Act
The CBP issued a WRO in June 2021, applicable to certain silica-based products originating from the Xinjiang Uyghur Autonomous 
Region of China (Xinjiang), such as polysilicon, included in the manufacturing of solar panels. In June 2022, the WRO was superseded 
by the implementation of the UFLPA. The UFLPA establishes a rebuttable presumption that any imports wholly or partially manufactured 
in Xinjiang are prohibited from entering the United States. While our suppliers have been able to provide the CBP sufficient 
documentation to meet WRO and UFLPA compliance requirements, and we expect the same will be true for subsequent projects, we 
cannot currently predict what, if any, long-term impact the UFLPA will have on the overall supply of solar panels into the United States 
and whether we will experience any further impacts to the timing and cost of solar projects included in our long-term capital plan. 
In January 2025, the Department of Homeland Security announced the addition of several more Chinese businesses to the UFLPA, 
including five solar supply chain providers. We are working to avoid doing business with these companies and remain in compliance 
with the UFLPA.
United States Department of Commerce Complaints
The solar panel industry continues to experience uncertainty resulting from AD and CVD investigations involving four southeast Asian 
countries including Malaysia, Vietnam, Thailand, and Cambodia. 
In August 2023, the DOC issued a final decision regarding an AD/CVD petition filed by a California-based company alleging that 
Chinese manufacturers were shifting products to the four southeast Asian countries to avoid tariffs required on products imported from 
China and requesting that the DOC conduct a country-wide inquiry into each country. In its final decision, the DOC determined that 
circumvention was occurring in each of the four Southeast Asian countries noted above. Duties began to be applied to certain imports of 
solar cells from Malaysia, Vietnam, Thailand and Cambodia after expiration of the 24-month tariff moratorium on June 6, 2024. In 
addition, in response to its findings, the DOC promulgated new regulations that imposed enhanced duties in certain circumstances, 
including when the USITC determines there is a reasonable indication the domestic solar industry is materially or potentially injured 
because of imported products that violate certain fair trade laws.
In April 2024, a coalition of several U.S. producers of solar panels filed a petition with the DOC requesting new tariffs on imports from 
the same four Southeast Asian countries. The group alleged that some Chinese companies had moved their solar operations to avoid 
penalties implemented after the expiration of the moratorium. In May 2024, in response to the petition, the DOC initiated a new AD/CVD 
investigation of solar panels from the four southeast Asian countries. 
In April 2024, the USITC began a preliminary investigation and, in June 2024, issued a preliminary determination that there is a 
reasonable indication imports of solar panels from the four Southeast Asian countries have caused injury to the U.S. solar industry. 
Based on the USITC’s preliminary decision, the DOC began an investigation and, in October and November 2024, announced 
preliminary affirmative determinations in its CVD and AD investigations, respectively, and set preliminary duties on imports from the four 
southeast Asian countries. The DOC and USITC are expected to make final determinations in the second quarter of 2025, which could 
result in enhanced duties, including retroactive duties in certain circumstances.
 
The Biden Administration invoked the Defense Production Act to accelerate the production of solar panels in the U.S.; however, final 
determinations by the DOC and/or USITC may have an adverse impact on the solar industry overall. Additionally, there is uncertainty 
with respect to how WROs applied to panels under previous complaints would be affected.
As a result of these investigations, the solar industry overall has experienced higher costs of materials as well as delays. Some of these 
impacts have already been reflected in the estimated cost and in-service dates for certain of our solar projects. We are continuing to 
assess the potential impact from the preliminary determinations on our business and results of operations.
Infrastructure Investment and Jobs Act and Inflation Reduction Act
In November 2021, former President Biden signed into law the Infrastructure Investment and Jobs Act, which provides for approximately 
$1.2 trillion of federal spending over a five year period, including approximately $85 billion for investments in power, utilities, and 
renewables infrastructure across the United States. We believe that funding from this Act would support the work we are doing to 
reduce GHG emissions, increase EV charging, and strengthen and protect the energy grid. Funding in the Act could also help to expand 
emerging technologies, like hydrogen and carbon management, as we continue the transition to a clean energy future to the benefit of 
our customers, the communities we serve, and our company.
In August 2022, former President Biden signed into law the IRA, which provides for $258 billion in energy-related provisions over a 10-
year period. The provisions of the IRA are intended to, among other things, lower gasoline and electricity prices, incentivize domestic 
clean energy investment, manufacturing, and production, and promote reductions in carbon emissions. We believe that we and our 
customers can benefit from the IRA’s provisions that extend tax benefits for renewable technologies, increase or restore higher rates for 
PTCs, add an option to claim PTCs for solar projects, expand qualified ITC facilities to include standalone energy storage, and its 
provision to allow companies to transfer tax credits generated from renewable projects. 
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2024 Annual Financial Statements

Under the IRA transferability option, we entered into an agreement in 2024 to sell substantially all of our 2024 PTCs to a third party. 
Additionally, in October 2024, we entered into an agreement to sell the majority of our 2025 PTCs to a third party. See Note 1(q), 
Income Taxes, for more information about the impact of these sales during 2024. The IRA also implements a 15% corporate alternative 
minimum tax and a 1% excise tax on stock repurchases. Although significant regulatory guidance is expected on the tax provisions in 
the IRA, we currently believe the provisions on alternative minimum tax and stock repurchases will not have a material impact on us. 
Overall, we believe the IRA will help reduce our cost of investing in projects that will support our commitment to reduce emissions and 
provide customers affordable, reliable, and clean energy over the longer term.
In January 2025, pursuant to an executive order issued by the new presidential administration, disbursement of funds under these two 
Acts was paused until agency heads can determine whether grants, loans contracts, and other disbursements are consistent with the 
new administration's energy policy. Agency heads must consult with the Office of Management and Budget and the National Economic 
Council prior to any funding being disbursed. The new policy encourages use of domestic energy sources including oil, natural gas, 
coal, hydropower, biofuels, critical minerals, and nuclear, promotes consumer choice of goods and appliances, aims to boost American 
workers and businesses, eliminates the EV mandate, and limits regulations that apply to the energy industry. The executive order did 
not impact the IRA's provisions for tax credits and the transferability option.
Return on Equity Incentive for Membership in a Transmission Organization
The FERC currently allows transmission utilities, including ATC, to increase their ROE by 50 basis points as an incentive for 
membership in a transmission organization, such as MISO. This incentive was established to stimulate infrastructure development and 
to support the evolving electric grid. However, a Notice of Proposed Rulemaking was issued by the FERC on April 15, 2021, proposing 
to limit the 50 basis point increase in ROE to only be available to transmission utilities initially joining a transmission organization for the 
first three years of membership. If this proposal becomes a final rule, ATC would be required to submit, within 30 days of the final rule's 
effective date, a compliance filing eliminating the 50 basis point incentive from its tariff. As a result, we estimate that this proposal, if 
adopted, would reduce our future after-tax equity earnings from ATC by approximately $7 million annually on a prospective basis. The 
transmission costs WE, WPS, and UMERC are required to pay ATC after the effective date would also be reduced by this proposal.
American Transmission Company Allowed Return on Equity Complaints
The ROE allowed by the FERC helps determine how much transmission owners, such as ATC, earn on their transmission assets as 
well as how much consumers pay for those assets. When two complaints were filed arguing the base ROE for MISO transmission 
owners, including ATC, was too high, the FERC started analyzing the base ROE for these transmission owners. The first of these 
complaints is discussed below. For information on the second complaint, see Factors Affecting Results, Liquidity, and Capital 
Resources – Regulatory, Legislative, and Legal Matters – American Transmission Company Allowed Return on Equity Complaints in our 
2023 Annual Report on Form 10-K 
The base ROEs listed in the ROE complaint section below do not include the 50 basis point ROE incentive currently provided for 
membership in a transmission organization. See the Return on Equity Incentive for Membership in a Transmission Organization section 
above for more information on this incentive.
Return on Equity Complaint – In November 2013, a group of MISO industrial customers filed a complaint with the FERC asking that 
the FERC order a reduction to the base ROE used by MISO transmission owners, including ATC, from 12.2% to 9.15%. Due to this 
complaint, the FERC and the D.C. Circuit Court of Appeals issued the following orders and opinion. The refunds resulting from these 
orders and opinion are also described below.
• September 2016 FERC Order – On September 28, 2016, the FERC issued an order reducing the base ROE for MISO transmission 
owners to 10.32% for the period covered by this complaint, November 12, 2013 through February 11, 2015 and September 28, 
2016 going forward.
• November 2019 FERC Order – On November 21, 2019, the FERC issued another order after directing MISO transmission owners 
and other stakeholders to provide briefs and comments on a proposed change to the methodology for calculating base ROE. In this 
order, the FERC expanded its base ROE methodology to include the capital-asset pricing model in addition to the discounted cash 
flow model to better reflect how investors make their investment decisions. The FERC also rejected the use of the risk premium 
model as part of its base ROE methodology in this order. The FERC's modified methodology further reduced the base ROE for all 
MISO transmission owners, including ATC, to 9.88% for the period covered by the complaint. In response to this FERC decision, 
requests for the FERC to rehear the November 2019 Order in its entirety were filed by various parties.
• May 2020 FERC Order – On May 21, 2020, the FERC issued an order that granted in part and denied in part the requests to 
rehear the November 2019 Order. In this May 2020 Order, the FERC made additional revisions to its base ROE methodology, 
including reinstating the use of the risk premium model. The additional revisions made by the FERC increased the base ROE for all 
MISO transmission owners, including ATC, from the 9.88% authorized in the November 2019 Order to 10.02% for the period 
covered by the complaint. Various parties then filed requests to rehear certain parts of the May 2020 Order with the FERC.
• November 2020 FERC Order – In response to the rehearing requests filed concerning certain parts of the May 2020 Order, the 
FERC issued an order in November 2020 that confirmed the ROE previously authorized in its May 2020 Order.
• Refunds for FERC Orders Issued Prior to October 2024 – Due to the base ROE changes resulting from the FERC orders issued 
prior to October 2024, ATC was required to provide refunds, with interest, for the 15-month refund period from November 12, 2013 
through February 11, 2015 and for the period from September 28, 2016 through November 19, 2020. In January 2022, ATC 
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completed providing WE, WPS, and UMERC with the net refunds related to the transmission costs they paid during these periods. 
The refunds were applied to WE's and WPS's PSCW-approved escrow accounting for transmission expense.
• August 2022 D.C. Circuit Court of Appeals Opinion – Since several petitions for review were filed with the D.C. Circuit Court of 
Appeals concerning this ROE complaint, the D.C. Circuit Court of Appeals issued an opinion on August 9, 2022, addressing these 
petitions. In its August 2022 Opinion, the D.C. Circuit Court of Appeals ruled the FERC failed to adequately explain why it reinstated 
the use of the risk premium model as part of its ROE methodology in its May 2020 Order after previously rejecting the model in its 
November 2019 Order. Due to this ruling, the D.C. Circuit Court of Appeals vacated the FERC’s previous orders and remanded the 
issue of determining an appropriate base ROE for MISO transmission owners back to the FERC for additional proceedings. As a 
result, ATC recorded a reserve for potential refunds based on a 9.88% base ROE. 
• October 2024 FERC Order – In response to the August 2022 D.C. Circuit Court of Appeals Opinion, the FERC issued an order on 
October 17, 2024. The FERC’s October 2024 Order removed the risk premium model from the base ROE methodology and 
required MISO transmission owners, including ATC, to adopt a 9.98% base ROE for the period covered by the complaint.
• Refunds for FERC Order Issued in October 2024 – Prior to the October 2024 FERC order, the base ROE for MISO transmission 
owners was 10.02% based on the November 2020 FERC order. Since the October 2024 FERC order changed the base ROE to 
9.98%, ATC will be providing additional refunds, with interest, for the 15-month refund period from November 12, 2013 through 
February 11, 2015 and for the period from September 28, 2016 through October 17, 2024. Therefore, ATC is expected to provide 
WE, WPS, and UMERC with refunds related to the transmission costs they paid during these two refund periods. The refunds will 
be applied to WE’s and WPS’s PSCW-approved escrow accounting for transmission expense. 
Due to the change between the 9.88% base ROE originally reflected in ATC's reserve and the 9.98% base ROE authorized in the 
October 2024 FERC Order, ATC reduced its refund liability, which increased our pre-tax equity earnings by $20.1 million during the 
fourth quarter of 2024. 
Environmental Matters
See Note 24, Commitments and Contingencies, for a discussion of certain environmental matters affecting us, including rules and 
regulations relating to air quality, water quality, and land quality. 
MARKET RISKS AND OTHER SIGNIFICANT RISKS
We are exposed to market and other significant risks as a result of the nature of our businesses and the environments in which those 
businesses operate. These include, but are not limited to, the risks described below. In addition, there is continuing uncertainty over the 
impact that the ongoing regional and international conflicts, including those in Ukraine, Israel and in other parts of the Middle East, will 
have on the global economy, supply chains, and fuel prices.
 
Commodity Costs
In the normal course of providing energy, we are subject to market fluctuations in the costs of coal, natural gas, purchased power, and 
fuel oil used in the delivery of coal. We manage our fuel and natural gas supply costs through a portfolio of short and long-term 
procurement contracts with various suppliers for the purchase of coal, natural gas, and fuel oil. In addition, we manage the risk of price 
volatility through natural gas and electric hedging programs.
Embedded within our utilities' rates are amounts to recover fuel, natural gas, and purchased power costs. Our utilities have recovery 
mechanisms in place 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.
Higher commodity costs can increase our working capital requirements, result in higher gross receipts taxes, and lead to increased 
energy efficiency investments by our customers to reduce utility usage and/or fuel substitution. Higher commodity costs combined with 
slower economic conditions also expose us to greater risks of accounts receivable write-offs as more customers are unable to pay their 
bills. See Note 5, Credit Losses, for more information on riders and other mechanisms that allow for cost recovery or refund of 
uncollectible expense.
Weather
Our utilities' rates are based upon estimated normal temperatures. Our electric utility margins are unfavorably sensitive to below normal 
temperatures during the summer cooling season and, to some extent, to above normal temperatures during the winter heating season. 
Our natural gas utility margins are unfavorably sensitive to above normal temperatures during the winter heating season. PGL, NSG, 
and MERC have decoupling mechanisms in place that help reduce the impacts of weather. Decoupling mechanisms differ by state and 
allow utilities to recover or refund certain differences between actual and authorized margins. A summary of actual weather information 
in our utilities' service territories during 2024, 2023, and 2022, as measured by degree days, can be found in Results of Operations. 
Our utility operations (primarily our electric utility operations) and the operations of WECI, can be negatively impacted from storms. High 
wind conditions, lightning, hail, and flooding from these storms can result in downed wires and poles, as well as damage to wind and 
solar generation facilities and other operating equipment. This can result in us incurring significant restoration costs at our utilities and at 
WECI, including lost revenue to customers. Our utilities' rates include a fixed amount for expected storm restoration costs. To the extent 
actual storm restoration costs are above what is included in these rates, earnings at our utility operations are negatively impacted and it 
WEC Energy Group
F-43
2024 Annual Financial Statements

becomes more difficult to achieve our authorized ROEs. Similarly, restoration costs and lost revenue from storms negatively impacts 
operations and earnings at our non-utility WECI renewable generation facilities.
Interest Rates
We are exposed to interest rate risk resulting from our short-term and long-term borrowings and projected near-term debt financing 
needs. We manage exposure to interest rate risk by limiting the amount of our variable rate obligations and continually monitoring the 
effects of market changes on interest rates. When it is advantageous to do so, we enter into long-term fixed rate debt. We may also 
enter into derivative financial instruments, such as swaps, to mitigate interest rate exposure.
Based on the variable rate debt outstanding at December 31, 2024 and 2023, a hypothetical increase in market interest rates of one 
percentage point would have increased annual interest expense by $11.2 million and $25.2 million in 2024 and 2023, respectively. This 
sensitivity analysis was performed assuming a constant level of variable rate debt during the period and an immediate increase in 
interest rates, with no other changes for the remainder of the period.
Marketable Securities Return
We use various trusts to fund our pension and OPEB obligations. These trusts invest in debt and equity securities. Changes in the 
market prices of these assets can affect future pension and OPEB expenses. Additionally, future contributions can also be affected by 
the investment returns on trust fund assets. The financial risks associated with investment returns are mitigated at our Wisconsin 
utilities through the requirement that WE, WPS, and WG implement escrow accounting treatment for pension and OPEB costs in 2023 
through 2026, as required by the December 2022 and December 2024 rate orders issued by the PSCW. As a result, our Wisconsin 
utilities defer as a regulatory asset or liability, the difference between actual pension and OPEB costs and those included in rates until 
recovery or refund is authorized in a future rate proceeding. We also believe that the financial risks associated with investment returns 
would be partially mitigated at our other utilities through future rate actions by regulators. 
The fair value of our trust fund assets and expected long-term returns were approximately: 
(in millions)
As of 
December 31, 2024
Expected Return 
on Assets in 2025
Pension trust funds
$ 
2,624.3 
 6.61 %
OPEB trust funds
$ 
850.0 
 6.50 %
Fiduciary oversight of the pension and OPEB trust fund investments is the responsibility of an Investment Trust Policy Committee. The 
Committee works with external actuaries and investment consultants on an ongoing basis to establish and monitor investment 
strategies and target asset allocations. Forecasted cash flows for plan liabilities are regularly updated based on annual valuation 
results. Target asset allocations are determined utilizing projected benefit payment cash flows and risk analyses of appropriate 
investments. The targeted asset allocations are intended to reduce risk, provide long-term financial stability for the plans, and maintain 
funded levels which meet long-term plan obligations while preserving sufficient liquidity for near-term benefit payments. Investment 
strategies utilize a wide diversification of asset types and qualified external investment managers.
We consult with our investment advisors on an annual basis to help us forecast expected long-term returns on plan assets by reviewing 
actual historical returns and calculating expected total trust returns using the weighted-average of long-term market returns for each of 
the major target asset categories utilized in the funds.
Economic Conditions
We have electric and natural gas utility operations that serve customers in Wisconsin, Illinois, Minnesota, and Michigan. As such, we 
are exposed to market risks in the regional Midwest economy. In addition, any economic downturn or disruption of national or 
international markets could adversely affect the financial condition of our customers and demand for their products, which could affect 
their demand for our products.
Inflation and Supply Chain Disruptions
We continue to monitor the impact of inflation and supply chain disruptions. We monitor the costs of medical plans, fuel, transmission 
access, construction costs, regulatory and environmental compliance costs, and other costs in order to minimize inflationary effects in 
future years, to the extent possible, through pricing strategies, productivity improvements, and cost reductions. We monitor the global 
supply chain, and related disruptions, in order to ensure we are able to procure the materials and other resources necessary to both 
maintain our energy services in a safe and reliable manner and to grow our infrastructure in accordance with our capital plan.
For additional information concerning other risk factors, including market risks, see the Cautionary Statement Regarding Forward-
Looking Information at the beginning of this report.
WEC Energy Group
F-44
2024 Annual Financial Statements

CRITICAL ACCOUNTING POLICIES AND ESTIMATES
The preparation of financial statements in compliance with GAAP requires the application of accounting policies, as well as the use of 
estimates, assumptions, and judgments that could have a material impact on our financial statements and related disclosures. 
Judgments regarding future events may include the likelihood of success of particular projects, legal and regulatory challenges, and 
anticipated recovery of costs. Actual results may differ significantly from estimated amounts based on varying assumptions.
Our significant accounting policies are described in Note 1, Summary of Significant Accounting Policies. The following is a list of 
accounting policies and estimates that require management's most difficult, subjective, or complex judgments and may change in 
subsequent periods. 
Regulatory Accounting
Our utility operations follow the guidance under the Regulated Operations Topic of the FASB ASC (Topic 980). Our financial statements 
reflect the effects of the ratemaking principles followed by the various jurisdictions regulating us. Certain items that would otherwise be 
immediately recognized as revenues and expenses are deferred as regulatory assets and regulatory liabilities for future recovery or 
refund to customers, as authorized by our regulators.
Future recovery of regulatory assets, including the timeliness of recovery and our ability to earn a reasonable return, is not assured and 
is generally subject to review by regulators in rate proceedings for matters such as prudence and reasonableness. Once approved, the 
regulatory assets and liabilities are amortized into earnings over the rate recovery or refund period. If recovery or refund of costs is not 
approved or is no longer considered probable, these regulatory assets or liabilities are recognized in current period earnings. 
Management regularly assesses whether these regulatory assets and liabilities are probable of future recovery or refund by considering 
factors such as changes in the regulatory environment, earnings from our electric and natural gas utility operations, rate orders issued 
by our regulators, historical decisions by our regulators regarding regulatory assets and liabilities, and the status of any pending or 
potential deregulation legislation.
The application of the Regulated Operations Topic of the FASB ASC would be discontinued if all or a separable portion of our utility 
operations no longer met the criteria for application. Our regulatory assets and liabilities would be written off to income as an unusual or 
infrequently occurring item in the period in which discontinuation occurred. See Note 6, Regulatory Assets and Liabilities, for more 
information on our regulatory assets and liabilities.
Goodwill
We completed our annual goodwill impairment tests for all of our reporting units that carried a goodwill balance as of July 1, 2024. No 
impairments were recorded as a result of these tests. For all of our reporting units, the fair values calculated in step one of the test were 
greater than their carrying values. The fair values for the reporting units were calculated using a combination of the income approach 
and the market approach.
For the income approach, we used internal forecasts to project cash flows. Any forecast contains a degree of uncertainty, and changes 
in these cash flows could significantly increase or decrease the calculated fair value of a reporting unit. For our reporting units that are 
regulated, a fair recovery of and return on costs prudently incurred to serve customers is assumed. An unfavorable outcome in a rate 
case could cause the fair values of our reporting units to decrease.
Key assumptions used in the income approach include ROEs, the long-term growth rates used to determine terminal values at the end 
of the discrete forecast period, and the discount rates. The discount rate is applied to estimated future cash flows and is one of the most 
significant assumptions used to determine fair value under the income approach. As interest rates rise, the calculated fair values will 
decrease. The discount rate is based on the weighted-average cost of capital for each reporting unit, taking into account both the after-
tax cost of debt and cost of equity. The terminal year ROE for each utility is driven by its current allowed ROE. The terminal growth rate 
is based primarily on a combination of historical and forecasted statistics for real gross domestic product and personal income for each 
utility service area. 
For the market approach, we used a higher weighting for the guideline public company method than the guideline merged and acquired 
company method due to a low number of mergers and acquisitions in recent years. The guideline public company method uses 
financial metrics from similar publicly traded companies to determine fair value. The guideline merged and acquired company method 
calculates fair value by analyzing the actual prices paid for recent mergers and acquisitions in the industry. We applied multiples derived 
from these two methods to the appropriate operating metrics for our reporting units to determine fair value.
The underlying assumptions and estimates used in the impairment tests were made as of a point in time. Subsequent changes in these 
assumptions and estimates could change the results of the tests.
For all of our reporting units that carried a goodwill balance at July 1, 2024, the fair value exceeded its carrying value by over 50%. 
Based on these results, our reporting units are not at risk of failing step one of the goodwill impairment test.
See Note 10, Goodwill and Intangibles, for more information.
WEC Energy Group
F-45
2024 Annual Financial Statements

Long-Lived Assets
In accordance with ASC 980-360, Regulated Operations – Property, Plant, and Equipment, we periodically assess the recoverability of 
certain long-lived assets when events or changes in circumstances indicate that the carrying amount of those long-lived assets may not 
be recoverable. Examples of events or changes in circumstances include, but are not limited to, a significant decrease in the market 
price, a significant change in use, a regulatory decision related to recovery of assets from customers, adverse legal factors or a change 
in business climate, operating or cash flow losses, or an expectation that the asset might be sold or abandoned. See Note 1(k), Asset 
Impairment, for our policy on accounting for abandonments and recently completed plant subject to disallowance.
Performing an impairment evaluation involves a significant degree of estimation and judgment by management in areas such as 
identifying circumstances that indicate an impairment may exist, identifying and grouping affected assets, and developing the 
undiscounted future cash flows. An impairment loss is measured as the excess of the carrying amount of the asset in comparison to the 
fair value of the asset. The fair value of the asset is assessed using various methods, including recent comparable third-party sales for 
our nonregulated operations, internally developed discounted cash flow analysis, expected recovery of regulated assets, and analysis 
from outside advisors. 
See Note 7, Property, Plant, and Equipment, for more information on our generating units probable of being retired. See Note 6, 
Regulatory Assets and Liabilities, and Note 26, Regulatory Environment, for more information on our retired generating units, including 
various approvals we received from the FERC and the PSCW.
Pension and Other Postretirement Employee Benefits
The costs of providing non-contributory defined pension benefits and OPEB, described in Note 20, Employee Benefits, are dependent 
upon numerous factors resulting from actual plan experience and assumptions of future experience.
Pension and OPEB costs are impacted by actual employee demographics (including age, compensation levels, and employment 
periods), the level of contributions made to the plans, and earnings on plan assets. Pension and OPEB costs may also be significantly 
affected by changes in key actuarial assumptions, including anticipated rates of return on plan assets, mortality and discount rates, and 
expected health care cost trends. Changes made to the plan provisions may also impact current and future pension and OPEB costs.
Pension and OPEB plan assets are primarily made up of equity and fixed income investments. Fluctuations in actual equity and fixed 
income market returns, as well as changes in general interest rates, may result in increased or decreased benefit costs in future 
periods. Changes in benefit costs are mitigated at our Wisconsin utilities through the requirement that WE, WPS, and WG implement 
escrow accounting treatment for pension and OPEB costs in 2023 and 2024, as required by the December 2022 rate orders issued by 
the PSCW. See Note 26, Regulatory Environment, for more information on 2023 and 2024 rates at our Wisconsin utilities. We believe 
that changes to benefit costs at our other utilities would be recovered or refunded through the ratemaking process. 
The following table shows how a given change in certain actuarial assumptions would impact the projected benefit obligation and the 
reported net periodic pension cost (including amounts capitalized to our balance sheets). Each factor below reflects an evaluation of the 
change based on a change in that assumption only.
Actuarial Assumption
(in millions, except percentages)
Percentage-Point 
Change in 
Assumption
Impact on 
Projected Benefit 
Obligation
Impact on 2024
Pension Cost
Discount rate
(0.5)
$ 
100.7 
$ 
5.1 
Discount rate
0.5
 
(93.5)  
(5.2) 
Rate of return on plan assets
(0.5)
N/A
 
13.7 
Rate of return on plan assets
0.5
N/A
 
(13.7) 
The following table shows how a given change in certain actuarial assumptions would impact the accumulated OPEB obligation and the 
reported net periodic OPEB cost (including amounts capitalized to our balance sheets). Each factor below reflects an evaluation of the 
change based on a change in that assumption only.
Actuarial Assumption
(in millions, except percentages)
Percentage-Point 
Change in 
Assumption
Impact on 
Postretirement
Benefit Obligation
Impact on 2024 
Postretirement
Benefit Cost
Discount rate
(0.5)
$ 
22.8 
$ 
1.9 
Discount rate
0.5
 
(21.3)  
(2.4) 
Health care cost trend rate
(0.5)
 
(13.6)  
(3.2) 
Health care cost trend rate
0.5
 
15.3 
 
2.9 
Rate of return on plan assets
(0.5)
N/A
 
4.1 
Rate of return on plan assets
0.5
N/A
 
(4.1) 
The discount rates are selected based on hypothetical bond portfolios consisting of noncallable, high-quality corporate bonds across the 
full maturity spectrum. From the hypothetical bond portfolios, a single rate is determined that equates the market value of the bonds 
purchased to the discounted value of the plans' expected future benefit payments.
WEC Energy Group
F-46
2024 Annual Financial Statements

We establish our expected return on assets based on consideration of historical and projected asset class returns, as well as the target 
allocations of the benefit trust portfolios. The assumed long-term rate of return on pension plan assets was 6.61%, 6.62%, and 6.88%, 
in 2024, 2023 and 2022, respectively. The actual rate of return on pension plan assets, net of fees, was 4.75%, 9.23%, and (14.03)%, in 
2024, 2023, and 2022, respectively.
In selecting assumed health care cost trend rates, past performance and forecasts of health care costs are considered. For more 
information on health care cost trend rates and a table showing future payments that we expect to make for our pension and OPEB, see 
Note 20, Employee Benefits.
Unbilled Revenues
We record utility operating revenues when energy is delivered to our customers. However, the determination of energy sales to 
individual customers is based upon the reading of their meters, which occurs on a systematic basis throughout the month. At the end of 
each month, amounts of energy delivered to customers since the date of their last meter reading are estimated and corresponding 
unbilled revenues are calculated. 
Unbilled revenues are estimated each month based upon actual generation and throughput volumes, recorded sales, estimated 
customer usage by class, weather factors, estimated line losses, and applicable customer rates. Energy demand for the unbilled period 
or changes in rate mix due to fluctuations in usage patterns of customer classes could impact the accuracy of the unbilled revenue 
estimate. Total unbilled utility revenues were $567.2 million and $473.9 million as of December 31, 2024 and 2023, respectively. The 
changes in unbilled revenues are primarily due to changes in the cost of natural gas, weather, and customer rates.
Income Tax Expense
Significant management judgment is required in determining our provision for income taxes, deferred income tax assets and liabilities, 
the liability for unrecognized tax benefits, and any valuation allowance recorded against deferred income tax assets. The assumptions 
involved are supported by historical data, reasonable projections, and interpretations of applicable tax laws and regulations across 
multiple taxing jurisdictions. Significant changes in these assumptions could have a material impact on our financial condition and 
results of operations. See Note 1(q), Income Taxes, and Note 16, Income Taxes, for a discussion of accounting for income taxes.
We are required to estimate income taxes for each of our applicable tax jurisdictions as part of the process of preparing consolidated 
financial statements. This process involves estimating current income tax liabilities together with assessing temporary differences 
resulting from differing treatment of items, such as depreciation, for income tax and accounting purposes. These differences result in 
deferred income tax assets and liabilities, which are included within our balance sheets. We also assess the likelihood that our deferred 
income tax assets will be recovered through future taxable income. To the extent we believe that realization is not likely, we establish a 
valuation allowance, which is offset by an adjustment to income tax expense in our income statements.
Uncertainty associated with the application of tax statutes and regulations, the outcomes of tax audits and appeals, changes in income 
tax law, enacted tax rates or amounts subject to income tax, and changes in the regulatory treatment of any tax reform benefits requires 
that judgments and estimates be made in the accrual process and in the calculation of effective tax rates. Only income tax benefits that 
meet the "more likely than not" recognition threshold may be recognized or continue to be recognized. Unrecognized tax benefits are 
re-evaluated quarterly and changes are recorded based on new information, including the issuance of relevant guidance by the courts 
or tax authorities and developments occurring in the examinations of our tax returns.
We expect our 2025 annual effective tax rate to be between 6.5% and 7.5%. Our effective tax rate calculations are revised every 
quarter based on the best available year-end tax assumptions, adjusted in the following year after returns are filed. Tax accrual 
estimates are trued-up to the actual amounts claimed on the tax returns and further adjusted after examinations by taxing authorities, as 
needed.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
See Management's Discussion and Analysis of Financial Condition and Results of Operations – Factors Affecting Results, Liquidity, and 
Capital Resources – Market Risks and Other Significant Risks, as well as Note 1(r), Fair Value Measurements, Note 1(s), Derivative 
Instruments, and Note 19, Guarantees, for information concerning potential market risks to which we are exposed.
WEC Energy Group
F-47
2024 Annual Financial Statements

WEC ENERGY GROUP, INC.
CONSOLIDATED INCOME STATEMENTS
Year Ended December 31
(in millions, except per share amounts)
2024
2023
2022
Operating revenues
$ 
8,599.9 
$ 
8,893.0 
$ 
9,597.4 
Operating expenses
Cost of sales
 
2,656.0 
 
3,191.2 
 
4,358.9 
Other operation and maintenance
 
2,158.0 
 
2,100.5 
 
1,938.0 
Impairment related to ICC disallowances
 
12.1 
 
178.9 
 
— 
Depreciation and amortization
 
1,354.5 
 
1,264.2 
 
1,122.6 
Property and revenue taxes
 
266.5 
 
250.2 
 
253.7 
Total operating expenses
 
6,447.1 
 
6,985.0 
 
7,673.2 
Operating income
 
2,152.8 
 
1,908.0 
 
1,924.2 
Equity in earnings of transmission affiliates
 
207.5 
 
177.5 
 
194.7 
Other income, net
 
178.2 
 
177.7 
 
128.8 
Interest expense
 
815.3 
 
727.4 
 
515.1 
Gain on debt extinguishments
 
(23.1)  
(0.5)  
— 
Other expense
 
(406.5)  
(371.7)  
(191.6) 
Income before income taxes
 
1,746.3 
 
1,536.3 
 
1,732.6 
Income tax expense
 
222.0 
 
204.6 
 
322.9 
Net income
 
1,524.3 
 
1,331.7 
 
1,409.7 
Preferred stock dividends of subsidiary
 
1.2 
 
1.2 
 
1.2 
Net (income) loss attributed to noncontrolling interests
 
4.1 
 
1.2 
 
(0.4) 
Net income attributed to common shareholders
$ 
1,527.2 
$ 
1,331.7 
$ 
1,408.1 
Earnings per share
Basic
$ 
4.83 
$ 
4.22 
$ 
4.46 
Diluted
$ 
4.83 
$ 
4.22 
$ 
4.45 
Weighted average common shares outstanding
Basic
 
316.2 
 
315.4 
 
315.4 
Diluted
 
316.5 
 
315.9 
 
316.1 
The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.
WEC Energy Group
F-48
2024 Annual Financial Statements

WEC ENERGY GROUP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Year Ended December 31
(in millions)
2024
2023
2022
Net income
$ 
1,524.3 
$ 
1,331.7 
$ 
1,409.7 
Other comprehensive income (loss), net of tax
Derivatives accounted for as cash flow hedges
Reclassification of realized derivative gains to net income, net of tax
 
(0.3)  
(0.3)  
(0.3) 
Defined benefit plans
Pension and OPEB adjustments arising during the period, net of tax expense 
(benefit) of $0.1, $(0.2), and $(1.3), respectively
 
0.1 
 
(0.6)  
(3.5) 
Amortization of pension and OPEB costs included in net periodic benefit cost, 
net of tax
 
0.1 
 
— 
 
0.2 
Defined benefit plans, net
 
0.2 
 
(0.6)  
(3.3) 
Other comprehensive loss, net of tax
 
(0.1)  
(0.9)  
(3.6) 
Comprehensive income
 
1,524.2 
 
1,330.8 
 
1,406.1 
Preferred stock dividends of subsidiary
 
1.2 
 
1.2 
 
1.2 
Comprehensive (income) loss attributed to noncontrolling interests
 
4.1 
 
1.2 
 
(0.4) 
Comprehensive income attributed to common shareholders
$ 
1,527.1 
$ 
1,330.8 
$ 
1,404.5 
The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.
WEC Energy Group
F-49
2024 Annual Financial Statements

WEC ENERGY GROUP, INC.
CONSOLIDATED BALANCE SHEETS
At December 31
(in millions, except share and per share amounts)
2024
2023
Assets
Current assets
Cash and cash equivalents
$ 
9.8 
$ 
42.9 
Accounts receivable and unbilled revenues, net of reserves of $162.8 and $193.5, respectively
 
1,669.3 
 
1,503.2 
Materials, supplies, and inventories
 
813.2 
 
775.2 
Prepaid taxes
 
214.9 
 
173.9 
Other prepayments
 
82.6 
 
76.8 
Other
 
121.9 
 
223.7 
Current assets
 
2,911.7 
 
2,795.7 
Long-term assets
Property, plant, and equipment, net of accumulated depreciation and amortization of $11,611.9 and 
$11,073.1, respectively
 
34,645.4 
 
31,581.5 
Regulatory assets (December 31, 2024 and December 31, 2023 include $76.5 and $85.9, respectively, 
related to WEPCo Environmental Trust)
 
3,339.7 
 
3,249.8 
Equity investment in transmission affiliates
 
2,108.9 
 
2,005.9 
Goodwill
 
3,052.8 
 
3,052.8 
Pension and OPEB assets
 
968.5 
 
870.9 
Other
 
336.2 
 
383.1 
Long-term assets
 
44,451.5 
 
41,144.0 
Total assets
$ 
47,363.2 
$ 
43,939.7 
Liabilities and Equity
Current liabilities
Short-term debt
$ 
1,116.6 
$ 
2,020.9 
Current portion of long-term debt (December 31, 2024 and December 31, 2023 include $9.2 and $9.0, 
respectively, related to WEPCo Environmental Trust)
 
1,729.0 
 
1,264.2 
Accounts payable
 
1,137.1 
 
896.6 
Other
 
859.2 
 
933.1 
Current liabilities
 
4,841.9 
 
5,114.8 
Long-term liabilities
Long-term debt (December 31, 2024 and December 31, 2023 include $76.4 and $85.3, respectively, 
related to WEPCo Environmental Trust)
 
17,178.1 
 
15,366.9 
Finance lease obligations
 
303.3 
 
145.9 
Deferred income taxes
 
5,514.7 
 
4,918.5 
Deferred revenue, net
 
334.6 
 
356.4 
Regulatory liabilities
 
3,958.0 
 
3,697.7 
Intangible liabilities
 
566.8 
 
594.8 
Environmental remediation liabilities
 
445.8 
 
463.7 
AROs
 
580.0 
 
374.2 
Other
 
838.1 
 
835.3 
Long-term liabilities
 
29,719.4 
 
26,753.4 
Commitments and contingencies (Note 24)
Common shareholders' equity
Common stock – $0.01 par value; 650,000,000 shares authorized; 317,680,855 and 315,434,531 
shares outstanding, respectively
 
3.2 
 
3.2 
Additional paid in capital
 
4,315.8 
 
4,115.9 
Retained earnings
 
8,083.8 
 
7,612.8 
Accumulated other comprehensive loss
 
(7.8)  
(7.7) 
Common shareholders' equity
 
12,395.0 
 
11,724.2 
Preferred stock of subsidiary
 
30.4 
 
30.4 
Noncontrolling interests
 
376.5 
 
316.9 
Total liabilities and equity
$ 
47,363.2 
$ 
43,939.7 
The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.
WEC Energy Group
F-50
2024 Annual Financial Statements

WEC ENERGY GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31
(in millions)
2024
2023
2022
Operating activities
Net income
$ 
1,524.3 
$ 
1,331.7 
$ 
1,409.7 
Reconciliation to cash provided by operating activities
Depreciation and amortization
 
1,354.5 
 
1,264.2 
 
1,122.6 
Deferred income taxes and ITCs, net
 
529.0 
 
219.4 
 
280.1 
Impairment related to ICC disallowances
 
12.1 
178.9
 
— 
Contributions and payments related to pension and OPEB plans
 
(14.5)  
(16.7)  
(15.1) 
Equity income in transmission affiliates, net of distributions
 
(57.4)  
(33.0)  
(74.3) 
Net change in transmission regulatory assets and liabilities
 
(22.8)  
19.8 
 
(85.8) 
Net loss (gain) on disposition of assets
 
0.7 
 
(23.8)  
(66.2) 
Change in –
Accounts receivable and unbilled revenues, net
 
(161.5)  
340.6 
 
(342.1) 
Materials, supplies, and inventories
 
(38.0)  
41.9 
 
(171.3) 
Collateral on deposit
 
84.3 
 
22.1 
 
(108.1) 
Other current assets
 
(75.4)  
36.3 
 
32.3 
Accounts payable
 
99.7 
 
(254.0)  
121.5 
Other current liabilities
 
11.6 
 
47.5 
 
126.9 
Other, net
 
(34.8)  
(156.5)  
(169.5) 
Net cash provided by operating activities
 
3,211.8 
 
3,018.4 
 
2,060.7 
Investing activities
Capital expenditures
 
(2,781.1)  
(2,492.9)  
(2,314.9) 
Acquisition of Delilah I, net of cash acquired of $0.6
 
(462.5)  
— 
 
— 
Acquisition of Maple Flats, net of cash acquired of $0.5
 
(431.2)  
— 
 
— 
Acquisition of West Riverside
 
(97.9)  
(95.3)  
— 
Acquisition of Red Barn
 
(2.1)  
(143.8)  
— 
Acquisition of Whitewater
 
— 
 
(76.0)  
— 
Acquisition of Sapphire Sky, net of cash acquired of $0.3
 
— 
 
(442.6)  
— 
Acquisition of Samson I, net of cash acquired of $5.2
 
— 
 
(257.3)  
— 
Acquisition of Thunderhead, net of cash acquired of $0.5
 
— 
 
— 
 
(382.0) 
Capital contributions to transmission affiliates
 
(45.5)  
(63.7)  
(45.5) 
Proceeds from the sale of assets
 
1.7 
 
32.8 
 
69.0 
Insurance proceeds received for property damage
 
6.0 
 
2.5 
 
41.6 
Other, net
 
10.1 
 
(21.9)  
(10.6) 
Net cash used in investing activities
 
(3,802.5)  
(3,558.2)  
(2,642.4) 
Financing activities
Exercise of stock options
 
23.7 
 
6.3 
 
33.6 
Issuance of common stock, net
 
163.4 
 
— 
 
— 
Purchase of common stock
 
(3.2)  
(16.6)  
(69.2) 
Dividends paid on common stock
 
(1,056.2)  
(984.2)  
(917.9) 
Issuance of long-term debt
 
4,460.9 
 
2,170.0 
 
1,999.3 
Retirement of long-term debt
 
(2,138.0)  
(1,005.4)  
(92.1) 
Change in commercial paper
 
(902.8)  
373.7 
 
(252.6) 
Purchase of additional ownership interest in Samson I from noncontrolling 
interest
 
(28.1)  
— 
 
— 
Payments for debt extinguishment and issuance costs
 
(45.9)  
(14.2)  
(15.6) 
Other, net
 
(6.1)  
(6.8)  
(9.1) 
Net cash provided by financing activities
 
467.7 
 
522.8 
 
676.4 
Net change in cash, cash equivalents, and restricted cash
 
(123.0)  
(17.0)  
94.7 
Cash, cash equivalents, and restricted cash at beginning of year
 
165.2 
 
182.2 
 
87.5 
Cash, cash equivalents, and restricted cash at end of year
$ 
42.2 
$ 
165.2 
$ 
182.2 
The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.
WEC Energy Group
F-51
2024 Annual Financial Statements

WEC ENERGY GROUP, INC.
CONSOLIDATED STATEMENTS OF EQUITY
WEC Energy Group Common Shareholders' Equity
Common 
Stock
Additional 
Paid In 
Capital
Retained 
Earnings
Accumulated 
Other 
Comprehensive 
Loss
Total 
Common 
Shareholders' 
Equity
Preferred 
Stock of 
Subsidiary
Non-
controlling 
Interests
Total 
Equity
(in millions, except per share 
amounts)
Balance at December 31, 2021
$ 
3.2 
$ 4,138.1 
$ 6,775.1 
$ 
(3.2) $ 
10,913.2 
$ 
30.4 
$ 
169.7 
$ 11,113.3 
Net income attributed to 
common shareholders
 
— 
 
— 
 1,408.1 
 
— 
 
1,408.1 
 
— 
 
— 
 
1,408.1 
Net income attributed to 
noncontrolling interests
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
0.4 
 
0.4 
Other comprehensive loss
 
— 
 
— 
 
— 
 
(3.6)  
(3.6)  
— 
 
— 
 
(3.6) 
Common stock dividends of 
$2.91 per share
 
— 
 
— 
 
(917.9)  
— 
 
(917.9)  
— 
 
— 
 
(917.9) 
Exercise of stock options
 
— 
 
33.6 
 
— 
 
— 
 
33.6 
 
— 
 
— 
 
33.6 
Purchase of common stock
 
— 
 
(69.2)  
— 
 
— 
 
(69.2)  
— 
 
— 
 
(69.2) 
Acquisition of noncontrolling 
interests
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
42.5 
 
42.5 
Capital contributions from 
noncontrolling interest
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
1.1 
 
1.1 
Distributions to noncontrolling 
interests
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
(4.3)  
(4.3) 
Stock-based compensation and 
other
 
— 
 
12.7 
 
— 
 
— 
 
12.7 
 
— 
 
(0.1)  
12.6 
Balance at December 31, 2022
$ 
3.2 
$ 4,115.2 
$ 7,265.3 
$ 
(6.8) $ 
11,376.9 
$ 
30.4 
$ 
209.3 
$ 11,616.6 
Net income attributed to 
common shareholders
 
— 
 
— 
 1,331.7 
 
— 
 
1,331.7 
 
— 
 
— 
 
1,331.7 
Net loss attributed to 
noncontrolling interests
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
(1.2)  
(1.2) 
Other comprehensive loss
 
— 
 
— 
 
— 
 
(0.9)  
(0.9)  
— 
 
— 
 
(0.9) 
Common stock dividends of 
$3.12 per share
 
— 
 
— 
 
(984.2)  
— 
 
(984.2)  
— 
 
— 
 
(984.2) 
Exercise of stock options
 
— 
 
6.3 
 
— 
 
— 
 
6.3 
 
— 
 
— 
 
6.3 
Purchase of common stock
 
— 
 
(16.6)  
— 
 
— 
 
(16.6)  
— 
 
— 
 
(16.6) 
Acquisition of noncontrolling 
interests
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
114.9 
 
114.9 
Distributions to noncontrolling 
interests
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
(6.0)  
(6.0) 
Stock-based compensation and 
other
 
— 
 
11.0 
 
— 
 
— 
 
11.0 
 
— 
 
(0.1)  
10.9 
Balance at December 31, 2023
$ 
3.2 
$ 4,115.9 
$ 7,612.8 
$ 
(7.7) $ 
11,724.2 
$ 
30.4 
$ 
316.9 
$ 12,071.5 
Net income attributed to 
common shareholders
 
— 
 
— 
 1,527.2 
 
— 
 
1,527.2 
 
— 
 
— 
 
1,527.2 
Net loss attributed to 
noncontrolling interests
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
(4.1)  
(4.1) 
Other comprehensive loss
 
— 
 
— 
 
— 
 
(0.1)  
(0.1)  
— 
 
— 
 
(0.1) 
Issuance of common stock, net
 
— 
 
163.4 
 
— 
 
— 
 
163.4 
 
— 
 
— 
 
163.4 
Common stock dividends of 
$3.34 per share
 
— 
 
— 
 (1,056.2)  
— 
 
(1,056.2)  
— 
 
— 
 (1,056.2) 
Exercise of stock options
 
— 
 
23.7 
 
— 
 
— 
 
23.7 
 
— 
 
— 
 
23.7 
Purchase of common stock
 
— 
 
(3.2)  
— 
 
— 
 
(3.2)  
— 
 
— 
 
(3.2) 
Acquisition of noncontrolling 
interests
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
99.4 
 
99.4 
Purchase of additional 
ownership interest in Samson I 
from noncontrolling interest
 
— 
 
4.3 
 
— 
 
— 
 
4.3 
 
— 
 
(32.4)  
(28.1) 
Distributions to noncontrolling 
interests
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
(3.3)  
(3.3) 
Stock-based compensation and 
other
 
— 
 
11.7 
 
— 
 
— 
 
11.7 
 
— 
 
— 
 
11.7 
Balance at December 31, 2024
$ 
3.2 
$ 4,315.8 
$ 8,083.8 
$ 
(7.8) $ 
12,395.0 
$ 
30.4 
$ 
376.5 
$ 12,801.9 
The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.
WEC Energy Group
F-52
2024 Annual Financial Statements

WEC ENERGY GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Nature of Operations—WEC Energy Group serves approximately 1.7 million electric customers and 3.0 million natural gas 
customers, owns approximately 60% of ATC, and owns majority interests in multiple renewable generating facilities as part of its non-
utility energy infrastructure segment.
As used in these notes, the term "financial statements" refers to the consolidated financial statements. This includes the income 
statements, statements of comprehensive income, balance sheets, statements of cash flows, and statements of equity, unless 
otherwise noted. On our financial statements, we consolidate our majority-owned subsidiaries, which we control, and VIEs, of which we 
are the primary beneficiary. We reflect noncontrolling interests for the portion of entities that we do not own as a component of 
consolidated equity separate from the equity attributable to our shareholders. The noncontrolling interests that we reported as equity on 
our balance sheet as of December 31, 2024 related to the minority interests held by third parties in the renewable generating facilities 
that are included in our non-utility energy infrastructure segment.
Our financial statements include the accounts of WEC Energy Group, a diversified energy holding company, and the accounts of our 
subsidiaries in the following reportable segments:
• Wisconsin segment – Consists of WE, WPS, and WG, which are engaged primarily in the generation of electricity and the 
distribution of electricity and natural gas in Wisconsin; and UMERC, which generates electricity and distributes electricity and 
natural gas to customers located in the Upper Peninsula of Michigan.
• Illinois segment – Consists of PGL and NSG, which are engaged primarily in the distribution of natural gas in Illinois.
• Other states segment – Consists of MERC and MGU, which are engaged primarily in the distribution of natural gas in Minnesota 
and Michigan, respectively.
• Electric transmission segment – Consists of our approximate 60% ownership interest in ATC, a for-profit, electric transmission 
company regulated by the FERC and certain state regulatory commissions, and our approximate 75% ownership interest in ATC 
Holdco, which invests in transmission-related projects outside of ATC's traditional footprint.
• Non-utility energy infrastructure segment – Consists of We Power, which is principally engaged in the ownership of electric power 
generating facilities for long-term lease to WE, and Bluewater, which owns underground natural gas storage facilities in Michigan. 
WECI, which holds our majority interests in multiple renewable generating facilities, is also included in this segment. See Note 2, 
Acquisitions, for more information on recently acquired WECI renewable generating facilities.
• Corporate and other segment – Consists of the WEC Energy Group holding company, the Integrys holding company, the PELLC 
holding company, Wispark, Wisvest, WECC, and WBS.
Investments in companies not controlled by us, but over which we have significant influence regarding the operating and financial 
policies of the investee, are accounted for using the equity method. We use the cumulative earnings approach for classifying 
distributions received in the statements of cash flows. Under the cumulative earnings approach, we compare the distributions received 
to cumulative equity method earnings since inception. Any distributions received up to the amount of cumulative equity earnings are 
considered a return on investment and classified in operating activities. Any excess distributions are considered a return of investment 
and classified in investing activities. 
Our financial statements also reflect our proportionate interests in certain jointly owned utility facilities. See Note 8, Jointly Owned Utility 
Facilities, for more information.
(b) Basis of Presentation—We prepare our financial statements in conformity with GAAP. We make estimates and assumptions that 
affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial 
statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these 
estimates.
(c) Cash and Cash Equivalents—Cash and cash equivalents include marketable debt securities with an original maturity of three 
months or less.
(d) Operating Revenues—The following discussion includes our significant accounting policies related to operating revenues. For 
additional required disclosures on disaggregation of operating revenues, see Note 4, Operating Revenues.
Revenues from Contracts with Customers
Electric Utility Operating Revenues – Electricity sales to residential and commercial and industrial customers are generally 
accomplished through requirements contracts, which provide for the delivery of as much electricity as the customer needs. These 
contracts represent discrete deliveries of electricity and consist of one distinct performance obligation satisfied over time, as the 
WEC Energy Group
F-53
2024 Annual Financial Statements

electricity is delivered and consumed by the customer simultaneously. For our Wisconsin residential and commercial and industrial 
customers and the majority of our Michigan residential and commercial and industrial customers, our performance obligation is bundled 
to consist of both the sale and the delivery of the electric commodity. In our Michigan service territory, a limited number of residential 
and commercial and industrial customers can purchase the commodity from a third party. In this case, the delivery of the electricity 
represents our sole performance obligation.
The transaction price of the performance obligations for residential and commercial and industrial customers is valued using the rates, 
charges, terms, and conditions of service included in the tariffs of our regulated electric utilities, which have been approved by state 
regulators. These rates often have a fixed component customer charge and a usage-based variable component charge. We recognize 
revenue for the fixed component customer charge monthly using a time-based output method. We recognize revenue for the usage-
based variable component charge using an output method based on the quantity of electricity delivered each month. Our retail electric 
rates in Wisconsin include base amounts for fuel and purchased power costs, which also impact our revenues. The electric fuel rules 
set by the PSCW allow us to defer, for subsequent rate recovery or refund, under- or over-collections of actual fuel and purchased 
power costs beyond a 2% price variance from the costs included in the rates charged to customers. Our electric utilities monitor the 
deferral of under-collected costs to ensure that it does not cause them to earn a greater ROE than authorized by the PSCW. In contrast, 
the rates of our Michigan retail electric customers include recovery of fuel and purchased power costs on a one-for-one basis. In 
addition, the Wisconsin residential tariffs of WE and WPS include a mechanism for cost recovery or refund of uncollectible expense 
based on the difference between actual uncollectible write-offs and the amounts recovered in rates. 
Wholesale customers who resell power can choose to either bundle capacity and electricity services together under one contract with a 
supplier or purchase capacity and electricity separately from multiple suppliers. Furthermore, wholesale customers can choose to have 
our utilities provide generation to match the customer's load, similar to requirements contracts, or they can purchase specified quantities 
of electricity and capacity. Contracts with wholesale customers that include capacity bundled with the delivery of electricity contain two 
performance obligations, as capacity and electricity are often transacted separately in the marketplace at the wholesale level. When 
recognizing revenue associated with these contracts, the transaction price is allocated to each performance obligation based on its 
relative standalone selling price. Revenue is recognized as control of each individual component is transferred to the customer. 
Electricity is the primary product sold by our electric utilities and represents a single performance obligation satisfied over time through 
discrete deliveries to a customer. Revenue from electricity sales is generally recognized as units are produced and delivered to the 
customer within the production month. Capacity represents the reservation of an electric generating facility and conveys the ability to 
call on a plant to produce electricity when needed by the customer. The nature of our performance obligation as it relates to capacity is 
to stand ready to deliver power. This represents a single performance obligation transferred over time, which generally represents a 
monthly obligation. Accordingly, capacity revenue is recognized on a monthly basis.
The transaction price of the performance obligations for wholesale customers is valued using the rates, charges, terms, and conditions 
of service, which have been approved by the FERC. These wholesale rates include recovery of fuel and purchased power costs from 
customers on a one-for-one basis. For the majority of our wholesale customers, the price billed for energy and capacity is a formula-
based rate. Formula-based rates initially set a customer's current year rates based on the previous year’s expenses. This is a 
predetermined formula derived from the utility's costs and a reasonable rate of return. Because these rates are eventually trued up to 
reflect actual current-year costs, they represent a form of variable consideration in certain circumstances. The variable consideration is 
estimated and recognized over time as wholesale customers receive and consume the capacity and electricity services.
We are an active participant in the MISO Energy Markets, where we bid our generation into the Day Ahead and Real Time markets and 
procure electricity for our retail and wholesale customers at prices determined by the MISO Energy Markets. Purchase and sale 
transactions are recorded using settlement information provided by MISO. These purchase and sale transactions are accounted for on 
a net hourly position. Net purchases in a single hour are recorded as purchased power in cost of sales, and net sales in a single hour 
are recorded as resale revenues on our income statements. For resale revenues, our performance obligation is created only when 
electricity is sold into the MISO Energy Markets.
For all of our customers, consistent with the timing of when we recognize revenue, customer billings generally occur on a monthly basis, 
with payments typically due in full within 30 days.
Natural Gas Utility Operating Revenues – We recognize natural gas utility operating revenues under requirements contracts with 
residential, commercial and industrial, and transportation customers served under the tariffs of our regulated utilities. Tariffs provide our 
customers with the standard terms and conditions, including rates, related to the services offered. Requirements contracts provide for 
the delivery of as much natural gas as the customer needs. These requirements contracts represent discrete deliveries of natural gas 
and constitute a single performance obligation satisfied over time. Our performance obligation is both created and satisfied with the 
transfer of control of natural gas upon delivery to the customer. For most of our customers, natural gas is delivered and consumed by 
the customer simultaneously. A performance obligation can be bundled to consist of both the sale and the delivery of the natural gas 
commodity. In certain of our service territories, customers can purchase the commodity from a third party. In this case, the performance 
obligation only includes the delivery of the natural gas to the customer.
The transaction price of the performance obligations for our natural gas customers is valued using the rates, charges, terms, and 
conditions of service included in the tariffs of our regulated utilities, which have been approved by state regulators. These rates often 
have a fixed component customer charge and a usage-based variable component charge. We recognize revenue for the fixed 
component customer charge monthly using a time-based output method. We recognize revenue for the usage-based variable 
component charge using an output method based on natural gas delivered each month.
WEC Energy Group
F-54
2024 Annual Financial Statements

The tariffs of our natural gas utilities include various rate mechanisms that allow them to recover or refund changes in prudently 
incurred costs from rate case-approved amounts. The rates for all of our natural gas utilities include one-for-one recovery mechanisms 
for natural gas commodity costs. Under normal circumstances, we defer any difference between actual natural gas costs incurred and 
costs recovered through rates as a current asset or liability. The deferred balance is returned to or recovered from customers at 
intervals throughout the year. 
In addition, the rates of PGL and NSG, and the residential tariffs of WE, WPS, and WG, include riders or other mechanisms for cost 
recovery or refund of uncollectible expense based on the difference between actual uncollectible write-offs and the amounts recovered 
in rates. The rates of PGL and NSG include riders for cost recovery of both environmental cleanup costs and energy conservation and 
management program costs. Finally, the rates of MGU include a rider to recover costs incurred to replace or modify natural gas 
facilities. 
Consistent with the timing of when we recognize revenue, customer billings generally occur on a monthly basis, with payments typically 
due in full within 30 days.
Other Natural Gas Operating Revenues – We have other natural gas operating revenues from Bluewater, which is in our non-utility 
energy infrastructure segment. Bluewater has entered into long-term service agreements for natural gas storage services with WE, 
WPS, and WG, and also provides limited service to unaffiliated customers. We recognize revenues using a time-based output method 
through a monthly fixed service fee. Typical storage contract rates consist of firm storage reservation charges and firm injection and 
withdrawal charges. All amounts associated with the service agreements with WE, WPS, and WG have been eliminated at the 
consolidated level.
Other Non-Utility Operating Revenues – Wind and solar generation revenues from WECI's ownership interests in renewable 
generation facilities continued to grow in 2024. See Note 2, Acquisitions, for more information on recent acquisitions. Most of these 
renewable generation facilities have offtake agreements with unaffiliated third parties for all of the energy to be produced by the facility, 
some of which are bundled with capacity and RECs. We consider bundled energy, capacity, and RECs within these offtake agreements 
to be distinct performance obligations as each are often transacted separately in the marketplace. 
When recognizing revenue associated with these contracts, the transaction price is allocated to each performance obligation based on 
its relative standalone selling price. Revenue is recognized as control of each individual component is transferred to the customer. 
Revenue from the sale of this renewable energy is generally recognized as units are produced and delivered to the customer within the 
production month. Capacity represents the reservation of the renewable generation facility and conveys the ability to call on the 
renewable generation facility to produce electricity when needed by the customer. The nature of our performance obligation as it relates 
to capacity is to stand ready to deliver power. This represents a single performance obligation transferred over time, which generally 
represents a monthly obligation. Accordingly, capacity revenue is recognized on a monthly basis. The performance obligation for RECs 
is recognized at a point-in-time; however, the timing of revenue recognition is the same, as the generation of renewable energy and the 
recognition of REC revenues generally occur concurrently.
Non-utility operating revenues are also derived from servicing appliances for customers at MERC. These contracts customarily have a 
duration of one year or less and consist of a single performance obligation satisfied over time. We use a time-based output method to 
recognize revenues monthly for the service fee.
Consistent with the timing of when we recognize revenue, customer billings for the renewable generation and servicing revenues 
generally occur on a monthly basis, with payments typically due in full within 30 days.
As part of the construction of the We Power electric generating units, we capitalized interest during construction, which is included in 
property, plant, and equipment. As allowed by the PSCW, we collected these carrying costs from WE's utility customers during 
construction. The equity portion of these carrying costs was recorded as a contract liability, which is presented as deferred revenue, net 
on our balance sheets. We continually amortize the deferred carrying costs to revenues over the related lease term that We Power has 
with WE. During 2024, 2023, and 2022, we recorded $24.3 million, $23.5 million, and $23.4 million, respectively, of revenues related to 
these deferred carrying costs. 
Other Operating Revenues
Alternative Revenues – Alternative revenues are created from programs authorized by regulators that allow our utilities to record 
additional revenues by adjusting rates in the future, usually as a surcharge applied to future billings, in response to past activities or 
completed events. Alternative revenue programs allow compensation for the effects of weather abnormalities, other external factors, or 
demand side management initiatives. Alternative revenue programs can also provide incentive awards if the utility achieves certain 
objectives and in other limited circumstances. We record alternative revenues when the regulator-specified conditions for recognition 
have been met. We reverse these alternative revenues as the customer is billed, at which time this revenue is presented as revenues 
from contracts with customers.
Below is a summary of the alternative revenue programs at our utilities:
• The rates of PGL, NSG, and MERC include decoupling mechanisms. These mechanisms differ by state and allow the utilities to 
recover or refund the differences between actual and authorized margins for certain customer classes. 
WEC Energy Group
F-55
2024 Annual Financial Statements

• MERC’s rates include a conservation improvement program rider, which includes a financial incentive for meeting energy savings 
goals.
• WE and WPS provide wholesale electric service to customers under market-based rates and FERC formula rates. The customer is 
charged a base rate each year based upon a formula using prior year actual costs and customer demand. A true-up is calculated 
based on the difference between the amount billed to customers for the demand component of their rates and what the actual cost 
of service was for the year. The true-up can result in an amount that we will recover from or refund to the customer. We consider 
the true-up portion of the wholesale electric revenues to be alternative revenues.
(e) Credit Losses—The following discussion includes our significant accounting policies related to credit losses. For additional required 
disclosures on credit losses, see Note 5, Credit Losses.
Our exposure to credit losses is related to our accounts receivable and unbilled revenue balances, which are primarily generated from 
the sale of electricity and natural gas by our regulated utility operations. Credit losses associated with our utility operations are analyzed 
at the reportable segment level as we believe contract terms, political and economic risks, and the regulatory environment are similar at 
this level as our reportable segments are generally based on the geographic location of the underlying utility operations.
We have an accounts receivable and unbilled revenue balance associated with our non-utility energy infrastructure segment, related to 
the sale of electricity from our majority-owned renewable generating facilities through agreements with several large high credit quality 
counterparties. 
We evaluate the collectability of our accounts receivable and unbilled revenue balances considering a combination of factors. For some 
of our larger customers and also in circumstances where we become aware of a specific customer's inability to meet its financial 
obligations to us, we record a specific allowance for credit losses against amounts due in order to reduce the net recognized receivable 
to the amount we reasonably believe will be collected. For all other customers, we use the accounts receivable aging method to 
calculate an allowance for credit losses. Using this method, we classify accounts receivable into different aging buckets and calculate a 
reserve percentage for each aging bucket based upon historical loss rates. The calculated reserve percentages are updated on at least 
an annual basis, in order to ensure recent macroeconomic, political, and regulatory trends are captured in the calculation, to the extent 
possible. Risks identified that we do not believe are reflected in the calculated reserve percentages, are assessed on a quarterly basis 
to determine whether further adjustments are required.
We monitor our ongoing credit exposure through active review of counterparty accounts receivable balances against contract terms and 
due dates. Our activities include timely account reconciliation, dispute resolution and payment confirmation. To the extent possible, we 
work with customers with past due balances to negotiate payment plans, but will disconnect customers for non-payment as allowed by 
our regulators, if necessary, and employ collection agencies and legal counsel to pursue recovery of defaulted receivables. For our 
larger customers, detailed credit review procedures may be performed in advance of any sales being made. We sometimes require 
letters of credit, parental guarantees, prepayments or other forms of credit assurance from our larger customers to mitigate credit risk. 
(f) Materials, Supplies, and Inventories—Our inventories as of December 31 consisted of:
(in millions)
2024
2023
Materials and supplies
$ 
412.5 
$ 
320.0 
Natural gas in storage
 
300.2 
 
327.8 
Fossil fuel
 
100.5 
 
127.4 
Total
$ 
813.2 
$ 
775.2 
PGL and NSG price natural gas storage injections at the calendar year average of the costs of natural gas supply purchased. 
Withdrawals from storage are priced on the LIFO cost method. Inventories stated on a LIFO basis represented approximately 18% and 
17% of total inventories at December 31, 2024 and 2023, respectively. The estimated replacement cost of natural gas in inventory at 
December 31, 2024 and 2023, exceeded the LIFO cost by $77.9 million and $12.2 million, respectively. In calculating these 
replacement amounts, PGL and NSG used a Chicago city-gate natural gas price per Dth of $3.10 at December 31, 2024, and $2.13 at 
December 31, 2023. 
Substantially all other materials and supplies, natural gas in storage, and fossil fuel inventories are recorded using the weighted-
average cost method of accounting.
(g) Regulatory Assets and Liabilities—The economic effects of regulation can result in regulated companies recording costs and 
revenues that are allowed in the ratemaking process in a period different from the period they would have been recognized by a 
nonregulated company. When this occurs, regulatory assets and regulatory liabilities are recorded on the balance sheet. Regulatory 
assets represent deferred costs probable of recovery from customers that would have otherwise been charged to expense. Regulatory 
liabilities represent amounts that are expected to be refunded to customers in future rates or future costs already collected from 
customers in rates.
The recovery or refund of regulatory assets and liabilities is based on specific periods determined by our regulators or occurs over the 
normal operating period of the related assets and liabilities. If a previously recorded regulatory asset is no longer probable of recovery, 
WEC Energy Group
F-56
2024 Annual Financial Statements

the regulatory asset is reduced to the amount considered probable of recovery, and the reduction is charged to expense in the current 
period. See Note 6, Regulatory Assets and Liabilities, for more information.
(h) Property, Plant, and Equipment—We record property, plant, and equipment at cost. Cost includes material, labor, overhead, and 
both debt and equity components of AFUDC. Additions to and significant replacements of property are charged to property, plant, and 
equipment at cost; minor items are charged to other operation and maintenance expense. The cost of depreciable utility property less 
salvage value is charged to accumulated depreciation when property is retired.
We record straight-line depreciation expense over the estimated useful life of utility property using depreciation rates approved by the 
applicable regulators. Annual utility composite depreciation rates are shown below:
Annual Utility Composite Depreciation Rates 
2024
2023
2022
WE
3.03%
3.03%
3.06%
WPS
2.92%
2.93%
2.67%
WG
2.61%
2.61%
2.47%
PGL
3.36%
3.13%
3.13%
NSG
2.49%
2.46%
2.43%
MERC
2.60%
2.60%
2.56%
MGU
2.87%
2.73%
2.75%
UMERC
3.01%
2.97%
3.01%
We depreciate our We Power assets over the estimated useful life of the various property components. The components have useful 
lives of between 10 to 45 years for PWGS 1 and PWGS 2 and 10 to 55 years for ER 1 and ER 2.
We depreciate our WECI assets over the estimated useful life of the property, with wind and solar generating facilities being depreciated 
over 30 and 35 years, respectively.
We capitalize certain costs related to software developed or obtained for internal use and record these costs to amortization expense 
over the estimated useful life of the related software, which ranges from 3 to 15 years. If software is retired prior to being fully 
amortized, the difference is recorded as a loss on the income statement.
Third parties reimburse the utilities for all or a portion of expenditures for certain capital projects. Such contributions in aid of 
construction costs are recorded as a reduction to property, plant, and equipment.
See Note 7, Property, Plant, and Equipment, for more information.
(i) Allowance for Funds Used During Construction—AFUDC is included in utility plant accounts and represents the cost of borrowed 
funds (AFUDC-Debt) used during plant construction, and a return on shareholders' capital (AFUDC-Equity) used for construction 
purposes. AFUDC-Debt is recorded as a reduction of interest expense, and AFUDC-Equity is recorded in other income, net.
The majority of AFUDC is recorded at WE, WPS, WG, UMERC, and WBS. Approximately 50% of WE's, WPS's, WG's, UMERC's, and 
WBS's retail jurisdictional CWIP expenditures are subject to the AFUDC calculation. The AFUDC calculation for WBS uses the WPS 
AFUDC retail rate, while our utilities' AFUDC rates are determined by their respective state commissions, each with specific 
requirements. Average AFUDC rates are shown below:
2024
Average AFUDC 
Retail Rate
Average AFUDC 
Wholesale Rate
WE
8.45%
7.11%
WPS
7.46%
5.53%
WG
7.94%
N/A
UMERC
6.28%
N/A
WBS
7.46%
N/A
WEC Energy Group
F-57
2024 Annual Financial Statements

Our regulated utilities and WBS recorded the following AFUDC for the years ended December 31:
(in millions)
2024
2023
2022
AFUDC-Debt
WE
$ 
14.6 
$ 
13.0 
$ 
6.9 
WPS
 
3.6 
 
2.9 
 
2.3 
WG
 
1.0 
 
3.4 
 
1.4 
UMERC
 
0.4 
 
— 
 
0.1 
WBS
 
0.1 
 
0.1 
 
0.1 
Other
 
0.2 
 
0.1 
 
0.2 
Total AFUDC-Debt
$ 
19.9 
$ 
19.5 
$ 
11.0 
AFUDC-Equity
WE
$ 
46.0 
$ 
41.0 
$ 
18.8 
WPS
 
9.2 
 
7.6 
 
5.8 
WG
 
2.9 
 
9.8 
 
3.9 
UMERC
 
1.0 
 
— 
 
0.1 
WBS
 
0.3 
 
0.4 
 
0.3 
Other
 
0.4 
 
0.3 
 
0.5 
Total AFUDC-Equity
$ 
59.8 
$ 
59.1 
$ 
29.4 
(j) Cloud Computing Hosting Arrangements that are Service Contracts—We have entered into several cloud computing 
arrangements that are hosted service contracts as part of projects related to the continuous transformation of technology. These 
projects include, among other things, a centralized repository for data to improve analytics, reporting and asset management, targeted 
enterprise resource planning systems, human resources management, employee scheduling, geospatial information, and customer 
contact systems. We present prepaid hosting fees that are service contracts in either prepayments or other long-term assets on our 
balance sheets and amortize them as the hosting services are received. Amortization expense, as well as the fees associated with the 
hosting arrangements, is recorded in other operation and maintenance expense on our income statements.
At December 31, 2024 and 2023, we had $17.0 million and $11.3 million, respectively, of capitalized implementation costs related to 
cloud computing arrangements that are hosted service contracts. We amortize the implementation costs on a straight-line basis over 
the cloud computing service arrangement term once the component of the hosted service is ready for its intended use. Accumulated 
amortization at December 31, 2024 and 2023, was $4.1 million and $2.8 million, respectively. Amortization expense for the years ended 
December 31, 2024, 2023, and 2022 was not significant. The presentation of the implementation costs, along with the related 
accumulated amortization, follows the prepaid hosting fees.
(k) Asset Impairment—Goodwill and other intangible assets with indefinite lives are subject to an annual impairment test. Interim 
impairment tests are performed when impairment indicators are present. During the third quarter of each year, we perform an annual 
impairment test for all of our reporting units that carried a goodwill balance. The carrying amount of the reporting unit's goodwill is 
considered not recoverable if the carrying amount of the reporting unit's net assets exceeds the reporting unit's fair value. An 
impairment loss is recorded as the excess of the carrying amount of the goodwill over its fair value. For our indefinite-lived intangible 
assets, an impairment loss is recognized when the carrying amount of an asset is not recoverable and exceeds its fair value. An 
impairment loss is measured as the excess of the carrying amount of the intangible asset over its fair value. No impairment losses were 
recorded for our indefinite-lived intangible assets during the years ended December 31, 2024, 2023, and 2022. See Note 10, Goodwill 
and Intangibles, for more information.
We periodically assess the recoverability of certain long-lived assets when factors indicate the carrying value of such assets may be 
impaired or such assets are planned to be sold. Long-lived assets that would be subject to an impairment assessment generally include 
any assets within regulated operations that may not be fully recovered from our customers as a result of regulatory decisions that will be 
made in the future, as well as assets within nonregulated operations that are proposed to be sold or are currently generating operating 
losses. An impairment loss is recognized when the carrying amount of an asset is not recoverable and exceeds its fair value. The 
carrying amount of an asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and 
eventual disposition of the asset. An impairment loss is measured as the excess of the carrying amount of the asset over its fair value. 
We assess the likelihood of a disallowance of part of the cost of recently completed plant by considering factors such as applicable 
regulatory environment changes, our own recent rate orders, as well as recent rate orders of other regulated entities in similar 
jurisdictions. When it becomes probable that part of the cost of recently completed plant will be disallowed for rate-making purposes, we 
assess whether a reasonable estimate of the amount of the disallowance can be made. The estimated amount of the probable 
disallowance will then be deducted from the reported cost of the plant and recognized as an impairment loss. In 2024, we recorded a 
non-cash impairment loss of $12.1 million driven by an ICC order received in August 2024 related to the 2016 annual prudency review 
of PGL's 2016 Rider QIP, which included a disallowance of certain capital costs. In 2023, we recorded a non-cash impairment loss of 
$178.9 million related to the disallowance of certain previously incurred capital costs resulting from PGL's and NSG's November 2023 
rate orders from the ICC. See Note 26, Regulatory Environment, for more information.
WEC Energy Group
F-58
2024 Annual Financial Statements

When it becomes probable that a generating unit will be retired before the end of its useful life, we assess whether the generating unit 
meets the criteria for abandonment accounting. Generating units that are considered probable of abandonment are expected to cease 
operations in the near term, significantly before the end of their original estimated useful lives. If a generating unit meets the applicable 
criteria to be considered probable of abandonment, and the unit has been abandoned, we assess the likelihood of recovery of the 
remaining net book value of that generating unit at the end of each reporting period. If it becomes probable that regulators will disallow 
full recovery as well as a return on the remaining net book value of a generating unit that is either abandoned or probable of being 
abandoned, an impairment loss may be required. An impairment loss would be recorded if the remaining net book value of the 
generating unit is greater than the present value of the amount expected to be recovered from ratepayers, using an incremental 
borrowing rate. See Note 6, Regulatory Assets and Liabilities, and Note 7, Property, Plant, and Equipment, for more information.
We periodically assess the recoverability of equity method investments when factors indicate the carrying amount of such assets may 
be impaired. Equity method investments are assessed for impairment by comparing the fair values of these investments to their 
carrying amounts if a fair value assessment was completed or by reviewing for the presence of impairment indicators. If an impairment 
exists, and it is determined to be other-than-temporary, an impairment loss is recognized equal to the amount by which the carrying 
amount exceeds the investment's fair value.
(l) Asset Retirement Obligations—We recognize, at fair value, legal obligations associated with the retirement of long-lived assets 
that result from the acquisition, construction, development, and normal operation of the assets. An ARO liability is recorded, when 
incurred, for these obligations as long as the fair value can be reasonably estimated, even if the timing or method of settling the 
obligation is unknown. The associated retirement costs are capitalized as part of the related long-lived asset and are depreciated over 
the useful life of the asset. The ARO liabilities are accreted each period using the credit-adjusted risk-free interest rates associated with 
the expected settlement dates of the AROs. These rates are determined when the obligations are incurred. Subsequent changes 
resulting from revisions to the timing or the amount of the original estimate of undiscounted cash flows are recognized as an increase or 
a decrease to the carrying amount of the liability and the associated capitalized retirement costs. For our regulated entities, we 
recognize regulatory assets or liabilities for the timing differences between when we recover an ARO in rates and when we recognize 
the associated retirement costs. See Note 9, Asset Retirement Obligations, for more information.
(m) Finite-Lived Intangible Asset and Liabilities—Our finite-lived intangible asset and liabilities include revenue contracts, consisting 
of PPAs and a proxy revenue swap, in addition to interconnection agreements, which resulted from the acquisitions of renewable 
generation facilities by WECI in our non-utility energy infrastructure segment. Our intangible asset and liabilities are amortized on a 
straight-line basis over their estimated useful lives, which is the term of the related agreement. Amortization of the revenue contract 
intangible asset and liabilities are recorded within operating revenues in the income statements. Amortization of the interconnection 
agreement intangible liabilities is recorded within other operation and maintenance in the income statements. The straight-line method 
of amortization is used because it best reflects the pattern in which the economic benefits of the intangibles are consumed or otherwise 
used. The amounts and useful lives assigned to the intangible asset and liabilities assumed impact the amount and timing of future 
amortization. 
(n) Stock-Based Compensation—In accordance with the Omnibus Stock Incentive Plan, we provide long-term incentives through our 
equity interests to our non-employee directors, officers, and other key employees. The plan provides for the granting of stock options, 
restricted stock, performance shares, and other stock-based awards. Awards may be paid in common stock, cash, or a combination 
thereof. In addition to those shares of common stock that were subject to awards outstanding as of May 6, 2021, when the plan was last 
approved by shareholders, 9.0 million shares were reserved for issuance under the plan.
We recognize stock-based compensation expense on a straight-line basis over the requisite service period. Awards classified as equity 
awards are measured based on their grant-date fair value. Awards classified as liability awards are recorded at fair value each reporting 
period. We account for forfeitures as they occur, rather than estimating potential future forfeitures and recording them over the vesting 
period.
Stock Options
We grant non-qualified stock options that generally vest on a cliff-basis after three years. The exercise price of a stock option under the 
plan cannot be less than 100% of our common stock's fair market value on the grant date. Historically, all stock options have been 
granted with an exercise price equal to the fair market value of our common stock on the date of the grant. Options vest immediately 
upon retirement, death, or disability; however, they may not be exercised within six months of the grant date except in connection with 
certain termination of employment events following a change in control. Options expire no later than 10 years from the date of the grant.
WEC Energy Group
F-59
2024 Annual Financial Statements

