8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported):

February 2, 2010

Commission		Registrant; State of Incorporation	IRS Employer
File Number		Address; and Telephone Number	Identification No.
001-09057		WISCONSIN ENERGY CORPORATION		39-1391525
	(A Wisconsin Corporation)
	231 West Michigan Street
	P.O. Box 1331
	Milwaukee, WI 53201
	(414) 221-2345
001-01245		WISCONSIN ELECTRIC POWER COMPANY		39-0476280
		(A Wisconsin Corporation)
		231 West Michigan Street
		P.O. Box 2046
		Milwaukee, WI 53201
		(414) 221-2345

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

WISCONSIN ENERGY CORPORATION
WISCONSIN ELECTRIC POWER COMPANY
                                    

ITEM 2.02  RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On Tuesday, February 2, 2010, Wisconsin Energy Corporation issued a press release announcing its financial results for the quarter and year-ended December 31, 2009. In addition, on February 2, 2010, Wisconsin Electric Power Company released its results of operations for the year-ended December 31, 2009 as part of a package of financial information provided in connection with Wisconsin Energy's year-end earnings release and conference call scheduled for February 2, that can be found on Wisconsin Energy's web site. A copy of the press release and Wisconsin Electric's results of operations is being furnished to the Securities and Exchange Commission as Exhibit 99 attached hereto and incorporated herein by reference.

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, each of the registrants has
duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
	WISCONSIN ENERGY CORPORATION
	(Registrant)
	/s/ STEPHEN P. DICKSON
Date: February 2, 2010	Stephen P. Dickson - Vice President and Controller
	WISCONSIN ELECTRIC POWER COMPANY
	(Registrant)
	/s/ STEPHEN P. DICKSON
Date: February 2, 2010	Stephen P. Dickson - Vice President and Controller

EX-99

Exhibit 99

From: Rick James (media)
            414-221-4444

            Colleen F. Henderson, CFA (analysts)
            414-221-2592
           colleen.henderson@wisconsincolleen.henderson@wisconsinenergy.com

            Feb. 2, 2010

Wisconsin Energy Corporation posts fourth quarter
and full-year results for 2009

MILWAUKEE - Wisconsin Energy (NYSE: WEC) today reported earnings from continuing operations of $114 million or 96 cents a share for the fourth quarter of 2009. This compares with earnings from continuing operations of $100 million or 85 cents a share for the final quarter of 2008.

Fourth quarter revenues were $1.07 billion in 2009, compared with $1.20 billion in the corresponding period last year. For the full year 2009, revenues were $4.13 billion, down from $4.43 billion in 2008.

Wisconsin Energy's 2009 earnings from continuing operations totaled $377 million or $3.20 per share. In 2008, earnings from continuing operations were $358 million or $3.03 per share.

Retail sales of electricity dropped by 8.1 percent in 2009 compared with the previous year. Electricity use by residential customers was down by 3.8 percent - in large part because of an unusually cool summer. Consumption of electricity by commercial and industrial customers declined by 10 percent, a reflection of the dramatic slowdown in the economy.

Despite the economic climate, the number of customers served by Wisconsin Energy's utilities continued to grow - rising by nearly 6,500 customers or 0.3 percent over 2008.

Among the positive factors contributing to the company's 2009 results were effective cost controls and a full year's earnings from the commercial operation of the newest generating unit at Port Washington.

"In a tough economy we cut costs, improved productivity and posted solid financial results," said Gale Klappa, chairman, president and chief executive officer. "And on virtually every meaningful measure, from customer satisfaction to network reliability to progress on our Power the Future plan, the company made great strides during the year."

Earnings per share listed in this news release are on a fully diluted basis.

Conference Call
A conference call is scheduled for 1 p.m. Central time on Tuesday, Feb. 2, 2010. The presentation will review 2009 fourth quarter and year-end earnings and will discuss the company's outlook for the future.

