WEC能源 2025年季度报告

FORM10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedMarch31, 2025 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transion period from ________________ to ___________________ CommissionFile NumberRegistrant; State of Incorporaon;Address; and Telephone NumberIRS EmployerIdenficaon No. 39-1391525 (AWisconsinCorporaon)231 West Michigan StreetP.O. Box 1331Milwaukee,WI53201(414)221-2345 Securies registered pursuant to Secon 12(b) of the Act: Indicate by check mark whether the registrant (1)hasfiled all reports required to befiled by Secon13 or 15(d) of the SecuriesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required tofile suchreports), and (2)has been subject to suchfiling requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submied electronically every Interacve Data File required to be submiedpursuant to Rule 405 of Regulaon S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period thatthe registrant was required to submit suchfiles). Yes☒No☐ Indicate by check mark whether the registrant is a large acceleratedfiler, an acceleratedfiler, a non-acceleratedfiler, a smallerreporng company, or an emerging growth company. See the definions of "large acceleratedfiler," "acceleratedfiler," "smallerreporng company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large acceleratedfiler☒Non-acceleratedfiler☐ Acceleratedfiler☐Smaller reporng company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transion period forcomplying with any new or revisedfinancial accounng standards provided pursuant to Secon 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest praccabledate (March31, 2025): Common Stock, $.01 Par Value,319,133,501shares outstanding WEC ENERGY GROUP, INC.QUARTERLY REPORT ON FORM 10-QFor the Quarter Ended March31, 2025TABLE OF CONTENTS CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATIONFINANCIAL INFORMATIONFINANCIAL STATEMENTS (UNAUDITED)Condensed Consolidated Income StatementsCondensed Consolidated Statements of Comprehensive IncomeCondensed Consolidated Balance SheetsCondensed Consolidated Statements of Cash FlowsCondensed Consolidated Statements of EquityNotes to Condensed Consolidated Financial Statements GLOSSARY OF TERMS AND ABBREVIATIONS The abbreviaons and terms set forth below are used throughout this report and have the meanings assigned to them below: CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION In this report, we make statements concerning our expectaons, beliefs, plans, objecves, goals, strategies, and future events orperformance. These statements are "forward-looking statements" within the meaning of Secon 27A of the Securies Act of 1933, asamended, and Secon 21E of the Exchange Act. Readers are cauoned not to place undue reliance on these forward-lookingstatements. Forward-looking statements may be idenfied by reference to a future period or periods or by the use of terms such as"ancipates," "believes," "could," "esmates," "expects," "forecasts," "goals," "guidance," "intends," "may," "objecves," "plans,""possible," "potenal," "projects," "seeks," "should," "targets," "will," or variaons of these terms. Forward-looking statements include, among other things, statements concerning management's expectaons and projeconsregarding earnings, compleon of capital projects, sales and customer growth, rate acons and relatedfilings with regulatoryauthories, environmental and other regulaons, including associated compliance costs, legal proceedings, dividend payout raos,effecve tax rates, pension and OPEB plans, fuel costs, sources of electric energy supply, coal and natural gas deliveries, remediaoncosts, climate-related maers, our capital plan, liquidity and capital resources, and other maers. Forward-looking statements are subject to a number of risks and uncertaines that could cause our actual results to differ materiallyfrom those expressed or implied in the statements. These risks and uncertaines include those described in risk factors as set forth inour 2024 Annual Report on Form 10-K, and those idenfied below: •Factors affecng ulity and non-ulity energy infrastructure operaons such as catastrophic weather-related damage,environmental incidents, unplanned facility outages and repairs and maintenance, electric grid reliability, and electrictransmission or natural gas pipeline system constraints; •Factors affecng the demand for elect