Our stock options are classified as equity awards. The fair value of our stock options was calculated using a binomial option-pricing 
model. The following table shows the estimated weighted-average fair value per stock option granted along with the weighted-average 
assumptions used in the valuation models:
2024
2023
2022
Stock options granted
 
294,990 
 
257,780 
 
437,269 
Estimated weighted-average fair value per stock option
$ 
16.19 
$ 
19.58 
$ 
14.71 
Assumptions used to value the options:
Risk-free interest rate
3.9% – 5.4%
3.8% – 4.8%
0.2% – 1.6%
Dividend yield
 3.8 %
 3.2 %
 3.2 %
Expected volatility
 22.0 %
 22.0 %
 21.0 %
Expected life (years)
8.4
8.3
8.7
The risk-free interest rate was based on the United States Treasury interest rate with a term consistent with the expected life of the 
stock options. The dividend yield was based on our dividend rate at the time of the grant and historical stock prices. Expected volatility 
and expected life assumptions were based on our historical experience.
Restricted Shares
Restricted shares granted to employees generally have a vesting period of three years with one-third of the award vesting on each 
anniversary of the grant date. Restricted shares granted to non-employee directors fully vest after one year.
Our restricted shares are classified as equity awards.
Performance Units
Officers and other key employees are granted performance units under the WEC Energy Group Performance Unit Plan. All grants of 
performance units are settled in cash and are accounted for as liability awards accordingly. Performance units accrue forfeitable 
dividend equivalents in the form of additional performance units. The fair value of the performance units reflects our estimate of the final 
expected value of the awards, which is based on our stock price and performance achievement under the terms of the award. Stock-
based compensation costs are generally recorded over the performance period, which is three years. 
The ultimate number of performance units that will be paid out is dependent on our total shareholder return (stock price appreciation 
plus dividends) as compared to the total shareholder return of a peer group of companies over three years, as well as other 
performance metrics, as may be determined by the Compensation Committee. Under the terms of awards granted prior to 2023, 
participants may earn between 0% and 175% of the performance unit award based on our total shareholder return. Pursuant to the plan 
terms governing these awards, these percentages can be adjusted upwards or downwards by up to 10% based on our performance 
against additional performance measures, if any, adopted by the Compensation Committee. 
The WEC Energy Group Performance Unit Plan was amended and restated, effective January 1, 2023. In accordance with the 
amended plan, the Compensation Committee selected multiple performance measures that will be weighted to determine the ultimate 
payout for the awards granted in 2023, 2024, and 2025. The ultimate number of units that will be paid out will be based on our total 
shareholder return compared to the total shareholder return of a peer group of companies over three years (55%), and our performance 
against the weighted average authorized ROE of all of our utility subsidiaries (45%). In addition, the Compensation Committee selected 
the level of our stock price to earnings ratio compared to our peer companies as a performance measure that can increase the payout 
by up to 25%. In no event can the performance unit payout be greater than 200% of the target award.
See Note 11, Common Equity, for more information on our stock-based compensation plans.
(o) Earnings Per Share—We compute basic earnings per share by dividing our net income attributed to common shareholders by the 
weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed in a similar 
manner, but includes the exercise and/or conversion of all potentially dilutive securities. Our potentially dilutive securities include stock 
options and shares issuable upon the conversion of the 2027 Notes and 2029 Notes.
The dilutive impact from our in-the-money stock options is calculated using the treasury stock method. The calculation of diluted 
earnings per share for the years ended December 31, 2024, 2023, and 2022 excluded 66,870; 1,716,286; and 653,323 stock options, 
respectively, that had an anti-dilutive effect. 
Potentially dilutive common shares issuable upon conversion of the 2027 Notes and 2029 Notes are calculated using the if-converted 
method. For the year ended December 31, 2024, there were no shares of our common stock related to the potential conversion of the 
2027 Notes and 2029 Notes included in our diluted earnings per share calculation as the impact was anti-dilutive.
(p) Leases—We recognize a right of use asset and lease liability for operating and finance leases with a term of greater than one year. 
As a policy election, we account for each lease component separately from the nonlease components of a contract.
WEC Energy Group
F-60
2024 Annual Financial Statements

We are currently party to several easement agreements that allow us access to land we do not own for the purpose of constructing and 
maintaining certain electric power and natural gas equipment. The majority of payments we make related to easements relate to our 
renewable generating facilities. We have not classified our easements as leases because we view the entire parcel of land specified in 
our easement agreements to be the identified asset, not just that portion of the parcel that contains our easement. As such, we have 
concluded that we do not control the use of an identified asset related to our easement agreements, nor do we obtain substantially all of 
the economic benefits associated with these shared-use assets.
See Note 15, Leases, for more information.
(q) Income Taxes—We follow the liability method in accounting for income taxes. Accounting guidance for income taxes requires the 
recording of deferred assets and liabilities to recognize the expected future tax consequences of events that have been reflected in our 
financial statements or tax returns and the adjustment of deferred tax balances to reflect tax rate changes. We are required to assess 
the likelihood that our deferred tax assets would expire before being realized. If we conclude that certain deferred tax assets are likely 
to expire before being realized, a valuation allowance would be established against those assets. GAAP requires that, if we conclude in 
a future period that it is more likely than not that some or all of the deferred tax assets would be realized before expiration, we reverse 
the related valuation allowance in that period. Any change to the allowance, as a result of a change in judgment about the realization of 
deferred tax assets, is reported in income tax expense.
ITCs are deferred and amortized over the life of the assets. PTCs are recognized in the period in which such credits are generated. The 
amount of the credit is based upon power production from our qualifying generation facilities. We file a consolidated federal income tax 
return. Accordingly, we allocate federal current tax expense, benefits, and credits to our subsidiaries based on their separate tax 
computations and our ability to monetize all credits on our consolidated federal return. 
We recognize interest and penalties accrued, related to unrecognized tax benefits, in income tax expense in our income statements.
The IRA contains a tax credit transferability provision that allows us to sell PTCs produced after December 31, 2022, to third parties. In 
2023 and 2024, under this transferability provision, we entered into agreements to sell substantially all of the PTCs we generated in 
2023 and 2024 to third parties. In October 2024, we entered into an agreement to sell the majority of the PTCs expected to be 
generated in 2025 to a third party. We elect to account for tax credits transferred under the scope of ASC 740. We include the discount 
from the sale of tax credits as a component of income tax expense. We also include any expected proceeds from the sale of tax credits 
in the evaluation of the realizability of deferred tax assets related to PTCs. The sale of tax credits is presented in the operating activities 
section of the statements of cash flows consistent with the presentation of cash taxes paid.
In April 2023, the IRS issued Revenue Procedure 2023-15, which provides a safe harbor method of accounting that taxpayers may use 
to determine whether expenses to repair, maintain, replace, or improve natural gas transmission and distribution property must be 
capitalized for tax purposes. We adopted the safe harbor method of accounting for certain of our utilities on our 2023 tax return, which 
increased our deferred tax liabilities. We are still evaluating whether this new guidance can be adopted by our remaining utilities.
See Note 16, Income Taxes, for more information.
(r) Fair Value Measurements—Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly 
transaction between market participants at the measurement date (exit price).
Fair value accounting rules provide a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the 
highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest 
priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are defined as follows:
Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are 
those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an 
ongoing basis.
Level 2 – Pricing inputs are observable, either directly or indirectly, but are not quoted prices included within Level 1. Level 2 includes 
those financial instruments that are valued using external inputs within models or other valuation methods.
Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used 
with internally developed methods that result in management's best estimate of fair value. Level 3 instruments include those that may 
be more structured or otherwise tailored to customers' needs.
Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. 
We use a mid-market pricing convention (the mid-point price between bid and ask prices) as a practical measure for valuing certain 
derivative assets and liabilities. We primarily use a market approach for recurring fair value measurements and attempt to use valuation 
techniques that maximize the use of observable inputs and minimize the use of unobservable inputs.
When possible, we base the valuations of our assets and liabilities on quoted prices for identical assets and liabilities in active markets. 
These valuations are classified in Level 1. The valuations of certain contracts not classified as Level 1 may be based on quoted market 
prices received from counterparties and/or observable inputs for similar instruments. Transactions valued using these inputs are 
WEC Energy Group
F-61
2024 Annual Financial Statements

classified in Level 2. Certain derivatives, such as FTRs and TCRs, are categorized in Level 3 due to the significance of unobservable or 
internally-developed inputs. FTRs and TCRs are valued using auction prices from the applicable RTO. 
See Note 17, Fair Value Measurements, for more information.
(s) Derivative Instruments—We use derivatives as part of our risk management program to manage the risks associated with the 
price volatility of interest rates, purchased power, generation, and natural gas costs for the benefit of our customers and shareholders. 
Our approach is non-speculative and designed to mitigate risk. Regulated hedging programs are approved by our state regulators.
We record derivative instruments on our balance sheets as assets or liabilities measured at fair value unless they qualify for the normal 
purchases and sales exception, and are so designated. We continually assess our contracts designated as normal and will discontinue 
the treatment of these contracts as normal if the required criteria are no longer met. Changes in the derivative's fair value are 
recognized currently in earnings unless specific hedge accounting criteria are met or we receive regulatory treatment for the derivative. 
For most energy-related physical and financial contracts in our regulated operations that qualify as derivatives, our regulators allow the 
effects of fair value accounting to be offset to regulatory assets and liabilities. 
We classify derivative assets and liabilities as current or long-term on our balance sheets based on the maturities of the underlying 
contracts. Cash flows from derivative activities are presented in the same category as the item being hedged within operating activities 
on our statements of cash flows.
Derivative accounting rules provide the option to present certain asset and liability derivative positions net on the balance sheets and to 
net the related cash collateral against these net derivative positions. We elected not to net these items. On our balance sheets, cash 
collateral provided to others is reflected in other current assets, and cash collateral received is reflected in other current liabilities. See 
Note 18, Derivative Instruments, for more information.
(t) Guarantees—We follow the guidance of the Guarantees Topic of the FASB ASC, which requires, under certain circumstances, that 
the guarantor recognize a liability for the fair value of the obligation undertaken in issuing the guarantee at its inception. See Note 19, 
Guarantees, for more information.
(u) Employee Benefits—The costs of pension and OPEB plans are expensed over the periods during which employees render 
service. These costs are distributed among our subsidiaries based on current employment status and actuarial calculations, as 
applicable. Our regulators allow recovery in rates for the utilities' net periodic benefit cost calculated under GAAP. See Note 20, 
Employee Benefits, for more information.
(v) Customer Deposits and Credit Balances—When utility customers apply for new service, they may be required to provide a 
deposit for the service. Customer deposits are recorded within other current liabilities on our balance sheets.
Utility customers can elect to be on a budget plan. Under this type of plan, a monthly installment amount is calculated based on 
estimated annual usage. During the year, the monthly installment amount is reviewed by comparing it to actual usage. If necessary, an 
adjustment is made to the monthly amount. Annually, the budget plan is reconciled to actual annual usage. Payments in excess of 
actual customer usage are recorded within other current liabilities on our balance sheets.
(w) Environmental Remediation Costs—We are subject to federal and state environmental laws and regulations that in the future 
may require us to pay for environmental remediation at sites where we have been, or may be, identified as a potentially responsible 
party. Loss contingencies may exist for the remediation of hazardous substances at various potential sites, including CCR landfills and 
manufactured gas plant sites. See Note 9, Asset Retirement Obligations, for more information regarding CCR landfills and Note 24, 
Commitments and Contingencies, for more information regarding manufactured gas plant sites.
We record environmental remediation liabilities when site assessments indicate remediation is probable, and we can reasonably 
estimate the loss or a range of losses. The estimate includes both our share of the liability and any additional amounts that will not be 
paid by other potentially responsible parties or the government. When possible, we estimate costs using site-specific information but 
also consider historical experience for costs incurred at similar sites. Remediation efforts for a particular site generally extend over a 
period of several years. During this period, the laws governing the remediation process may change, as well as site conditions, 
potentially affecting the cost of remediation.
Our utilities have received approval to defer certain environmental remediation costs, as well as estimated future costs, through a 
regulatory asset. The recovery of deferred costs is subject to the applicable state regulatory commission's approval.
We review our estimated costs of remediation annually for our manufactured gas plant sites and CCR landfills. We adjust the liabilities 
and related regulatory assets, as appropriate, to reflect the new cost estimates. Any material changes in cost estimates are adjusted 
throughout the year.
(x) Customer Concentrations of Credit Risk—The geographic concentration of our customers did not contribute significantly to our 
overall exposure to credit risk. We periodically review customers' credit ratings, financial statements, and historical payment 
performance and require them to provide collateral or other security as needed. Credit risk exposure at WE, WPS, WG, PGL, and NSG 
is mitigated by their recovery mechanisms for uncollectible expense discussed in Note 1(d), Operating Revenues. As a result, we did 
WEC Energy Group
F-62
2024 Annual Financial Statements

not have any significant concentrations of credit risk at December 31, 2024. In addition, there were no customers that accounted for 
more than 10% of our revenues for the year ended December 31, 2024.
NOTE 2—ACQUISITIONS
In accordance with Topic 805: Clarifying the Definition of a Business (ASU 2017-01), transactions are evaluated and are accounted for 
as acquisitions of assets or businesses, and transaction costs are capitalized in asset acquisitions. It was determined that all of the 
below acquisitions met the criteria of asset acquisitions. The purchase price of certain acquisitions below includes intangibles recorded 
as long-term assets and long-term liabilities related to PPAs. See Note 10, Goodwill and Intangibles, for more information.
Acquisition of a Solar Generation Facility in Ohio
In February 2025, WECI completed the acquisition of a 90% ownership interest in Hardin III, a 250 MW solar generating facility located 
in Hardin County, Ohio for approximately $405.9 million. The project has an offtake agreement for all of the energy to be produced by 
the facility for a period of 15 years from the date of commercial operation. Hardin III qualifies for PTCs and is included in the non-utility 
energy infrastructure segment.
Acquisitions of Solar Generation Facilities in Texas
In December 2024, WECI completed the acquisition of a 90% ownership interest in Delilah I, a 300 MW solar generating facility in 
Lamar, Franklin, Hopkins, and Red River counties in Texas. Delilah I was acquired for $462.5 million, which included transaction costs 
and was net of cash acquired. The project has offtake agreements for all of the energy to be produced by the facility for a period of 15 
years from the date of commercial operation. Delilah I qualifies for PTCs and is included in the non-utility energy infrastructure segment.
The table below shows the allocation of the purchase price to the assets acquired and liabilities assumed at the date of the original 
acquisition.
(in millions)
Other current assets
$ 
0.1 
Net property, plant, and equipment
 
579.8 
Other long-term assets
 
12.4 
Other long-term liabilities
 
(78.3) 
Noncontrolling interest
 
(51.5) 
Total purchase price
$ 
462.5 
In February 2023, WECI completed the acquisition of an 80% ownership interest in Samson I, a commercially operational 250 MW solar 
generating facility in Lamar, Franklin, Hopkins, and Red River counties in Texas. Samson I was acquired for $257.3 million, which 
included transaction costs and was net of cash acquired. The project has an offtake agreement for all of the energy to be produced by 
the facility for a period of 15 years from the date of commercial operation in May 2022. Samson I qualifies for PTCs and is included in 
the non-utility energy infrastructure segment. In January 2024, WECI acquired an additional 10% ownership interest in Samson I for 
$28.1 million.
The table below shows the allocation of the purchase price to the assets acquired and liabilities assumed at the date of the original 
acquisition.
(in millions)
Accounts receivable
$ 
0.5 
Other current assets
 
0.7 
Net property, plant, and equipment
 
497.2 
Other long-term assets
 
12.3 
Accounts payable
 
(0.5) 
Other current liabilities
 
(0.8) 
Other long-term liabilities
 
(186.4) 
Noncontrolling interest
 
(65.7) 
Total purchase price
$ 
257.3 
Acquisitions of Electric Generation Facilities in Illinois
In November 2024, WECI completed the acquisition of a 90% ownership interest in Maple Flats, a 250 MW solar generating facility in 
Clay County, Illinois. Maple Flats was acquired for $431.2 million, which included transaction costs and was net of cash acquired. The 
project has an offtake agreement for all of the energy to be produced by the facility for a period of 15 years from the date of commercial 
operation. Maple Flats qualifies for PTCs and is included in the non-utility energy infrastructure segment.
WEC Energy Group
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2024 Annual Financial Statements

The table below shows the allocation of the purchase price to the assets acquired and liabilities assumed at the date of the acquisition.
(in millions)
Net property, plant, and equipment
$ 
469.5 
Other long-term assets
 
44.5 
Other long-term liabilities
 
(34.9) 
Noncontrolling interest
 
(47.9) 
Total purchase price
$ 
431.2 
In February 2023, upon achievement of commercial operation, WECI completed the acquisition of a 90% ownership interest in Sapphire 
Sky, a 250 MW wind generating facility in McLean County, Illinois, for a total investment of $442.6 million, which includes transaction 
costs and is net of cash acquired. The project has an offtake agreement for all of the energy to be produced by the facility for a period of 
12 years from the date of commercial operation. Sapphire Sky qualifies for PTCs and is included in the non-utility energy infrastructure 
segment.
The table below shows the allocation of the purchase price to the assets acquired and liabilities assumed at the date of the acquisition.
(in millions)
Accounts receivable
$ 
0.8 
Net property, plant, and equipment
 
642.6 
Other long-term assets
 
1.4 
Accounts payable
 
(1.0) 
Other long-term liabilities
 
(152.0) 
Noncontrolling interest
 
(49.2) 
Total purchase price
$ 
442.6 
Acquisitions of Electric Generation Facilities in Wisconsin
In May 2024, WE completed the acquisition of an additional 100 MWs of West Riverside's nameplate capacity for $97.9 million. West 
Riverside is a commercially operational dual fueled combined cycle generation facility in Beloit, Wisconsin. In June 2023, WE 
completed the first acquisition of 100 MWs for $95.3 million. Prior to each of the acquisitions, WPS received approval to transfer its 
ownership interest rights to WE. After the second acquisition, WE owns 200 MWs, or 27.5%, of West Riverside at a total cost of 
$193.2 million.
In April 2023, WPS, along with an unaffiliated utility, completed the acquisition of Red Barn, a commercially operational utility-scale 
wind-powered electric generating facility. The project is located in Grant County, Wisconsin and WPS owns 82 MWs of this project. 
WPS's share of the cost of this project was $145.9 million. Red Barn qualifies for PTCs.
In January 2023, WE and WPS completed the acquisition of Whitewater, a commercially operational 236.5 MW dual fueled (natural gas 
and low sulfur fuel oil) combined cycle electric generation facility in Whitewater, Wisconsin, for $76.0 million.
Acquisition of a Wind Generation Facility in Nebraska
In September 2022, WECI completed the acquisition of a 90% ownership interest in Thunderhead, a 300 MW wind generating facility in 
Antelope and Wheeler counties in Nebraska. The purchase price was $382.0 million, which includes transaction costs and is net of 
cash acquired. Thunderhead achieved commercial operation in November 2022. The project has an offtake agreement for all of the 
energy to be produced by the facility for a period of 12 years from the date of commercial operation. Thunderhead qualifies for PTCs 
and is included in the non-utility energy infrastructure segment.
The table below shows the allocation of the purchase price to the assets acquired and liabilities assumed at the date of the acquisition.
(in millions)
Accounts receivable
$ 
0.2 
Other prepayments
 
0.3 
Net property, plant, and equipment
 
692.3 
Other long-term assets
 
5.1 
Other current liabilities
 
(0.2) 
Other long-term liabilities
 
(273.2) 
Noncontrolling interest
 
(42.5) 
Total purchase price
$ 
382.0 
WEC Energy Group
F-64
2024 Annual Financial Statements

NOTE 3—DISPOSITIONS
Wisconsin Segment
Sale of Certain Real Estate by Wisconsin Electric Power Company
In June 2023, we sold approximately 192 acres of real estate at WE's former Pleasant Prairie power plant site that was no longer being 
utilized in its operations, for $23.0 million, which is net of closing costs. As a result of the sale, a pre-tax gain in the amount of 
$22.2 million was recorded within other operation and maintenance expense on our income statement. The book value of the real 
estate included in the sale was not material and, therefore, was not presented as held for sale.
Illinois Segment
Sale of Certain Real Estate by The Peoples Gas Light and Coke Company
In May 2022, we sold approximately 11 acres of real estate owned by PGL that was no longer being utilized in its operations, for 
$55.1 million, which is net of closing costs. The real estate was located in Chicago, Illinois. As a result of the sale, a pre-tax gain in the 
amount of $54.5 million was recorded within other operation and maintenance expense on our income statement. The book value of the 
real estate included in the sale was not material and, therefore, was not presented as held for sale.
NOTE 4—OPERATING REVENUES
For more information about our significant accounting policies related to operating revenues, see Note 1(d), Operating Revenues. 
Disaggregation of Operating Revenues
The following tables present our operating revenues disaggregated by revenue source. We do not have any revenues associated with 
our electric transmission segment, which includes investments accounted for using the equity method. We disaggregate revenues into 
categories that depict how the nature, amount, timing, and uncertainty of revenues and cash flows are affected by economic factors. 
For our segments, revenues are further disaggregated by electric and natural gas operations and then by customer class. Each 
customer class within our electric and natural gas operations has different expectations of service, energy and demand requirements, 
and can be impacted differently by regulatory activities within their jurisdictions. 
(in millions)
Wisconsin
Illinois
Other 
States
Total 
Utility
Operations
Non-Utility 
Energy 
Infrastructure
Corporate
and Other
Reconciling
Eliminations
WEC Energy 
Group 
Consolidated
Year ended December 31, 2024
 
 
 
 
 
 
Electric
$ 4,908.4 
$ 
— 
$ 
— 
$ 
4,908.4 
$ 
— 
$ 
— 
$ 
— 
$ 
4,908.4 
Natural gas
 
1,402.4 
 1,499.6 
 419.7 
 
3,321.7 
 
48.4 
 
— 
 
(46.0) 
 
3,324.1 
Total regulated revenues
 
6,310.8 
 1,499.6 
 419.7 
 
8,230.1 
 
48.4 
 
— 
 
(46.0) 
 
8,232.5 
Other non-utility revenues
 
— 
 
— 
 
20.4 
 
20.4 
 
223.9 
 
— 
 
(9.1) 
 
235.2 
Total revenues from contracts 
with customers
 
6,310.8 
 1,499.6 
 440.1 
 
8,250.5 
 
272.3 
 
— 
 
(55.1) 
 
8,467.7 
Other operating revenues
 
19.7 
 
102.8 
 
9.7 
 
132.2 
 
419.0 
 
— 
 
(419.0) (1)  
132.2 
Total operating revenues
$ 6,330.5 
$ 1,602.4 
$ 449.8 
$ 
8,382.7 
$ 
691.3 
$ 
— 
$ 
(474.1) 
$ 
8,599.9 
(in millions)
Wisconsin
Illinois
Other 
States
Total 
Utility
Operations
Non-Utility 
Energy 
Infrastructure
Corporate
and Other
Reconciling
Eliminations
WEC Energy 
Group 
Consolidated
Year ended December 31, 2023
 
 
 
 
 
 
Electric
$ 4,994.6 
$ 
— 
$ 
— 
$ 
4,994.6 
$ 
— 
$ 
— 
$ 
— 
$ 
4,994.6 
Natural gas
 
1,606.7 
 1,480.5 
 493.7 
 
3,580.9 
 
61.9 
 
— 
 
(60.2) 
 
3,582.6 
Total regulated revenues
 
6,601.3 
 1,480.5 
 493.7 
 
8,575.5 
 
61.9 
 
— 
 
(60.2) 
 
8,577.2 
Other non-utility revenues
 
— 
 
— 
 
19.6 
 
19.6 
 
197.5 
 
0.1 
 
(9.1) 
 
208.1 
Total revenues from contracts 
with customers
 
6,601.3 
 1,480.5 
 513.3 
 
8,595.1 
 
259.4 
 
0.1 
 
(69.3) 
 
8,785.3 
Other operating revenues
 
24.6 
 
77.3 
 
5.8 
 
107.7 
 
407.1 
 
— 
 
(407.1) (1)  
107.7 
Total operating revenues
$ 6,625.9 
$ 1,557.8 
$ 519.1 
$ 
8,702.8 
$ 
666.5 
$ 
0.1 
$ 
(476.4) 
$ 
8,893.0 
WEC Energy Group
F-65
2024 Annual Financial Statements

(in millions)
Wisconsin
Illinois
Other 
States
Total 
Utility
Operations
Non-Utility 
Energy 
Infrastructure
Corporate
and Other
Reconciling
Eliminations
WEC Energy 
Group 
Consolidated
Year Ended December 31, 2022
 
 
 
 
 
 
Electric
$ 4,956.2 
$ 
— 
$ 
— 
$ 
4,956.2 
$ 
— 
$ 
— 
$ 
— 
$ 
4,956.2 
Natural gas
 
1,980.7 
 1,883.7 
 601.8 
 
4,466.2 
 
54.3 
 
— 
 
(51.8) 
 
4,468.7 
Total regulated revenues
 
6,936.9 
 1,883.7 
 601.8 
 
9,422.4 
 
54.3 
 
— 
 
(51.8) 
 
9,424.9 
Other non-utility revenues
 
— 
 
— 
 
18.7 
 
18.7 
 
133.6 
 
— 
 
(9.1) 
 
143.2 
Total revenues from contracts 
with customers
 
6,936.9 
 1,883.7 
 620.5 
 
9,441.1 
 
187.9 
 
— 
 
(60.9) 
 
9,568.1 
Other operating revenues
 
23.6 
 
7.2 
 
(2.0)  
28.8 
 
402.1 
 
0.5 
 
(402.1) (1)  
29.3 
Total operating revenues
$ 6,960.5 
$ 1,890.9 
$ 618.5 
$ 
9,469.9 
$ 
590.0 
$ 
0.5 
$ 
(463.0) 
$ 
9,597.4 
(1) 
Amounts eliminated represent lease revenues related to certain plants that We Power leases to WE to supply electricity to its customers. Lease payments are 
billed from We Power to WE and then recovered in WE's rates as authorized by the PSCW and the FERC. WE operates the plants and is authorized by the 
PSCW and Wisconsin state law to fully recover prudently incurred operating and maintenance costs in electric rates.
Revenues from Contracts with Customers
Electric Utility Operating Revenues – The following table disaggregates electric utility operating revenues into customer class:
Year Ended December 31
(in millions)
2024
2023
2022
Residential
$ 
1,996.3 
$ 
1,992.3 
$ 
1,879.1 
Small commercial and industrial
 
1,613.0 
 
1,641.1 
 
1,530.4 
Large commercial and industrial
 
942.6 
 
978.4 
 
1,042.2 
Other
 
30.2 
 
30.5 
 
29.9 
Total retail revenues
 
4,582.1 
 
4,642.3 
 
4,481.6 
Wholesale
 
102.6 
 
120.4 
 
153.9 
Resale
 
176.7 
 
195.4 
 
256.7 
Steam
 
22.4 
 
25.2 
 
28.4 
Other utility revenues
 
24.6 
 
11.3 
 
35.6 
Total electric utility operating revenues
$ 
4,908.4 
$ 
4,994.6 
$ 
4,956.2 
Natural Gas Utility Operating Revenues – The following tables disaggregate natural gas utility operating revenues into customer 
class:
(in millions)
Wisconsin
Illinois
Other States
Total Natural Gas 
Utility Operating 
Revenues
Year ended December 31, 2024
 
 
Residential
$ 
893.1 
$ 
945.5 
$ 
250.5 
$ 
2,089.1 
Commercial and industrial
 
416.8 
 
274.5 
 
123.9 
 
815.2 
Total retail revenues
 
1,309.9 
 
1,220.0 
 
374.4 
 
2,904.3 
Transportation
 
96.8 
 
272.2 
 
33.6 
 
402.6 
Other utility revenues (1)
 
(4.3)  
7.4 
 
11.7 
 
14.8 
Total natural gas utility operating revenues
$ 
1,402.4 
$ 
1,499.6 
$ 
419.7 
$ 
3,321.7 
(in millions)
Wisconsin
Illinois
Other States
Total Natural Gas 
Utility Operating 
Revenues
Year ended December 31, 2023
 
 
 
Residential
$ 
1,012.0 
$ 
966.0 
$ 
324.4 
$ 
2,302.4 
Commercial and industrial
 
506.7 
 
267.1 
 
175.3 
 
949.1 
Total retail revenues
 
1,518.7 
 
1,233.1 
 
499.7 
 
3,251.5 
Transportation
 
93.0 
 
231.9 
 
32.5 
 
357.4 
Other utility revenues (1)
 
(5.0)  
15.5 
 
(38.5)  
(28.0) 
Total natural gas utility operating revenues
$ 
1,606.7 
$ 
1,480.5 
$ 
493.7 
$ 
3,580.9 
WEC Energy Group
F-66
2024 Annual Financial Statements

(in millions)
Wisconsin
Illinois
Other States
Total Natural Gas 
Utility Operating 
Revenues
Year Ended December 31, 2022
 
 
 
Residential
$ 
1,234.0 
$ 
1,297.4 
$ 
391.3 
$ 
2,922.7 
Commercial and industrial
 
672.7 
 
408.8 
 
218.7 
 
1,300.2 
Total retail revenues
 
1,906.7 
 
1,706.2 
 
610.0 
 
4,222.9 
Transportation
 
81.8 
 
259.8 
 
34.5 
 
376.1 
Other utility revenues (1) (2)
 
(7.8)  
(82.3)  
(42.7)  
(132.8) 
Total natural gas utility operating revenues
$ 
1,980.7 
$ 
1,883.7 
$ 
601.8 
$ 
4,466.2 
(1) 
Includes the revenues subject to the purchased gas recovery mechanisms of our utilities, which fluctuate by segment based on actual natural gas costs 
incurred at our utilities, compared with the recovery of natural gas costs that were anticipated in rates. 
(2) 
During 2022, we continued to recover natural gas costs we under-collected from our customers in 2021 related to the extreme weather experienced in 
February 2021, as well as higher natural gas costs incurred at the majority of our segments during 2022. As these amounts are billed to customers, they are 
reflected in retail revenues with an offsetting decrease in other utility revenues.
See Note 26, Regulatory Environment, for more information. 
Other Non-Utility Operating Revenues – Other non-utility operating revenues consist primarily of the following:
Year Ended December 31
(in millions)
2024
2023
2022
Renewable generation revenues
$ 
190.5 
$ 
164.9 
$ 
101.0 
We Power revenues
 
24.3 
 
23.5 
 
23.4 
Appliance service revenues
 
20.4 
 
19.6 
 
18.7 
Other
 
— 
 
0.1 
 
0.1 
Total other non-utility operating revenues
$ 
235.2 
$ 
208.1 
$ 
143.2 
Other Operating Revenues
Other operating revenues consist primarily of the following:
Year Ended December 31
(in millions)
2024
2023
2022
Alternative revenues (1)
$ 
79.8 
$ 
47.0 
$ 
(30.3) 
Late payment charges
 
48.5 
 
56.5 
 
55.6 
Other
 
3.9 
 
4.2 
 
4.0 
Total other operating revenues
$ 
132.2 
$ 
107.7 
$ 
29.3 
(1) 
Alternative revenues consist of amounts to be recovered or refunded to customers subject to decoupling mechanisms, wholesale true-ups, and conservation 
improvement rider true-ups. Negative amounts can result from alternative revenues being reversed to revenues from contracts with customers as the 
customer is billed for these alternative revenues. For more information about our alternative revenues, see Note 1(d), Operating Revenues.
NOTE 5—CREDIT LOSSES
We have included tables below that show our gross third-party receivable balances and the related allowance for credit losses at 
December 31, 2024 and 2023, by reportable segment.
(in millions)
Wisconsin
Illinois
Other 
States
Total 
Utility 
Operations
Non-Utility 
Energy 
Infrastructure
Corporate 
and Other
WEC Energy 
Group 
Consolidated
December 31, 2024
Accounts receivable and unbilled revenues
$ 1,149.9 
$ 535.6 
$ 100.6 
$ 1,786.1 
$ 
40.0 
$ 
6.0 
$ 
1,832.1 
Allowance for credit losses
 
73.6 
 
83.9 
 
5.3 
 
162.8 
 
— 
 
— 
 
162.8 
Accounts receivable and unbilled revenues, 
net (1)
$ 1,076.3 
$ 451.7 
$ 95.3 
$ 1,623.3 
$ 
40.0 
$ 
6.0 
$ 
1,669.3 
Total accounts receivable, net – past due greater 
than 90 days (1)
$ 
51.8 
$ 30.1 
$ 
2.5 
$ 
84.4 
$ 
— 
$ 
— 
$ 
84.4 
Past due greater than 90 days – collection risk 
mitigated by regulatory mechanisms (1)
 93.8 %
 100.0 %
 — %
 93.2 %
 — %
 — %
 93.2 %
WEC Energy Group
F-67
2024 Annual Financial Statements

(in millions)
Wisconsin
Illinois
Other 
States
Total 
Utility 
Operations
Non-Utility 
Energy 
Infrastructure
Corporate 
and Other
WEC Energy 
Group 
Consolidated
December 31, 2023
Accounts receivable and unbilled revenues
$ 1,078.0 
$ 481.5 
$ 94.9 
$ 1,654.4 
$ 
33.9 
$ 
8.4 
$ 
1,696.7 
Allowance for credit losses
 
77.4 
 109.7 
 
6.4 
 
193.5 
 
— 
 
— 
 
193.5 
Accounts receivable and unbilled revenues, 
net (1)
$ 1,000.6 
$ 371.8 
$ 88.5 
$ 1,460.9 
$ 
33.9 
$ 
8.4 
$ 
1,503.2 
Total accounts receivable, net – past due greater 
than 90 days (1)
$ 
51.7 
$ 45.0 
$ 
2.1 
$ 
98.8 
$ 
— 
$ 
— 
$ 
98.8 
Past due greater than 90 days – collection risk 
mitigated by regulatory mechanisms (1)
 93.6 %
 100.0 %
 — %
 94.5 %
 — %
 — %
 94.5 %
(1) 
Our exposure to credit losses for certain regulated utility customers is mitigated by regulatory mechanisms we have in place. Specifically, rates related to all 
of the customers in our Illinois segment, as well as the residential rates of WE, WPS, and WG in our Wisconsin segment, include riders or other mechanisms 
for cost recovery or refund of uncollectible expense based on the difference between the actual provision for credit losses and the amounts recovered in 
rates. As a result, at December 31, 2024, $1,029.0 million, or 61.6%, of our net accounts receivable and unbilled revenues balance had regulatory protections 
in place to mitigate the exposure to credit losses. See Note 26, Regulatory Environment, for more information on PGL and NSG's UEA rider for cost recovery 
or refund of uncollectible expense based on the difference between actual uncollectible write-offs and amounts recovered in rates.
A rollforward of the allowance for credit losses by reportable segment for the years ended December 31, 2024, 2023, and 2022, is 
included below:
(in millions)
Wisconsin
Illinois
Other States
WEC Energy Group 
Consolidated
Balance at January 1, 2024
$ 
77.4 
$ 
109.7 
$ 
6.4 
$ 
193.5 
Provision for credit losses
 
52.1 
 
52.3 
 
0.5 
 
104.9 
Provision for credit losses deferred for future recovery 
or refund
 
43.8 
 
(8.0)  
— 
 
35.8 
Write-offs charged against the allowance
 
(141.8)  
(95.0)  
(6.6)  
(243.4) 
Recoveries of amounts previously written off
 
42.1 
 
24.9 
 
5.0 
 
72.0 
Balance at December 31, 2024
$ 
73.6 
$ 
83.9 
$ 
5.3 
$ 
162.8 
On a consolidated basis, there was a $30.7 million decrease in the allowance for credit losses during the year ended December 31, 
2024, largely driven by customer write-offs. We also believe that the lower energy costs that customers were seeing, which were driven 
by warmer than normal weather conditions during most of 2024 and low average natural gas prices, contributed to a reduction in past 
due accounts receivable balances and a related decrease in the allowance for credit losses.
(in millions)
Wisconsin
Illinois
Other States
WEC Energy Group 
Consolidated
Balance at January 1, 2023
$ 
82.0 
$ 
111.0 
$ 
6.3 
$ 
199.3 
Provision for credit losses
 
40.9 
 
26.3 
 
4.8 
 
72.0 
Provision for credit losses deferred for future recovery 
or refund
 
52.5 
 
35.8 
 
— 
 
88.3 
Write-offs charged against the allowance
 
(131.6)  
(85.4)  
(6.6)  
(223.6) 
Recoveries of amounts previously written off
 
33.6 
 
22.0 
 
1.9 
 
57.5 
Balance at December 31, 2023
$ 
77.4 
$ 
109.7 
$ 
6.4 
$ 
193.5 
On a consolidated basis, there was a $5.8 million decrease in the allowance for credit losses during the year ended December 31, 
2023, primarily related to lower customer energy costs (driven by the warmer weather during the fourth quarter of 2023 when compared 
to the same quarter in 2022 and lower natural gas prices), which contributed to a reduction in past due accounts receivable balances 
and a related decrease in the allowance for credit losses. Customer write-offs also contributed to the decrease in the allowance for 
credit losses. 
(in millions)
Wisconsin
Illinois
Other States
WEC Energy Group 
Consolidated
Balance at January 1, 2022
$ 
84.0 
$ 
105.5 
$ 
8.8 
$ 
198.3 
Provision for credit losses
 
50.5 
 
33.0 
 
2.6 
 
86.1 
Provision for credit losses deferred for future recovery 
or refund
 
29.7 
 
33.2 
 
— 
 
62.9 
Write-offs charged against the allowance
 
(117.0)  
(82.6)  
(6.4)  
(206.0) 
Recoveries of amounts previously written off
 
34.8 
 
21.9 
 
1.3 
 
58.0 
Balance at December 31, 2022
$ 
82.0 
$ 
111.0 
$ 
6.3 
$ 
199.3 
WEC Energy Group
F-68
2024 Annual Financial Statements

On a consolidated basis, there was a $1.0 million increase in the allowance for credit losses during the year ended December 31, 2022. 
We believe that the high energy costs that customers were seeing, which were driven by high natural gas prices, contributed to higher 
past due accounts receivable balances and a related increase in the allowance for credit losses. The increase was substantially offset 
by customer write-offs related to collection practices returning to pre-pandemic levels, including the restoration of our ability to 
disconnect customers. 
NOTE 6—REGULATORY ASSETS AND LIABILITIES
The following regulatory assets were reflected on our balance sheets as of December 31:
(in millions)
2024
2023
See Note
Regulatory assets (1) (2)
Plant retirement related items (3)
$ 
810.5 
$ 
646.2 
24
Pension and OPEB costs (4)
 
684.9 
 
731.7 
20, 26
Environmental remediation costs (5)
 
570.1 
 
596.8 
24
Income tax related items
 
438.5 
 
449.9 
1(q), 16
AROs
 
166.7 
 
162.0 
1(l), 9
Uncollectible expense
 
151.5 
 
127.7 
5
Decoupling
 
110.0 
 
27.3 
1(d)
SSR (6)
 
102.9 
 
113.2 
Securitization
 
76.5 
 
85.9 
23
Bluewater (7)
 
57.7 
 
45.3 
Derivatives
 
38.2 
 
130.3 
1(s)
Energy efficiency programs (8)
 
26.5 
 
33.9 
Finance and operating leases
 
22.0 
 
12.0 
15
Other, net
 
122.7 
 
112.5 
Total regulatory assets
$ 
3,378.7 
$ 
3,274.7 
Balance sheet presentation
Other current assets
$ 
39.0 
$ 
24.9 
Regulatory assets
 
3,339.7 
 
3,249.8 
Total regulatory assets
$ 
3,378.7 
$ 
3,274.7 
(1) 
Based on prior and current rate treatment, we believe it is probable that our utilities will continue to recover from customers the regulatory assets in this table. 
In accordance with GAAP, our regulatory assets do not include the allowance for ROE that is capitalized for regulatory purposes. This allowance was 
$26.7 million at both December 31, 2024 and 2023.
(2) 
As of December 31, 2024, we had $281.3 million of regulatory assets not earning a return, $2.3 million of regulatory assets earning a return based on short-
term interest rates, $117.9 million of regulatory assets earning a return based on long-term interest rates, and $5.8 million of regulatory assets earning a 
return based on the applicable utility's ROE. The regulatory assets not earning a return primarily relate to decoupling mechanisms, certain environmental 
remediation costs, uncollectible expense, unamortized loss on reacquired debt, and PGL's invested capital tax rider. The other regulatory assets in the table 
either earn a return at the applicable utility's weighted average cost of capital or the cash has not yet been expended, in which case the regulatory assets are 
offset by liabilities.
(3) 
At December 31, 2024, plant retirement related items included $121.3 million of capitalized retirement costs related to the new EPA CCR Rule that was 
enacted in April 2024.
(4) 
Primarily represents the unrecognized future pension and OPEB costs related to our defined benefit pension and OPEB plans. We are authorized recovery of 
these regulatory assets over the average remaining service life of each plan.
(5) 
As of December 31, 2024, we had made cash expenditures of $124.3 million related to these environmental remediation costs. The remaining $445.8 million 
represents our estimated future cash expenditures.
(6) 
This regulatory asset relates to WE's 2014 announcement to retire the PIPP. Despite WE's intent to retire the PIPP, MISO designated the PIPP as a SSR, 
which meant the PIPP's operation was necessary for reliability, and the plant could not be shut down until new generation or transmission facilities were built. 
In December 2014, the PSCW authorized escrow accounting for WE's SSR revenues because of the fluctuations in the actual revenues WE received under 
the PIPP SSR agreements. The rate order WE received from the PSCW in December 2019 authorized recovery of this SSR regulatory asset over a 15-year 
period that began on January 1, 2020.
(7) 
Primarily relates to costs associated with the long-term service agreements our Wisconsin utilities have with Bluewater for natural gas storage services. The 
PSCW has approved escrow accounting for these costs. As a result, our Wisconsin utilities defer as a regulatory asset or liability the difference between 
actual storage costs and those included in rates until recovery or refund is authorized in a future rate proceeding.
(8) 
Represents amounts recoverable from customers related to programs at the utilities designed to meet energy efficiency standards.
WEC Energy Group
F-69
2024 Annual Financial Statements

The following regulatory liabilities were reflected on our balance sheets as of December 31:
(in millions)
2024
2023
See Note
Regulatory liabilities
Income tax related items
$ 
1,825.4 
$ 
1,901.8 
16
Removal costs (1)
 
1,458.2 
 
1,329.9 
Pension and OPEB benefits (2)
 
308.5 
 
299.2 
20, 26
Energy costs refundable through rate adjustments
 
160.8 
 
72.4 
1(d)
Uncollectible expense
 
47.2 
 
21.2 
5
Revenue requirements of renewable generation facilities (3)
 
44.2 
 
— 
26
Derivatives
 
36.9 
 
19.2 
1(s)
Electric transmission costs (4)
 
19.7 
 
30.3 
Other, net
 
102.4 
 
71.2 
Total regulatory liabilities
$ 
4,003.3 
$ 
3,745.2 
Balance sheet presentation
Other current liabilities
$ 
45.3 
$ 
47.5 
Regulatory liabilities
 
3,958.0 
 
3,697.7 
Total regulatory liabilities
$ 
4,003.3 
$ 
3,745.2 
(1) 
Represents amounts collected from customers to cover the future cost of property, plant, and equipment removals that are not legally required. Legal 
obligations related to the removal of property, plant, and equipment are recorded as AROs. See Note 9, Asset Retirement Obligations, for more information 
on our legal obligations.
(2) 
Primarily represents the unrecognized future pension and OPEB benefits related to our defined benefit pension and OPEB plans. We will amortize these 
regulatory liabilities into net periodic benefit cost over the average remaining service life of each plan.
(3) 
These amounts represent the deferral of the incremental revenue requirement impact from the delayed in-service date of certain renewable generation 
facilities constructed by our electric utilities. 
(4) 
In accordance with the PSCW's approval of escrow accounting for ATC and MISO network transmission expenses for our Wisconsin electric utilities, WE and 
WPS defer as a regulatory asset or liability the difference between actual transmission costs and those included in rates until recovery or refund is authorized 
in a future rate proceeding.
Oak Creek Power Plant Units 5-6
In May 2024, OCPP Units 5 and 6 were retired. Due to the retirement of these units and the determination that recovery was probable, 
their net book value of $75.3 million at December 31, 2024 was classified as a regulatory asset. In addition, a $43.8 million cost of 
removal reserve related to the units continued to be classified as a regulatory liability at December 31, 2024. Not included in these 
amounts was $8.6 million of deferred tax liabilities previously recorded for the retired units. Effective with its rate order issued by the 
PSCW in December 2022, WE received approval to collect a return of and on the entire net book value of OCPP Units 5 and 6 and, as 
a result, will continue to amortize the regulatory asset on a straight-line basis, using the composite depreciation rates approved by the 
PSCW before the units were retired. The amortization is included in depreciation and amortization on the income statement. WE also 
has FERC approval to continue to collect the net book value of OCPP Units 5 and 6 using the approved composite depreciation rates, 
in addition to a return on the remaining net book value. 
Pleasant Prairie Power Plant
The Pleasant Prairie power plant was retired on April 10, 2018. The net book value of this plant was $506.8 million at December 31, 
2024, representing book value less cost of removal and accumulated depreciation. In addition, previously deferred unprotected tax 
benefits from the Tax Legislation related to the unrecovered balance of this plant were $15.4 million as of December 31, 2024. The net 
amount of $491.4 million was classified as a regulatory asset on our balance sheet at December 31, 2024 due to the retirement of the 
plant. This regulatory asset does not include certain other previously recorded deferred tax liabilities of $138.0 million related to the 
retired Pleasant Prairie power plant. Pursuant to its rate order issued by the PSCW in December 2019, WE will continue to amortize this 
regulatory asset on a straight-line basis through 2039, using the composite depreciation rates approved by the PSCW before this plant 
was retired. The amortization is included in depreciation and amortization in the income statement. WE also has FERC approval to 
continue to collect the net book value of the Pleasant Prairie power plant using the approved composite depreciation rates, in addition 
to a return on the remaining net book value. 
WE received approval from the PSCW in December 2019 to collect a full return of the net book value of the Pleasant Prairie power 
plant and a return on all but $100 million of the net book value. During May 2021, WE securitized the remaining $100 million of the 
Pleasant Prairie power plant's book value, the carrying costs accrued on the $100 million during the securitization process, and the 
related financing fees, in accordance with a written order issued by the PSCW in November 2020. See Note 23, Variable Interest 
Entities, for more information on this securitization.
Presque Isle Power Plant
Pursuant to MISO's April 2018 approval of the retirement of the PIPP, these units were retired on March 31, 2019. The net book value of 
the PIPP was $142.6 million at December 31, 2024, representing book value less cost of removal and accumulated depreciation. In 
addition, previously deferred unprotected tax benefits from the Tax Legislation related to the unrecovered balance of these units were 
WEC Energy Group
F-70
2024 Annual Financial Statements

$4.4 million as of December 31, 2024. The net amount of $138.2 million was classified as a regulatory asset on our balance sheet at 
December 31, 2024 as a result of the retirement of the plant. This regulatory asset does not include certain other previously recorded 
deferred tax liabilities of $38.7 million related to the retired PIPP. After the retirement of the PIPP, a portion of the regulatory asset and 
related cost of removal reserve was transferred to UMERC for recovery from its retail customers. In WE's rate order issued by the 
PSCW in December 2019 and UMERC's rate order issued by the MPSC in October 2024, WE and UMERC received approval to collect 
a return of and on the net book value of the PIPP and, as a result, will continue to amortize the regulatory assets on a straight-line basis 
through 2037, using the composite depreciation rates approved by the PSCW before the units were retired. This amortization is 
included in depreciation and amortization in the income statement. WE also has FERC approval to continue to collect the net book 
value of the PIPP using the approved composite depreciation rates, in addition to a return on the remaining net book value. 
Pulliam Power Plant
In connection with a MISO ruling, WPS retired Pulliam Units 7 and 8 on October 21, 2018. The net book value of the Pulliam units was 
$29.3 million at December 31, 2024, representing book value less cost of removal and accumulated depreciation. This amount was 
classified as a regulatory asset on our balance sheet at December 31, 2024 as a result of the retirement of the plant. Effective with its 
rate order issued by the PSCW in December 2019, WPS received approval to collect a return of and on the entire net book value of the 
Pulliam units and, as a result, will continue to amortize this regulatory asset on a straight-line basis through 2031, using the composite 
depreciation rates approved by the PSCW before these generating units were retired. The amortization is included in depreciation and 
amortization in the income statement. WPS also has FERC approval to continue to collect the net book value of the Pulliam power plant 
using the approved composite depreciation rates, in addition to a return on the remaining net book value.
Edgewater Generating Station Unit 4
The Edgewater 4 generating unit was retired on September 28, 2018. The net book value of the generating unit was $1.0 million at 
December 31, 2024, representing book value less cost of removal and accumulated depreciation. This amount was classified as a 
regulatory asset on our balance sheet at December 31, 2024 as a result of the retirement of the plant. Effective with its rate order 
issued by the PSCW in December 2019, WPS received approval to collect a return of and on the entire net book value of the 
Edgewater 4 generating unit and, as a result, will continue to amortize this regulatory asset on a straight-line basis through 2026, using 
the composite depreciation rates approved by the PSCW before this generating unit was retired. The amortization is included in 
depreciation and amortization in the income statement. WPS also has FERC approval to continue to collect the net book value of the 
Edgewater 4 generating unit using the approved composite depreciation rates, in addition to a return on the remaining net book value. 
NOTE 7—PROPERTY, PLANT, AND EQUIPMENT
Property, plant, and equipment consisted of the following at December 31:
(in millions)
2024
2023
Electric – generation
$ 
6,976.3 
$ 
6,190.4 
Electric – distribution
 
9,298.9 
 
8,688.0 
Natural gas – distribution, storage, and transmission
 
15,673.0 
 
14,851.3 
Property, plant, and equipment to be retired, net
 
906.3 
 
1,043.5 
Other
 
2,410.8 
 
2,350.0 
Less: Accumulated depreciation
 
9,411.0 
 
8,907.9 
Net
 
25,854.3 
 
24,215.3 
CWIP
 
1,653.6 
 
1,118.3 
Net utility and non-utility property, plant, and equipment
 
27,507.9 
 
25,333.6 
We Power generation
 
3,284.3 
 
3,295.9 
Renewable generation
 
4,720.8 
 
3,667.7 
Natural gas storage
 
298.6 
 
291.6 
Net non-utility energy infrastructure
 
8,303.7 
 
7,255.2 
Corporate services
 
172.3 
 
169.8 
Other
 
14.1 
 
14.3 
Less: Accumulated depreciation
 
1,393.9 
 
1,227.5 
Net
 
7,096.2 
 
6,211.8 
CWIP
 
41.3 
 
36.1 
Net other property, plant, and equipment
 
7,137.5 
 
6,247.9 
Total property, plant, and equipment
$ 
34,645.4 
$ 
31,581.5 
WEC Energy Group
F-71
2024 Annual Financial Statements

Severance Liability for Plant Retirements
We have severance liabilities related to past and future plant retirements recorded in other current and other long-term liabilities on our 
balance sheets. Activity related to these severance liabilities for the years ended December 31 was as follows:
(in millions)
2024
2023
2022
Severance liability at January 1
$ 
17.8 
$ 
16.2 
$ 
4.9 
Severance expense
 
(3.9) (1)  
1.6 
 
11.3 
Severance payments
 
(0.5) 
 
— 
 
— 
Total severance liability at December 31
$ 
13.4 
$ 
17.8 
$ 
16.2 
(1) 
The severance accrual was decreased in 2024 due to workforce realignment efforts.
Wisconsin Segment Plant to be Retired
Oak Creek Power Plant Units 7 and 8
As a result of a PSCW approval in December 2022 for the acquisition and construction of Darien, the retirement of OCPP Units 7 and 8 
became probable. Subsequently, we have received PSCW approval for several other renewable and other projects and have also 
acquired additional projects. See Note 2, Acquisitions, for more information on the West Riverside acquisitions. OCPP Units 7 and 8 are 
expected to be retired by late 2025. The total net book value of WE's ownership share of OCPP Units 7 and 8 was $657.4 million at 
December 31, 2024, which does not include deferred taxes. This amount was classified as plant to be retired within property, plant, and 
equipment on our balance sheet. These units are included in rate base, and WE continues to depreciate them on a straight-line basis 
using the composite depreciation rates approved by the PSCW.
Columbia Energy Center Units 1 and 2
As a result of a MISO ruling received in June 2021, retirement of the jointly-owned Columbia Units 1 and 2 became probable. Columbia 
Units 1 and 2 are expected to be retired by the end of 2029, and we are exploring the conversion of at least one unit to natural gas. The 
total net book value of WPS's ownership share of Columbia Units 1 and 2 was $248.9 million at December 31, 2024, which does not 
include deferred taxes. This amount was classified as plant to be retired within property, plant, and equipment on our balance sheet. 
These units are included in rate base, and WPS continues to depreciate them on a straight-line basis using the composite depreciation 
rates approved by the PSCW.
Samson I Solar Energy Center LLC – Storm Damage
During several storms that occurred in 2023 and 2024, certain sections of our Samson I solar facility incurred damage. As of 
December 31, 2024, we recognized an impairment of $2.7 million related to storm damage, which was offset by a $2.7 million 
receivable for future insurance recoveries. Although we may experience differences between periods in the timing of cash flows, we do 
not currently expect a significant impact to our long-term cash flows from these storms.
The Peoples Gas Light and Coke Company and North Shore Gas Company Impairment
In November 2023, the ICC issued written rate orders that disallowed $177.2 million of previously incurred capital costs related to the 
construction and improvement of PGL’s service centers and $1.7 million of capital costs related to NSG's construction of a gas 
infrastructure project. As a result of these disallowances, we recorded a $178.9 million non-cash impairment of our property, plant, and 
equipment in 2023. In August 2024, the ICC issued a final order on PGL's 2016 QIP annual reconciliation, which included a 
disallowance of certain capital costs. As a result, PGL recorded a $12.1 million impairment of property, plant, and equipment. See 
Note 26, Regulatory Environment, for more information.
NOTE 8—JOINTLY OWNED UTILITY FACILITIES 
Our electric utilities hold joint ownership interests in certain electric generating facilities. We are entitled to our share of generating 
capability and output of each facility equal to our respective ownership interest. We have supplied our own financing for all jointly owned 
projects. We pay our ownership share of additional construction costs, fuel inventory purchases, and operating expenses, unless 
specific agreements have been executed to limit our maximum exposure to additional costs. We record our proportionate share of 
significant jointly owned electric generating facilities as property, plant, and equipment on the balance sheets. In addition, our 
proportionate share of direct expenses for the joint operation of these plants is recorded within operating expenses in the income 
statements. 
WEC Energy Group
F-72
2024 Annual Financial Statements

Information related to jointly owned utility facilities at December 31, 2024 was as follows:
Company
Jointly-Owned Utility 
Facilities
Ownership
Share of 
Capacity 
(MW)
In-Service /
Acquisition 
Date
Operating 
Owner
Property, 
Plant, and 
Equipment
Accumulated 
Depreciation
CWIP
(in millions, except for percentages and MW)
We Power (1)
ER 1 & ER 2 (2)
 83.34 %
 
1,083.4 
2010 & 2011
WE
$ 
2,482.4 
$ 
(548.3) $ 
4.3 
WPS
Weston Unit 4 (2)
 70.0 %
 
383.4 
2008
WPS
 
600.9 
 
(230.7)  
1.6 
WPS
Columbia Units 1 & 2 (2) (5)
 27.5 %
 
307.5 
1975 & 1978
WPL
 
436.5 
 
(186.9)  
4.0 
WPS
Forward Wind (3)
 44.6 %
 
61.5 
2008
WPS
 
120.1 
 
(60.0)  
— 
WPS
Two Creeks (4)
 66.7 %
 
100.0 
2020
WPS
 
136.9 
 
(18.6)  
— 
WPS
Badger Hollow I (4)
 66.7 %
 
100.0 
2021
WPS
 
146.5 
 
(14.5)  
0.4 
WPS
Red Barn (3)
 90.0 %
 
82.4 
2023
WPS
 
150.6 
 
(8.1)  
— 
WE
West Riverside (2) (6)
 27.5 %
 
190.5 
2023 & 2024
WPL
 
217.8 
 
(29.5)  
3.2 
WE
Badger Hollow II (4)
 66.7 %
 
100.0 
2023
WE
 
179.4 
 
(6.0)  
0.4 
WE, WPS
Paris (solar portion) (4)
 90.0 %
 
180.0 
2024
WE
 
357.8 
 
— 
 
0.5 
(1) 
We Power leases its ownership interest in ER 1 and ER 2 to WE. 
(2) 
Capacity is based on rated capacity, which is the net power output under average operating conditions with equipment in an average state of repair as of a 
given month in a given year. Values are primarily based on the net dependable expected capacity ratings for summer 2025 established by tests and may 
change slightly from year to year. The summer period is the most relevant for capacity planning purposes. This is a result of continually reaching demand 
peaks in the summer months, primarily due to air conditioning demand. 
(3)  
Capacity for wind generating facilities is based on nameplate capacity, which is the amount of energy a turbine should produce at optimal wind speeds. 
(4)  
Capacity for solar generating facilities is based on nameplate capacity, which is the maximum output that a generator should produce at continuous full 
power.
(5) 
These coal units are expected to be retired by the end of 2029. See Note 7, Property, Plant, and Equipment, for more information.
(6) 
WE acquired a 13.8% ownership interest in June 2023 and acquired an additional 13.7% ownership interest in May 2024. See Note 2, Acquisitions, for more 
information.
WE and WPS, along with an unaffiliated utility, received PSCW approval to construct Paris, a utility-scale solar-powered electric 
generating facility with a battery energy storage system. The solar portion of this project went into service in December 2024 (see 
details in the table above) and construction of the battery storage is expected to be completed in 2025. Once fully constructed, WE and 
WPS will collectively own 90%, or 99 MWs of battery storage of this project. Our CWIP balance for Paris battery storage was 
$217.0 million as of December 31, 2024. 
WE and WPS, along with an unaffiliated utility, received PSCW approval to construct Darien, a utility-scale solar-powered electric 
generating facility with a battery energy storage system. Once constructed, WE and WPS will collectively own 90%, or 225 MWs of 
solar generation and 68 MWs of battery storage of this project. Commercial operation of the solar portion and the battery storage is 
expected to be completed in 2025 and 2026, respectively. Our CWIP balance for Darien was $422.2 million as of December 31, 2024.
WE and WPS, along with an unaffiliated utility, received PSCW approval to construct Koshkonong, a utility-scale solar-powered electric 
generating facility with a battery energy storage system. Once fully constructed, WE and WPS will collectively own 90%, or 270 MWs of 
solar generation and 149 MWs of battery storage of this project. Commercial operation of the solar facility and the battery storage is 
expected to be completed in 2026 and 2027, respectively. Our CWIP balance for Koshkonong was $140.3 million as of December 31, 
2024. 
NOTE 9—ASSET RETIREMENT OBLIGATIONS
Our utilities have recorded AROs primarily for the removal of natural gas distribution mains and service pipes (including asbestos and 
PCBs); asbestos abatement at certain generation and substation facilities, office buildings, and service centers; the removal and 
dismantlement of a biomass generation facility; the dismantling of wind and solar generation projects; the disposal of PCB-
contaminated transformers; the closure of CCR landfills at certain generation facilities; and the removal of above ground and 
underground storage tanks. Regulatory assets and liabilities are established by our utilities to record the differences between ongoing 
expense recognition under the ARO accounting rules and the ratemaking practices for retirement costs authorized by the applicable 
regulators.
WECI has also recorded AROs for the dismantling of our non-utility renewable generation projects.
WEC Energy Group
F-73
2024 Annual Financial Statements

The following table shows changes to our AROs during the years ended December 31:
(in millions)
2024
2023
2022
Balance as of January 1
$ 
374.2 
$ 
479.3 
$ 
462.0 
Accretion
 
18.8 
 
17.2 
 
16.1 
Additions
 
192.7 (1)  
24.0 
 
12.8 
Revisions to estimated cash flows
 
6.4 
 
(133.5) (2)  
2.2 
Liabilities settled
 
(12.1) 
 
(12.8) 
 
(13.8) 
Balance as of December 31
$ 
580.0 
$ 
374.2 
$ 
479.3 
(1) 
AROs increased primarily as a result of AROs being recorded related to the new EPA CCR Rule that was enacted in April 2024. See Note 24, Commitments 
and Contingencies, for more information.
(2) 
AROs decreased primarily due to revisions made to estimated cash flows for changes in removal cost estimates and settlements dates for mains and 
services at PGL and NSG.
NOTE 10—GOODWILL AND INTANGIBLES
Goodwill
Goodwill represents the excess of the cost of an acquisition over the fair value of the identifiable net assets acquired. The table below 
shows our goodwill balances by segment at December 31, 2024. We had no changes to the carrying amount of goodwill during the 
years ended December 31, 2024 and 2023.
(in millions) 
Wisconsin 
Illinois
Other States
Non-Utility Energy 
Infrastructure
Total
Goodwill balance (1)
$ 
2,104.3 
$ 
758.7 
$ 
183.2 
$ 
6.6 
$ 
3,052.8 
(1) 
We had no accumulated impairment losses related to our goodwill as of December 31, 2024.
During the third quarter of 2024, annual impairment tests were completed at all of our reporting units that carried a goodwill balance as 
of July 1, 2024. No impairments resulted from these tests.
Other Indefinite-Lived Intangible Assets
At December 31, 2024 and 2023, we had $29.3 million of other indefinite-lived intangible assets, largely consisting of spectrum 
frequencies. The spectrum frequencies enable the utilities to transmit data and voice communications over a wavelength dedicated to 
us throughout our service territories. We also have $5.2 million of other indefinite-lived intangible assets, consisting of a MGU trade 
name from a previous acquisition. These indefinite-lived intangible assets are included in other long-term assets on our balance sheets. 
Finite-Lived Intangible Asset
At December 31, 2024, we had a finite-lived intangible asset of $13.0 million related to a PPA for Maple Flats acquired by WECI in 
November 2024. The PPA will be amortized over a useful life of 15 years and expires in 2039. At December 31, 2024, accumulated 
amortization related to the intangible asset was not material. This finite-lived intangible asset is included in other long-term assets on 
our balance sheet. Amortization expense related to the intangible asset was not material for the year ended December 31, 2024. 
Amortization expense to be recorded as a decrease to operating revenues is expected to be $0.9 million in each of the next five years. 
See Note 2, Acquisitions, for more information on the acquisition of Maple Flats.
Intangible Liabilities
The intangible liabilities below were all obtained through acquisitions by WECI. 
December 31, 2024
December 31, 2023
(in millions)
Gross Carrying 
Amount
Accumulated 
Amortization
Net Carrying 
Amount
Gross Carrying 
Amount
Accumulated 
Amortization
Net Carrying 
Amount
PPAs (1)
$ 
679.6 
$ 
(119.3) $ 
560.3 
$ 
653.9 
$ 
(66.6) $ 
587.3 
Proxy revenue swap (2)
 
7.2 
 
(4.2)  
3.0 
 
7.2 
 
(3.5)  
3.7 
Interconnection agreements (3)
 
4.7 
 
(1.2)  
3.5 
 
4.7 
 
(0.9)  
3.8 
Total intangible liabilities
$ 
691.5 
$ 
(124.7) $ 
566.8 
$ 
665.8 
$ 
(71.0) $ 
594.8 
(1) 
Represents PPAs related to the acquisition of Blooming Grove, Tatanka Ridge, Jayhawk, Thunderhead, Samson I, Sapphire Sky, and Delilah I expiring 
between 2030 and 2040. The weighted-average remaining useful life of the PPAs is 11 years. See Note 2, Acquisitions, for more information on the 
acquisition of Delilah I in 2024.
(2) 
Represents an agreement with a counterparty to swap the market revenue of Upstream's wind generation for fixed quarterly payments over 10 years, which 
expires in 2029. The remaining useful life of the proxy revenue swap is four years.
(3) 
Represents interconnection agreements related to the acquisitions of Tatanka Ridge and Bishop Hill III, expiring in 2040 and 2041, respectively. These 
agreements relate to payments for connecting our facilities to the infrastructure of another utility to facilitate the movement of power onto the electric grid. The 
weighted-average remaining useful life of the interconnection agreements is 16 years.
WEC Energy Group
F-74
2024 Annual Financial Statements

Amortization related to these intangible liabilities for the years ended December 31, 2024, 2023, and 2022 was $53.7 million, 
$50.6 million, and $11.3 million, respectively. Amortization for the next five years is estimated to be:
For the Years Ending December 31
(in millions)
2025
2026
2027
2028
2029
Amortization to be recorded as an increase to operating 
revenues
$ 
53.9 
$ 
55.1 
$ 
55.1 
$ 
55.1 
$ 
55.1 
Amortization to be recorded as a decrease to other operation 
and maintenance
 
0.2 
 
0.2 
 
0.2 
 
0.2 
 
0.2 
NOTE 11—COMMON EQUITY
Stock-Based Compensation
The following table summarizes our pre-tax stock-based compensation expense and the related tax benefit recognized in income for the 
years ended December 31:
(in millions)
2024
2023
2022
Stock options
$ 
4.9 
$ 
5.3 
$ 
6.5 
Restricted stock
 
7.6 
 
6.6 
 
7.0 
Performance units
 
26.8 
 
(2.2) (1)
 
21.3 
Stock-based compensation expense
$ 
39.3 
$ 
9.7 
$ 
34.8 
Related tax benefit
$ 
10.8 
$ 
2.7 
$ 
9.6 
(1) 
The reduction in expense was due to a decrease in the fair value of the outstanding performance units. 
Stock-based compensation costs capitalized during 2024, 2023, and 2022 were not significant.
Stock Options
The following is a summary of our stock option activity during 2024:
Stock Options
Number of Options
Weighted-Average 
Exercise Price
Weighted-Average 
Remaining 
Contractual Life
(in years)
Aggregate Intrinsic 
Value (in millions)
Outstanding as of January 1, 2024
 
3,015,751 
$ 
79.57 
Granted
 
294,990 
 
84.92 
Exercised
 
(380,412)  
62.20 
Forfeited
 
(10,286)  
91.82 
Expired
 
(3,141)  
91.34 
Outstanding as of December 31, 2024
 
2,916,902 
 
82.32 
5.4
$ 
35.0 
Exercisable as of December 31, 2024
 
2,182,660 
 
79.16 
4.6
$ 
32.7 
The aggregate intrinsic value of outstanding and exercisable options in the above table represents the total pre-tax intrinsic value that 
would have been received by the option holders had they exercised all of their options on December 31, 2024. This is calculated as the 
difference between our closing stock price on December 31, 2024, and the option exercise price, multiplied by the number of in-the-
money stock options. The intrinsic value of options exercised during the years ended December 31, 2024, 2023, and 2022 was 
$11.2 million, $5.2 million, and $29.2 million, respectively. The actual tax benefit from option exercises for the same years was 
approximately $3.1 million, $1.4 million, and $8.0 million, respectively.
As of December 31, 2024, approximately $1.4 million of unrecognized compensation cost related to unvested and outstanding stock 
options was expected to be recognized over the next 1.6 years on a weighted-average basis.
During the first quarter of 2025, the Compensation Committee awarded 231,024 non-qualified stock options with a weighted-average 
exercise price of $94.55 and a weighted-average grant date fair value of $18.23 per option to certain of our officers and other key 
employees under its normal schedule of awarding long-term incentive compensation.
WEC Energy Group
F-75
2024 Annual Financial Statements

Restricted Shares
The following restricted stock activity occurred during 2024:
Restricted Shares
Number of Shares
Weighted-Average 
Grant Date Fair 
Value
Outstanding and unvested as of January 1, 2024
 
100,398 
$ 
93.95 
Granted
 
108,484 
 
84.96 
Released
 
(99,941)  
91.07 
Forfeited
 
(3,699)  
88.56 
Outstanding and unvested as of December 31, 2024
 
105,242 
 
87.61 
The intrinsic value of restricted stock released was $8.6 million, $5.8 million, and $7.5 million for the years ended December 31, 2024, 
2023, and 2022, respectively. The actual tax benefit from released restricted shares for the same years was $2.4 million, 
$1.6 million, and $2.1 million, respectively.
As of December 31, 2024, approximately $4.2 million of unrecognized compensation cost related to unvested and outstanding restricted 
stock was expected to be recognized over the next 1.8 years on a weighted-average basis.
During the first quarter of 2025, the Compensation Committee awarded 79,170 restricted shares to certain of our directors, officers, and 
other key employees under its normal schedule of awarding long-term incentive compensation. The grant date fair value of these 
awards was $94.55 per share.
Performance Units
During 2024, 2023, and 2022, the Compensation Committee awarded 205,051; 157,035; and 171,492 performance units, respectively, 
to officers and other key employees under the WEC Energy Group Performance Unit Plan. 
Performance units with an intrinsic value of $2.4 million, $10.2 million, and $20.2 million were settled during 2024, 2023, and 2022, 
respectively. The actual tax benefit from the distribution of performance units for the same years was $0.6 million, $2.6 million, and 
$5.1 million, respectively. 
At December 31, 2024, we had 466,679 performance units outstanding, including dividend equivalents. A liability of $34.7 million was 
recorded on our balance sheet at December 31, 2024 related to these outstanding units. As of December 31, 2024, approximately 
$22.5 million of unrecognized compensation cost related to unvested and outstanding performance units was expected to be 
recognized over the next 1.7 years on a weighted-average basis.
During the first quarter of 2025, we settled performance units with an intrinsic value of $14.1 million. The actual tax benefit from the 
distribution of these awards was $3.4 million. In January 2025, the Compensation Committee also awarded 185,945 performance units 
to certain of our officers and other key employees under its normal schedule of awarding long-term incentive compensation.
Restrictions
Our ability as a holding company to pay common stock dividends primarily depends on the availability of funds received from our utility 
subsidiaries, We Power, Bluewater, ATC Holding, and WECI. Various financing arrangements and regulatory requirements impose 
certain restrictions on the ability of our subsidiaries to transfer funds to us in the form of cash dividends, loans, or advances. All of our 
utility subsidiaries, with the exception of UMERC and MGU, are prohibited from loaning funds to us, either directly or indirectly.
In accordance with their most recent rate orders, WE, WPS, and WG may not pay common dividends above the test year forecasted 
amounts reflected in their respective rate cases, if it would cause their average common equity ratio, on a financial basis, to fall below 
their authorized level of 53.0%. A return of capital in excess of the test year amount can be paid by each company at the end of the year 
provided that their respective average common equity ratios do not fall below the authorized level.
WE may not pay common dividends to us under WE's Restated Articles of Incorporation if any dividends on its outstanding preferred 
stock have not been paid. In addition, pursuant to the terms of WE's 3.60% Serial Preferred Stock, WE's ability to declare common 
dividends would be limited to 75% or 50% of net income during a 12-month period if its common stock equity to total capitalization, as 
defined in the preferred stock designation, is less than 25% and 20%, respectively.
NSG's long-term debt obligations contain provisions and covenants restricting the payment of cash dividends and the purchase or 
redemption of its capital stock.
The long-term debt obligations of UMERC, Bluewater Gas Storage, and ATC Holding contain a provision requiring them to maintain a 
total funded debt to capitalization ratio of 65% or less.
WEC Energy Group
F-76
2024 Annual Financial Statements

The long-term debt obligations of WECI Wind Holding I, WECI Wind Holding II, and WECI Energy Holding III contain various conditions 
that must be met prior to them making any cash distributions. Included in these provisions is a requirement to maintain a debt service 
coverage ratio of 1.2 or greater for the 12-month period prior to the distribution. 
WEC Energy Group has the option to defer interest payments on its 2024A Junior Notes and 2024B Junior Notes, from time to time, for 
one or more periods of up to 10 consecutive years per period. During any period in which it defers interest payments, it may not declare 
or pay any dividends or distributions on, or redeem, repurchase or acquire, its common stock. 
See Note 13, Short-Term Debt and Lines of Credit, for discussion of certain financial covenants related to short-term debt obligations.
As of December 31, 2024, restricted net assets of our consolidated subsidiaries totaled approximately $13 billion. Our equity in 
undistributed earnings of investees accounted for by the equity method was approximately $583 million.
We do not believe that these restrictions will materially affect our operations or limit any dividend payments in the foreseeable future.
Common Stock
As of January 1, 2024, we began issuing new shares of common stock to fulfill our obligations under various stock-based employee 
benefit and compensation plans and to provide shares to participants in our dividend reinvestment and stock purchase plan. During 
2023 and 2022, we instructed our independent agents to purchase shares on the open market to fulfill obligations under these plans. As 
such, no new shares of common stock were issued during the years ended December 31, 2023 and 2022.
On August 6, 2024, we entered into an EDA, under which we may offer and sell, from time to time, shares of our common stock having 
an aggregate sales price of up to $1.5 billion through an at-the-market offering program, which includes an equity forward sales 
component. We may offer and sell our common shares through the sales agents party to the EDA during the term of the agreement. 
The EDA will terminate upon the earliest of (i) the sale of all common stock subject to the EDA, (ii) termination of the EDA pursuant to its 
terms, or (iii) August 31, 2027. Actual sales of common stock under the EDA will depend on a variety of factors, including market 
conditions, the trading price of our common stock, capital needs, and our determination of the appropriate sources of funding. Any 
shares offered and sold will be done pursuant to our registration statement on Form S-3 filed with the SEC on August 5, 2024 and the 
related prospectus supplement. During the year ended December 31, 2024, we issued 1,030,674 shares of common stock under the 
EDA and received proceeds of $98.3 million, which is net of $1.7 million of commissions and other fees. We have not entered into any 
forward sale agreements.
We had the following changes to our outstanding common stock during the year ended December 31, 2024:
Common stock shares outstanding at beginning of period
 
315,434,531 
Shares issued:
At-the-market offering program
 
1,030,674 
Stock-based compensation 
 
455,474 
401(k)
 
336,800 
Stock investment plan
 
423,376 
Common stock shares outstanding at end of period
 
317,680,855 
The following is a summary of shares purchased to fulfill exercised stock options and restricted stock awards during the years ended 
December 31:
(in millions, except share amounts)
2024
2023
2022
Shares purchased
 
23,292 
 
182,795 
 
687,416 
Cost of shares purchased
$ 
3.2 
$ 
16.6 
$ 
69.2 
During the year ended December 31, 2024, our Board of Directors declared common stock dividends which are summarized below:
Date Declared
Date Payable
Per Share
Period
January 18, 2024
March 1, 2024
$0.835
First quarter
April 18, 2024
June 1, 2024
$0.835
Second quarter
July 18, 2024
September 1, 2024
$0.835
Third quarter
October 17, 2024
December 1, 2024
$0.835
Fourth quarter
On January 16, 2025, our Board of Directors declared a quarterly cash dividend of $0.8925 per share, which equates to an annual 
dividend of $3.57 per share. The dividend is payable on March 1, 2025, to shareholders of record on February 14, 2025. In addition, the 
Board of Directors affirmed our dividend policy that continues to target a dividend payout ratio of 65-70% of earnings.
WEC Energy Group
F-77
2024 Annual Financial Statements

NOTE 12—PREFERRED STOCK
The following table shows preferred stock authorized and outstanding at December 31, 2024 and 2023:
(in millions, except share and per share amounts)
Shares Authorized
Shares 
Outstanding
Redemption Price 
Per Share
Total
WEC Energy Group
$0.01 par value Preferred Stock
 
15,000,000 
 
— 
 
— 
$ 
— 
WE
$100 par value, Six Per Cent. Preferred Stock
 
45,000 
 
44,498 
 
— 
 
4.4 
$100 par value, Serial Preferred Stock 3.60% Series
 
2,286,500 
 
260,000 
$ 
101 
 
26.0 
$25 par value, Serial Preferred Stock
 
5,000,000 
 
— 
 
— 
 
— 
WPS
$100 par value, Preferred Stock 
 
1,000,000 
 
— 
 
— 
 
— 
PGL
$100 par value, Cumulative Preferred Stock 
 
430,000 
 
— 
 
— 
 
— 
NSG
$100 par value, Cumulative Preferred Stock 
 
160,000 
 
— 
 
— 
 
— 
Total
$ 
30.4 
 
NOTE 13—SHORT-TERM DEBT AND LINES OF CREDIT
The following table shows our short-term borrowings and their corresponding weighted-average interest rates as of December 31:
(in millions, except percentages)
2024
2023
Commercial paper
Amount outstanding at December 31
$ 
1,114.4 
$ 
2,017.2 
Average interest rate on amounts outstanding at December 31
 4.63 %
 5.49 %
Operating expense loans
Amount outstanding at December 31 (1)
$ 
2.2 
$ 
3.7 
(1) 
Coyote Ridge, Tatanka Ridge, and Jayhawk have entered into operating expense loans. In accordance with their limited liability company operating 
agreements, they received loans from the holders of their noncontrolling interests in proportion to their ownership interests.
Our average amount of commercial paper borrowings based on daily outstanding balances during 2024, was $1,313.4 million with a 
weighted-average interest rate during the period of 5.38%.
WEC Energy Group, WE, WPS, WG, and PGL have entered into bank back-up credit facilities to maintain short-term credit liquidity 
which, among other terms, require them to maintain, subject to certain exclusions, a total funded debt to capitalization ratio of 70.0%, 
65.0%, 65.0%, 65.0%, and 65.0% or less, respectively. As of December 31, 2024, all companies were in compliance with their 
respective ratio.
The information in the table below relates to our revolving credit facilities used to support our commercial paper borrowing programs, 
including remaining available capacity under these facilities as of December 31:
(in millions)
Maturity
2024
Revolving credit facility (WEC Energy Group) (1)
September 2026
$ 
1,500.0 
Revolving credit facility (WEC Energy Group)
October 2025 (2)
 
