SHORT-TERM DEBT AND LINES OF CREDIT

3 Months Ended

Mar. 31, 2021

Short-term Debt [Abstract]

SHORT-TERM DEBT AND LINES OF CREDIT

SHORT-TERM DEBT AND LINES OF CREDIT

The following table shows our short-term borrowings and their corresponding weighted-average interest rates:

(in millions, except percentages)	March 31, 2021			December 31, 2020
Commercial paper
Amount outstanding	$	1,580.4		$	1,436.9
Weighted-average interest rate on amounts outstanding	0.19		%	0.21		%
Term loan
Amount outstanding	$	—		$	340.0
Weighted-average interest rate on amounts outstanding	n/a			0.99		%

Our average amount of commercial paper borrowings based on daily outstanding balances during the three months ended March 31, 2021 was $1,445.3 million with a weighted-average interest rate during the period of 0.18%.

In order to enhance our liquidity position in response to the COVID-19 pandemic, in March 2020, WEC Energy Group entered into a $340.0 million 364-day term loan. The weighted-average interest rate on the term loan during the three months ended March 31, 2021 was 0.99%. In March 2021, we repaid the term loan using the net proceeds from the issuance of our 0.80% Senior Notes. See Note 9, Long-Term Debt, for more information.

The information in the table below relates to our revolving credit facilities used to support our commercial paper borrowing programs, including remaining available capacity under these facilities:

(in millions)	Maturity	March 31, 2021
WEC Energy Group	October 2022	1,200.0
WE	October 2022	500.0
WPS	October 2022	400.0
WG	October 2022	350.0
PGL	October 2022	350.0
Total short-term credit capacity		$	2,800.0
Less:
Letters of credit issued inside credit facilities		$	2.3
Commercial paper outstanding		1,580.4
Available capacity under existing agreements		$	1,217.3