8-K

                          UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                     WASHINGTON, D. C. 20549


                        Current Report On

                            FORM 8-K


             PURSUANT TO SECTION 13 OR 15(d) OF THE
                 SECURITIES EXCHANGE ACT OF 1934


        Date of report (Date of earliest event reported):

                        DECEMBER 21, 2001



                       -------------------



  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 2949
                    Milwaukee, WI 53201
                    (414) 221-2345





                  WISCONSIN ENERGY CORPORATION

                        ----------------

ITEM 5.  OTHER EVENTS AND REGULATION FD DISCLOSURE

EARNINGS OUTLOOK:   On December 21, 2001, Wisconsin Energy
Corporation issued a press release announcing that it was
lowering its 2001 earnings forecast to a range of $1.90 to $2.00
per diluted share based on the unfavorable impact of mild weather
during the fall and early winter of 2001 on the heating revenues
of its regulated natural gas and electric businesses.  The text
of this press release, which is filed as an exhibit to this
report, is incorporated herein by reference.  Previously in its
Quarterly Report on Form 10-Q for the period ended September 30,
2001, Wisconsin Energy had projected 2001 earnings in the range
of $2.05 to $2.10 per diluted share.  The 2001 earnings forecast
excludes the impacts of Statement of Financial Accounting
Standards No. 133, Accounting for Derivative Instruments and
Hedging Activities, non-recurring gains on asset sales and
potential fourth quarter charges for the redemption of high
coupon bonds and for the write-down of non-utility assets.

In the December 21, 2001 press release noted above, Wisconsin
Energy reaffirmed its 2002 earnings projection of $2.20 to $2.40
per diluted share assuming normal weather, appropriate recovery
of fuel costs and other risk factors.

CAUTIONARY FACTORS:   Some matters discussed in this document,
including estimates of future earnings, are forward-looking
statements within the meaning of the Private Securities
Litigation Reform Act of 1995.  Forward-looking statements are
subject to various risks, uncertainties and assumptions.  Actual
results may vary materially.  Factors that could cause actual
results to differ materially include, but are not limited to:
general economic conditions; business, competitive and regulatory
conditions in the deregulating and consolidating energy industry,
in general, and in the Company's utility service territories;
regulatory decisions; availability of the Company's generating
facilities; changes in the cost or supply availability of
purchased power, coal or natural gas; the ability to recover fuel
and purchased power costs; unusual weather; risks associated with
non-utility diversification; obtaining necessary regulatory
approvals and investment capital to implement the Company's
growth strategy; the timing and extent to which anticipated
synergy benefits from the WICOR merger are realized; disposition
of legal proceedings; foreign governmental, economic, political
and currency risks; continuation of the common stock repurchase
plan and the other cautionary factors described in Wisconsin
Energy Corporation's latest Form 10-K and subsequent reports
filed with the Securities and Exchange Commission.


ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS

(c)   Exhibits:

      See the Exhibit Index following the Signature page of this
      report, which is incorporated herein by reference.






                            SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.


                                   WISCONSIN ENERGY CORPORATION
                                           (Registrant)

                                 /s/ STEPHEN P. DICKSON
                                 ----------------------
Date: December 21, 2001          Stephen P. Dickson - Controller and
                                  Principal Accounting Officer







                  WISCONSIN ENERGY CORPORATION
                 (Commission File No. 001-09057)

                     ---------------------



                          EXHIBIT INDEX
                               to
                   CURRENT REPORT ON FORM 8-K

               Date of Report:  DECEMBER 21, 2001


The following Exhibit is filed with this Current Report on Form 8-K:

Exhibit No.
- -----------

   99.1  News Release dated December 21, 2001 reporting a change in
         Wisconsin Energy's 2001 earnings forecast and reaffirming
         its previously reported 2002 earnings forecast.

EX-99

                                                     Exhibit 99.1

December 21, 2001


Wisconsin Energy reports 2001 earnings forecast;
reaffirms 2002 guidance
Record breaking fall and winter weather

MILWAUKEE - Wisconsin Energy Corp. (NYSE: WEC) announced today
that it is lowering its 2001 earnings per share forecast to a
range of $1.90 to $2.00 based on the unfavorable impact of the
mild fall and winter weather on the heating revenues of its
regulated natural gas and electric businesses.  The previous
earnings forecast was $2.05 to $2.10. The 2001 earnings forecast
excludes the impacts of SFAS 133 charges, non-recurring gains on
asset sales and potential fourth quarter charges for the
redemption of high coupon bonds and the write-down of non-utility
assets.

The service territory of Wisconsin Electric-Wisconsin Gas, the
company's primary regulated utility operations, experienced the
warmest November in 100 years and extremely mild weather for the
first half of December according to data collected by the
National Oceanic and Atmospheric Administration. For the period
between Oct. 1, 2001, and Dec. 16, 2001, heating degree-days were
27 percent lower than the 20-year normal weather on which the
company's rates are established.

OUTLOOK FOR 2002
The company reaffirms its 2002 earnings projection of $2.20 to $2.40.

Wisconsin Energy Corporation (NYSE: WEC) is a Milwaukee-based
holding company with subsidiaries in utility and non-utility
businesses. The company serves more than one million electric
customers in Wisconsin and Michigan's Upper Peninsula and 960,000
natural gas customers in Wisconsin through its utility
subsidiaries - Wisconsin Electric, Wisconsin Gas and Edison Sault
Electric. Its non-utility subsidiaries include energy
development, pump manufacturing, waste-to-energy and real estate
businesses. Visit the company's Web site at
www.WisconsinEnergy.com

FORWARD-LOOKING STATEMENTS
Some matters discussed in this document, including estimates of
future earnings, are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are subject to various risks,
uncertainties and assumptions. Actual results may vary
materially. Factors that could cause actual results to differ
materially include, but are not limited to: general economic
conditions; business, competitive and regulatory conditions in
the deregulating and consolidating energy industry, in general,
and in the Company's utility service territories; regulatory
decisions; availability of the Company's generating facilities;
changes in purchased power costs, in coal or natural gas prices,
and supply availability; the ability to recover fuel and
purchased power costs; unusual weather; risks associated with non-
utility diversification; obtaining necessary regulatory approvals
and investment capital to implement the Company's growth
strategy; the timing and extent to which anticipated synergy
benefits from the WICOR merger are realized; disposition of legal
proceedings; foreign governmental, economic, political and
currency risks; continuation of the common stock repurchase plan
and the other cautionary factors described in Wisconsin Energy
Corporation's latest Form 10-K and subsequent reports filed with
the Securities and Exchange Commission.
                              # # #

     Contact:
     Mike John (media)
     414/221-4444
     michael.john@wepco.com

     Colleen Henderson (investors)
     414/221-2592
     colleen.henderson@wepco.com