200.0 
Revolving credit facility (WE) (1)
September 2026
 
500.0 
Revolving credit facility (WPS) (1)
September 2026
 
400.0 
Revolving credit facility (WG) (1)
September 2026
 
350.0 
Revolving credit facility (PGL) (1)
September 2026
 
350.0 
Total short-term credit capacity
 
$ 
3,300.0 
Less:
 
 
Letters of credit issued inside credit facilities
 
$ 
2.3 
Commercial paper outstanding
 
 
1,114.4 
Available capacity under existing facilities
 
$ 
2,183.3 
(1) 
These revolving credit facilities have a renewal provision for two extensions, subject to lender approval. Each extension is for a period of one year.
(2) 
On October 18, 2024, WEC Energy Group extended the maturity to October 28, 2025.
WEC Energy Group
F-78
2024 Annual Financial Statements

The bank back-up credit facilities contain customary covenants, including certain limitations on the respective companies' ability to sell 
assets. The credit facilities also contain customary events of default, including payment defaults, material inaccuracy of representations 
and warranties, covenant defaults, bankruptcy proceedings, certain judgments, Employee Retirement Income Security Act of 1974 
defaults, and change of control. In addition, pursuant to the terms of WEC Energy Group's credit agreement, we must ensure that 
certain of our subsidiaries comply with several of the covenants contained therein.
NOTE 14—LONG-TERM DEBT
The following table is a summary of our long-term debt outstanding as of December 31:
2024
2023
(in millions)
Maturity Date
Weighted 
Average 
Interest Rate
Balance
Weighted 
Average 
Interest Rate
Balance
WEC Energy Group Senior Notes (unsecured)
2025-2033
 4.13 %
$ 
6,045.0 
 3.68 %
$ 
5,320.0 
WEC Energy Group Junior Notes (unsecured) (1) (2)
2055
 6.72 %
 
750.0 
 7.75 %
 
500.0 
WE Debentures (unsecured)
2025-2095
 4.55 %
 
3,935.0 
 4.22 %
 
3,285.0 
WEPCo Environmental Trust (secured, nonrecourse) (5) (10)
2025-2035
 1.58 %
 
88.0 
 1.58 %
 
97.0 
WPS Senior Notes (unsecured)
2025-2051
 4.17 %
 
2,275.0 
 4.11 %
 
1,975.0 
WG Debentures (unsecured)
2025-2046
 3.92 %
 
840.0 
 3.35 %
 
790.0 
PGL First and Refunding Mortgage Bonds (secured) (3)
2027-2047
 3.56 %
 
1,995.0 
 3.53 %
 
2,070.0 
NSG First Mortgage Bonds (secured) (4)
2027-2043
 3.81 %
 
177.0 
 3.81 %
 
177.0 
MERC Senior Notes (unsecured)
2025-2047
 3.04 %
 
210.0 
 3.04 %
 
210.0 
MGU Senior Notes (unsecured)
2025-2047
 3.45 %
 
175.0 
 3.18 %
 
150.0 
UMERC Senior Notes (unsecured)
2029
 3.26 %
 
160.0 
 3.26 %
 
160.0 
Bluewater Gas Storage Senior Notes (unsecured) (5)
2025-2047
 4.07 %
 
131.9 
 3.76 %
 
109.8 
ATC Holding Senior Notes (unsecured)
2025-2030
 4.05 %
 
475.0 
 4.05 %
 
475.0 
We Power Subsidiaries Notes (secured, nonrecourse) (5) (6)
2025-2041
 5.67 %
 
814.3 
 5.65 %
 
856.4 
WECC Notes (unsecured)
2028
 6.94 %
 
50.0 
 6.94 %
 
50.0 
WECI Wind Holding I Senior Notes (secured, 
nonrecourse) (5) (7)
2025-2032
 2.75 %
 
246.4 
 2.75 %
 
307.7 
WECI Wind Holding II Senior Notes (secured, 
nonrecourse) (5) (8)
2025-2031
 6.38 %
 
167.6 
 6.38 %
 
191.4 
WECI Energy Holding III Senior Notes (secured, 
nonrecourse) (5) (9)
2025-2039
 5.73 %
 
488.7 
 — %
 
— 
Total 
 
19,023.9 
 
16,724.3 
Jayhawk acquisition
 
7.5 
 
7.5 
Unamortized debt issuance costs
 
(103.2) 
 
(80.2) 
Unamortized discount, net and other
 
(21.1) 
 
(20.5) 
Total long-term debt, including current portion
 
18,907.1 
 
16,631.1 
Current portion of long-term debt
 
(1,729.0) 
 
(1,264.2) 
Total long-term debt
$ 
17,178.1 
$ 
15,366.9 
(1) 
In December 2024, we redeemed the remaining outstanding balance of our 2007 Junior Notes. The variable rate for our 2007 Junior Notes was 7.75% as of 
December 31, 2023. 
(2) 
In December 2024, we issued our 2024A Junior Notes and 2024B Junior Notes. Our 2024A Junior Notes and 2024B Junior Notes are fixed-to-fixed reset rate 
junior subordinated notes. The rate for our 2024A Junior Notes was 6.69% as of December 31, 2024. The rate for our 2024A Junior Notes will reset on 
June 15, 2030. The rate for our 2024B Junior Notes was 6.74% as of December 31, 2024. The rate for our 2024B Junior Notes will reset on June 15, 2035. 
(3) 
PGL's First Mortgage Bonds are subject to the terms and conditions of PGL's First Mortgage Indenture dated January 2, 1926, as supplemented. Under the 
terms of the Indenture, substantially all property owned by PGL is pledged as collateral for these outstanding debt securities.
PGL has used certain First Mortgage Bonds to secure tax exempt interest rates. The Illinois Finance Authority has issued Tax Exempt Bonds, and the 
proceeds from the sale of these bonds were loaned to PGL. In return, PGL issued $100 million of collateralized First Mortgage Bonds.
(4) 
NSG's First Mortgage Bonds are subject to the terms and conditions of NSG's First Mortgage Indenture dated April 1, 1955, as supplemented. Under the 
terms of the Indenture, substantially all property owned by NSG is pledged as collateral for these outstanding debt securities.
(5) 
The long-term debt of Bluewater, WECI Wind Holding I, WECI Wind Holding II, WECI Energy Holding III, WEPCo Environmental Trust, and We Power's 
subsidiaries requires periodic principal payments.
(6) 
We Power's subsidiaries' senior notes are secured by a collateral assignment of the leases between We Power's subsidiaries and WE related to PWGS and 
ERGS, as applicable.
(7) 
WECI Wind Holding I's Senior Notes are secured by a first priority security interest in the ownership interest of its subsidiaries, as well as a pledge of equity in 
WECI Wind Holding I.
(8) 
WECI Wind Holding II's Senior Notes are secured by a first priority security interest in the ownership interest of its subsidiaries, as well as a pledge of equity 
in WECI Wind Holding II.
(9) 
WECI Energy Holding III's Senior Notes are secured by a first priority security interest in the ownership interest of its subsidiaries, as well as a pledge of 
equity in WECI Energy Holding III.
WEC Energy Group
F-79
2024 Annual Financial Statements

(10) 
WEPCo Environmental Trust’s ETBs are secured by a pledge of and lien on environmental control property, which includes the right to impose, collect and 
receive a non-bypassable environmental control charge paid by all of WE's retail electric distribution customers, the right to obtain true-up adjustments of the 
environmental control charges, and all revenues or other proceeds arising from those rights and interests. See Note 23, Variable Interest Entities, for more 
information.
We amortize debt premiums, discounts, and debt issuance costs over the life of the debt and we include the costs in interest expense.
In December 2024, the DOE issued to WE a conditional commitment for a federal loan guarantee for up to $2.5 billion of borrowings 
that would be used by WE to fund a portion of the costs to construct certain utility-scale renewable generation projects. The conditional 
commitment was issued pursuant to provisions of the IRA. Under the conditional commitment, the guaranteed borrowings would be 
senior, unsecured borrowings of WE made through the Federal Financing Bank and reduce WE's issuance of senior, unsecured 
obligations in the capital markets. Final approval and issuance of a loan guarantee by the DOE is subject to numerous conditions, 
including negotiation of definitive agreements, completion of due diligence by the DOE, receipt of any necessary regulatory approvals, 
and the satisfaction of other conditions. In addition, in January 2025, President Trump issued an executive order that requires all federal 
agencies to immediately halt the disbursement of funds under the IRA and to review their processes for issuing, among other things, 
loan guarantees. There can be no assurance that the DOE will issue the loan guarantee for WE.
WEC Energy Group, Inc.
In January and February 2024, pursuant to a tender offer, we purchased $122.1 million aggregate principal amount of the $500.0 million 
outstanding of our 2007 Junior Notes for $115.2 million with proceeds from issuing commercial paper. We recorded a $6.4 million gain 
related to the early settlement. Additionally, in May 2024, we repurchased $19.0 million aggregate principal amount of the $377.9 million 
outstanding of our 2007 Junior Notes for $18.7 million, plus accrued interest, with proceeds received from issuing commercial paper. 
We recorded a $0.2 million gain related to the early settlement. In December 2024, we redeemed the remaining $358.9 million 
outstanding principal at par, plus accrued interest, of our 2007 Junior Notes with the proceeds we received from the issuance of our 
2024A Junior Notes and 2024B Junior Notes. 
In March 2024, our $600.0 million of 0.80% Senior Notes, due March 15, 2024, matured, and outstanding principal and accrued interest 
were paid with proceeds received from issuing commercial paper.
In December 2024, we issued $254.0 million of 6.69% Junior Notes, due June 15, 2055 and $496.0 million of 6.74% Junior Notes due 
June 15, 2055 and used the net proceeds to repay the remaining aggregate principal amount of our 2007 Junior Notes and for other 
general corporate purposes.
In December 2024, pursuant to a tender offer, we repurchased $250.0 million aggregate principal amount of the $600.0 million 
outstanding of our 5.60% Senior Notes due September 12, 2026 and repurchased $150.0 million aggregate principal amount of the 
$450.0 million outstanding of our 1.80% Senior Notes due October 15, 2030, for $380.9 million, plus accrued interest, with proceeds 
received from issuing commercial paper. As a result of the repurchase, we recorded a $16.5 million gain on debt extinguishment. 
Convertible Senior Notes
In the second quarter of 2024, we issued $862.5 million of 2027 Notes and $862.5 million of 2029 Notes. The 2027 Notes and 2029 
Notes are senior unsecured obligations and bear interest at an annual rate of 4.375%, payable semiannually beginning on December 1, 
2024. Proceeds from the offerings were used to repay short-term debt and for general corporate purposes. 
The 2027 Notes will mature on June 1, 2027, and the 2029 Notes will mature on June 1, 2029, unless earlier converted or repurchased 
in accordance with their terms, or in the case of the 2029 Notes, redeemed by us. No sinking fund is provided for either series of the 
notes. Upon the occurrence of a fundamental change, as defined in the related indenture, holders may require us to repurchase for 
cash all or any portion of their 2027 or 2029 Notes. We may not redeem the 2027 Notes prior to their maturity date. We may redeem for 
cash all or part of the 2029 Notes, at our option, on or after June 1, 2027 and on or before the 41st scheduled trading day immediately 
preceding their maturity date, if the last reported sale price per share of our common stock has been at least 130% of the conversion 
price of the 2029 Notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day 
period. Any redemptions or fundamental change repurchases of the 2027 Notes or 2029 Notes will be at a price equal to 100% of the 
principal amount, plus accrued and unpaid interest.
Holders may convert all or any portion of their notes at their option at any time prior to the close of business on the business day 
immediately preceding March 1, 2027, in the case of the 2027 Notes, and March 1, 2029, in the case of the 2029 Notes, only under the 
following circumstances:
• During any calendar quarter commencing after the calendar quarter ending on September 30, 2024 (and only during such calendar 
quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a 
period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter 
is greater than or equal to 130% of the conversion price of such series of notes on each applicable trading day;
• During the five consecutive business day period immediately after any ten consecutive trading day period (measurement period) in 
which the trading price per $1,000 principal amount of notes of such series for each trading day of the measurement period was 
less than 98% of the product of the last reported sale price of our common stock and the conversion rate of such series of notes on 
each such trading day; 
WEC Energy Group
F-80
2024 Annual Financial Statements

• Upon the occurrence of specified corporate events, as defined in the related indenture; 
• In the case of the 2029 Notes only, if we call any of the 2029 Notes for redemption, at any time prior to the close of business on the 
second scheduled trading day prior to the redemption date, but only with respect to the 2029 Notes called (or deemed called) for 
redemption.
Holders may convert all or any portion of their notes at any time, regardless of the foregoing circumstances, on or after March 1, 2027, 
in the case of the 2027 Notes, or March 1, 2029, in the case of the 2029 Notes, until the close of business on the second scheduled 
trading day immediately preceding the maturity date of such series of notes.
Upon conversion, we will pay cash up to the aggregate principal amount of the notes to be converted and pay or deliver cash, shares of 
our common stock, or a combination of cash and shares of our common stock, at our election, in respect of the remainder, if any, of our 
conversion obligation in excess of the aggregate principal amount of the notes being converted.
The initial conversion rate for both the 2027 Notes and 2029 Notes is 10.1243 shares of common stock per $1,000 principal amount, 
which is equivalent to an initial conversion price of approximately $98.77 per share of our common stock. The conversion rate is subject 
to adjustment upon the occurrence of certain specified events, as defined in the related indenture, but will not be adjusted for accrued 
and unpaid interest. In addition, upon the occurrence of a make-whole fundamental change, as defined in the related indenture, we will, 
in certain circumstances, increase the conversion rate by a number of additional shares of common stock for conversions in connection 
with the make-whole fundamental change.
As of December 31, 2024, none of the conditions allowing holders to convert their notes were met. In accordance with the guidance in 
ASC Subtopic 470-20, Debt – Debt with Conversion and Other Options, the 2027 Notes and 2029 Notes were accounted for in their 
entirety as a liability on our balance sheet. The following is a summary of our convertible debt instruments as of December 31, 2024:
(in millions)
Principal Amount
Unamortized Debt 
Issuance Costs
Net Carrying 
Amount
Fair Value 
Amount (1)
2027 Notes
$ 
862.5 
$ 
(8.0) $ 
854.5 
$ 
920.6 
2029 Notes
 
862.5 
 
(8.8)  
853.7 
 
929.1 
(1) 
The fair values are categorized in Level 2 of the fair value hierarchy. See Note 1(r), Fair Value Measurements, for more information on the levels of the fair 
value hierarchy.
The following table provides a summary of the interest expense recorded for each of the 2027 Notes and 2029 Notes for the year ended 
December 31:
(in millions)
2024
2027 Notes
Contractual interest expense
$ 
22.3 
Amortization of debt issuance costs
 
1.9 
Total interest expense – 2027 Notes
 
24.2 
2029 Notes
Contractual interest expense
 
22.3 
Amortization of debt issuance costs
 
1.2 
Total interest expense – 2029 Notes
$ 
23.5 
Wisconsin Electric Power Company
In May 2024, WE issued $350.0 million of 5.00% Debentures, due May 15, 2029, and used the net proceeds to repay short-term debt 
and for other general corporate purposes.
In September 2024, WE issued $300.0 million of 4.60% Debentures due October 1, 2034 and $300.0 million of 5.05% Debentures due 
October 1, 2054, and used the net proceeds to repay short-term debt and for other general corporate purposes.
In December 2024, WE's $300.0 million 2.05% Debentures due December 15, 2024, matured and the outstanding principal and 
accrued interest were paid with the proceeds received from issuing commercial paper.
Wisconsin Public Service Corporation
In December 2024, WPS issued $300.0 million of 4.55% Senior Notes due December 1, 2029, and used the net proceeds to repay 
short-term debt.
Wisconsin Gas LLC
In October 2024, WG issued $100.0 million of 4.86% Debentures due November 1, 2029 and $100.0 million of 5.18% Debentures due 
November 1, 2034, and used the net proceeds to repay short-term debt.
WEC Energy Group
F-81
2024 Annual Financial Statements

In November 2024, WG's $150.0 million 2.38% Debentures due November 1, 2024, matured, and the outstanding principal and accrued 
interest were paid with the proceeds we received from the issuance of WG's Debentures in October 2024.
The Peoples Gas Light and Coke Company
In November 2024, PGL's $75.0 million 2.64% Bonds, series HHH, due November 1, 2024, matured, and the outstanding principal and 
accrued interest were paid with the proceeds received from issuing commercial paper.
Michigan Gas Utilities Corporation
In October 2024, MGU issued $10.0 million of 4.85% Senior Notes due November 1, 2029 and $15.0 million of 5.23% Senior Notes due 
November 1, 2034, and used the net proceeds to repay intercompany short-term debt to its parent, Integrys.
Bluewater Gas Storage, LLC
In October 2024, Bluewater issued $25.0 million of 5.41% Senior Notes due November 1, 2041, and used the net proceeds for general 
limited liability company purposes. 
WEC Infrastructure Energy Holding III LLC
In December 2024, WECI Energy Holding III issued $488.7 million of 5.73% Senior Notes due December 31, 2039, and used the net 
proceeds to return a portion of WECI's previously invested capital in the subsidiaries of WECI Energy Holding III.
Maturities of Long-Term Debt Outstanding
The following table shows the long-term debt securities maturing within one year of December 31, 2024: 
(in millions)
Interest Rate
Maturity Date (1)
Principal Amount
MGU Senior Notes (unsecured)
2.69%
May
$ 
60.0 
MERC Senior Notes (unsecured)
2.69%
May
 
50.0 
WE Debentures (unsecured)
3.10%
June
 
250.0 
WEC Energy Group Senior Notes (unsecured)
3.55%
June
 
120.0 
WEC Energy Group Senior Notes (unsecured)
5.00%
September
 
500.0 
WG Debentures (unsecured)
3.53%
September
 
200.0 
WPS Senior Notes (unsecured)
5.35%
November
 
300.0 
ATC Holding (unsecured)
4.18%
December
 
85.0 
WEPCo Environmental Trust (secured, nonrecourse)
1.58%
Semi-annually
 
9.2 
Bluewater Gas Storage Senior Notes (unsecured)
3.76%
Semi-annually
 
3.0 
Bluewater Gas Storage Senior Notes (unsecured)
5.41%
Semi-annually
 
0.9 
We Power Subsidiaries Notes – PWGS (secured, nonrecourse) 
4.91%
Monthly
 
8.4 
We Power Subsidiaries Notes – ERGS (secured, nonrecourse)
5.209%
Semi-annually
 
16.3 
We Power Subsidiaries Notes – ERGS (secured, nonrecourse) 
4.673%
Semi-annually
 
12.2 
We Power Subsidiaries Notes – PWGS (secured, nonrecourse)
6.00%
Monthly
 
7.5 
WECI Wind Holding I Senior Notes (secured, nonrecourse)
2.75%
Semi-annually
 
44.4 
WECI Wind Holding II Senior Notes (secured, nonrecourse)
6.38%
Semi-annually
 
19.6 
WECI Energy Holding III Senior Notes (secured, nonrecourse)
5.73%
Semi-annually
 
42.5 
Total 
$ 
1,729.0 
(1) 
Maturity dates listed as semi-annually and monthly are associated with debt that requires periodic principal payments.
The following table shows the future maturities of our long-term debt outstanding as of December 31, 2024:
(in millions)
Payments
2025
$ 
1,729.0 
2026
 
1,519.4 
2027
 
2,137.3 
2028
 
2,303.2 
2029
 
2,643.4 
Thereafter
 
8,691.6 
Total
$ 
19,023.9 
Certain long-term debt obligations contain financial and other covenants related to payment of principal and interest when due, 
maintaining certain total funded debt to capitalization ratios, and various other obligations. Failure to comply with these covenants could 
result in an event of default, which could result in the acceleration of outstanding debt obligations.
WEC Energy Group
F-82
2024 Annual Financial Statements

NOTE 15—LEASES
Obligations Under Operating Leases
We have recorded right of use assets and lease liabilities primarily associated with the following operating leases:
• Leases of office space, primarily related to several floors we are leasing in the Aon Center office building in Chicago, Illinois, 
through April 2029.
• Land we are leasing related to our Rothschild biomass plant through June 2051.
• Rail cars we are leasing to transport coal to various generating facilities through June 2027.
• Land we are leasing related to our utility and non-utility solar generation projects through December 2074.
The operating leases generally require us to pay property taxes, insurance premiums, and operating and maintenance costs associated 
with the leased property. Certain of our leases contain options for early termination or to renew past the initial term, as set forth in the 
lease agreements. These options are included in our calculation of the lease obligations if it is reasonably certain that they will be 
exercised. 
Obligations Under Finance Leases
In accordance with ASC Subtopic 980-842, Regulated Operations – Leases (Subtopic 980-842), the timing of expense recognition 
associated with our finance leases is modified to conform to the rate treatment. Amortization of the right-of-use asset is modified so that 
the total of the imputed interest and amortization costs equals the lease expense that is allowed for rate-making purposes. The 
difference between this lease expense and the sum of imputed interest and unadjusted amortization costs calculated under Topic 842 is 
deferred as a regulatory asset on our balance sheets in accordance with Subtopic 980-842. 
Land Leases – Utility Solar Generation
We have various land leases related to our investments in utility solar generation. Each lease has an initial term and one or more 
optional extensions. We expect the optional extensions to be exercised, and, as a result, all of the land leases are being amortized over 
an extended term of approximately 50 years. Once a solar project achieves commercial operation, the lease liability is remeasured to 
reflect the final total acres being leased. Our payments related to these leases are being recovered through rates. 
Power Purchase Commitment
In 1997, WE entered into a 25-year PPA with LSP-Whitewater Limited Partnership. The contract, for 236.5 MWs of firm capacity from a 
natural gas-fired cogeneration facility, included zero minimum energy requirements. The PPA expired on May 31, 2022; however, in 
November 2021, WE entered into a tolling agreement with LSP-Whitewater Limited Partnership that commenced on June 1, 2022. 
Concurrent with the execution of the tolling agreement, WE and WPS entered into an asset purchase agreement to acquire the natural 
gas-fired cogeneration facility and the acquisition closed effective January 1, 2023. See Note 2, Acquisitions, for more information. Both 
the PPA and the tolling agreement were accounted for as a finance lease prior to the acquisition.
Land Leases – Non-Utility Energy Infrastructure Solar Generation
We have various land leases related to our investments in non-utility solar generation. Each lease has an initial term and one or more 
optional extensions. We expect the optional extensions to be exercised, and, as a result, all of the land leases are being amortized over 
an extended term of approximately 50 years. 
WEC Energy Group
F-83
2024 Annual Financial Statements

Amounts Recognized in the Financial Statements and Other Information
The components of lease expense and supplemental cash flow information related to our leases for the years ended December 31 are 
as follows:
(in millions)
2024
2023
2022
Finance lease expense
Amortization of right of use assets (1)
$ 
0.2 
$ 
— 
$ 
6.0 
Interest on lease liabilities (2)
 
1.8 
 
0.8 
 
0.9 
Operating lease expense (3)
 
5.2 
 
4.7 
 
6.1 
Short-term lease expense (3)
 
0.6 
 
1.2 
 
0.9 
Total lease expense
$ 
7.8 
$ 
6.7 
$ 
13.9 
Other information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases
$ 
1.8 
$ 
0.8 
$ 
0.9 
Operating cash flows from operating leases
 
7.1 
 
6.8 
 
5.7 
Financing cash flows from finance leases
 
— 
 
— 
 
6.0 
Non-cash activities:
Right of use assets obtained in exchange for finance lease liabilities (4)
$ 
153.2 
$ 
32.8 
$ 
57.6 
Right of use assets obtained in exchange for operating lease liabilities
 
2.6 
 
18.3 
 
— 
Weighted-average remaining lease term – finance leases
50.2 years
49.4 years
30.0 years
Weighted-average remaining lease term – operating leases
25.1 years
22.4 years
12.0 years
Weighted-average discount rate – finance lease (5)
 5.9 %
 5.3 %
 3.9 %
Weighted average discount rate – operating leases (5)
 5.9 %
 5.8 %
 3.4 %
(1) 
Amortization of right of use assets was included as a component of depreciation and amortization expense.
(2) 
Interest on lease liabilities was included as a component of interest expense.
(3) 
Operating and short-term lease expense were included as a component of other operation and maintenance expense.
(4) 
Amounts are net of any reductions to right of use assets and finance lease liabilities resulting from remeasurements.
(5) 
Because our leases do not provide an implicit rate of return, we used an estimate of the fully collateralized incremental borrowing rates based upon 
information available for similarly rated companies in determining the present value of lease payments. 
The following table summarizes our finance and operating lease right of use assets and obligations at December 31:
(in millions)
2024
2023
Balance Sheet Location
Right of use assets
Operating lease right of use assets, net
$ 
32.1 
$ 
32.0 
Other long-term assets
Finance lease right of use assets, net
Land leases – utility solar generation
$ 
235.8 
$ 
132.7 
Land leases –non-utility energy infrastructure solar 
generation
 
43.5 
 
— 
Other
 
2.0 
 
1.1 
Total finance lease right of use assets, net (1)
$ 
281.3 
$ 
133.8 
Property, plant, and equipment, net
Lease obligations
Current operating lease liabilities
$ 
4.3 
$ 
4.7 
Other current liabilities
Long-term operating lease liabilities
$ 
37.5 
$ 
38.8 
Other long-term liabilities
Current finance lease liabilities
Other
$ 
0.2 
$ 
— 
Other current liabilities
Long-term finance lease liabilities
Land leases – utility solar generation
$ 
257.9 
$ 
144.8 
Land leases –non-utility energy infrastructure solar 
generation
 
43.8 
 
— 
Other
 
1.6 
 
1.1 
Total long-term finance lease liabilities
$ 
303.3 
$ 
145.9 
Finance lease obligations
(1) 
Amounts are net of accumulated amortization of $10.0 million and $6.1 million at December 31, 2024 and 2023, respectively.
WEC Energy Group
F-84
2024 Annual Financial Statements

Future minimum lease payments under our operating and finance leases and the present value of our net minimum lease payments as 
of December 31, 2024, were as follows:
(in millions)
Total Operating 
Leases
Land Leases - 
Utility Solar 
Generation
Land Leases - 
Non-Utility 
Energy 
Infrastructure 
Solar Generation
Other
Total Finance 
Leases
2025
$ 
6.0 
$ 
7.3 
$ 
3.3 
$ 
0.3 
$ 
10.9 
2026
 
5.9 
 
8.1 
 
2.3 
 
0.3 
 
10.7 
2027
 
5.8 
 
12.2 
 
2.3 
 
0.3 
 
14.8 
2028
 
5.7 
 
12.4 
 
2.3 
 
0.1 
 
14.8 
2029
 
2.9 
 
12.7 
 
2.4 
 
0.1 
 
15.2 
Thereafter
 
75.9 
 
954.4 
 
159.7 
 
2.6 
 
1,116.7 
Total minimum lease payments
 
102.2 
 
1,007.1 
 
172.3 
 
3.7 
 
1,183.1 
Less: Interest
 
(60.4)  
(749.2)  
(128.5)  
(1.9)  
(879.6) 
Present value of minimum lease payments
 
41.8 
 
257.9 
 
43.8 
 
1.8 
 
303.5 
Less: Short-term lease liabilities
 
(4.3)  
— 
 
— 
 
(0.2)  
(0.2) 
Long-term lease liabilities
$ 
37.5 
$ 
257.9 
$ 
43.8 
$ 
1.6 
$ 
303.3 
On February 11, 2025, WECI closed on its acquisition of a 90% ownership interest in Hardin III, a solar generating facility. As a result of 
this asset acquisition, we acquired various land leases. We are currently evaluating the impact these leases will have on our financial 
statements and related disclosures. See Note 2, Acquisitions, for more information.
NOTE 16—INCOME TAXES
Income Tax Expense
The following table is a summary of income tax expense for the years ended December 31:
(in millions)
2024
2023
2022
Current tax expense (benefit)
$ 
(307.0) $ 
(14.8) $ 
50.2 
Deferred income taxes, net
 
538.7 
 
229.9 
 
278.5 
ITCs
 
(9.7)  
(10.5)  
(5.8) 
Total income tax expense
$ 
222.0 
$ 
204.6 
$ 
322.9 
Statutory Rate Reconciliation
The provision for income taxes for each of the years ended December 31 differs from the amount of income tax determined by applying 
the applicable United States statutory federal income tax rate to income before income taxes as a result of the following:
2024
2023
2022
(in millions)
Amount
Effective 
Tax Rate
Amount
Effective 
Tax Rate
Amount
Effective 
Tax Rate
Statutory federal income tax
$ 
367.3 
 21.0 %
$ 
322.6 
 21.0 %
$ 
363.5 
 21.0 %
State income taxes net of federal tax benefit
 
108.0 
 6.2 %
 
94.3 
 6.1 %
 
109.7 
 6.3 %
PTCs, net
 
(200.1) 
 (11.5) %
 
(168.2) 
 (10.9) %
 
(107.6) 
 (6.2) %
Federal excess deferred tax amortization (1) 
 
(36.7) 
 (2.1) %
 
(37.6) 
 (2.4) %
 
(36.9) 
 (2.1) %
AFUDC-Equity
 
(12.6) 
 (0.7) %
 
(12.4) 
 (0.8) %
 
(6.2) 
 (0.4) %
Other, net
 
(3.9) 
 (0.2) %
 
5.9 
 0.3 %
 
0.4 
 — %
Total income tax expense
$ 
222.0 
 12.7 %
$ 
204.6 
 13.3 %
$ 
322.9 
 18.6 %
(1) 
The Tax Legislation required our regulated utilities to remeasure their deferred income taxes and we began to amortize the resulting excess protected 
deferred income taxes beginning in 2018 in accordance with normalization requirements. The decrease in income tax expense related to the amortization of 
the deferred tax benefits is offset by a decrease in revenue as the benefits are returned to customers, resulting in no impact on net income.
WEC Energy Group
F-85
2024 Annual Financial Statements

Deferred Income Tax Assets and Liabilities 
The components of deferred income taxes as of December 31 were as follows:
(in millions)
2024
2023
Deferred tax assets
Tax gross up – regulatory items
$ 
420.1 
$ 
438.6 
Future tax benefits
 
165.4 
 
160.7 
Deferred revenues
 
76.0 
 
84.7 
Other
 
167.9 
 
168.3 
Total deferred tax assets
 
829.4 
 
852.3 
Valuation allowance
 
(1.1)  
(5.0) 
Net deferred tax assets
$ 
828.3 
$ 
847.3 
Deferred tax liabilities
Property-related
$ 
4,545.2 
$ 
4,198.0 
Investment in affiliates
 
1,103.9 
 
915.1 
Employee benefits and compensation
 
231.4 
 
227.2 
Deferred costs – plant retirements
 
194.3 
 
199.6 
Other
 
268.2 
 
225.9 
Total deferred tax liabilities
 
6,343.0 
 
5,765.8 
Deferred tax liability, net
$ 
5,514.7 
$ 
4,918.5 
Consistent with ratemaking treatment, deferred taxes related to our regulated utilities in the table above are offset for temporary 
differences that have related regulatory assets and liabilities. 
The components of net deferred tax assets associated with federal and state tax benefit carryforwards as of December 31, 2024 and 
2023 are summarized in the tables below:
2024 (in millions)
Gross Value
Deferred Tax Effect
Valuation 
Allowance
Earliest Year of 
Expiration
Future tax benefits as of December 31, 2024
Federal tax credit
$ 
— 
$ 
157.9 
$ 
— 
2042
State net operating loss
 
107.5 
 
7.2 
 
(1.1) 
2032
Other state benefits
 
— 
 
0.3 
 
— 
2028
Balance as of December 31, 2024
$ 
107.5 
$ 
165.4 
$ 
(1.1) 
2023 (in millions)
Gross Value
Deferred Tax Effect
Valuation 
Allowance
Earliest Year of 
Expiration
Future tax benefits as of December 31, 2023
Federal tax credit
$ 
— 
$ 
153.0 
$ 
— 
2042
State net operating loss
 
62.6 
 
3.8 
 
(1.1) 
2032
Other state benefits
 
— 
 
3.9 
 
(3.9) 
2024
Balance as of December 31, 2023
$ 
62.6 
$ 
160.7 
$ 
(5.0) 
Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
(in millions)
2024
2023
2022
Balance as of January 1
$ 
4.6 
$ 
6.3 
$ 
6.8 
Additions for tax positions of prior years
 
— 
 
0.2 
 
0.3 
Additions based on tax positions related to the current year
 
— 
 
— 
 
0.4 
Reductions for tax positions of prior years
 
(0.2)  
(1.9)  
(1.2) 
Balance as of December 31
$ 
4.4 
$ 
4.6 
$ 
6.3 
The amount of unrecognized tax benefits as of December 31, 2024 and 2023, excludes deferred tax assets related to uncertainty in 
income taxes of $1.0 million and $1.1 million, respectively. As of December 31, 2024 and 2023, the net amount of unrecognized tax 
benefits that, if recognized, would impact the effective tax rate for continuing operations was $3.4 million and $3.6 million, respectively.
WEC Energy Group
F-86
2024 Annual Financial Statements

Interest accrued related to unrecognized tax benefits is as follows:
(in millions)
2024
2023
2022
Balance as of January 1
$ 
0.6 
$ 
0.5 
$ 
0.1 
Interest expense related to unrecognized tax benefits
 
0.3 
 
0.1 
 
0.4 
Balance as of December 31
$ 
0.9 
$ 
0.6 
$ 
0.5 
For the years ended December 31, 2024, 2023, and 2022, we recognized no penalties related to unrecognized tax benefits in our 
consolidated income statements. At December 31, 2024 and 2023, we had no amounts accrued for penalties related to unrecognized 
tax benefits.
Although analysis of our unrecognized tax benefits is ongoing, the potential estimated decrease in the total amounts of unrecognized 
tax benefits within the next 12 months is approximately $1.8 million associated with statutes of limitations on certain tax years. We do 
not anticipate any significant increases in the total amounts of unrecognized tax benefits within the next 12 months.
We file income tax returns in the United States federal jurisdiction and state tax returns based on income in our major state operating 
jurisdictions of Wisconsin, Illinois, Michigan, and Minnesota. We also file tax returns in other state and local jurisdictions with varying 
statutes of limitations. As of December 31, 2024, with a few exceptions, we were subject to examination by federal and state or local tax 
authorities for the 2020 through 2024 tax years in our major operating jurisdictions as follows:
Jurisdiction
Years
Federal
2021–2024
Illinois
2021–2024
Michigan
2020–2024
Minnesota
2020–2024
Wisconsin
2020–2024
NOTE 17—FAIR VALUE MEASUREMENTS
The following tables summarize our financial assets and liabilities that were accounted for at fair value on a recurring basis, categorized 
by level within the fair value hierarchy:
December 31, 2024
(in millions)
Level 1
Level 2
Level 3
Total
Derivative assets
Natural gas contracts
$ 
19.6 
$ 
13.7 
$ 
— 
$ 
33.3 
FTRs and TCRs
 
— 
 
— 
 
7.8 
 
7.8 
Total derivative assets
$ 
19.6 
$ 
13.7 
$ 
7.8 
$ 
41.1 
Investments held in rabbi trust 
$ 
52.1 
$ 
— 
$ 
— 
$ 
52.1 
Derivative liabilities
Natural gas contracts
$ 
7.1 
$ 
6.8 
$ 
— 
$ 
13.9 
December 31, 2023
(in millions)
Level 1
Level 2
Level 3
Total
Derivative assets
Natural gas contracts
$ 
2.2 
$ 
8.3 
$ 
— 
$ 
10.5 
FTRs and TCRs
 
— 
 
— 
 
7.2 
 
7.2 
Coal contracts
 
— 
 
0.3 
 
— 
 
0.3 
Total derivative assets
$ 
2.2 
$ 
8.6 
$ 
7.2 
$ 
18.0 
Investments held in rabbi trust 
$ 
51.7 
$ 
— 
$ 
— 
$ 
51.7 
Derivative liabilities
Natural gas contracts
$ 
70.1 
$ 
16.0 
$ 
— 
$ 
86.1 
Coal contracts
 
— 
 
20.3 
 
— 
 
20.3 
Total derivative liabilities
$ 
70.1 
$ 
36.3 
$ 
— 
$ 
106.4 
WEC Energy Group
F-87
2024 Annual Financial Statements

The derivative assets and liabilities listed in the tables above include options, futures, physical commodity contracts, and other 
instruments used to manage market risks related to changes in commodity prices. They also include FTRs and TCRs, which are used 
at our electric utilities and certain of our non-utility wind parks to manage electric transmission congestion costs in the MISO Energy 
Markets and the Southwest Power Pool, Inc. Integrated Marketplace, respectively. 
We hold investments in the Integrys rabbi trust. These investments are used to fund participants' benefits under the Integrys deferred 
compensation plan and certain Integrys non-qualified pension plans. These investments are included in other long-term assets on our 
balance sheets. During the years ended December 31, 2024 and 2023, the net unrealized gains included in earnings related to the 
investments held at the end of the period were $9.0 million and $10.0 million, respectively. For the year ended December 31, 2022, we 
recorded $12.7 million of net unrealized losses in earnings related to the investments held at the end of the period.
The following table summarizes the changes to derivatives classified as Level 3 in the fair value hierarchy at December 31:
(in millions)
2024
2023
2022
Balance at the beginning of the period
$ 
7.2 
$ 
7.8 
$ 
2.4 
Purchases
 
28.7 
 
21.0 
 
23.7 
Net realized and unrealized gains (losses) included in earnings (1) 
 
(0.7)  
(0.5)  
0.5 
Settlements
 
(27.4)  
(21.1)  
(18.8) 
Balance at the end of the period
$ 
7.8 
$ 
7.2 
$ 
7.8 
Net unrealized gains (losses) included in earnings attributable to Level 3 
derivatives held at the end of the reporting period (1)
$ 
— 
$ 
0.5 
$ 
(0.4) 
(1) 
Amounts relate to FTRs and TCRs included in our non-utility energy infrastructure segment. These net realized and unrealized gains and losses are recorded 
in operating revenues on our income statements.
Fair Value of Financial Instruments
The following table shows the financial instruments included on our balance sheets that are not recorded at fair value at December 31:
2024
2023
(in millions)
Carrying Amount
Fair Value
Carrying Amount
Fair Value
Preferred stock of subsidiary
$ 
30.4 
$ 
21.2 
$ 
30.4 
$ 
21.4 
Long-term debt, including current portion
 
18,907.1 
 
17,840.8 
 
16,631.1 
 
15,564.3 
The fair values of our long-term debt and preferred stock are categorized within Level 2 of the fair value hierarchy.
NOTE 18—DERIVATIVE INSTRUMENTS
Derivative assets and liabilities are included in the other current and other long-term line items on our balance sheets. The following 
table shows our derivative assets and derivative liabilities. None of the derivatives shown below were designated as hedging 
instruments.
December 31, 2024
December 31, 2023
(in millions)
Derivative
Assets
Derivative
Liabilities
Derivative
Assets
Derivative
Liabilities
Current
Natural gas contracts
$ 
29.2 
$ 
13.9 
$ 
10.4 
$ 
78.1 
FTRs and TCRs
 
7.8 
 
— 
 
7.2 
 
— 
Coal contracts
 
— 
 
— 
 
0.3 
 
10.9 
Total current
 
37.0 
 
13.9 
 
17.9 
 
89.0 
Long-term
Natural gas contracts
 
4.1 
 
— 
 
0.1 
 
8.0 
Coal contracts
 
— 
 
— 
 
— 
 
9.4 
Total long-term 
 
4.1 
 
— 
 
0.1 
 
17.4 
Total
$ 
41.1 
$ 
13.9 
$ 
18.0 
$ 
106.4 
WEC Energy Group
F-88
2024 Annual Financial Statements

Realized gains and losses on derivatives used in our regulatory utility operations are recorded in cost of sales upon settlement; 
however, they may be subsequently deferred for future rate recovery or refund as the gains and losses are included in our utilities’ fuel 
and natural gas cost recovery mechanisms. Realized gains and losses on FTRs and TCRs used in our non-utility operations are 
recorded in operating revenues on the income statements. Our estimated notional sales volumes and realized gains and losses were as 
follows for the years ended:
December 31, 2024
December 31, 2023
December 31, 2022
(in millions)
Volumes
Gains (Losses)
Volumes
Gains (Losses)
Volumes
Gains
Natural gas contracts
206.3 Dth
$ 
(127.8) 
198.0 Dth
$ 
(259.1) 
183.3 Dth
$ 
299.5 
FTRs and TCRs
29.7 MWh
 
8.2 
30.2 MWh
 
25.9 
27.2 MWh
 
11.8 
Total
$ 
(119.6) 
$ 
(233.2) 
$ 
311.3 
At December 31, 2024 and 2023, we had posted cash collateral of $16.0 million and $100.3 million, respectively. We had also received 
cash collateral of $4.2 million at December 31, 2024.
The following table shows derivative assets and derivative liabilities if derivative instruments by counterparty were presented net on our 
balance sheets:
December 31, 2024
December 31, 2023
(in millions)
Derivative
Assets
Derivative
Liabilities
Derivative
Assets
Derivative
Liabilities
Gross amount recognized on the balance sheet
$ 
41.1 
$ 
13.9 
$ 
18.0 
$ 
106.4 
Gross amount not offset on the balance sheet 
 
(11.5) (1)  
(7.3)  
(3.1)  
(71.0) (2)
Net amount
$ 
29.6 
$ 
6.6 
$ 
14.9 
$ 
35.4 
(1) 
Includes cash collateral received of $4.2 million. 
(2) 
Includes cash collateral posted of $67.9 million.
Cash Flow Hedges
We previously entered into forward interest rate swap agreements to mitigate the interest rate exposure associated with the issuance of 
long-term debt related to the acquisition of Integrys. These swap agreements were settled in 2015, and we continue to amortize 
amounts out of accumulated other comprehensive loss into interest expense over the periods in which the interest costs are recognized 
in earnings. The derivative gains related to these swap agreements reclassified from accumulated other comprehensive loss to interest 
expense during the years ended December 31, 2024, 2023, and 2022 were not significant. At December 31, 2024, the amount 
expected to be reclassified from accumulated other comprehensive loss to interest expense over the next twelve months was also not 
significant.
NOTE 19—GUARANTEES
The following table shows our outstanding guarantees:
Total Amounts 
Committed at 
December 31, 2024
Expiration
(in millions)
Less Than 1 Year
1 to 3 Years
Over 3 Years
Standby letters of credit (1)
$ 
176.1 
$ 
19.8 
$ 
30.0 
$ 
126.3 
Surety bonds (2)
 
34.0 
 
33.9 
 
0.1 
 
— 
Other guarantees (3)
 
11.3 
 
— 
 
— 
 
11.3 
Total guarantees
$ 
221.4 
$ 
53.7 
$ 
30.1 
$ 
137.6 
(1) 
At our request or the request of our subsidiaries, financial institutions have issued standby letters of credit for the benefit of third parties that have extended 
credit to our subsidiaries. These amounts are not reflected on our balance sheets.
(2) 
Primarily for environmental remediation, workers compensation self-insurance programs, and obtaining various licenses, permits, and rights-of-way. These 
amounts are not reflected on our balance sheets.
(3) 
Related to workers compensation coverage for which a liability was recorded on our balance sheets.
NOTE 20—EMPLOYEE BENEFITS
Pension and Other Postretirement Employee Benefits
We and our subsidiaries have defined benefit pension plans that cover substantially all of our employees, as well as several unfunded 
non-qualified retirement plans. In addition, we and our subsidiaries offer multiple OPEB plans to employees. The benefits for a portion 
of these plans are funded through irrevocable trusts, as allowed for income tax purposes. We also offer medical, dental, and life 
insurance benefits to active employees and their dependents. We expense the costs of these benefits as incurred.
WEC Energy Group
F-89
2024 Annual Financial Statements

Other than those employees who receive a contribution to their 401(k) savings plan as described below, former Wisconsin Energy 
Corporation employees who started with the company after 1995 receive a benefit based on a percentage of their annual salary plus an 
interest credit. Employees who started before 1996 receive a benefit based upon years of service and final average salary. Wisconsin 
Energy Corporation management employees hired after December 31, 2014, and certain new represented employees hired after 
May 1, 2017, receive an annual company contribution to their 401(k) savings plan instead of being enrolled in the defined benefit plans. 
For former Integrys employees, the defined benefit pension plans are closed to all new hires. In addition, the service accruals for the 
defined benefit pension plans were frozen for non-union employees as of January 1, 2013. These employees receive an annual 
company contribution to their 401(k) savings plan, which is calculated based on age, wages, and full years of vesting service as of 
December 31 each year.
We use a year-end measurement date to measure the funded status of all of our pension and OPEB plans. Due to the regulated nature 
of our business, we have concluded that substantially all of the unrecognized costs resulting from the recognition of the funded status of 
our pension and OPEB plans qualify as a regulatory asset.
The following tables provide a reconciliation of the changes in our plans' benefit obligations and fair value of assets:
Pension Benefits
OPEB Benefits
(in millions)
2024
2023
2024
2023
Change in benefit obligation
Obligation at January 1
$ 
2,352.4 
$ 
2,315.9 
$ 
448.1 
$ 
402.3 
Service cost
 
24.2 
 
24.0 
 
10.9 
 
9.8 
Interest cost
 
116.6 
 
122.3 
 
22.7 
 
21.6 
Participant contributions
 
— 
 
— 
 
11.2 
 
11.8 
Actuarial (gain) loss
 
(99.6)  
81.9 
 
6.9 
 
45.9 
Benefit payments
 
(184.4)  
(191.7)  
(41.7)  
(46.0) 
Federal subsidy on benefits paid
N/A
N/A
 
1.4 
 
1.5 
Transfer
 
— 
 
— 
 
1.4 
 
1.2 
Obligation at December 31
$ 
2,209.2 
$ 
2,352.4 
$ 
460.9 
$ 
448.1 
Change in fair value of plan assets
Fair value at January 1
$ 
2,665.8 
$ 
2,628.0 
$ 
829.6 
$ 
835.3 
Actual return on plan assets
 
129.8 
 
214.9 
 
49.5 
 
76.4 
Employer contributions net of plan transfer (1)
 
13.1 
 
14.6 
 
1.4 
 
(47.9) 
Participant contributions
 
— 
 
— 
 
11.2 
 
11.8 
Benefit payments
 
(184.4)  
(191.7)  
(41.7)  
(46.0) 
Fair value at December 31
$ 
2,624.3 
$ 
2,665.8 
$ 
850.0 
$ 
829.6 
Funded status at December 31
$ 
415.1 
$ 
313.4 
$ 
389.1 
$ 
381.5 
(1) 
Employer contribution includes a $50.0 million transfer out of the WEC Energy Group Retiree Welfare Plan, in 2023, associated with the overfunded position 
of this plan.
In 2024, we had actuarial gains related to our pension benefit obligations of $99.6 million and actuarial losses in 2023 of $81.9 million. 
The primary driver for the actuarial gain was a higher discount rate in 2024. Partially offsetting the gain in 2024, was lower than 
expected asset returns. The discount rate for our pension benefits was 5.69%, 5.19%, and 5.49% in 2024, 2023, and 2022, 
respectively.
In 2024 and 2023, we had actuarial losses related to our OPEB benefit obligation of $6.9 million and $45.9 million, respectively, both of 
which were driven by claims and premium updates and changes to medical trend assumptions. Partially offsetting the losses, was a 
higher discount rate in 2024. The discount rate for our OPEB benefits was 5.71%, 5.16%, and 5.50% in 2024, 2023, and 2022, 
respectively.
The amounts recognized on our balance sheets at December 31 related to the funded status of the benefit plans were as follows:
Pension Benefits
OPEB Benefits
(in millions)
2024
2023
2024
2023
Pension and OPEB assets
$ 
562.4 
$ 
475.2 
$ 
406.1 
$ 
395.7 
Other long-term liabilities
 
147.3 
 
161.8 
 
17.0 
 
14.2 
Total net assets
$ 
415.1 
$ 
313.4 
$ 
389.1 
$ 
381.5 
The accumulated benefit obligation for all defined benefit pension plans was $2,156.8 million and $2,279.6 million as of December 31, 
2024 and 2023, respectively.
WEC Energy Group
F-90
2024 Annual Financial Statements

The following table shows information for pension plans with an accumulated benefit obligation in excess of plan assets. Amounts 
presented are as of December 31:
(in millions)
2024
2023
Accumulated benefit obligation
$ 
286.0 
$ 
300.7 
Fair value of plan assets
 
143.2 
 
147.3 
The following table shows information for pension plans with a projected benefit obligation in excess of plan assets. Amounts presented 
are as of December 31:
(in millions)
2024
2023
Projected benefit obligation
$ 
290.5 
$ 
306.7 
Fair value of plan assets
 
143.2 
 
147.3 
The following table shows information for OPEB plans with an accumulated benefit obligation in excess of plan assets. Amounts 
presented are as of December 31:
(in millions)
2024
2023
Accumulated benefit obligation
$ 
194.0 
$ 
21.0 
Fair value of plan assets
 
177.0 
 
6.9 
The following table shows the amounts that had not yet been recognized in our net periodic benefit cost (credit) as of December 31:
Pension Benefits
OPEB Benefits
(in millions)
2024
2023
2024
2023
Pre-tax accumulated other comprehensive income 
(loss) (1)
Net actuarial loss (gain)
$ 
12.3 
$ 
12.7 
$ 
(1.1) $ 
(1.2) 
Prior service credits
 
— 
 
— 
 
— 
 
— 
Total
$ 
12.3 
$ 
12.7 
$ 
(1.1) $ 
(1.2) 
Net regulatory assets (liabilities) (2)
Net actuarial loss (gain)
$ 
578.7 
$ 
688.9 
$ 
(148.8) $ 
(166.3) 
Prior service credits
 
(2.1)  
(2.2)  
(15.8)  
(29.3) 
Total
$ 
576.6 
$ 
686.7 
$ 
(164.6) $ 
(195.6) 
(1) 
Amounts related to the nonregulated entities are included in accumulated other comprehensive loss.
(2) 
Amounts related to the utilities and WBS are recorded as net regulatory assets or liabilities.
The components of net periodic benefit cost (credit) (including amounts capitalized to our balance sheets) for the years ended 
December 31 were as follows:
Pension Benefits
OPEB Benefits
(in millions)
2024
2023
2022
2024
2023
2022
Service cost
$ 
24.2 
$ 
24.0 
$ 
50.8 
$ 
10.9 
$ 
9.8 
$ 
14.3 
Interest cost
 
116.6 
 
122.3 
 
91.8 
 
22.7 
 
21.6 
 
15.4 
Expected return on plan assets
 
(182.1)  
(187.4)  
(208.0)  
(52.7)  
(53.0)  
(68.9) 
Plan settlement
 
4.0 
 
1.3 
 
6.2 
 
— 
 
— 
 
— 
Amortization of prior service cost (credit)
 
(0.1)  
— 
 
1.6 
 
(13.5)  
(14.8)  
(15.9) 
Amortization of net actuarial loss (gain)
 
59.5 
 
33.0 
 
75.3 
 
(7.6)  
(12.3)  
(24.7) 
Net periodic benefit cost (credit)
$ 
22.1 
$ 
(6.8) $ 
17.7 
$ 
(40.2) $ 
(48.7) $ 
(79.8) 
Effective January 1, 2023, the PSCW approved escrow accounting for pension and OPEB costs. As a result, as of December 31, 2024 
and 2023, our balance sheet included a $24.9 million and a $6.0 million regulatory asset for pension costs, respectively, and a 
$38.2 million and a $14.8 million regulatory asset for OPEB costs, respectively. 
WEC Energy Group
F-91
2024 Annual Financial Statements

The weighted-average assumptions used to determine the benefit obligations for the plans were as follows for the years ended 
December 31:
Pension Benefits
OPEB Benefits
2024
2023
2024
2023
Discount rate
5.69%
5.19%
5.71%
5.16%
Rate of compensation increase
4.00%
4.00%
N/A
N/A
Interest credit rate
4.85%
4.84%
N/A
N/A
Assumed medical cost trend rate (Pre 65)
N/A
N/A
7.00%
6.25%
Ultimate trend rate (Pre 65)
N/A
N/A
5.00%
5.00%
Year ultimate trend rate is reached (Pre 65)
N/A
N/A
2033
2031
Assumed medical cost trend rate (Post 65)
N/A
N/A
6.10%
6.39%
Ultimate trend rate (Post 65)
N/A
N/A
5.00%
5.00%
Year ultimate trend rate is reached (Post 65)
N/A
N/A
2030
2030
The weighted-average assumptions used to determine the net periodic benefit cost for the plans were as follows for the years ended 
December 31:
Pension Benefits
2024
2023
2022
Discount rate
5.18%
5.49%
3.18%
Expected return on plan assets
6.61%
6.62%
6.88%
Rate of compensation increase
4.00%
4.00%
4.00%
Interest credit rate
4.84%
4.62%
3.78%
OPEB Benefits
2024
2023
2022
Discount rate
5.16%
5.50%
2.92%
Expected return on plan assets
6.50%
6.50%
7.00%
Assumed medical cost trend rate (Pre 65)
6.25%
6.50%
5.70%
Ultimate trend rate (Pre 65)
5.00%
5.00%
5.00%
Year ultimate trend rate is reached (Pre 65)
2031
2031
2028
Assumed medical cost trend rate (Post 65)
6.39%
6.00%
5.67%
Ultimate trend rate (Post 65)
5.00%
5.00%
5.00%
Year ultimate trend rate is reached (Post 65)
2030
2031
2028
We consult with our investment advisors on an annual basis to help us forecast expected long-term returns on plan assets by reviewing 
historical returns as well as calculating expected total trust returns using the weighted-average of long-term market returns for each of 
the major target asset categories utilized in the trust. For 2025, the expected return on assets assumption is 6.61% for the pension 
plans and 6.50% for the OPEB plans.
Plan Assets
Current pension trust assets and amounts which are expected to be contributed to the trusts in the future are expected to be adequate 
to meet pension payment obligations to current and future retirees.
The Investment Trust Policy Committee oversees investment matters related to all of our funded benefit plans. The Committee works 
with external actuaries and investment consultants on an on-going basis to establish and monitor investment strategies and target asset 
allocations. Forecasted cash flows for plan liabilities are regularly updated based on annual valuation results. Target allocations are 
determined utilizing projected benefit payment cash flows and risk analyses of appropriate investments. They are intended to reduce 
risk, provide long-term financial stability for the plans and maintain funded levels which meet long-term plan obligations while preserving 
sufficient liquidity for near-term benefit payments.
The target asset allocations are 25% equity investments, 55% fixed income investments, and 20% private equity and real estate 
investments for both the legacy Wisconsin Energy Corporation and legacy Integrys pension trusts. The legacy Wisconsin Energy 
Corporation OPEB trust target asset allocations are 45% equity investments, 45% fixed income investments, and 10% real estate 
investments. The two largest legacy OPEB trusts for Integrys have the same target asset allocations of 45% equity investments, 45% 
fixed income investments, and 10% real estate investments. Equity securities include investments in large-cap, mid-cap, and small-cap 
companies. Fixed income securities include corporate bonds of companies from diversified industries, mortgage and other asset 
backed securities, commercial paper, and United States Treasuries.
WEC Energy Group
F-92
2024 Annual Financial Statements

Pension and OPEB plan investments are recorded at fair value. See Note 1(r), Fair Value Measurements, for more information 
regarding the fair value hierarchy and the classification of fair value measurements based on the types of inputs used.
The following tables provide the fair values of our investments by asset class:
December 31, 2024
Pension Plan Assets
OPEB Assets
(in millions)
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Asset Class
Equity securities:
United States equity
$ 
168.4 
$ 
— 
$ 
— 
$ 
168.4 
$ 
93.8 
$ 
— 
$ 
— 
$ 
93.8 
International equity
 
158.2 
 
— 
 
— 
 
158.2 
 
86.4 
 
— 
 
— 
 
86.4 
Fixed income securities: (1)
United States bonds
 
— 
 
880.1 
 
— 
 
880.1 
 
99.0 
 
205.6 
 
— 
 
304.6 
International bonds
 
— 
 
81.6 
 
— 
 
81.6 
 
— 
 
11.2 
 
— 
 
11.2 
$ 
326.6 
$ 
961.7 
$ 
— 
$ 
1,288.3 
$ 
279.2 
$ 
216.8 
$ 
— 
$ 
496.0 
Investments measured at net 
asset value:
Equity securities
 
414.9 
 
190.4 
Fixed income securities
 
126.0 
 
51.8 
Other
 
795.1 
 
111.8 
Total
$ 
2,624.3 
$ 
850.0 
(1) 
This category represents investment grade bonds of United States and foreign issuers denominated in United States dollars from diverse industries.
December 31, 2023
Pension Plan Assets
OPEB Assets
(in millions)
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Asset Class
Equity securities:
United States equity
$ 
179.3 
$ 
— 
$ 
— 
$ 
179.3 
$ 
91.8 
$ 
— 
$ 
— 
$ 
91.8 
International equity
 
174.0 
 
— 
 
— 
 
174.0 
 
84.6 
 
— 
 
— 
 
84.6 
Fixed income securities: (1)
United States bonds
 
— 
 
906.6 
 
— 
 
906.6 
 
91.5 
 
203.2 
 
— 
 
294.7 
International bonds
 
— 
 
88.0 
 
— 
 
88.0 
 
— 
 
11.9 
 
— 
 
11.9 
$ 
353.3 
$ 
994.6 
$ 
— 
$ 
1,347.9 
$ 
267.9 
$ 
215.1 
$ 
— 
$ 
483.0 
Investments measured at net 
asset value:
Equity securities
 
407.4 
 
182.1 
Fixed income securities
 
124.2 
 
47.7 
Other
 
786.3 
 
116.8 
Total
$ 
2,665.8 
$ 
829.6 
(1) 
This category represents investment grade bonds of United States and foreign issuers denominated in United States dollars from diverse industries.
Cash Flows
We expect to contribute $12.1 million to the pension plans and $2.6 million to the OPEB plans in 2025, dependent upon various factors 
affecting us, including our liquidity position and possible tax law changes.
The following table shows the payments, reflecting expected future service, that we expect to make for pension and OPEB over the 
next 10 years:
(in millions)
Pension Benefits
OPEB Benefits
2025
$ 
212.5 
$ 
35.3 
2026
 
214.4 
 
36.7 
2027
 
205.0 
 
37.9 
2028
 
197.2 
 
38.5 
2029
 
188.7 
 
38.8 
2030-2034
 
839.4 
 
189.4 
WEC Energy Group
F-93
2024 Annual Financial Statements

Savings Plans
We sponsor 401(k) savings plans which allow employees to contribute a portion of their pre-tax and/or after-tax income in accordance 
with plan-specified guidelines. A percentage of employee contributions are matched by us through a contribution into the employee's 
savings plan account, up to certain limits. The 401(k) savings plans include an Employee Stock Ownership Plan. Certain employees 
receive an employer retirement contribution, in which amounts are contributed to the employee's savings plan account based on the 
employee's wages, age, and years of service. Total costs incurred under all of these plans were $61.6 million, $57.5 million, and 
$54.4 million in 2024, 2023, and 2022, respectively.
NOTE 21—INVESTMENT IN TRANSMISSION AFFILIATES
We own approximately 60% of ATC, a for-profit, transmission-only company regulated by the FERC for cost of service and certain state 
regulatory commissions for routing and siting of transmission projects. We also own approximately 75% of ATC Holdco, a separate 
entity formed in December 2016 to invest in transmission-related projects outside of ATC's traditional footprint. ATC's corporate 
manager has a ten-member board of directors, and ATC Holdco's corporate manager has a four-member board of directors. We have 
one representative on each board. Each member of the board has only one vote. The following tables provide a reconciliation of the 
changes in our investments in ATC and ATC Holdco:
2024
(in millions)
ATC
ATC Holdco
Total
Balance at January 1
$ 
1,980.8 
$ 
25.1 
$ 
2,005.9 
Add: Earnings from equity method investment
 
205.4 
 
2.1 
 
207.5 
Add: Capital contributions
 
45.5 
 
— 
 
45.5 
Less: Distributions
 
146.7 
 
3.4 
 
150.1 
Add: Other
 
0.1 
 
— 
 
0.1 
Balance at December 31
$ 
2,085.1 
$ 
23.8 
$ 
2,108.9 
2023
(in millions)
ATC
ATC Holdco
Total
Balance at January 1
$ 
1,884.6 
$ 
24.6 
$ 
1,909.2 
Add: Earnings from equity method investment
 
175.1 
 
2.4 
 
177.5 
Add: Capital contributions
 
63.7 
 
— 
 
63.7 
Less: Distributions
 
142.6 
 
1.9 
 
144.5 
Balance at December 31
$ 
1,980.8 
$ 
25.1 
$ 
2,005.9 
2022
(in millions)
ATC
ATC Holdco
Total
Balance at January 1
$ 
1,766.9 
$ 
22.5 
$ 
1,789.4 
Add: Earnings from equity method investment
 
192.6 
 
2.1 
 
194.7 
Add: Capital contributions
 
45.5 
 
— 
 
45.5 
Less: Distributions
 
120.4 
 
— 
 
120.4 
Balance at December 31
$ 
1,884.6 
$ 
24.6 
$ 
1,909.2 
The ROE allowed by the FERC helps determine how much transmission owners, such as ATC, earn on their transmission assets as 
well as how much consumers pay for those assets. Two complaints were filed arguing the base ROE for MISO transmission owners 
was too high. In regards to the first ROE complaint, the D.C. Circuit Court of Appeals issued an opinion in August 2022 that resulted in 
ATC recording a reserve for potential refunds based on a 9.88% base ROE. In response to this opinion, the FERC issued an order in 
October 2024 that required ATC to adopt a 9.98% base ROE. Due to the change between the 9.88% base ROE originally reflected in 
ATC's reserve and the 9.98% base ROE authorized in the October 2024 FERC order, ATC reduced its refund liability, which increased 
our pre-tax equity earnings by $20.1 million during the fourth quarter of 2024. 
In November 2019 and May 2020, the FERC issued orders that addressed the second complaint related to ATC's ROE. In August 2022, 
the D.C. Circuit Court of Appeals affirmed the FERC’s orders. Therefore, during the third quarter of 2022, we reversed a $39.1 million 
liability for potential future refunds that ATC may have been required to provide, which increased our equity earnings from ATC.
We pay ATC for network transmission and other related services it provides. In addition, we provide a variety of operational, 
maintenance, and project management work for ATC, which is reimbursed by ATC. We are also required to initially fund the construction 
of transmission infrastructure upgrades needed for new generation projects. ATC owns these transmission assets and reimburses us for 
these costs when the new generation is placed in service.
WEC Energy Group
F-94
2024 Annual Financial Statements

The following table summarizes our significant related party transactions with ATC during the years ended December 31:
(in millions)
2024
2023
2022
Charges to ATC for services and construction
$ 
21.6 
$ 
17.4 
$ 
18.9 
Charges from ATC for network transmission services
 
413.3 
 
377.5 
 
363.7 
Net payment to ATC related to FERC ROE orders
 
— 
 
— 
 
(0.1) 
As of December 31, 2024 and 2023, our balance sheets included the following receivables and payables for services provided to or 
received from ATC:
(in millions)
2024
2023
Accounts receivable for services provided to ATC
$ 
1.4 
$ 
1.6 
Accounts payable for services received from ATC
 
34.4 
 
49.9 
Amounts due from ATC for transmission infrastructure upgrades (1)
 
54.5 
 
46.1 
(1) 
The transmission infrastructure upgrades were primarily related to the construction of WE's, WPS's, and UMERC's renewable energy projects. 
Summarized financial data for ATC is included in the tables below:
Year Ended December 31
(in millions)
2024
2023
2022
Income statement data
Operating revenues
$ 
911.3 
$ 
818.9 
$ 
751.2 
Operating expenses
 
442.4 
 
407.6 
 
381.5 
Other expense, net
 
137.7 
 
131.7 
 
123.0 
Net income
$ 
331.2 
$ 
279.6 
$ 
246.7 
(in millions)
December 31, 2024
December 31, 2023
Balance sheet data
Current assets
$ 
126.6 
$ 
115.2 
Noncurrent assets
 
6,792.6 
 
6,337.0 
Total assets
$ 
6,919.2 
$ 
6,452.2 
Current liabilities
$ 
482.4 
$ 
495.9 
Long-term debt
 
3,083.4 
 
2,736.0 
Other noncurrent liabilities
 
545.0 
 
585.2 
Members' equity
 
2,808.4 
 
2,635.1 
Total liabilities and members' equity
$ 
6,919.2 
$ 
6,452.2 
NOTE 22—SEGMENT INFORMATION
Our President and CEO, who is our CODM, reviews financial information presented on a segment basis for purposes of making 
operating decisions and assessing performance. The CODM regularly reviews net income attributed to common shareholders to 
measure segment profitability and to allocate resources, including assets, to our businesses. Net income attributed to common 
shareholders best measures our segment profitability as it reflects all revenues and costs, including the impact on our tax provision from 
tax credits generated through investments in renewable generation facilities. 
Our CODM allocates resources such as employees as well as financial and capital resources to our segments during the annual review 
of budgets and the capital plan. Our CODM also reviews and revises the resources throughout the year during the monthly forecasting 
process in order to make timely decisions that align with our overall corporate strategy. The CODM uses each segment’s net income to 
evaluate performance by comparing actual results to budgeted and forecasted amounts, as well as the ROE earned for each utility 
within the various utility segments. 
Segments were determined based on a combination of factors, including the regulatory environment of each geographical jurisdiction in 
which the segment operates, equity investment interests, as well as the revenue streams for the products or services provided to 
customers through electric, natural gas, and renewable operations. See Note 4, Operating Revenues, for more information on 
disaggregation of operating revenues, including intercompany eliminations. The accounting policies of the segments are the same as 
those described in Note 1, Summary of Significant Accounting Policies.
At December 31, 2024, we reported six segments, which are described below. All of our operations are located within the United States.
• The Wisconsin segment includes the electric and natural gas utility operations of WE, WPS, WG, and UMERC.
• The Illinois segment includes the natural gas utility operations of PGL and NSG.
WEC Energy Group
F-95
2024 Annual Financial Statements

• The other states segment includes the natural gas utility operations of MERC and MGU and the non-utility operations of MERC.
• The electric transmission segment includes our approximate 60% ownership interest in ATC, a for-profit, transmission-only 
company regulated by the FERC for cost of service and certain state regulatory commissions for routing and siting of transmission 
projects, and our approximate 75% ownership interest in ATC Holdco, which was formed to invest in transmission-related projects 
outside of ATC's traditional footprint. See Note 21, Investment in Transmission Affiliates, for more information on equity method 
investments.
• The non-utility energy infrastructure segment includes:
◦We Power, which owns and leases generating facilities to WE,
◦Bluewater, which owns underground natural gas storage facilities in Michigan that provide approximately one-third of the current 
storage needs for our Wisconsin natural gas utilities, and
◦WECI, which owns majority interests in multiple renewable generating facilities.
See Note 2, Acquisitions, for more information on recent WECI acquisitions.
• The corporate and other segment includes the operations of the WEC Energy Group holding company, the Integrys holding 
company, the PELLC holding company, Wispark, Wisvest, WECC, and WBS.
The following tables show summarized financial information related to our reportable segments for the years ended December 31, 
2024, 2023, and 2022.
 