All interested parties, including stockholders, the news media and the general public, are invited to listen to the presentation. The conference call may be accessed by dialing 888-312-9865 up to 15 minutes before the call begins. International callers may dial 719-457-2656. The confirmation code is 6091304. Access also may be gained through the company's Web site (www.wisconsinenergy.com). Click on the icon for the "Year-end Earnings Release & Conference Call" and select "webcast audio." In conjunction with this earnings announcement, Wisconsin Energy will post on its Web site a package of detailed financial information on its fourth quarter and year-end performance. The materials will be available at 6 a.m. Central time on Feb. 2. An archive of the presentation will be available on the Web site after the call. A replay of the audio portion of the presentation will be available approximately two hours following the conclusion of the presentation and will be accessible through Feb. 9, 2010. Domestic callers should dial 888-203-1112. International callers should dial 719-457-0820. The replay confirmation code is 6091304.

Wisconsin Energy Corporation (NYSE: WEC), based in Milwaukee, is one of the nation's premier energy companies, serving more than 1.1 million electric customers in Wisconsin and Michigan's Upper Peninsula and more than 1 million natural gas customers in Wisconsin. The company's principal utilities are We Energies and Edison Sault Electric. The company's other major subsidiary, We Power, designs, builds and owns electric generating plants. Wisconsin Energy Corporation (www.wisconsinenergy.com), a component of the S&P 500, has more than $12 billion of assets, approximately 5,000 employees and 48,000 stockholders of record.

Tables Follow

WISCONSIN ENERGY CORPORATION
CONSOLIDATED CONDENSED INCOME STATEMENTS
	Three Months Ended December 31		Year Ended December 31
	2009	2008	2009	2008
	(Millions of Dollars, Except Per Share Amounts)
Operating Revenues	$1,067.3	$1,199.8	$4,127.9	$4,427.8
Operating Expenses
Fuel and purchased power	251.1	260.3	1,063.7	1,240.7
Cost of gas sold	244.1	379.5	912.0	1,220.9
Other operation and maintenance	314.6	337.7	1,261.1	1,360.4
Depreciation, decommissioning
and amortization	86.7	84.4	346.1	326.5
Property and revenue taxes	27.7	27.2	112.0	108.2
Total Operating Expenses	924.2	1,089.1	3,694.9	4,256.7
Amortization of Gain	53.5	84.7	230.7	488.1
Operating Income	196.6	195.4	663.7	659.2
Equity in Earnings of Transmission Affiliate	15.5	13.8	59.1	51.8
Other Income (Expense), net	4.4	(8.6)	28.4	17.0
Interest Expense, net	37.7	40.3	156.7	153.7
Income from Continuing
Operations Before Income Taxes	178.8	160.3	594.5	574.3
Income Taxes	65.2	60.3	217.3	216.5
Income from Continuing Operations	113.6	100.0	377.2	357.8
Income (Loss) from Discontinued
Operations, Net of Tax	5.1	0.4	5.2	1.3
Net Income	$118.7	$100.4	$382.4	$359.1
Earnings Per Share (Basic)
Continuing operations	$0.97	$0.86	$3.23	$3.06
Discontinued operations	0.04	-	0.04	0.01
Total Earnings Per Share (Basic)	$1.01	$0.86	$3.27	$3.07
Earnings Per Share (Diluted)
Continuing operations	$0.96	$0.85	$3.20	$3.03
Discontinued operations	0.04	-	0.04	0.01
Total Earnings Per Share (Diluted)	$1.00	$0.85	$3.24	$3.04
Weighted Average Common
Shares Outstanding (Millions)
Basic	116.9	116.9	116.9	116.9
Diluted	118.0	117.9	117.9	118.2
Dividends Per Share of Common Stock	$0.3375	$0.27	$1.35	$1.08

