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

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