WEC能源 2025年度报告

2025 Annual ReportNotice of 2026 Annual Meeting and Proxy Statement An Energy Industry Leader WEC Energy Group is one of the nation’s leading energy companies, with theoperational expertise and financial resources to meet the needs of customersacross the Midwest. 72,800miles ofelectric distribution 48,500miles ofnatural gas distributionand transmission 8,375megawattsof power generatingcapacity 7,150employees 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 ofdividend growth over the past decade. A $100 investment at the end of 2015 grew to atotal value of $284, a 184% return.$284 Financial Snapshot (In millions, except per share data and percentages) Our time-tested strategy,focused on operationalexcellence, reliabilityand customer service— coupled with robusteconomic growth — hasshaped our investmentplan, setting us on a pathtoward a bright future. Scott LauberPresident and Chief Executive Officer To my fellow shareholders, As I look back over the past year, I feel more confidentthan ever in WEC Energy Group’s position in ourregion and our industry. (DART) incidents. And we continued work onessential system hardening and vegetationmanagement to strengthen our infrastructure. We executed on our capital plan to expand ourgeneration fleet, delivering affordable, reliable power.In 2025, we brought online Wisconsin’s first large-scalebattery project, which has already served us wellat times of high electric demand. We also receivedregulatory approval for a range of projects, includingmore than 1,200 megawatts of natural gas generationnow under construction between two sites in OakCreek and the Town of Paris, Wisconsin. Our company has a long history of supportingbusiness growth and progress in the communities weserve. In the past few years, we have seen tremendouseconomic activity in our region, and we are poisedto supply the power needed to transform the future. Laying the groundwork In 2025, we continued our track record of strongperformance, delivering solid net income and earningsper share. Once again, we returned more cash toshareholders than in any other year in companyhistory. We also increased the dividend by 6.7%in January 2026 — the 23rd consecutive year ofdividend increases. We look forward to building on that progress inthe years ahead. Powering transformative growth Our capital plan now includes $37.5 billion ofprojected investment across our business between2026 and 2030. This investment will be essential tomeet the needs of our customers, including very largebusinesses bringing significant growth to Wisconsin. Our focus on the fundamentals of our businesssupported a range of achievements across ouroperations, as well. Overall, our employees recordedtheir safest year on record as measured by lost-timeincidents and days away, restricted or transferred Over the next five years, weexpect to see electric demandrise by approximately 45% inour service area. Over the next five years, we expect to see electricdemand rise by approximately 45% in our servicearea. This growth reflects the anticipated impactof local economic development, including majordata center projects in Mount Pleasant and PortWashington, Wisconsin, as well as other industries. This is an unprecedented forecast for our region.We are prepared to deliver on it, with a strong laborforce and supply chain lined up to bring new powergeneration into service. Continuing a legacy of excellence We remain committed to providing our shareholderswith a meaningful total return value proposition. Weexpect our capital investment, along with our continuedfinancial discipline, to support long-term earningsper share growth of 7% to 8% a year, on a compoundannual basis, between 2026 and 2030. This is basedon the midpoint of our 2025 adjusted guidance. An “all of the above” approach is helping us to builda generation fleet that is flexible and dispatchablethroughout the year. Through our five-year plan,we expect to invest a total of $7.4 billion in modern,efficient natural gas generation and liquefied naturalgas storage. These projects would include combustionturbines, reciprocating internal combustion engine(RICE) units and upgrades to existing facilities. We alsoplan to invest $12.6 billion to add 6,500 megawatts ofrenewable generation and battery storage to our fleet. Our time-tested strategy, focused on operationalexcellence, reliability and customer service — coupledwith robust economic growth — has shaped ourinvestment plan, setting us on a path toward abright future. American Transmission Co. (ATC) continues to invest intransmission capability to serve our region’s economicgrowth, connect new generation and strengthen thesystem. We expect to invest approximately $4.1 billionin ATC projects between 2026 and 2030. This is drivenby efforts to strengthen the grid, add new gen