QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File Number | Registrant; State of Incorporation; Address; and Telephone Number | IRS Employer Identification No. | ||||||||||||
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
☒ | Accelerated filer | ☐ | ||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||
Emerging growth company |
Page | ||||||||||||||
Page | ||||||||||||||
06/30/2023 Form 10-Q | i | WEC Energy Group, Inc. |
Subsidiaries and Affiliates | ||||||||
ATC | American Transmission Company LLC | |||||||
ATC Holdco | ATC Holdco LLC | |||||||
Bluewater | Bluewater Natural Gas Holding, LLC | |||||||
Integrys | Integrys Holding, Inc. | |||||||
Jayhawk | Jayhawk Wind, LLC | |||||||
MERC | Minnesota Energy Resources Corporation | |||||||
MGU | Michigan Gas Utilities Corporation | |||||||
NSG | North Shore Gas Company | |||||||
PGL | The Peoples Gas Light and Coke Company | |||||||
Samson I | Samson I Solar Energy Center LLC | |||||||
Sapphire Sky | Sapphire Sky Wind Energy LLC | |||||||
Tatanka Ridge | Tatanka Ridge Wind LLC | |||||||
UMERC | Upper Michigan Energy Resources Corporation | |||||||
Upstream | Upstream Wind Energy LLC | |||||||
WE | Wisconsin Electric Power Company | |||||||
We Power | W.E. Power, LLC | |||||||
WEC Energy Group | WEC Energy Group, Inc. | |||||||
WECI | WEC Infrastructure LLC | |||||||
WECI Wind Holding II | WEC Infrastructure Wind Holding II LLC | |||||||
WEPCo Environmental Trust | WEPCo Environmental Trust Finance I, LLC | |||||||
WG | Wisconsin Gas LLC | |||||||
Wispark | Wispark LLC | |||||||
WPS | Wisconsin Public Service Corporation | |||||||
Federal and State Regulatory Agencies | ||||||||
Army Corps | United States Army Corps of Engineers | |||||||
CBP | United States Customs and Border Protection Agency | |||||||
DOC | United States Department of Commerce | |||||||
EPA | United States Environmental Protection Agency | |||||||
FERC | Federal Energy Regulatory Commission | |||||||
ICC | Illinois Commerce Commission | |||||||
MPSC | Michigan Public Service Commission | |||||||
MPUC | Minnesota Public Utilities Commission | |||||||
PSCW | Public Service Commission of Wisconsin | |||||||
SEC | United States Securities and Exchange Commission | |||||||
WDNR | Wisconsin Department of Natural Resources | |||||||
Accounting Terms | ||||||||
AFUDC | Allowance for Funds Used During Construction | |||||||
ASU | Accounting Standards Update | |||||||
FASB | Financial Accounting Standards Board | |||||||
GAAP | United States Generally Accepted Accounting Principles | |||||||
LIFO | Last-In, First-Out | |||||||
OPEB | Other Postretirement Employee Benefits | |||||||
VIE | Variable Interest Entity | |||||||
Environmental Terms | ||||||||
BATW | Bottom Ash Transport Water | |||||||
BTA | Best Technology Available | |||||||
CAA | Clean Air Act | |||||||
CASAC | Clean Air Scientific Advisory Committee | |||||||
CCR | Coal Combustion Residuals |
06/30/2023 Form 10-Q | ii | WEC Energy Group, Inc. |
CO2 | Carbon Dioxide | |||||||
CWA | Clean Water Act | |||||||
ELG | Steam Electric Effluent Limitation Guidelines | |||||||
FGD | Flue Gas Desulfurization | |||||||
GHG | Greenhouse Gas | |||||||
LDC | Local Distribution Company | |||||||
MATS | Mercury and Air Toxics Standards | |||||||
NAAQS | National Ambient Air Quality Standards | |||||||
NOV | Notice of Violation | |||||||
NOx | Nitrogen Oxide | |||||||
PM | Particulate Matter | |||||||
WOTUS | Waters of the United States | |||||||
WPDES | Wisconsin Pollutant Discharge Elimination System | |||||||
ZLD | Zero Liquid Discharge | |||||||
Measurements | ||||||||
Bcf | Billion Cubic Feet | |||||||
Dth | Dekatherm | |||||||
lb/MMBtu | Pound Per Million British Thermal Unit | |||||||
MW | Megawatt | |||||||
MWh | Megawatt-hours | |||||||
µg/m3 | Micrograms Per Cubic Meter | |||||||
Other Terms and Abbreviations | ||||||||
2007 Junior Notes | WEC Energy Group, Inc.'s 2007 Series A Junior Subordinated Notes Due 2067 | |||||||
AMI | Advanced Metering Infrastructure | |||||||
Badger Hollow II | Badger Hollow Solar Park II | |||||||
Chicago, IL-IN-WI | Chicago, Illinois, Indiana, and Wisconsin | |||||||
D.C. Circuit Court of Appeals | United States Court of Appeals for the District of Columbia Circuit | |||||||
Darien | Darien Solar-Battery Park | |||||||
DER | Distributed Energy Resource | |||||||
DRER | Dedicated Renewable Energy Resource | |||||||
EPRI | Electric Power Research Institute | |||||||
ERGS | Elm Road Generating Station | |||||||
ESG Progress Plan | WEC Energy Group's Capital Investment Plan for Efficiency, Sustainability, and Growth for 2023-2027 | |||||||
ETB | Environmental Trust Bond | |||||||
EV | Electric Vehicle | |||||||
Exchange Act | Securities Exchange Act of 1934, as amended | |||||||
FTR | Financial Transmission Right | |||||||
IRA | Inflation Reduction Act | |||||||
ITC | Investment Tax Credit | |||||||
Koshkonong | Koshkonong Solar-Battery Park | |||||||
LIBOR | London Interbank Offered Rate | |||||||
LNG | Liquefied Natural Gas | |||||||
Maple Flats | Maple Flats Solar Energy Center LLC | |||||||
MISO | Midcontinent Independent System Operator, Inc. | |||||||
MRP | Main Replacement Program | |||||||
OCPP | Oak Creek Power Plant | |||||||
OC 7 | Oak Creek Power Plant Unit 7 | |||||||
OC 8 | Oak Creek Power Plant Unit 8 | |||||||
Paris | Paris Solar-Battery Park | |||||||
PPA | Power Purchase Agreement | |||||||
PTC | Production Tax Credit | |||||||
PWGS | Port Washington Generation Station | |||||||
QIP | Qualifying Infrastructure Plant | |||||||
Red Barn | Red Barn Wind Park |
06/30/2023 Form 10-Q | iii | WEC Energy Group, Inc. |