Utility Operations
 
 
2024
(in millions)
Wisconsin
Illinois
Other 
States
Total 
Utility 
Operations
Electric 
Transmission
Non-Utility 
Energy 
Infrastructure
Corporate 
and Other
Reconciling 
Eliminations
WEC Energy 
Group 
Consolidated
External revenues 
$ 
6,330.5 
$ 1,602.4 
$ 449.8 
$ 
8,382.7 
$ 
— 
$ 
217.2 
$ 
— 
$ 
— 
$ 
8,599.9 
Intersegment 
revenues
 
— 
 
— 
 
— 
 
— 
 
— 
 
474.1 
 
— 
 
(474.1)  
— 
Fuel and 
purchased power
 
1,455.7 
 
— 
 
— 
 
1,455.7 
 
— 
 
— 
 
— 
 
— 
 
1,455.7 
Cost of natural 
gas sold
 
661.9 
 
376.7 
 
198.6 
 
1,237.2 
 
— 
 
9.1 
 
— 
 
(46.0)  
1,200.3 
Other operation 
and maintenance
 
1,547.9 
 
461.5 
 
93.9 
 
2,103.3 
 
— 
 
75.1 
 
(11.3)  
(9.1)  
2,158.0 
Impairment 
related to ICC 
disallowances
 
— 
 
12.1 
 
— 
 
12.1 
 
— 
 
— 
 
— 
 
— 
 
12.1 
Depreciation and 
amortization
 
919.9 
 
255.4 
 
47.0 
 
1,222.3 
 
— 
 
198.4 
 
22.3 
 
(88.5)  
1,354.5 
Property and 
revenue taxes
 
169.6 
 
59.9 
 
21.0 
 
250.5 
 
— 
 
15.7 
 
0.3 
 
— 
 
266.5 
Equity in earnings 
of transmission 
affiliates
 
— 
 
— 
 
— 
 
— 
 
207.5 
 
— 
 
— 
 
— 
 
207.5 
Other income, 
net (1)
 
146.6 
 
7.6 
 
0.3 
 
154.5 
 
— 
 
1.0 
 
54.4 
 
(31.7)  
178.2 
Interest expense
 
637.3 
 
94.7 
 
16.4 
 
748.4 
 
19.4 
 
99.7 
 
310.0 
 
(362.2)  
815.3 
Gain on debt 
extinguishments
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
(23.1)  
— 
 
(23.1) 
Income tax 
expense (benefit)
 
220.5 
 
97.6 
 
18.7 
 
336.8 
 
47.1 
 
(82.4)  
(79.5)  
— 
 
222.0 
Preferred stock 
dividends of 
subsidiary
 
1.2 
 
— 
 
— 
 
1.2 
 
— 
 
— 
 
— 
 
— 
 
1.2 
Net loss attributed 
to noncontrolling 
interests
 
— 
 
— 
 
— 
 
— 
 
— 
 
4.1 
 
— 
 
— 
 
4.1 
Net income (loss) 
attributed to 
common 
shareholders
$ 
863.1 
$ 252.1 
$ 
54.5 
$ 
1,169.7 
$ 
141.0 
$ 
380.8 
$ 
(164.3) $ 
— 
$ 
1,527.2 
Other Segment 
Disclosures
Capital 
expenditures and 
asset acquisitions
$ 
2,347.1 
$ 343.0 
$ 118.3 
$ 
2,808.4 
$ 
— 
$ 
945.8 
$ 
20.6 
$ 
— 
$ 
3,774.8 
Equity method 
investments
 
15.7 
 
— 
 
— 
 
15.7 
 
2,108.9 
 
— 
 
67.0 
 
— 
 
2,191.6 
Total assets (2)
 
30,622.7 
 8,168.8 
 1,646.0 
 
40,437.5 
 
2,126.0 
 
7,316.0 
 
1,037.3 
 
(3,553.6)  
47,363.2 
(1) 
Includes amounts that are not material for interest income and other equity earnings from investments other than from transmission affiliates.
(2) 
Total assets at December 31, 2024 reflect an elimination of $1,525.4 million for all lease activity between We Power and WE.
WEC Energy Group
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2024 Annual Financial Statements

Utility Operations
 
 
2023
(in millions)
Wisconsin
Illinois
Other 
States
Total 
Utility 
Operations
Electric 
Transmission
Non-Utility 
Energy 
Infrastructure
Corporate 
and Other
Reconciling 
Eliminations
WEC Energy 
Group 
Consolidated
External revenues 
$ 
6,625.9 
$ 1,557.8 
$ 519.1 
$ 
8,702.8 
$ 
— 
$ 
190.1 
$ 
0.1 
$ 
— 
$ 
8,893.0 
Intersegment 
revenues
 
— 
 
— 
 
— 
 
— 
 
— 
 
476.4 
 
— 
 
(476.4)  
— 
Fuel and 
purchased power
 
1,615.9 
 
— 
 
— 
 
1,615.9 
 
— 
 
— 
 
— 
 
— 
 
1,615.9 
Cost of natural 
gas sold
 
894.7 
 
443.0 
 
277.2 
 
1,614.9 
 
— 
 
20.5 
 
— 
 
(60.1)  
1,575.3 
Other operation 
and maintenance
 
1,531.3 
 
397.9 
 
94.5 
 
2,023.7 
 
— 
 
80.1 
 
5.8 
 
(9.1)  
2,100.5 
Impairment 
related to ICC 
disallowances
 
— 
 
178.9 
 
— 
 
178.9 
 
— 
 
— 
 
— 
 
— 
 
178.9 
Depreciation and 
amortization
 
851.5 
 
237.3 
 
43.3 
 
1,132.1 
 
— 
 
188.7 
 
20.9 
 
(77.5)  
1,264.2 
Property and 
revenue taxes
 
179.2 
 
29.9 
 
24.4 
 
233.5 
 
— 
 
16.5 
 
0.2 
 
— 
 
250.2 
Equity in earnings 
of transmission 
affiliates
 
— 
 
— 
 
— 
 
— 
 
177.5 
 
— 
 
— 
 
— 
 
177.5 
Other income, 
net (1)
 
137.6 
 
6.7 
 
0.6 
 
144.9 
 
— 
 
— 
 
53.3 
 
(20.5)  
177.7 
Interest expense
 
601.0 
 
88.9 
 
15.9 
 
705.8 
 
19.4 
 
94.3 
 
258.1 
 
(350.2)  
727.4 
Gain on debt 
extinguishments
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
(0.5)  
— 
 
(0.5) 
Income tax 
expense (benefit)
 
237.4 
 
48.6 
 
16.3 
 
302.3 
 
39.0 
 
(68.4)  
(68.3)  
— 
 
204.6 
Preferred stock 
dividends of 
subsidiary
 
1.2 
 
— 
 
— 
 
1.2 
 
— 
 
— 
 
— 
 
— 
 
1.2 
Net loss attributed 
to noncontrolling 
interests
 
— 
 
— 
 
— 
 
— 
 
— 
 
1.2 
 
— 
 
— 
 
1.2 
Net income (loss) 
attributed to 
common 
shareholders
$ 
851.3 
$ 140.0 
$ 
48.1 
$ 
1,039.4 
$ 
119.1 
$ 
336.0 
$ 
(162.8) $ 
— 
$ 
1,331.7 
Other Segment 
Disclosures
Capital 
expenditures and 
asset acquisitions
$ 
2,134.4 
$ 489.8 
$ 103.5 
$ 
2,727.7 
$ 
— 
$ 
754.4 
$ 
25.8 
$ 
— 
$ 
3,507.9 
Equity method 
investments
 
14.4 
 
— 
 
— 
 
14.4 
 
2,005.9 
 
— 
 
61.3 
 
— 
 
2,081.6 
Total assets (2)
 
28,527.3 
 7,970.2 
 1,571.5 
 
38,069.0 
 
2,006.0 
 
6,404.7 
 
1,100.1 
 
(3,640.1)  
43,939.7 
(1) 
Includes amounts that are not material for interest income and other equity earnings from investments other than from transmission affiliates.
(2) 
Total assets at December 31, 2023 reflect an elimination of $1,630.6 million for all lease activity between We Power and WE.
WEC Energy Group
F-97
2024 Annual Financial Statements

 
Utility Operations
 
 
2022
(in millions)
Wisconsin
Illinois
Other 
States
Total 
Utility 
Operations
Electric 
Transmission
Non-Utility 
Energy 
Infrastructure
Corporate 
and Other
Reconciling 
Eliminations
WEC Energy 
Group 
Consolidated
External revenues 
$ 
6,960.5 
$ 1,890.9 
$ 618.5 
$ 
9,469.9 
$ 
— 
$ 
127.0 
$ 
0.5 
$ 
— 
$ 
9,597.4 
Intersegment 
revenues
 
— 
 
— 
 
— 
 
— 
 
— 
 
463.0 
 
— 
 
(463.0)  
— 
Fuel and 
purchased power
 
1,881.4 
 
— 
 
— 
 
1,881.4 
 
— 
 
— 
 
— 
 
— 
 
1,881.4 
Cost of natural 
gas sold
 
1,327.4 
 
792.5 
 
391.6 
 
2,511.5 
 
— 
 
17.9 
 
— 
 
(51.9)  
2,477.5 
Other operation 
and maintenance
 
1,351.3 
 
459.2 
 
98.5 
 
1,909.0 
 
— 
 
51.0 
 
(12.9)  
(9.1)  
1,938.0 
Depreciation and 
amortization
 
754.7 
 
230.9 
 
40.9 
 
1,026.5 
 
— 
 
139.2 
 
25.0 
 
(68.1)  
1,122.6 
Property and 
revenue taxes
 
182.6 
 
38.6 
 
23.3 
 
244.5 
 
— 
 
9.1 
 
0.1 
 
— 
 
253.7 
Equity in earnings 
of transmission 
affiliates
 
— 
 
— 
 
— 
 
— 
 
194.7 
 
— 
 
— 
 
— 
 
194.7 
Other income, 
net (1)
 
99.9 
 
14.1 
 
2.5 
 
116.5 
 
— 
 
— 
 
14.6 
 
(2.3)  
128.8 
Interest expense
 
555.9 
 
73.8 
 
13.9 
 
643.6 
 
19.4 
 
68.9 
 
119.4 
 
(336.2)  
515.1 
Income tax 
expense (benefit)
 
247.5 
 
83.1 
 
13.1 
 
343.7 
 
45.8 
 
(20.9)  
(45.7)  
— 
 
322.9 
Preferred stock 
dividends of 
subsidiary
 
1.2 
 
— 
 
— 
 
1.2 
 
— 
 
— 
 
— 
 
— 
 
1.2 
Net income 
attributed to 
noncontrolling 
interests
 
— 
 
— 
 
— 
 
— 
 
— 
 
(0.4)  
— 
 
— 
 
(0.4) 
Net income (loss) 
attributed to 
common 
shareholders
$ 
758.4 
$ 226.9 
$ 
39.7 
$ 
1,025.0 
$ 
129.5 
$ 
324.4 
$ 
(70.8) $ 
— 
$ 
1,408.1 
Other Segment 
Disclosures
Capital 
expenditures and 
asset acquisitions
$ 
1,610.8 
$ 484.9 
$ 101.1 
$ 
2,196.8 
$ 
— 
$ 
483.8 
$ 
16.3 
$ 
— 
$ 
2,696.9 
Equity method 
investments
 
13.6 
 
— 
 
— 
 
13.6 
 
1,909.2 
 
— 
 
59.1 
 
— 
 
1,981.9 
Total assets (2)
 
27,384.0 
 8,101.0 
 1,639.6 
 
37,124.6 
 
1,909.4 
 
5,320.6 
 
774.0 
 
(3,256.5)  
41,872.1 
(1) 
Includes amounts that are not material for interest income and other equity earnings from investments other than from transmission affiliates.
(2) 
Total assets at December 31, 2022 reflect an elimination of $1,632.9 million for all lease activity between We Power and WE.
NOTE 23—VARIABLE INTEREST ENTITIES
The primary beneficiary of a VIE must consolidate the entity's assets and liabilities. In addition, certain disclosures are required for 
significant interest holders in VIEs.
We assess our relationships with potential VIEs, such as our coal suppliers, natural gas suppliers, coal transporters, natural gas 
transporters, and other counterparties related to PPAs, investments, and joint ventures. In making this assessment, we consider, along 
with other factors, the potential that our contracts or other arrangements provide subordinated financial support, the obligation to absorb 
the entity's losses, the right to receive residual returns of the entity, and the power to direct the activities that most significantly impact 
the entity's economic performance.
WEPCo Environmental Trust Finance I, LLC
In November 2020, the PSCW issued a financing order approving the securitization of $100 million of undepreciated environmental 
control costs related to WE's retired Pleasant Prairie power plant, the carrying costs accrued on the $100 million during the 
securitization process, and the related financing fees. The financing order also authorized WE to form WEPCo Environmental Trust, a 
bankruptcy-remote special purpose entity, for the sole purpose of issuing ETBs to recover the costs approved in the financing order. 
WEPCo Environmental Trust is a wholly owned subsidiary of WE. 
In May 2021, WEPCo Environmental Trust issued ETBs and used the proceeds to acquire environmental control property from WE. The 
environmental control property is recorded as a regulatory asset on our balance sheets and includes the right to impose, collect, and 
receive a non-bypassable environmental control charge from WE's retail electric distribution customers until the ETBs are paid in full 
WEC Energy Group
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2024 Annual Financial Statements

and all financing costs have been recovered. The ETBs are secured by the environmental control property. Cash collections from the 
environmental control charge and funds on deposit in trust accounts are the sole sources of funds to satisfy the debt obligation. The 
bondholders do not have any recourse to WE or any of WE's affiliates. 
WE acts as the servicer of the environmental control property on behalf of WEPCo Environmental Trust and is responsible for metering, 
calculating, billing, and collecting the environmental control charge. As necessary, WE is authorized to implement periodic adjustments 
of the environmental control charge. The adjustments are designed to ensure the timely payment of principal, interest, and other 
ongoing financing costs. WE remits all collections of the environmental control charge to WEPCo Environmental Trust's indenture 
trustee. 
WEPCo Environmental Trust is a VIE primarily because its equity capitalization is insufficient to support its operations. As described 
above, WE has the power to direct the activities that most significantly impact WEPCo Environmental Trust's economic performance. 
Therefore, WE is considered the primary beneficiary of WEPCo Environmental Trust, and consolidation is required. 
The following table summarizes the impact of WEPCo Environmental Trust on our balance sheets:
(in millions)
December 31, 2024
December 31, 2023
Assets
Other current assets (restricted cash)
$ 
1.5 
$ 
0.8 
Regulatory assets
 
76.5 
 
85.9 
Other long-term assets (restricted cash)
 
0.6 
 
0.6 
Liabilities
Current portion of long-term debt
 
9.2 
 
9.0 
Other current liabilities (accrued interest)
 
0.1 
 
0.1 
Long-term debt
 
76.4 
 
85.3 
Investment in Transmission Affiliates
We own approximately 60% of ATC, a for-profit, electric transmission company regulated by the FERC and certain state regulatory 
commissions. We have determined that ATC is a VIE but consolidation is not required since we are not ATC's primary beneficiary. As a 
result of our limited voting rights, we do not have the power to direct the activities that most significantly impact ATC's economic 
performance. Therefore, we account for ATC as an equity method investment. At December 31, 2024 and 2023, our equity investment 
in ATC was $2,085.1 million and $1,980.8 million, respectively, which approximates our maximum exposure to loss as a result of our 
involvement with ATC.
We also own approximately 75% of ATC Holdco, a separate entity formed in December 2016 to invest in transmission-related projects 
outside of ATC's traditional footprint. We have determined that ATC Holdco is a VIE but consolidation is not required since we are not 
ATC Holdco's primary beneficiary. As a result of our limited voting rights, we do not have the power to direct the activities that most 
significantly impact ATC Holdco's economic performance. Therefore, we account for ATC Holdco as an equity method investment. At 
December 31, 2024 and 2023, our equity investment in ATC Holdco was $23.8 million and $25.1 million, respectively, which 
approximates our maximum exposure to loss as a result of our involvement with ATC Holdco.
See Note 21, Investment in Transmission Affiliates, for more information, including any significant assets and liabilities related to ATC 
and ATC Holdco recorded on our balance sheets.
NOTE 24—COMMITMENTS AND CONTINGENCIES
We and our subsidiaries have significant commitments and contingencies arising from our operations, including those related to 
unconditional purchase obligations, environmental matters, and enforcement and litigation matters.
Unconditional Purchase Obligations
Our electric utilities have obligations to distribute and sell electricity to their customers, and our natural gas utilities have obligations to 
distribute and sell natural gas to their customers. The utilities expect to recover costs related to these obligations in future customer 
rates. In order to meet these obligations, we routinely enter into long-term purchase and sale commitments for various quantities and 
lengths of time.
The renewable generation facilities that are part of our non-utility energy infrastructure segment have obligations to distribute and sell 
electricity through long-term offtake agreements with their customers for all of the energy produced. In order to support these sales 
obligations, these companies enter into easements and other service agreements associated with the generating facilities.
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2024 Annual Financial Statements

The following table shows our minimum future commitments related to these purchase obligations as of December 31, 2024, including 
those of our subsidiaries:
Payments Due By Period
(in millions)
Date Contracts 
Extend 
Through
Total Amounts 
Committed
2025
2026
2027
2028
2029
Later 
Years
Electric utility:
Nuclear
2033
$ 
5,680.3 
$ 
634.5 
$ 
681.6 
$ 
730.4 
$ 
782.6 
$ 
838.5 
$ 2,012.7 
Coal supply and transportation
2029
 
343.4 
 
303.0 
 
33.5 
 
3.3 
 
1.7 
 
1.9 
 
— 
Purchased power
2063
 
394.3 
 
59.7 
 
61.4 
 
56.1 
 
52.2 
 
25.5 
 
139.4 
Other
2043
 
80.2 
 
10.0 
 
10.1 
 
8.7 
 
7.1 
 
6.3 
 
38.0 
Natural gas utility:
Supply and transportation
2048
 
2,448.0 
 
388.5 
 
357.9 
 
345.2 
 
302.6 
 
217.5 
 
836.3 
Non-utility energy infrastructure:
Purchased power
2051
 
623.0 
 
38.2 
 
38.6 
 
39.3 
 
40.6 
 
39.4 
 
426.9 
Natural gas storage and 
transportation
2048
 
4.8 
 
4.0 
 
— 
 
0.1 
 
— 
 
0.1 
 
0.6 
Total
$ 
9,574.0 
$ 1,437.9 
$ 1,183.1 
$ 1,183.1 
$ 1,186.8 
$ 1,129.2 
$ 3,453.9 
Environmental Matters
Consistent with other companies in the energy industry, we face significant ongoing environmental compliance and remediation 
obligations related to current and past operations. Specific environmental issues affecting us include, but are not limited to, current and 
future regulation of air emissions such as SO2, NOx, fine particulates, ozone, mercury, and GHGs; water intake and discharges; 
management of coal combustion products such as fly ash; and remediation of impacted properties, including former manufactured gas 
plant sites.
We have continued to pursue a proactive strategy to manage our environmental compliance obligations, including:
• the development of additional sources of renewable electric energy supply, battery storage, and natural gas and LNG storage 
facilities;
• the addition of improvements for water quality matters such as treatment technologies to meet regulatory discharge limits and 
improvements to our cooling water intake systems;
• the addition of emission control equipment to existing facilities to comply with ambient air quality standards and federal clean air 
rules;
• the protection of wetlands and waterways, biodiversity including threatened and endangered species, and cultural resources 
associated with construction projects;
• the retirement of older coal-fired power plants and conversion to modern, efficient, natural gas generation, super-critical pulverized 
coal generation, and/or replacement with renewable generation;
• the beneficial use of ash and other products from coal-fired and biomass generating units;
• the remediation of former manufactured gas plant sites;
• the reduction of methane emissions across our natural gas distribution system by upgrading infrastructure; and
• the tracking and reporting of GHG emissions to comply with federal clean air rules.
Air Quality
Cross State Air Pollution Rule – Good Neighbor Rule – In March 2023, the EPA issued its final Good Neighbor Rule, which became 
effective in August 2023 and requires significant reductions in ozone-forming emissions of NOx from power plants and industrial 
facilities. After review of the final rule, we believe we are well positioned to meet the requirements.
Our RICE units in the Upper Peninsula of Michigan and Wisconsin are not currently subject to the final rule as each unit is less than 
25 MWs. To the extent we use RICE engines for natural gas distribution operations, those engines not part of an LDC are subject to the 
emission limits and operational requirements of the rule beginning in 2026. The EPA has exempted LDCs from the final rule.
In February 2024, the Supreme Court heard oral arguments regarding stay applications related to the EPA's Good Neighbor Rule. In 
June 2024, the Supreme Court granted a stay of the Good Neighbor Rule pending disposition of the applicants' petitions for review at 
the D.C. Circuit Court of Appeals. The D.C. Circuit Court of Appeals litigation has been held in abeyance since September 2024, when 
the court granted the EPA's motion for partial voluntary remand so that it could address issues of severability raised in the Supreme 
Court's June 2024 opinion granting the petitions for stay of the rule. Pursuant to an order of the D.C. Circuit Court of Appeals, the 
parties filed motions to govern future proceedings in December 2024. In January 2025, the D.C. Circuit Court of Appeals issued an 
order returning the consolidated cases to the court's active docket and establishing a schedule for supplemental briefing on the issue of 
WEC Energy Group
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2024 Annual Financial Statements

severability that extends through early March 2025. We will continue to monitor this case as arguments at the D.C. Circuit Court of 
Appeals move forward.
In November 2024, the EPA issued a Good Neighbor Interim Final Rule that administratively stayed the effectiveness of the Good 
Neighbor Rule in all states to which it originally applies and ensured implementation of good neighbor obligations previously established 
to address the 2008 ozone NAAQS while the process works through the courts. We are well positioned to comply with the rule's 
requirements.
Mercury and Air Toxics Standards – In 2012, the EPA issued the MATS to limit emissions of mercury, acid gases, and other 
hazardous air pollutants. In April 2023, the EPA issued the pre-publication version of a proposed rule to strengthen and update MATS to 
reflect recent developments in control technologies and performance of coal and oil-fired units. In May 2024, the EPA published a final 
rule in the Federal Register lowering the PM limit from 0.03 lb/MMBtu to 0.01 lb/MMBtu. We are well positioned to comply with the rule's 
requirements.
National Ambient Air Quality Standards – Ozone – After completing its review of the 2008 ozone standard, the EPA released a final 
rule in October 2015, creating a more stringent standard than the 2008 NAAQS. The 2015 ozone standard lowered the 8-hour limit for 
ground-level ozone. In November 2022, the EPA's 2022 CASAC Ozone Review Panel issued a draft report supporting reconsideration 
of the 2015 standard. The EPA staff initially issued a draft Policy Assessment in March 2023 that also supported the reconsideration; 
however, in August 2023, the EPA announced that it was instead restarting its ozone standard evaluation. The EPA released the first 
two volumes of its Integrated Review Plan in December 2024. This new review is anticipated to take 3 to 5 years to complete.
In February 2022, revisions to the Wisconsin Administrative Code to adopt the 2015 standard were finalized. The amended regulations 
incorporated by reference the federal air pollution monitoring requirements related to the standard. The WDNR submitted the rule 
updates as a SIP revision to the EPA, which the EPA approved in February 2023.
The EPA's initial nonattainment area designation was effective August 2018, and the attainment status is evaluated every 3 years 
thereafter until attainment is achieved. The Milwaukee, Sheboygan, and Chicago, IL-IN-WI nonattainment areas did not meet the 
marginal attainment deadline of August 2021, so in April 2022 the EPA proposed "moderate" nonattainment status based on the 2015 
standard. In October 2022, the EPA published its final reclassifications from "marginal" to "moderate" for these areas, effective 
November 7, 2022. 
The most recent attainment evaluation date was in August 2024. The moderate attainment deadline was not met, so in December 2024 
the EPA published a final determination reclassifying the nonattainment areas in Wisconsin to a "serious" classification effective 
January 16, 2025. This nonattainment status could have a material adverse effect on future permitting activities for our facilities in 
applicable locations, including additional costs associated with more strenuous emission control requirements or the need to purchase 
additional emission reduction credits.
Particulate Matter – All counties within our service territories are in attainment with current 2012 standards for fine PM2.5. Under the 
Biden Administration's policy review, the EPA concluded that the scientific evidence and information from a December 2020 review of 
the 2012 standards supported revising the level of the annual standard for the PM2.5 NAAQS to below the current level of 12 µg/m3, 
while retaining the 24-hour standard of 35 µg/m3. In February 2024, the EPA finalized a rule which lowered the primary (health-based) 
annual PM2.5 NAAQS to 9 µg/m3. The secondary (welfare-based) PM2.5 standard and 24-hour standards (both primary and 
secondary) remain unchanged. The EPA has until February 2026 to designate areas as attainment and nonattainment with the new 
standard. The WDNR will need to draft and submit a SIP for the EPA's approval. A designation of nonattainment status could impact 
future permitting activities for facilities in applicable locations, including the potential need for improved or new air pollution control 
equipment. With our planned transition from coal-fired plants to natural gas-fired plants and renewable generating facilities, we do not 
expect this new standard to have a material impact on our units. 
Climate Change – In May 2023, the EPA proposed GHG performance standards for fossil-fired steam generating and natural gas 
combustion units and also proposed to repeal the Affordable Clean Energy rule, which had replaced the Clean Power Plan. The final 
rule, known as the Greenhouse Gas Power Plant Rule, was published in May 2024. Pursuant to the final rule, there are no applicable 
standards for coal plants until the end of 2031 and after 2031, the applicable standard is dependent upon the unit's retirement date. 
Coal-fired units that are planned to refuel to natural gas-fired units must convert to natural gas and no longer retain the capability to 
burn coal by the end of 2029. For new combined cycle natural gas plants above a 40% capacity factor, the rule is dependent upon the 
implementation of carbon capture by the end of 2031. For new simple cycle natural gas-fired combustion turbines, there are no 
applicable limits as long as the capacity factor is less than 20%. Our RICE units in Michigan and the new Weston RICE units are not 
affected under the rule because the rule excludes RICE units that are less than 25 MWs. Numerous parties have challenged the 
Greenhouse Gas Power Plant Rule through litigation pending in the D.C. Circuit Court of Appeals.
In March 2024, the EPA announced it had removed regulations on existing natural gas combustion turbines from the rule. At that time, 
the EPA indicated it would work on new rulemaking phases, focusing on CO2 emissions, as well as NOx and hazardous air pollutants 
(formaldehyde) emissions. In November 2024, the EPA released the first proposed rule of the three rule "packages" to address NOx 
emissions from existing combustion turbines. The proposed rule for turbines that operate at a greater than 20% capacity factor, will 
require more stringent NOx limits and control requirements for new, modified, or reconstructed turbines. For turbines that operate at a 
capacity of 20% or lower, less restrictive standards and the use of combustion controls would apply. Our combined cycle facilities and 
WEC Energy Group
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2024 Annual Financial Statements

the new Oak Creek combustion turbines are well positioned to comply with the proposed rule. As the EPA will not finalize this proposal 
until late 2025, it could be revised or repealed under the new presidential administration. 
In April 2024, the EPA issued its final Mandatory Greenhouse Gas Reporting Rule, 40 CFR Part 98, which includes updates to the 
global warming potentials to determine CO2 equivalency for threshold reporting and the addition of a new section regarding energy 
consumption. The revisions will impact the reporting required for our electric generation facilities, LDCs, and underground natural gas 
storage facilities. In May 2024, the EPA also issued its final rule to amend reporting requirements for petroleum and natural gas 
systems. Under the final rule, new leak emission factors and reporting requirements for large release events will impact the reporting 
required for our LDCs and underground natural gas storage facilities. 
Our capital plan includes the retirement of older, fossil-fueled generation, to be replaced with zero-carbon-emitting renewables and 
reliable, efficient natural gas-fueled generation. We have already retired nearly 2,500 MWs of fossil-fueled generation since the 
beginning of 2018, which includes the retirement of OCPP Units 5 and 6 in May 2024, the 2019 retirement of PIPP, and the 2018 
retirements of the Pleasant Prairie power plant, the Pulliam power plant, and the jointly-owned Edgewater Unit 4 generating unit. We 
expect to retire approximately 1,200 MWs of additional coal-fired generation by the end of 2031, which includes the planned retirements 
of OCPP Units 7 and 8, the jointly-owned Columbia Units 1 and 2 while investigating conversion of at least one unit to natural gas, and 
Weston Unit 3. See Note 7, Property, Plant, and Equipment, for more information related to planned power plant retirements. In May 
2021, we announced goals to achieve reductions in carbon emissions from our electric generation fleet by 60% by the end of 2025 and 
by 80% by the end of 2030, both from a 2005 baseline. We expect to achieve these goals by continuing to make operating refinements, 
retiring less efficient generating units, and executing our capital plan. Over the longer term, the target for our generation fleet is to be 
net carbon neutral by 2050. We also believe we will be in a position to eliminate coal as an energy source by the end of 2032.
We will also continue to focus on methane emissions reductions by improving our natural gas distribution systems, and have set a 
target across our natural gas distribution operations to achieve net-zero methane emissions by the end of 2030. We plan to achieve our 
net-zero goal through an effort that includes continuous operational improvements and equipment upgrades, as well as the use of RNG 
throughout our natural gas utility distribution systems. In addition, subject to regulatory approval and market conditions, we expect to 
procure RTCs.
Water Quality
Clean Water Act Cooling Water Intake Structure Rule – Section 316(b) of the CWA became effective in October 2014 and requires 
the location, design, construction, and capacity of cooling water intake structures at existing power plants reflect the BTA for minimizing 
adverse environmental impacts. The rule applies to all of our existing generating facilities with cooling water intake structures, except for 
the ERGS units, which were permitted and received a final BTA determination under the rules governing new facilities.
Effective in June 2020, the requirements of federal Section 316(b) of the CWA were incorporated into the Wisconsin Administrative 
Code. The WDNR applies this rule when establishing BTA requirements for cooling water intake structures at existing facilities. These 
BTA requirements are incorporated into WPDES permits for WE and WPS facilities.
We have received final or interim BTA determinations for all generation facilities where Section 316(b) is applicable. The most recent 
BTA determination was for Weston Units 3 and 4. In accordance with the requirements in the CWA, the WDNR reissued the Weston 
WPDES permit in June 2024 (effective July 1, 2024) that includes a determination that existing technology (wet cooling towers) installed 
at the units represents BTA for minimizing adverse environmental impacts. With respect to OCPP Units 7 and 8, we believe the WDNR 
will reach the same BTA determination decision when the WPDES permit for those units is reissued, which is expected in 2025.
Steam Electric Effluent Limitation Guidelines – The EPA's 2015 final ELG rule, which took effect in January 2016 (2015 ELG rule), 
was modified in 2020 (2020 ELG rule), and again in 2024 with the May 2024 publication of the Supplemental ELG Rule. These rules 
establish federal technology-based requirements for several types of power plant wastewaters. The three requirements that affect WE 
and WPS facilities relate to discharge limits for BATW, FGD wastewater, and CRL (landfill leachate). Although our coal-fueled facilities 
were constructed with advanced wastewater treatment technologies that meet many of the discharge limits established by the 2015 
rule, facility modifications were still necessary at OCPP, ERGS, and Weston to meet all of the 2015 ELG requirements and the 
additional ones established by the 2020 ELG rule. Through 2023, compliance costs associated with the 2015 and 2020 ELG rules 
required $105 million in capital investment.
The 2024 Supplemental ELG rule established zero discharge requirements for BATW, FGD, and CRL wastewaters at coal-fueled units 
with no planned retirement date. The Supplemental ELG Rule also kept one existing and created one new “permanent cessation of 
coal” subcategory. Those electing to cease coal combustion by either retiring or repowering a unit by December 31, 2028 or 
December 31, 2034 can limit ELG-related capital investments to what was required by either the 2015 or the 2020 ELG Rule, 
respectively. For units where cessation of coal is planned to occur no later than December 31, 2034, facility owners must complete all 
2020 ELG rule required capital investments by December 31, 2025. All WE and WPS coal-fueled units fully meet the 2020 ELG rule 
requirements. Based on current electrical generation resource planning, we plan to file a Notice of Planned Participation by 
December 31, 2025 to opt into the "cessation of coal by December 31, 2034" subcategory for both the ERGS and Weston coal-fired 
facilities. A Notice of Privacy Practice also may be filed for the OCPP, PWGS, and VAPP facilities because this ELG rule option will 
allow the company to qualify for more reasonable requirements to address the CRL provisions at our landfills that served these former 
coal-fired facilities.
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The final Supplemental ELG Rule allows owners of coal-fired units who opted into a cessation of coal subcategory to operate beyond 
the end of 2028 or 2034, required by either the 2015 or the 2020 ELG Rule, respectively, if needed for reliability concerns (i.e., energy 
emergencies, reliability must run agreements, etc.) as determined by the DOE, a public utility commission, or independent system 
operator.
We are still evaluating the Supplemental ELG Rule CRL provisions to determine the applicability and potential compliance costs for 
inactive/closed landfills. Numerous parties have challenged the rule through litigation pending in the U.S. Court of Appeals for the 8th 
Circuit. This rule remains in effect during the pendency of the legal challenge.
Land Quality
Manufactured Gas Plant Remediation – We have identified sites at which our utilities or a predecessor company owned or operated a 
manufactured gas plant or stored manufactured gas. We have also identified other sites that may have been impacted by historical 
manufactured gas plant activities. Our natural gas utilities are responsible for the environmental remediation of these sites, some of 
which are in the EPA Superfund Alternative Approach Program. We are also working with various state jurisdictions in our investigation 
and remediation planning. These sites are at various stages of investigation, monitoring, remediation, and closure.
In addition, we are coordinating the investigation and cleanup of some of these sites subject to the jurisdiction of the EPA under what is 
called a "multisite" program. This program involves prioritizing the work to be done at the sites, preparation and approval of documents 
common to all of the sites, and use of a consistent approach in selecting remedies. At this time, we cannot estimate future remediation 
costs associated with these sites beyond those described below.
The future costs for detailed site investigation, future remediation, and monitoring are dependent upon several variables including, 
among other things, the extent of remediation, changes in technology, and changes in regulation. Historically, our regulators have 
allowed us to recover incurred costs, net of insurance recoveries and recoveries from potentially responsible parties, associated with 
the remediation of manufactured gas plant sites. Accordingly, we have established regulatory assets for costs associated with these 
sites.
We have established the following regulatory assets and reserves for manufactured gas plant sites as of December 31:
(in millions)
2024
2023
Regulatory assets
$ 
570.1 
$ 
596.8 
Reserves for future environmental remediation
 
445.8 
 
463.7 
Coal Combustion Residuals Rule – The EPA finalized a rule for CCR in April 2024 that would apply to landfills, historic fill sites, and 
projects where CCR was placed at a power plant site. The rule will regulate previously exempt closed landfills. 
The final rule, which became effective in November 2024 will have an impact on some of our coal ash landfills, requiring additional 
remediation that is not currently required under the state programs. The rule is being challenged through litigation pending in the D.C. 
Circuit Court of Appeals. We expect the cost of the additional remediation would be recovered through future rates. See Note 9, Asset 
Retirement Obligations, for more information on the estimated cost of the additional remediation. 
Renewables, Efficiency, and Conservation
Wisconsin Legislation – In 2005, Wisconsin enacted Act 141, which established a goal that 10% of all electricity consumed in 
Wisconsin be generated by renewable resources annually. WE and WPS have achieved their required renewable energy percentages 
of 8.27% and 9.74%, respectively, by constructing various wind parks, solar parks, a biomass facility, and by also relying on renewable 
energy purchases. WE and WPS continue to review their renewable energy portfolios and acquire cost-effective renewables as needed 
to meet their requirements on an ongoing basis. The PSCW administers the renewable program related to Act 141, and each utility 
funds the program based on 1.2% of its annual retail operating revenues.
Michigan Legislation – In December 2016, Michigan enacted Act 342, which required 12.5% of the state's electric energy to come 
from renewables for 2019 and 2020, and energy optimization (efficiency) targets up to 1% annually. The renewable requirement 
increased to 15.0% for 2021 and beyond. UMERC was in compliance with its requirements under this statute as of December 31, 2024. 
The legislation continues to allow recovery of costs incurred to meet the standards and provides for ongoing review and revision to 
assure the measures taken are cost-effective.
In November 2023, Michigan enacted Acts 229, 231 and 235. The acts require electric providers to file a renewable energy plan every 
two years and to set renewable energy portfolio targets from now until 2040. The proposed renewable energy targets include 15% 
through 2029, 50% from 2030 through 2034, and 60% renewable energy by 2035 and thereafter. The bill also sets clean energy 
standards of 80% from 2035 through 2039 and 100% after 2040. The acts only allow natural gas to count as clean energy if it is 
accompanied with carbon capture and storage. The new acts also revise the requirement a utility must meet in filing its energy waste 
reduction plans. They require a utility to file a plan every two years until 2025, then every three years thereafter.
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Enforcement and Litigation Matters
We and our subsidiaries are involved in legal and administrative proceedings before various courts and agencies with respect to 
matters arising in the ordinary course of business. Although we are unable to predict the outcome of these matters, management 
believes that appropriate reserves have been established and that final settlement of these actions will not have a material impact on 
our financial condition or results of operations.
Consent Decrees
Wisconsin Public Service Corporation – Weston and Pulliam Power Plants – In November 2009, the EPA issued an NOV to WPS, 
which alleged violations of the CAA's New Source Review requirements relating to certain projects completed at the Weston and 
Pulliam power plants from 1994 to 2009. WPS entered into a Consent Decree with the EPA resolving this NOV. This Consent Decree 
was entered by the United States District Court for the Eastern District of Wisconsin in March 2013. With the retirement of Pulliam 
Units 7 and 8 in October 2018, WPS completed the mitigation projects required by the Consent Decree and received a completeness 
letter from the EPA in October 2018. See Note 6, Regulatory Assets and Liabilities, for more information about the retirement. Following 
our significant engagement with the EPA, the agency conditionally terminated the Consent Decree in December 2024.
Joint Ownership Power Plants – Columbia and Edgewater – In December 2009, the EPA issued an NOV to WPL, the operator of 
the Columbia and Edgewater plants, and the other joint owners of these plants, including MG&E, WE (former co-owner of an Edgewater 
unit), and WPS. The NOV alleged violations of the CAA's New Source Review requirements related to certain projects completed at 
those plants. WPS, along with WPL, MG&E, and WE, entered into a Consent Decree with the EPA resolving this NOV. This Consent 
Decree was entered by the United States District Court for the Western District of Wisconsin in June 2013. As a result of the continued 
implementation of the Consent Decree related to the jointly owned Columbia and Edgewater plants, the Edgewater Unit 4 generating 
unit was retired in September 2018. See Note 6, Regulatory Assets and Liabilities, for more information about the retirement. WPL 
started the process to close out this Consent Decree.
NOTE 25—SUPPLEMENTAL CASH FLOW INFORMATION
Non-Cash Transactions
Year Ended December 31
(in millions)
2024
2023
2022
Cash paid for interest, net of amount capitalized
$ 
785.7 
$ 
653.4 
$ 
485.2 
Cash paid (received) for income taxes, net (1)
 
(264.2)  
(58.9)  
52.4 
Significant non-cash investing and financing transactions:
Accounts payable related to construction costs
 
285.7 
 
171.3 
 
197.4 
Common stock issued for stock-based compensation plans
 
6.4 
 
— 
 
— 
Increase in receivables related to property damage insurance proceeds
 
2.3 
 
3.5 
 
— 
Increase in receivables for corporate-owned life insurance proceeds
 
5.8 
 
1.4 
 
— 
Liabilities accrued for software licensing agreements
 
0.2 
 
— 
 
7.4 
(1) 
Cash received for income taxes in 2024 and 2023 includes $269.1 million and $75.0 million, respectively, related to 2023 and 2024 PTCs that were sold to 
third parties.
Restricted Cash
The statements of cash flows include our activity related to cash, cash equivalents, and restricted cash. The following table reconciles 
the cash, cash equivalents, and restricted cash amounts reported within the balance sheets at December 31 to the total of these 
amounts shown on the statements of cash flows:
(in millions)
2024
2023
2022
Cash and cash equivalents
$ 
9.8 
$ 
42.9 
$ 
28.9 
Restricted cash included in other current assets
 
5.3 
 
70.1 
 
25.6 
Restricted cash included in other long-term assets
 
27.1 
 
52.2 
 
127.7 
Cash, cash equivalents, and restricted cash
$ 
42.2 
$ 
165.2 
$ 
182.2 
Our restricted cash primarily consisted of the following:
• Cash held in the Integrys rabbi trust, which is used to fund participants' benefits under the Integrys deferred compensation plan and 
certain Integrys non-qualified pension plans. 
• Cash on deposit in financial institutions that is restricted to satisfy the requirements of certain debt agreements at WECI Wind 
Holding I, WECI Wind Holding II, and WEPCo Environmental Trust.
• Cash related to WECI's ownership interests in certain renewable generation projects. These projects are required to deposit into an 
escrow account annually in order to fund future decommissioning.
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• Cash used by WE and WPS during January 2023 to purchase a natural gas-fired cogeneration facility located in Whitewater, 
Wisconsin. This cash was included in other long-term assets at December 31, 2022. See Note 2, Acquisitions, for more information 
on the purchase of this facility.
NOTE 26—REGULATORY ENVIRONMENT
Wisconsin Electric Power Company, Wisconsin Public Service Corporation, and Wisconsin Gas LLC
2025 and 2026 Rates
In April 2024, WE, WPS, and WG filed requests with the PSCW to increase their retail electric, natural gas, and steam rates, as 
applicable. The primary drivers of the requested increases in electric rates were continued capital investments to transition our 
generation fleets from coal to renewables and natural gas-fueled generation, increased costs driven by higher inflation and interest 
rates, and the recovery of regulatory assets previously approved by the PSCW. The requested increases in natural gas rates were 
driven by the companies' ongoing capital investments in reliability and safety projects, including LNG storage facilities, as well as the 
impacts from higher inflation and increased interest rates.
On December 19, 2024, the PSCW issued final written orders approving electric, natural gas, and steam base rate increases, effective 
January 1, 2025 and 2026, as applicable. The final written orders reflected the following: 
WE
WPS
WG
2025 rate increase
Electric (1)
$ 144.0  million / 4.2%
$ 55.1  million / 4.5%
N/A
Gas
$ 41.3  million / 7.1%
$ 14.9  million / 3.8%
$ 34.5  million / 4.2%
Steam
$ 
1.5  million / 5.0%
N/A
N/A
2026 rate increase (2)
Electric (1)
$ 169.5  million / 4.5%
$ 30.0  million / 2.3%
N/A
Gas
$ 29.8  million / 4.5%
$ 13.5  million / 3.1%
$ 23.5  million / 2.6%
ROE
9.8%
9.8%
9.8%
Common equity component average on a financial basis
53.0%
53.0%
53.0%
(1) 
Amounts reflect the impact to our Wisconsin retail electric operations and include the incremental decrease resulting from updated fuel costs.
(2) 
The 2026 rate increases are incremental to the previously authorized revenue plus the approved rate increases for 2025.
Effective January 1, 2025, WE was required to implement a new earnings sharing mechanism, under which, if WE earns above its 
authorized ROE: (i) it retains 100.0% of earnings for the first 15 basis points above the authorized ROE; (ii) 50.0% of the next 25 basis 
points is required to be refunded to ratepayers; and (iii) 100.0% of any remaining excess earnings is required to be refunded to 
ratepayers. 
WPS and WG are required to maintain their current earnings sharing mechanism. Under the current mechanism, if the utility earns 
above its authorized ROE: (i) the utility retains 100.0% of earnings for the first 15 basis points above the authorized ROE; (ii) 50.0% of 
the next 60 basis points is required to be refunded to ratepayers; and (iii) 100.0% of any remaining excess earnings is required to be 
refunded to ratepayers. 
2024 Limited Rate Case Re-Opener
In accordance with their rate orders approved by the PSCW in December 2022, WE, WPS, and WG filed requests for limited electric 
and natural gas rate case re-openers, as applicable, with the PSCW in May 2023. The WE and WPS limited electric rate case re-
openers included updated fuel costs and revenue requirements for the generation projects that were previously approved by the PSCW 
and were placed into service in 2023 or were expected to be placed into service in 2024. WE's limited electric re-opener also included 
the projected savings from the retirement of the OCPP Units 5 and 6, which were retired in May 2024. WE and WG also filed a request 
for a limited natural gas rate case re-opener to reflect the additional revenue requirements associated with their previously approved 
LNG projects. WE's and WG's LNG projects were placed into service in November 2023 and February 2024, respectively. 
In December 2023, the PSCW issued final written orders approving electric and natural gas rate increases and decreases, effective 
January 1, 2024. The final orders reflected the following:
WE
WPS
WG
2024 incremental rate increases (decreases)
Electric (1)
$ 82.2  million / 2.5%
$ (32.7) million / (2.6)%
N/A
Gas
$ 23.9  million / 4.5%
N/A
$ 21.6  million / 2.8%
(1) 
Amounts reflect the impact to our Wisconsin retail electric operations and include any incremental increases (WE) or decreases (WPS) resulting from 
updated fuel costs.
The utilities' ROE and common equity component averages were not addressed in the limited rate case re-openers. 
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2024 Annual Financial Statements

2023 and 2024 Rates
In April 2022, WE, WPS, and WG filed requests with the PSCW to increase their retail electric, natural gas, and steam rates, as 
applicable. These requests were updated in July 2022 to reflect new developments that impacted the original proposals. The requested 
increases in electric rates were driven by capital investments in new wind, solar, and battery storage; capital investments in natural gas 
generation; reliability investments, including grid hardening projects to bury power lines and strengthen WE's distribution system against 
severe weather; and changes in wholesale business with other utilities. Many of these investments had already been approved by the 
PSCW. The requested increases in natural gas rates primarily related to capital investments previously approved by the PSCW, 
including LNG storage for our natural gas distribution system. 
In December 2022, the PSCW issued final written orders approving electric, natural gas, and steam base rate increases, effective 
January 1, 2023. The final orders reflected the following:
WE
WPS
WG
2023 base rate increase
Electric
$ 283.5  million / 9.1%
$ 120.5  million / 9.8%
N/A
Gas
$ 46.1  million / 9.6%
$ 26.4  million / 7.1%
$ 46.5  million / 6.4%
Steam
$ 
7.6  million / 35.3%
N/A
N/A
ROE
9.8%
9.8%
9.8%
Common equity component average on a financial basis
53.0%
53.0%
53.0%
In addition to the above, the final orders included the following terms:
• The utilities kept their then current earnings sharing mechanisms, under which, if a utility earned above its authorized ROE: (i) the 
utility retained 100.0% of earnings for the first 15 basis points above the authorized ROE; (ii) 50.0% of the next 60 basis points was 
refunded to ratepayers; and (iii) 100.0% of any remaining excess earnings was required to be refunded to ratepayers.
• WE and WPS were required to complete an analysis of alternative recovery scenarios for generating units that will be retired prior 
to the end of their useful life. 
• WE and WPS were not allowed to propose any changes to their real time pricing rates for large commercial and industrial electric 
customers through the end of 2024.
• WE and WPS were required to lower monthly residential and small commercial electric customer fixed charges by $1.00 and $3.33, 
respectively, from previously authorized rates.
• WE and WPS were required to offer an additional voluntary renewable energy pilot for commercial and industrial customers.
• WE and WPS were required to continue to work with PSCW staff and other interested parties to develop alternative low income 
assistance programs. WE and WPS also collectively contributed $4.0 million to the Keep Wisconsin Warm Fund.
• WE, WPS, and WG were required to implement escrow accounting treatment for pension and OPEB costs in 2023 and 2024. As a 
result, they defer as a regulatory asset or liability, the difference between actual pension and OPEB costs and those included in 
rates until recovery or refund is authorized in a future rate proceeding.
• As discussed above, WE and WPS were authorized to file a limited electric rate case re-opener for 2024, and WE and WG were 
authorized to file a limited natural gas rate case re-opener for 2024.
2022 Rates
In March 2021, WE, WPS, and WG filed an application with the PSCW for the approval of certain accounting treatments that allowed 
them to maintain their electric, natural gas, and steam base rates through 2022 and forego filing a rate case for one year. In connection 
with the request, the three utilities also entered into an agreement, dated March 23, 2021, with various stakeholders. Pursuant to the 
terms of the agreement, the stakeholders fully supported the application. In September 2021, the PSCW issued written orders 
approving the application. 
The final orders reflected the following:
• WE, WPS, and WG amortized, in 2022, certain previously deferred balances to offset approximately half of their forecasted 
revenue deficiencies.
• WG deferred interest and depreciation expense associated with capital investments since its last rate case that otherwise would 
have been added to rate base in a 2022 test-year rate case.
• WE, WPS, and WG were able to defer any increases in tax expense due to changes in tax law that occurred in 2021 and/or 2022.
• WE, WPS, and WG maintained their earnings sharing mechanisms, with modification. 
The Peoples Gas Light and Coke Company and North Shore Gas Company
2023 Rate Order
In January 2023, PGL and NSG filed requests with the ICC to increase their natural gas base rates. The requested rate increases were 
primarily driven by capital investments made to strengthen the safety and reliability of each utility’s natural gas distribution system. PGL 
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2024 Annual Financial Statements

was also seeking to recover costs incurred to upgrade its natural gas storage field and operations facilities and to continue improving 
customer service. PGL did not request an extension of the QIP rider as PGL returned to the traditional rate making process to recover 
the costs of necessary infrastructure improvements.
On November 16, 2023, the ICC issued final written orders approving base rate increases for PGL and NSG. The written orders were 
subsequently amended for various technical corrections. The amended written orders approved the following base rate increases: 
• A $304.6 million (43.5%) base rate increase for PGL’s natural gas customers. This amount includes the recovery of costs related to 
PGL’s SMP that were previously being recovered under its QIP rider. PGL's new rates were effective December 1, 2023. 
• An $11.0 million (11.6%) base rate increase for NSG’s natural gas customers. The new rates at NSG were not effective until 
February 1, 2024 as changes were required to NSG's billing system as a result of the final rate order. 
The ICC approved an authorized ROE of 9.38% for both PGL and NSG, and set the common equity component average at 50.79% and 
52.58% for PGL and NSG, respectively.
As part of its decisions, the ICC, among other things, disallowed $236.2 million of capital costs related to the construction and 
improvement of PGL’s shops and facilities and $1.7 million of capital costs related to NSG's construction of a gas infrastructure project.
In addition, the ICC ordered PGL to pause spending on its SMP until the ICC had a proceeding to determine the optimal method for 
replacing aging natural gas infrastructure and a prudent investment level. In accordance with the written order, the ICC initiated the 
proceeding in January 2024. On February 20, 2025, the ICC issued an order setting expectations for PGL's prospective operations 
under its SMP. The ICC directed us to focus on replacing all cast and ductile iron pipe that has a diameter under 36 inches by 
January 1, 2035. The ICC also indicated that failure to comply with this directive could subject us to civil penalties under Illinois statute. 
We are evaluating the impact of this order on our operations and capital plan.
In December 2023, PGL and NSG filed an application for rehearing with the ICC requesting reconsideration of various issues in the 
ICC's November 16, 2023 written orders. The ICC granted PGL and NSG a limited-scope rehearing focused exclusively on the 
authorized spending for the completion of SMP projects that started in 2023 and emergency repairs needed to ensure the safety and 
reliability of PGL's delivery system. On May 30, 2024, the ICC issued a written order on the rehearing. The order approved $28.5 million 
of additional spending for emergency work, representing a $1.6 million increase to PGL's annual revenue requirement.
As the ICC did not grant a rehearing on the disallowance of PGL's and NSG's capital costs, we recorded a $178.9 million non-cash 
impairment of our property, plant, and equipment during the fourth quarter of 2023. This amount included $177.2 million of previously 
incurred disallowed costs at PGL related to its shops and facilities, and the $1.7 million of capital costs disallowed at NSG. The 
remaining disallowance of capital costs at PGL related to expected future spend.
On June 7, 2024, PGL and NSG filed a petition with the Illinois Appellate Court for review of the November 16, 2023 and May 30, 2024 
orders. The appeal includes the ICC's $237.9 million combined disallowance of capital costs at PGL and NSG discussed above, along 
with the $116.0 million disallowance of SMP capital investments needed to meet safety and reliability requirements. Although the ICC 
ordered PGL to complete safety and reliability work in 2024, it denied the recovery of these costs.
Uncollectible Expense Adjustment Rider
The rates of PGL and NSG include a UEA rider for cost recovery or refund of uncollectible expense based on the difference between 
actual uncollectible write-offs and the amounts recovered in rates. The UEA rider is subject to an annual reconciliation whereby costs 
are reviewed for accuracy and prudency by the ICC. In May 2023, the ICC issued a written order on PGL's and NSG's 2018 UEA rider 
reconciliation. The order required a $15.4 million and $0.7 million refund to ratepayers at PGL and NSG, respectively. These amounts 
were refunded over a period of nine months, which began on September 1, 2023. In July 2023, PGL and NSG petitioned the Illinois 
Appellate Court for review of the ICC order. On November 7, 2024, the Illinois Appellate Court issued an opinion affirming the ICC order 
and the related disallowance. PGL and NSG petitioned the Illinois Supreme Court on December 12, 2024 seeking review and reversal 
of the May 2023 order. 
As of December 31, 2024, there can be no assurance that all costs incurred under the UEA rider during the open reconciliation years, 
which include 2019 through 2024, will be deemed recoverable by the ICC. The combined annual costs of PGL and NSG included in the 
rider, which reflect uncollectible write-offs in excess of what is recovered in base rates, have ranged from $10 million to $40 million 
during these open reconciliation years. Disallowances by the ICC, if any, could be material and have a material adverse impact on our 
results of operations.
Qualifying Infrastructure Plant Rider
In July 2013, Illinois Public Act 98-0057, The Natural Gas Consumer, Safety & Reliability Act, became law. This law provides natural gas 
utilities with a cost recovery mechanism that allows collection, through a surcharge on customer bills, of prudently incurred costs to 
upgrade Illinois natural gas infrastructure. In January 2014, the ICC approved a QIP rider for PGL, which was in effect until December 1, 
2023. As discussed above, PGL has returned to the traditional rate-making process for recovery of these costs, and they are now 
included in PGL's base rates.
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Costs previously incurred under PGL's QIP rider are still subject to an annual reconciliation whereby costs are reviewed for accuracy 
and prudency. In August 2024, the ICC issued a final order on PGL's 2016 annual reconciliation, which included a disallowance of 
$14.8 million of certain capital costs. PGL recorded a pre-tax charge to income of $25.3 million during the third quarter of 2024 related 
to the disallowance and the previously recognized return on and of these investments. The charge was recorded on the income 
statement as a $12.9 million reduction in revenues for the amounts previously collected from customers, a $12.1 million increase to 
operating expenses for the impairment of PGL's property, plant, and equipment, and a $0.3 million increase to interest expense related 
to the amounts due to customers. On October 25, 2024, PGL filed a petition with the Illinois Appellate Court for review of the ICC's 
August order. 
In March 2024, PGL filed its 2023 reconciliation with the ICC, which, along with the reconciliations from 2017 through 2022, is still 
pending. The aggregate capital costs included in the rider during the open reconciliation years, which include 2017 through 2023, along 
with any previously recognized return on these investments, totaled approximately $2.8 billion as of December 31, 2024. There can be 
no assurance that all of these costs and the previously recognized returns will be deemed recoverable by the ICC. Further 
disallowances by the ICC, if any, could be material and have a material adverse impact on our results of operations.
Minnesota Energy Resources Corporation
2023 Rate Order
In November 2022, MERC initiated a rate proceeding with the MPUC to increase its retail natural gas base rates. In December 2022, 
the MPUC approved MERC's request for interim rates totaling $37.0 million, subject to refund. The interim rates went into effect on 
January 1, 2023.
In November 2023, the MPUC issued a written order approving a settlement agreement MERC reached with certain intervenors. The 
settlement agreement reflects a natural gas base rate increase of $28.8 million (7.1%), along with a 9.65% ROE and a common equity 
component average of 53.0%. The natural gas rate increase was primarily driven by increased capital investments as well as 
inflationary pressure on operating costs. Under the terms of the settlement agreement, MERC will continue the use of its decoupling 
mechanism for residential customers, and it will be expanded to include certain small commercial and industrial customers.
Final rates went into effect on March 1, 2024. MERC’s customers were entitled to an $8.9 million refund due to the interim rate increase 
exceeding the final approved rate increase, which was retroactive to January 1, 2023. These amounts were refunded to customers 
during the second quarter of 2024.
Recovery of Natural Gas Costs
In February 2021, MERC incurred approximately $75 million of natural gas costs in excess of the benchmark set in its GCRM. In August 
2021, the MPUC issued a written order approving a joint proposal filed by MERC and four other Minnesota utilities to recover their 
respective excess natural gas costs. In accordance with the order, MERC recovered $10 million of these costs through its annual 
natural gas true-up process over a period of 12 months, and the remaining $65 million was to be recovered over a period of 27 months, 
both beginning in September 2021. Recovery of these costs and the issue of prudence was referred to a contested-case proceeding. In 
October 2022, the MPUC issued a written order approving a settlement agreement entered into by MERC and various parties related to 
the recovery of the extraordinary natural gas costs incurred in February 2021. Under the settlement agreement, MERC agreed to not 
seek recovery of $3 million of these costs. MERC recovered the remaining $62 million of extraordinary natural gas costs over the 
previously approved 27-month recovery period. 
Michigan Gas Utilities Corporation
2024 Rate Order
In March 2024, MGU filed a request with the MPSC to increase its retail natural gas base rates. In September 2024, the MPSC issued a 
final order approving a settlement agreement, which authorizes MGU to increase its natural gas base rates by $7.0 million (3.88%). The 
rate increase reflects a 9.86% ROE and a common equity component average of 50.0%. The rate increase is primarily driven by 
inflationary pressure on capital projects and operating and maintenance costs and the significant increase in interest rates over the past 
few years. The order also authorizes MGU to defer any expenses incurred to implement the PHMSA's proposed rulemaking titled "Gas 
Pipeline Leak Detection and Repair."
The new rates became effective January 1, 2025.
2023 Rate Order
In March 2023, MGU filed a request with the MPSC to increase its retail natural gas base rates. In August 2023, the MPSC issued a 
written order approving a comprehensive settlement that resolved all issues in MGU's rate case. The key terms of the settlement 
agreement included:
• a natural gas base rate increase of $9.9 million (4.7%);
• an ROE of 9.8%;
• a common equity component average of 51.0%; and,
• a continuation of the existing MRP rider, effective January 1, 2025 through 2027, including forecasted increased costs for those 
projects. MRP costs were recovered in base rates in 2024. 
WEC Energy Group
F-108
2024 Annual Financial Statements

The rate increase was primarily driven by capital investments made to strengthen the safety and reliability of MGU's natural gas 
distribution system and to provide service to additional customers. Inflationary pressure on operating costs also contributed to the rate 
increase. The new rates were effective January 1, 2024.
Upper Michigan Energy Resources Corporation
2024 Rate Order
In May 2024, UMERC filed a request with the MPSC to increase its electric base rates for non-mine customers. On October 10, 2024, 
the MPSC issued a final order approving a settlement agreement, which authorizes UMERC to increase electric base rates for non-
mine customers by $6.6 million (8.2%). The rate increase reflects a 9.86% ROE and a common equity component average of 50.0%. 
The rate increase is primarily driven by the construction of the now in-service RICE generation facilities located in the Upper Peninsula 
of Michigan and a reduction in sales volumes resulting from the implementation of limited retail choice since UMERC’s predecessor 
utilities last reset rates. A reduction of operation and maintenance costs partially offset these impacts.
The new rates became effective January 1, 2025.
NOTE 27—OTHER INCOME, NET
Total other income, net was as follows for the years ended December 31:
(in millions)
2024
2023
2022
Non-service components of net periodic benefit costs
$ 
83.7 
$ 
97.7 
$ 
104.4 
AFUDC-Equity
59.8 
59.1 
29.4 
Interest income
17.2 
3.9 
1.2 
Gains (losses) from investments held in rabbi trust
11.7 
13.7 
(12.6) 
Earnings (losses) from equity method investments (1)
4.7 
(1.1) 
9.3 
Other, net
1.1 
4.4 
(2.9) 
Other income, net
$ 
178.2 
$ 
177.7 
$ 
128.8 
(1)
Amounts do not include equity earnings of transmission affiliates as those earnings are shown as a separate line item on the income statements.
NOTE 28—NEW ACCOUNTING PRONOUNCEMENTS
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation 
Disclosures (Subtopic 220-40) Disaggregation of Income Statement Expenses. The amendments require disclosure of certain costs and 
expenses in the notes to financial statements, which are disaggregated from relevant expense captions on the income statement. The 
amendments also require additional qualitative disclosures of the amounts remaining in relevant expense captions that are not 
separately disaggregated quantitatively. Finally, the amendments require disclosure of the total amount of selling expenses and, in 
annual reporting periods, an entity's definition of selling expenses. The amendments are effective for annual periods beginning after 
December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. We plan to adopt these 
amendments beginning with our fiscal year ending on December 31, 2027, and are currently evaluating the impact this guidance may 
have on our financial statements and related disclosures. 
Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The 
amendments require additional disclosures, primarily related to income taxes paid and the rate reconciliation table. The amendments 
require disclosures on specific categories in the rate reconciliation table, as well as additional information for reconciling items that meet 
a quantitative threshold. For income taxes paid, additional disclosures are required to disaggregate federal, state, and foreign income 
taxes paid, with additional disclosures for income taxes paid that meet a quantitative threshold. The amendments are effective for 
annual periods beginning after December 15, 2024, with early adoption permitted. We plan to adopt these amendments beginning with 
our fiscal year ending on December 31, 2025, and are currently evaluating the impact this guidance may have on our financial 
statements and related disclosures.
Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment 
Disclosures. The amendments require additional disclosures about reportable segments on an annual and interim basis. The 
amendments require disclosure of significant segment expenses that are (1) regularly provided to the CODM and (2) included in the 
reported measure of segment profit or loss. The amendments also require disclosure of an amount for other segment items and a 
description of its composition. The new standard also allows companies to disclose multiple measures of segment profit or loss if those 
measures are used to assess performance and allocate resources. The update was effective for fiscal years beginning after 
December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We 
adopted these amendments beginning with our fiscal year ending on December 31, 2024. See Note 22, Segment Information, which 
reflects the implementation of this update in our disclosures about our reportable segments.
WEC Energy Group
F-109
2024 Annual Financial Statements

F-110
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 
To the shareholders and the Board of Directors of WEC Energy Group, Inc.    
Opinion on the Financial Statements 
We have audited the accompanying consolidated balance sheets of WEC Energy Group, Inc. and subsidiaries 
(the "Company") as of December 31, 2024 and 2023, the related consolidated statements of income, 
comprehensive income, equity, and cash flows, for each of the three years in the period ended December 31, 
2024, and the related notes and the schedules listed in the Index at Item 15 (collectively referred to as the 
"financial statements"). In our opinion, the financial statements present fairly, in all material respects, the 
financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its 
cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting 
principles generally accepted in the United States of America. 
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board 
(United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2024, 
based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of 
Sponsoring Organizations of the Treadway Commission and our report dated February 21, 2025, expressed an 
unqualified opinion on the Company's internal control over financial reporting. 
Basis for Opinion 
These financial statements are the responsibility of the Company's management. Our responsibility is to 
express an opinion on the Company's financial statements based on our audits. We are a public accounting 
firm registered with the PCAOB and are required to be independent with respect to the Company in 
accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and 
Exchange Commission and the PCAOB. 
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we 
plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of 
material misstatement, whether due to error or fraud. Our audits included performing procedures to assess 
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing 
procedures that respond to those risks. Such procedures included examining, on a test basis, evidence 
regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the 
accounting principles used and significant estimates made by management, as well as evaluating the overall 
presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. 
Critical Audit Matter 
The critical audit matter communicated below is a matter arising from the current-period audit of the financial 
statements that was communicated or required to be communicated to the audit committee and that (1) 
relates to accounts or disclosures that are material to the financial statements and (2) involved our especially 
challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in 
any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the 
critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or 
disclosures to which it relates. 
Regulatory Assets and Liabilities - Impact of rate regulation on financial statements — Refer to 
Notes 6 and 26 to the financial statements 
Critical Audit Matter Description 
The Company’s regulated utilities are subject to regulation by various state and federal regulatory bodies 
(collectively the “Commissions”) which have jurisdiction with respect to the rates of electric and gas 
distribution companies in each respective state. Management has determined the Company meets the 
requirements under accounting principles generally accepted in the United States of America to prepare its 
Deloitte & Touche LLP 
777 East Wisconsin Ave 
34th Floor 
Milwaukee, WI 53202 
USA 
Tel:   +1 414 271 3000 
Fax:  +1 414 347 6200 
www.deloitte.com 

F-111
financial statements applying the Regulated Operations Topic of the Financial Accounting Standards Board’s 
Accounting Standard Codification.  
Rates are determined and approved in regulatory proceedings based on an analysis of the Company’s costs to 
provide utility service and a return on, and recovery of, the Company’s investment in the utility business. 
Current and future regulatory decisions can have an impact on the recovery of costs, the rate of return earned 
on investment, and the timing and amount of assets to be recovered through rates. The Commissions’ 
regulation of rates is premised on the full recovery of prudently incurred costs and a reasonable rate of return 
on invested capital. Certain items that would otherwise be immediately recognized as revenues and expenses 
are deferred as regulatory assets and regulatory liabilities for future recovery or refund to customers, as 
authorized by the Company’s regulators. While the Company has indicated it expects to recover costs from 
customers through regulated rates, there is a risk that the Commissions will not approve: (1) full recovery of 
the costs of providing utility service, (2) full recovery of all amounts invested in the utility business and a 
reasonable return on that investment or (3) timely recovery of costs incurred. 
We identified the impact of rate regulation as a critical audit matter due to the significant judgments made by 
management to support its assertions about the impacted account balances and disclosures and the 
subjectivity involved in assessing the impact of future regulatory orders on the financial statements. 
Management judgments include assessing the likelihood of (1) recovery in future rates of incurred costs 
and/or (2) a refund to customers. Auditing these judgments required specialized knowledge of accounting for 
rate regulation and the rate setting process due to its inherent complexities. 
How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures related to the impact of rate regulation on certain assets and liabilities included the 
following, among others:  
•
We tested the effectiveness of management’s controls over regulatory assets and liabilities, including
management’s controls over the identification of costs recorded as regulatory assets and liabilities and the
monitoring and evaluation of regulatory developments that may affect the likelihood of recovering costs in
future rates.
•
We inquired of Company management and independently obtained and read: (1) relevant regulatory
orders issued by the Commissions for the Company, (2) Company filings with the Commissions, (3) filings
made by intervenors and (4) other publicly available information to assess the likelihood of recovery in
future rates or of a future reduction in rates based on precedents of the Commissions’ treatment of similar
costs under similar circumstances. To assess completeness, we evaluated the information obtained and
compared it to management’s recorded regulatory asset and liability balances.
•
For regulatory matters in process, we inspected the Company’s filings with the Commissions and the
filings with the Commissions by intervenors that may impact the Company’s future rates, for any evidence
that might contradict management’s assertions.
•
We evaluated management’s conclusions regarding the probability of recovery for regulatory assets or
refund or future reduction in rates for regulatory liabilities not yet addressed in a regulatory order.
•
We evaluated the Company’s disclosures related to the impacts of rate regulation, including the balances
recorded and regulatory developments.
February 21, 2025 
We have served as the Company's auditor since 2002. 

F-112
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 
To the shareholders and the Board of Directors of WEC Energy Group, Inc.    
Opinion on Internal Control over Financial Reporting 
We have audited the internal control over financial reporting of WEC Energy Group, Inc. and subsidiaries (the 
“Company”) as of December 31, 2024, based on criteria established in Internal Control — Integrated 
Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission 
(COSO). In our opinion, the Company maintained, in all material respects, effective internal control over 
financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated 
Framework (2013) issued by COSO. 
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board 
(United States) (PCAOB), the consolidated financial statements and financial statement schedules as of and 
for the year ended December 31, 2024, of the Company and our report dated February 21, 2025, expressed 
an unqualified opinion on those consolidated financial statements and financial statement schedules. 
Basis for Opinion 
The Company’s management is responsible for maintaining effective internal control over financial reporting 
and for its assessment of the effectiveness of internal control over financial reporting, included in the 
accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to 
express an opinion on the Company’s internal control over financial reporting based on our audit. We are a 
public accounting firm registered with the PCAOB and are required to be independent with respect to the 
Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the 
Securities and Exchange Commission and the PCAOB. 
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan 
and perform the audit to obtain reasonable assurance about whether effective internal control over financial 
reporting was maintained in all material respects. Our audit included obtaining an understanding of internal 
control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the 
design and operating effectiveness of internal control based on the assessed risk, and performing such other 
procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable 
basis for our opinion. 
Definition and Limitations of Internal Control over Financial Reporting 
A company’s internal control over financial reporting is a process designed to provide reasonable assurance 
regarding the reliability of financial reporting and the preparation of financial statements for external purposes 
in accordance with generally accepted accounting principles. A company’s internal control over financial 
reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in 
reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; 
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorizations of management and
directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the
financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect 
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk 
that controls may become inadequate because of changes in conditions, or that the degree of compliance with 
the policies or procedures may deteriorate. 
February 21, 2025 
Deloitte & Touche LLP 
777 East Wisconsin Ave 
34th Floor 
Milwaukee, WI 53202 
USA 
Tel:   +1 414 271 3000 
Fax:  +1 414 347 6200 
www.deloitte.com 

INTERNAL CONTROL OVER FINANCIAL REPORTING
MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is 
defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Under the supervision and with the participation of our management, including 
our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of our and our subsidiaries' 
internal control over financial reporting based on the framework in Internal Control – Integrated Framework (2013) issued by the 
Committee of Sponsoring Organizations of the Treadway Commission. Based on its evaluation, our management concluded that our 
and our subsidiaries' internal control over financial reporting was effective as of December 31, 2024.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even 
those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and 
presentation. Also, projections of any evaluation of the effectiveness of internal control over financial reporting to future periods are 
subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with 
the policies or procedures may deteriorate.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
For Deloitte & Touche LLP's Report of Independent Registered Public Accounting Firm, attesting to the effectiveness of our internal 
controls over financial reporting, see Page F-110.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
There were no changes in our internal control over financial reporting (as such term is defined in Exchange Act Rules 13a-15(f) and 
15d-15(f)) during the fourth quarter of 2024 that materially affected, or are reasonably likely to materially affect, our internal control over 
financial reporting. 
MARKET FOR OUR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
NUMBER OF COMMON SHAREHOLDERS
As of January 31, 2025, based upon the number of WEC Energy Group shareholder accounts (including accounts in our stock 
purchase and dividend reinvestment plan), we had approximately 34,000 registered shareholders.
COMMON STOCK LISTING AND TRADING
Our common stock is listed on the New York Stock Exchange under the ticker symbol "WEC."
COMMON STOCK DIVIDENDS OF WEC ENERGY GROUP
We review our dividend policy on a regular basis. Subject to any regulatory restrictions or other limitations on the payment of dividends, 
future dividends will be at the discretion of the Board of Directors and will depend upon, among other factors, earnings, financial 
condition, and other requirements. For more information on our dividends, including restrictions on the ability of our subsidiaries to pay 
us dividends, see Note 11, Common Equity. 
WEC Energy Group
F-113
2024 Annual Financial Statements

PERFORMANCE GRAPH
The performance graph below shows a comparison of the cumulative total return, assuming reinvestment of dividends, over the last five 
years had $100 been invested at the close of business on December 31, 2019, in each of:
•
WEC Energy Group common stock;
•
a Custom Peer Index Group.
•
the Standard & Poor’s 500 Index (“S&P”); and
Custom Peer Index Group. We use a custom peer index group for peer comparison purposes because we believe that it provides an 
accurate representation of our peers. The custom peer index group is a market capitalization-weighted index of companies, including 
WEC Energy Group, that are similar to us in terms of size and business model.
In addition to WEC Energy Group, the companies in the Custom Peer Index Group are Alliant Energy Corporation; Ameren Corporation; 
American Electric Power Company, Inc.; CenterPoint Energy; CMS Energy Corporation; Consolidated Edison, Inc.; Dominion Energy, 
Inc.; DTE Energy Company; Duke Energy Corp.; Eversource Energy; Exelon Energy; FirstEnergy Corp.; NiSource Inc.; OGE Energy 
Corp.; Pinnacle West Capital Corporation; PPL Energy; The Southern Company; and, Xcel Energy Inc.
Five-Year Cumulative Return
WEC Energy Group
S&P 500
Custom Peer Index Group
12/31/19
12/31/20
12/31/21
12/31/22
12/31/23
12/31/24
$80
$100
$120
$140
$160
$180
$200
Value of Investment at Year-End
12/31/19
12/31/20
12/31/21
12/31/22
12/31/23
12/31/24
WEC Energy Group
$100
$102
$111
$111
$103
$120
S&P 500
$100
$118
$152
$125
$157
$197
Custom Peer Index Group
$100
$95
$111
$114
$106
$123
WEC Energy Group
F-114
2024 Annual Financial Statements

BOARD OF DIRECTORS
Warner L. Baxter
Director since January 2025.
Retired Executive Chairman of Ameren, a 
Fortune 500 energy company serving 
approximately 2.5 million electric and 1 million 
natural gas customers in Illinois and Missouri.
Gale E. Klappa
Director since 2003.
Non-Executive Chairman of the Board of
WEC Energy Group, Inc.
Ave M. Bie
Director since 2023.
Retired Partner of Quarles & Brady LLP, a law 
firm serving a diverse list of domestic and 
international clients, in both large industrial 
sectors and small entrepreneurial settings.
Thomas K. Lane
Director since 2020.
Vice Chairman of Energy Capital Partners LLC, a 
private equity firm that focuses on investing in power 
generation, midstream gas, electric transmission and 
energy and environmental services sectors of North 
America's energy infrastructure.
Curt S. Culver
Director since 2004.
Non-Executive Chairman of the Board of MGIC 
Investment Corporation and Mortgage Guaranty 
Insurance Corporation, a private mortgage 
insurance company. MGIC is the parent company 
of Mortgage Guaranty Insurance Corporation
John D. Lange
Director since January 2025.
Retired global head of the Power, Utilities and 
Renewable Energy Group, the Natural Resources 
Group, and of the Industrials Group of Barclays PLC.
Danny L. Cunningham
Director since 2018.
Retired Partner and Chief Risk Officer of Deloitte 
& Touche LLP, an industry-leading audit, 
consulting, tax, and advisory firm.
Scott J. Lauber
Director since 2022.
President and Chief Executive Officer of 
WEC Energy Group, Inc.
William M. Farrow III
Director since 2018.
Retired Chairman and Chief Executive Officer of 
Winston and Wolfe LLC, a privately held 
technology development and advisory company
Ulice Payne, Jr.
Director since 2003.
Managing Member of Addison-Clifton, LLC, which 
provides global trade compliance advisory services.
Cristina A. Garcia-Thomas
Director since 2021.
Former Senior Vice President and Chief Diversity, 
Equity and Inclusion Officer of Advocate Health, a 
not-for-profit health care system operating across 
Alabama, Georgia, Illinois, North Carolina, South 
Carolina and Wisconsin.
Mary Ellen Stanek
Director since 2012.
Managing Director and Director of Asset 
Management of Baird Financial Group; Co-Chief 
Investment Officer, Baird Advisors; President, Baird 
Funds, Inc. Baird Financial Group provides wealth 
management, capital markets, private equity, and 
asset management services to clients worldwide.
Maria C. Green
Director since 2019.
Retired Senior Vice President and General 
Counsel of Ingersoll Rand plc, a diversified 
industrial manufacturer serving customers in 
global commercial, industrial and residential 
markets.
Glen E. Tellock
Director since 2022.
Retired President and Chief Executive Officer of 
Lakeside Foods, a privately held, industry-leading 
international food processing company based in 
Wisconsin.
WEC Energy Group
F-115
2024 Annual Financial Statements

OFFICERS
The names and positions as of January 31, 2025, of WEC Energy Group’s officers are listed below.
Scott J. Lauber* – President and Chief Executive Officer.
Robert M. Garvin* – Executive Vice President–External Affairs.
Margaret C. Kelsey* – Executive Vice President, General Counsel and Corporate Secretary.
Xia Liu* – Executive Vice President and Chief Financial Officer.
M. Beth Straka* – Senior Vice President–Corporate Communications and Investor Relations.
William J. Guc* – Vice President and Controller.
Anthony L. Reese* – Vice President and Treasurer.
James A. Schubilske – Vice President and Chief Audit Officer.
David L. Hughes – Assistant Treasurer.
* Executive Officer of WEC Energy Group as of January 31, 2025. 
The following individuals were also executive officers of WEC Energy Group as of January 31, 2025:
• Michael W. Hooper –  President, We Energies and Wisconsin Public Service
• Daniel P. Krueger – Executive Vice President -- Infrastructure and Generation Planning 
• Molly A. Mulroy – Executive Vice President and Chief Administrative Officer of WEC Business Services LLC, a centralized service 
company of WEC Energy Group.
• Joshua M. Erickson – Vice President and Deputy General Counsel of WEC Business Services LLC, a centralized service company 
of WEC Energy Group.
WEC Energy Group
F-116
2024 Annual Financial Statements

NOTICE OF 2025 ANNUAL MEETING 
AND PROXY STATEMENT

This Page Intentionally Left Blank
WEC Energy Group
P-2
2025 Proxy Statement

Dear Fellow Stockholders
On behalf of our Board of Directors, I cordially invite you to attend WEC Energy Group’s Annual Meeting of Stockholders. 
We look forward to hosting this year’s meeting in virtual format. 
Throughout 2024, our Board of Directors and management team maintained a clear focus on the fundamentals of our 
business — resulting in an exceptional year on virtually every meaningful measure.
WEC Energy Group delivered solid growth in net income and earnings per share. Once again, the company returned more 
cash to stockholders than in any other year in company history. We increased the dividend by 6.9 percent in January 2025 
— the twenty-second consecutive year of dividend increases for our stockholders. 
And I’m pleased to note that we were added to S&P’s High Yield Dividend Aristocrats Index in 2024.
In fall 2024, the company announced its largest five-year capital plan to date, with $28 billion of proposed investment to 
support safety, reliability and growth. The need for these important infrastructure investments is being driven by robust 
economic activity in the region we serve.
Our management team is also upholding our commitment to a clean energy future. In 2024, WEC Energy Group added 
more low- and no-carbon generation to its fleet, while retiring less efficient coal generation. These investments have helped 
the company make significant progress toward its environmental goals — without compromising affordable energy rates or 
the fuel diversity that is needed for reliability.
We have maintained a strong governance structure to support the company’s progress. Challenging metrics in our 
incentive compensation program continue to link pay and performance across the company. 
Our board welcomed two new directors with terms beginning in January of this year. With their extensive experience in the 
energy sector, we believe Warner Baxter and John Lange will add depth and expertise to a highly engaged and effective 
Board of Directors. And with proposals 4 and 5, our board is proactively addressing stockholder support for a simple 
majority voting standard.
We ask for your participation in the vote at this year’s meeting. And, as always, we welcome your engagement. Thank you 
for your confidence in WEC Energy Group.
  Gale E. Klappa
  Non-Executive Chairman
WEC Energy Group
P-3
2025 Proxy Statement

Notice of 2025 Annual Meeting of Stockholders 
Date and Time 
Thursday, May 8, 2025 at 1:30 p.m., Central time.
Location
WEC Energy Group will hold a virtual annual stockholders meeting, held 
exclusively online at www.meetnow.global/M6WU7L5. Access to the meeting 
begins at 1:15 p.m., Central time.
Items to be voted
1. Election of 13 directors-terms expiring in 2026.
2. Ratification of Deloitte & Touche LLP as independent auditors for 2025.
3. Advisory vote to approve compensation of the named executive officers.
4. Amendments to our Restated Articles of Incorporation to eliminate 
supermajority voting requirements.
5. Amendments to our Bylaws to eliminate supermajority voting 
requirements.
6. Stockholder proposal to support simple majority vote.
In addition, we will consider and act upon any other business as may 
properly come before the Annual Meeting or any adjournment or 
postponement thereof.
How to attend the 2025 Annual Meeting
This year’s Annual Meeting will take place entirely online. If you would like to 
participate in the meeting, including voting, submitting a question, or 
examining our list of stockholders, you will need to visit our meeting site, 
located at www.meetnow.global/M6WU7L5, and enter your control number. 
Consistent with our prior virtual meetings, we will offer stockholder rights 
and participation opportunities. 
Registered Stockholders. If your shares are registered in your name, your 
15-digit control number was included on your Notice of Internet Availability of 
Proxy Materials, your proxy card or on the instructions that accompanied 
your proxy materials.
Beneficial Owners. If you own shares in “street name” (that is, through a 
broker, bank or other nominee), you must register in advance to obtain a 
control number. For more information, see Annual Meeting Attendance and 
Voting Information, which begins on P-85. 
Your vote is very important to us. We urge you to review the proxy 
statement carefully and exercise your right to vote. Even if you plan to 
attend the Annual Meeting, please vote your shares as soon as possible 
using one of the voting methods outlined in this notice. If you vote in 
advance, you are still entitled to vote at the Annual Meeting, which would 
have the effect of revoking any prior votes.
 Voting methods
Use the Internet
Vote shares online. 
See page P-86.
Mobile Device
Scan this QR code.
Call Toll-Free
In the U.S. or Canada call  
1-800-652-8683.
Mail your Proxy Card
Follow the instructions on your 
voting form.
Record Date
Stockholders of record as of close of business on 
March 7, 2025 (Record Date), will be entitled to vote. 
Each share of common stock is entitled to one vote 
for each director position and one vote for each of 
the other proposals.
On or about March 27, 2025, the Proxy Statement 
and 2024 Annual Report are being mailed or made 
available online to stockholders.
Important Notice Regarding the Availability of 
Proxy Materials for the Stockholder Meeting to 
Be Held on May 8, 2025: The Proxy Statement and 
2024 Annual Report are available at 
www.envisionreports.com/WEC.
Margaret C. Kelsey
Executive Vice President, General Counsel and Corporate Secretary
March 27, 2025
WEC Energy Group
P-4
2025 Proxy Statement

Table of Contents 
Forward-Looking Statements 
P-6
Proxy Summary 
P-6
 Proposal 1 
 
 
 
             P-12
 Election of 13 Directors-Terms Expiring in 2026
Board Composition 
P-13
Succession Planning/Director Nomination Process 
P-16
2025 Director Nominees for Election  
P-18
Governance 
P-25
Primary Role and Responsibilities of our Board 
P-25
Our Environmental, Social and Governance
Commitment 
P-28
Stockholder Engagement 
P-30
Board Leadership Structure 
P-31
Board and Committee Practices 
P-31
Board Evaluation Process 
P-32
Board Committees 
P-33
Compensation Committee Interlocks and 
Insider Participation 
P-35
Additional Governance Matters 
P-35
Communications with the Board 
P-37
Where to Find More Information on Governance 
P-37
Director Compensation 
P-37
 Proposal 2  
 
 
 
             P-40
Ratification of Deloitte & Touche LLP as 
Independent Auditors for 2025
Independent Auditors' Fees and Services 
P-41
Audit and Oversight Committee Report 
P-42
 Proposal 3 
 
 
 
             P-43
Advisory Vote to Approve Compensation of the 
Named Executive Officers
Compensation Discussion and Analysis 
P-44
Executive Summary 
P-44
Components of Our Executive Compensation
Program 
P-46
Determination of Market Median 
P-48
Annual Base Salary 
P-48
Annual Cash Incentive Compensation 
P-48
Long-Term Incentive Compensation 
P-52
Compensation Recoupment Policy 
P-57
Stock Ownership Guidelines 
P-57
Prohibition on Hedging and Pledging 
P-57
Limited Trading Windows 
P-57
Retirement Programs 
P-57
Other Benefits, Including Perquisites 
P-58
Tax Gross-Up Policy 
P-58
Severance Benefits and Change in Control 
P-58
Impact of Prior Compensation 
P-58
Tax and Accounting Considerations 
P-58
Compensation Committee Report 
P-59
Executive Compensation Tables
P-60
Summary Compensation Table 
P-60
Grants of Plan-Based Awards for Fiscal Year 2024 
P-62
Outstanding Equity Awards at Fiscal Year-End 2024 
P-63
Option Exercises and Stock Vested for
Fiscal Year 2024 
P-64
Pension Benefits at Fiscal Year-End 2024 
P-65
Retirement Plans 
P-66
Nonqualified Deferred Compensation for 
Fiscal Year 2024 
P-68
Potential Payments Upon Termination or 
Change in Control 
P-70
Pay Ratio Disclosure 
P-72
Risk Analysis of Compensation Policies and Practices P-73
Pay versus Performance Disclosure 
P-73
 Proposal 4 
 
 
 
             P-77
Amendments to our Restated Articles of 
Incorporation to eliminate supermajority voting 
requirements
 Proposal 5 
 
 
 
             P-79
Amendments to our Bylaws to eliminate 
supermajority voting requirements
 Proposal 6 
 
 
 
             P-81
Stockholder Proposal to Support Simple Majority  
Vote 
WEC Energy Group Common Stock 
P-83
Ownership
Annual Meeting Attendance and Voting
Information 
 
 
 
 
P-85
Business of the 2025 Annual Meeting of Stockholders P-85
Voting Information 
P-85
Access to Proxy Materials 
P-87
Annual Meeting Attendance 
P-87
Stockholder Nominees and Proposals 
P-88
Availability of Form 10-K 
P-89
Appendix A - GAAP Reconciliation 
P-90
WEC Energy Group
P-5
2025 Proxy Statement

Forward-Looking Statements 
The statements contained in this proxy statement about our future performance, including, without limitation, future financial and operational results, 
strategic initiatives, execution of our capital plan, emissions reduction goals and all other statements that are not purely historical, are "forward-looking 
statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. There are a 
number of risks and uncertainties that could cause actual results to differ materially from any forward-looking statements made herein. A discussion of 
some of these risks and uncertainties is contained in our Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent filings 
with the Securities and Exchange Commission ("SEC"). These reports address in further detail our business, industry issues and other factors that could 
cause actual results to differ materially from those indicated in this proxy statement. Except as may be required by law, we disclaim any obligation to 
publicly update or revise any forward-looking statements.
Other reports and website references. In this proxy statement we identify certain reports and materials that are available on or through our website or 
those of our subsidiaries. These reports and the information contained on, or available through WEC Energy Group's website and the websites of its 
subsidiaries, are not "soliciting material," are not deemed filed with the SEC, and are not, nor shall they be deemed to be, incorporated by reference. 
Proxy Summary
This summary highlights selected information related to items to be voted on at the annual meeting of stockholders. This summary does 
not contain all of the information that you should consider when deciding how to vote. Please read the entire proxy statement before 
voting. Additional information regarding WEC Energy Group, Inc.'s (the "Company" or "WEC Energy Group") 2024 performance can be 
found in our Annual Report on Form 10-K for the year ended December 31, 2024.
The 2025 Annual Meeting of Stockholders will be a virtual-only meeting via live webcast. There will not be a physical meeting location. 
Stockholders are encouraged to participate online by logging into www.meetnow.global/M6WU7L5 where you will be able to listen to the 
meeting live, submit questions and vote your shares. Please see page P-85 for more information.
Voting Matters and Recommendations
The following proposals are scheduled to be presented at our upcoming 2025 Annual Meeting of Stockholders:
Item to be Voted on
Board’s 
recommendation
Page
Proposal 1
Election of 13 Directors-terms expiring in 2026
FOR each nominee
P-12
Proposal 2
Ratification of Deloitte & Touche LLP as independent auditors 
for 2025
FOR
P-40
Proposal 3 
Advisory vote to approve executive compensation of the named 
executive officers
FOR
P-43
Proposal 4
Amendments to our Restated Articles of Incorporation to 
eliminate supermajority voting requirements
FOR
P-77
Proposal 5
Amendments to our Bylaws to eliminate supermajority voting 
requirements
FOR
P-79
Proposal 6
Stockholder proposal to support simple majority vote
AGAINST
P-81
WEC Energy Group
P-6
2025 Proxy Statement