WISCONSIN ENERGY CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
			December 31, 2009	December 31, 2008
			(Millions of Dollars)
Assets
Net Property, Plant and Equipment			$9,070.5	$8,502.6
Investments
	Restricted cash		-	172.4
	Equity investment in transmission affiliate		314.6	276.3
	Other		44.1	41.6
		Total Investments	358.7	490.3
Current Assets
	Cash and cash equivalents		20.9	32.5
	Restricted cash		194.5	214.1
	Accounts receivable		304.4	369.5
	Accrued revenues		290.4	341.2
	Materials, supplies and inventories		379.3	344.7
	Regulatory assets		58.9	82.5
	Prepayments and other		213.3	323.0
		Total Current Assets	1,461.7	1,707.5
Deferred Charges and Other Assets
	Regulatory assets		1,192.5	1,261.1
	Goodwill, net		441.9	441.9
	Other		172.6	214.4
		Total Deferred Charges and Other Assets	1,807.0	1,917.4
Total Assets			$12,697.9	$12,617.8
Capitalization and Liabilities
Capitalization
	Common equity		$3,566.9	$3,336.9
	Preferred stock of subsidiary		30.4	30.4
	Long-term debt		3,875.8	4,074.7
		Total Capitalization	7,473.1	7,442.0
Current Liabilities
	Long-term debt due currently		295.7	61.8
	Short-term debt		825.1	602.3
	Accounts payable		292.2	441.0
	Regulatory liabilities		222.8	310.8
	Other		246.1	319.2
		Total Current Liabilities	1,881.9	1,735.1
Deferred Credits and Other Liabilities
	Regulatory liabilities		886.7	1,084.4
	Deferred income taxes - long-term		1,017.9	814.0
	Deferred revenue, net		739.1	545.4
	Pension and other benefit obligations		319.5	635.0
	Other		379.7	361.9
		Total Deferred Credits and Other Liabilities	3,342.9	3,440.7
Total Capitalization and Liabilities			$12,697.9	$12,617.8

WISCONSIN ENERGY CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
			Year Ended December 31
			2009	2008
			(Millions of Dollars)
Operating Activities
	Net income		$382.4	$359.1
	Reconciliation to cash
		Depreciation, decommissioning and amortization	349.4	332.1
		Contribution to benefit plans	(289.3)	(48.4)
		Working capital and other	186.3	93.6
Cash Provided by Operating Activities			628.8	736.4
Investing Activities
	Capital expenditures		(817.7)	(1,136.4)
	Change in restricted cash		192.0	345.1
	Proceeds from asset sales		16.8	14.3
	Other investing activities, net		(127.2)	(129.3)
Cash Used in Investing Activities			(736.1)	(906.3)
Financing Activities
	Common stock issued (repurchased), net		(12.6)	(11.4)
	Dividends paid on common stock		(157.8)	(126.3)
	Change in debt, net		263.2	316.8
	Other financing activities, net		2.9	(4.1)
Cash Provided by Financing Activities			95.7	175.0
Change in Cash			(11.6)	5.1
Cash at Beginning of Year			32.5	27.4
Cash at End of Year			$20.9	$32.5

WISCONSIN ELECTRIC POWER COMPANY
CONSOLIDATED CONDENSED INCOME STATEMENTS
	Three Months Ended December 31		Year Ended December 31
	2009	2008	2009	2008
	(Millions of Dollars)
Operating Revenues	$837.9	$891.3	$3,288.3	$3,410.1
Operating Expenses
Fuel and purchased power	251.5	260.7	1,064.5	1,242.3
Cost of gas sold	103.8	167.2	389.7	526.4
Other operation and maintenance	305.2	324.1	1,231.7	1,295.2
Depreciation, decommissioning
and amortization	66.2	65.4	265.1	256.0
Property and revenue taxes	24.5	24.0	99.1	96.4
Total Operating Expenses	751.2	841.4	3,050.1	3,416.3
Amortization of Gain	53.5	84.7	230.7	488.1
Operating Income	140.2	134.6	468.9	481.9
Equity in Earnings of Transmission Affiliate	13.6	12.0	51.9	45.4
Other Income (Expense), net	4.0	(9.5)	25.8	9.9
Interest Expense, net	24.7	24.1	100.3	86.6
Income Before Income Taxes	133.1	113.0	446.3	450.6
Income Taxes	47.5	41.8	157.7	169.3
Net Income	85.6	71.2	288.6	281.3
Preferred Stock Dividend Requirement	0.3	0.3	1.2	1.2
Earnings Available for Common Stockholder	$85.3	$70.9	$287.4	$280.1