RICE | Reciprocating Internal Combustion Engine | |||||||
RNG | Renewable Natural Gas | |||||||
ROE | Return on Equity | |||||||
S&P | Standard & Poor's | |||||||
SIP | State Implementation Plan | |||||||
SMP | Safety Modernization Program | |||||||
SOFR | Secured Overnight Financing Rate | |||||||
SPP | Southwest Power Pool, Inc. | |||||||
Supreme Court | United States Supreme Court | |||||||
Tax Legislation | Tax Cuts and Jobs Act of 2017 | |||||||
TCR | Transmission Congestion Right | |||||||
UEA | Uncollectible Expense Adjustment | |||||||
UFLPA | Uyghur Forced Labor Prevention Act | |||||||
West Riverside | West Riverside Energy Center | |||||||
Whitewater | Whitewater Cogeneration Facility | |||||||
WRO | Withhold Release Order | |||||||
WUA | Wisconsin Utilities Association |
06/30/2023 Form 10-Q | iv | WEC Energy Group, Inc. |
06/30/2023 Form 10-Q | 1 | WEC Energy Group, Inc. |
06/30/2023 Form 10-Q | 2 | WEC Energy Group, Inc. |
06/30/2023 Form 10-Q | 3 | WEC Energy Group, Inc. |
CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
June 30 | June 30 | |||||||||||||||||||||||||
(in millions, except per share amounts) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Operating revenues | $ | $ | $ | $ | ||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||
Cost of sales | ||||||||||||||||||||||||||
Other operation and maintenance | ||||||||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||||
Property and revenue taxes | ||||||||||||||||||||||||||
Total operating expenses | ||||||||||||||||||||||||||
Operating income | ||||||||||||||||||||||||||
Equity in earnings of transmission affiliates | ||||||||||||||||||||||||||
Other income, net | ||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||
Other expense | ( | ( | ( | ( | ||||||||||||||||||||||
Income before income taxes | ||||||||||||||||||||||||||
Income tax expense | ||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||
Preferred stock dividends of subsidiary | ||||||||||||||||||||||||||
Net loss (income) attributed to noncontrolling interests | ( | |||||||||||||||||||||||||
Net income attributed to common shareholders | $ | $ | $ | $ | ||||||||||||||||||||||
Earnings per share | ||||||||||||||||||||||||||
Basic | $ | $ | $ | $ | ||||||||||||||||||||||
Diluted | $ | $ | $ | $ | ||||||||||||||||||||||
Weighted average common shares outstanding | ||||||||||||||||||||||||||
Basic | ||||||||||||||||||||||||||
Diluted |
06/30/2023 Form 10-Q | 4 | WEC Energy Group, Inc. |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
June 30 | June 30 | |||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||||||||||
Derivatives accounted for as cash flow hedges | ||||||||||||||||||||||||||
Reclassification of realized derivative gains to net income, net of tax | ( | ( | ||||||||||||||||||||||||
Defined benefit plans | ||||||||||||||||||||||||||
Amortization of pension and OPEB costs included in net periodic benefit cost, net of tax | ||||||||||||||||||||||||||
Other comprehensive loss, net of tax | ( | |||||||||||||||||||||||||
Comprehensive income | ||||||||||||||||||||||||||
Preferred stock dividends of subsidiary | ||||||||||||||||||||||||||
Comprehensive loss (income) attributed to noncontrolling interests | ( | |||||||||||||||||||||||||
Comprehensive income attributed to common shareholders | $ | $ | $ | $ |
06/30/2023 Form 10-Q | 5 | WEC Energy Group, Inc. |
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in millions, except share and per share amounts) | June 30, 2023 | December 31, 2022 | ||||||||||||
Assets | ||||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Accounts receivable and unbilled revenues, net of reserves of $ | ||||||||||||||
Materials, supplies, and inventories | ||||||||||||||
Prepaid taxes | ||||||||||||||
Other prepayments | ||||||||||||||
Collateral on deposit | ||||||||||||||
Other | ||||||||||||||
Current assets | ||||||||||||||
Long-term assets | ||||||||||||||
Property, plant, and equipment, net of accumulated depreciation and amortization of $ | ||||||||||||||
Regulatory assets (June 30, 2023 and December 31, 2022 include $ | ||||||||||||||
Equity investment in transmission affiliates | ||||||||||||||
Goodwill | ||||||||||||||
Pension and OPEB assets | ||||||||||||||
Other | ||||||||||||||
Long-term assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities and Equity | ||||||||||||||
Current liabilities | ||||||||||||||
Short-term debt | $ | $ | ||||||||||||
Current portion of long-term debt (June 30, 2023 and December 31, 2022 include $ | ||||||||||||||
Accounts payable | ||||||||||||||
Other | ||||||||||||||
Current liabilities | ||||||||||||||
Long-term liabilities | ||||||||||||||
Long-term debt (June 30, 2023 and December 31, 2022 include $ | ||||||||||||||
Deferred income taxes | ||||||||||||||
Deferred revenue, net | ||||||||||||||
Regulatory liabilities | ||||||||||||||
Intangible liabilities | ||||||||||||||
Asset retirement obligations | ||||||||||||||
Environmental remediation liabilities | ||||||||||||||
Other | ||||||||||||||
Long-term liabilities | ||||||||||||||
Commitments and contingencies (Note 23) | ||||||||||||||
Common shareholders' equity | ||||||||||||||
Common stock – $ | ||||||||||||||
Additional paid in capital | ||||||||||||||
Retained earnings | ||||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Common shareholders' equity | ||||||||||||||
Preferred stock of subsidiary | ||||||||||||||
Noncontrolling interests | ||||||||||||||
Total liabilities and equity | $ | $ |
06/30/2023 Form 10-Q | 6 | WEC Energy Group, Inc. |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | Six Months Ended | |||||||||||||