An Energy Industry Leader 
WEC Energy Group is a leading Midwest electric and natural gas holding company with subsidiaries serving 4.7 million 
customers in Wisconsin, Illinois, Michigan and Minnesota. We also hold a majority ownership in American Transmission 
Company LLC, an electric transmission company regulated by FERC and certain state regulatory commissions. 
In addition, as part of our non-utility energy infrastructure segment, we own majority interests in a growing fleet of 
renewable generation facilities outside our regulated footprint. Our 7,000 employees are focused on providing affordable, 
reliable and clean energy for a sustainable future.
WEC Energy Group
P-7
2025 Proxy Statement
′15*
′16
′17
′18
′19
′20
′21
′22
′23
′24
′25E**
′15
′16
′17
′18
′19
′20
′21
′22
′23
′24
$ 29.9  
billion  
market cap
$ 47.4 
billion  
of assets
Long history of consistent, strong earnings and dividend growth.
*See Appendix A on page P-90 for reconciliation of non-GAAP measures.
$5.00
$4.50
$4.00
$3.50
$3.00
$2.50
$2.00
$1.50
$4.00
$3.50
$3.00
$2.50
$2.00
$1.50
As of 12/31/2024
Annualized dividends per share
Earnings per share*
$3.57
WEC
Philadelphia Utility
S&P Utilities
147%
125%
119%
Total Shareholder Return  
2014-2024
Diverse Portfolio of Businesses 
49% 
Electric 
generation 
and 
distribution
57%
32% 
Natural gas 
distribution
24%
LNG (distribution 
and generation)
WEC Infrastructure
Electric transmission*
2%
4%
7%
5%
10%
10%
 Based on average asset base.  
 * ATC is accounted for using the equity 
method; this represents WEC Energy 
Group’s portion of the asset base.
$4.83
GAAP
$4.88
ADJUSTED
10-year total cumulative shareholder return 12/31/2014, through 12/31/2024.
  *Annualized based on 4th quarter 2015 dividend of 45.75 cents per share.
** Annualized based on 1st quarter 2025 dividend of $0.8925 per share.
2024 actual
2029 projected

Our 2024 Performance Highlights
Throughout 2024, the Company remained steadfast in executing its fundamentals — safety, reliability, customer satisfaction, financial 
discipline and environmental stewardship. It ended the year with solid financial and operational results — delivering continued long-term 
value for stockholders and customers.
 Business Highlights / Awards and Recognition
 Financial Highlights 
Made significant progress on the clean energy transition and the capital plan:
• Paris Solar Park went into service, adding 180 megawatts (MW) of solar energy 
capacity for our Wisconsin utilities. Battery storage at the site is expected later in 
2025.
• The Company purchased 100 MW of additional capacity at West Riverside Energy 
Center, a highly efficient, combined-cycle natural gas power plant in Wisconsin. 
• Units 5 and 6 at Oak Creek Power Plant were retired, removing more than 500 
megawatts of coal-fueled capacity from the We Energies generation fleet.
• The Company completed construction of the Ixonia liquefied natural gas storage 
facility in Wisconsin, providing 1 billion cubic feet of storage to support energy 
reliability.
Spent $332.4 million with certified minority-, women-, veteran- or service-disabled-owned 
businesses.
Wisconsin Public Service was named among the top-performing midsize utilities in the 
nation as part of PA Consulting’s 2024 ReliabilityOne Awards.
Honored by the Wisconsin Department of Workforce Development with the Vets Ready 
Employer Initiative award for supporting veterans in the workforce and the community.
Included as a constituent of FTSE Russell’s FTSE4Good Index Series, which is made up of 
companies that reflect strong environmental, social and governance practices.
Received a Technology Transfer Award from EPRI in recognition of our work on an 
innovative hydrogen blending pilot project at A.J. Mihm Generating Station in Michigan.
Wisconsin Public Service was recognized by the American Gas Association for its safety 
record — having the lowest incident rate for days away, restricted or transferred in its 
benchmark category.
Included in Forbes Net Zero Leaders list based on emissions reduction strategy and 
performance.
We Energies and Wisconsin Public Service were honored by the University of Wisconsin-
Milwaukee with the Lurie Labor-Management Cooperation Prize for signing a first-of-its-kind 
pledge to use unionized labor in the construction of renewable energy projects.
WEC Energy Group ranked first overall in the 2024 E Source Large Business Customer 
Satisfaction Study.
Wisconsin Public Service was named a ‘Customer Champion’ and one of the ‘Most Trusted 
Brands’ in Escalent’s 2024 Utility Trusted Brand & Customer Engagement: Residential 
study.
$4.83 record earnings per 
share, on a GAAP basis
___________________________
$4.88 record earnings per 
share, on an adjusted basis
___________________________
6.9% dividend increase 
declared in January 2025
___________________________
21 consecutive years 
of higher dividends (2004-2024)
___________________________
82 consecutive years 
of delivering quarterly dividends 
(1942-2024)
____________________________
Included in S&P’s High Yield 
Dividend Aristocrats Index
WEC Energy Group
P-8
2025 Proxy Statement

How our Compensation Program Supports our Business Strategy
An important aspect of the Board’s oversight responsibilities is to hold the executive management team accountable to achieving the 
Company’s goals and objectives, and reward them appropriately when they do. This includes oversight of executive compensation. 
Since 2004, our executive compensation program has included metrics that link a substantial portion of executive pay to achieving 
financial, operational and social targets tied to our business fundamentals. These targets are linked to key objectives that underpin the 
company’s sustainability.
Social Matters
Incentive targets associated with operational and social goals are tied to strategic priorities, which include, among other things, a focus 
on employee safety, customer satisfaction, and workforce and supplier diversity.
Environmental Matters
Delivering a cleaner energy future to our customers while maintaining affordability and reliability is one of our core responsibilities and a 
major focus of our capital plan. The Compensation Committee assesses management’s performance against environmental goals 
through the execution of its capital plan. Management annually refreshes the capital plan, discusses it with the Board, including a 
preview of anticipated capital spending over five years, and then publicly discloses its plan during the fourth quarter each year.
The Company’s ability to effectively fund its substantial capital plan, has been directly linked with execution of its financial plan, 
including meeting the targets associated with the financial metrics used in the Company’s compensation program. These financial 
metrics are key performance indicators underlying executives’ incentive compensation. Throughout 2024, the Compensation Committee 
had continued discussions with FW Cook, its independent compensation consultant, and management about the potential integration of 
the Company's environmental goals, including emissions reduction targets, goals and other climate-related measures, into future 
performance metrics used in the Company's executive compensation program. The Committee determined not to include such a 
measure at this time and will continue evaluation of the matter in 2025. The execution of the capital plan has consistently reflected 
management’s focus on balancing the entire power generation portfolio within the Company’s commitments to providing affordable, 
reliable power. With the assistance of FW Cook, the Committee will continue to evaluate during 2025 whether the inclusion of a climate-
specific measure in the future would create any meaningful, actionable incentives that do not otherwise exist, given the significant 
commitment in the new capital plan for investments in renewable generation assets and management’s clear incentive to deliver on 
those commitments. 
Capital Plan: Investing in Growth
The Company’s 2025-2029 capital plan details planned 
significant investments in low- and no-carbon generation and 
modernization of the Company’s electric and natural gas 
infrastructure aimed at helping to reduce the emission of 
greenhouse gases (carbon and methane). These investments 
are the building blocks for the Company’s carbon dioxide 
emission-reduction goals from electric generation — 60% by the 
end of 2025 and 80% by the end of 2030, both below 2005 
levels, and net carbon neutral by 2050. The plan also supports 
the Company’s goal to achieve net-zero methane emissions 
from natural gas distribution lines in its network by the end of 
2030.
WEC Energy Group
P-9
2025 Proxy Statement
Baseline
-20%
-40%
-60%
-80%
-100%
2005
2050
Achieved and anticipated CO2 reductions (net mass)*
*Includes projection of potential carbon offsets by 2050
2024 2025
2030
-56%

 Governance Highlights 
Accountability to our stockholders is critical to our long-term success. We routinely evaluate and enhance our governance practices to 
maintain alignment with evolving best practices. Highlights of our governance framework and matters with which the Board was 
involved during 2024 are noted below.
Governance Framework
Board Independence/Composition
• 11 of 13 director nominees are 
independent
• Independent Lead Director with 
defined duties, elected by other 
independent directors
• Independent Audit, Compensation, 
Finance and Governance Committees
• Opportunity for executive sessions at 
every board and committee meeting
• 46% of Board nominees are diverse by 
gender or race/ethnicity
Board Oversight
• Short- and long-term strategy and 
major strategic initiatives
• Risk Management Process
• Leadership succession planning
• Code of Business Conduct
• Corporate sustainability, including risks 
and opportunities created by climate 
change
• Regular reporting from Board 
committees on specific risk oversight 
responsibilities
Board and Committee Practices
• Separate Chairman and CEO
• Ongoing Board refreshment 
• Annual Board and committee 
evaluations
• Strategy and risk oversight discussion 
at every regular Board meeting
• Ongoing education programs by 
internal and third-party experts
• Stock ownership requirements for 
directors and executives
• Recoupment (“clawback”) policies for 
incentive-based compensation to 
executives and officers
• Responsible overboarding restrictions
Stockholder Rights
• Annual election of all directors
• Majority voting standard for 
uncontested elections
• One-share, one-vote standard
• Proxy access and special meeting 
provisions in bylaws
• Annual “say-on-pay” advisory vote
Oversight of 2024 Strategic Initiatives
The Board is actively engaged in the oversight of the Company’s strategy, providing 
advice and counsel as warranted and holding management accountable for making sound 
decisions in executing important matters affecting its stakeholders. Examples during 2024 
included:
• Capital plan, updated to reflect the Company’s anticipated capital expenditures over 
2025-2029, allocated across strategies aimed at delivering affordable, reliable and clean 
energy, while providing transparency to investors.
• Plans for $27.6 billion of investments in regulated renewables, natural gas generation, LNG 
capacity, electric and natural gas distribution and electric transmission.
• Mitigation of the continued impact of macro-economic and other trends on the utility sector.
• Prudent management of regulatory matters, including rate case reviews across all state 
jurisdictions.
2024 Governance Highlights
The Board is committed to ensuring the Company conducts its business with the highest 
standards of ethics, integrity and transparency. Governance highlights from 2024, which 
occurred at the Board’s direction, include: 
• Developed and executed leadership succession plans, including the transition of Gale E. 
Klappa from the role of Executive Chairman to the role of Non-Executive Chairman 
following the 2024 annual meeting of stockholders.
• Added 6 new independent directors between 2020 and 2025.
• Recruited and appointed two new independent directors with significant utility experience 
for terms beginning January 1, 2025.
• Reviewed committee charters to confirm they reflect best practices and risk oversight 
responsibilities and approved appropriate updates.
• Reviewed governance practices and disclosures to reflect evolving SEC rules, including 
those related to insider trading policies, climate and cybersecurity incidents.
• Established independent director and non-executive chair fees consistent with market, as 
recommended by outside advisor.
• Addressed stockholder support for a simple majority voting standard, evidenced by the 
inclusion of proposals 4 and 5 herein.
• Focused on expanding and enhancing public disclosures of interest to stakeholders:
◦Published the Company's electric utility energy mix and emission rates.
◦Issued corporate responsibility report in alignment with the Sustainability Accounting 
Standards Board ("SASB") industry standards.
◦Published the Company’s consolidated EEO-1 Report.
• Provided oversight to the selection of new presidents of the Company's Wisconsin and 
Illinois utilities.
WEC Energy Group
P-10
2025 Proxy Statement

The Director Nominees at a Glance 
The following table provides an overview of the director nominees, current as of January 16, 2025. Other than Warner L. Baxter and 
John D. Lange, who were elected by the Board and began service on January 1, 2025, all of the director nominees were elected at the 
2024 Annual Meeting of Stockholders. Additional information regarding our director nominees, including a detailed skills matrix, begins 
on P-14.
See P-14 for diversity characteristics self-identified by each director.
WEC Energy Group
P-11
2025 Proxy Statement

PROPOSAL 1: ELECTION OF DIRECTORS – TERMS EXPIRING IN 2026
What am I voting on?
Stockholders are being asked 
to elect 13 director nominees 
each for a one-year term.
Voting Recommendation: 
ü FOR the election of each Director Nominee. 
The Board of Directors and Corporate Governance Committee believe the 13 director 
nominees possess the experience and qualifications necessary to provide effective oversight of 
the Company and the long-term interests of its stockholders.
WEC Energy Group’s bylaws require each director to be elected annually to hold office for a one-year term. Acting on the 
recommendation of the Corporate Governance Committee, the Board is recommending the following 13 nominees for election as 
directors at our annual meeting. Each nominee, if elected, will serve until the 2026 Annual Meeting of Stockholders, or until a successor 
is duly elected and qualified.
1. Warner L. Baxter
6. Maria C. Green
10. Scott J. Lauber
2. Ave M. Bie
7. Gale E. Klappa
11. Ulice Payne, Jr.
3. Danny L. Cunningham
8. Thomas K. Lane
12. Mary Ellen Stanek
4. William M. Farrow III
9. John D.  Lange 
13. Glen E. Tellock
5. Cristina A. Garcia-Thomas
• All director nominees currently serve as directors on our Board. All nominees, with the exception of Directors Baxter and Lange, 
were elected by our stockholders at our 2024 Annual Meeting of Stockholders, each having received at least 93.6% of the votes 
cast.
• All director nominees are independent with the exception of Directors Klappa and Lauber. Director Klappa, who transitioned to 
Non-Executive Chairman in May 2024, is not independent due to his prior employment with WEC Energy Group. Director 
Lauber is not independent due to his current employment with WEC Energy Group. 
• Each nominee has consented to being nominated and to serve if elected. In the unlikely event that any nominee becomes 
unable to serve for any reason, the proxies will be voted for a substitute nominee selected by the Board upon the 
recommendation of the Corporate Governance Committee.
• This is an uncontested election; therefore, our majority vote standard for election of directors will apply. Under this standard, 
each director nominee will be elected only if the number of votes cast favoring such nominee’s election exceeds the number of 
votes cast opposing that nominee’s election, as long as a quorum is present. Therefore, presuming a quorum is present, shares 
not voted, whether by broker non-vote, abstention, or otherwise, have no effect on the election of directors. Proxies may not be 
voted for more than 13 persons in the election of directors.
• Director Culver reached retirement age in 2024, and therefore, is not serving as a nominee. Mr. Culver's responsibilities as 
Finance Committee Chair will transition to another independent director in May 2025. The Company sincerely thanks Mr. Culver 
for his many contributions, leadership and years of dedicated service.
• To ensure seamless and orderly Board succession following Director Culver’s retirement and to bolster the Board’s collective 
capabilities, the Board elected two new members effective January 1, 2025, Directors Baxter and Lange.
The process through which the Board arrived at these director nominees is the result of the Board’s regular assessment of its 
composition and its focused attention to ongoing succession planning, as described in the following pages.
WEC Energy Group
P-12
2025 Proxy Statement

BOARD COMPOSITION 
The Corporate Governance Committee and the Board evaluate director nominees in light of the Board’s current members, with the goal 
of recommending nominees with diverse backgrounds and experiences who, together with the current directors, can best perpetuate 
the success of WEC Energy Group’s business and represent stockholder interests. Director nominees are evaluated on the basis of 
certain key attributes, core competencies, diversity, age/tenure, existing time commitments and independence. By following this 
process, the Board is able to ensure that its director candidates bring a broad range of perspectives and experiences, will effectively 
contribute to the Board, and will complement the other directors.
The Corporate Governance Committee and the Board determined that the director nominees' complementary breadth of characteristics 
are suited to executing the duties of the Board and, when taken together, embody the personal qualities, qualifications, skills, and 
diversity of background that best serve our Company and its stockholders.
————————————————
2025 BOARD OF DIRECTORS — 13 NOMINEES
————————————————––
Average age
Average tenure
Gender diversity
Independence
Racial/Ethnic diversity
66 years
7.2 years
31%
85%
31%
Key Attributes Required of All Directors
The Corporate Governance Committee routinely evaluates the expertise and needs of the Board to determine its proper membership 
and size. As described in the Corporate Governance Guidelines, The Board believes that all directors must demonstrate certain key 
attributes, as noted below.
• Proven integrity
• Ability to appraise problems objectively
• Relevant technological, civic, economic,  
and/or social/cultural experience
• Familiarity with domestic and international 
issues affecting the Company's business
• Vision and imagination
• Mature and independent judgment
• Ability to evaluate strategic options 
and risks
• Social consciousness
• Contribution to the Board's collective 
diversity 
• Willingness to dedicate sufficient time to 
board service
• Sound business experience/acumen
• Achievement of prominence in career
• Availability to serve for five years before 
reaching retirement age 
Core Competencies
The Board regularly evaluates director qualifications and core competencies in the context of the Board’s oversight of strategic 
initiatives, financial and operational performance objectives, and material risks. To that end, the Board seeks directors whose collective 
knowledge, experience and skills provide a broad range of perspectives and leadership expertise in domains particularly relevant to our 
business including: highly complex and regulated industries, strategic planning, financial strategy, utility/energy industry, technology and 
security, audit oversight and financial controls, human capital management, corporate governance, sustainability matters (including 
those associated with climate strategy), public policy, and other areas important to executing the Company’s strategy.
With that in mind, the Corporate Governance Committee and Board have determined that the Board’s composition should consist of 
candidates that collectively possess a specific set of core competencies, as listed below, in alphabetical order, in order to effectively 
carry out its oversight function.
• Audit Oversight/Financial Reporting
• Corporate Governance
• Financial Strategy/Investment 
Management/Investor Relations
• Government/Public Policy
• Human Capital Management/Executive 
Compensation
• Regulated Industry Knowledge
• Risk Management and Oversight
• Senior Leadership/CEO Experience
• Strategic Planning
• Sustainability Matters
• Technology and Security
• Utility/Energy Industry Experience
During the fourth quarter of 2024, the Corporate Governance Committee and Board evaluated and affirmed this set of competencies. 
Each director performed a self-assessment of his/her level of knowledge in each skill area using the following 3-point scale: “1” Limited 
knowledge (e.g., no direct experience, primary exposure comes from Board or Committee reports); “2” Intermediate knowledge (e.g., 
general managerial/oversight experience or broad exposure as a Board or Committee member); “3” Advanced knowledge (e.g., direct 
experience; subject matter expert). A summary of the Board’s level of knowledge with respect to each of the core competencies is 
shown on the following page.
WEC Energy Group
P-13
2025 Proxy Statement

*Diversity characteristics based on information self-identified by each director.
Diversity
Diversity has been a major focus of the Corporate Governance 
Committee for decades when identifying director nominees. It is 
committed to actively seeking highly qualified individuals as it strives to 
cast a wide net and recommend candidates who bring unique 
perspectives to the Board, which contributes to its collective diversity - 
diversity of knowledge, skills, experiences, thought, gender, race/
ethnicity, retirement age and tenure. We believe this diversity improves 
the overall effectiveness of the Board as it carries out its oversight role.
WEC Energy Group
P-14
2025 Proxy Statement

Age and Tenure
Under the Corporate Governance Guidelines, a non-management director shall not be 
nominated for election to the Board after attaining the age of 75, unless nominated by 
the Board for special circumstances. The foregoing does not apply to non-management 
directors as of October 19, 2023 who had accumulated more than ten years of service 
on the Board; such individuals shall not be nominated for election to the Board after 
attaining the age of 72, unless nominated by the Board for special circumstances. The 
only director nominees subject to this age-72 restriction are Directors Payne and Stanek.
Beyond the limitations noted above, the Board does not believe it is appropriate or 
necessary to limit the number of terms a director may serve. The Board values the 
participation and insight of directors who have developed an increased understanding of 
the Company and the specific issues it faces doing business in a complex, regulated 
industry, as well as those directors who bring fresh and varied perspectives, resulting in 
a Board with a balanced tenure. 
Time Commitment
Our Corporate Governance Committee recommends and the Board nominates candidates whom they believe are capable of devoting 
the time necessary to carefully fulfill their fiduciary duties. The Corporate Governance Committee regularly reviews stockholders’ views 
on the appropriate number of public company boards on which directors may serve, which the Board takes into consideration each year 
as it reviews its Corporate Governance Guidelines.
The Corporate Governance Guidelines limit the maximum number of public company boards on which a WEC Energy Group director 
may serve to four public companies (including our Board), and specify that any public company named executive officer who serves as 
a director on our Board may not serve on more than two public company boards (including our Board). Limited exceptions may be 
made with Corporate Governance Committee approval. 
Independence
Our Corporate Governance Guidelines state that to be independent, the Board should consist of at least a two-thirds majority of 
independent directors. In order to be deemed independent, the individual must have no material relationship with the Company that 
would interfere with the exercise of good judgment in carrying out his or her responsibilities as a director.
The independence standards found in our Corporate Governance Guidelines are not only in compliance with the listing standards of the 
New York Stock Exchange (“NYSE”), but are actually more stringent than the NYSE rules. Our director independence guidelines are 
located in Appendix A of our Corporate Governance Guidelines, which are available on the Corporate Governance section of the 
Company’s website at www.wecenergygroup.com/govern/governance.htm.
Prior to initial and annual election, all directors complete a detailed questionnaire that elicits information that is used to ensure 
compliance with the Board’s and the NYSE’s standards of independence. The Corporate Governance Committee also reviews potential 
conflicts of interest, including related-party transactions, interlocking directorships, and substantial business, civic and/or social 
relationships with other members of the Board that could impair the prospective Board member’s ability to act independently from the 
other Board members and management. The Board also considers whether a director’s immediate family members meet the 
independence criteria outlined in the Corporate Governance Guidelines, as well as whether a director has certain relationships with 
WEC Energy Group’s affiliates, when determining the director’s independence.
The Board has affirmatively determined that Directors Baxter, Bie, Culver, Cunningham, Farrow, Garcia-Thomas, Green, Lane, Lange, 
Payne, Stanek, and Tellock are independent. Directors Klappa and Lauber are not independent for the reasons previously described on 
page P-12. Director Culver reached retirement age in 2024 and will complete his service on the board in May 2025. 
Director Stanek
Since 2005, WEC Energy Group has engaged Baird Financial Group ("Baird") primarily to provide consulting services for investments 
held in the Company’s various benefit plan trusts. Baird also provides certain related administrative services. The Board reviewed the 
terms of this engagement, including the $830,166 in fees paid to Baird in 2024 (which are less than one-tenth of 1% of Baird’s total 
revenue), and Director Stanek’s position at Baird, and concluded that such engagement is not material and did not impact Director 
Stanek’s independence. Director Stanek is not involved with and does not consult on the contract with or recommendations made by 
Baird and receives no direct financial benefit from these services. WEC Energy Group management evaluates Baird’s services against 
market standards for overall quality and value on a regular basis. Neither the Board nor Director Stanek plays a role in the retention of 
Baird for these services or any related negotiation of commercial terms. In addition, WEC Energy Group’s pension trusts and other 
benefit accounts do not hold any investments in Baird funds.
WEC Energy Group
P-15
2025 Proxy Statement

SUCCESSION PLANNING AND DIRECTOR NOMINATION PROCESS
Board Succession Planning
Our Board is regularly engaged in rigorous discussions about the Board’s plans for ongoing succession, taking into consideration 
matters such as: current inventory of director skills and qualifications; diversity, including gender, race/ethnicity, retirement age and 
tenure; and future competencies needed to support appropriate oversight of the Company's long-term strategy and related risks and 
opportunities. These discussions are co-facilitated by the Non-Executive Chairman and Independent Lead Director during the Board’s 
executive sessions. 
Guided by the Board’s succession planning discussions, the Corporate Governance Committee, comprised entirely of independent 
directors, is responsible for identifying and recommending director candidates to our Board for nomination.
Director Nomination Process 
The Corporate Governance Committee is responsible for recommending a slate of nominees to the Board for election at each Annual 
Meeting of Stockholders using the formal process detailed below.
1
Board Succession 
Planning
2
Identify 
Candidates
3
Evaluate Candidate 
Recommendations
4
Meet with 
Candidates
5
Recommend 
Candidate Nomination
Develop list of skills and 
qualifications sought in 
new directors and 
evaluate current Board 
composition
Proposed by 
stockholders, directors, 
and/or others
Screen qualifications, 
assess impact on Board 
composition, and review 
independence 
Multiple meetings scheduled 
with the Non-Executive 
Chairman and Independent 
Lead Director, members of 
Corporate Governance 
Committee, and other 
members of the Board
Corporate Governance 
Committee considers 
feedback and makes 
recommendation to the 
Board
1. Board succession planning. The Corporate Governance Committee facilitates the director recruitment and nomination process 
through the lens of the Board’s ongoing director succession planning process, as described above. The Corporate Governance 
Committee seeks to fulfill its duty to stockholders to consistently maintain a Board that is comprised of directors who each embody 
key attributes, and who, as a group, have the skills and experiences to effectively oversee management's strategy for operating in a 
complex industry while performing their fiduciary obligations.
2.  Identify candidates. Candidates for director nomination may be proposed in a number of ways, including by stockholders, the 
Corporate Governance Committee, and other members of the Board. The Corporate Governance Committee may retain a third 
party to identify qualified candidates. No such firm was engaged with respect to the nominees listed in this proxy statement.
The Corporate Governance Committee will consider director candidates recommended by stockholders provided that the 
stockholders comply with the requirements and procedures set forth in our bylaws. Stockholders may also nominate or recommend 
director candidates by following the procedures outlined on page P-88. No formal stockholder nominations or recommendations for 
director candidates were received in connection with the 2025 Annual Meeting of Stockholders.
As of January 1, 2025, the Board added two new independent Directors. Mr. Baxter and Mr. Lange, were recommended by the 
Corporate Governance Committee for election. Mr. Baxter and Mr. Lange were initially recommended for consideration by non-
management Board members following which the Corporate Governance Committee undertook the evaluation process described 
immediately below.
3.  Evaluate candidate recommendations. The Committee follows an established process for evaluating all director candidates 
whether recommended by directors, stockholders or others. During this process, the Corporate Governance Committee reviews 
publicly available information regarding each identified candidate to assess whether that person should be considered further. The 
Corporate Governance Committee considers whether each individual embodies the key attributes listed above, as well as the 
person's qualifications, experience, skills, outside affiliations, age, gender, race and ethnicity. The Committee will utilize third parties 
if and as needed to assist with these activities.
As part of the evaluation process, the Corporate Governance Committee takes steps to ensure that the pool of director nominees 
contains the attributes, skills and experiences identified during Board succession planning discussions. If the Corporate Governance 
Committee determines that a candidate warrants further consideration, the Non-Executive Chairman or another member of the 
Board of Directors contacts the prospective director.
Generally, if a recommended candidate expresses a willingness to be considered and to serve on the Board, the Corporate 
Governance Committee will seek the Board’s concurrence in moving the candidate forward to the interview stage of the nomination 
process. Further, it will instruct management to solicit from the candidate information used to review the candidate’s independence 
as well as assess any potential conflicts of interest or reputational risk.
4.  Meet with candidates. Candidates initially meet with the Non-Executive Chairman, Independent Lead Director and members of the 
Corporate Governance Committee. Upon agreement that a candidate has the attributes, skills and other identified factors the Board 
is seeking for its desired composition, all Board members are provided an opportunity to meet with the candidate and provide 
feedback to the Corporate Governance Committee.
WEC Energy Group
P-16
2025 Proxy Statement

5.  Recommend candidate nomination. The Corporate Governance Committee will review feedback received from the meetings with 
the candidates and engage in constructive dialogue, following which it will make a recommendation regarding nomination for the 
Board's discussion and final determination.
RESULTS è
Board Refreshment
2020 - 2025 added 6 independent directors
 ——  ADDITIONS  —— 
Jan. 2020
Thomas K. Lane
Jan. 2021
Cristina A. Garcia-
Thomas
Jan. 2022
Glen E. Tellock
Jan. 2023
Ave M. Bie
Jan. 2025
Warner L. Baxter and 
John D. Lange
 Areas and/or attributes of particular focus during recruitment included:
ü Regulated and utility industry background
ü Audit / financial / risk oversight expertise
ü Diverse Board composition
ü Technology and cybersecurity knowledge
ü Experience with sustainability matters, including risks and opportunities of climate change
ü Human capital management
Included in each director nominee’s biography that follows are career highlights and other public directorships, along with the key 
qualifications, skills and expertise that we believe each director contributes to the Board. Our Board considered all of these factors,
as well as the results of our annual Board evaluation, when deciding to nominate these directors.
WEC Energy Group
P-17
2025 Proxy Statement

2025 DIRECTOR NOMINEES FOR ELECTION
The following 13 individuals have been nominated for election to the Board of Directors at the 2025 Annual Meeting of Stockholders. 
Biographical information for each director nominee is set forth below. Ages are as of January 16, 2025, the date each person was 
designated as a nominee of the Board for election at the Meeting.
 Warner L. Baxter
Independent
Age: 63
Director Since: 2025
Board Committee: Audit and Oversight 
Professional Experience
Ameren Corporation - Retired Executive Chairman, 2022 to 
2023; Chairman, President and CEO from 2014 to 2021. 
Ameren is a Fortune 500 energy company serving approximately 
2.5 million electric and 1 million natural gas customers in Illinois 
and Missouri.
Other Public Directorships
U.S. Bancorp since 2015, Audit Committee Chair since 2023
Quanta Services, Inc. since May 2024. 
Director Qualifications
Director Baxter brings to our Board of Directors extensive 
experience as a senior executive and director of a large investor 
owned public utility holding company with electric and natural 
gas utilities. He also held significant leadership roles in Ameren's 
electric and gas utilities, as well as in the electric and gas utility 
industry, including chair of both the Edison Electric Institute and  
Electric Power Research Institute. Director Baxter has other 
public company board of director experience at two Fortune 500 
companies, U.S.Bancorp and Quanta Services, Inc. and 
currently serves as chair of the Audit Committee at 
U.S.Bancorp. Director Baxter’s leadership roles and experience 
will provide WEC Energy Group and its board of directors with 
valuable industry-based insights, in the case of risk 
management, operations, and strategic planning skills, 
legislative and regulatory matters, corporate governance, 
environmental matters, accounting and financial reporting, 
investor relations, human capital management and 
compensation.
 Ave M. Bie
Independent
Age: 67
Director Since: 2023
Board Committee: Audit and Oversight 
Professional Experience
Quarles & Brady LLP - Retired Partner, 2005 to 2022. 
Quarles is a law firm serving a diverse list of domestic and 
international clients of all sizes, in both large industrial sectors 
and small entrepreneurial settings.
Other Public Directorships
None
Director Qualifications
A retired business law, utilities and energy attorney who spent 
her legal career counseling utilities and independent power 
producers, Director Bie brings to our Board of Directors 
extensive industry experience across all aspects of the utility 
industry, from government relations and permitting to counseling 
on infrastructure and long-range planning. At the time of her 
retirement in 2022, she was a partner at Quarles, where, for over 
20 years she focused on developing regulatory strategies to 
address critical infrastructure and renewable portfolio standards. 
While at Quarles, she developed the firm’s corporate and social 
responsibility initiatives, leading the firm's efforts for five years. 
Prior to joining Quarles, Director Bie served for seven years as 
the Chair of the Public Service Commission of Wisconsin, 
addressing both transmission and generation infrastructure 
issues, including the review and approval of utility projects. The 
Board also greatly benefits from the insights Director Bie has 
gained as a member of (and past Chair and Vice Chair) of the 
board of the New York Independent System Operator, which 
operates the New York state bulk electricity grid and administers 
competitive wholesale markets, conducts comprehensive long-
term planning and advances the technological and security 
infrastructure of the electric system serving New York. As a 
member of our Audit and Oversight Committee, Director Bie 
applies these experiences, along with her 25+ years of 
leadership roles in utility and regulatory trade groups, to the 
committee’s risk oversight responsibilities, including those 
matters pertaining to legal and regulatory risks and compliance, 
as well as data privacy and cybersecurity.
WEC Energy Group
P-18
2025 Proxy Statement

 Danny L. Cunningham 
Independent
Age: 69
Director Since: 2018
Board Committees: Audit and Oversight 
(Chair); Executive
Professional Experience
Deloitte & Touche LLP - Retired Partner and Chief Risk Officer. 
Served as Partner, 2002 to 2015, and as Chief Risk Officer, 2012 
to January 2016. Deloitte & Touche is an industry-leading audit, 
consulting, tax, and advisory firm.
Other Public Directorships
Director of Enerpac Tool Group Corp. since 2016.
Director Qualifications
Director Cunningham brings to our Board of Directors more than 
30 years of experience serving public audit clients in a broad 
array of industries, including manufacturing and financial 
services, as well as a deep understanding of the business, 
economic, compliance, and regulatory environment in which the 
Company and many of its major customers operate. Director 
Cunningham applies his strong expertise in financial reporting, 
accounting, internal controls, and audit functions to his 
responsibilities as WEC Energy Group’s Audit and Oversight 
Committee Chair. This experience also contributes great value to 
the Board as it fulfills its responsibility for oversight of the 
Company's accurate preparation of financial statements and 
disclosures, and compliance with legal and regulatory 
requirements. Having served as chief risk officer at Deloitte & 
Touche, Director Cunningham gained insights into the 
complexities of risk management, and applies this expertise in 
assessing the effectiveness of the Company's practices and 
policies to mitigate enterprise-wide risks. Director Cunningham’s 
multi-national experience brings the added diversity of a global 
perspective to the Board as it evaluates its strategic objectives.
 William M. Farrow III
Independent 
Age: 69
Director Since: 2018
Board Committees: Compensation; 
Corporate Governance (Chair); 
Executive
Professional Experience
Winston and Wolfe, LLC - Retired Chairman and Chief Executive 
Officer, 2010 to 2023. Winston and Wolfe was a privately held 
technology development and advisory company.
Other Public Directorships
Director of CBOE Global Markets Inc. since 2016; Lead Director
May 2023 to September 2023 and Non-Executive Chairman 
since September 2023.
Director of Echo Global Logistics Inc., May 2017 to November 
2021.
Director Qualifications
In serving as Chair of the Corporate Governance Committee, 
Director Farrow brings to our Board of Directors over 40 years of 
senior leadership experience in managing business operations, 
technology development, enterprise risk, and strategy. His 
extensive professional experience in the highly regulated 
banking and financial markets, accompanied by knowledge 
acquired from his service on the boards of CBOE Global Markets 
and the Federal Reserve Bank of Chicago, enable him to add 
significant value to our Board’s oversight of the Company’s 
financial management strategy. His firsthand experience and 
perspectives in addressing advances in information technology, 
coupled with the experience he has gained serving as the non-
executive chairman for CBOE Global Markets, is particularly 
valuable to the Board as WEC Energy Group companies 
address complex risks, including those associated with 
protecting operating systems and assets against physical and 
cyber threats. Having spent his career in Chicago, Director 
Farrow is able to provide the Board with economic, social, and 
public policy insight to conducting business in Chicago, which is 
further enhanced by the strong relationships he has developed 
with key leaders while serving on the boards of several highly 
visible Chicago-area private, not-for-profit and community 
organizations.
WEC Energy Group
P-19
2025 Proxy Statement

 Cristina A. Garcia-Thomas
Independent 
Age: 55
Director Since: 2021
Board Committee: Corporate 
Governance
Professional Experience
Advocate Health (formerly Advocate Aurora Health) - Senior Vice 
President and Chief Diversity, Equity and Inclusion Officer, 
December 2022 to August 2024; Chief External Affairs Officer, 
April 2018 to December 2022. Advocate Health, the fifth-largest 
non-profit integrated health system in the nation, operates 
across Alabama, Georgia, Illinois, North Carolina, South Carolina 
and Wisconsin.
Advocate National Center for Health Equity, President, 
December 2022 to August 2024. Advocate National Center for 
Health Equity is a non-profit center innovating strategies for 
equitable health and health care for all.
Other Public Directorships
None
Director Qualifications
Director Garcia-Thomas brings to our Board of Directors 
significant leadership experience, particularly in the areas of 
customer and community relations, and human capital 
management. A former executive of Advocate Health, the largest 
employer in the Milwaukee region, she successfully addressed 
complex business issues in a highly regulated environment. As 
the Chief External Affairs Officer from 2018 to December 2022, 
Director Garcia-Thomas was responsible for shaping the overall 
experience for patients, employees and community partners. 
She held oversight responsibility for diversity, equity and 
inclusion, community relations, community health, community 
programs and the charitable foundation, through which she 
utilized and expanded her deep understanding of public policy, 
social priorities and challenges, and corporate governance. 
Through her executive and civic leadership, Director Garcia-
Thomas has established a strong network in the Company’s 
Wisconsin and Illinois service areas, giving her keen insights into 
the needs of our customers. She contributes her experience in 
these areas to her service on our Corporate Governance 
Committee, and to the Board’s oversight responsibilities and 
strategic discussions on sustainable value creation, customer 
care and human capital management. 
 Maria C. Green
Independent 
Age: 72
Director Since: 2019
Board Committees: Audit and 
Oversight; Finance  
Professional Experience
Ingersoll Rand plc - Retired Senior Vice President and General 
Counsel, 2015 to June 2019. Ingersoll Rand is a diversified 
industrial manufacturer with market-leading brands serving 
customers in global commercial, industrial and residential 
markets.
Other Public Directorships
Director of Tennant Co. since 2019. 
Director of Littelfuse Inc. since 2020.
Director of Fathom Digital Manufacturing Corporation from
2021 to June 2024 (no longer publicly traded as of 
June 3, 2024).
Director Qualifications
Director Green brings to our Board of Directors senior leadership 
experience accumulated during her 35-year career in law and 
business, including extensive public company experience in 
strategic planning, acquisitions, enterprise risk management and 
shareholder relations, from which she provides valuable insights 
in her service as a member of both our Finance and Audit and 
Oversight Committees. Director Green has substantial 
experience with respect to corporate sustainability matters, 
including oversight responsibility for environmental compliance 
and corporate responsibility reporting, as well as engagement 
with investors on these matters. Having served in the role of 
corporate secretary for several public companies, Director 
Green’s deep corporate governance experience is of 
tremendous value to our Board as it carries out its evolving 
oversight responsibilities. Director Green also contributes 
valuable insights into the economic, educational and social 
matters impacting the greater Chicago community, where the 
Company has two utility subsidiaries. In particular, these insights 
come from having served for 18 years at Illinois Tool Works, a 
Fortune 200 global diversified manufacturing company 
headquartered in the northern suburbs of Chicago, and as a 
member (and past chairman) of the Chicago Urban League 
executive committee.
WEC Energy Group
P-20
2025 Proxy Statement

 Gale E. Klappa
Non-Executive Chairman
Age: 74
Director Since: 2003
Board Committee: Executive (Chair)
Professional Experience
WEC Energy Group, Inc. 
Director since 2003; Non-Executive Chairman of the Board since 
May 2024, and May 2016 to October 2017.
Executive Chairman, February 2019 to May 2024; Chairman of 
the Board and CEO, 2004 to May 2016 and October 2017 to 
February 2019; President, 2003 to August 2013.
Wisconsin Electric Power Company 
(wholly owned subsidiary of WEC Energy Group)
Director from 2003 to May 2016 and January 2018 to May 2024; 
Chairman of the Board, 2004 to May 2016, and January 2018 to 
February 2019; CEO, 2003 to May 2016, and January 2018 to 
February 2019; President, 2003 to June 2015.
Chairman Klappa formerly served as a director of several other 
major subsidiaries of WEC Energy Group.
Other Public Directorships
Director of Associated Banc-Corp since 2016.
Director of Badger Meter, Inc. 2010 to April 2023. 
Director Qualifications
Chairman Klappa has more than 45 years of experience working 
in the public utility industry, including more than 30 at a senior 
executive level. Director Klappa transitioned from Executive 
Chairman to Non-Executive Chairman of the Board following the 
Company's Annual Meeting of Stockholders in May 2024. He first 
retired as the Company's CEO in May 2016, at which time he 
assumed the role of Non-Executive Chairman of the Board. 
Chairman Klappa again served as the Company's CEO between 
October 2017 and February 2019. Prior to joining the Company 
in 2003, Chairman Klappa served in various executive 
leadership roles at The Southern Company, a public utility 
holding company headquartered in the southeastern United 
States. Under his leadership, WEC Energy Group successfully 
completed its 2015 acquisition of Integrys Energy Group, which 
nearly doubled the employee and customer population, and 
increased the Company’s geographic footprint to four states. 
With his extensive experience in the business operations and
C-suite leadership of publicly regulated utilities, his service as a 
board member for several other public companies, and his 
contributions to significant economic development initiatives in 
southeastern Wisconsin, Chairman Klappa has led our Board 
with a deep understanding of the financial, operational, and 
investment decisions and public policy issues facing large public 
companies. His deep knowledge of the Company’s industry, 
customers, stockholders, and management team is of great 
value to our Board.
 Thomas K. Lane
Independent Lead Director
Age: 68
Director Since: 2020
Board Committees: Audit and 
Oversight; Compensation; Executive
Professional Experience
Energy Capital Partners LLC - Vice Chairman since 2017; 
Partner, 2005 to 2017. Energy Capital Partners is a private 
equity firm that focuses on investing in power generation, 
midstream gas, electric transmission and energy and 
environmental services sectors of North America's energy 
infrastructure.
Other Public Directorships
Director of Summit Midstream Partners, LP, 2009 to May 2020. 
Director of USD Partners, LP, 2014 to April 2020.
Director Qualifications
In serving as WEC Energy Group's Independent Lead Director, 
Director Lane brings to our Board of Directors more than 30 
years of broad financial experience focused within the energy 
sector, which provides him with a deep understanding of the 
complexities inherent to delivering strong financial performance 
in a regulated industry. His experience in this area includes 17 
years in the Investment Banking Division at Goldman Sachs 
where he held senior-level coverage responsibility for electric 
and gas utilities, independent power companies and midstream 
energy companies throughout the United States. Director Lane 
has significant experience in assessing the individual 
components of a company’s financial performance and how it 
relates to a company’s compensation program, experience he 
gained over the course of his career, which has been focused 
within the energy sector, and which is very valuable to his 
service as a member of our Compensation Committee. Since 
2017, Director Lane has served as Vice Chairman of Energy 
Capital Partners, following 12 years as a partner of the firm. 
During this tenure, he was responsible for establishing and 
executing the firm’s investment strategies, which included 
projects encompassing power generation and renewables, as 
well as midstream and environmental infrastructure. This 
experience enables him to add significant value to the Board’s 
oversight of the Company’s long-term growth strategy, as does 
his substantial experience planning and executing merger and 
acquisition strategies. Having testified before the House Energy 
Subcommittee on energy-related matters, Director Lane also 
brings to our Board an understanding of the formulation of 
energy policy at the federal government level. His strong 
financial reporting experience within a regulated industry, 
combined with his broad understanding of the risks facing the 
utility sector, provide tremendous value in his service as a 
member of our Audit and Oversight Committee.
WEC Energy Group
P-21
2025 Proxy Statement

 John D. Lange
Independent
Age: 58
Director Since: 2025
Board Committee: Finance 
Professional Experience
Barclays PLC - Retired global head of the Power, Utilities and 
Renewable Energy Group, the Natural Resources Group, and of 
the Industrials Group.
Other Public Directorships
None
Director Qualifications
Having spent 28 years in investment banking, Director Lange 
brings to our Board of Directors strong experience from working 
primarily with clients in the utility, energy, renewables and 
industrials segments. Prior to his retirement from Barclays in 
2024, Director Lange advised his clients how to successfully 
navigate industry, market, financial, technological and regulatory 
challenges through strategic positioning, mergers and 
acquisitions, investor positioning, financial management and 
equity, debt and structured financings in the public and private 
markets. Over the years, Mr. Lange demonstrated his leadership 
expertise as the global head of the Power, Utilities and 
Renewable Energy Group, of the Natural Resources Group, and  
of the Industrials Group. Director Lange spent considerable time 
working on energy and industrial transformation to a lower 
carbon economy, which included analysis of new energy 
technologies, raising capital for new energy technology 
companies, advising clients on investor positioning, helping 
identify opportunities and challenges associated with the energy 
transition and devising action plans to better position companies 
to maximize shareholder value. He also served as a key 
contributor to energy and utility industry-wide advisory bodies, 
having been a member of the Electric Power Research Institute’s 
Advisory Council and co-chair of the Wall Street Advisory Group 
for the Edison Electric Institute. Director Lange contributes 
significant financial and energy industry experience to our board 
as a member of the Finance Committee. 
 
 Scott J. Lauber
President and CEO
Age: 59
Director Since: 2022
Board Committee: None
Professional Experience
WEC Energy Group - President and CEO since February 2022; 
Senior Executive Vice President and Chief Operating Officer 
from June 2020 to January 2022; Senior Executive Vice 
President and CFO from October 2019 to June 2020; Senior 
Executive Vice President, CFO and Treasurer from February 
2019 to October 2019; Executive Vice President, CFO and 
Treasurer from October 2018 to February 2019; Executive Vice 
President and CFO from April 2016 to October 2018.
Wisconsin Electric Power Company 
(wholly owned subsidiary of WEC Energy Group) 
Chairman of the Board and CEO since February 2022; President 
from January 2022 to March 2024; Executive Vice President 
from April 2016 to January 2022; CFO April 2016 to January 
2020. 
Director of Wisconsin Electric Power Company since April 2016.
Director Lauber also serves as an executive officer and/or 
director of several other major subsidiaries of WEC Energy 
Group.
Other Public Directorships
None
Director Qualifications
Director Lauber has almost 35 years of experience working at 
WEC Energy Group and/or its subsidiaries and has held senior 
leadership levels for the past 13 years. A certified public 
accountant, Director Lauber first joined the Company in 1990 
and held positions of increasing responsibility in the areas of 
financial planning and management, accounting, and internal 
controls. In April 2016, he was named Executive Vice President 
and Chief Financial Officer for WEC Energy Group, and added 
the Treasurer responsibilities in October 2018. From there, he 
advanced through multiple executive leadership positions, 
including as Executive Vice President and Chief Operating 
Officer, a position that included oversight responsibility for 
Information Technology, Enterprise Risk Management, Major 
Projects, Power Generation, Supply Chain, Supplier Diversity, 
and WEC Infrastructure and Fuels. Effective February 2022, 
Director Lauber was named President and Chief Executive 
Officer of WEC Energy Group and appointed to the Board of 
Directors.Serving as Chief Executive Officer of WEC Energy 
Group’s major utilities in Wisconsin and Illinois, and President of 
its Michigan and Minnesota utilities, Director Lauber is directly 
responsible for business operations in those jurisdictions. With 
his deep expertise in financial and investment matters, in 
addition to his extensive knowledge and experience in the broad 
scope of the Company's business operations critical to its 
continuing success as a leading Midwest public utility holding 
company, Director Lauber contributes substantive insight into the 
Company’s strategies, objectives, risks and opportunities.
WEC Energy Group
P-22
2025 Proxy Statement

 Ulice Payne, Jr.
Independent 
Age: 69
Director Since: 2003
Board Committees: Compensation 
(Chair); Executive; Finance
Professional Experience
Addison-Clifton, LLC - Managing Member since 2004. Addison-
Clifton provides global trade compliance advisory services.
Other Public Directorships
Director of Foot Locker, Inc. since 2016. 
Director of Manpower Group since 2007. 
Director Qualifications
Director Payne brings to our Board of Directors strong senior 
leadership and public service experience within the greater 
Milwaukee community and State of Wisconsin, having previously 
served in roles that included the Securities Commissioner for the 
State of Wisconsin, managing partner of the Milwaukee office of 
the law firm Foley & Lardner LLP, and president and CEO of the 
Milwaukee Brewers Baseball Club, Inc. In addition, Director 
Payne is involved in numerous Milwaukee-area non-profit 
entities, making him well-positioned to provide the Board with 
perspective on the economic and social issues affecting the 
greater Milwaukee area, as well as a broad spectrum of the 
Company's customers. As founder and President of Addison-
Clifton, LLC, which provides global trade compliance consulting, 
Director Payne understands the importance of providing clients 
with exceptional customer service, a focus that is critical to the 
execution of WEC Energy Group's strategic initiatives. Director 
Payne applies his senior leadership, governance and risk 
management capabilities, and significant managerial, 
operational, financial and global experiences to his role as chair 
of our Compensation Committee and as a member of our 
Finance Committee. 
 Mary Ellen Stanek
Independent 
Age: 68
Director Since: 2012
Board Committee: Finance
Professional Experience
Baird Financial Group - Managing Director and Director of Asset 
Management since 2000. Baird Financial Group provides wealth 
management, capital markets, private equity, and asset 
management services to clients worldwide.
Baird Advisors - Chief Investment Officer - Emeritus since 
January 2025.Co-Chief Investment Officer from 2022 to January 
2025; Chief Investment Officer from 2000 to 2022. Baird 
Advisors is an institutional fixed income investment advisor.
Baird Funds, Inc. - President since 2000 and member of the 
Board of Directors (effective May 1, 2025). Baird Funds is a 
publicly registered investment company.
Other Public Directorships
Trustee of The Northwestern Mutual Life Insurance Company 
2009 to June 2023.
Director Qualifications
Director Stanek, who is a Chartered Financial Analyst, brings to 
our Board of Directors extensive financial and investment 
strategy expertise, resulting from over 40 years of investment 
management experience. As Managing Director and Director of 
Asset Management of Baird Financial Group, a position she has 
held since 2000, Director Stanek's expertise in fixed income 
investments provides our Board and management with 
invaluable financial strategy insight relative to WEC Energy 
Group and its subsidiaries, which customarily issue debt 
securities as a means of raising capital. As a member of the 
WEC Energy Group Finance Committee, she also offers 
valuable perspective on insurance risk matters, having served 
for 15 years as a director of West Bend Mutual Insurance 
Company. In addition to her recognition as a prominent business 
leader in Milwaukee's financial community, Director Stanek has 
dedicated significant time to serving on the boards of a large 
number of Milwaukee-area non-profit organizations, through 
which she has developed strong relationships with key 
community leaders and stakeholders. From these experiences, 
she brings our Board insightful perspectives on issues impacting 
the culture and viability of today’s workforce, as well as a deep 
understanding of corporate governance matters.
WEC Energy Group
P-23
2025 Proxy Statement

 Glen E. Tellock
Independent 
Age: 63
Director Since: 2022
Board Committee: Audit and Oversight
Professional Experience
Lakeside Foods Inc. - Retired President and Chief Executive 
Officer, May 2016 to June 2021. Lakeside Foods is a privately 
held, industry-leading international food processing company 
based in Wisconsin.
Other Public Directorships
Director of Astec Industries, Inc., 2006 to July 2023.
Director of Badger Meter, Inc. since 2017.
Director of Nicolet Bankshares, Inc. since May 2023.
Director Qualifications
Director Tellock brings to our Board of Directors extensive 
executive leadership experience, having retired in 2021 as 
president and CEO of Lakeside Foods, a privately held, 
international food processor headquartered in Wisconsin. This 
follows a 24-year career at The Manitowoc Company, a 
manufacturer of construction and commercial food service 
equipment, where he served in a variety of leadership roles, 
including CFO, president and CEO and, ultimately, chairman, 
president and CEO. He brings to our Board decades of 
experience throughout which he has developed a deep 
understanding of audit oversight, financial reporting, risk 
management, business operations and strategic planning. 
Director Tellock is a certified public accountant with experience 
serving as an audit manager of a major accounting firm, which 
contributes to his active service on our Audit and Oversight 
Committee. He also brings to our Board significant corporate 
governance experience, having served on numerous non-profit 
boards dedicated to community causes, as well as public 
company boards.
WEC Energy Group
P-24
2025 Proxy Statement

Governance
PRIMARY ROLE AND RESPONSIBILITIES OF OUR BOARD 
Our Board is responsible for providing oversight with respect to matters of concern to our stockholders. Those responsibilities include, 
among other things, oversight of (i) the selection of the Chief Executive Officer and ongoing succession planning for senior leadership,
(ii) long-term strategy and execution, and (iii) the Company’s risk environment and associated management policies and practices.
Leadership Succession Planning
Company leaders are responsible for developing the talent across the organization through the broadening and deepening of business 
and leadership knowledge. Succession planning and internal talent development are strategic priorities of the Company and integral 
components of our approach to human capital management, which includes engagement at all levels of the organization, and with the 
Board.
The Compensation Committee has primary oversight for executive succession planning and development, and periodically reviews and 
assesses the Company’s strategies and initiatives relating to human capital management. The Committee regularly reports to and 
engages with the Board about these matters. 
2024 Highlights
Throughout 2024, the Board was actively engaged in oversight of the senior and executive management succession planning process. 
Effective April 1, 2024, Michael Hooper was hired as President of our Wisconsin utilities. In addition, effective January 1, 2025, Maria 
Bocanegra was hired as President of our Illinois utilities. The Board spent considerable time discussing management's plans to foster a 
deep talent bench and oversee the implementation of its plan for leadership succession. Additionally, the Board completed the transition 
of Gale E. Klappa from the role of Executive Chairman to Non-Executive Chairman following the 2024 annual meeting of stockholders.
Oversight of Strategy
The Board believes that a fundamental, collective understanding of the issues facing the Company is imperative to its ability to carry out 
its strategic oversight responsibilities. Throughout the year, the Board engages in substantive discussions with management about the 
Company’s strategy. Elements of strategy are discussed within the Board committee meetings and at every regularly scheduled Board 
meeting. This includes updates from management on the Company’s financial performance and the status of operational and social 
goals and performance, and the internal and external factors that influence performance and sustainability.
At least annually, the Board engages in significant educational sessions that include briefings and presentations from the Company’s 
senior leadership team, other members of management, and outside advisors and subject matter experts. These sessions help the 
Board to understand the environment within which the Company operates and the risks and opportunities presented thereby, and inform 
and shape the Board’s understanding of management’s decision-making, leading to more effective oversight of the Company’s short-, 
medium- and long-term strategies and operational objectives. 
2024 Highlights 
Under the Board's oversight in 2024, we delivered another year of strong results, while also returning more cash to stockholders than in 
any other year in Company history. In addition, we were able to successfully fund the Company’s capital plan while maintaining our solid 
investment grade credit ratings. We also announced the largest 5-year capital plan in the Company’s history, continuing the Company’s 
transition to a clean energy future. Consistent with this strategic focus, we confirmed our plan to build and own 4,300 MW of regulated 
renewables by 2029, more than quadrupling our carbon-free generation. We also still plan to eliminate coal as an energy source by the 
end of 2032.
Oversight of Risk Management
Our Board of Directors is responsible for providing oversight with respect to our major strategic initiatives, which requires ongoing 
dialogue with our senior management team about opportunities and risks, and the processes through which senior management 
maintains focus on the organization’s financial and business environment and objectives, corporate policies, and overall economic, 
environmental and social performance. Senior management in turn, is responsible for effectively planning and executing daily 
operations within a strong operating framework. 
With that in mind, the Company has created a framework from which management is able to provide meaningful information to the 
Board to aid in its oversight responsibility. Included below is a high-level overview of that structure.
Audit Services
As a standing corporate practice, each year, management systematically evaluates the Company's risk areas. Our Audit Services 
department conducts an annual enterprise risk assessment, whereby business leaders identify existing, new or emerging issues or 
changes within their business areas that could have enterprise implications. Risk areas are then mapped to create a cumulative 
assessment of their significance and likelihood, taking into consideration industry benchmarking information, as appropriate. The 
mapping also identifies lines of responsibility for managing the risks to ensure accountability and focus. 
WEC Energy Group
P-25
2025 Proxy Statement

Enterprise Risk Steering Committee
Chaired by the Chief Executive Officer and consisting of other senior-level management employees, our Enterprise Risk Steering 
Committee ("ERSC") regularly reviews the Company’s key risk areas and provides input into the development and implementation of 
effective compliance and risk management practices. On a bimonthly basis, the ERSC discusses findings of Audit Services’ annual 
enterprise risk assessment, holds in-depth discussions with members of management on identified subjects, and tracks the status of 
ongoing progress. The Chief Executive Officer provides the Board with routine updates on the Company’s key risk areas during the 
Board meetings, including summaries from the bimonthly discussions held by the ERSC. 
Given the significant risks and opportunities associated with climate change, management has created a separate committee under the 
guidance of the Chief Executive Officer. The Climate Risk Committee brings together senior-level officers responsible for overall 
climate-related corporate strategy. This committee meets at least quarterly to review and discuss climate-related goals, risks and 
opportunities. 
Our cybersecurity governance model includes oversight by senior management from our Enterprise Risk Steering Committee, along 
with steering committees for information security, operational technology security, third-party vendor security controls, Sarbanes-Oxley 
security controls, and North American Electric Reliability Corporation Critical Infrastructure Protection (NERC CIP) compliance. The 
Chief Executive Officer and Chief Administrative Officer report regularly to the Board and its Audit and Oversight Committee about 
cybersecurity matters and risks.
Board Committees
To carry out its oversight function, the Board is organized into five standing committees with specific duties and risk-monitoring 
responsibilities: Audit and Oversight, Compensation, Corporate Governance, Executive and Finance. With the exception of the 
Executive Committee, the Board and each of its committees meet regularly throughout the year, and receive regular briefings prepared 
by management and outside advisors on specific areas of current and emerging risks to the enterprise, which are identified and 
monitored through the Company's enterprise risk management framework, as described above. 
The Committees routinely report to the full Board on matters that fall within designated areas of responsibility as described in their 
charters. Examples of risk monitoring activity that have been designated to the full Board and its committees are shown in the chart on 
the next page. More information on the committees' duties and responsibilities begins on page P-33.
Board of Directors
While the Board delegates specified duties to its committees, the Board retains collective responsibility for comprehensive risk 
oversight, including short- and long-term critical risks that could significantly impact the Company. The Board believes that certain 
matters should be contemplated by the diverse perspective of its full membership. This includes oversight of risks that have the 
potential to result in significant financial or reputational consequences that could impact the Company’s brand, limit its sustainability or 
jeopardize its value to stockholders.
As part of the Board’s approach to risk oversight and management, the Chief Executive Officer provides reports to the Board at each 
Board meeting and routinely calls upon members of the management team to provide detailed reports to the Board in their respective 
areas of responsibility, including matters of enterprise risk.
Executive Sessions
Executive sessions for the non-management directors are generally held at every regularly scheduled Board and committee meeting, 
during which directors have direct access to, and meet as desired with, Company representatives to discuss matters of interest, 
including those related to risk management. 
Outside of scheduled meetings, the Board, its committees and individual Board members have full access to executives, senior 
managers and other key employees, including the Chief Executive Officer, Chief Financial Officer, Presidents of major utilities, General 
Counsel, Executive Vice President External Affairs, Chief Audit Officer, Compliance Officer, Chief Administrative Officer and Controller. 
They are also free to engage as needed with other leaders of our utility companies and our corporate center departments, including 
customer service, environmental, enterprise security, human resources, investor relations, tax and treasury.
WEC Energy Group
P-26
2025 Proxy Statement

Risk Oversight Responsibilities 
The Board believes that its leadership structure, in combination with management's enterprise risk management program, effectively 
supports the Board’s risk oversight function.
Board Oversight
• Short- and long-term strategy and strategic initiatives
• Risk management processes
• Leadership succession planning
• Code of Business Conduct
• Mergers and acquisitions
• Corporate sustainability matters, including climate and 
emissions-reduction strategies
• Regular reporting from Board committees on specific risk 
oversight responsibilities
Committees
Audit and Oversight 
Compensation 
Corporate Governance 
Finance 
• External auditor independence
• Ethics and compliance program
• Financial reporting
• Oversight of Internal Audit Function
• Retention of outside auditors and 
evaluation of auditors' qualifications
• Legal and regulatory risks and 
compliance, including:
• Data privacy and security, 
including cyber, physical and 
operating technology
• Electric reliability standards
• Environmental matters
• Government relations, including 
political spending and lobbying 
• Litigation
• Compensation 
practices and 
programs, including 
any risks associated 
therewith
• CEO performance
• Executive succession 
planning
• Human capital 
management and 
development
• Board performance
• Board succession planning
• Director independence
• Governance structure and 
practices
• Capital allocation 
• Capital structure and 
financings
• Employee retirement and 
benefit plan assets
• Insurance and other financial 
risk management programs
Management Responsibilities
• Design and operate enterprise risk management program, including risk identification, assessment and prioritization
• Conduct regular, executive-level committee review of key risk areas with updates to Board
• Engage with Board and committee chairs on areas of assigned risk oversight
WEC Energy Group
P-27
2025 Proxy Statement

OUR ENVIRONMENTAL, SOCIAL AND GOVERNANCE COMMITMENT 
The Board’s oversight of the Company’s strategic direction includes reviewing with senior management our approach to environmental, 
social and governance matters. The Board is mindful of management’s responsibility to provide safe, reliable and affordable energy, to 
preserve the Company’s long-term value and to make decisions that take into account not only the Company’s stockholders, but also 
the interests of its other stakeholders, including employees and local communities, now and in the future.
The Board consistently engages with the Company’s senior management team to discuss opportunities and risks, as well as key 
business objectives and environment, and overall performance.
Priority sustainability issues
Company leadership and the Board continue to look to our priority sustainability issues as a guide for corporate efforts and reporting. In 
2020, the Company partnered with the Electric Power Research Institute ("EPRI") in a formal assessment process, to identify the 
sustainability issues that are most important to the Company and its stakeholders, considering both current and potential long-term 
impacts, as well as input and validation from both internal and external stakeholders.
Our priority sustainability issues (alphabetical order)
• Climate strategy
• Community engagement
• Customer satisfaction
• Cybersecurity
• Economic development
• Empowered employees
• Energy affordability
• Energy reliability
• Environmental responsibility
• Financial discipline
• Government relations
• Innovation
• Operational performance
• Safety and health
• Stakeholder transparency
• Strategic governance
• Supply chain integrity
Following are some highlights from 2024 that demonstrate the Company’s and the Board’s commitment to ensuring that the Company’s 
goals and practices are aligned with a strong focus on these priority issues. Additional details on Company performance in key areas 
are available in the Compensation Discussion and Analysis under the heading “2024 WEC Energy Group Operational and Social 
Performance Goals under the STPP,” which begins on page P-50.
Delivering a clean energy future
Aligning capital investment and environmental goals
In advance of publicly announcing the Company's five-year (2025-2029) capital plan, management reviewed the plan with the Board. 
Management and the Board discussed the foundation underlying the $28.0 billion in projected investments over five years (2025-2029) 
that are designed to keep the Company on course to meet its long-term emission reduction targets while also ensuring continued focus 
on business fundamentals. Those discussions included criteria such as underlying customer preferences and needs, regulatory 
environment, financial implications, and technological advancements that will influence the trajectory of the plan’s execution, and 
resulted in the Board’s approval of management’s strategic vision and recommendations. 
Climate strategy and emissions reporting
The Company regularly reports its progress toward its climate-reduction goals through the annual Corporate Responsibility Report and 
other disclosures. With a commitment to affordable, reliable and clean energy, the Company has continued to increase investments in 
cost-effective low- and no-carbon generation, while reducing the role coal generation plays in its system.
Supporting our colleagues and communities
Human Capital Management 
We are dedicated to ensuring a fair workplace and a diverse workforce, with longstanding programs for individual development, 
initiatives to reinforce our core values, and a recruitment strategy that is focused on building a deep talent pipeline to support our 
business needs. 
During 2024, we demonstrated this commitment through training and development of employees at all levels of the organization; our 
robust merit review and succession planning processes; and a range of community partnerships as well as scholarship and charitable 
grants.
Supplier Diversity
We have had a supplier diversity program under the watchful guidance of senior leadership since 2002. Promoting diverse suppliers 
fosters competition, enhances job creation and generates additional purchasing power in the communities in which we do business, 
all to the long-term advantage of the Company and our stakeholders. In 2024, we spent $332.4 million with diverse suppliers, including 
certified minority-, women-, veteran- and service disabled-owned businesses, the second consecutive year in which this total exceeded 
$330 million.
Community Support
Management and the Board have always embraced the Company’s role as a leader in the communities we are privileged to serve. 
During 2024, our companies and foundations contributed more than $20 million in charitable grants to support non-profits hard at work 
helping others. 
WEC Energy Group
P-28
2025 Proxy Statement

Commitment to reporting transparency
We value the importance our stakeholders place on understanding how we manage risks and opportunities associated with sustaining 
our enterprise. In addition to engaging directly with stakeholders we are committed to transparent reporting through a variety of 
mechanisms, including those noted below. Further, we routinely respond to data verification and survey requests from a substantial 
number of third-party organizations seeking input regarding our environmental, social and governance-related performance, programs 
and policies.
• Corporate Responsibility Report
• Climate Report, aligned with TCFD recommendations
• Trade Association and Climate Engagement Report
• EEI and AGA ESG/Sustainability Reporting Template
• Sustainability Accounting Standards Board ("SASB") 
industry standards
• CDP responses
• EEO-1 reporting 
• Semiannual disclosure of political activities
• Disclosure of Environmental Policy
• Independent assurance of climate data
To learn more, please access our Corporate Responsibility web page at www.wecenergygroup.com/csr/index.htm 
WEC Energy Group
P-29
2025 Proxy Statement

STOCKHOLDER ENGAGEMENT
Accountability to stockholders is critical to the Company’s long-term success. We have systems in place to ensure that management 
and the Board hear, understand, and consider the issues that matter most to our stockholders and other key constituents. Our year-
round engagement program provides valuable insight into how the Company’s practices and policies are externally perceived, shapes 
the processes used to evaluate goals and expectations, and helps to highlight emerging issues that may affect our governance 
practices. 
Company leaders, including the Chief Executive Officer and Chief Financial Officer, regularly engage with stakeholders on matters of 
specific interest about the Company’s business results, strategic direction and management. This provides valuable feedback to 
management and the Board about the perspectives of its stockholders. During 2024, we communicated with stockholders representing 
approximately 50% of the Company's outstanding common stock.
Who we engage
Institutional and retail stockholders
Industry thought leaders
Sustainability-centered coalitions and 
activists
Proxy advisory firms
Environmental, social and governance 
rating firms
Who participates in engagement
Members of the Board
Senior management
Employees from disciplines across 
the enterprise, including investor 
relations, legal, environmental, 
government affairs and corporate 
affairs
Year-round governance engagement process
Summer
Review results from Annual Meeting of Stockholders
Seek feedback from stockholders on voting decisions
Assess governance and executive compensation 
practices
Provide Board with feedback and recommendations
Fall
Discuss executive compensation practices and 
environmental, social and governance topics with 
investors
Consider enhancements to our practices and 
disclosures
Share investor feedback and recommendations with 
Board
Winter
Continue discussions with investors on executive 
compensation practices and environmental, social and 
governance topics
Board approves, as needed, changes or 
enhancements to practices and disclosures
Develop disclosures for the proxy statement
Publish Form 10-K
Spring
Publish Annual Report and Proxy Statement
Hold Annual Meeting of Stockholders
How we engage
Quarterly investor calls, conferences, presentations
Standalone presentations regarding environmental, social and governance matters
Ad hoc in-person and virtual meetings 
Participation in industry associations and forums 
Timely disclosures filed with the SEC and publication of other significant corporate 
reports on our website
Process for stockholders to directly correspond with individual directors via the 
Corporate Secretary
Topics of engagement in 2024
Corporate strategy
Financial and operational performance 
plans
Management succession planning
Board composition and refreshment
Executive compensation metrics and 
targets
Climate change and decarbonization
Human capital management
Community engagement and 
charitable giving
Safety
Affordability
Fuel diversity and reliability
Throughout 2024 we engaged with key constituents across the broader investment community, a sample of which is provided below. 
Jan/Feb
4th Quarter and Full Year 2023 Earnings Call
Evercore ISI Utility CEO Conference
Non-Deal Roadshow — Guggenheim
Scotia Energy Conference
March/April
Bank of America Utilities and Clean Energy 
Conference
NYSE Investor Access — Utilities Conference
Redburn Atlantic Equities European Investor 
Meetings (Virtual)
Non-Deal Roadshow — UBS
J.P. Morgan Midwest Utilities & Midstream 
Forum
May/June
1st Quarter Earnings Call
American Gas Association Financial 
Forum Conference
RBC Global Energy, Power and 
Infrastructure Conference
Magellan Podcast
JP Morgan Energy Conference
July/Aug
2nd Quarter Earnings Call
UBS Midwest Utilities Conference
Non-Deal-Roadshow — Wells Fargo
Corporate Responsibility Report published
Sept/Oct
Barclay’s CEO Energy-Power Conference
Evercore ISI Site Visit/Tour
Non-Deal-Roadshow — KeyBanc
Global Listed Infrastructure Organization — Fireside 
Chat Podcast
Wolfe Power & Gas Conference
Scotia Bank Site Visit/Tour
Submitted environmental data to CDP
Nov/Dec
3rd Quarter Earnings Call
Edison Electric Institute Financial Conference
Mizuho Power Energy & Infrastructure Conference
Wells Fargo Midstream Energy & Utilities Symposium
WEC Energy Group
P-30
2025 Proxy Statement

BOARD LEADERSHIP STRUCTURE 
Roles of the Chairman and CEO 
Consistent with WEC Energy Group’s bylaws and Corporate Governance Guidelines, the Board has discretion to combine and separate 
the offices of the Chief Executive Officer and Chairman of the Board. The Board believes the current leadership structure of separate 
CEO and Chairman positions is in the best interests of the Company’s stockholders at this time. This structure has allowed Mr. Lauber 
to focus on implementing the Company’s operating plans and leading the day-to-day management of our seven customer-facing 
utilities, as well as Company strategy, capital allocation, investor relations and economic development matters. Following his transition 
to Non-Executive Chairman in May 2024, Mr. Klappa has continued to lead the Board in its oversight, advisory and risk management 
roles, and he remains available to provide advice, input and assistance to Mr. Lauber.
Independent Lead Director
The independent members of the Board elect the Independent Lead Director, with an expectation that the individual elected will serve in 
that capacity for three years, subject to continuing election by stockholders in annual director elections. The independent members of 
the Board may adjust the Independent Lead Director’s length of service in that role, including extending it beyond three years, at their 
discretion. Annually, the independent members of the board complete a performance evaluation of his or her effectiveness. 
In May 2023, the Board elected Thomas K. Lane to serve as the Independent Lead Director; he also is a member of the Audit and 
Oversight and Compensation Committees.
Duties of the Independent Lead Director include: 
• presides at all meetings of the Board at which the Chairman 
is not present, including executive sessions of the 
independent directors without any management present;
• serves as liaison between the CEO and the independent 
directors under most circumstances, although each individual 
director has full access to the CEO;
• authority to call meetings of the independent directors;
• reviews and approves meeting schedules and agendas for 
the Board and its committees for content and to assure there 
is sufficient time for discussion of all agenda items;
• reviews all proposed changes to committee charters; 
• leads the annual Board evaluation;
• provides input to the Chairman on the scope, quality and 
timeliness of information provided to the Board;
• authority to attend all committee meetings, as 
appropriate;
• be available for consultation and communication with 
significant stockholders and other interested parties, if 
needed; and
• any other duties as may be prescribed by the Board.
BOARD AND COMMITTEE PRACTICES
Board Meetings and Attendance
During 2024, the Board met seven times and executed one written unanimous consent. All directors attended more than 75% of the 
total number of meetings of the Board and Board committees on which each served, with average director attendance at more than 
98.7%. Generally, all directors are expected to attend the Company’s Annual Meetings of Stockholders. All directors standing for 
election in 2025, other than Mr. Baxter and Mr. Lange, who were not directors at the time, attended the 2024 Annual Meeting of 
Stockholders.
Executive Sessions
At every regularly scheduled Board and committee meeting, executive sessions are scheduled, and are generally held, for the non-
management directors to meet without management present. In 2024, an executive session of independent, non-management directors 
was held at all regularly scheduled Board meetings and at most committee meetings.
Director Orientation and Continuing Education
Management takes seriously its responsibility to onboard new directors and provide ongoing education for existing directors on the 
unique and complex issues inherent in operating a public company in the regulated utility industry.
Management has created a robust orientation program that introduces new directors to the Company’s organizational structure, 
businesses, strategies, risks and opportunities, which includes in-house and field programs such as walking tours of the Company's 
generating facilities and project sites, senior management presentations and individual sessions with senior leaders. These activities 
assist new directors in developing and/or enhancing their Company and industry knowledge to optimize their service on the Board. To 
ensure that our directors have self-directed access to governance-related resources and director training opportunities, all of our 
directors are members of the National Association of Corporate Directors ("NACD").
During 2024, management provided significant educational opportunities for the Board to better understand the external environment 
within which the Company operates, including briefings and presentations provided by outside advisors and other stakeholders. 
WEC Energy Group
P-31
2025 Proxy Statement

Annual Performance Evaluations
CEO Performance
The Compensation Committee, on behalf of the Board, annually evaluates the performance of the CEO and reports the results to the 
Board. The CEO is evaluated in a number of areas including leadership, vision, financial stewardship, strategy development and 
execution, management development, effective communication with constituencies, demonstrated integrity and effective representation 
of the Company in community and industry affairs.
As part of this practice, the Compensation Committee Chair individually obtains from each non-management director his or her input on 
the CEO’s performance, which is summarized and discussed with the Compensation Committee members, followed by discussion in 
executive session with all non-management directors. The Compensation Committee Chair then shares the evaluation results with the 
CEO. This procedure allows the Board to evaluate the CEO and to communicate the Board’s expectations. The Compensation 
Committee considers the input of all non-management directors in determining appropriate compensation for the CEO. This process 
was completed and the Compensation Committee approved a 2025 compensation package for Mr. Lauber in December 2024.
Independent Lead Director Performance
On an annual basis, the Independent Lead Director is evaluated on the effectiveness in carrying out his or her duties, which are outlined 
in the Corporate Governance Guidelines. This evaluation is led by the Chairman of the Board, who captures feedback from non-
management directors. The Independent Lead Director is evaluated in several areas including his facilitation of discussions between 
and amongst the Chairman and the directors during open sessions with management, during executive sessions, and outside of board 
meetings, and his collaboration with the Chairman in identifying key topics, issues and concerns that directors wish to be addressed 
during board meetings and executive sessions. The Chairman uses this input to provide the Independent Lead Director feedback in 
carrying out his or her duties in the upcoming year. 
Board Performance 
The Board recognizes that self-reflection and continuous improvement are key to remaining an effective governing body. Led by the 
Independent Lead Director, the Corporate Governance Committee is charged with overseeing the Board’s annual evaluation process, a 
process which is reviewed periodically, and includes discussion on whether to utilize a third-party facilitator. In December 2024, the 
Board evaluated its performance utilizing a framework of questions developed by the NACD, in addition to several broad “reflection” 
questions. The Corporate Governance Committee and the Board discussed the Board evaluation process and results at their meetings 
in January 2025. It is standard practice for the Corporate Governance Committee to use the results of this process to foster continuous 
improvement of the Board's governance activities.
BOARD EVALUATION PROCESS
1  Self-Reflection Questionnaire 
2
Discussion with Independent 
Lead Director and Non-Executive 
Chairman
3
Discussion of Key Take-Aways and 
Governance Enhancements 
Directors contemplated the Board’s 
performance across the following elements:
·  board composition and leadership
·  board committees
·  board meetings
·  overall effectiveness of the Board
·  overall effectiveness of the Board with 
regard to management.
The Independent Lead Director and Non-
Execuitve Chairman engaged in  
discussions with each director on 
elements of the Board’s performance, 
allowing each director an opportunity to 
speak candidly.
Having captured a summary of the feedback 
from these discussions, the Independent Lead 
Director led the Board during its Executive 
Session through group discussion of key 
takeaways and recommended enhancements 
to its governance practices.
Committee Performance 
Each committee, except the Executive Committee, conducts an annual performance evaluation of its own activities and reports the 
results to the Board. During this evaluation, each committee compares its performance against the requirements of its charter and its 
annual planning calendar; contemplates a series of questions related to the qualifications and performance of committee members; 
considers the quality and quantity of information provided to the committee in advance of its meetings; and evaluates the effectiveness 
of the processes the committee uses to carry out its oversight responsibilities. The results of the annual evaluations are used by each 
committee to identify its strengths and areas where its governance practices can be improved. Each committee may recommend 
changes to its charter to the full Board based upon the evaluation results.
It is also standard practice for the Corporate Governance Committee annually to conduct a holistic review of all of the committees' 
charters and annual planning calendars, taking into consideration evolving and new best practices with respect to risk oversight. 
Recommendations are routed to the appropriate Committee Chair, as needed, for consideration.
Following this holistic review during 2024, only the Corporate Governance Committee adopted changes to its charter. 
WEC Energy Group
P-32
2025 Proxy Statement