WISCONSIN ELECTRIC POWER COMPANY
CONSOLIDATED CONDENSED BALANCE SHEETS
			December 31, 2009	December 31, 2008
			(Millions of Dollars)
Assets
Net Property, Plant and Equipment			$6,237.6	$5,897.7
Investments
	Restricted cash		-	172.4
	Equity investment in transmission affiliate		276.7	243.1
	Other		0.5	0.4
		Total Investments	277.2	415.9
Current Assets
	Cash and cash equivalents		18.3	28.4
	Restricted cash		194.5	214.1
	Accounts receivable		245.8	278.1
	Accrued revenues		212.8	233.1
	Materials, supplies and inventories		321.5	296.5
	Regulatory assets		48.5	69.9
	Prepayments and other		147.7	191.4
		Total Current Assets	1,189.1	1,311.5
Deferred Charges and Other Assets
	Regulatory assets		1,014.6	992.9
	Other		152.7	157.4
		Total Deferred Charges and Other Assets	1,167.3	1,150.3
Total Assets			$8,871.2	$8,775.4
Capitalization and Liabilities
Capitalization
	Common equity		$2,804.2	$2,582.8
	Preferred stock		30.4	30.4
	Long-term debt		1,969.5	1,885.3
	Capital lease obligations		1,111.3	991.8
		Total Capitalization	5,915.4	5,490.3
Current Liabilities
	Long-term debt and capital lease obligations due currently		12.0	9.3
	Short-term debt		92.0	-
	Subsidiary note payable to Wisconsin Energy		28.2	29.6
	Accounts payable		286.9	365.4
	Regulatory liabilities		220.8	307.7
	Other		229.5	212.3
		Total Current Liabilities	869.4	924.3
Deferred Credits and Other Liabilities
	Regulatory liabilities		591.3	786.5
	Deferred income taxes - long-term		833.8	691.7
	Pension and other benefit obligations		374.2	614.3
	Other		287.1	268.3
		Total Deferred Credits and Other Liabilities	2,086.4	2,360.8
Total Capitalization and Liabilities			$8,871.2	$8,775.4

WISCONSIN ELECTRIC POWER COMPANY
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
			Year Ended December 31
			2009	2008
			(Millions of Dollars)
Operating Activities
	Net income		$288.6	$281.3
	Reconciliation to cash
		Depreciation, decommissioning and amortization	272.5	263.4
		Contribution to benefit plans	(283.8)	(37.9)
		Working capital and other	(50.7)	(143.9)
Cash Provided by Operating Activities			226.6	362.9
Investing Activities
	Capital expenditures		(481.1)	(523.7)
	Change in restricted cash		192.0	345.1
	Proceeds from asset sales		1.8	7.1
	Other investing activities, net		(46.3)	(41.2)
Cash Used in Investing Activities			(333.6)	(212.7)
Financing Activities
	Dividends paid on common stock		(179.6)	(367.0)
	Change in debt, net		176.2	225.3
	Capital contribution from parent		100.0	-
	Other financing activities, net		0.3	(2.1)
Cash Provided by (Used in) Financing Activities			96.9	(143.8)
Change in Cash			(10.1)	6.4
Cash at Beginning of Year			28.4	22.0
Cash at End of Year			$18.3	$28.4