June 30 | ||||||||||||||
(in millions) | 2023 | 2022 | ||||||||||||
Operating activities | ||||||||||||||
Net income | $ | $ | ||||||||||||
Reconciliation to cash provided by operating activities | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Deferred income taxes and ITCs, net | ||||||||||||||
Contributions and payments related to pension and OPEB plans | ( | ( | ||||||||||||
Equity income in transmission affiliates, net of distributions | ( | ( | ||||||||||||
Change in – | ||||||||||||||
Accounts receivable and unbilled revenues, net | ||||||||||||||
Materials, supplies, and inventories | ||||||||||||||
Collateral on deposit | ( | |||||||||||||
Amounts recoverable from customers | ( | |||||||||||||
Other current assets | ||||||||||||||
Accounts payable | ( | |||||||||||||
Temporary LIFO liquidation credit | ||||||||||||||
Collateral received | ||||||||||||||
Other current liabilities | ( | |||||||||||||
Other, net | ( | ( | ||||||||||||
Net cash provided by operating activities | ||||||||||||||
Investing activities | ||||||||||||||
Capital expenditures | ( | ( | ||||||||||||
Acquisition of Whitewater | ( | |||||||||||||
Acquisition of Sapphire Sky, net of cash acquired of $ | ( | |||||||||||||
Acquisition of Samson I, net of cash acquired of $ | ( | |||||||||||||
Acquisition of Red Barn | ( | |||||||||||||
Acquisition of West Riverside | ( | |||||||||||||
Capital contributions to transmission affiliates | ( | ( | ||||||||||||
Proceeds from the sale of assets | ||||||||||||||
Proceeds from the sale of investments held in rabbi trust | ||||||||||||||
Payments for ATC's construction costs that will be reimbursed | ( | ( | ||||||||||||
Insurance proceeds received for property damage | ||||||||||||||
Other, net | ( | |||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
Financing activities | ||||||||||||||
Exercise of stock options | ||||||||||||||
Purchase of common stock | ( | ( | ||||||||||||
Dividends paid on common stock | ( | ( | ||||||||||||
Issuance of long-term debt | ||||||||||||||
Retirement of long-term debt | ( | ( | ||||||||||||
Change in commercial paper | ( | ( | ||||||||||||
Payments for debt issuance costs | ( | ( | ||||||||||||
Other, net | ( | ( | ||||||||||||
Net cash provided by (used in) financing activities | ( | |||||||||||||
Net change in cash, cash equivalents, and restricted cash | ( | |||||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | ||||||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | $ |
06/30/2023 Form 10-Q | 7 | WEC Energy Group, Inc. |
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||
WEC Energy Group Common Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share amounts) | Common Stock | Additional Paid In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Common Shareholders' Equity | Preferred Stock of Subsidiary | Non-controlling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Net income attributed to common shareholders | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributed to noncontrolling interests | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends of $ | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | ||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of noncontrolling interests | ||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation and other | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Net income attributed to common shareholders | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends of $ | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | ||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation and other | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
06/30/2023 Form 10-Q | 8 | WEC Energy Group, Inc. |
WEC Energy Group Common Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share amounts) | Common Stock | Additional Paid In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Common Shareholders' Equity | Preferred Stock of Subsidiary | Non-controlling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Net income attributed to common shareholders | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributed to noncontrolling interests | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends of $ | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | ||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Capital contributions from noncontrolling interest | ||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation and other | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Net income attributed to common shareholders | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends of $ | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | ||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Capital contributions from noncontrolling interest | ||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation and other | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
06/30/2023 Form 10-Q | 9 | WEC Energy Group, Inc. |
06/30/2023 Form 10-Q | 10 | WEC Energy Group, Inc. |
06/30/2023 Form 10-Q | 11 | WEC Energy Group, Inc. |
(in millions) | Wisconsin | Illinois | Other States | Total Utility Operations | Non-Utility Energy Infrastructure | Corporate and Other | Reconciling Eliminations | WEC Energy Group Consolidated | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Electric | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Natural gas | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Total regulated revenues | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Other non-utility revenues | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues from contracts with customers | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Other operating revenues | ( | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total operating revenues | $ | $ | $ | $ | $ | $ | $ | ( | $ |