BOARD COMMITTEES 
The Board of Directors has the following committees: Audit and Oversight, Compensation, Corporate Governance, Executive and 
Finance. Each committee, except the Executive Committee, operates under a charter approved by the Board, which can be found on 
our website at www.wecenergygroup.com/govern/committee-comp.htm. With the exception of the Executive Committee, only 
independent directors serve on the standing committees.
Audit and Oversight
Members
Key Responsibilities
Danny L. Cunningham, Chair 
Warner L. Baxter*
Ave M. Bie
Maria C. Green
Thomas K. Lane
Glen E. Tellock
2024 Meetings: 5
•
Oversee the integrity of the financial statements.
•
Oversee management compliance with legal and regulatory requirements.
•
Oversee management’s strategy for data privacy and security, including cyber and physical.
•
Oversee the Company's Ethics and Compliance program, and review and recommend changes 
to the Code of Business Conduct.
•
Review, approve, and evaluate the independent auditor's qualifications, independence and 
services.
•
Oversee the performance of the internal audit function and independent auditors.
•
Discuss risk management and major risk exposures and steps taken to monitor and control 
such exposures.
•
Establish procedures for the submission and treatment of complaints and concerns regarding 
the Company’s accounting controls and auditing matters.
•
Prepare the audit committee report required by the SEC for inclusion in the proxy statement.
The Audit and Oversight Committee is a separately designated committee established in accordance with Section 3(a)(58)(A) of the 
Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Audit and Oversight Committee consists solely of 
independent directors who meet the independence requirements of the SEC, NYSE and the Board's Corporate Governance 
Guidelines. In addition, the Board has determined that all of the members of the Audit and Oversight Committee are financially literate 
as required by NYSE rules and that Directors Baxter, Cunningham, Lane and Tellock qualify as audit committee financial experts 
within the meaning of SEC rules. 
*Mr. Baxter was elected to the Board effective January 1, 2025 and appointed to the Audit and Oversight Committee on January 16, 2025.
Compensation
Members
Key Responsibilities
Ulice Payne, Jr., Chair
William M. Farrow III
Thomas K. Lane
2024 Meetings: 7*
•
Determine and annually review the Compensation Committee’s compensation philosophy.
•
Oversee the development of competitive, performance-based executive and director 
compensation programs.
•
Review and approve the compensation paid to select employees, including the Company’s 
executive officers (including base salaries, incentive compensation, and benefits).
•
Establish and administer the CEO compensation package.
•
Set performance goals relevant to the CEO compensation. 
•
Annually evaluate CEO performance and determine compensation adjustments.
•
Annually assess whether any risks arising from the compensation program are reasonably likely 
to have a material adverse effect on the Company.
•
Review the Company’s plans for leadership and succession planning of executive officers.
•
Periodically review and assess the Company’s strategy for human capital management 
initiatives.
•
Review and approve the implementation or revision of any clawback policy allowing the 
Company to recoup compensation paid to officers and other employees.
•
Prepare the report required by the SEC for inclusion in the proxy statement.
•
Review the results of the most recent stockholder advisory vote on compensation of the named 
executive officers.
*Included one joint meeting with the Corporate Governance Committee.
The Compensation Committee consists solely of independent directors who meet the independence requirements of the SEC, NYSE 
and the Board's Corporate Governance Guidelines.
WEC Energy Group
P-33
2025 Proxy Statement

The Compensation Committee is charged with administering the compensation package of WEC Energy Group’s non-management 
directors. The Compensation Committee meets with the Corporate Governance Committee annually to review the compensation 
package of WEC Energy Group’s non-management directors and to determine the appropriate amount of such compensation.
Compensation Advisor: The Compensation Committee, which has authority to retain advisers and consultants at WEC Energy 
Group’s expense, retained Frederic W. Cook & Co., Inc. ("FW Cook") to analyze and help develop the Company’s executive 
compensation program, and to assess whether the compensation program is competitive and supports the Committee’s objectives. 
FW Cook also assesses and provides recommendations on non-management director compensation, as discussed in more detail on 
pages P-37-P-39. FW Cook is engaged solely by the Compensation Committee to provide non-management director and executive 
compensation consulting services, and does not provide any additional services to the Company.
In connection with its retention of FW Cook, the Compensation Committee reviewed FW Cook’s independence, including: (1) the 
amount of fees received by FW Cook from WEC Energy Group as a percentage of FW Cook’s total revenue; (2) FW Cook’s policies 
and procedures designed to prevent conflicts of interest; and (3) the existence of any business or personal relationships that could 
impact independence. After reviewing these and other factors, the Compensation Committee determined that FW Cook is 
independent and the engagement did not present any conflicts of interest. FW Cook also determined that it was independent from the 
Company’s management, which was confirmed in a written statement delivered to the Compensation Committee.
For more information regarding our director and executive compensation processes and procedures, please refer to "Director 
Compensation", beginning on page P-37, and "Compensation Discussion and Analysis," beginning on page P-44, respectively.
Corporate Governance
Members
Key Responsibilities
William M. Farrow III, Chair
Curt S. Culver*
Cristina A. Garcia-Thomas
2024 Meetings: 4**
•
Establish and annually review the Corporate Governance Guidelines to verify that the Board is 
effectively performing its fiduciary responsibilities to stockholders.
•
Periodically review the charters of each committee of the Board and make recommended 
changes as appropriate.
•
Establish and annually review director candidate selection criteria, as well as the Board and each 
committee’s structure, size, composition and leadership.
•
Identify and recommend candidates to be named as nominees of the Board for election as 
directors.
•
Perform annual review of the Company's Related Party Transaction Policy, and where 
appropriate, review and approve related party transactions in accordance with the policy.
•
Oversee the annual review of the Board’s performance.
•
Review and determine the compensation package of non-management directors in conjunction 
with the Compensation Committee.
*In connection with Mr. Culver's completion of his Board service, the Board will make adjustments to the membership of the Corporate Governance Committee following the 
2025 Annual Meeting of Stockholders.
**Included one joint meeting with the Compensation Committee.
The Corporate Governance Committee consists solely of independent directors who meet the independence requirements of the 
NYSE and the Board's Corporate Governance Guidelines.
Executive
The Board also has an Executive Committee, which may exercise all powers vested in the Board except action regarding dividends 
or other distributions to stockholders, filling Board vacancies, and other powers which by law may not be delegated to a committee or 
actions reserved for a committee comprised of independent directors. The members of the Executive Committee are Gale E. Klappa 
(Chair), Curt S. Culver*, Danny L. Cunningham, William M. Farrow III, Thomas K. Lane and Ulice Payne, Jr. The Executive 
Committee did not meet in 2024.
*In connection with Mr. Culver's completion of his Board service, the Board will make adjustments to the membership of the Executive Committee following the 2025 Annual 
Meeting of Stockholders.
WEC Energy Group
P-34
2025 Proxy Statement

Finance
Members
Key Responsibilities
Curt S. Culver, Chair*
Maria C. Green
John D. Lange**
Ulice Payne, Jr.
Mary Ellen Stanek
2024 Meetings: 3
•
Review and monitor the Company’s current and long-range financial policies and strategies, 
including our capital structure and dividend policy.
•
Authorize the issuance of common stock and corporate debt within limits set by the Board.
•
Discuss policies and financial programs with respect to financial risk management. 
•
Approve the Company’s financial plan, including the capital budget.
•
Review updates from the chair of the Investment Trust Policy Committee regarding the 
investment performance and operations of employee retirement and benefit plan assets.
*In connection with Mr. Culver's completion of his Board service, the Board will make adjustments to the leadership of the Finance Committee following the 2025 Annual 
Meeting of Stockholders.
**Mr. Lange was elected to the Board effective January 1, 2025 and appointed to the Finance Committee on January 16, 2025.
The Finance Committee consists solely of independent directors who meet the independence requirements of the NYSE and the 
Board's Corporate Governance Guidelines.
COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION 
None of the persons who served as members of the Compensation Committee during 2024 was an officer or employee of the Company 
during 2024 or at any time in the past, nor did any have reportable transactions with the Company.
During 2024, none of the Company's executive officers served as a member of the Compensation Committee or as a director of another 
entity, one of whose executive officers served on the Compensation Committee or as a director of the Company.
ADDITIONAL GOVERNANCE MATTERS 
Political Activities 
WEC Energy Group advocates on behalf of its customers, stockholders and employees for affordable, reliable and clean energy before 
local, state and federal elected officials and government agencies. The Company maintains governmental and regulatory relations 
offices in Chicago, Illinois; Rosemount, Minnesota; Madison, Green Bay and Milwaukee, Wisconsin; and Washington, D.C. The 
Company also hires contract lobbyists and works with trade organizations to assist in advocacy activities. Its lobbyists are lawfully 
registered in each jurisdiction where they perform services for us.
The Company has multiple political action committees ("PACs"), which are registered with their regulating governments (state or 
federal) and authorized by elections laws to collect voluntary contributions from employees who choose to participate. The money, in 
turn, is used to support candidates running for federal, state and local offices. Contribution amounts are limited by law. All of the 
Company’s PACs are administered by a committee that combines appointed and elected members. Oversight committees make 
decisions on how and where dollars are spent.
The Company has a corporate policy on political contributions and reporting (the "Government Relations Policy"), and periodically 
conducts training on compliance with lobbying laws. As part of its oversight function, the Board’s Audit and Oversight Committee, which 
consists solely of independent directors, conducts an annual review of this policy. The committee also reviews a summary of political 
activities and associated reporting excerpted from our Corporate Responsibility Report in advance of its publication each year. 
Consistent with best practices, among other things, the Government Relations Policy:
•
addresses Company interactions with public officials, outlining expectations, requirements, restrictions and prohibitions;
•
requires Compliance Officer review of any requests for corporate political contributions to confirm they comply with applicable 
election laws and regulations; and
•
requires the Executive Vice President-External Affairs to submit a quarterly report to the Audit and Oversight Committee that 
addresses activities covered by the Government Relations Policy.
Corporate Political Donations 
The Government Relations Policy sets forth the standards and requirements that govern the Company’s interactions with public 
officials, and addresses the process for requesting and authorizing contributions to organizations operating under Section 527 of the 
Internal Revenue Code and organizations that qualify as national political committees. Corporate contributions are required to adhere to 
all applicable federal and state laws where we do business. The Company uses corporate funds to support candidates and causes to 
benefit energy safety, reliability and affordability, without regard for executives’ personal political preferences. 
Lobbying 
The Company files lobbying reports with federal, state and local governments. Direct lobbying is conducted in support of corporate 
initiatives and targets, including the Company’s greenhouse gas reduction goals.
WEC Energy Group
P-35
2025 Proxy Statement

Public Disclosure
WEC Energy Group's website provides details on: (1) contributions made by its PACs; (2) corporate contributions to state party 
legislative committees and elected officials; (3) links to federal and state lobbying reports; and (4) trade organization memberships, 
including annual dues and contributions to trade associations and coalitions. 
To learn more, please access the Company's "Political Activities" web page at www.wecenergygroup.com/csr/political-activities.htm
Insider Trading Policy
WEC Energy Group has adopted an insider trading policy that includes policies and procedures applicable to officers, directors, and 
employees of the Company (collectively, “covered persons”) the Company believes are reasonably designed to promote compliance 
with insider trading laws, rules, and regulations, and applicable listing standards. Among other things, the insider trading policy
(i) prohibits trading by covered persons in WEC Energy Group securities while aware of material, non-public information about the 
Company except under pre-approved 10b5-1 trading plans, and (ii) specifies pre-clearance procedures (and who is subject to such 
procedures), open quarterly trading windows (and who is subject to such windows), and requirements regarding pre-approved trading 
plans that meet the requirements of Rule 10b5-1 under the Exchange Act. The insider trading policy, which also governs transactions by 
the Company itself, was filed as Exhibit 19 in the Company's Annual Report on Form 10-K for fiscal year 2024, filed with the SEC on 
February 21, 2025.
Code of Business Conduct
WEC Energy Group’s Code of Business Conduct (the “Code”) is the foundation of the Company’s Ethics and Compliance program, as it 
sets the standards for creating and sustaining a culture of ethics and integrity. The Compliance Officer oversees the management and 
operations of the program, about which she provides regular update reports to the Board’s Audit and Oversight Committee. All WEC 
Energy Group directors, executive officers and employees, including the principal executive, financial and accounting officers, have a 
responsibility to comply with the Code, to seek advice in doubtful situations and to report suspected violations. All those subject to the 
Code, including the Company's non-management directors, are required to participate in annual training on the elements of the Code.
The Code addresses expectations for Company culture; work environment; business conduct; proper use and protection of Company 
resources, assets and information; and compliance with laws, rules and regulations. The Code is available on our website at the 
following address: www.wecenergygroup.com/govern/codeofbusinessconduct.pdf
The Company provides multiple ways individuals can report concerns and raise questions concerning the Code and other Company 
policies. The Company has contracted with a third-party so that individuals can confidentially and anonymously report suspected 
violations of the Code or other concerns, including those regarding accounting, internal accounting controls or auditing matters. The 
Company has not provided any waiver to the Code for any director, executive officer or other employee.
Related Party Transactions
WEC Energy Group has a written policy on the review, approval or ratification of transactions with related persons, which is overseen by 
the Corporate Governance Committee, as delegated by the Board. 
The policy provides that the Committee will review any proposed, existing, or completed related party transaction in which the amount 
involved exceeds $120,000, and in which any related party had, has, or will have a direct or indirect material interest. In general, a 
"related party" includes all directors and executive officers of WEC Energy Group and their immediate family members, as well as 
stockholders beneficially owning 5% or more of WEC Energy Group’s outstanding stock as defined in SEC rules. Legal Services 
reviews relevant information on transactions, arrangements, and relationships disclosed and makes a determination as to the existence 
of a related party transaction as defined by SEC rules and the policy. Related party transactions that are in, or are not inconsistent with, 
the best interests of WEC Energy Group or its subsidiaries, as applicable, are approved by the Corporate Governance Committee and 
reported to the Board. Related party transactions are disclosed in accordance with applicable SEC and other regulatory requirements.
In addition, the Code addresses, among other things, how to identify and report potential conflicts of interest. The Code lists the 
following as examples of potentially problematic situations: (1) family members who are a supplier, contractor or customer of the 
Company or work for one; (2) obtaining any financial interest in or participating in any business relationship with any company or 
individual, or concern doing business with WEC Energy Group or any of its subsidiaries that might influence the individual’s decisions or 
job performance; (3) participating in any joint venture, partnership or other business relationship with WEC Energy Group or any of its 
subsidiaries; and (4) serving as an officer or member of the Board of any substantial, outside for-profit organization.
Because the Board is mindful of the expectation of its directors to devote the time necessary to fulfill their fiduciary duties, the Corporate 
Governance Guidelines contain additional requirements for directors seeking to join other Boards. For example, all directors must notify 
the Company’s Corporate Secretary before accepting a nomination for a position on the Board of another public company and the CEO 
must obtain the approval of the full Board before accepting such a position.
To further backstop such discussions and approvals, bi-annually all directors and executive officers are required to complete a 
questionnaire that asks about any business relationship that may give rise to a related party transaction or other conflict of interest and 
all transactions in which the Company or one of its subsidiaries is involved and in which the director or executive officer, or a relative or 
affiliate of such director or executive officer, has a direct or indirect material interest. Director nominees under consideration by the 
Board for election are required to complete the same questionnaire. The Corporate Secretary discusses the results of this diligence with 
the Corporate Governance Committee. 
Since January 1, 2024, there have been no related-party transactions, and there are no currently proposed related-party transactions, 
required to be disclosed pursuant to SEC rules.
WEC Energy Group
P-36
2025 Proxy Statement

COMMUNICATIONS WITH THE BOARD 
Stockholders and other interested parties who wish to communicate with members of the Board, including the Independent Lead 
Director or other non-management directors individually or as a group, may send correspondence to them in care of the Corporate 
Secretary, Margaret C. Kelsey, at the Company’s principal executive offices, PO Box 1331, Milwaukee, Wisconsin 53201. All 
communications received as set forth above will be opened by the Corporate Secretary. Pursuant to instructions from the Board, all 
communication relating to the duties and responsibilities of the Board will be forwarded to the director or group of directors to whom 
they are addressed. However, communications unrelated to the duties and responsibilities of the Board, such as ordinary business 
matters, individual customer matters, mass mailings, new product or service suggestions, job inquiries, promotions of a product or 
service, or patently offensive material, will not be forwarded, and will be addressed as appropriate by management.
WHERE TO FIND MORE INFORMATION ON GOVERNANCE
You can find our Corporate Governance Guidelines, Code of Business Conduct, and other corporate governance materials, including 
WEC Energy Group’s Restated Articles of Incorporation, bylaws, Board committee charters and Board contact information, on the 
Corporate Governance section of our website at www.wecenergygroup.com/govern/governance.htm. You can request copies of these 
materials from the Corporate Secretary at the address provided above in “Communications with the Board."
DIRECTOR COMPENSATION
Consistent with its charter, the Compensation Committee seeks to maintain a competitive director compensation program that enables 
the Company to attract and retain key individuals and to motivate them to help the Company achieve its short- and long-term goals. As 
such, the Committee is responsible for reviewing key market-based trends in director compensation and benefits packages and for 
recommending changes to the Board, as appropriate, that will attract and retain quality directors. The Committee’s charter authorizes it 
to engage consultants or advisors in connection with its review and analysis of director compensation. The Compensation Committee 
used FW Cook for this purpose during 2024. Directors who are also employees of the Company do not receive additional compensation 
for service as a director.
2024 Compensation of the Board of Directors
The table on the next page describes the components of the non-management director compensation program during 2024. 
In December 2023, the Compensation Committee completed its annual review of director compensation and determined that, based 
upon research provided by FW Cook, total non-management director compensation delivered in a combination of cash-based retainers 
and equity awards was below market median. The Compensation Committee recommended, and the Board approved, an increase of 
$20,000 in total annual non-management director compensation to be delivered as $10,000 in cash-based retainers and $10,000 in 
equity. As a result, the annual cash-based retainer was raised from $110,000 to $120,000 and the value of the annual restricted stock 
equity award was increased from $150,000 to $160,000, effective January 1, 2024. The Compensation Committee concluded that it was 
appropriate for the lead director and all committee chair fees to remain unchanged from 2023 levels.
In January 2024, the Compensation Committee completed its review of compensation associated with Mr. Klappa’s planned transition 
from serving as the Executive Chairman to the role of Non-Executive Chairman, following completion of the Company’s annual meeting 
in May 2024. Consistent with recommendations from FW Cook, the Committee recommended, and the Board approved, that in this 
role, Mr. Klappa would be entitled to receive director compensation consistent with that provided to non-management directors, namely 
an annual retainer fee of $120,000 and an annual restricted stock award equal to a value of $160,000. In recognition of his service as 
Non-Executive Chairman of the Board, and the additional duties that entails, the Committee determined Mr. Klappa would receive an 
additional annual retainer fee of $187,500. Mr. Klappa’s retainer fees were prorated for 2024 and he did not receive any restricted stock 
in 2024 in connection with his service as Non-Executive Chairman. 
WEC Energy Group
P-37
2025 Proxy Statement

The Compensation Committee believes that this program:
•
is equitable based upon the work required of directors serving an entity of the Company’s size and scope, and
•
ties the majority of director compensation to stockholder interests because the value of the equity awards fluctuates depending 
upon the Company’s stock price.
Compensation Element
2024 Non-Management Director Compensation Program*
Annual Cash Retainer Fee
$120,000 paid in $30,000 quarterly increments
Annual Non-Executive Chairman Retainer Fee
$187,500 paid in $46,875 quarterly increments
Annual Independent Lead Director Retainer Fee
   $30,000 paid in $7,500 quarterly increments
Annual Equity Retainer
$160,000 in restricted stock, which vests one year from grant date
Annual Committee Chair Fees
 y Audit and Oversight
$20,000 paid in $5,000 quarterly increments
 y Compensation
$20,000 paid in $5,000 quarterly increments
 y Corporate Governance
$15,000 paid in $3,750 quarterly increments
 y Finance
$15,000 paid in $3,750 quarterly increments
Board and Committee Meeting Fees
None
Stock Ownership Guideline 
Ownership of common stock or deferred stock units that have a value equal to five times the 
annual cash retainer for non-management directors to be satisfied within five years of joining the 
Board
*Mr. Klappa’s retainer fees were prorated for 2024 and he did not receive any restricted stock in 2024 in connection with his service as Non-Executive Chairman. 
Insurance is also provided by the Company for director liability coverage, fiduciary and employee benefit liability coverage, and travel 
accident coverage for director travel on Company business. The premiums paid for this insurance are not included in the amounts 
reported in the table located on the next page.
The Company reimburses directors for all out-of-pocket travel expenses. These reimbursed amounts are also not reflected in the table 
located on the next page.
Deferred Compensation Plan
Non-management directors may defer all or a portion of their cash fees pursuant to the Directors’ Deferred Compensation Plan. 
Directors have two investment options in the plan - the Company's phantom stock measurement fund or a prime rate fund. The value of 
the phantom stock measurement fund appreciates or depreciates based upon market performance of the Company's common stock, 
and it also grows through the accumulation of reinvested dividend equivalents. Deferral amounts are credited in the name of each 
participating director to accounts on the books of WEC Energy Group that are unsecured and are payable only in cash at the time 
elected by the director. Deferred amounts will be paid out of general corporate assets or the assets of the Wisconsin Energy 
Corporation 2014 Rabbi Trust addressed later in this proxy statement.
Legacy Charitable Awards Program
Directors elected prior to January 1, 2007, participate in a Directors’ Charitable Awards Program under which the Company intends to 
contribute up to $100,000 per year for 10 years to one or more charitable organizations chosen by each participating director, including 
employee directors, following the director’s death. Charitable donations under the program will be paid out of general corporate assets. 
Directors derive no financial benefit from the program, and all income tax deductions accrue solely to the Company. The tax deductibility 
of these charitable donations may mitigate the net cost to the Company. The Directors’ Charitable Awards Program has been eliminated 
for any new directors elected after January 1, 2007. Current directors participating in the program are Directors Culver, Klappa and 
Payne.
WEC Energy Group
P-38
2025 Proxy Statement

Director Compensation Table
The following table summarizes the total compensation received during 2024 by each director serving as a non-management director of 
WEC Energy Group at any time in 2024. 
Name
Fees Earned 
or Paid
In Cash
(1)
Stock
Awards
Option
Awards
Non-Equity 
Incentive Plan
Compensation
Change in Pension Value 
and Nonqualified Deferred 
Compensation Earnings
All Other 
Compensation
Total
($)
($)
($)
($)
($)
($)
($)
Ave M. Bie
120,000
160,000
—
—
—
—
280,000
Curt S. Culver
135,000
160,000
—
—
—
23,374
318,374
Danny L. Cunningham
140,000
160,000
—
—
—
—
300,000
William M. Farrow III
135,000
160,000
—
—
—
—
295,000
Cristina A. Garcia-Thomas
120,000
160,000
—
—
—
—
280,000
Maria C. Green
120,000
160,000
—
—
—
—
280,000
Gale E. Klappa (2)
—
—
—
—
—
—
—
Thomas K. Lane
150,000
160,000
—
—
—
—
310,000
Ulice Payne, Jr.
140,000
160,000
—
—
—
21,618
321,618
Mary Ellen Stanek
120,000
160,000
—
—
—
—
280,000
Glen E. Tellock
120,000
160,000
—
—
—
—
280,000
(1)
Each director, with the exception of Mr. Klappa, held 1,954 shares of restricted stock as of the close of business on December 31, 2024. 
(2) 
Mr. Klappa was Executive Chairman of WEC Energy Group until May 9, 2024, and is identified as a Named Executive Officer for 2024. All of Mr. Klappa's 
compensation he received as a director is reported in the Summary Compensation Table on page P-60.
Earned or Paid in Cash
The amounts reported in the Fees Earned or Paid in Cash column include annual cash-based retainers for each non-management 
director and applicable annual lead director and committee chair fees earned during 2024 regardless of whether such retainers and 
fees were paid in cash or deferred. 
Stock Awards
On January 2, 2024, each then current non-management director received his or her 2024 annual equity retainer in the form of 
restricted stock equal to a value of $160,000. The amounts reported in the Stock Awards column include the aggregate grant date fair 
value, as computed in accordance with Financial Accounting Standards Board Accounting Standards Codification ("FASB ASC") Topic 
718, excluding estimated forfeitures, of the restricted stock awarded. Each reported restricted stock award vests in full one year from 
the grant date.
All Other Compensation
All amounts reported in the All Other Compensation column represent costs attributed to the director for the Directors’ Charitable 
Awards Program. See “Legacy Charitable Awards Program” above for additional information. 
2025 Compensation of the Board of Directors
In December 2024, the Compensation Committee completed its annual review of director compensation and determined that, based 
upon research provided by FW Cook, total non-management director compensation delivered in a combination of cash-based retainers 
and equity awards was generally in alignment with market median. Therefore, the Compensation Committee recommended, and the 
Board approved, all Director compensation remain unchanged from 2024 levels.
WEC Energy Group
P-39
2025 Proxy Statement

PROPOSAL 2: RATIFICATION OF DELOITTE & TOUCHE LLP AS INDEPENDENT 
AUDITORS FOR 2025
What am I voting on?
Stockholders are being asked to 
vote to ratify the appointment of 
Deloitte & Touche LLP, a registered 
public accounting firm, to serve as 
the Company’s independent 
auditors for the fiscal year ending 
December 31, 2025.
Voting Recommendation: 
ü FOR the ratification of Deloitte & Touche LLP as independent 
auditors for 2025.
Although the Audit and Oversight Committee has the sole authority to appoint the 
independent auditors, as a matter of good corporate governance, the Board submits its 
selection of the independent auditors to our stockholders for ratification. If the stockholders 
do not ratify the appointment of Deloitte & Touche LLP, the Audit and Oversight Committee 
will reconsider the appointment.
The Audit and Oversight Committee of the Board of Directors has sole authority to appoint, evaluate, and, where appropriate, terminate 
and replace the independent auditors. The Audit and Oversight Committee has appointed Deloitte & Touche LLP as the Company’s 
independent auditors for the fiscal year ending December 31, 2025. The Audit and Oversight Committee believes that stockholder 
ratification of this matter is important in light of the critical role the independent auditors play in maintaining the integrity of the 
Company’s financial statements. If stockholders do not ratify the selection of Deloitte & Touche LLP, the Audit and Oversight Committee 
will reconsider the appointment.
Engagement of the Independent Auditor
Deloitte & Touche LLP has served capably and responsibly in that capacity for 22 years, something the Audit and Oversight Committee 
believes is in the best interests of the Company and its stockholders. Stockholder support for this appointment has been very strong, as 
evidenced by approximately 95% of stockholders voting in favor of the ratification of Deloitte & Touche LLP as independent auditors in 
2024.
The members of the Audit and Oversight Committee and the other members of the Board believe that the continued retention of Deloitte 
& Touche LLP to serve as the Company’s independent external auditor is in the best interests of the Company and its stockholders. As 
part of its evaluation,the Audit and Oversight Committee considered a variety of factors,including:
•
Depth of the firm’s experience specific to the highly complex utility industry, as evidenced by the number of utility companies 
that also retain Deloitte as their independent auditor;
•
Knowledge of the Company’s businesses, operations, key risks, accounting policies, financial systems and internal control 
framework;
•
Consistent high quality services performed over a dynamic period that included, among other things, the significant acquisition 
of Integrys Energy Group in 2015;
•
External data on audit quality and performance, including recent PCAOB reports on Deloitte & Touche LLP;
•
Competitive nature of audit and other fees;
•
Presence of a significant number of Deloitte & Touche LLP personnel, including the core members of the Company’s service 
team, in Milwaukee, Wisconsin, home of the Company’s headquarters, which provides significant efficiencies and a common 
understanding of the various jurisdiction-specific factors impacting the Company;
•
Avoidance of time and expense associated with onboarding a new independent auditor;
•
Deloitte’s commitment to maintaining their independence from the Company.
The Company has seamlessly rotated both the lead engagement and concurring partners multiple times over the life of Deloitte & 
Touche LLP's engagement. This has allowed for fresh perspectives without disrupting continuity. In alignment with the Company’s 
mandated rotation policy, we expect a new lead engagement partner will be chosen to serve in this role later this year.
The Audit and Oversight Committee, management and Deloitte & Touche LLP all take very seriously the continued evaluation of 
Deloitte’s independence, something that takes place multiple times each year. Annually, Deloitte & Touche LLP provides directly to the 
Audit and Oversight Committee a detailed independence report, which includes communications required by the standards and rules 
established by the Public Company Accounting Oversight Board (United States) (PCAOB). In addition, Deloitte & Touche LLP 
specifically affirms its independence. In its review, the Audit and Oversight Committee takes into account specific procedures, 
processes and programs in place to ensure Deloitte & Touche LLP is, and remains, independent. Deloitte & Touche LLP also provides a 
separate report to the Audit and Oversight Committee on the subjects of ethics, independence and compliance, which the Audit and 
Oversight Committee reviews and considers before approving Deloitte & Touche LLP's audit plan. Deloitte & Touche LLP's 
independence is a strict condition of their appointment.
Ratification of Deloitte & Touche LLP as the Company's independent auditors requires the affirmative vote of a majority of the votes cast 
in person or by proxy at the Meeting. Presuming a quorum is present, shares not voted, whether by abstention or otherwise, have no 
effect on the outcome of this matter.
Representatives of Deloitte & Touche LLP are expected to be present at the Meeting. They will have an opportunity to make a 
statement if they so desire and are expected to respond to appropriate questions that may be directed to them. Additional information 
concerning Deloitte & Touche LLP can be found in the following pages.
WEC Energy Group
P-40
2025 Proxy Statement

INDEPENDENT AUDITORS’ FEES AND SERVICES
Pre-Approval Policy
The Audit and Oversight Committee has a formal policy delineating its responsibilities for reviewing and approving, in advance, all audit, 
audit-related, tax, and other services of the independent auditors. As such, the Audit and Oversight Committee is responsible for the 
audit fee negotiations associated with the Company’s retention of independent auditors.
The Audit and Oversight Committee is committed to ensuring the independence of the auditors, both in appearance as well as in fact. In 
order to assure continuing auditor independence, the Audit and Oversight Committee periodically considers whether there should be a 
regular rotation of the independent external audit firm. In addition, the Audit and Oversight Committee is directly involved in the 
selection of Deloitte & Touche LLP’s lead audit partner.
Under the pre-approval policy, before engagement of the independent auditors for the next year’s audit, the independent auditors will 
submit (1) a description of all services anticipated to be rendered, as well as an estimate of the fees for each of the services, for the 
Audit and Oversight Committee to approve, and (2) written confirmation that the performance of any non-audit services is permissible 
and will not impact the firm’s independence. Annual pre-approval will be deemed effective for a period of twelve months from the date of 
pre-approval, unless the Audit and Oversight Committee specifically provides for a different period. A fee level will be established for all 
permissible, pre-approved non-audit services. Any additional audit service, audit-related service, tax service, and other service must 
also be pre-approved.
The Audit and Oversight Committee delegated pre-approval authority to the Committee’s Chair. The Audit and Oversight Committee 
Chair is required to report any pre-approval decisions at the next scheduled Audit and Oversight Committee meeting. Under the pre-
approval policy, the Audit and Oversight Committee may not delegate to management its responsibilities to pre-approve services 
performed by the independent auditors.
Under the pre-approval policy, prohibited non-audit services are services prohibited by the SEC or by the Public Company Accounting 
Oversight Board (United States) to be performed by the Company’s independent auditors. These services include: bookkeeping or other 
services related to the accounting records or financial statements of the Company; financial information systems design and 
implementation; appraisal or valuation services; fairness opinions or contribution-in-kind reports; actuarial services; internal audit 
outsourcing services; management functions, or human resources, broker-dealer, investment advisor or investment banking services; 
legal services and expert services unrelated to the audit; services provided for a contingent fee or commission; and services related to 
planning, marketing, or opining in favor of the tax treatment of a confidential transaction or an aggressive tax position transaction that 
was initially recommended, directly or indirectly, by the independent auditors. In addition, the Audit and Oversight Committee has 
determined that the independent auditors may not provide any services, including personal financial counseling and tax services, to any 
officer or other employee of the Company who serves in a financial reporting oversight role or to the Audit and Oversight Committee 
chair or to an immediate family member of these individuals, including spouses, spousal equivalents, and dependents.
Fee Table
The following table shows the fees, all of which were approved by the Audit and Oversight Committee, for professional audit services 
provided by Deloitte & Touche LLP for the audit of the annual financial statements of the Company and its subsidiaries for fiscal years 
2024 and 2023, and fees for other services rendered during those periods. No fees were paid to Deloitte & Touche LLP pursuant to the 
“de minimus” exception to the pre-approval policy permitted under the Securities Exchange Act of 1934, as amended.
 
2024
2023
Audit Fees (1)
$ 
6,645,806 
$ 
6,499,633 
Audit-Related Fees (2)
 
— 
 
148,761 
Tax Fees (3)
 
106,536 
 
224,533 
All Other Fees (4)
 
3,790 
 
3,790 
Total
$ 
6,756,132 
$ 
6,876,717 
1.
Audit Fees consist of fees for professional services rendered in connection with the audits of: (1) the annual financial statements of the Company and its subsidiaries, 
(2) the effectiveness of internal control over financial reporting, and (3) with other non- recurring audit work. This category also includes reviews of financial statements 
included in Form 10-Q filings of the Company and its subsidiaries and services provided in connection with statutory and regulatory filings or engagements.
2.
Audit-Related Fees consist of fees for professional services that are reasonably related to the performance of the audit or review of the Company’s financial statements 
and are not reported under "Audit Fees". No such services have been received from Deloitte & Touche in 2024.
3.
Tax Fees consist of fees for professional services rendered with respect to federal and state tax compliance and tax advice. This can include preparation of tax returns, 
claims for refunds, payment planning, and tax law interpretation.
4.
All Other Fees consist of costs for certain employees to attend accounting/tax seminars hosted by Deloitte & Touche LLP plus the subscription cost for the use of a 
Deloitte & Touche LLP accounting research tool.
WEC Energy Group
P-41
2025 Proxy Statement

AUDIT AND OVERSIGHT COMMITTEE REPORT
The Audit and Oversight Committee, which is comprised solely of independent directors, oversees the integrity of the financial reporting 
process on behalf of the Board of WEC Energy Group, Inc. In addition, the Audit and Oversight Committee oversees compliance with 
legal and regulatory requirements. The Audit and Oversight Committee operates under a written charter approved by the Board, which 
can be found in the “Governance” section of the Company’s website at wecenergygroup.com.
The Audit and Oversight Committee is also directly responsible for the appointment, compensation, retention, and oversight of the 
Company’s independent auditors, as well as the oversight of the Company’s internal audit function.
In order to assure continuing auditor independence, the Audit and Oversight Committee periodically considers whether there should be 
a regular rotation of the independent external audit firm. For 2025, the Audit and Oversight Committee has appointed Deloitte & Touche 
LLP to remain as the Company’s independent auditors, subject to stockholder ratification. The members of the Audit and Oversight 
Committee and other members of the Board believe that the continued retention of Deloitte & Touche LLP to serve as the Company’s 
independent external auditor is in the best interests of the Company and its stockholders.
The Audit and Oversight Committee is directly involved in the selection of Deloitte & Touche LLP’s lead audit partner in conjunction with 
a mandated rotation policy and is also responsible for audit fee negotiations with Deloitte & Touche LLP.
Management is responsible for the Company’s financial reporting process, the preparation of consolidated financial statements in 
accordance with generally accepted accounting principles, and the system of internal controls and procedures designed to provide 
reasonable assurance regarding compliance with accounting standards and applicable laws and regulations. The Company’s 
independent auditors are responsible for performing an independent audit of the Company’s consolidated financial statements in 
accordance with the standards of the Public Company Accounting Oversight Board (United States) (the “PCAOB”) and issuing a report 
thereon.
The Audit and Oversight Committee held five meetings during 2024. Meetings are designed to facilitate and encourage open 
communication among the members of the Audit and Oversight Committee, management, the internal auditors, and the Company’s 
independent auditors, Deloitte & Touche LLP. During these meetings, we reviewed and discussed with management, among other 
items, the Company’s unaudited quarterly and audited annual financial statements and the system of internal controls designed to 
provide reasonable assurance regarding compliance with accounting standards and applicable laws.
We have reviewed and discussed with management and the Company’s independent auditors the Company’s audited consolidated 
financial statements and related footnotes for the fiscal year ended December 31, 2024, and the independent auditor’s report on those 
financial statements. Management represented to us that the Company’s financial statements were prepared in accordance with 
generally accepted accounting principles. Deloitte & Touche LLP presented the matters required to be discussed with the Audit and 
Oversight Committee by PCAOB Auditing Standard No. 1301, Communications with Audit Committees. This review included a 
discussion with management and the independent auditors about the quality of the Company’s accounting principles, the 
reasonableness of significant estimates and judgments, and the disclosures in the Company’s financial statements, as well as the 
disclosures relating to critical accounting policies and the auditor’s discussion about critical audit matters in its report on the audited 
consolidated financial statements.
In addition, we received from Deloitte & Touche LLP the written disclosures and correspondence relative to the auditors’ independence, 
as required by applicable requirements of the PCAOB regarding Deloitte & Touche LLP’s communications with the Audit and Oversight 
Committee concerning independence. The Audit and Oversight Committee discussed with Deloitte & Touche LLP its independence and 
also considered the compatibility of non-audit services provided by Deloitte & Touche LLP with maintaining its independence.
Based on these reviews and discussions, the Audit and Oversight Committee recommended to the Board that the audited financial 
statements be included in WEC Energy Group’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and filed 
with the Securities and Exchange Commission.
Respectfully submitted to WEC Energy Group stockholders by the Audit and Oversight Committee of the Board.
The Audit and Oversight Committee
Danny L. Cunningham, Committee Chair
Warner L. Baxter
Ave M. Bie
Maria C. Green
Thomas K. Lane
Glen E. Tellock
WEC Energy Group
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2025 Proxy Statement

PROPOSAL 3: ADVISORY VOTE TO APPROVE COMPENSATION OF THE 
NAMED EXECUTIVE OFFICERS
What am I voting on?
Stockholders are being asked to approve, 
on an advisory basis, the compensation of 
the Named Executive Officers, as described 
in the Compensation Discussion and 
Analysis beginning on page P-44 and the 
Executive Compensation Tables beginning 
on page P-60.
Voting Recommendation: 
ü FOR the advisory vote on Executive Compensation.
The Compensation Committee takes seriously its role in the governance 
of the Company’s compensation programs and values thoughtful input 
from stockholders. The Compensation Committee will take into account 
the outcome of this advisory vote when considering future executive 
compensation decisions.
Pursuant to Section 14A of the Exchange Act, the Company seeks your advisory vote on the approval of the compensation paid to our 
named executive officers (commonly referred to as "Say-on-Pay") as described in the Compensation Discussion and Analysis and the 
related tables included in this proxy statement. Approval, on a non-binding, advisory basis, of the compensation of the named executive 
officers requires the affirmative vote of a majority of the votes cast in person or by proxy at the 2025 Annual Meeting of Stockholders. 
Presuming a quorum is present, shares not voted, whether by broker non-vote, abstention, or otherwise, have no effect on the outcome 
of this matter. Because your vote is advisory, it will not be binding on the Board or the Company. However, the Compensation 
Committee will review the voting results and take them into consideration when making future decisions regarding executive 
compensation.
As described in the Compensation Discussion and Analysis on pages P-44 through P-59 of this proxy statement, the Compensation 
Committee has structured the Company’s executive compensation program with the following objectives in mind:
• offer a competitive, performance-based plan;
• enable the Company to attract and retain key individuals;
• reward achievement of the Company’s short-term and long-term goals; and
• align with the interests of the Company’s stockholders and customers.
As described in this proxy statement, the Company believes that the compensation paid to our named executed officers in 2024 was 
well-tailored to achieve these objectives, tying a significant portion of total pay to performance and aligning the interests of the named 
executive officers with those of stockholders and customers. We encourage you to carefully review the Compensation Discussion and 
Analysis and related tables included in this proxy statement, which describe in greater detail WEC Energy Group’s compensation 
philosophy and programs, as well as the 2024 compensation levels, in connection with approval of the following resolution:
“RESOLVED, that the stockholders approve, on an advisory basis, the compensation paid to the Company’s named executive 
officers as disclosed in the Proxy Statement for the 2025 Annual Meeting of Stockholders.”
WEC Energy Group
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2025 Proxy Statement

Compensation Discussion and Analysis 
The following discussion provides an overview and analysis of our executive compensation program, including the role of the 
Compensation Committee of our Board, the elements of our executive compensation program, the purposes and objectives of these 
elements, and the manner in which we established the compensation of our named executive officers ("NEOs") for fiscal year 2024.
References to “we,” “us,” “our,” "Company," and “WEC Energy Group” in this discussion and analysis mean WEC Energy Group, Inc. 
and its management, as applicable.
EXECUTIVE SUMMARY
Overview
The primary objective of our executive compensation program is to provide a competitive, performance-based plan that enables the 
Company to attract and retain key individuals and to reward them for achieving both the Company’s short-term and long-term goals 
without creating an incentive for our NEOs to take excessive risks. Our program has been designed to provide a level of compensation 
that is strongly dependent upon the achievement of short-term and long-term goals that are aligned with the interests of our 
stockholders and customers. To that end, a substantial portion of pay is at risk, and generally, the value will only be realized upon strong 
corporate performance.
We value the input of our stockholders and recognize the desire by some for companies to link non-financial performance factors to 
compensation. Since 2004, our performance metrics have included operational and social metrics, including those related to customer 
satisfaction, safety, and supplier and workforce diversity. In addition, our financial metrics are closely aligned with our environmental 
goals and initiatives as we continue our energy transition.
2024 Business Highlights 
For an overview of the Company, see "An Energy Industry Leader" on page P-7. During 2024, the Company achieved solid results and 
continued to create long-term value for our stockholders and customers by focusing on the fundamentals of our business:
•
World-class reliability
•
Operating efficiency
•
Employee safety
•
Financial discipline
•
Exceptional customer care
•
Environmental stewardship
Commitment to Stockholder Value Creation. In 2024, WEC Energy Group again delivered solid earnings growth, generated strong 
cash flow, and increased the dividend for the 21st consecutive year. In January 2024, the Board raised the quarterly dividend 7.0% to 
$0.835 per share, equivalent to an annual rate of $3.34 per share. In January 2025, the Board again increased the quarterly dividend 
6.9% to $0.8925 per share, which is equivalent to an annual rate of $3.57 per share, in line with our plan to maintain a dividend payout 
ratio of 65% to 70% of earnings. The Company also turned in strong performances against several important operational and social 
measures during 2024, including customer satisfaction and supplier and workforce diversity, while continuing to maintain effective cost 
controls throughout its businesses. 
Capital Plan. Our five-year capital plan, which we update annually, calls for emissions reductions, maintaining superior reliability, 
delivering significant long-term savings for customers and growing our investment in the future of energy. On October 31, 2024, we 
announced our planned capital investment for the next five-year period (2025-2029). We expect to invest approximately $28.0 billion 
over the five-year period in our regulated and non-utility energy infrastructure businesses, including approximately $9.1 billion of 
regulated renewable investment. We have already retired nearly 2,500 megawatts (MW) of fossil-fueled generation since the beginning 
of 2018, and expect to retire approximately 1,200 MW of additional coal-fired generation by the end of 2031. By the end of 2030 we 
expect to use coal only as a backup fuel for the power we supply to our customers, and plan to eliminate coal as an energy source by 
the end of 2032.
In addition to our carbon dioxide emissions reductions, we also continue to reduce our methane emissions by improving our natural gas 
distribution system. We have set a target across our natural gas distribution operations to achieve net-zero methane emissions by the 
end of 2030.
WEC Energy Group
P-44
2025 Proxy Statement

Other specific Company achievements for 2024 include:
2024 Financial Highlights 
•
Achieved fully diluted earnings per share and adjusted 
earnings per share of $4.83 and $4.88, respectively.*
•
Returned approximately $1.06 billion to WEC Energy Group 
stockholders through dividends.
•
Announced largest 5-year capital plan in the Company's 
history.
Diluted Earnings Per Share
GAAP
Adjusted**
2020
2021
2022
2023
2024
$0
$1
$2
$3
$4
$5
** For 2024 and 2023, excludes a $0.06 per share charge and a $0.41 per 
share non-cash charge, respectively, to earnings related to the Illinois 
Commerce Commission disallowances of certain capital costs. See 
Appendix A on page P-90 for a full reconciliation of non-GAAP 
measures.
2024 Performance Highlights
•
Wisconsin Public Service named one of the top performing 
midsize utilities as part of PA Consulting's 2024 
ReliabilityOne® Awards.
•
Added new President of Wisconsin utilities and new 
President of Illinois utilities.
•
Upon completion of transition of the two new Presidents, 
will have the most diverse leadership team in Company 
history.*
•
Named one of America's greatest workplaces for diversity 
again by Newsweek magazine.*
•
Named a Gold Level recipient of the Vets Ready Employer 
Initiative Award by Wisconsin's Department of Workforce 
Development.*
•
Ranked number one in the nation again for customer 
satisfaction in an independent survey of large commercial 
and industrial energy users.*
•
Spent $332.4 million with diverse suppliers.*
•
Achieved record employee safety performance based on 
DART-recordable injuries.*
•
Added more renewable gas into our natural gas distribution 
system.
•
Wisconsin Public Service named as best electric utility in 
the Midwest for customer satisfaction by J.D. Power.*
•
Added Paris Solar Park to utility generation fleet and retired 
Oak Creek Power Plant Units 5 and 6.
* These measures are a component of our short-term incentive 
compensation program.
Long-Term Stockholder Returns
Over the past decade, WEC Energy Group has consistently 
delivered among the best total returns in the industry. 
Five-Year Cumulative Return*** 
WEC Energy Group
S&P 500
Custom Peer Index Group
12/31/19
12/31/20
12/31/21
12/31/22
12/31/23
12/31/24
$80
$100
$120
$140
$160
$180
$200
*** The Five-Year Cumulative Return Chart shows a comparison of the 
cumulative total return, assuming reinvestment of dividends, over the 
past five years had $100 been invested at the close of business on 
December 31, 2019. For information about the Custom Peer Index 
Group, see "Performance Graph" in the Company's 2024 Annual Report.
Total Stockholder Returns 
WEC Energy Group
S&P Utilities
S&P Electric
Dow Jones Utilities
Philadelphia Utility
One-Year
Three-Year
Five-Year
Ten-Year
0%
50%
100%
150%
Source: Bloomberg; assumes all dividends are reinvested and returns are 
compounded daily.
WEC Energy Group
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2025 Proxy Statement

Consideration of 2024 Stockholder Advisory Vote and Stockholder Outreach
At the 2024 Annual Meeting of Stockholders, the Company’s stockholders approved the compensation of our named executive officers, 
with 94.3% of the votes cast supporting the say-on-pay proposal. The Compensation Committee considered this outcome as well as the 
feedback received during meetings we again held with many of our institutional stockholders. During 2024, we communicated with 
stockholders representing approximately 50% of the Company’s outstanding common stock about matters of importance to them, 
including for some, our compensation practices. For additional information about our stockholder outreach efforts, see "Stockholder 
Engagement" beginning on page P-30. In light of the significant stockholder support our executive compensation program received in 
2024 and the payout levels under our performance-based program for 2024, the Compensation Committee believes that the overall 
compensation program structure is competitive, aligned with our financial, operational and social performance goals, and in the best 
interests of the Company, stockholders, and customers.
COMPONENTS OF OUR EXECUTIVE COMPENSATION PROGRAM
We have three primary elements of total direct compensation: (1) base salary; (2) annual incentive awards; and (3) long-term 
incentive awards consisting of a mix of performance units, stock options, and restricted stock. The Compensation Committee again 
retained Frederic W. Cook & Co., Inc. ("FW Cook") as its independent compensation consultant to advise the Compensation 
Committee with respect to our executive compensation program. The Compensation Committee generally relied upon the 
recommendations of FW Cook in its development of the 2024 program.
As shown in the charts below, 88% of Mr. Lauber's 2024 total direct compensation and an average of 84% of the other NEOs’ 2024 total 
direct compensation was tied to Company performance and was not guaranteed. 
In addition to the components of total direct compensation identified above, our retirement programs are another important component 
of our compensation program.
This Compensation Discussion and Analysis contains a more detailed discussion of each of the above components for 2024, including 
FW Cook’s recommendations with respect to each component.
WEC Energy Group
P-46
2025 Proxy Statement
WEC Energy Group

Compensation Governance and Practices
The Compensation Committee annually reviews and considers the Company’s compensation policies and practices to ensure our 
executive compensation program aligns with our compensation philosophy. Highlighted below is an overview of our current 
compensation practices.
What We Do
• Our compensation program focuses on key 
Company results (financial, safety, 
customer satisfaction, diversity) that are 
aligned with our strategic goals.
• A substantial portion of compensation is at 
risk and tied to Company performance. 
• The compensation program has a long-
term orientation aligned with stockholder 
interests.
• The Compensation Committee retains an 
independent compensation consultant to 
help design the Company’s compensation 
program and determine competitive levels 
of pay.
• The Compensation Committee's 
independent compensation consultant 
reviews competitive employment market 
data from two general industry surveys and 
a comparison group of companies similar 
to WEC Energy Group.
• We have clawback policies that provide for 
the recoupment of incentive-based 
compensation. 
• Annual incentive-based compensation 
contains multiple, pre-established 
performance metrics aligned with 
stockholder and customer interests.     
• The 2024 Performance Unit Plan award 
payouts (including dividend equivalents) 
are based on the following measures 
selected by the Compensation Committee 
at the time of the award: 1) stockholder 
return as compared to an appropriate peer 
group, 2) authorized return on equity, and 
3) price to earnings ratio as compared to 
an appropriate peer group. 
• The Performance Unit Plan and the 
Omnibus Stock Incentive Plan require a 
separation from service following a change 
in control for award vesting to occur. 
• Meaningful stock ownership levels are 
required for senior executives.
• Perquisites are reviewed annually by 
the Compensation Committee. 
• Ongoing engagement with investors 
takes place to ensure that 
compensation practices are 
responsive to stockholder interests.
• We prohibit hedging and pledging of 
WEC Energy Group common stock. 
• We prohibit entry into any new 
arrangements that obligate the 
Company to pay directly or reimburse 
individual tax liability for benefits 
provided by the Company. 
• We prohibit repricing of stock options 
without stockholder approval.
Competitive Benchmarking
As a general matter, we believe the labor market for WEC Energy Group executive officers is consistent with that of general industry. 
Although we recognize our business is focused on the energy services industry, our goal is to have an executive compensation program 
that will allow us to be competitive in recruiting the most qualified candidates to serve as executive officers of the Company, including 
individuals who may be employed outside of the energy services industry. Further, in order to retain top performing executive officers, 
we believe our compensation practices must be competitive with those of general industry.
To confirm that our annual executive compensation is competitive with the market, FW Cook reviewed general industry executive 
compensation survey data obtained from WTW and Aon Radford. FW Cook also analyzed the compensation data from a peer group of 
20 companies similar to WEC Energy Group in size and business model. The methodology used by FW Cook to determine the peer 
group of companies is described below.
FW Cook started with U.S. companies in the Standard & Poor’s database, and then limited those companies to the same line of 
business as WEC Energy Group as indicated by the Global Industry Classification Standards. This list of companies was then further 
limited to companies with revenues between $3.2 billion and $28.7 billion (approximately one-third to three times the size of WEC 
Energy Group’s revenues), and that were within a reasonable size range in various other measures such as operating income, total 
assets, total employees, and market capitalization. From this list, FW Cook selected companies similar in overall size to WEC Energy 
Group with consideration given to companies that met one or more of the following criteria:
•
Diversified, technically sophisticated utility operations (e.g., multiple utilities, electric utilities); and
•
Minimal non-regulated business.
These criteria resulted in a comparison group of 20 companies with median revenues and market capitalization of approximately 
$13.2 billion and $21.8 billion, respectively.
The comparison group utilized for purposes of 2024 compensation includes the same 19 companies as the previous year’s comparison 
group, along with the addition of Exelon Corporation to complete the group of 20 companies. The companies in the comparison group 
are listed below.
•   Alliant Energy Corporation
•   Consolidated Edison, Inc.
•   Evergy, Inc.
•   PG&E Corporation
•   Ameren Corporation
•   Dominion Energy, Inc.
•   Eversource Energy
•   PPL Corp.
•   American Electric Power Company
•   DTE Energy Co.
•   Exelon Corporation
•   Pinnacle West Capital Corp.
•   CenterPoint Energy
•   Edison International
•   FirstEnergy Corp.
•   The Southern Company
•   CMS Energy Corporation
•   Entergy Inc.
•   NiSource Inc.
•   Xcel Energy Inc.
The Compensation Committee approved this comparison group.
WEC Energy Group
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2025 Proxy Statement

DETERMINATION OF MARKET MEDIAN
In order to determine the “market median” for our NEOs, FW Cook recommended that the survey data from WTW and Aon Radford 
receive a 75% weighting and the comparison group of 20 companies receive a 25% weighting. The Compensation Committee agreed 
with this recommendation. The survey data received a higher weighting because we consider the labor market for our executives to be 
consistent with that of general industry. Using this methodology, FW Cook recommended, and the Compensation Committee approved, 
the appropriate market median for each of our NEOs.
The comparison of each component of compensation with the appropriate market median when setting the compensation levels of our 
NEOs generally drives the allocation of cash versus non-cash compensation and short-term versus long-term incentive compensation.
ANNUAL BASE SALARY
The annual base salary component of our executive compensation program provides each executive officer with a fixed level of annual 
cash compensation. We believe that providing annual cash compensation through a base salary is an established market practice and 
is a necessary component of a competitive compensation program.
Based upon the market data analyzed by FW Cook, we generally target base salaries to be at or near the market median for each NEO. 
However, the Compensation Committee may, in its discretion, set base salaries at a different amount when the Compensation 
Committee deems it appropriate.
Actual salary determinations are made taking into consideration factors such as the relative levels of individual experience, 
performance, responsibility, market compensation data and contribution to the results of the Company’s operations. At the beginning of 
each year, our CEO develops a list of goals for WEC Energy Group and our employees to achieve during the upcoming year. The 
Compensation Committee takes the Company’s performance against these goals into consideration when establishing our CEO’s 
compensation for the upcoming year. Our CEO undertakes a similar process with the other NEOs, who develop individual goals related 
to the achievement of the Company’s goals. At the end of the year, each officer’s performance is measured against these goals. Based 
on this performance assessment, the CEO makes a compensation recommendation to the Compensation Committee for the upcoming 
year for each executive officer.
2024 Salary Determination Process
Mr. Lauber's 2024 annual base salary was set at $1,130,118, an increase of 5.0% over his 2023 base salary. 
Pursuant to a letter agreement entered into in November 2023, Mr. Klappa served as Executive Chairman until the 2024 Annual 
Meeting of Stockholders on May 9, 2024, at which time he transitioned to Non-Executive Chairman. Mr. Klappa's 2024 annual base 
salary, which represents a 4% increase over his 2023 annual base salary, was prorated for the portion of the year that he served as 
Executive Chairman. For information about Mr. Klappa’s compensation as Non-Executive Chairman, see "Director Compensation" on 
page P-37.
In March 2024, Michael Hooper entered into an agreement with the Company pursuant to which he began serving as President of the 
Company's Wisconsin Utilities, effective April 1, 2024. In connection with Mr. Hooper's appointment, his annual base salary was set at 
$650,000, which was prorated to his April 1, 2024 start date.
With respect to the 2024 base salaries of Mmes. Liu and Kelsey, and Mr. Garvin, in December 2023, recommendations were made to 
the Compensation Committee based upon a review of the market compensation data provided by FW Cook and the other factors 
described above. The Compensation Committee approved the recommendations, which represented an average increase in annual 
base salary of approximately 4.3%. The annual base salary of each NEO was at or near the market median.
ANNUAL CASH INCENTIVE COMPENSATION
We provide annual cash incentive compensation through our Short-Term Performance Plan (“STPP”). The STPP provides for annual 
cash awards to our executive officers and other key employees based upon the achievement of pre-established stockholder-, customer- 
and employee-focused objectives. All payments under the STPP are at risk. Payments are made only if performance goals are 
achieved, and awards may be less or greater than targeted amounts based upon actual performance. Payments under the STPP are 
intended to reward achievement of short-term goals that contribute to stockholder and customer value, as well as individual 
contributions to successful operations.
2024 Target Awards.  Each year, the Compensation Committee approves a target level of compensation under the STPP for each of 
our NEOs. This target level of compensation is expressed as a percentage of base salary. 
WEC Energy Group
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2025 Proxy Statement

The year-end 2024 target awards for each NEO are set forth in the chart below.
Executive Officer
Target STPP Award as a Percentage of Annual Base Salary
Mr. Lauber
140%
Ms. Liu
85%
Mr. Klappa
140%
Ms. Kelsey
75%
Mr. Hooper
80%
Mr. Garvin
75%
Mr. Klappa's target award is prorated to the date of his transition to Non-Executive Chairman of the Board, May 9, 2024. Mr. Hooper's 
target award is prorated to his April 1, 2024 start date.
The Compensation Committee increased the 2024 target awards for Ms. Liu and Mr. Garvin by 5% from the 2023 target award levels in 
order to more closely align with the market data and overall job responsibilities of each officer. The target award levels of each NEO 
reflect median incentive compensation practices as indicated by the market data. 
For 2024, the possible payout for any NEO ranged from 0% of the target award to 210% of the target award, based upon Company 
performance.
Supporting Business Fundamentals and Environmental, Social and Governance Commitments.  The financial, operational and 
social goals established under the STPP are linked to key objectives that support the Company’s sustainability. 
Delivering a cleaner energy future is one of the fundamentals of our business and a major focus of the Company’s capital plan. The 
Compensation Committee assesses management’s performance in achieving long-term strategic sustainability goals through the 
execution of the Company’s capital spending plan. Our ability to effectively fund the capital plan, as was done in 2024 with a mix of 
debt, hybrid securities, convertible debt securities, and common stock, has been directly linked with our ability to consistently deliver on 
the Company’s financial plan, which includes meeting the financial goals established under the STPP. These financial measures, which 
are discussed in more detail below, are key performance indicators underlying our NEOs' incentive compensation, linking achievement 
of the Company’s long-term strategy through our focus on short-term priorities.  
The operational and social goals established under the STPP are tied to achievement of strategic objectives, which include a focus on 
customer satisfaction, employee safety, and workforce and supplier diversity.
2024 Financial Goals under the STPP.  The Compensation Committee adopted the 2024 STPP with a continued focus on financial 
results. In December 2023, the Compensation Committee approved WEC Energy Group’s earnings per share (75% weight) and cash 
flow (25% weight) as the primary performance measures to be used in 2024. For those officers whose positions primarily relate to utility 
operations in Wisconsin, including Mr. Hooper, the Compensation Committee approved WEC Energy Group's earnings per share (25% 
weight) and cash flow (25% weight), as well as aggregate net income of the Company's Wisconsin utility operations (50% weight), as 
the primary performance measures to be used in 2024. We continue to believe earnings per share and cash flow are key indicators of 
financial strength and performance, and are recognized as such by the investment community. Utility net income is an important 
financial measure as it is an indicator of the return on equity earned by the Company's utilities and generally, in order to meet WEC 
Energy Group's earnings per share targets, it is important that the utilities earn at or close to their allowed rate of return.
In January 2024, the Compensation Committee approved the performance goals under the STPP for WEC Energy Group’s earnings 
per share as set forth in the chart below.
Earnings Per Share Performance Goal
Earnings Per Share Growth Rate
Payout Level
$4.80
4.3%
25%
$4.82
4.8%
50%
$4.85
5.5%
100%
$4.86
5.7%
135%
$4.88
6.1%
200%
If the Company’s performance falls between these levels, the payout level with respect to earnings per share is determined by 
interpolating on a straight line basis the appropriate payout level.
At the time the Compensation Committee established the earnings per share performance goals for 2024, the Company’s 5-year growth 
plan called for a compound annual growth rate ("CAGR") in earnings per share of 6.5% to 7.0% over that period, measured off a 2023 
base of $4.60 per share, which represented the mid-point of the adjusted 2023 annual earnings guidance. We believe that achievement 
of our projected CAGR, plus our continued growth in dividends, supports a premium valuation as compared to the Company’s peers. 
The Compensation Committee determined that achievement of earnings per share within the Company's 2024 guidance range of $4.80 
to $4.90 per share would continue to be in-line with meeting the Company's 5-year CAGR growth plan. The Committee recognized that 
in order to achieve a 5-year CAGR of 6.5% to 7.0%, year-over-year growth does not also need to be at a rate of 6.5% to 7.0%. 
Therefore, based on the Company's forecasted earnings for 2024, the Committee tied the target (100%) payout level to a 5.5% year-
over-year earnings per share growth rate, which would equate to earnings per share at the mid-point of the Company's 2024 guidance 
WEC Energy Group
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2025 Proxy Statement

range. The 200% payout level was tied to a year-over-year growth rate of 6.1%, or earnings per share of $4.88, and the above-target 
payout level was tied to achievement of a year-over-year growth rate of 5.7%, or earnings per share of $4.86.
In January 2024, the Compensation Committee approved the performance goals under the STPP for WEC Energy Group’s cash flow as 
set forth in the chart below ($ in millions).
Cash Flow
Payout Level
$2,325
25%
$2,375
50%
$2,425
100%
$2,475
135%
$2,550
200%
If the Company’s performance falls between these levels, the payout level with respect to cash flow is determined by interpolating on a 
straight-line basis the appropriate payout level.
The Compensation Committee based the cash flow performance level goals on WEC Energy Group’s “net cash provided by operating 
activities” and adjusting for certain accruals and other items related to capital spending as well as proceeds from asset sales ("Adjusted 
Cash From Operations"). GAAP requires the accruals and other items to be recorded as part of cash from operations, but management 
views them as related to the Company’s capital expenditure program. Therefore, the Compensation Committee excludes these items 
when measuring the Company's cash flow performance. Management invests the cash received from asset sales into the Company, 
incurring operation and maintenance (“O&M”) costs. Because the O&M costs are recorded in “net cash provided by operating activities” 
on the cash flow statement, for purposes of measuring cash flow performance, the Compensation Committee determined that the cash 
received to fund those costs should also be treated as cash from operations. Pursuant to GAAP, proceeds from asset sales are 
recorded as part of net cash used in/provided by investing activities. The Compensation Committee believes that basing the cash flow 
performance goals on Adjusted Cash From Operations provides a more accurate measurement of the cash generated by the 
Company’s operations that is available for capital investment, which is the Company’s primary driver for earnings growth, and to fund 
O&M. Adjusted Cash From Operations is not a measure of financial performance under GAAP, and the Company's calculation may 
differ from similarly titled measures used by other companies or securities rating agencies.
In January 2024, the Compensation Committee approved the performance goals under the STPP for the Wisconsin utilities' net income 
as set forth in the chart below ($ in millions).
Net Income
Payout Level
$885.8
25%
$888.3
50%
$890.8
100%
$893.9
135%
$897.9
200%
2024 Financial Performance under the STPP.  In January 2025, the Compensation Committee reviewed our actual performance for 
2024 against the financial, operational and social performance goals established under the STPP, subject to final audit.
WEC Energy Group’s 2024 financial performance satisfied the maximum payout level established for earnings per share and cash flow. 
WEC Energy Group’s earnings per share on a GAAP basis were $4.83 for 2024, which includes a $0.06 per share charge to earnings 
related to certain capital expenditures under the Qualifying Infrastructure Plant ("QIP") rider that were disallowed by the Illinois 
Commerce Commission (the “ICC”) as part of the 2016 QIP reconciliation. Excluding this charge, WEC Energy Group’s adjusted 
earnings per share were $4.88. PGL has since appealed this decision. The ICC’s disallowance of these expenditures is not indicative of 
WEC Energy Group’s operating performance during 2024. As a result, the Compensation Committee determined that the Company’s 
performance against the earnings per share targets should be measured using adjusted earnings per share. With respect to the 
earnings per share calculation, note that WEC Energy Group's adjusted earnings per share does not add due to rounding.
WEC Energy Group’s cash flow, based on Adjusted Cash From Operations, was $3,228.0 million. In addition, our cash flow result is not 
a measure of financial performance under GAAP. Impacted by unfavorable weather, the Wisconsin utilities' net income was $863.1 
million for 2024, below the minimum threshold payout level.
By satisfying the maximum payout level with respect to the adjusted earnings per share and cash flow financial measures, the NEOs, 
other than Mr. Hooper, earned 200% of the target award from the financial goal component of the STPP.
2024 WEC Energy Group Operational and Social Goals and Performance under the STPP.  In December 2023 and January 2024, 
the Compensation Committee also approved operational and social performance measures and targets under the STPP that promote 
certain of the Company's priorities. The Compensation Committee identified commitment to customer satisfaction, safety, and supplier 
and workforce diversity as critical to the success of the Company. For that reason, annual incentive awards could be increased or 
decreased by up to 10% based upon WEC Energy Group’s performance in the areas of customer satisfaction (5% weight), safety (2.5% 
weight), and supplier and workforce diversity (2.5% weight). 
WEC Energy Group
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2025 Proxy Statement

The Compensation Committee measures customer satisfaction levels based upon the results of surveys that an independent third party 
conducts of customers who had direct contact with our utilities during the year, which measure (i) customers’ satisfaction with the 
respective utility overall, and (ii) customers’ satisfaction with respect to the particular transactions with the applicable utility. 
Safety is measured based upon performance against the number of lost-time injuries and Days Away, Restricted or Transferred 
("DART") recordable incidents. DART is a metric that focuses on the more significant injuries and measures how many workplace 
injuries and illnesses resulted in employees missing work, required restricted work activities or resulted in job transfers. Using this 
measure is consistent with the trend in the Company's industry to focus safety practices and efforts on preventing the most severe 
injuries.
The operational and social performance measures are based upon recommendations from management and take into consideration 
both current-year performance and our longer-term objective of achieving top quartile performance of all of our principal utilities. The 
Compensation Committee reviews management's recommendations and may make adjustments to the performance measures if it 
determines changes are necessary. The following table provides the operational and social goals approved by the Compensation 
Committee for 2024, as well as WEC Energy Group’s performance against these goals:
Operational Measure
Below Goal
Goal
Above Goal
Final Result
Customer Satisfaction Percentage of "Highly Satisfied":
-5.00%
0.00%
+5.00%
Company
<80.3%
80.3% - 83.0%
>83.0%
85.1%
Transaction
<82.8%
82.8% - 85.6%
>85.6%
87.7%
Safety:
-2.50%
0.00%
+2.50%
DART-recordable injuries
>121
69 - 121
<69
76
Lost-time injuries
>48
24 - 48
<24
29
Diversity:
-2.50%
0.00%
+2.50%
Supplier ($ in Millions)
<199.0
199.0 - 265.5
>265.5
332.4
Workforce - Assessment
Not Met
Met
Exceeded
Exceeded
WEC Energy Group’s performance against the customer satisfaction and diversity goals generated a 7.5% increase to the 
compensation awarded under the STPP for 2024 to each NEO, other than Mr. Hooper. With respect to the safety goals, performance 
against the goals for DART recordable injuries and the lost-time injury goals did not increase or decrease the compensation awarded.
2024 Wisconsin Utilities Operational and Social Goals and Performance under the STPP.  For those officers whose positions 
primarily relate to utility operations in Wisconsin, including Mr. Hooper, awards can be increased or decreased by up to 10% based 
upon performance in the areas of customer satisfaction (5%), safety (2.5%) and supplier diversity (1.25%) for WEC Energy Group's 
Wisconsin utility operations, as well as workforce diversity (1.25%) for the entire family of WEC Energy Group companies.
The Compensation Committee measures customer satisfaction levels based upon the results of surveys that an independent third party 
conducts of customers who had direct contact with WEC Energy Group's Wisconsin utilities during the year, which measure (i) 
customers’ satisfaction with the specific Wisconsin utility overall, and (ii) customers’ satisfaction with respect to the particular 
transactions with the specific utility. Safety is measured based upon performance against the number of lost-time injuries and DART 
recordable incidents at our Wisconsin utilities.
The following table provides the Wisconsin utilities' operational goals approved by the Compensation Committee for 2024, as well as 
the performance against these goals:
Operational Measure
Below Goal
Goal
Above Goal
Final Result
Customer Satisfaction Percentage of "Highly Satisfied":
-5.00%
0.00%
+5.00%
Company
<80.5%
80.5% - 83.1%
>83.1%
84.0%
Transaction
<82.8%
82.8% - 85.6%
>85.6%
87.2%
Safety:
-2.50%
0.00%
+2.50%
DART-recordable injuries
>60
36 - 60
<36
32
Lost-time injuries
>19
9 - 19
<9
13
Diversity:
-2.50%
0.00%
+2.50%
Supplier ($ in Millions)
<145.0
145.0 - 180.0
>180.0
225.5
Workforce - Assessment
Not Met
Met
Exceeded
Exceeded
The Wisconsin utilities' performance against the customer satisfaction, safety and supplier diversity goals, as well as WEC Energy 
Group's performance against the workforce diversity goals, generated an 8.75% increase to the compensation awarded to Mr. Hooper 
under the STPP for 2024.
2024 Payouts under the STPP.  Based upon the performance against the financial, operational and social goals established by the 
Compensation Committee, Mr. Lauber received annual incentive cash compensation under the STPP of $3,282,992 for 2024. This 
represented 286% of his annual base salary. Mmes. Liu and Kelsey, and Messrs. Klappa, Hooper, and Garvin, each received annual 
cash incentive compensation for 2024 under the STPP equal to 174%, 153%, 196%, 81%, and 153% of their respective annual base 
WEC Energy Group
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2025 Proxy Statement

salaries, representing 207.5% of the target award for each officer, other than Mr. Hooper, whose incentive compensation payout was 
108.75% of his target award. As discussed above, Messrs. Klappa's and Hooper's incentive awards were prorated. 
The Compensation Committee retains the right to exercise discretion in adjusting awards under the STPP when it deems appropriate.  
Based upon the 2024 net income of the Company’s Wisconsin utilities, Mr. Hooper would not have been entitled to receive his target 
award from that financial component of the STPP. In considering Mr. Hooper’s STPP award for 2024 performance, however, the 
Compensation Committee determined it was appropriate to consider the significant responsibilities Mr. Hooper assumed during his 
initial nine months with WEC Energy Group, including in the areas of employee safety, gas operations, and construction projects, for the 
benefit of the entire Company. In recognition of Mr. Hooper’s performance in this regard, the Compensation Committee exercised its 
discretion and increased Mr. Hooper’s 2024 total award to the amount he would have received if the financial component of the STPP 
paid out at the target (100%) level. This discretionary amount is reflected in the “Bonus” column of the Summary Compensation Table.
LONG-TERM INCENTIVE COMPENSATION
The Compensation Committee administers our WEC Energy Group Omnibus Stock Incentive Plan, amended and restated, effective as 
of May 6, 2021 (the "OSIP"), which is a stockholder-approved, long-term incentive plan designed to link the interests of our executives 
and other key employees to creating long-term stockholder value. It allows for various types of awards tied to the performance of our 
common stock, including stock options, stock appreciation rights, and restricted stock. The Compensation Committee also administers 
the WEC Energy Group Performance Unit Plan, under which the Compensation Committee may award performance units. The 
Compensation Committee primarily uses (1) performance units, including dividend equivalents, (2) stock options, and (3) restricted 
stock to deliver long-term incentive opportunities.
Performance Units. Each year, the Compensation Committee makes annual grants of performance units under the performance unit 
plan. The performance units are designed to provide a form of long-term incentive compensation that aligns the interests of 
management with those of a typical utility stockholder who is focused not only on stock price appreciation but also on dividends. 
Effective January 1, 2023, the Compensation Committee amended and restated the Performance Unit Plan (the “Amended PUP”). After 
consulting with FW Cook, the Compensation Committee determined that changes to the plan were necessary in order to achieve our 
compensation philosophy and offer a competitive compensation package. The prior version of the performance unit plan (the "Prior 
PUP") provided for a singular, relative measure and had a maximum vesting percentage lower than our compensation peer group. 
Under the Amended PUP, the Compensation Committee has greater flexibility when establishing the number and type of performance 
measures, and the maximum vesting percentage results in a more competitive compensation package. 
Pursuant to the Amended PUP, performance units will vest based upon the Company’s performance during a three-year period against 
one or more performance measures selected by the Compensation Committee at the beginning of the performance period. The 
Compensation Committee may determine achievement of a performance measure on an annual basis or over the entire three-year 
performance period. The Compensation Committee will determine the vesting percentages of the performance units, and performance 
measures may have the same or different weightings with respect to performance unit vesting. Achievement within a performance 
measure may be determined based upon the Company’s rank in comparison to a peer group of companies or by reaching stated levels 
of performance. The Compensation Committee will also select the target(s) for each performance measure and the potential impact to 
the vesting percentage based on achievement of the performance measure(s) relative to the selected target(s). In no event will the 
vesting percentage over the three-year performance period be less than zero or more than 200%.
The Amended PUP governs the terms of performance units starting with the 2023 award. The performance units awarded in January 
2022 were awarded under the Prior PUP, the terms of which are described herein.
All performance units are settled in cash.
Short-Term Dividend Equivalents.  Pursuant to the terms of the Amended PUP, we increase the number of unvested performance 
units as of any date that we declare a cash dividend on our common stock by the amount of short-term dividend equivalents a 
participant is entitled to receive. Short-term dividend equivalents are calculated by multiplying (a) the number of unvested performance 
units held by a plan participant as of the related dividend record date by (b) the amount of cash dividend payable by the Company on a 
share of common stock; and (c) dividing the result by the closing price for a share of the Company's common stock on the dividend 
payment date. In effect, short-term dividend equivalents are credited and accumulated as reinvested dividends on each performance 
unit so that the performance units and accumulated dividends will be paid out at the end of the three-year performance period, rather 
than paying out the dividend equivalents annually on unearned performance units.
Short-term dividend equivalents are treated as additional unvested performance units and are subject to the same vesting, forfeiture, 
payment, termination, and other terms and conditions as the original performance units to which they relate. In addition, outstanding 
short-term dividend equivalents are treated as unvested performance units for purposes of calculating future short-term dividend 
equivalents.
Stock Options.  Each year, the Compensation Committee also makes annual stock option grants as part of our long-term incentive 
program. These stock options have an exercise price equal to the fair market value of our common stock on the date of grant and 
expire on the 10th anniversary of the grant date. Since management benefits from a stock option award only to the extent our stock 
price appreciates above the exercise price of the stock option, stock options align the interests of management with those of our 
stockholders in attaining long-term stock price appreciation.
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2025 Proxy Statement

Restricted Stock.  The Compensation Committee also awards restricted stock as part of the long-term incentive plan, consistent with 
market practice. Similar to performance units, restricted stock aligns the interests of management with a typical utility stockholder who is 
focused on stock price appreciation and dividends.
Aggregate 2024 Long-Term Incentive Awards.  Generally, when establishing the target value of long-term incentive awards and the 
appropriate mix of performance units, stock options, and restricted stock for each NEO, the Compensation Committee reviews the 
market compensation data and analysis provided by FW Cook. After considering FW Cook’s analysis, for 2024 the Compensation 
Committee determined that the long-term incentive awards would be weighted 65% performance units, 20% restricted stock, and 15% 
stock options for the NEOs, other than Mr. Klappa. These weightings also apply to all other eligible employees. Target values were 
presented to and approved by the Compensation Committee in December 2023.
Consistent with prior years, the Compensation Committee determined that Mr. Klappa’s 2024 long-term incentive award would be 
weighted 25% performance units, 15% stock options, and 60% restricted stock. Given that Mr. Klappa's tenure as the Company's 
Executive Chairman was ending in May 2024, after consultation with FW Cook, the Compensation Committee again determined that 
there should not be any changes to the mix of Mr. Klappa's long-term awards for 2024. The Company's practice, applicable to all 
employees who are eligible to receive equity awards, is that awards are granted to employees for the year in which they are retiring.
Based upon the market data provided by FW Cook, we customarily target the long-term incentive award to be at or near the market 
median value of long-term incentive compensation for each executive officer’s position. After reviewing the market data, the 
Compensation Committee determined to increase the target award level for each NEO (other than Messrs. Klappa and Hooper) in order 
to better align such award levels with the market median for each position. All of the NEOs’ long-term incentive awards were within this 
target range for 2024. The following provides the 2024 target long-term incentive award value for each NEO:
Executive Officer
Target LTI Award as a Percentage of Base Salary
Mr. Lauber
480%
Ms. Liu
250%
Mr. Klappa
350%
Ms. Kelsey
170%
Mr. Hooper
170%
Mr. Garvin
170%
2024 Stock Option Grants.  In December 2023, the Compensation Committee approved the grant of stock options to each of our 
NEOs (other than Mr. Hooper) and established an overall pool of options that were granted to approximately 155 other employees. The 
annual option grants to the NEOs were made effective January 2, 2024, the first trading day of 2024. The Compensation Committee 
subsequently approved a grant of stock options to Mr. Hooper, effective April 1, 2024.
All such options were granted with an exercise price equal to the average of the high and low prices reported on the NYSE for shares of 
WEC Energy Group common stock on the grant date.  
All 2024 stock options have a term of 10 years and vest 100% on the third anniversary of the date of grant. The vesting of the stock 
options may be accelerated in connection with a termination of employment due to a change in control or an executive officer’s 
termination of employment under certain circumstances. See “Potential Payments upon Termination or Change in Control” beginning on 
page P-70 for additional information. Subject to the limitations of the OSIP, the Compensation Committee has the power to amend the 
terms of any option (with the participant’s consent). However, without stockholder approval, the Committee may not reduce the exercise 
price of existing options or cancel outstanding options in exchange for cash, other awards or options or stock appreciation rights with an 
exercise price that is less than the exercise price of the original options.
For purposes of determining the appropriate number of options to grant to a particular NEO, the value of an option was determined 
based upon the Black-Scholes option pricing model. The following table provides the number of options granted to each NEO in 2024:
Executive Officer
Options Granted
Mr. Lauber
54,598
Ms. Liu
20,847
Mr. Klappa
43,352
Ms. Kelsey
10,788
Mr. Hooper
11,121
Mr. Garvin
9,694
See "Executive Compensation Tables - Policy on Timing of Option Grants" for additional information.
2024 Restricted Stock Awards.  In December 2023, the Compensation Committee also approved the grant of restricted stock to each 
of our NEOs (other than Mr. Hooper) and established an overall pool of restricted stock that was granted to approximately 155 other 
employees. The grants were made effective January 2, 2024. The Compensation Committee subsequently approved a grant of 
restricted stock to Mr. Hooper, effective April 1, 2024.
WEC Energy Group
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2025 Proxy Statement