(in millions) | Wisconsin | Illinois | Other States | Total Utility Operations | Non-Utility Energy Infrastructure | Corporate and Other | Reconciling Eliminations | WEC Energy Group Consolidated | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Electric | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Natural gas | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Total regulated revenues | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Other non-utility revenues | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues from contracts with customers | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Other operating revenues | ( | ( | (1) | |||||||||||||||||||||||||||||||||||||||||||||||
Total operating revenues | $ | $ | $ | $ | $ | $ | $ | ( | $ |
(in millions) | Wisconsin | Illinois | Other States | Total Utility Operations | Non-Utility Energy Infrastructure | Corporate and Other | Reconciling Eliminations | WEC Energy Group Consolidated | ||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Electric | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Natural gas | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Total regulated revenues | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Other non-utility revenues | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues from contracts with customers | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Other operating revenues | ( | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total operating revenues | $ | $ | $ | $ | $ | $ | $ | ( | $ |
06/30/2023 Form 10-Q | 12 | WEC Energy Group, Inc. |
(in millions) | Wisconsin | Illinois | Other States | Total Utility Operations | Non-Utility Energy Infrastructure | Corporate and Other | Reconciling Eliminations | WEC Energy Group Consolidated | ||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Electric | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Natural gas | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Total regulated revenues | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Other non-utility revenues | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues from contracts with customers | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Other operating revenues | ( | ( | (1) | |||||||||||||||||||||||||||||||||||||||||||||||
Total operating revenues | $ | $ | $ | $ | $ | $ | $ | ( | $ |
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Residential | $ | $ | $ | $ | ||||||||||||||||||||||
Small commercial and industrial | ||||||||||||||||||||||||||
Large commercial and industrial | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total retail revenues | ||||||||||||||||||||||||||
Wholesale | ||||||||||||||||||||||||||
Resale | ||||||||||||||||||||||||||
Steam | ||||||||||||||||||||||||||
Other utility revenues | ||||||||||||||||||||||||||
Total electric utility operating revenues | $ | $ | $ | $ |
(in millions) | Wisconsin | Illinois | Other States | Total Natural Gas Utility Operating Revenues | ||||||||||||||||||||||
Three Months Ended June 30, 2023 | ||||||||||||||||||||||||||
Residential | $ | $ | $ | $ | ||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||
Total retail revenues | ||||||||||||||||||||||||||
Transportation | ||||||||||||||||||||||||||
Other utility revenues (1) | ( | ( | ||||||||||||||||||||||||
Total natural gas utility operating revenues | $ | $ | $ | $ | ||||||||||||||||||||||
06/30/2023 Form 10-Q | 13 | WEC Energy Group, Inc. |
(in millions) | Wisconsin | Illinois | Other States | Total Natural Gas Utility Operating Revenues | ||||||||||||||||||||||
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||
Residential | $ | $ | $ | $ | ||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||
Total retail revenues | ||||||||||||||||||||||||||
Transportation | ||||||||||||||||||||||||||
Other utility revenues (1) | ( | |||||||||||||||||||||||||
Total natural gas utility operating revenues | $ | $ | $ | $ | ||||||||||||||||||||||
(in millions) | Wisconsin | Illinois | Other States | Total Natural Gas Utility Operating Revenues | ||||||||||||||||||||||
Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||
Residential | $ | $ | $ | $ | ||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||
Total retail revenues | ||||||||||||||||||||||||||
Transportation | ||||||||||||||||||||||||||
Other utility revenues (1) | ( | ( | ( | |||||||||||||||||||||||
Total natural gas utility operating revenues | $ | $ | $ | $ | ||||||||||||||||||||||
(in millions) | Wisconsin | Illinois | Other States | Total Natural Gas Utility Operating Revenues | ||||||||||||||||||||||
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||
Residential | $ | $ | $ | $ | ||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||
Total retail revenues | ||||||||||||||||||||||||||
Transportation | ||||||||||||||||||||||||||
Other utility revenues (1) | ( | ( | ( | |||||||||||||||||||||||
Total natural gas utility operating revenues | $ | $ | $ | $ | ||||||||||||||||||||||
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Wind generation revenues | $ | $ | $ | $ | ||||||||||||||||||||||
We Power revenues (1) | ||||||||||||||||||||||||||
Appliance service revenues | ||||||||||||||||||||||||||
Total other non-utility operating revenues | $ | $ | $ | $ |
06/30/2023 Form 10-Q | 14 | WEC Energy Group, Inc. |
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Late payment charges | $ | $ | $ | $ | ||||||||||||||||||||||
Alternative revenues (1) | ( | ( | ||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total other operating revenues | $ | $ | $ | $ |
06/30/2023 Form 10-Q | 15 | WEC Energy Group, Inc. |
(in millions) | Wisconsin | Illinois | Other States | Total Utility Operations | Non-Utility Energy Infrastructure | Corporate and Other | WEC Energy Group Consolidated | |||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable and unbilled revenues | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Allowance for credit losses | ||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable and unbilled revenues, net (1) | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Total accounts receivable, net – past due greater than 90 days (1) | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Past due greater than 90 days – collection risk mitigated by regulatory mechanisms (1) | % | % | % | % | % | % | % |
(in millions) | Wisconsin | Illinois | Other States | Total Utility Operations | Non-Utility Energy Infrastructure | Corporate and Other | WEC Energy Group Consolidated | |||||||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable and unbilled revenues | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Allowance for credit losses | ||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable and unbilled revenues, net (1) | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Total accounts receivable, net – past due greater than 90 days (1) | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Past due greater than 90 days – collection risk mitigated by regulatory mechanisms (1) | % | % | % | % | % | % | % |
Three Months Ended June 30, 2023 (in millions) | Wisconsin | Illinois | Other States | WEC Energy Group Consolidated | ||||||||||||||||||||||
Balance at April 1, 2023 | $ | $ | $ | $ | ||||||||||||||||||||||
Provision for credit losses | ( | |||||||||||||||||||||||||
Provision for credit losses deferred for future recovery or refund | ( | ( | ( | |||||||||||||||||||||||
Write-offs charged against the allowance | ( | ( | ( | ( | ||||||||||||||||||||||
Recoveries of amounts previously written off | ||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | $ | $ | $ |
Six Months Ended June 30, 2023 (in millions) | Wisconsin | Illinois | Other States | WEC Energy Group Consolidated | ||||||||||||||||||||||
Balance at January 1, 2023 | $ | $ | $ | $ | ||||||||||||||||||||||
Provision for credit losses | ||||||||||||||||||||||||||
Provision for credit losses deferred for future recovery or refund | ||||||||||||||||||||||||||
Write-offs charged against the allowance | ( | ( | ( | ( | ||||||||||||||||||||||
Recoveries of amounts previously written off | ||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | $ | $ | $ |
06/30/2023 Form 10-Q | 16 | WEC Energy Group, Inc. |
Three Months Ended June 30, 2022 (in millions) | Wisconsin | Illinois | Other States | WEC Energy Group Consolidated | ||||||||||||||||||||||
Balance at April 1, 2022 | $ | $ | $ | $ | ||||||||||||||||||||||
Provision for credit losses | ( | |||||||||||||||||||||||||
Provision for credit losses deferred for future recovery or refund | ( | ( | ( | |||||||||||||||||||||||
Write-offs charged against the allowance | ( | ( | ( | ( | ||||||||||||||||||||||
Recoveries of amounts previously written off | ||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | $ |
Six Months Ended June 30, 2022 (in millions) | Wisconsin | Illinois | Other States | WEC Energy Group Consolidated | ||||||||||||||||||||||
Balance at January 1, 2022 | $ | $ | $ | $ | ||||||||||||||||||||||
Provision for credit losses | ||||||||||||||||||||||||||
Provision for credit losses deferred for future recovery or refund | ||||||||||||||||||||||||||
Write-offs charged against the allowance | ( | ( | ( | ( | ||||||||||||||||||||||
Recoveries of amounts previously written off | ||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | $ |
06/30/2023 Form 10-Q | 17 | WEC Energy Group, Inc. |
(in millions) | June 30, 2023 | December 31, 2022 | ||||||||||||
Regulatory assets | ||||||||||||||
Pension and OPEB costs | $ | $ | ||||||||||||
Plant retirement related items | ||||||||||||||
Environmental remediation costs | ||||||||||||||
Income tax related items | ||||||||||||||
Asset retirement obligations | ||||||||||||||
Derivatives | ||||||||||||||
System support resource | ||||||||||||||
Securitization | ||||||||||||||
Uncollectible expense | ||||||||||||||
Bluewater (1) | ||||||||||||||
Energy efficiency programs | ||||||||||||||
MERC extraordinary natural gas costs | ||||||||||||||
Other, net | ||||||||||||||
Total regulatory assets | $ | $ | ||||||||||||
Balance sheet presentation | ||||||||||||||
Other current assets | $ | $ | ||||||||||||
Regulatory assets | ||||||||||||||
Total regulatory assets | $ | $ |
(in millions) | June 30, 2023 | December 31, 2022 | ||||||||||||
Regulatory liabilities | ||||||||||||||
Income tax related items | $ | $ | ||||||||||||
Removal costs | ||||||||||||||
Pension and OPEB benefits | ||||||||||||||
Energy costs refundable through rate adjustments (1) | ||||||||||||||
Derivatives | ||||||||||||||
Uncollectible expense | ||||||||||||||
Decoupling | ||||||||||||||
Energy efficiency programs | ||||||||||||||
Other, net | ||||||||||||||
Total regulatory liabilities | $ | $ | ||||||||||||
Balance sheet presentation | ||||||||||||||
Other current liabilities | $ | $ | ||||||||||||
Regulatory liabilities | ||||||||||||||
Total regulatory liabilities | $ | $ |