Other than the shares granted to Mr. Klappa, the restricted stock vests in three equal annual installments beginning on the one year 
anniversary of the applicable grant date. The shares of restricted stock granted to Mr. Klappa vest in full on the one year anniversary of 
the grant date, consistent with the restricted stock awards he has received each year since returning to the Company. As Mr. Klappa's  
tenure as Executive Chairman was ending in May 2024, at which time he transitioned to Non-Executive Chairman, and after 
consultation with FW Cook, the Compensation Committee again determined not to make any changes to the vesting schedule.
Subject to very limited exceptions, restricted stock awarded to the Company's executive officers, including the NEOs, is subject to a 
minimum one-year holding period following the vesting date. The vesting of the restricted stock may be accelerated in connection with a 
termination of employment due to a change in control, death or disability, or by action of the Compensation Committee. In connection 
with Mr. Klappa's transition from Executive Chairman to Non-Executive Chairman in May 2024, the Compensation Committee 
accelerated the vesting of all unvested shares of restricted stock awarded to Mr. Klappa. See “Potential Payments upon Termination or 
Change in Control” beginning on page P-70 for additional information. Tax withholding obligations related to vesting may be satisfied, at 
the option of the executive officer, by withholding shares otherwise deliverable upon vesting or by cash. The NEOs have the right to 
vote the restricted stock and to receive cash dividends when the Company pays a dividend to its stockholders.
Regarding the annual grants effective January 2, 2024, for purposes of determining the appropriate number of shares of restricted stock 
to grant to a particular NEO, the Compensation Committee used a value of $84.621 per share. This value was based upon the volume-
weighted price of WEC Energy Group’s common stock for the ten trading days beginning on December 1, 2023, and ending on 
December 14, 2023. The Compensation Committee uses the volume-weighted price for annual awards in order to minimize the impact 
of day-to-day volatility in the stock market. 
Regarding the April 1, 2024 grant to Mr. Hooper, the Compensation Committee used a value of $81.663 per share. This value was 
based upon the average of the high and low stock prices of WEC Energy Group’s common stock on April 1, 2024.
The measurement period is customarily early- to mid-December for annual awards in order to shorten the timeframe between the 
calculation of the awards and the actual grant date. The following table provides the number of shares of restricted stock granted to 
each NEO in 2024:
Executive Officer
Restricted Stock Granted
Mr. Lauber
12,820
Ms. Liu
4,895
Mr. Klappa
30,539
Ms. Kelsey
2,533
Mr. Hooper
2,706
Mr. Garvin
2,276
2024 Performance Units.  In December 2023, the Compensation Committee approved the grant of performance units to each of our 
NEOs (other than Mr. Hooper) and approved a pool of performance units that were granted to approximately 155 other employees. The 
Compensation Committee subsequently approved a grant of 2024 performance units to Mr. Hooper, effective April 1, 2024.
The Compensation Committee believes that the performance measures selected in accordance with the terms of the Amended PUP 
should link the interests of our executives to creating long-term stockholder value. Therefore, the measures chosen by the Committee, 
discussed in more detail below, balance critical operating metrics with the delivery of strong stockholder returns.
With respect to the 2024 performance units, the amount of the benefit that ultimately vests will be dependent upon 1) the Company’s 
total stockholder return over the three-year period ending December 31, 2026, as compared to the total stockholder return of the 
custom peer group described below (55% weight), and 2) the Company's performance against the weighted average authorized return 
on equity ("ROE") of all WEC Energy Group's utility subsidiaries for the three-year performance period (45% weight). Pro-rata 
adjustments will be made to account for any changes to authorized ROE approved by the relevant public service commissions during 
the performance period. In addition, the Compensation Committee may increase the ultimate vesting percentage based upon the 
Company's price to earnings ("P/E") ratio, ranked in comparison to the same custom peer group, as determined at the end of the three-
year performance period.
Upon vesting, the performance units will be settled in cash in an amount determined by multiplying the number of performance units 
that have vested by the closing price of the Company’s common stock on the last trading day of the performance period.
The 2024 performance unit peer group against which WEC Energy Group's performance will be measured includes:
• Alliant Energy Corporation
• Consolidated Edison, Inc.
• Eversource Energy
• Pinnacle West Capital Corp.
• Ameren Corporation
• Dominion Energy, Inc.
• Exelon Corporation
• PPL Corporation
• American Electric Power Company
• DTE Energy Co.
• FirstEnergy Corp.
• The Southern Company
• CenterPoint Energy, Inc. 
• Duke Energy Corp.
• NiSource Inc.
• Xcel Energy Inc.
• CMS Energy Corporation
• Evergy, Inc.
• OGE Energy Corp.
WEC Energy Group
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2025 Proxy Statement

The peer group is chosen by the Compensation Committee, based upon management’s recommendation and with the concurrence of 
FW Cook. This peer group was chosen because we believe these companies are similar to WEC Energy Group in terms of business 
model, long-term strategies and risk profile, with a primary focus on regulated utility operations rather than a non-regulated business 
model. There is significant overlap between the performance unit peer group and the comparison group developed by FW Cook for 
purposes of benchmarking compensation levels. However, there are several companies that are different among the two groups 
because FW Cook places significant weight on the financial metrics of the companies included in its comparison group, whereas we 
focus more on operational measures for the performance unit peer group.
Under the Amended PUP, total stockholder return is the calculation of total return (stock price appreciation plus reinvestment of 
dividends) based upon an initial investment of $100 made at the beginning of the three-year performance period. The required 
percentile ranking for 3-year total stockholder return and the applicable vesting percentage are set forth in the chart below.
Performance Percentile Rank
Vesting Percent
< 25th Percentile
0%
25th Percentile
25%
Target (50th Percentile)
100%
85th Percentile or above
200%
If the Company’s rank is between the benchmarks identified above, the vesting percentage will be determined by interpolating on a 
straight line basis the appropriate vesting percentage.
In determining the total payout, achievement of this performance metric will receive 55% weight. 
The ROE target is based upon a formulaic calculation that varies each year based on our past and planned investments among our 
utilities, as well as each utility's authorized ROE. For 2024, the target ROE and corresponding payout levels for the 2023 and 2024 
performance unit awards were set as follows:
If Actual Earned ROE is
Payout Percentage
≥ 9.57%
200%
9.42%
100%
9.27%
25%
< 9.27%
0%
If the Company’s performance falls between these levels, the payout percentage is determined by interpolating on a straight line basis 
the appropriate vesting percentage. In determining the total payout, the final award will be based on the average of the payout 
percentage achieved in each year of the three-year performance period and will receive 45% weight.
WEC Energy Group's utility subsidiaries achieved a weighted-average ROE of 9.72% for 2024. The actual ROE for PGL was adjusted 
to include the impact of the ICC disallowance of certain capital expenditures under PGL's 2016 QIP rider in 2024. This adjustment is 
reflected in the weighted-average ROE.
At the end of the three-year performance cycle, the Compensation Committee may increase the total vesting percentage of 
performance units by up to 25% based upon the Company's P/E ratio, as compared to the peer group described above. In no event will 
the vesting percentage over the three-year performance period be more than 200%. For the 2024 performance unit awards, the target 
P/E ratio and potential adjustments are as follows: 
Quartile Rank
Additional Percentage
1st Quartile
25%
2nd Quartile
15%
Below 2nd Quartile
0%
A P/E ratio below the 2nd quartile would likely indicate a significant drop in WEC Energy Group's stock price, driving a lower vesting 
percentage with respect to the total stockholder return component of the awards. Therefore, the Compensation Committee determined 
that the Company's performance against the P/E ratio measure should not result in a further decrease of the final award.
Unvested performance units generally are immediately forfeited upon a NEO’s cessation of employment with WEC Energy Group 
prior to completion of the three-year performance period. However, the performance units will vest immediately at the target 100% 
rate upon the termination of the NEO’s employment (1) by reason of disability or death or (2) after a change in control of WEC Energy 
Group. In addition, a prorated number of performance units (based upon the target 100% rate) will vest upon the termination of 
employment of the NEO by reason of retirement prior to the end of the three-year performance period.
For purposes of determining the appropriate number of performance units to grant to a particular NEO, the Compensation Committee 
used the same values as were used for the 2024 restricted stock grants; $84.621 for the annual grants in January 2024 and $81.663 
for the April 1, 2024 grant to Mr. Hooper. 
WEC Energy Group
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2025 Proxy Statement

The following table provides the number of performance units granted to each NEO in 2024, at the 100% target level:
Executive Officer
Performance Units Granted
Mr. Lauber
41,667
Ms. Liu
15,910
Mr. Klappa
12,724
Ms. Kelsey
8,233
Mr. Hooper
8,795
Mr. Garvin
7,398
2024 Payouts under Long-Term Incentive Awards Granted in 2022.  The Compensation Committee granted performance unit 
awards to participants in the Prior PUP in 2022. The ultimate vesting amount of the 2022 performance unit awards is dependent on the 
Company's total stockholder return over the three-year period ending December 31, 2024, as compared to the total stockholder return 
of the 2022 performance unit peer group which included the following: Alliant Energy Corporation; Ameren Corporation; American 
Electric Power Company; CMS Energy Corporation; Consolidated Edison; DTE Energy Corporation; Dominion Energy Inc,; Duke 
Energy Corp.; Edison International; Evergy, Inc.; Eversource Energy; FirstEnergy Corporation; NiSource, Inc.; OGE Energy 
Corporation; Pinnacle West Capital Corporation; The Southern Company; and Xcel Energy.
The required percentile ranking for the three-year stockholder return and the applicable vesting percentage are set forth in the chart 
below. 
Performance Percentile Rank
Vesting Percent
< 25th Percentile
0%
25th Percentile
25%
Target (50th Percentile)
100%
75th Percentile
125%
90th Percentile
175%
If the Company’s rank is between the benchmarks identified above, the vesting percentage is determined by interpolating on a straight 
line basis the appropriate vesting percentage. In addition, similar to the 2024 performance unit awards, the 2022 performance unit 
awards accumulate short-term dividend equivalents. See "Long-Term Incentive Compensation - Short-Term Dividend Equivalents" 
above for additional information.
As previously described, the Compensation Committee amended and restated the Company’s Performance Unit Plan, effective as of 
January 1, 2023, making several changes to the plan design. For purposes of calculating total shareholder return, the Prior PUP, under 
which the 2022 performance units were awarded, requires an initial investment of $100 and $100 investments each quarter thereafter 
for the duration of the three-year performance period. On the other hand, the plans of our peer companies, as well as the awards under 
the Amended PUP, require only the initial $100 investment. Investing $100 each quarter rewards those companies whose stock price 
drops significantly during the performance period compared to their peers, and then increases even if such increase is in line with the 
rest of their peers. 
Management and the Compensation Committee reviewed the performance of companies in the peer group whose stock price 
significantly underperformed WEC’s stock price during portions of the three-year performance period as a result of strategic and/or 
operational reasons. Due to the Prior PUP plan design, this short-term underperformance would have resulted in these companies 
being ranked higher in the total stockholder return calculation. These companies were Duke Energy Corp. and Xcel Energy Inc. As a 
result, when calculating the total stockholder return for these companies, the Compensation Committee adjusted for their significant 
underperformance during the performance period. Accounting for these adjustments resulted in a total stockholder return for WEC 
Energy Group at the 52.9th percentile of the peer group for the three-year performance period ended December 31, 2024, resulting in 
the performance units vesting at a level of 102.9%.
Pursuant to the terms of the Prior PUP, the vesting percentage of the performance units may be adjusted downwards or upwards based 
upon the Company's performance against an Additional Performance Measure, if any, selected by the Compensation Committee. The 
Additional Performance Measure for the 2022 performance unit awards was the weighted average authorized ROE of all WEC Energy 
Group's utility subsidiaries. The Company’s performance against this measure may decrease or increase the vesting percentage of the 
performance units up to 10% over the three-year performance period. Similar to the 2024 performance unit awards, the ROE target is 
based upon a formulaic calculation that varies each year based on our past and planned investments among our utilities, as well as 
each utility's authorized ROE. For the 2022 performance unit awards, the ROE targets and potential adjustments for 2024 were set as 
follows:
If Actual Annual ROE is
The Annual Adjustment is
ROE Ranges
< 20 bp below the Authorized ROE
+ 3.33%
≥ 9.52%
21 - 30 bp below the Authorized ROE
0%
9.51% - 9.42%
> 30 bp below the Authorized ROE
(3.33)%
< 9.42%
WEC Energy Group
P-56
2025 Proxy Statement

As discussed above, WEC Energy Group’s utility subsidiaries achieved a weighted average authorized ROE of 9.72% for 2024, which 
resulted in a 3.33% increase in the vesting percentage of the 2022 performance unit awards. The cumulative three-year impact of the 
Company's performance against the Additional Performance Measure was a 10% increase in the vesting percentage of the 
performance units for a total vesting level of 112.9%. The actual payouts were determined by multiplying the number of vested 
performance units by the closing price of our common stock ($94.04) on December 31, 2024, the last trading day of the performance 
period. The actual payout to each NEO is reflected in the “Option Exercises and Stock Vested for Fiscal Year 2024” table.
COMPENSATION RECOUPMENT POLICY
Pursuant to Section 10D and Rule 10D-1 of the Securities Exchange Act of 1934, as amended (“Rule 10D-1”) and NYSE Listed 
Company Manual Section 303A.14, the Compensation Committee has adopted a clawback policy (the "Clawback Policy") that provides 
for the recoupment of incentive-based compensation in the event WEC Energy Group is required to prepare an accounting restatement 
due to material noncompliance with any financial reporting requirement under the securities laws. Pursuant to the Clawback Policy, the 
Compensation Committee will recover from any current or former executive officer who has received incentive-based compensation 
during the three completed fiscal years immediately preceding the date on which the Board, or committee thereof, concludes (or 
reasonably should have concluded) that WEC Energy Group is required to prepare the accounting restatement, any portion of the 
incentive-based compensation paid in excess of what would have been paid to the executive officer under the restated financial results. 
In addition, the Company may also recover from any officer, including an executive officer, that is terminated for cause or that violates a 
noncompetition or other restrictive covenant, incentive-based compensation received within three years prior to such termination or 
violation. We believe that officers engaging in conduct that is fraudulent, harmful to the Company's reputation or otherwise materially 
violates the Company's policies would lead to "for cause" termination.
STOCK OWNERSHIP GUIDELINES
The Compensation Committee believes that an important adjunct to the long-term incentive program is significant stock ownership by 
officers who participate in the program, including the NEOs. Accordingly, the Compensation Committee has implemented stock 
ownership guidelines requiring officers who participate in the long-term incentive program to hold an amount of Company common 
stock and other equity-related Company securities that varies depending upon such officer's level.
In addition to shares owned outright, holdings of each of the following are included in determining compliance with our stock ownership 
guidelines: restricted stock; WEC Energy Group phantom stock units held in the Executive Deferred Compensation Plan and Non-
Qualified Retirement Savings Plan; WEC Energy Group stock held in WEC Energy Group's 401(k) plans; and shares held in a 
brokerage account, jointly with an immediate family member or in a trust.
The guidelines require each executive officer, including the NEOs, to acquire (generally within five years of appointment as an executive 
officer) and hold common stock and other equity-related securities of the Company having a minimum fair market value ranging from 
250% to 600% of base salary. As a result of its decision in October 2023 to remove unvested performance units at target from the 
definition of stock holdings, the Compensation Committee determined that executive officers, including the NEOs, will have five years 
from that date to comply with these revised guidelines.
The Compensation Committee believes these stock ownership guidelines discourage unreasonable risk-taking by Company officers. 
PROHIBITION ON HEDGING AND PLEDGING 
WEC Energy Group’s Corporate Securities Trading Policy prohibits Directors and active employees (including officers) or any of their 
designees from using any strategies or products (including derivatives, short-selling techniques, prepaid variable forward contracts, 
equity swaps, collars, and exchange funds) that hedge or offset, or are designed to hedge or offset, any potential changes in the value 
of WEC Energy Group’s common stock. The policy applies to WEC Energy Group common stock granted to the employees or Directors 
by the Company as part of their compensation or held directly or indirectly by employees or Directors. The policy also prohibits the 
holding of WEC Energy Group securities in a margin account, as well as the pledging of WEC Energy Group securities as collateral for 
a loan.
LIMITED TRADING WINDOWS
Officers, including the NEOs, other identified employees, and the Company’s Directors may only transact in WEC Energy Group 
securities during approved trading windows after satisfying mandatory pre-clearance requirements, or subject to a 10b5-1 trading plan 
approved and entered into during an open trading window.
RETIREMENT PROGRAMS
We also maintain retirement plans in which our NEOs participate: a defined benefit pension plan of the cash balance type, a 
supplemental pension plan, individual letter agreements with some of the NEOs, a 401(k) plan, and a non-qualified retirement savings 
plan. We believe our retirement plans are a valuable benefit in the attraction and retention of our employees, including the NEOs. We 
believe that providing a foundation for long-term financial security for our employees, beyond their employment with the Company, is a 
valuable component of our overall compensation program which will inspire increased loyalty and improved performance. For more 
information about our retirement plans, see "Pension Benefits at Fiscal Year-End 2024" and "Retirement Plans" beginning on page 
P-65.
For more information on an annual credit to the Company's Executive Deferred Compensation Plan we provide to Mr. Hooper, see "Mr. 
Hooper's Executive Deferred Compensation Plan Agreement" under "Retirement Plans" on P-67 of this proxy statement.
WEC Energy Group
P-57
2025 Proxy Statement

OTHER BENEFITS, INCLUDING PERQUISITES
We provide our executive officers, including the NEOs, with employee benefits and a limited number of perquisites. Except as 
specifically noted elsewhere in this proxy statement, the employee benefits programs in which executive officers participate (which 
provide benefits such as medical coverage, retirement benefits, annual contributions to a qualified savings plan, and moving and 
relocation costs) are generally the same programs offered to substantially all of the Company’s management employees.
The perquisites made available to executive officers include financial planning, membership in a service that provides health care and 
safety management when traveling outside the United States, reimbursement for expenses related to annual physical exam costs not 
covered by insurance, and limited spousal travel for business purposes. The Company also pays periodic dues and fees for club 
memberships for designated officers. Mr. Garvin is the only NEO eligible for the club membership perquisite.
We customarily review market data regarding executive perquisite practices on an annual basis. For 2024, the Compensation 
Committee again reviewed our package of perquisites with FW Cook and decided not to make any changes. WEC Energy Group has a 
legacy group of executives who are still eligible for gross-ups and not subject to the Company's tax gross-up policy described below. 
We reimburse those executives for taxes paid on income attributable to the financial planning benefits provided to the executives only if 
the executive uses either of the Company’s identified preferred providers, Annex Wealth Management or AYCO. We believe the use of 
the preferred financial advisers provides administrative benefits and eases communication between Company personnel and the 
financial advisers.
We pay periodic dues and fees for certain club memberships as we have found that the use of these facilities helps foster better 
customer and community relationships. Officers, including the NEOs, are expected to use clubs for which the Company pays dues 
primarily for business purposes. We do not pay any additional expenses incurred for personal use of these facilities, and officers are 
required to reimburse the Company to the extent that it pays for any such personal use. We do not permit personal use of the airplane 
available to the Company. We do allow spousal travel if an executive’s spouse is accompanying the executive on business travel and 
the airplane is not fully utilized by Company personnel. There is no incremental cost to the Company for this travel, other than the 
reimbursement for taxes paid on imputed income attributable to the executives for this perquisite, as the airplane cost is the same 
regardless of whether or not an executive’s spouse travels. Any tax reimbursement is subject to the Company’s Tax Gross-Up Policy 
discussed below.
In addition, each of our executive officers is eligible to participate in an officer life insurance benefit. If an executive officer chooses to 
participate, upon such officer’s death while employed by the Company, a benefit is paid to his or her designated beneficiary in an 
amount equal to the value of three times the officer’s base salary at the time of death.
TAX GROSS-UP POLICY
The Compensation Committee adopted a formal policy that prohibits entry into any contract, agreement, or arrangement with any officer 
of the Company that obligates the Company to pay directly or reimburse the officer for any portion of the officer’s individual tax liability 
for benefits provided by the Company. Excluded from this policy are (1) agreements or arrangements entered into prior to December 
2014 when the policy was adopted, (2) agreements or arrangements entered into prior to, and assumed by the Company in connection 
with, any merger or acquisition, or (3) plans or policies applicable to Company employees generally.
SEVERANCE BENEFITS AND CHANGE IN CONTROL
None of the NEOs have entered into an employment agreement that provides for severance and change in control benefits. However, 
they are eligible to participate in the Company's Severance Pay Plan. For a discussion of the severance benefits available to our 
executive officers generally, see “Potential Payments upon Termination or Change in Control" located on page P-70.
In addition, our supplemental pension plan provides that in the event of a change in control, participants will be entitled to a lump sum 
payment of amounts due under the plan if employment is terminated within 18 months of the change in control.
IMPACT OF PRIOR COMPENSATION
The Compensation Committee does not believe it is appropriate to consider the amounts realized or realizable from prior incentive 
compensation awards when establishing future levels of short-term and long-term incentive compensation.
TAX AND ACCOUNTING CONSIDERATIONS 
When reviewing and adjusting the Company’s compensation program, the Compensation Committee considers factors that may have 
an impact on the Company’s financial performance, including tax and accounting rules. Section 162(m) of the Internal Revenue Code 
limits the tax deductibility of compensation that the Company pays to certain covered employees, generally including the NEOs, to 
$1 million in any year per person. Although the Compensation Committee takes into consideration the provisions of Section 162(m), it 
believes that maintaining tax deductibility is only one consideration among many in the design of an effective executive compensation 
program. Accordingly, achieving the desired flexibility in the design and delivery of compensation may result in compensation that in 
certain cases is not deductible for federal income tax purposes.
WEC Energy Group
P-58
2025 Proxy Statement

COMPENSATION COMMITTEE REPORT
The Compensation Committee has reviewed and discussed the Compensation Discussion and Analysis required by Item 402(b) of 
Regulation S-K with management and, based on such review and discussions, the Compensation Committee recommended to the 
Board that the Compensation Discussion and Analysis be included in this proxy statement.
The Compensation Committee
Ulice Payne, Jr., Committee Chair
William M. Farrow III
Thomas K. Lane
WEC Energy Group
P-59
2025 Proxy Statement

Executive Compensation Tables
The following table summarizes total compensation awarded to, earned by, or paid to WEC Energy Group’s Chief Executive Officer 
("CEO"), Chief Financial Officer ("CFO"), and each of the other individuals identified in the table below (the “NEOs”).
SUMMARY COMPENSATION TABLE
(9)
Name and
Principal Position
Year
Salary
Bonus
(6)
Stock
Awards
(7)
Option
Awards
(8)
Non-Equity
Incentive Plan
Compensation
Change in 
Pension 
Value and 
Nonqualified 
Deferred 
Compensation 
Earnings
(10)(11)
All Other
Compensation
Total
Total Without 
Change in 
Pension Value
($)
($)
($)
($)
($)
($)
($)
($)
($)
Scott J. Lauber 
President and CEO
2024
 1,148,320 
—
 
4,633,847  884,488  
3,282,992  
464,243  
534,201  10,948,091  
10,615,694 
2023
 1,085,199 
—
 
3,461,002  905,967  
3,145,494  
449,977  
504,540  9,552,179  
9,230,552 
2022
 1,027,925 
—
 
2,822,085  854,960  
2,832,628  
177,482  
434,381  8,149,461  
8,047,466 
Xia Liu
Executive Vice President 
and CFO
2024
 
841,853 
—
 
1,769,361  337,721  
1,461,279  
53,671  
500,747  4,964,632  
4,964,632 
2023
 
803,226 
—
 
1,485,174  388,761  
1,330,391  
26,767  
474,059  4,508,378  
4,508,378 
2022
 
766,549 
—
 
1,424,199  431,459  
1,244,278  
965  
446,979  4,314,429  
4,314,429 
Gale E. Klappa(1)
Non-Executive Chairman 
of the Board
2024
646,623 (3)
—
6,278,171 (5)  702,302  
1,269,794  
1,294,870  
293,648  10,485,408  
9,436,342 
2023
 1,193,072 
—
 
3,417,905  631,553  
3,458,169  
2,099,785  
351,817  11,152,301  
9,282,886 
2022
 1,136,835 
—
 
2,796,924  598,182  
3,118,817  
139,266  
333,813  8,123,837  
8,123,837 
Margaret C. Kelsey
Executive Vice President, 
General Counsel and 
Corporate Secretary
2024
 
640,665 
—
 
915,594  174,766  
981,229  
991  
171,772  2,885,017  
2,885,017 
2023
 
611,271 
—
 
753,455  197,171  
949,173  
7,625  
168,789  2,687,484  
2,687,484 
2022
 
593,767 
—
 
785,663  238,023  
904,973  
683  
162,781  2,685,890  
2,685,890 
Michael W. Hooper(2)
President WI Utilities
2024
 
525,772 195,355 (4)  
939,172  177,158  
424,898  
—  
438,363  2,700,718  
2,700,718 
Robert M. Garvin
Executive Vice President 
- External Affairs
2024
 
577,692 
—
 
822,725  157,043  
881,760  
161,037  
63,653  2,663,910  
2,529,110 
2023
 
547,418 
—
 
670,539  175,535  
788,508  
156,520  
67,336  2,405,856  
2,278,785 
2022
 
522,428 
—
 
685,978  207,823  
684,792  
123,272  
84,402  2,308,695  
2,201,990 
Note: In order to show the effect that the year-over-year change in pension value had on total compensation, as determined under applicable SEC rules, we have 
included an additional column to show total compensation minus the change in pension value. The amounts reported in the Total Without Change in Pension Value 
column may differ substantially from the amounts reported in the Total column required under SEC rules and are not a substitute for total compensation. Total 
Without Change in Pension Value represents total compensation, as determined under applicable SEC rules, minus the change in pension value reported in the 
Change in Pension Value and Nonqualified Deferred Compensation Earnings column. The change in pension value is subject to many external variables, such as 
interest rates, that are not related to Company performance. Therefore, we believe that total compensation minus the change in pension value provides helpful 
additional information for comparative purposes.
(1) 
Mr. Klappa was the Executive Chairman of the Board of WEC Energy Group until May 9, 2024, at which time he retired and became Non-Executive 
Chairman of the Board.
(2) 
Mr. Hooper was named President of the Wisconsin Utilities effective April 1, 2024. Therefore, no information has been provided for 2023 and 2022.
(3) 
Includes pro rata Board of Director fees earned by Mr. Klappa in the amount of $197,679.
(4) 
Reflects the adjustment made by the Compensation Committee to Mr. Hooper's 2024 STPP award to recognize Mr. Hooper's significant individual 
contributions to WEC Energy Group's overall performance.
(5) 
In connection with Mr. Klappa's 2024 retirement, and in light of his many contributions to the success of the Company, the Compensation Committee 
accelerated the vesting of 30,539 shares of restricted stock previously awarded to him. The fair value associated with this acceleration was $2,598,869, 
which is included in the reported amount. The prorated payout to Mr. Klappa for the performance units that were granted in 2022, 2023, and 2024 is 
reflected in the "Option Exercises and Stock Vested for Fiscal Year 2024" table.
(6) 
The amounts reported reflect the aggregate grant date fair value, as computed in accordance with FASB ASC Topic 718 excluding estimated forfeitures, of 
performance units and/or restricted stock awarded to each NEO in the respective year for which such amounts are reported. The amounts reported for the 
performance units are based upon the probable outcome as of the grant date of associated performance and market conditions, and are consistent with our 
estimate, as of the grant date, of aggregate compensation cost to be recognized over the three-year performance period. The actual value received by the 
executives from these awards may range from $0 to greater than the reported amounts, depending upon the Company’s performance and the executive’s 
number of additional years of service with the Company.
The value of the performance unit awards as of the grant date, assuming achievement of the highest level of performance and excluding any performance 
units resulting from short-term dividend equivalents, for each of Messrs. Lauber, Klappa, Hooper, and Garvin, and Mmes. Liu and Kelsey, is $7,087,140, 
$2,164,225, $1,436,399, $1,258,326, $2,706,132, and $1,400,351, respectively, for the 2024 awards. The value of the performance unit awards as of the 
grant date, assuming achievement of the highest level of performance and excluding any performance units resulting from short-term dividend equivalents 
for each of Messrs. Lauber, Klappa, and Garvin, and Mmes. Liu and Kelsey, is $5,624,211, $2,010,587, $1,089,615, $2,413,454, and $1,224,528, 
respectively, for the 2023 awards. See “Option Exercises and Stock Vested For Fiscal Year 2024” for the amount of the actual payout with respect to the 
2022 award of performance units. 
(7) 
The amounts reported reflect the aggregate grant date fair value, as computed in accordance with FASB ASC Topic 718 excluding estimated forfeitures, of 
options awarded to each NEO in the respective year for which such amounts are reported. The actual value received by the executives from these awards 
WEC Energy Group
P-60
2025 Proxy Statement

may range from $0 to greater than the reported amounts, depending upon Company performance. In accordance with FASB ASC Topic 718, we made 
certain assumptions in our calculation of the grant date fair value of the stock options. See “Stock Options” in Note 1(n) -- Stock-Based Compensation, in 
the Notes to Consolidated Financial Statements in our 2024 Annual Report on Form 10-K for a description of these assumptions. For 2024, the assumptions 
made in connection with the valuation of the stock options are the same as described in Note 1(n).
(8) 
Consists of the annual incentive compensation earned under WEC Energy Group’s STPP. For Messrs. Klappa and Hooper, this represents prorated 
amounts.
(9) 
The amounts reported for 2024, 2023, and 2022 reflect the aggregate change in the actuarial present value of each applicable NEO’s accumulated benefit 
under all defined benefit plans from December 31, 2023 to December 31, 2024, December 31, 2022 to December 31, 2023, and December 31, 2021 to 
December 31, 2022, respectively. The amounts reported for all three years also include above-market earnings on compensation that is deferred by the 
NEOs into the Prime Rate Fund under WEC Energy Group’s Executive Deferred Compensation Plan and, for Mr. Klappa, under the WEC Energy Group 
Non-Qualified Retirement Savings Plan. Above-market earnings represent the difference between the interest rate used to calculate earnings under the 
Plans and 120% of the applicable federal long-term rate prescribed by the Internal Revenue Code. The amounts earned for 2024 are shown below.
Name
Change in 
Pension Value
Non-Qualified Deferred 
Compensation Earnings
Total
($)
($)
($)
Scott J. Lauber
 
332,397 
 
131,846 
 
464,243 
Xia Liu
 
— 
 
53,671 
 
53,671 
Gale E. Klappa
 
1,049,066 
 
245,804 
 
1,294,870 
Margaret C. Kelsey
 
— 
 
991 
 
991 
Michael W. Hooper
 
— 
 
— 
 
— 
Robert M. Garvin
 
134,800 
 
26,237 
 
161,037 
For 2024, 2023, and 2022, the applicable discount rate used to value pension plan liabilities moved from 5.20% to 5.70%, 5.50% to 5.20%, and 2.95% to 
5.50%, respectively. As the discount rate increases, the Company’s pension funding obligation decreases, and vice versa. The changes in the actuarial 
present values of the NEOs’ pension benefits do not constitute cash payments to the NEOs.
The pension values reported represent only WEC Energy Group’s obligation of the aggregate change in the actuarial present value of each NEO’s 
accumulated benefit under all defined benefit plans. Mr. Klappa is entitled to receive pension benefits from a prior employer. To the extent such prior 
employer is unable to pay his pension obligations, WEC Energy Group may be obligated to pay the total amount.
(10) During 2024, each NEO received financial planning services and the cost of an annual physical exam; Messrs. Lauber and Klappa, and Ms. Liu, were 
provided with membership in a service that provides healthcare and safety management when traveling outside the United States. Although Mr. Klappa 
utilized the benefit of spousal travel for business purposes in 2024, there was no associated cost to the Company as Mr. Klappa was not eligible to receive 
reimbursement for taxes paid on imputed income attributable for such travel. Mr. Garvin received reimbursement of dues and fees for club memberships. 
Mr. Hooper received relocation benefits in the amount of $64,348 in connection with his move to Milwaukee, Wisconsin.
(11) For Mr. Klappa, the amount reported in All Other Compensation for 2024 includes $24,893 attributable to WEC Energy Group’s Directors’ Charitable 
Awards Program in connection with Mr. Klappa’s service on the Company’s Board. See “Director Compensation” for a description of the Directors’ 
Charitable Awards Program.
All Other Compensation for Messrs. Lauber, Klappa, Hooper, and Garvin, and Mmes. Liu and Kelsey, for 2024 also consists of:
•
Employer matching of contributions into the WEC Energy Group 401(k) plan in the amount of $13,800 for Messrs. Lauber, Klappa and Garvin and 
Mmes Liu and Kelsey, and $7,683 for Mr. Hooper; 
•
Employer contributions into the WEC Energy Group 401(k) plan in the amount of $20,700 for Messrs. Klappa and Hooper, and Mmes. Liu and 
Kelsey, and into the WEC Energy Group Non-Qualified Retirement Savings Plan in the amount of $108,797 for Ms. Liu, $214,851 for Mr. Klappa, 
$74,053 for Ms. Kelsey, and $7,800 for Mr. Hooper. These payments are in lieu of participation in the Company’s pension plan;
•
“Make-whole” payments under the Executive Deferred Compensation Plan that provides a match at the same level as the WEC Energy Group 401(k) 
plan (4% for up to 7% of wages) for all deferred salary and bonus not otherwise eligible for a match in the amounts of $157,183 for Mr. Lauber, 
$72,532 for Ms. Liu, $11,303 for Mr. Klappa, $49,369 for Ms. Kelsey, and $19,420 for Mr. Garvin; 
•
Retention credit contributed to a nonqualified account in the amount of $330,750 for Mr. Lauber. See "Mr. Lauber's Retention Agreement" on page 
P-67 for a description of this benefit;
•
Retirement income supplement contributed to a nonqualified account in the amount of $272,882 for Ms. Liu. See "Ms. Liu's Retirement Income 
Supplement" on page P-67 for a description of this benefit;
•
Employer contribution into the Executive Deferred Compensation Plan in the amount of $300,000 for Mr. Hooper. See "Mr. Hooper's EDCP 
Contribution Agreement" on page P-67 for a description of this benefit; and
•
Tax reimbursements or “gross-ups” for all applicable perquisites in the amount of $14,668, $29,558, and $9,739 for Messrs. Lauber, Hooper, and 
Garvin, respectively. Gross-up amounts for Mr. Hooper relate to relocation benefits, which are available to all employees who use the Company's 
relocation plan.
WEC Energy Group
P-61
2025 Proxy Statement

GRANTS OF PLAN-BASED AWARDS FOR FISCAL YEAR 2024
The following table shows additional data regarding incentive plan awards to the NEOs for 2024.
Name
Grant 
Date
Action 
Date (1)
Estimated Future Payouts Under 
Non-Equity Incentive Plan Awards (2) Estimated Future Payouts Under 
Equity Incentive Plan Awards (3)
All Other 
Stock 
Awards: 
Number of 
Shares of 
Stock or 
Units (4)
(#)
All Other Option Awards (5)
Grant Date 
Fair Value 
of Stock 
and Option 
Awards
($)
Threshold
($)
Target
($)
Maximum
($)
Threshold
(#)
Target
(#)
Maximum
(#)
Number of 
Securities 
Underlying 
Options
(#)
Exercise 
or Base 
Price (6)
($/Sh)
Closing 
Market 
Price
($/Sh)
Scott J. 
Lauber
1/18/24
—
395,541
1,582,165
3,322,547
—
—
—
—
—
—
—
 
— 
1/2/24
12/7/23
—
—
—
1,667
41,667
83,334
—
—
—
—
 3,543,570 
1/2/24
12/7/23
—
—
—
—
—
—
12,820
—
—
—
 1,090,277 
1/2/24
12/7/23
—
—
—
—
—
—
—
54,598
85.045
86.32
 
884,488 
Xia Liu
1/18/24
—
176,058
704,231
1,478,885
—
—
—
—
—
—
—
 
— 
1/2/24
12/7/23
—
—
—
636
15,910
31,820
—
—
—
—
 1,353,066 
1/2/24
12/7/23
—
—
—
—
—
—
4,895
—
—
—
 
416,295 
1/2/24
12/7/23
—
—
—
—
—
—
—
20,847
85.045
86.32
 
337,721 
Gale E. 
Klappa
1/18/24
—
152,987
611,949
1,285,093
—
—
—
—
—
—
—
 
— 
1/2/24
12/7/23
—
—
—
509
12,724
25,448
—
—
—
—
 1,082,113 
1/2/24
12/7/23
—
—
—
—
—
—
30,539
—
—
—
 2,597,189 
1/2/24
12/7/23
—
—
—
—
—
—
—
43,352
85.045
86.32
 
702,302 
Margaret C. 
Kelsey
1/18/24
—
118,220
472,881
993,050
—
—
—
—
—
—
—
 
— 
1/2/24
12/7/23
—
—
—
329
8,233
16,466
—
—
—
—
 
700,175 
1/2/24
12/7/23
—
—
—
—
—
—
2,533
—
—
—
 
215,419 
1/2/24
12/7/23
—
—
—
—
—
—
—
10,788
85.045
86.32
 
174,766 
Michael W. 
Hooper
3/7/24
—
97,678
390,710
820,491
—
—
—
—
—
—
—
 
— 
4/1/24
3/7/24
—
—
—
352
8,795
17,590
—
—
—
—
 
718,200 
4/1/24
3/7/24
—
—
—
—
—
—
2,706
—
—
—
 
220,972 
4/1/24
3/7/24
—
—
—
—
—
—
—
11,121
81.66
81.56
 
177,158 
Robert M. 
Garvin
1/18/24
—
106,236
424,944
892,382
—
—
—
—
—
—
—
 
— 
1/2/24
12/7/23
—
—
—
296
7,398
14,796
—
—
—
—
 
629,163 
1/2/24
12/7/23
—
—
—
—
—
—
2,276
—
—
—
 
193,562 
1/2/24
12/7/23
—
—
—
—
—
—
—
9,694
85.045
86.32
 
157,043 
(1) On December 7, 2023, the Compensation Committee awarded the annual 2024 stock option, restricted stock, and performance unit grants effective the first 
trading day of 2024 (January 2, 2024). On March 7, 2024, the Compensation Committee awarded stock option, restricted stock, and performance unit grants to 
Mr. Hooper, effective April 1, 2024.
(2) Non-equity incentive plan awards consist of annual incentive awards under WEC Energy Group’s STPP. For Mr. Klappa, these represent prorated amounts to 
account for his 2024 retirement. For Mr. Hooper, these represent prorated amounts to account for his April 1, 2024 start date. For a more detailed description of the 
STPP, see the Compensation Discussion and Analysis. 
(3) Consists of performance units awarded under the WEC Energy Group Performance Unit Plan. WEC Energy Group’s Performance Unit Plan provides for short-
term dividend equivalents. The number of performance units awarded will be increased as of any date that WEC Energy Group declares a cash dividend on its 
common stock by the amount of short-term dividend equivalents awarded. In effect, short-term dividend equivalents will be credited and accumulated as 
reinvested dividends on each performance unit so that the performance units and accumulated dividends will be paid out at the end of the performance units’ 
three-year performance period, contingent upon the Company’s performance. Therefore, the number of performance units reported at each of the threshold, 
target, and maximum levels in this table will increase by the number of short-term dividend equivalents earned. For a more detailed description of the 
performance units and short-term dividend equivalents, see the Compensation Discussion and Analysis.
(4) Consists of restricted stock awarded under the Omnibus Stock Incentive Plan. For a more detailed description of the terms of the restricted stock, see the 
Compensation Discussion and Analysis.
(5) Consists of non-qualified stock options to purchase shares of WEC Energy Group common stock pursuant to the Omnibus Stock Incentive Plan. For a more 
detailed description of the terms of the options, see the Compensation Discussion and Analysis.
(6) 
The exercise price of the option awards is equal to the fair market value of WEC Energy Group’s common stock on the date of grant. Fair market value is the 
average of the high and low prices of WEC Energy Group common stock, which is listed on the New York Stock Exchange, reported by Bloomberg L.P. on the 
grant date.
WEC Energy Group
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2025 Proxy Statement

OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END 2024
The following table reflects the number and value of exercisable and unexercisable options as well as the number and value of other 
equity awards held by the NEOs at fiscal year-end 2024.
Name
Option Awards
Stock Awards
Number of 
Securities 
Underlying 
Unexercised 
Options: 
Exercisable
(#)
Number of 
Securities 
Underlying 
Unexercised 
Options: 
Unexercisable (1)
(#)
Equity Incentive 
Plan Awards: 
Number of 
Securities 
Underlying 
Unexercised 
Unearned Options
(#)
Option 
Exercise 
Price
($)
Option 
Expiration 
Date
Number of 
Shares or 
Units of 
Stock that 
Have Not 
Vested (2)
(#)
Market 
Value of 
Shares or 
Units of 
Stock that 
Have Not 
Vested
($)
Equity Incentive 
Plan Awards: 
Number of 
Unearned Shares, 
Units or Other 
Rights that Have 
Not Vested
(#)
Equity Incentive 
Plan Awards: Market 
or Payout Value of 
Unearned Shares, 
Units or Other 
Rights that Have 
Not Vested (3)
($)
Scott J. 
Lauber
17,320
—
—
58.305
1/3/27
—
—
—
—
26,465
—
—
66.015
1/2/28
—
—
—
—
30,560
—
—
68.175
1/2/29
—
—
—
—
32,420
—
—
91.4875
1/2/30
—
—
—
—
5,750
—
—
88.5475
7/1/30
—
—
—
—
46,647
—
—
91.06
1/4/31
—
—
—
—
—
58,121
—
96.035
1/3/32
—
—
—
—
—
46,270
—
93.69
1/3/33
—
—
—
—
—
54,598
—
85.045
1/2/34
—
—
—
—
—
—
—
—
—
19,276
1,812,715
—
—
—
—
—
—
—
—
—
32,336
6,081,661
—
—
—
—
—
—
—
43,281
8,140,385
Xia Liu
36,705
—
—
92.315
6/1/30
—
—
—
—
37,830
—
—
91.06
1/4/31
—
—
—
—
—
29,331
—
96.035
1/3/32
—
—
—
—
—
19,855
—
93.69
1/3/33
—
—
—
—
—
20,847
—
85.045
1/2/34
—
—
—
—
—
7,804
733,888
—
—
—
—
—
—
—
—
—
13,876
2,609,798
—
—
—
—
—
—
—
16,526
3,108,304
Gale E. 
Klappa
115,960
—
—
66.015
1/2/28
—
—
—
—
33,180
—
—
68.175
1/2/29
—
—
—
—
36,190
—
—
91.4875
1/2/30
—
—
—
—
52,444
—
—
91.06
1/4/31
—
—
—
—
40,665
—
—
96.035
1/3/32
—
—
—
—
32,255
—
—
93.69
1/3/33
—
—
—
—
43,352
—
—
85.045
1/2/34
—
—
—
—
Margaret C. 
Kelsey
18,380
—
—
66.015
1/2/28
—
—
—
—
20,147
—
—
68.175
1/2/29
—
—
—
—
20,477
—
—
91.4875
1/2/30
—
—
—
—
21,072
—
—
91.06
1/4/31
—
—
—
—
—
16,181
—
96.035
1/3/32
—
—
—
—
—
10,070
—
93.69
1/3/33
—
—
—
—
—
10,788
—
85.045
1/2/34
—
—
—
—
—
4,050
380,862
—
—
—
—
—
—
—
—
—
7,040
1,324,083
—
—
—
—
—
—
—
8,552
1,608,460
Michael W. 
Hooper
—
11,121
—
81.663
4/1/34
—
—
—
—
—
—
—
—
—
2,706
254,472
—
—
—
—
—
—
—
—
—
9,039
1,700,149
Robert M. 
Garvin
14,185
—
—
58.305
1/3/27
—
—
—
—
14,705
—
—
66.015
1/2/28
—
—
—
—
14,931
—
—
68.175
1/2/29
—
—
—
—
15,471
—
—
91.4875
1/2/30
—
—
—
—
15,944
—
—
91.06
1/4/31
—
—
—
—
—
14,128
—
96.035
1/3/32
—
—
—
—
—
8,965
—
93.69
1/3/33
—
—
—
—
—
9,694
—
85.045
1/2/34
—
—
—
—
—
3,618
340,237
—
—
—
—
—
—
—
—
—
6,265
1,178,227
—
—
—
—
—
—
—
7,685
1,445,301
(1) 
All options reported in this column were granted ten years prior to their respective expiration date and vest 100% on the third anniversary of the grant date. 
Pursuant to the terms of the OSIP, all of Mr. Klappa's outstanding stock option awards fully vested upon his retirement.
(2) 
Effective January 3, 2022, Messrs. Lauber and Garvin, and Mmes. Liu and Kelsey, were granted restricted stock awards of 5,510; 1,339; 2,781; and 1,534 
shares, respectively, which began vesting in three equal annual installments on January 3, 2023. Effective January 3, 2023, Messrs. Lauber and Garvin, and 
Mmes. Liu and Kelsey, were granted restricted stock awards of 6,926; 1,342; 2,972; and 1,507 shares, respectively, which began vesting in three equal 
annual installments on January 3, 2024. Effective January 2, 2024, Messrs. Lauber and Garvin, and Mmes. Liu and Kelsey, were granted restricted stock 
awards of 12,820; 2,276; 4,895; and 2,533 shares, respectively, which began vesting in three equal annual installments on January 2, 2025. Effective 
January 2, 2024, Mr. Klappa was granted a restricted stock award of 30,539 shares. In connection with his retirement effective May 9, 2024, the 
Compensation Committee accelerated the vesting of Mr. Klappa's unvested restricted stock granted on January 2, 2024. Effective April 1, 2024, Mr. Hooper 
was granted a restricted stock award of 2,706 shares, which will begin vesting in three equal annual installments on April 1, 2025. The vesting of the 
WEC Energy Group
P-63
2025 Proxy Statement

restricted stock granted to Messrs. Lauber. Hooper and Garvin, and Mmes. Liu and Kelsey, may be accelerated in connection with a termination of 
employment due to a change in control, death or disability, or by action of the Compensation Committee.
(3) 
The number of performance units reported were awarded in 2023 (first line) and 2024 (second line) and vest at the end of the three-year performance period 
ending December 31, 2025 and December 31, 2026, respectively. The number of performance units reported and their corresponding value are based upon 
a payout at the maximum amount for both plan years. The number and value of the 2023 and 2024 performance units includes performance units resulting 
from the grant of short-term dividend equivalents. 
Policy on Timing of Option Grants
The Company does not grant equity awards in anticipation of the release of material non-public information (“MNPI”), and it does not 
time the release of MNPI for the purpose of affecting the value of executive compensation. Although the Company has not adopted a 
predetermined schedule for the granting of option and other equity awards, it is the Compensation Committee’s long standing practice 
to approve annual equity awards at its regularly-scheduled meeting held in December of each year. The effective grant date of these 
awards is the first trading day of the year immediately following the award. The Compensation Committee may also grant option and 
other equity awards to individuals upon hire or promotion to executive officer positions or appointment to the Board. 
The timing of the annual option and other equity awards approved by the Compensation Committee on December 7, 2023, with a grant 
date of January 2, 2024 (the first trading day of the year), was consistent with long standing practice and not tied to the timing of any 
release of MNPI.
During 2024, the options listed below had a grant date within 4 business days prior to the filing or furnishing of a Form 8-K.
Name
Grant Date
Number of 
securities 
underlying the 
award
(#)
Exercise price 
of the award
($)
Grant date fair 
value of the 
award
($)
Percentage change in the closing market price of the 
securities underlying the award between the trading day 
ending immediately prior to the disclosure of MNPI and 
the trading day beginning immediately following the 
disclosure of MNPI
Scott J. Lauber
1/2/2024
 
54,598 
 
85.045 
16.20
(1.1)%
Xia Liu
1/2/2024
 
20,847 
 
85.045 
16.20
(1.1)%
Gale E. Klappa
1/2/2024
 
43,352 
 
85.045 
16.20
(1.1)%
Margaret C. Kelsey
1/2/2024
 
10,788 
 
85.045 
16.20
(1.1)%
Robert M. Garvin
1/2/2024
 
9,694 
 
85.045 
16.20
(1.1)%
OPTION EXERCISES AND STOCK VESTED FOR FISCAL YEAR 2024
This table shows the number and value of (1) stock options that were exercised by the NEOs, (2) restricted stock awards that vested, 
and (3) performance units that vested in 2024.
Name
Option Awards
Stock Awards
Number of Shares 
Acquired on Exercise
(#)
Value Realized on 
Exercise (1)
($)
Number of Shares Acquired 
on Vesting (2)
(#)
Value Realized on 
Vesting (3)(4)
($)
Scott J. Lauber
12,050
473,074
5,228
450,924
—
—
29,907
2,812,456
Xia Liu
—
—
2,795
241,066
—
—
15,093
1,419,303
Gale E. Klappa
96,074
3,526,489
56,290 (5)
4,820,086 (5)
—
—
13,619 (6)
1,165,476 (6)
Margaret C. Kelsey
—
—
1,502
129,545
—
—
8,326
782,979
Michael W. Hooper
—
—
—
—
—
—
—
—
Robert M. Garvin
—
—
1,263
108,933
—
—
7,270
683,678
(1) 
Value realized upon the exercise of options is determined by multiplying the number of shares received upon exercise by the difference between 
the market price of WEC Energy Group common stock at the time of exercise and the exercise price.
(2) 
Reflects the number of shares of restricted stock that vested in 2024 (first line) and, except for Mr. Klappa, the number of performance units that 
vested as of December 31, 2024, the end of the applicable three-year performance period (second line). The performance units were settled in 
cash. Subject to very limited exceptions, restricted stock awarded to the Company's executive officers, including the NEOs, is subject to a 
minimum one-year holding period following the vesting date.
(3) 
Restricted stock value realized is determined by multiplying the number of shares of restricted stock that vested by the fair market value of 
WEC Energy Group common stock on the date of vesting. We compute fair market value as the average of the high and low prices of WEC Energy 
Group common stock reported by Bloomberg L.P. on the vesting date.
(4) 
Other than Mr. Klappa, performance units value realized is determined by multiplying the number of performance units that vested by the closing market 
price of WEC Energy Group common stock on December 31, 2024, the last trading day of the year.
WEC Energy Group
P-64
2025 Proxy Statement

(5) 
Includes 30,539 shares of restricted stock for which the Compensation Committee accelerated vesting effective May 9, 2024. The value realized by Mr. 
Klappa in connection with this acceleration was $2,598,869, and was determined by using the average of the high and low prices of WEC Energy Group 
common stock on May 9, 2024.
(6) 
Reflects the prorated number of performance units awarded in 2022, 2023 and 2024 (based upon the target 100% rate) that vested pursuant to the 
terms of the Company's Performance Unit Plan upon Mr. Klappa's retirement. The value realized was determined using the closing price of WEC Energy 
Group common stock on May 9, 2024.
PENSION BENEFITS AT FISCAL YEAR-END 2024
The following table sets forth information for each NEO regarding their pension benefits at fiscal year-end 2024 under WEC Energy 
Group’s three different retirement plans discussed below.
Name
Plan Name
Number of Years 
Credited Service (1)
(#)
Present Value of 
Accumulated Benefit (4)(5)
($)
Payments During 
Last Fiscal Year (6)
($)
Scott J. Lauber
WEC Energy Group Plan
 
34.50 
 
658,530 
 
— 
SERP
 
34.50 
 
1,260,294 
 
— 
Individual Letter Agreement
 
— 
 
— 
 
— 
Xia Liu(2)
WEC Energy Group Plan
 
— 
 
— 
 
— 
SERP
 
— 
 
— 
 
— 
Individual Letter Agreement
 
— 
 
— 
 
— 
Gale E. Klappa(3)
WEC Energy Group Plan
 
13.00 
 
555,112 
 
35,425 
SERP
 
13.00 
 
2,410,753 
 
263,731 
Individual Letter Agreement
 
38.67 
 
16,907,467 
 
1,849,639 
Margaret C. Kelsey(2)
WEC Energy Group Plan
 
— 
 
— 
 
— 
SERP
 
— 
 
— 
 
— 
Individual Letter Agreement
 
— 
 
— 
 
— 
Michael W. Hooper(2)
WEC Energy Group Plan
 
— 
 
— 
 
— 
SERP
 
— 
 
— 
 
— 
Individual Letter Agreement
 
— 
 
— 
 
— 
Robert M. Garvin
WEC Energy Group Plan
 
13.67 
 
328,126 
 
— 
SERP
 
13.67 
 
756,623 
 
— 
Individual Letter Agreement
 
13.67 
 
99,706 
 
— 
(1)
Years of service are computed as of December 31, 2024, the pension plan measurement date used for financial statement reporting purposes. 
Prior to his initial retirement in May 2016, Mr. Klappa was credited with 25.67 years of service pursuant to the terms of his ILA. The increase in the 
aggregate amount of Mr. Klappa’s accumulated benefit under all of WEC Energy Group’s retirement plans resulting from the additional years of credited 
service is $18,276,890.
(2)
Mr. Hooper and Mmes. Liu and Kelsey are not eligible to receive pension benefits under the WEC Energy Group Plan.
(3)
Upon his initial retirement in May 2016, Mr. Klappa’s ILA terminated. At that time, the number of years of credited service and the accumulated benefit 
effectively transferred to the WEC Energy Group Plan and the supplemental executive retirement plan ("SERP"). Payments related to the ILA were 
actually paid under the WEC SERP. Mr. Klappa did not accrue additional benefits under these plans in connection with his service as Executive Chairman.
(4)
The key assumptions used in calculating the actuarial present values reflected in this column are:
•
Earliest projected unreduced retirement age based upon projected service:
–
For Mr. Lauber, age 60.
–
For Mr. Klappa, age 65.67 (actual age at initial retirement in 2016).
–
For Mr. Garvin, age 58.42.
•
Discount rate of 5.70%.
•
Cash balance interest crediting rate of 5.00%.
•
Form of payment:
–
Mr. Lauber: WEC Energy Group Plan 60% lump sum / 40% life annuity; SERP - Ten Year Annual Installment
–
Mr. Klappa's actual form of payment elected at initial retirement: WEC Energy Group Plan, SERP, and ILA - Single Life annuity
–
Mr. Garvin: WEC Energy Group Plan 60% lump sum / 40% life annuity; SERP and ILA - Five Annual Installments
•
Mortality Table for life annuity - Pri-2012/Male/White Collar as published by the Society of Actuaries with modified MP2020 projection.
(5)
WEC Energy Group’s pension benefit obligation to Mr. Klappa will be partially offset by pension benefits he is entitled to receive from his former employer. 
The amount reported for Mr. Klappa represents only WEC Energy Group’s obligation of the aggregate actuarial present value of his accumulated benefit 
under all of the plans. The total aggregate actuarial present value of Mr. Klappa’s accumulated benefit under all of the plans is $23,214,863, $3,341,531 of 
which we estimate the prior employer is obligated to pay. If Mr. Klappa's former employer becomes unable to pay its portion of his respective accumulated 
pension benefit, WEC Energy Group may be obligated to pay the total amount. 
(6)
While Executive Chairman, Mr. Klappa continued to receive benefits under the SERP, but payments under the WEC Energy Group Plan were suspended. 
Mr. Klappa began receiving benefits under the WEC Energy Group Plan upon his retirement as Executive Chairman.
WEC Energy Group
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2025 Proxy Statement

RETIREMENT PLANS
WEC Energy Group maintains four different plans providing for retirement payments and benefits for the NEOs: a defined benefit 
pension plan of the cash balance type (“WEC Energy Group Plan”); a supplemental executive retirement plan (“SERP”); ILAs; and the 
WEC Energy Group Retirement Savings Plan, which is a 401(k) plan, for those individuals who are not eligible to participate in the WEC 
Energy Group Plan. The compensation considered for purposes of the retirement plans for Messrs. Lauber and Garvin is $3,689,845 
and $1,314,956 respectively, of which $345,000 is applied to the WEC Energy Group Plan and the remainder to the SERP. These 
amounts represent their 2024 base salary, plus their 2023 STPP award paid in 2024. As of December 31, 2024, Messrs. Lauber and 
Garvin currently have 34.5 and 13.67 credited years of service, respectively, under the various plans described below. Messrs. Lauber 
and Garvin were not granted additional years of credited service. See below for a discussion of the contributions made to the WEC 
Energy Group Retirement Savings Plan on behalf of Messrs. Klappa and Hooper, and Mmes. Liu and Kelsey, who do not participate in 
the WEC Energy Group Plan.
The WEC Energy Group Plan
Many of our regular full-time and part-time employees, including Messrs. Lauber and Garvin, participate in the WEC Energy Group 
Plan. The WEC Energy Group Plan bases a participant’s defined benefit pension on the value of a hypothetical account balance. For 
individuals participating in the WEC Energy Group Plan as of December 31, 1995, a starting account balance was created equal to the 
present value of the benefit accrued as of December 31, 1994, under the plan benefit formula prior to the change to a cash balance 
approach. That formula provided a retirement income based on years of credited service and average compensation (consisting of base 
salary and annual incentive compensation) for the 36 highest consecutive months, with an adjustment to reflect the Social Security 
integrated benefit. In addition, individuals participating in the WEC Energy Group Plan as of December 31, 1995, received a special 
one-time transition credit amount equal to a specified percentage varying with age multiplied by credited service and 1994 base pay.
The present value of the accrued benefit as of December 31, 1994, plus the transition credit, was also credited with interest at a stated 
rate. For 1996 through 2007, a participant received annual credits to the account equal to 5% of base pay (including WEC Energy 
Group 401(k) plan pre-tax deferrals and other items), plus an interest credit on all prior accruals equal to 4% plus 75% of the annual 
time-weighted trust investment return for the year in excess of 4%. From 2008 through 2013, the interest credit percentage was set at 
either the long-term corporate bond third segment rate, published by the Internal Revenue Service, or 4%, whichever was greater.
Effective January 1, 2014, participants receive an annual credit to the account equal to 6% of base pay (including WEC Energy Group 
401(k) plan pre-tax deferrals and other items), plus an interest credit on all prior accruals equal to a 5% fixed rate. For participants in the 
WEC Energy Group Plan on December 31, 2007 and December 31, 2013, their WEC Energy Group Plan benefit will never be less than 
the benefit accrued as of December 31, 2007 and December 31, 2013, respectively. The WEC Energy Group Plan benefit will be 
calculated under all three formulas to provide participants with the greater benefit; however, in calculating a participant’s benefit accrued 
as of December 31, 2007 and December 31, 2013, interest credits as defined under each of the prior WEC Energy Group Plan formulas 
will be taken into account but not any additional pay credits.
Participants who were “grandfathered” as of December 31, 1995, as discussed below, will still receive the greater of the grandfathered 
benefit or the cash balance benefit.
The life annuity payable under the WEC Energy Group Plan is determined by converting the hypothetical account balance credits into 
annuity form.
Individuals who were participants in the WEC Energy Group Plan on December 31, 1995 were “grandfathered” so that they will not 
receive any lower retirement benefit than would have been provided under the formula in effect through December 31, 1995, had it 
continued. This amount continued to increase until December 31, 2010, at which time it was frozen. Upon retirement, participants will 
receive the greater of this frozen amount or the accumulated cash balance.
For Mr. Lauber, estimated benefits under the cash balance plan formula are higher than under the grandfathered formula. Mr. Garvin 
does not participate in the grandfathered formula. 
Under the WEC Energy Group Plan, participants receive unreduced pension benefits upon reaching one of the following three 
thresholds: (1) age 65; (2) age 62 with 30 years of service; or (3) age 60 with 35 years of service.
Pursuant to the Internal Revenue Code, only $345,000 of pension eligible earnings (base pay and annual incentive compensation) 
could be considered for purposes of the WEC Energy Group Plan in 2024.
Supplemental Executive Retirement Plans and Individual Letter Agreements 
Designated officers of WEC Energy Group, including Messrs. Lauber and Garvin, participate in the SERP, which is part of the 
Supplemental Pension Plan (the “SPP”) adopted to comply with Section 409A of the Internal Revenue Code. The SERP provides 
monthly supplemental pension benefits to participants, which will be paid out of unsecured corporate assets, or the grantor trust 
described below, in an amount equal to the difference between the actual pension benefit payable under the WEC Energy Group Plan 
and what such pension benefit would be if calculated without regard to any limitation imposed by the Internal Revenue Code on pension 
benefits or covered compensation, including amounts deferred to the WEC Energy Group Executive Deferred Compensation Plan. 
Except for a “change in control” of WEC Energy Group, as defined in the SPP, and pursuant to the terms of the ILAs discussed below, 
no payments are made until after the participant’s retirement at or after age 60 or death. If a participant in the SERP dies prior to age 
60, his or her beneficiary is entitled to receive retirement benefits under the SERP. Although Mr. Klappa remains a participant in the 
SPP, he no longer accrues any benefits under the plan as a result of his earlier retirement in 2016. 
WEC Energy Group
P-66
2025 Proxy Statement

WEC Energy Group entered into an individual letter agreement with Mr. Klappa when he first commenced employment in 2003 to 
provide him with supplemental retirement benefits upon retirement at or after age 60. The supplemental retirement payments are 
intended to make the total retirement benefits payable to Mr. Klappa comparable to that which would have been received under the 
WEC Energy Group Plan as in effect on December 31, 1995, had the defined benefit formula then in effect continued until his 
retirement, calculated without regard to Internal Revenue Code limits, and as if Mr. Klappa had started participation in the WEC Energy 
Group Plan at age 27. As a result, pursuant to the terms of the agreement, which terminated upon Mr. Klappa’s retirement in May 2016, 
Mr. Klappa had 38.67 years of credited service under the WEC Energy Group Plan and the SERP upon his retirement.
The Company entered into an agreement with Mr. Garvin when he was hired in April 2011 that provides for a supplemental pension 
benefit account, which was credited with $50,000. This account is credited with interest annually at the same rate as the WEC Energy 
Group Plan. The account balance vested in April 2021, when Mr. Garvin completed 10 years of service. 
The purpose of these agreements was to ensure that Messrs. Klappa and Garvin did not lose pension earnings by joining the executive 
management team at WEC Energy Group they otherwise would have received from their former employers. Without providing a means 
to retain these pension benefits, it would have been difficult for WEC Energy Group to attract these officers.
The SPP provides for a mandatory lump sum payment upon a change in control if the executive’s employment is terminated within 18 
months after the change in control. The Wisconsin Energy Corporation 2014 Rabbi Trust, a grantor trust, funds certain non-qualified 
benefits, including the SPP and the ILAs, as well as the Executive Deferred Compensation Plan and the Directors’ Deferred 
Compensation Plan. See “Potential Payments upon Termination or Change in Control” later in this proxy statement for additional 
information.
Mr. Lauber's Retention Agreement
Due to unforeseen medical circumstances in 2017 involving the Company’s then-CEO, the Company, under the Board’s careful 
oversight, was required to adjust its CEO succession plan and accelerate the development of the next generation of Company 
leadership.
With his appointment, effective February 1, 2022, Mr. Lauber became the Company’s fourth CEO in six years. In order to provide 
sufficient time for longer term succession planning, the Compensation Committee determined it was in the Company’s best interest to 
incentivize Mr. Lauber, age 56 at that time, to remain with the Company until his retirement. 
On February 21, 2022, the Company and Mr. Lauber entered into a letter agreement, which was approved by the Compensation 
Committee after consideration of input from FW Cook. Pursuant to the terms of this agreement, the Company will credit an annual 
contribution of $300,000 to a nonqualified account beginning February 21, 2022. So long as Mr. Lauber remains employed by the 
Company, an additional $300,000 will be credited annually on February 1, until a maximum of 10 contributions have been made. In 
addition, the account will be credited with interest at a rate of 5% annually, which is equivalent to the interest crediting rate under the 
Company’s cash balance pension plan. The account would vest upon the sixth such contribution, at which time Mr. Lauber will be 61, or 
upon Mr. Lauber’s death or disability.
Ms. Liu's Retirement Income Supplement
WEC Energy Group entered into an employment agreement with Ms. Liu when she commenced employment in June 2020 that 
provides for a retirement income supplement. Pursuant to the agreement, WEC Energy Group will credit $225,000 annually to a 
nonqualified account. The annual credit plus interest will continue until the year in which Ms. Liu ceases employment or reaches age 62. 
The balance at separation or age 62 will be frozen and will not exceed $3,000,000. Effective January 1 of each year, the account will be 
credited with interest at the annual average prime rate, not to exceed 5%. Amounts credited to the account vest at age 55, and will be 
distributed at Ms. Liu’s retirement or other separation. Ms. Liu turned 55 in January 2025. Administration of this benefit is intended to 
comply with Section 409A of the Internal Revenue Code. The purpose of providing this benefit under Ms. Liu's agreement was to ensure 
that she did not lose retirement benefits by joining the executive management team at the Company she otherwise would have accrued 
and received from her former employer.
Mr. Hooper's Executive Deferred Compensation Plan Agreement
Pursuant to the employment agreement entered into with Mr. Hooper, effective March 7, 2024, the Company will credit $300,000 
annually to the Executive Deferred Compensation Plan. The annual Company credit will be invested in the account that tracks the 
performance of WEC Energy Group common stock. The Company will make a total of five annual contributions. Mr. Hooper's account 
balance will vest on his fifth anniversary with the Company or in the event of his death or disability. Administration of this benefit is 
intended to comply with Section 409A of the Internal Revenue Code. The purpose of providing this benefit under Mr. Hooper's 
agreement was to ensure that he did not lose retirement benefits by joining the executive management team at the Company he 
otherwise would have accrued and received from his former employer.
WEC Energy Group Retirement Savings Plan
Effective January 1, 2015, all newly hired management employees, including executive officers, receive an annual contribution equal to 
6% of pension-eligible wages from the Company into WEC Energy Group’s 401(k) plan rather than participate in the WEC Energy 
Group Plan. Pension-eligible wages consist of annual base salary and STPP payouts. In connection with this plan, the Compensation 
Committee adopted the WEC Energy Group Non-Qualified Retirement Savings Plan which provides "make-whole" benefits to address 
Internal Revenue Code limits on the amount of money that can be contributed to a 401(k) plan. For additional details, see "Non-
Qualified Retirement Savings Plan" below. 
WEC Energy Group
P-67
2025 Proxy Statement

Since Mr. Klappa was considered a new employee upon his return as CEO in 2017, he no longer accrues additional benefits under the 
WEC Energy Group Plan. 
Mmes. Liu and Kelsey, along with Messrs. Klappa and Hooper, are entitled to receive Company contributions to the 401(k) plan and 
Non-Qualified Retirement Savings Plan.
NONQUALIFIED DEFERRED COMPENSATION FOR FISCAL YEAR 2024
The following table reflects activity by the NEOs during 2024 in WEC Energy Group’s Executive Deferred Compensation Plan (the 
"EDCP") and Non-Qualified Retirement Savings Plan (the "NQRSP"), which are discussed below. 
Name
Plan Name
Executive 
Contributions in 
Last Fiscal Year (1)
Registrant 
Contributions in 
Last Fiscal Year (1)
Aggregate Earnings
in Last Fiscal Year (2)
Aggregate 
Withdrawals / 
Distributions
Aggregate Balance at 
Last Fiscal Year-End (3)
($)
($)
($)
($)
($)
Scott J. Lauber
EDCP
584,733
157,183
467,470
—
5,715,652
Xia Liu
EDCP
1,132,020
72,531
370,688
—
4,175,260
NQRSP
—
108,797
48,481
—
317,317
Gale E. Klappa
EDCP
22,861
11,303
262,194
2,102,381
1,309,352
NQRSP
—
214,851
108,522
—
1,404,928
Margaret C. Kelsey
EDCP
110,545
49,369
163,970
—
1,294,548
NQRSP
—
74,053
61,940
—
424,812
Michael W. Hooper
EDCP
—
300,000
55,520
—
355,520
NQRSP
—
7,800
—
—
—
Robert M. Garvin
EDCP
39,625
19,420
173,500
—
1,730,858
(1)
All of the amounts are reported as compensation in the "Summary Compensation Table" of this proxy statement. The NQRSP contributions were earned in 
2024, with the actual contribution being made in 2025.
(2)
$131,846, $245,804, $26,237, $53,671, and $991 of the reported amounts, which represent above-market earnings on compensation that was deferred into 
the Prime Rate Fund, are reported in the "Summary Compensation Table" of this proxy statement for Messrs. Lauber, Klappa, and Garvin, and Mmes. Liu 
and Kelsey, respectively.
(3)
$2,927,052, $3,377,569, $858,499, $2,541,814, and $713,447 of the reported amounts in the EDCP were reported as compensation in the Summary 
Compensation Tables in prior proxy statements for Messrs. Lauber, Klappa, and Garvin, and Mmes. Liu and Kelsey, respectively. Mr. Hooper became a 
named executive officer in 2024; therefore, no amounts were previously reported in prior proxy statements for him. The amount reported in this column for 
Mr. Klappa is lower than the previously reported amount because Mr. Klappa has been receiving distributions under the EDCP for several years. $275,201, 
$362,051, and $1,153,200 of the reported amounts in the NQRSP were reported as compensation in the Summary Compensation Tables in prior proxy 
statements for Mmes. Liu and Kelsey, and Mr. Klappa, respectively.
Executive Deferred Compensation Plan
WEC Energy Group maintains two executive deferred compensation plans in which the NEOs participate: the Legacy WEC Energy 
Group Executive Deferred Compensation Plan (the “Legacy EDCP”), and the WEC Energy Group Executive Deferred Compensation 
Plan (the “EDCP”) adopted effective January 1, 2005 to comply with Section 409A of the Internal Revenue Code. The Legacy EDCP 
provides that (1) amounts earned, deferred, vested, credited, and/or accrued as of December 31, 2004 are preserved and frozen 
(subject to appreciation in value of such amounts) so that these amounts are exempt from Section 409A and (2) no new employees 
may participate in the Legacy EDCP as of January 1, 2005. Since January 1, 2005, all deferrals have been made to the EDCP. The 
provisions of the EDCP as in effect on December 31, 2024 are described below, as are the payout provisions of the Legacy EDCP.
The EDCP.  Under the plan, a participant may defer up to 50% of his or her base salary, annual incentive compensation and vested 
awards of performance units. Stock option gains and vested restricted stock may not be deferred into the EDCP. Generally, deferral 
elections are made annually by each participant for the upcoming plan year. The Company maintains detailed records tracking each 
participant’s “account balance.” In addition to deferrals made by the participants, the Company may also credit each participant’s 
account balance by matching a certain portion of each participant’s deferral. Such deferral matching is determined by a formula taking 
into account the matching rate applicable under the Company’s 401(k) plan, the percentage of compensation subject to such matching 
rate, the participant’s gross compensation eligible for matching, and the amount of eligible compensation actually deferred. Also, in our 
discretion, the Company may credit any other amounts, as appropriate, to each participant’s account.
Participants may elect to participate in the WEC Energy Group Common Stock Fund and/or the Prime Rate Fund. The Company tracks 
each participant’s account balance as though the balance was actually invested in these funds. Fund elections are not actual 
investments, but are elections chosen only for purposes of calculating market gain or loss on deferred amounts for the duration of the 
deferral period. Each participant may select the amount of deferred compensation to be allocated among the two measurement funds. 
Contributions and deductions may be made to each participant’s account based on the performance of the measurement fund(s) 
elected.
WEC Energy Group
P-68
2025 Proxy Statement

The annual rate of return for the calendar year ended December 31, 2024 for the WEC Energy Group Common Stock Fund and the 
Prime Rate Fund was 2.16% and 8.5%, respectively.
Each participant’s account balance is debited or credited periodically based on the performance of the measurement fund(s) elected by 
the participant. Subject to certain restrictions, participants may periodically make changes to their measurement fund elections.
At the time of his or her deferral election, each participant may designate a prospective payout election for any or the entire amount 
deferred, plus any amounts debited or credited to the deferred amount as of the designated payout. Amounts deferred into the EDCP 
may not be withdrawn at the discretion of the participant and a change to the designated payout delays the initial payment at least five 
years beyond the originally designated payout date. In addition, the Company may not limit payout amounts in order to deduct such 
amounts under Section 162(m) of the Internal Revenue Code.
The balance of a participant’s account is payable on his or her retirement in either a lump sum payout or in annual installments, at the 
election of the participant. Upon the death of a participant after retirement, payouts are made to the deceased participant’s beneficiary 
in the same manner as though such payout would have been made to the participant had the participant survived. In the event of a 
participant’s termination of employment prior to retirement, the participant may elect to receive a payout beginning the year after 
termination in the amount of his or her account balance as of the termination date either in a lump sum or in annual installments over a 
period of five years. Disability is not itself a payment event until the participant terminates employment with WEC Energy Group or its 
subsidiaries. A participant’s account balance will be paid out in a lump sum if the participant separates from service with WEC Energy 
Group or its subsidiaries within 18 months after a change in control of WEC Energy Group, as defined in the plan. The deferred 
amounts will be paid out of the general corporate assets or the assets of the Wisconsin Energy Corporation 2014 Rabbi Trust.
The Legacy EDCP. At the time of his or her deferral election, each participant designated a prospective payout election for any or the 
entire amount deferred, plus any amounts debited or credited to the deferred amount as of the designated payout. A participant may 
elect, at any time, to withdraw part (a minimum of $25,000) or all of his or her account balance, subject to a withdrawal penalty of 10%. 
Payout amounts may be limited to the extent to which they are deductible by the Company under Section 162(m) of the Internal 
Revenue Code.
The balance of a participant’s account is payable on his or her retirement in either a lump sum payout or in annual installments, at the 
election of the participant. Upon the death of a participant after retirement, payouts are made to the deceased participant’s beneficiary 
in the same manner as though such payout would have been made to the participant had the participant survived. In the event of a 
participant’s termination of employment prior to retirement, the participant may elect to receive a payout beginning the year after 
termination in the amount of his or her account balance as of the termination date either in a lump sum or in annual installments over a 
period of five years. Any participant who suffers from a continued disability will be entitled to the benefits of plan participation unless and 
until the committee administering the plan determines that the participant has been terminated for purposes of continued participation in 
the plan. Upon any such determination, the disabled participant is paid out as though the participant had retired. Except in certain 
limited circumstances, participants’ account balances will be paid out in a lump sum (1) upon the occurrence of a change in control, as 
defined in the plan, or (2) upon any downgrade of the Company’s senior debt obligations to less than “investment grade.” The deferred 
amounts will be paid out of the general corporate assets or the assets of the Wisconsin Energy Corporation 2014 Rabbi Trust.
Non-Qualified Retirement Savings Plan
WEC Energy Group maintains the WEC Energy Group Non-Qualified Retirement Savings Plan (the “NQRSP”) to provide benefits to a 
select group of management and highly compensated employees who are subject to the maximum compensation limits and the annual 
benefit limits for a tax-qualified defined contribution plan as established by the Internal Revenue Service. Effective January 1, 2015, all 
newly hired management employees receive an annual contribution equal to 6% of pension eligible wages (annual base salary and 
STPP payout) from the Company into WEC Energy Group’s 401(k) plan, which is a tax-qualified defined contribution plan. The NQRSP 
provides “make-whole” benefits to address the Internal Revenue Code limits on the amount of money that can be contributed to the 
401(k) plan. Without the NQRSP, officers would receive a lower benefit as a percent of eligible compensation than the benefit received 
by other participants in the 401(k) plan.
In addition to the compensation requirements, in order to be eligible to participate in the NQRSP the employee must be employed by 
WEC Energy Group or one of its subsidiaries on the last day of the plan year and have completed 1,000 hours of service during that 
year.
Participants may elect to participate in the WEC Common Stock Fund or the Prime Rate Fund. The Company tracks each participant’s 
account balance as though the balance was actually invested in these funds. Fund elections are not actual investments, but are 
elections chosen only for purposes of calculating market gain or loss on contributed amounts until the account balance is paid out in full. 
Each participant may select the amounts to be allocated among the two measurement funds. Contributions and deductions may be 
made to each participant’s account based on the performance of the measurement fund(s) elected. The annual rate of return for the 
calendar year ended December 31, 2024 for the WEC Energy Group Common Stock Fund and the Prime Rate Fund was 2.16% and 
8.5%, respectively.
A participant’s account vests upon the earliest to occur of (i) completion of one year of service, (ii) a change in control of WEC Energy 
Group, (iii) death or (iv) reaching age 59-1/2. Based upon a participant’s payout election, account balances will be paid or begin to be 
paid upon a participant’s separation from service or death in either a lump sum or installments of two to 10 years. In the event of a 
termination of employment within 18 months of a change in control of WEC Energy Group, the participant’s account balance will be paid 
in a lump sum. Account balances will be paid out of the general corporate assets or the assets of the Wisconsin Energy Corporation 
2014 Rabbi Trust.
WEC Energy Group
P-69
2025 Proxy Statement

POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE IN CONTROL
The tables below reflect the amount of compensation payable to each of our NEOs in the event of termination of each executive’s 
employment. These amounts are in addition to each NEO’s aggregate balance in the EDCP and/or, as applicable the NQRSP at fiscal 
year-end 2024, as reported in the "Aggregate Balance at Last Fiscal Year-End" column under “Nonqualified Deferred Compensation for 
Fiscal Year 2024.” The amount of compensation payable to each NEO (other than Mr. Klappa) upon voluntary termination, normal 
retirement, for-cause termination, involuntary termination (by the Company for any reason other than cause, death or disability or by the 
executive for “good reason”), termination following a “change in control,” disability, and death are set forth below. The amounts shown 
assume that such termination was effective as of December 31, 2024 and include amounts earned through that date, and are estimates 
of the amounts which would be paid out to the NEOs upon termination. The amounts shown under “Normal Retirement” assume the 
NEOs were retirement eligible with no reduction of retirement benefits. The amounts shown under “Termination Upon a Change in 
Control” assume the NEOs terminated employment as of December 31, 2024, which was within 18 months of a change in control of 
WEC Energy Group. The amounts reported in the row titled “Retirement Plans” in each table below are not in addition to the amounts 
reflected under “Pension Benefits at Fiscal Year-End 2024.” The actual amounts to be paid out can only be determined at the time of an 
officer’s termination of employment.
Payments Made Upon Voluntary Termination or Termination for Cause, Death or Disability
In the event a NEO voluntarily terminates employment or is terminated for cause, death, or disability, the officer will receive:
•
accrued but unpaid base salary and, for termination by death or disability, prorated annual incentive compensation;
•
401(k) plan and EDCP account balances (Mr. Hooper would only be entitled to the Company's $300,000 EDCP contribution 
discussed previously in the event of death or disability) and, with respect to Mmes. Liu and Kelsey, and Mr. Hooper, their Non-
Qualified Retirement Savings Plan balances;
•
the WEC Energy Group Plan cash balance;
•
in the case of death or disability, full vesting in all outstanding stock options, restricted stock, and performance units (otherwise, 
the ability to exercise already vested options within three months of termination) as well as vesting in the SERP and, with respect 
to Mr. Garvin, his ILA; and
•
if voluntary termination occurs after age 60, such termination is treated as a normal retirement.
In addition, certain individuals designated by the Company, including the NEOs, are eligible to receive a supplemental disability benefit 
pursuant to the terms of the WEC Energy Group Supplemental Long-Term Disability Plan, in an amount equal to the difference between 
the actual amount of the benefit payable under the long term disability plan applicable to all employees and what such disability benefit 
would have been if calculated without regard to any limitation imposed by the broad-based plan on annual compensation recognized 
thereunder. 
NEOs are also entitled to the value of unused vacation days, if any, and for termination by death, benefits payable under the officer life 
insurance benefit if the NEO participates in such benefit.
Payments Made Upon Normal Retirement
In the event of the retirement of a NEO, the officer will receive:
•
accrued but unpaid base salary and prorated annual incentive compensation;
•
full vesting in all outstanding stock options and a prorated amount of performance units;
•
full vesting in all retirement plans, including the WEC Energy Group Plan, SERP, and, with respect to Mr. Garvin, his ILA (Ms. Liu 
would be entitled to full vesting of her retirement income supplement); 
•
401(k) plan and EDCP account balances and, with respect to Mmes. Liu and Kelsey, and Messrs. Klappa and Hooper, their Non-
Qualified Retirement Savings Plan balances; and
•
the value of unused vacation days, if any.
In addition to the receipt of these benefits by Mr. Klappa in connection with his retirement as Executive Chairman on May 9, 2024, the 
Compensation Committee accelerated the vesting of 30,539 shares of restricted stock. See "Summary Compensation Table" above for 
information regarding Mr. Klappa's prorated annual incentive compensation. See "Options Exercised and Stock Vested for Fiscal year 
2024" for additional information regarding the vesting of Mr. Klappa's restricted stock and performance unit awards. The value of the  
2024 stock option awards that vested upon Mr. Klappa's retirement (based on the excess of the market price of the Company's common 
stock on May 9, 2024 over the exercise price of such options) was $23,193. The stock options from the 2022 and 2023 awards that 
vested upon Mr. Klappa's retirement were underwater at the time of his retirement.
Payments Made Upon Termination of Employment in Connection with a Change in Control
Pursuant to the terms of the SPP, retirement benefits are paid to all participating NEOs upon termination of employment within 18 
months of a change in control.
Pursuant to the terms of the WEC Energy Group Omnibus Stock Incentive Plan, amended and restated effective as of May 6, 2021, in 
the event the NEO's termination of employment occurs within 24 months following a change in control:
•
all outstanding stock options will vest and become immediately exercisable, and
•
all unvested shares of restricted stock will vest as of the date of termination.
WEC Energy Group
P-70
2025 Proxy Statement

Pursuant to the terms of the WEC Energy Group Performance Unit Plan, amended and restated effective as of January 1, 2023, in the 
event an NEO’s employment is terminated after a change in control without cause or by the NEO for good reason, all unvested 
performance units will vest immediately at the target 100% rate.
Payments under the Severance Pay Plan
None of the NEOs have entered into an agreement that provides for severance benefits upon a change in control or otherwise. These 
officers are eligible to participate in the Company’s Severance Pay Plan, in which all management employees are eligible to 
participate. In the event a participant is involuntarily terminated, other than for cause, death, disability, retirement, or resignation, the 
participant is entitled to receive severance pay in an amount equal to the sum of: (1) 4% of the participant’s annual base salary and 
target bonus, plus (2) 4% of the participant’s annual base salary and target bonus multiplied by his or her completed years of service 
with the Company. The maximum amount of severance pay that can be received under the plan is twelve months of a participant’s 
annual base salary and target bonus.
Payments under Retention Agreement
See "Retirement Plans" for a discussion of the terms of a retention agreement between the Company and Mr. Lauber.
Potential Payments to Named Executive Officers Upon Termination or Change in Control of the Company
The following tables show the potential payments upon termination or a change in control of the Company for:
Executive Benefits and
Payments Upon Separation 
Voluntary 
Termination
($)
Normal
Retirement
($)
For Cause
Termination
($)
Involuntary
Termination
($)
Termination Upon 
Change in Control
($)
Disability
($)
Death
($)
Scott J. Lauber
Compensation:
Cash Severance
—
—
—
2,712,283
2,712,283
—
—
Retention Agreement
—
—
—
—
—
945,750
945,750
Long-Term Incentive Compensation:
Performance Units
—
3,383,935
—
—
7,111,023
7,111,023
7,111,023
Restricted Stock
—
—
—
—
1,812,715
1,812,715
1,812,715
Options
—
507,304
—
—
507,304
507,304
507,304
Benefits & Perquisites:
Retirement Plans
1,918,824
1,918,824
1,918,824
1,918,824
1,918,824
1,918,824
1,916,038
Health and Welfare Benefits
—
—
—
11,408
11,408
—
—
Death Benefit
—
—
—
—
—
—
—
Total
1,918,824
5,810,063
1,918,824
4,642,515
14,073,557
12,295,616
12,292,830
Xia Liu
Compensation:
Cash Severance
—
—
—
306,548
306,548
—
—
Long-Term Incentive Compensation:
Performance Units
—
1,388,030
—
—
2,859,004
2,859,004
2,859,004
Restricted Stock
—
—
—
—
733,888
733,888
733,888
Options
—
194,468
—
—
194,468
194,468
194,468
Benefits & Perquisites:
Retirement Plans
—
1,230,526
—
—
—
—
—
Health and Welfare Benefits
—
—
—
11,408
11,408
—
—
Death Benefit
—
—
—
—
—
—
2,486,000
Total
—
2,813,024
—
317,956
4,105,316
3,787,360
6,273,360
Margaret C. Kelsey
Compensation:
Cash Severance
—
—
—
353,085
353,085
—
—
Long-Term Incentive Compensation:
Performance Units
—
709,438
—
—
1,466,272
1,466,272
1,466,272
Restricted Stock
—
—
—
—
380,862
380,862
380,862
Options
—
100,563
—
—
100,563
100,563
100,563
Benefits & Perquisites:
Retirement Plans
—
—
—
—
—
—
—
Health and Welfare Benefits
—
—
—
11,408
11,408
—
—
Death Benefit
—
—
—
—
—
—
1,892,000
Total
—
810,001
—
364,493
2,312,190
1,947,697
3,839,697
WEC Energy Group
P-71
2025 Proxy Statement

Executive Benefits and
Payments Upon Separation
Voluntary 
Termination
($)
Normal
Retirement
($)
For Cause
Termination
($)
Involuntary
Termination
($)
Termination Upon 
Change in Control
($)
Disability
($)
Death
($)
Michael W. Hooper
Compensation:
Cash Severance
—
—
—
46,800
46,800
—
—
Long-Term Incentive Compensation:
Performance Units
—
283,343
—
—
850,028
850,028
850,028
Restricted Stock
—
—
—
—
254,472
254,472
254,472
Options
—
137,645
—
—
137,645
137,645
137,645
Benefits & Perquisites:
Retirement Plans
—
—
—
—
—
—
—
Deferred Compensation Plan
—
—
—
—
—
300,000
300,000
Health and Welfare Benefits
—
—
—
11,408
11,408
—
—
Death Benefit
—
—
—
—
—
—
1,950,000
Total
—
420,988
—
58,208
1,300,353
1,542,145
3,492,145
Robert M. Garvin
Compensation:
Cash Severance
—
—
—
555,260
555,260
—
—
Long-Term Incentive Compensation:
Performance Units
—
633,736
—
—
1,311,858
1,311,858
1,311,858
Restricted Stock
—
—
—
—
340,237
340,237
340,237
Options
—
90,335
—
—
90,335
90,335
90,335
Benefits & Perquisites:
Retirement Plans
1,184,455
1,184,455
1,184,455
1,184,455
1,184,455
1,184,455
1,180,388
Health and Welfare Benefits
—
—
—
11,408
11,408
—
—
Death Benefit
—
—
—
—
—
—
1,700,000
Total
1,184,455
1,908,526
1,184,455
1,751,123
3,493,553
2,926,885
4,622,818
PAY RATIO DISCLOSURE
The primary objective of our executive compensation program is to provide a competitive, performance-based plan that enables the 
Company to attract and retain key individuals and to reward them for achieving both the Company’s short-term and long-term goals 
without creating an incentive for our NEOs to take excessive risks. In line with this objective, the Company’s general pay practice for all 
management employees is to target the median pay for each individual’s position at comparably sized companies.
For 2024, the annual total compensation of Mr. Lauber of $10,948,091, as shown in the Summary Compensation Table above (“CEO 
Compensation”), was approximately 81 times the annual total compensation of the median employee of $134,997. 
We identified the median employee as of December 31, 2022, using total wages and earnings paid during the rolling 12-month period 
ended December 31, 2022, as reflected in our internal payroll records (including, without limitation, base salary, wages plus overtime, 
and annual cash incentive payments, as applicable), for all individuals who were employed by us or any of our consolidated subsidiaries 
on December 31, 2022 (whether employed on a full-time, part-time, seasonal or temporary basis and including union and non-union 
employees). After identifying the median employee, we calculated annual total compensation for such employee using the same 
methodology we use for our CEO Compensation, which includes annual salary, bonus, change in pension value and 401(k) matching 
by the Company. We decided to use December 31, the last day of our fiscal year, for administrative convenience to align with other 
fiscal year-end calculations.
To provide further context to our pay practices, due to the complexity of the work associated with operating public utilities, our workforce 
tends to be more highly skilled than workforces at companies in other industries. Additionally, our employees often work for the 
Company for long periods of time; our average employee tenure is 13.2 years.
WEC Energy Group
P-72
2025 Proxy Statement

RISK ANALYSIS OF COMPENSATION POLICIES AND PRACTICES
As part of its process to determine the 2024 compensation of WEC Energy Group’s NEOs, the Compensation Committee analyzed 
whether WEC Energy Group’s compensation program taken as a whole, for all employees including the NEOs, creates risks that are 
reasonably likely to have a material adverse effect on the Company. The Compensation Committee concluded it does not. 
All management employees (both officers and non-officers) above a certain level are provided with substantially the same mix of 
compensation as the NEOs. Incentive opportunities provided under our annual cash incentive plan and long-term equity incentive 
plan are dependent upon the achievement of certain performance levels by the Company and largely are "at-risk". Based upon the 
value of each of these elements to the overall target compensation program, the relative value each has to the other, and the mix 
between fixed and variable pay, we believe the Company’s compensation program is appropriately balanced. In addition, we believe 
that the mix of short- and long-term awards minimizes risks that may be taken, as risks taken for short-term gains could ultimately 
jeopardize the Company’s ability to meet the long-term performance objectives. Given the current balance of compensation elements, 
we do not believe WEC Energy Group’s compensation program incentivizes unreasonable risk-taking by management.
Furthermore, policies are in place to mitigate compensation-related risk, such as our stock ownership guidelines, prohibitions against 
hedging and pledging, and clawback policies.
As part of this analysis, we also considered the nature of WEC Energy Group’s business as a public utility holding company and the fact 
that substantially all of the Company’s earnings and other financial results are generated by, or relate to, regulated public utilities. The 
highly regulated nature of WEC Energy Group’s business, including limits on the amount of profit the Company’s public utility 
subsidiaries (and therefore, WEC Energy Group) may earn, significantly reduces any incentive to engage in conduct that would be 
reasonably likely to have a material adverse effect on the Company.
PAY VERSUS PERFORMANCE DISCLOSURE
As described in more detail in “Compensation Discussion and Analysis,” the Company’s executive compensation program has been 
designed to provide a level of compensation that is strongly dependent upon the achievement of short-term and long-term goals that 
are aligned with the interests of our stockholders and customers. As such, a substantial portion of pay will only be realized upon strong 
corporate performance. The Compensation Committee has not designed the compensation program to specifically align the Company’s 
performance measures with "compensation actually paid" ("CAP") (as computed in accordance with Item 402(v) of Regulation S-K) for a 
particular year. For example, the Company utilizes several performance measures to align executive compensation with Company 
performance that are not presented in the Pay versus Performance table below. 
The following tables and supplemental graphical and narrative information present information about CAP, as defined by Item 402(v) of 
Regulation S-K, and compares CAP to various performance measures, also in accordance with such rules. CAP is a supplemental 
measure to be viewed alongside performance measures as an addition to the philosophy and strategy of compensation-setting 
discussed in “Compensation Discussion and Analysis,” and not in replacement thereof.
Year
(1)
Summary Compensation 
Table (SCT) Total for PEO
($)
(1,2)
Compensation Actually 
Paid (CAP) to PEO
($)
(3)
Average SCT 
total for non-
PEO NEOs 
($)
(2,3)
Average 
Compensation 
Actually Paid to 
non-PEO 
NEOs
($)
Value of Initial Fixed $100 
investment based on:
($)
Net 
Income
($) 
(in millions)
Company 
Selected 
Measure
Lauber 
Fletcher
Lauber
Fletcher
(4)
WEC TSR
(5)
Peer Group 
TSR
(6)Adjusted 
Earnings Per 
Share (diluted) 
($)
2024
10,948,091
—
16,220,714
—
4,739,937
4,816,652
119.66
122.96
1,527.2
4.88
2023
9,552,179
—
5,707,745
—
5,188,505
2,920,498
103.04
105.56
1,331.7
4.63
2022
8,149,461
8,151,511
9,721,228
17,332,947
4,358,213
5,256,205
110.80
113.90
1,408.1
4.45
2021
—
18,481,871
—
14,249,651
4,911,241
4,273,523
111.34
111.43
1,300.3
4.11
2020
—
18,136,171
—
15,590,856
4,686,918
4,030,865
102.49
95.16
1,199.9
3.79
(1)
On February 1, 2022, Mr. Lauber succeeded Mr. Fletcher as CEO.
(2)
Represents the CAP to each of Messrs. Lauber and Fletcher, and the average CAP to the non-PEO NEOs as a group, each as computed in accordance with 
Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned or paid during the applicable fiscal years. To 
calculate the CAP to Messrs. Lauber, and the average CAP to our non-PEO NEOs for the 2024 fiscal year, the following adjustments were made to the SCT 
total compensation: 
WEC Energy Group
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2025 Proxy Statement

SCT to CAP Reconciliation
Year
SCT Total
($)
Deductions from SCT Total
Additions to SCT Total
CAP
($)
Change in 
Pension 
Value
($)
(a)
Equity-based 
awards Grant 
Date Fair 
Value
($)
(b)
Pension 
Benefit 
Service 
Costs
($)
(c)(i)
Change in Value of 
Covered Fiscal Year 
Awards Unvested at 
Covered Fiscal 
Year-End
($)
(c)(ii)
Change in Value 
of Prior Years' 
Awards Unvested 
at Fiscal Year-
End
($)
(c)(iii)
Value of Awards 
Granted and 
Vested in 
Covered Fiscal 
Year
($)
(c)(iv)
Change in 
Value of Prior 
Years' Awards 
that Vested in 
Fiscal Year
($)
Lauber SCT to CAP Reconciliation
2024 10,948,091
332,397
5,518,335
64,795
7,783,433
1,414,649
—
1,860,478
16,220,714
Average Non-PEO NEOs SCT to CAP Reconciliation
2024
4,739,937
236,773
2,454,803
14,901
1,507,026
245,528
690,570
310,266
4,816,652
(a) Represents the grant date fair value of equity awards as reflected in the "Stock Awards" and "Option Awards" columns of the SCT.
(b) Represents the actuarially determined value of the pension benefit accrual for services rendered by each NEO during the applicable year. There were no 
costs of benefits granted pursuant to a plan amendment during any covered fiscal year that were attributed by the plan's benefit formula to services 
rendered in periods prior to the plan amendment. 
(c) Represents (i) the covered fiscal year-end value of any equity awards granted in the covered fiscal year that were outstanding and unvested as of the 
end of such year; (ii) the amount of the change as of the covered fiscal year-end (from the end of the prior fiscal year) in fair value of any awards granted 
in prior years that were outstanding and unvested as of the end of the covered fiscal year; (iii) the fair value as of the vesting date of awards granted in a 
covered fiscal year that vested in the same covered fiscal year; and (iv) the amount equal to the change as of the vesting date (from the end of the prior 
fiscal year) in fair value for awards granted in prior years that vested during the covered fiscal year. The valuation assumptions used to calculate fair 
values did not materially differ from those disclosed at the time of grant.
(3)  The non-PEO NEOs for each of the years shown were as follows:
•
2024: Messrs. Klappa, Hooper, and Garvin, and Mmes. Liu and Kelsey
•
2022 and 2023: Messrs. Klappa and Garvin, and Mmes. Liu and Kelsey
•
2021: Messrs. Klappa and Lauber, and Mmes. Liu and Kelsey
•
2020: Messrs. Lauber, Klappa, Garvin, and Kuester, and Mmes. Liu, and Kelsey
(4) 
Assumes an investment of $100 at the beginning of the measurement period and reinvestment of all dividends. The “measurement period” for each covered 
fiscal year is the period from December 31, 2019 through the end of such covered fiscal year. 
(5)
Represents the Total Shareholder Return ("TSR") of the Custom Peer Index Group, weighted according to the respective companies' stock market 
capitalization at the beginning of each period for which a return is indicated. For information about the Custom Peer Index Group see "Performance Graph" in 
the Company's 2024 Annual Report.
(6)
For 2024 and 2023, the Company Selected Measure was adjusted (non-GAAP) earnings per share which excludes a $0.06 per share charge and a $0.41 per 
share non-cash charge, respectively to earnings related to the Illinois Commerce Commission's disallowance of certain capital costs. See Appendix A on 
page P-90 for a full reconciliation of GAAP to non-GAAP earnings per share. The prior years reported in this table each show the Company's earnings per 
share on a GAAP basis.
Most Important Performance Measures
The following represents the most important financial performance measures used by WEC Energy Group to link compensation actually 
paid to each NEO for 2024, the most recently completed fiscal year, to company performance:
Adjusted 
Earnings Per Share
Net Income
Cash Flow
Return on Equity
Achievement of the Company’s goals with respect to the financial measures highlighted above should drive strong TSR performance for 
the Company relative to its peers, which is an important component of our compensation program as more fully described in 
“Compensation Discussion and Analysis – Long-Term Incentive Compensation".
WEC Energy Group
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2025 Proxy Statement

Supplemental Graphs
The following graphs and descriptions are provided in accordance with Item 402(v) of Regulation S-K to show the relationships between 
the compensation actually paid for each of the PEOs, as well as the other NEOs as a group, to 1) the cumulative TSR of the Company 
as it relates to the TSR of the Custom Peer Index Group, 2) net income, and 3) adjusted earnings per share, which is also the 
Company-selected performance measure for the 2024 fiscal year. 
In 2022, Mr. Fletcher was succeeded by Mr. Lauber as CEO. Mr. Fletcher’s “compensation actually paid” includes the accelerated 
vesting of all unvested long-term incentive awards upon his retirement.
CAP v. TSR
As demonstrated in the following graph, the amount of compensation paid to the PEOs and the average compensation paid to the other 
NEOs was aligned with the Company’s TSR performance. A substantial portion of the compensation awarded to each of the NEOs is 
long-term incentive compensation. For most of the NEOs, performance unit awards comprise 65% of the long-term incentive 
compensation granted each year, with vesting primarily based upon the Company’s TSR performance against its peer group. As 
discussed further in “Compensation Discussion and Analysis,” the performance units granted in 2022, which vested at the end of the 
three-year performance period ended December 31, 2024, provided a payout slightly above target. See the Five-Year Cumulative 
Return and Total Stockholder Returns graphs in “Compensation Discussion and Analysis – Executive Summary” for information on the 
Company’s performance over the 5-year period ended December 31, 2024, which was in line with the performance of its peer group, 
and 10-year period ended December 31, 2024, which exceeded the performance of its peer group, respectively.
Compensation Actually Paid (CAP)
Total Shareholder Return (TSR)  Value of 
Initial Fixed $100 Investment
CAP vs. Total Shareholder Return
Compensation Actually Paid to PEO (Fletcher)
Compensation Actually Paid to PEO (Lauber)
Avg Compensation Actually Paid for non-PEO NEOs
Value of Initial Fixed $100 investment based on: WEC TSR
Value of Initial Fixed $100 investment based on: Peer Group TSR
2020
2021
2022
2023
2024
$—
$4,000,000
$8,000,000
$12,000,000
$16,000,000
$20,000,000
$85
$90
$95
$100
$105
$110
$115
$120
$125
CAP v. WEC Net Income and Adjusted Earnings Per Share (Company-Selected Measure)
As demonstrated by the following graphs, during the cumulative five-year period ended December 31, 2024, the compensation paid to 
the PEOs and the average compensation paid to the other NEOs was aligned with the Company’s net income and EPS performance. In 
2024 and 2023, WEC Energy Group's EPS performance is shown on an adjusted (non-GAAP) basis. Pursuant to the terms of the 
Company’s short-term performance plan, in 2024, almost 75% of the payout was based upon the Company’s adjusted EPS 
performance, and almost 25% was based upon the Company’s performance against cash flow goals. See "Compensation Discussion 
and Analysis" for information on how the EPS and cash flow targets were established for 2024, as well as the performance metrics 
applicable to Mr. Hooper's 2024 annual cash incentive award. The Company’s strong performance against the EPS and cash flow goals 
in 2024 resulted in maximum level payouts for each measure.
WEC Energy Group’s earnings per share on a GAAP basis were $4.83 for 2024, which includes a $0.06 per share charge to earnings 
related to certain capital expenditures under the Qualifying Infrastructure Plant (“QIP”) rider that were disallowed by the Illinois 
Commerce Commission (the “ICC”) as part of PGL's 2016 QIP reconciliation proceeding. Excluding this charge, WEC Energy Group’s 
adjusted earnings per share were $4.88. PGL has since appealed this decision. The ICC’s disallowance of these expenditures is not 
indicative of WEC Energy Group’s operating performance in 2024. As a result, the Compensation Committee determined that the 
Company’s performance against the earnings per share targets should be measured using adjusted earnings per share. With respect to 
the earnings per share calculation, note that WEC Energy Group’s adjusted earnings per share does not add due to rounding.
WEC Energy Group
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2025 Proxy Statement

WEC Energy Group’s earnings per share on a GAAP basis were $4.22 for 2023, which includes a $0.41 per share non-cash charge to 
earnings related to the ICC's disallowance of an aggregate of $178.9 million of previously incurred capital costs as part of its decisions 
in the rate cases of the Company’s Illinois utilities. Excluding this charge, WEC Energy Group’s 2023 adjusted earnings per share were 
$4.63. The ICC’s disallowance of previously incurred capital costs of this nature is not indicative of WEC Energy Group’s operating 
performance in 2023. As a result, the Compensation Committee determined that the Company’s performance against the earnings per 
share targets should be measured using adjusted earnings per share. 
See Appendix A for net income presented on an adjusted basis (non-GAAP) along with a reconciliation to net income, presented on a 
GAAP basis, for 2024 and 2023. 
In the graph below, net income is presented on a GAAP basis. EPS is presented on an adjusted (non-GAAP) basis for 2024 and 2023 
and on a GAAP basis for years prior to 2023.
Compensation Actually Paid (CAP)
Net Income
CAP vs. Net Income
Compensation Actually Paid to PEO (Fletcher)
Compensation Actually Paid to PEO (Lauber)
Avg Compensation Actually Paid for non-PEO NEOs
Net Income
2020
2021
2022
2023
2024
$—
$4,000,000
$8,000,000
$12,000,000
$16,000,000
$20,000,000
$1,000,000,000
$1,100,000,000
$1,200,000,000
$1,300,000,000
$1,400,000,000
$1,500,000,000
$1,600,000,000
Compensation Actually Paid (CAP)
Adjusted Earnings Per Share
CAP vs. Adjusted Earnings Per Share
Compensation Actually Paid to PEO (Fletcher)
Compensation Actually Paid to PEO (Lauber)
Avg Compensation Actually Paid for non-PEO NEOs
Earnings Per Share
2020*
2021*
2022*
2023
2024
$—
$4,000,000
$8,000,000
$12,000,000
$16,000,000
$20,000,000
$3.60
$3.80
$4.00
$4.20
$4.40
$4.60
$4.80
$5.00
* Earnings per share for 2020, 2021 and 2022 are presented on a GAAP basis.
WEC Energy Group
P-76
2025 Proxy Statement

PROPOSAL 4: AMENDMENTS TO OUR RESTATED ARTICLES OF 
INCORPORATION TO ELIMINATE SUPERMAJORITY VOTING REQUIREMENTS
What am I voting on?
The Board has adopted and approved, and is recommending for approval, 
amendments to our Restated Articles of Incorporation (the "Articles") to eliminate 
supermajority voting requirements and to replace such requirements with a 
majority of votes cast standard, unless otherwise required by law (the "Proposed 
Amendments"), as set forth below.
Voting Recommendation: 
ü FOR 
     The amendment of our Restated Articles of 
Incorporation to eliminate supermajority 
voting requirements.
Our Restated Articles of Incorporation (the “Articles”) require the affirmative vote of at least eighty percent (80%) of the aggregate 
number of votes which the holders of the then outstanding shares of our stock are entitled to cast in order to approve certain 
amendments to our Articles. In addition, the Articles require the affirmative vote of a majority of the aggregate number of votes which 
the holders of the then outstanding shares of our stock are entitled to cast in the election of directors in order to approve any other 
amendments to the Articles or to approve the repurchase of shares from any holder of more than 5% of our outstanding shares. We 
refer to the voting requirements described above as the “supermajority voting requirements”. 
Rationale for the Proposed Amendments
At our 2024 Annual Meeting of Stockholders, a majority of the votes cast by our stockholders were cast in favor of a non-binding 
shareholder proposal regarding the elimination of the supermajority voting requirements contained in the Articles. After careful 
consideration of the vote at the 2024 Annual Meeting, the Board has decided to include a binding proposal to eliminate the 
supermajority voting requirements in the Articles. The view of our Board of Directors is that, subject to any applicable laws, our 
stockholders should have the ability to make changes to the Articles with majority support.
In adopting and declaring the advisability of the Proposed Amendments, our Board of Directors carefully considered the implications of 
amending our Articles to eliminate the provisions requiring a supermajority stockholder vote. Supermajority voting requirements are 
intended to protect against self-interested action by large stockholders by requiring broad stockholder support for certain types of 
governance changes. By eliminating the supermajority voting requirements, the Proposed Amendments may make it easier for one or 
more stockholders to effect other corporate governance changes in the future. While the protections of supermajority voting 
requirements can be beneficial in certain circumstances, these provisions can have the effect of limiting the ability of stockholders to 
effectively participate in corporate governance. Our Board of Directors believes that eliminating these supermajority voting requirements 
is consistent with evolving views of good corporate governance, as evidenced by the fact that many other public companies have 
transitioned away from similar voting requirements. In consideration of the details described above, our Board of Directors believes this 
action is in the best interest of the Company and our stockholders. 
Proposal to Eliminate Provisions Requiring a Supermajority Vote from our Articles
Article VII currently provides that the affirmative vote of at least eighty percent (80%) of the aggregate number of votes which the 
holders of then outstanding shares of our stock are entitled to cast shall be required to adopt the following amendments to our Articles:
•
amendments to the provisions of our Articles governing preferred stock (Article III(C));
•
amendments to the provisions of our Articles governing repurchases of our common stock from holders of more than 5% of our 
common stock (Article III(D)(1));
•
amendments to the provisions of our Articles governing the approval requirement for amendments to the Articles (Article VII); 
and
•
any amendment rendering inapplicable the business combinations provisions of Sections 180.1130 through 180.1134 of the 
Wisconsin Business Corporation Law (the “Business Combination Statute”). 
In addition, Article VII requires the affirmative vote of a majority of the aggregate number of votes which the holders of the then 
outstanding shares of our stock are entitled to cast in order to approve any other amendments to the Articles. 
If this Proposal 4 is approved by our stockholders, the voting standard for approval of any future amendment to our Articles would be by 
the affirmative vote of a majority of the votes cast by the holders of the then outstanding shares of our stock entitled to vote on such 
amendment at a stockholders meeting at which a quorum is present, unless otherwise required by law.  We note that Section 180.1132 
of the Wisconsin Business Corporation Law will continue to require the vote of at least 80% of the outstanding shares of our common 
stock in order to render the Business Combination Statute inapplicable to us. 
Finally, Article III(D)(1)(a) of the Articles currently requires the affirmative vote by a majority of the aggregate number of votes which the 
holders of the then outstanding shares of stock are entitled to cast in the election of directors to approve the purchase of shares of the 
Company’s common stock by the Company from any person or entity that is the beneficial owner of more than 5% of the Company’s 
outstanding common stock at the time of the purchase. If this Proposal 4 is approved, the voting standard for approval of such 
WEC Energy Group
P-77
2025 Proxy Statement

purchases would be by the affirmative vote of a majority of the votes cast by the holders of the then outstanding shares of stock entitled 
to vote thereon, at a stockholders meeting at which a quorum is present. 
Proposed Articles of Amendment
Below is the text of the Proposed Amendments, underlined text showing additions and strikethrough to show where text has been 
deleted. 
Amendments to Article VII
“Any Except as otherwise required by law, any lawful amendment of these Articles of Incorporation may be made by affirmative 
vote by at least the proportion specified belowof a majority of the aggregate number of votes which cast by the holders of the then 
outstanding shares of Common Stock (or, if the holders of and Preferred Stock are entitled to vote on such amendment, a majority of 
the votes cast by the holders of the then outstanding shares of Common and Preferred Stock, voting together as a class) at a 
stockholders meeting at which a quorum is present,are entitled to cast on the amendment and, if the shares of one or more classes or 
series are entitled under these Articles of Incorporation or otherwise by law to vote thereon as a class, affirmative vote by the same 
proportion of the aggregate numberof a majority of votes cast by which the holders of the then outstanding shares of such one or more 
classes or series are entitled to cast on the amendment. The proportion referred to above in this Article VII shall be 80% in the case of 
any amendment of the provisions set forth in Sections C and D(1) of Article III of these Articles of Incorporation, and in this Article VII, 
and any amendment rendering inapplicable to the corporation Sections 180.1130 through 180.1134 of the Wisconsin Business 
Corporation Law or any successor provisions, and shall be a majority in all other cases.”
Amendments to Article III (D)(1)(a):
“D.           Certain Other Provisions Affecting Stockholders
                (1)           Restriction on Certain Purchases of Common Stock at Market Premium
                                (a)           The corporation shall not purchase any shares of Common Stock from any 
person or other entity if more than 5% of the outstanding shares of Common Stock are believed by the Board of Directors to be 
Beneficially Owned by such person or other entity at the time the purchase is authorized by the Board, at a price exceeding significantly 
(as determined by the Board of Directors) the then current market price. This provision shall not apply, however, to (i) any purchase of 
shares believed by the Board to have been Beneficially Owned by the seller, or by the seller and any of the seller's Affiliates 
consecutively, for at least the two-year period ending with the date of purchase; (ii) any purchase of shares which has been approved 
by affirmative vote by a majority of the aggregate number of votes cast by which the holders of the then outstanding shares of Common 
Stock (or, if the holders of Preferred Stock are entitled to vote on such matter, a majority of the votes cast by the holders of the then 
outstanding shares of Common and Preferred Stock voting together as a class) and Preferred Stock are entitled to cast, voting together 
as a class, in the election of directors at a stockholders meeting at which a quorum is present; or (iii) any purchase pursuant to a tender 
offer to all holders of Common Stock on the same terms.”
If this Proposal 4 is approved by the requisite number of our stockholders, we expect to file articles of amendment (the “Articles of 
Amendment”) with the Department of Financial Institutions of the State of Wisconsin reflecting the Proposed Amendments, which 
Articles of Amendment will become effective at the time of filing. 
If this Proposal 4 is not approved by the requisite vote of our stockholders, then the Articles of Amendment will not be filed with the 
Department of Financial Institutions of the State of Wisconsin, and the supermajority voting requirements described above will remain in 
place.
The Board is also submitting Proposal 5 to amend our Bylaws to eliminate supermajority voting requirements. Approval of this Proposal 
4 is independent from Proposal 5. In the situation where only this Proposal 4 is approved by stockholders and Proposal 5 is not 
approved, the supermajority voting requirements in our Bylaws would remain in place. 
Amendment of our Restated Articles of Incorporation to Reduce Supermajority Voting Requirements. The Board recommends a 
vote FOR this proposal. The affirmative vote of 80% of the outstanding shares of our common stock is needed to approve the 
amendments to the Restated Articles. Shares not voted, whether by broker non-vote, abstention, or otherwise, will have the effect of 
votes against this matter.
WEC Energy Group
P-78
2025 Proxy Statement

PROPOSAL 5: AMENDMENTS TO OUR BYLAWS TO ELIMINATE 
SUPERMAJORITY VOTING REQUIREMENTS
The Board has adopted and approved, and is recommending for approval, 
amendments to our Bylaws (the "Bylaws") to eliminate supermajority voting 
requirements and to replace such requirements with a majority of votes cast 
standard, unless otherwise required by law (the "Proposed Bylaw Amendments"), 
as set forth below. 
Voting Recommendation: 
ü FOR 
The amendment of our Bylaws to eliminate 
supermajority voting requirements. 
Our Bylaws (the “Bylaws”) require the affirmative vote of at least eighty percent (80%) of the aggregate number of votes which the 
holders of the then outstanding shares of our stock are entitled to cast in an election of directors in order to approve certain 
amendments to our Bylaws. In addition, our Bylaws provide that a director may be removed from office only by affirmative vote by a 
majority if for cause, or at least 80% if without cause, of the aggregate number of votes which the holders of the then outstanding 
shares of stock are entitled to cast in the election of directors. We refer to the voting requirements described above as the 
“supermajority voting requirements”. 
Rationale for the Proposed Bylaw Amendments
Similar to what we described in Proposal 4, a majority of the votes cast by our stockholders at our 2024 Annual Meeting of Stockholders 
were cast in favor of a non-binding shareholder proposal regarding the elimination of the supermajority voting requirements contained in 
our Bylaws. After careful consideration of the vote at the 2024 Annual Meeting, the Board has decided to include a binding proposal to 
eliminate the supermajority voting requirements in our Bylaws. The view of our Board of Directors is that, subject to any applicable laws, 
our stockholders should have the ability to make changes to the Bylaws with majority support.
In adopting and declaring the advisability of the Proposed Bylaw Amendments, our Board of Directors carefully considered the 
implications of amending our Bylaws to eliminate the provisions requiring a supermajority stockholder vote. Supermajority voting 
requirements are intended to protect against self-interested action by large stockholders by requiring broad stockholder support for 
certain types of governance changes. By eliminating the supermajority voting requirements, the Proposed Bylaw Amendments may 
make it easier for one or more stockholders to effect other corporate governance changes in the future. While the protections of 
supermajority voting requirements can be beneficial in certain circumstances, these provisions can have the effect of limiting the ability 
of stockholders to effectively participate in corporate governance. Our Board of Directors believes that eliminating these supermajority 
voting requirements is consistent with evolving views of good corporate governance, as evidenced by the fact that many other public 
companies have transitioned away from similar voting requirements. In consideration of the details described above, our Board of 
Directors believes this action is in the best interest of the Company and our stockholders. 
Proposal to Eliminate Provisions Requiring a Supermajority Vote from our Bylaws
Article XI, Section 11.04 of our Bylaws currently requires the affirmative vote of at least eighty percent (80%) of the aggregate number of 
votes which the holders of then outstanding shares of our stock are entitled to cast in the election of directors in order to amend the 
following provisions: 
•
Article I, Section 1.09 (relating to stockholder unanimous consent without a meeting); 
•
Article II, Section 2.01 (relating to the number of directors constituting the Board of Directors); 
•
Article II, Section 2.02 (relating to the term of office of directors); 
•
Article II, Section 2.04 (relating to the removal of a director); 
•
Article II, Section 2.09 (relating to the notice of meetings); 
•
Article V (relating to indemnification by the Company of directors and officers); and 
•
Article XI, Section 11.04 (relating to the vote required for certain Bylaw amendments).
If Proposal 5 is approved by our stockholders, Article XI, Section 11.04 would be repealed in its entirety and the voting standard for 
approval of any future amendments to the other Bylaw provisions listed above would be by the affirmative vote of a majority of the votes 
cast at a stockholders meeting at which a quorum is present, unless otherwise required by law. 
In addition, Article II, Section 2.04 of our Bylaws currently provides that a director may be removed from office only by affirmative vote 
by a majority if for cause, or at least 80% if without cause, of the aggregate number of votes which the holders of the then outstanding 
shares of stock are entitled to cast in the election of directors. If Proposal 5 is approved by our stockholders a director may be removed 
from office, with or without cause, by a majority of votes cast at a stockholders meeting at which quorum is present. As such, Article II, 
Section 2.04 would be replaced in its entirety as shown below, with underlined text showing additions and strikethrough showing where 
text has been deleted: 
WEC Energy Group
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2025 Proxy Statement

“2.04.  Removal.  A director may be removed from office only by affirmative vote by of a majority if for case, or at least 80% if 
without cause,of the aggregate number of votes cast by which the holders of the then outstanding shares of Common Stock (or, if the 
holders of Preferred Stock are entitled to vote generally in the election of directors, the affirmative vote of a majority of votes cast by the 
holders of the then outstanding shares of Common and Preferred Stock are entitle to cast, voting together as a class) at a stockholders 
meeting at which a quorum is present.” 
Finally certain non-material amendments to Article I, Section 1.06 and Article XI, Section 11.01 of our Bylaws will be needed to conform 
those provisions to the simple majority voting standard. These changes are indicated below, with underline showing where text has 
been added and strikethrough showing deletions. 
“1.06.  Quorum and Voting Requirements.  Except as otherwise provided in the Articles of Incorporation or in the Wisconsin 
Business Corporation Law, a majority of the votes entitled to be cast by shares entitled to vote as a separate voting group on a matter, 
represented in person or by proxy, shall constitute a quorum of that voting group for action on that matter at a meeting of stockholders. 
If a quorum exists, action on a matter, other than the election of directors, by a voting group is approved if the votes cast within the 
voting group favoring the action exceed the votes cast opposing the action unless a greater number of affirmative votes is required by 
the Wisconsin Business Corporation Law, the Articles of Incorporation, or any other provisions of these Bylaws. If the Articles of 
Incorporation or the Wisconsin Business Corporation Law provide for voting by two (2) or more classes or voting groups on a matter, 
action on that matter is taken only when voted upon by each of those voting groups counted separately.”
“11.01.  By Stockholders.  These Bylaws may be amended or repealed and new Bylaws may be adopted by the stockholders 
by the vote provided in Section 1.06 of these Bylaws except as specifically may be provided below or in the Articles of Incorporation. If 
authorized by the Articles of Incorporation, the stockholders may adopt or amend a Bylaw that fixes a greater or lower quorum 
requirement or a greater voting requirement for stockholders or voting groups of stockholders than otherwise is provided in the 
Wisconsin Business Corporation Law. The adoption or amendment of a Bylaw that adds, changes or deletes a greater or lower quorum 
requirement or a greater voting requirement for stockholders must meet the same quorum requirement and be adopted by the same 
vote and voting groups required to take action under the quorum and voting requirement then in effect.”
The Board is also submitting Proposal 4 to amend our Articles to eliminate supermajority voting requirements. Approval of this Proposal 
5 is independent from Proposal 4. In the situation where only this Proposal 5 is approved by stockholders and Proposal 4 is not 
approved, the supermajority voting requirements in our Articles would remain in place. 
Amendment of our Bylaws to Reduce Supermajority Voting Requirements. The Board recommends a vote FOR this proposal. The 
affirmative vote of 80% of the outstanding shares of our common stock is needed to approve the amendments to the Bylaws. Shares 
not voted, whether by broker non-vote, abstention, or otherwise, will have the effect of votes against this matter.
WEC Energy Group
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2025 Proxy Statement

PROPOSAL 6: STOCKHOLDER PROPOSAL TO SUPPORT SIMPLE MAJORITY 
VOTE 
Mr. John Chevedden, 2215 Nelson Avenue, No. 205, Redondo Beach, CA 90278, 
holder of at least 60 shares of WEC Energy Group’s common stock, has notified 
us that he intends to present the proposal set forth below at the Annual Meeting. 
We are not responsible for any inaccuracies or omissions in the proposal or 
supporting statement, both of which are exactly as submitted by Mr. Chevedden.
Voting Recommendation: 
ü AGAINST
The Board of Directors is recommending a vote 
against the proposal.
Proposal 6 - Support Simple Majority Vote
Shareholders request that our Board of Director take each step necessary so that each voting requirement in our charter and bylaws 
(that is explicit or implicit due to default to state law) that calls for a greater than simple majority vote be replaced by a requirement for a 
majority of the votes cast for and against applicable proposals, or a simple majority in compliance with applicable laws. If necessary this 
means the closest standard to a majority of the votes cast for and against such proposals consistent with applicable laws. This includes 
making the necessary changes in plain English.
This proposal won 95% support from the shares that voted for or against at the 2024 WEC Energy annual meeting as an advisory 
proposal. However in order to adopt the 2024 proposal as a binding proposal it needs 80% approval from all shares outstanding due to 
the archaic and undemocratic rules in the WEC governing documents.
Based on 95% support would not seem to be a problem except that only 77% of WEC shares outstanding cast ballots at the 2024 
annual meeting.
It is expected that WEC will put a binding proposal in the 2025 annual meeting proxy seeking 80% approval from all shares outstanding 
so that this proposal topic can finally be adopted. However the 2025 proposal will just be a ghost proposal unless WEC seeks a greater 
shareholder vote turnout than took place at the 2024 annual meeting.
Thus in order to determine whether the WEC Board is really serious about adopting this important proposal topic and responding to 
95% shareholder approval it would be useful to shareholders for the Board of Directors to prepare a detailed report, omitting proprietary 
data, on the Board of Directors' expenses to proxy solicitors and other vendors to obtain the challenging 80% approval requirement 
from all shares outstanding on this important proposal topic when less than 80% of WEC shares typically cast ballots. This report need 
not be prepared if each next WEC Board of Directors proposal on this important topic receive the required 80% vote.
At least a preliminary report shall be included with the Item 5.07 filing within 4-days of the annual meeting and a final report shall be 
included in an Item 5.07 filing within 30-days of the annual meeting.
WEC's supermajority voting requirements have been found to be one of 6 entrenching mechanisms that are negatively related to 
company performance according to "What Matters in Corporate Governance" by Lucien Bebchuk, Alma Cohen and Allen Ferrell of the 
Harvard Law School. Shareholders are willing to pay a premium for shares of companies that have excellent corporate governance.
Please vote yes:
Support Simple Majority Vote — Proposal 6 
 
Board Response and Recommendation
Our Board recommends a vote AGAINST this proposal for the reasons described below. 
Our board has carefully considered this proposal and concluded that its adoption is unnecessary since we have already submitted 
Proposals 4 and 5 for amendments to eliminate the supermajority voting requirements in our Articles and Bylaws.
•
Should Proposal 4 be approved, any future amendment to our Articles would be by the affirmative vote of a majority of the 
votes cast by the holders of the then outstanding shares of our stock entitled to vote on such amendment at a stockholders 
meeting at which a quorum is present, unless otherwise required by law.
WEC Energy Group
P-81
2025 Proxy Statement

•
Should Proposal 5 be approved by our stockholders, the voting standard for approval of any future amendments to the Bylaw 
provisions would be by the affirmative vote of a majority of the votes cast at a stockholders meeting at which a quorum is 
present, unless otherwise required by law.
Further, information that would be included in the requested report on our solicitation expenses would be duplicative of information that 
is already available in this proxy statement. For these reasons, the Board does not believe the proposal is in the best interests of the 
Company or its stockholders, and therefore recommends a vote against this proposal.
If approved by stockholders, our Proposals 4 and 5 will eliminate the supermajority voting requirements in our Articles and 
Bylaws.
The proposal requests our Board take each step necessary to eliminate supermajority voting requirements. Under Wisconsin law and 
our governing documents, our Board cannot unilaterally amend our Articles and Bylaws to remove the supermajority voting 
requirements. Stockholder approval is required to make these amendments. Our Board has already approved, and is recommending 
stockholders approve, Proposals 4 and 5 to eliminate supermajority voting requirements. Since this stockholder proposal is advisory in 
nature, approval of this separate stockholder proposal alone will not result in any amendment to our Articles or Bylaws. As a result, we 
believe this separate stockholder proposal is unnecessary.  
We have already provided information that would be included in the requested report on solicitation expenses. 
The proposal also requests a detailed report on the Board’s expenses related to the solicitation of proxies. The Company is already 
required by law to disclose information regarding its solicitation efforts and expenses in the proxy statement. Information concerning 
who is soliciting proxies, how the solicitation is being conducted and related costs is disclosed under Annual Meeting Attendance and 
Voting Information – Voting Information – Who conducts the proxy solicitation. Preparing an additional report in a Form 8-K would only 
result in duplicative disclosure of information that is already available to stockholders in this proxy statement, providing no added value. 
Further, the Company maintains a robust investor engagement program, which provides ongoing dialogue with stockholders to 
understand their priorities and concerns. Investors have not identified our solicitation practices as a significant area of interest or 
concern. 
For these reasons, the Board believes that the adoption of this proposal would not serve the best interests of the Company or its 
stockholders. Accordingly, the Board recommends a vote AGAINST this proposal. 
Approval of this non-binding proposal requires the affirmative vote of a majority of the votes cast. Presuming a quorum is present, 
shares not voted, whether by broker non-vote, abstention, or otherwise, have no effect on the outcome of this matter. Stockholders 
should note that this proposal is advisory in nature only.
WEC Energy Group
P-82
2025 Proxy Statement

WEC Energy Group Common Stock Ownership
Beneficial Ownership.  The following table lists the beneficial ownership of WEC Energy Group common stock of each director, 
director nominee, NEO, and of all of the directors and executive officers as a group as of January 31, 2025. In general, “beneficial 
ownership” includes those shares as to which the indicated persons have voting power or investment power and stock options that are 
exercisable currently or within 60 days of January 31, 2025. Included are shares owned by each individual’s spouse, minor children, or 
any other relative sharing the same residence, as well as shares held in a fiduciary capacity or held in WEC Energy Group’s Stock Plus 
Investment Plan and WEC Energy Group’s 401(k) plans. None of these persons beneficially owns more than 1% of the outstanding 
common stock.
Name
Shares Beneficially Owned (1)
Shares Owned (2) (3) (4)
Option Shares Exercisable Within 60 Days
Total
Warner L. Baxter
 
1,693 
—
 
1,693 
Ave M. Bie
 
3,354 
—
 
3,354 
Curt S. Culver
 
7,091 
—
 
7,091 
Danny L. Cunningham
 
6,708 
—
 
6,708 
William M. Farrow III
 
5,843 
—
 
5,843 
Cristina A. Garcia-Thomas
 
3,802 
—
 
3,802 
Robert M. Garvin
 
15,303 
89,364
 
104,667 
Maria C. Green
 
1,779 
—
 
1,779 
Michael W. Hooper
 
5,398 
—
 
5,398 
Margaret C. Kelsey
 
15,734 
96,257
 
111,991 
Gale E. Klappa
 
279,242 
354,046
 
633,288 
Thomas K. Lane
 
11,239 
—
 
11,239 
John D. Lange
 
1,693 
—
 
1,693 
Scott J. Lauber
 
62,926 
217,283
 
280,209 
Xia Liu
 
20,587 
103,866
 
124,453 
Ulice Payne, Jr.
 
23,101 
—
 
23,101 
Mary Ellen Stanek
 
4,294 
—
 
4,294 
Glen E. Tellock
 
8,189 
—
 
8,189 
All directors and executive officers as a 
group (25 persons) (5)
 
532,671 
(6)
1,040,936
 
1,573,607 
(7)
(1)
Information on beneficially owned shares is based on data furnished by the specified persons and is determined in accordance with Rule 13d-3 under the 
Securities Exchange Act of 1934, as amended, as required for purposes of this proxy statement. It is not necessarily to be construed as an admission of 
beneficial ownership for other purposes.
(2)
Certain directors, NEOs, and other executive officers also hold share units in the WEC Energy Group phantom common stock account under 
WEC Energy Group’s deferred compensation plans, and with respect to Mmes. Kelsey and Liu, under the Non-Qualified Retirement Savings Plan, as 
indicated: Director Bie (1,954), Director Culver (131,310), Director Cunningham (18,925), Director Farrow (8,968), Director Garcia-Thomas (7,561), 
Mr. Garvin (7,393), Director Green (8,968), Mr. Hooper (3,780), Ms. Kelsey (16,337), Director Lane (13,635), Director Lauber (1,478), Ms. Liu (16,518), 
Director Payne (2,554), Director Stanek (48,128), and all directors and executive officers as a group (301,565). Share units are intended to reflect the 
performance of WEC Energy Group common stock and are payable in cash. While these units do not represent a right to acquire WEC Energy Group 
common stock, have no voting rights, and are not included in the number of shares reflected in the “Shares Owned” column in the table above, the Company 
listed them in this footnote because they represent an additional economic interest of the directors, NEOs, and other executive officers that is tied to the 
performance of WEC Energy Group common stock.
(3)
Each individual has sole voting and investment power as to all shares listed for such individual, except the following individuals have shared voting and/or 
investment power (included in the table above) as indicated: Director Culver (3,791), Chairman Klappa (273,248), Director Stanek (2,601), Director Tellock 
(6,496), and all directors and executive officers as a group (289,466). In addition, Director Lane disclaims beneficial ownership of (i) 7,715 shares held by a 
limited liability company, which is owned by two trusts for the benefit of Director Lane's immediate family members and (ii) 45 shares held by three family 
trusts for the benefit of Director Lane's immediate family members.
(4)
The directors and executive officers hold shares of restricted stock (included in the table above) over which the holders have sole voting but no investment 
power: Director Baxter (1,693), Director Bie (1,693), Director Culver (1,693), Director Cunningham (1,693), Director Farrow (1,693), Director Garcia-Thomas 
(1,693), Mr. Garvin (4,127), Director Green (1,693), Mr. Hooper (5,398), Ms. Kelsey (4,551), Chairman Klappa (1,693), Director Lane (1,693), Director Lange 
(1,693), Director Lauber (24,310), Ms. Liu (8,685), Director Payne (1,693), Director Stanek (1,693), and Director Tellock (1,693), and all directors and 
executive officers as a group (81,352).
(5)
Includes directors, director nominees and current executive officers.
(6)
None of the shares beneficially owned by the directors, NEOs, or all directors and executive officers as a group are pledged as security.
(7)
Represents approximately 0.50% of total WEC Energy Group common stock outstanding on January 31, 2025.
WEC Energy Group
P-83
2025 Proxy Statement

Owners of More than 5%.  The following table shows stockholders who reported beneficial ownership of more than 5% of WEC 
Energy Group common stock, based on the information they have reported. This information is based upon the most recent Schedule 
13G filed with the SEC. These holdings have not been otherwise adjusted for stock activity that may have occurred since the filing of 
the most recent Schedule 13G, if any.
Name and Address (1)
Voting Authority
Dispositive Authority
Total Shares
Beneficially Owned
Percent of WEC
Common Stock
Sole
Shared
Sole
Shared
The Vanguard Group 
100 Vanguard Blvd.
Malvern, PA 19355
—
545,123
 
40,168,623 
1,499,458
 
41,668,081 
 13.21 %
BlackRock, Inc. 
50 Hudson Yards
New York, NY 10001
 
27,209,302 
—
 
28,785,394 
—
 
28,785,394 
 9.10 %
State Street Corporation 
1 Congress Street, Suite 1
Boston, MA 02114
—
 
15,994,525 
—
 
21,400,036  
21,405,382 
 6.80 %
(1)
Filed on behalf of itself and certain of its subsidiaries.
WEC Energy Group
P-84
2025 Proxy Statement

Annual Meeting Attendance and Voting Information
BUSINESS OF THE 2025 ANNUAL MEETING OF STOCKHOLDERS 
Proposal 1: Election of 13 Directors for Terms Expiring in 2026. The Board recommends a vote FOR each of the nominees. The 
thirteen individuals will be elected as directors if the number of votes cast favoring such nominee’s election exceeds the number of 
votes cast opposing that nominee’s election. Presuming a quorum is present, shares not voted, whether by broker non-vote, abstention, 
or otherwise, have no effect on the outcome of this matter.
Proposal 2: Ratification of Deloitte & Touche LLP as Independent Auditors for 2025. The Board recommends a vote FOR this 
proposal. Ratification of the independent auditors requires the affirmative vote of a majority of the votes cast. Presuming a quorum is 
present, shares not voted, whether by abstention or otherwise, have no effect on the outcome of this matter.
Proposal 3: Advisory Vote to Approve Compensation of the Named Executive Officers, Commonly Referred to as a “Say-on-
Pay” Vote. The Board recommends a vote FOR this proposal. Approval, on a non-binding, advisory basis, of the compensation of the 
NEOs requires the affirmative vote of a majority of the votes cast. Presuming a quorum is present, shares not voted, whether by broker 
non-vote, abstention, or otherwise, have no effect on the outcome of this matter. Because your vote is advisory, it will not be binding on 
the Board or the Company. However, the Compensation Committee will review the voting results and take them into consideration when 
making future compensation decisions.
Proposal 4: Amendments of our Restated Articles of Incorporation to eliminate supermajority voting requirements The Board 
recommends a vote FOR this proposal. The affirmative vote of 80% of the outstanding shares of our common stock is needed to 
approve the amendments to the Restated Articles. Shares not voted, whether by broker non-vote, abstention, or otherwise, will have the 
effect of votes against this matter.
Proposal 5: Amendments of our Bylaws to eliminate supermajority voting requirements. The Board recommends a vote FOR this 
proposal. The affirmative vote of 80% of the outstanding shares of our common stock is needed to approve the amendments to the 
Bylaws. Shares not voted, whether by broker non-vote, abstention, or otherwise, will have the effect of votes against this matter.
Proposal 6: Stockholder Proposal to Support Simple Majority Vote. The Board recommends a vote AGAINST this proposal. 
Approval of this non-binding proposal requires the affirmative vote of a majority of the votes cast. Presuming a quorum is present, 
shares not voted, whether by broker non-vote, abstention, or otherwise, have no effect on the outcome of this matter. Stockholders 
should note that this proposal is advisory in nature only. 
VOTING INFORMATION 
Who can vote?
Stockholders of record as of the close of business on March 7, 2025 (the “Record Date”) can vote. Each outstanding share of WEC 
Energy Group common stock is entitled to one vote upon each matter presented. 
A list of stockholders entitled to vote at the Meeting will be available for inspection by stockholders at 231 W. Michigan Street, 
Milwaukee, Wisconsin 53203, prior to the Meeting. Please email us at Stockholder-Services@wecenergygroup.com to arrange to 
inspect the list. The list will also be available on the virtual meeting website during the Meeting for individuals logged into the Meeting as 
stockholders.
What is the difference between being a registered stockholder and a beneficial owner?
Registered Stockholder: If on the Record Date, your shares were registered directly in your name with our transfer agent, 
Computershare, then you are considered the stockholder of record with respect to those shares. There are several ways for you to vote 
your shares or submit your proxy, as detailed below under “How do I vote?”.
Beneficial Owner: If on the Record Date, your shares were held in an account with a brokerage firm, bank or other nominee, then you 
are the beneficial owner of the shares, and those shares are considered to be held in “street name.” Your brokerage, bank or other 
nominee is considered the stockholder of record with respect to those shares. As a beneficial owner, you have the right to direct your 
broker or bank on how to vote the shares held in your account as explained below under “How do I vote?”. Your broker is permitted to 
vote your shares on routine matters such as the ratification of the independent auditors, even if it does not receive voting instructions 
from you. However, for matters considered non-routine, which includes proposals 1,3,4,5 and 6 your broker will not be permitted to vote 
your shares unless you submit your voting instruction form to your broker, bank or other nominee. Alternatively, you may vote during the 
Meeting only if you registered in advance with Computershare to attend the Meeting, as described below under the heading "How do I 
register in advance to participate in the Meeting?”.
WEC Energy Group
P-85
2025 Proxy Statement

How do I vote?
Registered Stockholder: If you are a registered stockholder, there are several ways for you to vote your shares or submit your proxy: 
By Internet before the Meeting. The Company encourages you to vote this way. Please visit www.envisionreports.com/WEC and 
follow the instructions on the secure site.
By Internet during the Meeting. You may vote your shares online during the Meeting by following the instructions provided on the 
meeting website: www.meetnow.global/M6WU7L5 Even if you plan to attend the virtual Meeting, we recommend that you vote by 
Internet, phone or mail before the Meeting.
By phone. In the U.S. or Canada you can vote your shares toll-free by calling 1-800-652-8683. 
By mail. You can vote by completing, signing and dating each proxy card received and returning it in the prepaid envelope. Sign your 
name exactly as it appears on the proxy card.
Beneficial Owner: Follow the voting instructions you receive from your broker, bank or other nominee. If you would like to be able to 
vote during the Meeting, you must register with Computershare in advance. See the heading titled “How do I register in advance to 
participate in the Meeting?” for more information.
Special Instructions for Shares Held in the Company’s Stock Plus Plan and ESOP Fund. If you are a participant in WEC Energy 
Group’s Stock Plus Investment Plan ("Stock Plus") or own shares through investments in the WEC Energy Group Common Stock 
ESOP Fund in any of WEC Energy Group’s 401(k) plans, your proxy will serve as voting instructions for your shares held in those plans. 
The administrator for Stock Plus and the trustee for WEC Energy Group’s 401(k) plans will vote your shares as you direct. If a proxy is 
not returned for shares held in Stock Plus, the administrator will not vote those shares. If a proxy is not returned for shares held in WEC 
Energy Group’s 401(k) plans, the trustee will vote those shares in the same proportion that all shares in the WEC Energy Group 
Common Stock ESOP Fund in each respective 401(k) plan, for which voting instructions have been received, are voted.
Can I change my vote? 
Registered Stockholder: You may change your vote or revoke your proxy by any of the following methods:
•
Entering a new vote by Internet or phone before the polls close;
•
Returning a later-dated proxy card that is received prior to the Meeting; 
•
Entering a new vote online during the Meeting before the polls close; or
•
Notifying WEC Energy Group’s Corporate Secretary by written revocation letter that is received prior to the Meeting. Any revocation 
should be filed with the Corporate Secretary, Margaret C. Kelsey, at WEC Energy Group’s principal business office, PO Box 1331, 
Milwaukee, Wisconsin 53201.
Beneficial Owner: You may submit new voting instructions by contacting your broker, bank, or other nominee. You may also change 
your vote or revoke your voting instructions during the Meeting if you registered in advance with Computershare to participate in the 
Meeting. See the sub-heading titled “How do I register in advance to participate in the Meeting?” under "Annual Meeting Attendance" for 
more information.
What does it mean if I get more than one Notice Regarding the Availability of Proxy Materials (the “Notice”), proxy card, or 
voting instruction form?
It means your shares are held in more than one stock account. For each Notice you receive, please enter your vote on the Internet for 
each control number you have been assigned. If you receive paper copies of proxy materials, please provide voting instructions for all 
proxy cards and voting instruction forms you receive.
What constitutes a quorum?
As of the Record Date, there were 319,089,202 shares of WEC Energy Group common stock outstanding. In order to conduct the 
Meeting, a majority of the outstanding shares entitled to vote must be represented virtually or by proxy. This is known as a “quorum.” 
Abstentions and broker non-votes are counted as “present” for the purpose of determining the presence of a quorum. Shares voted by a 
broker, bank, or other nominee who has discretionary voting power and exercises such discretion to vote your shares on a proposal 
where you did not provide voting instructions are known as “broker non-votes.”
Who conducts the proxy solicitation? 
The Board is soliciting these proxies. WEC Energy Group will bear the cost of the solicitation of proxies. The Company contemplates 
that proxies will be solicited principally through the use of the mail, but employees of WEC Energy Group or our subsidiaries may solicit 
proxies by phone, personally, or by other communications, without compensation apart from their normal salaries. WEC Energy Group 
has retained Morrow Sodali LLC to assist in the solicitation of proxies for a fee of $24,000 plus reimbursement of expenses. WEC 
Energy Group will also reimburse brokers, banks, and other nominees for forwarding proxy materials to beneficial stockholders.
Who will count the votes?
A representative of Computershare will tabulate the votes and act as the inspector of election.
Where can I find the voting results from the Meeting?
The Meeting voting results will be published in a Form 8-K that will be filed within four business days of the Meeting. SEC filings are 
available under the "Investors" section on the Company’s website at www.wecenergygroup.com.
WEC Energy Group
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2025 Proxy Statement

ACCESS TO PROXY MATERIALS
Why did I receive a separate Notice instead of printed proxy materials?
Pursuant to rules adopted by the SEC, we are providing access to our proxy materials over the Internet. Accordingly, we began mailing 
a separate Notice to stockholders on or about March 27, 2025, instead of a full set of our printed proxy materials. The Notice is not a 
proxy card and cannot be used to vote your shares. However, the Notice includes instructions on how to access our proxy materials 
online and vote your shares.
If you are a registered stockholder, you may request a printed set of proxy materials by (1) logging on to www.envisionreports.com/WEC 
and following the applicable instructions, (2) calling 866-641-4276, or (3) sending an email requesting a paper copy of current meeting 
materials to investorvote@computershare.com with "Proxy Materials WEC Energy Group" in the subject line and include your full name 
and address plus the number located in the shaded bar on the Notice.
If you are a beneficial owner, please refer to the instructions provided by your broker, bank or other nominee on how to access our 
proxy materials and vote.
What practices may stockholders follow that are friendly to the environment and help reduce printing and postage costs?
Stockholders may wish to participate in the following:
• View the following documents online at www.envisionreports.com/WEC 
•
Notice of Annual Meeting
•
Proxy Statement
•
2024 Annual Report
•
Form of Proxy
• Vote your proxy by phone or Internet. Page P-4
• Choose to receive future proxy materials and annual reports electronically instead of receiving paper copies. If you are a 
registered stockholder and received a paper copy of our proxy materials or a paper notice this year, you may elect to receive access 
to future copies of these documents and other stockholder communications (e.g., investment plan statements, tax documents, and 
more) electronically by (1) following the instructions when voting by Internet or by phone, or (2) registering for our eDelivery paperless 
communication program. If you are a beneficial owner, please refer to the instructions provided by your broker, bank or other nominee 
on how to elect to receive online access to our future proxy materials and annual reports.
• Choose our eDelivery paperless communication program for all your stockholder needs. Electronic distribution gives 
stockholders faster delivery of account documents and saves the Company and our stockholders the cost of printing and mailing 
these materials. eDelivery also provides you with fast and secure 24/7 online access to proxy materials, investment plan 
statements, tax documents, and more. You may access your registered stockholder account and sign up for eDelivery at 
www.computershare.com/investor. 
• Sign up for Householding. “Householding” is a delivery method that allows for only one paper copy of the Annual Report and 
Proxy Statement to be delivered to stockholders who reside at the same address. If you are a registered stockholder and received 
multiple paper copies of the Annual Report and Proxy Statement, you may wish to contact the Company’s transfer agent, 
Computershare, at 800-558-9663, to request householding, or you may provide written instructions to WEC Energy Group, c/o 
Computershare, PO Box 43078, Providence, RI 02940-3078. If you wish to receive separate copies of the Annual Report and 
Proxy Statement now or in the future, or to discontinue householding entirely, you may contact Computershare using the contact 
information provided above. Upon request, the Company will promptly send a separate copy of the document. Whether or not a 
stockholder is householding, each stockholder will continue to receive a proxy card. If your shares are held through a bank, broker, 
or other holder of record, you may request householding by contacting the holder of record.
ANNUAL MEETING ATTENDANCE
What is the date, time and place of the Meeting? 
The Meeting will be held at 1:30 p.m. Central time on Thursday, May 8, 2025. The Meeting will be a virtual-only meeting via live webcast 
at www.meetnow.global/M6WU7L5. No physical meeting will be held. Consistent with our prior virtual meetings, we will offer stockholder 
rights and participation opportunities during the Meeting that are similar to our past in-person annual meetings. As discussed below, 
stockholders who are registered for the Meeting may attend the Meeting, vote, submit questions and examine the stockholders list.
How can I participate in the Meeting? 
The Meeting will take place online at www.meetnow.global/M6WU7L5. In order to be admitted to participate in the Meeting, including to 
vote, submit a question, or examine the stockholders list, you must be registered for the Meeting. Registered stockholders (as 
described under the sub-heading “What is the difference between being a registered stockholder and a beneficial owner?” under "Voting 
Information" above) will be automatically registered to participate in the Meeting. You will need to enter the 15-digit control number 
located in the shaded bar on the Notice, proxy card or email notification that you received in order to enter the Meeting. If you are a 
beneficial owner and registered in advance to participate in the Meeting, you will need to enter the control number that you received 
from Computershare in order to be admitted to participate in the Meeting. If you have questions about your control number, please 
contact Computershare at 800-558-9663.
WEC Energy Group
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2025 Proxy Statement

If you have misplaced your control number on the Meeting date, are a beneficial owner who did not register in advance, or are not a 
stockholder, you may access the Meeting by going to www.meetnow.global/M6WU7L5 and entering as a guest, but you will not be able 
to vote, ask questions, or inspect the stockholders list. 
We encourage you to log in 15 minutes early to ensure ample time for the check-in process. Access to the online meeting will begin at 
1:15 p.m. Central time. A replay of the Meeting will be made available under the "Investors" section on WEC Energy Group’s website at 
www.wecenergygroup.com following the Meeting and will remain available until WEC Energy Group’s 2026 Annual Meeting of 
Stockholders. Recording of the Meeting by camera, sound, or video recording devices is strictly prohibited.
How do I register in advance to participate in the Meeting? 
If you are a registered stockholder, you do not need to register in advance to participate in the Meeting. However, please have your 
control number available on the Meeting date, which can be found on the Notice, proxy card or email notification that you received. 
If you are a beneficial owner you must register and obtain a control number in advance to participate in the Meeting, including to vote, 
submit a question, or examine the stockholders list. First, follow the instructions provided to you by your broker, bank or other nominee 
for obtaining a legal proxy, or contact them to request a legal proxy form. Once you have received a legal proxy from that entity, you 
must submit proof of the legal proxy to Computershare. The request must be labeled as “Legal Proxy” and be received by 
Computershare no later than 5:00 p.m. Eastern time on May 6, 2024 at the email address or physical address below. Upon receipt of 
your registration materials, Computershare will provide you with a confirmation of your registration and a control number. 
• By mail: send your legal proxy to Computershare at the 
following address:
• By email: send an email with your legal proxy to 
legalproxy@computershare.com, labeled as “Legal Proxy.”
Computershare
WEC Energy Group Legal Proxy
PO Box 43001
Providence, RI 02940-3001
What if I have trouble accessing the Meeting? 
The virtual meeting website is fully supported across most browsers (MS Edge, Firefox, Chrome and Safari) and devices (desktops, 
laptops, tablets and cell phones) running the most up-to-date version of applicable software and plugins. Participants should ensure that 
they have a strong WiFi connection wherever they intend to participate in the Meeting. We encourage you to access the Meeting prior 
to the start time. A link on the main virtual meeting website will provide further assistance should you need it or you may call 
888-724-2416.
Can I ask questions during the Meeting?
If you are registered to participate in the Meeting and enter a control number, you will be able to submit questions live during the 
Meeting on the virtual meeting site. We look forward to answering your questions during the Meeting. In the unlikely event there are any 
questions that cannot be addressed due to time constraints, we will post answers to such questions on our company website, where 
you will also be able to access a complete audio replay of the Meeting. All questions must comply with the rules of conduct, which will 
be posted on the virtual meeting website. If we receive substantially similar questions, we may group such questions together and 
provide a single response to avoid repetition and allow more time for other questions. Questions that are repetitious, not relevant to the 
business of the Company, or otherwise out of order or not suitable for Meeting conduct will not be addressed. If you have a matter of 
individual concern, please feel free to email us at Stockholder-Services@wecenergygroup.com.
Who do I contact if I have questions about the meeting?
If you need more information about the Meeting, email us at Stockholder-Services@wecenergygroup.com, or write to Stockholder 
Services, PO Box 1331, Milwaukee, Wisconsin 53201.
STOCKHOLDER NOMINEES AND PROPOSALS
Stockholders wishing to propose director candidates for consideration and recommendation by the Corporate Governance Committee 
for election at the 2026 Annual Meeting of Stockholders must submit the candidates' names and qualifications to the Corporate 
Governance Committee no later than November 1, 2025 via the Corporate Secretary, Margaret C. Kelsey. Stockholders may also 
propose director candidates for consideration and recommendation by the Board by following the guidelines outlined in the Company's 
bylaws and summarized below.
Stockholders who intend to have a proposal considered for inclusion in the Company’s proxy materials for presentation at the 2026 
Annual Meeting of Stockholders must submit the proposal to the Company no later than November 27, 2025.
Under our proxy access bylaw, if a stockholder (or a group of up to 20 stockholders) who has owned at least 3% of our shares of 
common stock for at least three years and has complied with the other requirements set forth in the Company’s bylaws wants us to 
include director nominees (up to the greater of two nominees or 20% of the Board) in our proxy statement for the 2026 Annual Meeting 
of Stockholders, the nominations must be received by our Corporate Secretary and must arrive at the Company in a timely manner, 
between 120 and 150 days prior to the anniversary of the date our proxy statement was first sent to stockholders in connection with our 
last annual meeting, which would be no earlier than October 28, 2025 and no later than November 27, 2025.
Stockholders who intend to present a proposal or director nominee at the 2026 Annual Meeting of Stockholders without inclusion of 
such proposal or nominee in the Company’s proxy statement, are required to provide notice of such proposal or nomination, containing 
the information and representations required by the Company’s bylaws, to the Company at least 70 days and not more than 100 days 
prior to the scheduled date of the 2026 Annual Meeting of Stockholders. The 2026 Annual Meeting of Stockholders is tentatively 
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2025 Proxy Statement

scheduled for Thursday, May 7, 2026. Therefore, any such notice is due not earlier than January 27, 2026, and not later than February 
26, 2026.
In addition to satisfying the foregoing requirements under the Company’s bylaws, stockholders who intend to solicit proxies in support of 
director nominees other than the Company’s nominees must also comply with the provisions of Rule 14a-19 under the Exchange Act 
and provide reasonable evidence of compliance to the Company no later than 5 p.m. central time on the 7th business day prior to the 
2026 Annual Meeting of Stockholders. 
Correspondence regarding the above should be directed to the Corporate Secretary, Margaret C. Kelsey, at the Company’s principal 
business office, PO Box 1331, Milwaukee, Wisconsin 53201.
Availability of Form 10-K
A copy (without exhibits) of WEC Energy Group’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 as 
filed with the SEC, is available without charge to any stockholder of record or beneficial owner of WEC Energy Group 
common stock by writing to the Corporate Secretary, Margaret C. Kelsey, at the Company’s principal business office, 
PO Box 1331, Milwaukee, Wisconsin 53201. The WEC Energy Group consolidated financial statements and certain other 
information found in the Form 10-K are provided in our 2024 Annual Financial Statements and Review of Operations. The 
Form 10-K, along with this proxy statement and all of WEC Energy Group’s other filings with the SEC, is also available in the 
“Investors” section of the Company’s Website at wecenergygroup.com.
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2025 Proxy Statement

Appendix A
Reconciliation of EPS (GAAP) to Adjusted EPS (Non-GAAP)
2015
2016
2017
2023
2024
EPS – GAAP basis
$2.34
$ 2.96
$ 3.79
$4.22
$4.83
Acquisition Costs
0.39
0.01
–
–
–
Integrys Earnings
(0.47)
–
–
–
–
Impact of Additional Shares
0.47
–
–
–
–
Tax Benefit Related to Tax Cuts and Jobs Act of 2017
–
–
(0.65)
–
–
Illinois Disallowance
–
–
–
0.41
–
QIP Disallowance
–
–
–
–
0.06
Adjusted EPS – Non-GAAP Basis*
$2.73
$ 2.97
$ 3.14
$4.63
$ 4.88**
* WEC Energy Group has provided adjusted earnings per share (non-GAAP earnings per share) as a complement to, and not as an  alternative to, earnings per 
share presented in accordance with GAAP. Adjusted earnings per share exclude, as applicable, (1) a one-time reduction in income tax expense related to a 
revaluation of our deferred taxes as a result of the Tax Cuts and Jobs Act of 2017; (2) costs related to the acquisition of Integrys Energy Group; (3) the results 
of operations of Integrys and its subsidiaries; (4) the additional shares of WEC Energy Group common stock that were issued as part of the acquisition; (5) a 
non-cash charge related to the ICC’s disallowance of certain capital costs; and (6) estimated losses associated with the ICC disallowance related to its review 
of the 2016 Qualifying Infrastructure Plant (QIP) capital investments under the QIP rider. None of these items are indicative of WEC Energy Group’s operating 
performance. Therefore, WEC Energy Group believes that the presentation of adjusted earnings per share is relevant and useful to investors to understand 
the company’s operating performance. Management uses such measures internally to evaluate the company’s performance and manage its operations.
**2024 adjusted earnings per share does not add due to rounding.
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Stockholder Information 
Account information
Go to www.computershare.com/investor. 
WEC Energy Group’s transfer agent, Computershare, 
provides our registered stockholders with secure account 
access. Stockholders can view share balances, market 
value, tax documents and account statements; review 
answers to frequently asked questions; perform many 
transactions; and sign up for eDelivery, the paperless 
communication program. eDelivery also provides electronic 
delivery of annual meeting materials. 
 •  Write to:
WEC Energy Group
c/o Computershare
PO Box 43078
Providence, RI 02940-3078
 •  If sending overnight correspondence, mail to:
WEC Energy Group
c/o Computershare
150 Royall St.
Canton, MA 02021
 •  Call Computershare at 800-558-9663. Service 
representatives are available from 7 a.m. to 7 p.m. Central 
time on business days. An automated voice-response 
system also provides information 24 hours a day, seven 
days a week.
Beneficial owners
If your shares are held in an account with a brokerage firm, 
bank or other nominee, then you are the beneficial owner 
of the shares. Contact your brokerage firm, bank or other 
nominee, considered the stockholder of record, regarding 
your account. 
Dividends
Dividends, as declared by the board of directors, typically 
are payable on the first day of March, June, September 
and December. Stockholders may have their dividends 
deposited directly into their bank accounts. Contact 
Computershare to request an authorization form.
Stock purchase plan
WEC Energy Group’s Stock Plus Investment Plan provides 
a convenient way to purchase our common stock and 
reinvest dividends. To review the prospectus and enroll, go to 
wecenergygroup.com and select Stock Purchase Plan on 
the Investors page. You also may contact Computershare at 
800-558-9663 to request an enrollment package. This is 
not an offer to sell, or a solicitation of an offer to buy, any 
securities. Any stock offering will be made only by prospectus.
Internet access helps reduce costs
You may access wecenergygroup.com for the latest 
information about the company. The site provides access 
to financial, corporate governance and other information, 
including Securities and Exchange Commission reports.
Annual certifications
WEC Energy Group has filed the required certifications of 
its chief executive officer and chief financial officer under 
the Sarbanes-Oxley Act regarding the quality of its public 
disclosures. These exhibits can be found in the company’s 
Form 10-K for the year ended Dec. 31, 2024. The certification 
of WEC Energy Group’s chief executive officer regarding 
compliance with the New York Stock Exchange (NYSE) 
corporate governance listing standards will be filed with the 
NYSE following the 2025 Annual Meeting of Stockholders. 
Last year, we filed this certification on June 6, 2024.
Corporate Responsibility
At WEC Energy Group, we work to align our policies and 
practices with the needs of our key stakeholders, including 
our electric and natural gas customers, communities, 
employees and investors. We understand that our business 
must support the environment and the economy of the 
areas we serve.
Learn more at www.wecenergygroup.com/csr

231 W. Michigan St.
PO Box 1331
Milwaukee, WI 53201
wecenergygroup.com
250029-03-GJ-CG-17K 
1517