06/30/2023 Form 10-Q | 18 | WEC Energy Group, Inc. |
06/30/2023 Form 10-Q | 19 | WEC Energy Group, Inc. |
Award Type | Number of Awards | |||||||
Stock options (1) | ||||||||
Restricted shares (2) | ||||||||
Performance units |
(in millions, except percentages) | June 30, 2023 | December 31, 2022 | ||||||||||||
Commercial paper | ||||||||||||||
Amount outstanding | $ | $ | ||||||||||||
Weighted-average interest rate on amounts outstanding | % | % | ||||||||||||
Operating expense loans | ||||||||||||||
Amount outstanding (1) | $ | $ | ||||||||||||
06/30/2023 Form 10-Q | 20 | WEC Energy Group, Inc. |
(in millions) | Maturity | June 30, 2023 | ||||||||||||
WEC Energy Group | September 2026 | $ | ||||||||||||
WE | September 2026 | |||||||||||||
WPS | September 2026 | |||||||||||||
WG | September 2026 | |||||||||||||
PGL | September 2026 | |||||||||||||
Total short-term credit capacity | $ | |||||||||||||
Less: | ||||||||||||||
Letters of credit issued inside credit facilities | $ | |||||||||||||
Commercial paper outstanding | ||||||||||||||
Available capacity under existing agreements | $ |
06/30/2023 Form 10-Q | 21 | WEC Energy Group, Inc. |
(in millions) | ||||||||
Six Months Ended December 31, 2023 | $ | |||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
2028 | ||||||||
Thereafter | ||||||||
Total minimum lease payments | ||||||||
Less: Interest | ( | |||||||
Present value of minimum lease payments | ||||||||
Less: Short-term lease liabilities | ||||||||
Long-term lease liabilities | $ |
(in millions) | June 30, 2023 | December 31, 2022 | ||||||||||||
Materials and supplies | $ | $ | ||||||||||||
Natural gas in storage | ||||||||||||||
Fossil fuel | ||||||||||||||
Total | $ | $ |
06/30/2023 Form 10-Q | 22 | WEC Energy Group, Inc. |
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | |||||||||||||||||||||||||
(in millions) | Amount | Effective Tax Rate | Amount | Effective Tax Rate | ||||||||||||||||||||||
Statutory federal income tax | $ | % | $ | % | ||||||||||||||||||||||
State income taxes net of federal tax benefit | % | % | ||||||||||||||||||||||||
PTCs | ( | ( | % | ( | ( | % | ||||||||||||||||||||
Federal excess deferred tax amortization | ( | ( | % | ( | ( | % | ||||||||||||||||||||
Other, net | ( | ( | % | ( | ( | % | ||||||||||||||||||||
Total income tax expense | $ | % | $ | % | ||||||||||||||||||||||
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | |||||||||||||||||||||||||
(in millions) | Amount | Effective Tax Rate | Amount | Effective Tax Rate | ||||||||||||||||||||||
Statutory federal income tax | $ | % | $ | % | ||||||||||||||||||||||
State income taxes net of federal tax benefit | % | % | ||||||||||||||||||||||||
PTCs | ( | ( | % | ( | ( | % | ||||||||||||||||||||
Federal excess deferred tax amortization | ( | ( | % | ( | ( | % | ||||||||||||||||||||
Other, net | ( | ( | % | ( | ( | % | ||||||||||||||||||||
Total income tax expense | $ | % | $ | % |
06/30/2023 Form 10-Q | 23 | WEC Energy Group, Inc. |
June 30, 2023 | ||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Derivative assets | ||||||||||||||||||||||||||
Natural gas contracts | $ | $ | $ | $ | ||||||||||||||||||||||
FTRs and TCRs | ||||||||||||||||||||||||||
Coal contracts | ||||||||||||||||||||||||||
Total derivative assets | $ | $ | $ | $ | ||||||||||||||||||||||
Investments held in rabbi trust | $ | $ | $ | $ | ||||||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||||
Natural gas contracts | $ | $ | $ | $ | ||||||||||||||||||||||
Coal contracts | ||||||||||||||||||||||||||
Total derivative liabilities | $ | $ | $ | $ |
06/30/2023 Form 10-Q | 24 | WEC Energy Group, Inc. |
December 31, 2022 | ||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Derivative assets | ||||||||||||||||||||||||||
Natural gas contracts | $ | $ | $ | $ | ||||||||||||||||||||||
FTRs | ||||||||||||||||||||||||||
Coal contracts | ||||||||||||||||||||||||||
Total derivative assets | $ | $ | $ | $ | ||||||||||||||||||||||
Investments held in rabbi trust | $ | $ | $ | $ | ||||||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||||
Natural gas contracts | $ | $ | $ | $ |
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Balance at the beginning of the period | $ | $ | $ | $ | ||||||||||||||||||||||
Purchases | ||||||||||||||||||||||||||
Realized and unrealized net gains (losses) included in earnings (1) | ( | ( | ||||||||||||||||||||||||
Settlements | ( | ( | ( | ( | ||||||||||||||||||||||
Balance at the end of the period | $ | $ | $ | $ | ||||||||||||||||||||||
Unrealized net gains (losses) included in earnings attributable to Level 3 derivatives held at the end of the reporting period (1) | $ | ( | $ | $ | ( | $ |
June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
(in millions) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||
Preferred stock of subsidiary | $ | $ | $ | $ | ||||||||||||||||||||||
Long-term debt, including current portion (1) |
06/30/2023 Form 10-Q | 25 | WEC Energy Group, Inc. |
June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
(in millions) | Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||
Current | ||||||||||||||||||||||||||
Natural gas contracts | $ | $ | $ | $ | ||||||||||||||||||||||
FTRs and TCRs | ||||||||||||||||||||||||||
Coal contracts | ||||||||||||||||||||||||||
Long-term | ||||||||||||||||||||||||||
Natural gas contracts | ||||||||||||||||||||||||||
Coal contracts | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | |||||||||||||||||||||||||
(in millions) | Volumes | Gains (Losses) | Volumes | Gains | ||||||||||||||||||||||
Natural gas contracts | $ | ( | $ | |||||||||||||||||||||||
FTRs and TCRs | ||||||||||||||||||||||||||
Total | $ | ( | $ | |||||||||||||||||||||||
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | |||||||||||||||||||||||||
(in millions) | Volumes | Gains (Losses) | Volumes | Gains | ||||||||||||||||||||||
Natural gas contracts | $ | ( | $ | |||||||||||||||||||||||
FTRs and TCRs | ||||||||||||||||||||||||||
Total | $ | ( | $ |
06/30/2023 Form 10-Q | 26 | WEC Energy Group, Inc. |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||
(in millions) | Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||
Gross amount recognized on the balance sheet | $ | $ | $ | $ | |||||||||||||||||||||||||
Gross amount not offset on the balance sheet | ( | ( | (1) | ( | ( | (2) | |||||||||||||||||||||||
Net amount | $ | $ | $ | $ |
Total Amounts Committed at June 30, 2023 | Expiration | |||||||||||||||||||||||||
(in millions) | Less Than 1 Year | 1 to 3 Years | Over 3 Years | |||||||||||||||||||||||
Standby letters of credit (1) | $ | $ | $ | $ | ||||||||||||||||||||||
Surety bonds (2) | ||||||||||||||||||||||||||
Other guarantees (3) | ||||||||||||||||||||||||||
Total guarantees | $ | $ | $ | $ |
06/30/2023 Form 10-Q | 27 | WEC Energy Group, Inc. |
Pension Benefits | ||||||||||||||||||||||||||
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||||||||||||
Interest cost | ||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | ||||||||||||||||||||||
Loss on plan settlement | ||||||||||||||||||||||||||
Amortization of prior service cost | ||||||||||||||||||||||||||
Amortization of net actuarial loss | ||||||||||||||||||||||||||
Net periodic benefit cost (credit) | $ | ( | $ | $ | ( | $ |
OPEB Benefits | ||||||||||||||||||||||||||
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||||||||||||
Interest cost | ||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | ||||||||||||||||||||||
Amortization of prior service credit | ( | ( | ( | ( | ||||||||||||||||||||||
Amortization of net actuarial gain | ( | ( | ( | ( | ||||||||||||||||||||||
Net periodic benefit credit | $ | ( | $ | ( | $ | ( | $ | ( |
(in millions) | Wisconsin | Illinois | Other States | Non-Utility Energy Infrastructure | Total | |||||||||||||||||||||||||||
Goodwill balance (1) | $ | $ | $ | $ | $ |
06/30/2023 Form 10-Q | 28 | WEC Energy Group, Inc. |
June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||
(in millions) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||||||||
PPAs (1) | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
Proxy revenue swap (2) | ( | ( | ||||||||||||||||||||||||||||||||||||
Interconnection agreements (3) | ( | ( | ||||||||||||||||||||||||||||||||||||
Total intangible liabilities | $ | $ | ( | $ | $ | $ | ( | $ |
For the Years Ending December 31 | ||||||||||||||||||||||||||||||||
(in millions) | 2023 | 2024 | 2025 | 2026 | 2027 | |||||||||||||||||||||||||||
Amortization to be recorded as an increase to operating revenues | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Amortization to be recorded as a decrease to other operation and maintenance |
06/30/2023 Form 10-Q | 29 | WEC Energy Group, Inc. |
Three Months Ended June 30, 2023 | ||||||||||||||||||||
(in millions) | ATC | ATC Holdco | Total | |||||||||||||||||
Balance at beginning of period | $ | $ | $ | |||||||||||||||||
Add: Earnings from equity method investment | ||||||||||||||||||||
Add: Capital contributions | ||||||||||||||||||||
Less: Distributions | ||||||||||||||||||||
Balance at end of period | $ | $ | $ | |||||||||||||||||
Three Months Ended June 30, 2022 | ||||||||||||||||||||
(in millions) | ATC | ATC Holdco | Total | |||||||||||||||||
Balance at beginning of period | $ | $ | $ | |||||||||||||||||
Add: Earnings from equity method investment | ||||||||||||||||||||
Add: Capital contributions | ||||||||||||||||||||
Less: Distributions | ||||||||||||||||||||
Balance at end of period | $ | $ | $ | |||||||||||||||||
Six Months Ended June 30, 2023 | ||||||||||||||||||||
(in millions) | ATC | ATC Holdco | Total | |||||||||||||||||
Balance at beginning of period | $ | $ | $ | |||||||||||||||||
Add: Earnings from equity method investment | ||||||||||||||||||||
Add: Capital contributions | ||||||||||||||||||||
Less: Distributions | ||||||||||||||||||||
Balance at end of period | $ | $ | $ | |||||||||||||||||
Six Months Ended June 30, 2022 | ||||||||||||||||||||
(in millions) | ATC | ATC Holdco | Total | |||||||||||||||||
Balance at beginning of period | $ | $ | $ | |||||||||||||||||
Add: Earnings from equity method investment | ||||||||||||||||||||
Add: Capital contributions | ||||||||||||||||||||
Less: Distributions | ||||||||||||||||||||
Balance at end of period | $ | $ | $ |
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Charges to ATC for services and construction | $ | $ | $ | $ | ||||||||||||||||||||||
Charges from ATC for network transmission services | ||||||||||||||||||||||||||
06/30/2023 Form 10-Q | 30 | WEC Energy Group, Inc. |
(in millions) | June 30, 2023 | December 31, 2022 | ||||||||||||
Accounts receivable for services provided to ATC | $ | $ | ||||||||||||
Accounts payable for services received from ATC | ||||||||||||||
Amounts due from ATC for transmission infrastructure upgrades (1) |
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Income statement data | ||||||||||||||||||||||||||
Operating revenues | $ | $ | $ | $ | ||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||
Other expense, net | ||||||||||||||||||||||||||
Net income | $ | $ | $ | $ |
(in millions) | June 30, 2023 | December 31, 2022 | ||||||||||||
Balance sheet data | ||||||||||||||
Current assets | $ | $ | ||||||||||||
Noncurrent assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Current liabilities | $ | $ | ||||||||||||
Long-term debt | ||||||||||||||
Other noncurrent liabilities | ||||||||||||||
Members' equity | ||||||||||||||
Total liabilities and members' equity | $ | $ |
06/30/2023 Form 10-Q | 31 | WEC Energy Group, Inc. |
Utility Operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Wisconsin | Illinois | Other States | Total Utility Operations | Electric Transmission | Non-Utility Energy Infrastructure | Corporate and Other | Reconciling Eliminations | WEC Energy Group Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
External revenues | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Intersegment revenues | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operation and maintenance | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of transmission affiliates | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributed to common shareholders | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Utility Operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Wisconsin | Illinois | Other States | Total Utility Operations | Electric Transmission | Non-Utility Energy Infrastructure | Corporate and Other | Reconciling Eliminations | WEC Energy Group Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
External revenues | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Intersegment revenues | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operation and maintenance | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of transmission affiliates | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributed to common shareholders | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
06/30/2023 Form 10-Q | 32 | WEC Energy Group, Inc. |
Utility Operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Wisconsin | Illinois | Other States | Total Utility Operations | Electric Transmission | Non-Utility Energy Infrastructure | Corporate and Other | Reconciling Eliminations | WEC Energy Group Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
External revenues | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Intersegment revenues | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operation and maintenance | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of transmission affiliates | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributed to common shareholders | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Utility Operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Wisconsin | Illinois | Other States | Total Utility Operations | Electric Transmission | Non-Utility Energy Infrastructure | Corporate and Other | Reconciling Eliminations | WEC Energy Group Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
External revenues | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Intersegment revenues | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operation and maintenance | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of transmission affiliates | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributed to common shareholders | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
06/30/2023 Form 10-Q | 33 | WEC Energy Group, Inc. |
(in millions) | June 30, 2023 | December 31, 2022 | ||||||||||||
Assets | ||||||||||||||
Other current assets (restricted cash) | $ | $ | ||||||||||||
Regulatory assets | ||||||||||||||
Other long-term assets (restricted cash) | ||||||||||||||
Liabilities | ||||||||||||||
Current portion of long-term debt | ||||||||||||||
Other current liabilities (accrued interest) | ||||||||||||||
Long-term debt |
06/30/2023 Form 10-Q | 34 | WEC Energy Group, Inc. |
06/30/2023 Form 10-Q | 35 | WEC Energy Group, Inc. |
06/30/2023 Form 10-Q | 36 | WEC Energy Group, Inc. |
06/30/2023 Form 10-Q | 37 | WEC Energy Group, Inc. |
06/30/2023 Form 10-Q | 38 | WEC Energy Group, Inc. |
(in millions) | June 30, 2023 | December 31, 2022 | ||||||||||||
Regulatory assets | $ | $ | ||||||||||||
Reserves for future environmental remediation |
06/30/2023 Form 10-Q | 39 | WEC Energy Group, Inc. |
Six Months Ended June 30 | ||||||||||||||
(in millions) | 2023 | 2022 | ||||||||||||
Cash paid for interest, net of amount capitalized | $ | $ | ||||||||||||
Cash paid for income taxes, net | ||||||||||||||
Significant non-cash investing and financing transactions: | ||||||||||||||
Accounts payable related to construction costs | ||||||||||||||
Increase in receivables related to insurance proceeds | ||||||||||||||
Liabilities accrued for software licensing agreement |
(in millions) | June 30, 2023 | December 31, 2022 | ||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Restricted cash included in other current assets | ||||||||||||||
Restricted cash included in other long-term assets | ||||||||||||||
Cash, cash equivalents, and restricted cash | $ | $ |
06/30/2023 Form 10-Q | 40 | WEC Energy Group, Inc. |
WE | WPS | WG | ||||||||||||||||||||||||||||||||||||
Requested 2024 base rate increases | ||||||||||||||||||||||||||||||||||||||
Electric | $ | million | / | $ | million | / | N/A | |||||||||||||||||||||||||||||||
Gas | $ | million | / | N/A | $ | million | / |
06/30/2023 Form 10-Q | 41 | WEC Energy Group, Inc. |
06/30/2023 Form 10-Q | 42 | WEC Energy Group, Inc. |
06/30/2023 Form 10-Q | 43 | WEC Energy Group, Inc. |
06/30/2023 Form 10-Q | 44 | WEC Energy Group, Inc. |
06/30/2023 Form 10-Q | 45 | WEC Energy Group, Inc. |
Three Months Ended June 30 | ||||||||||||||||||||
(in millions, except per share data) | 2023 | 2022 | B (W) | |||||||||||||||||
Wisconsin | $ | 185.6 | $ | 148.4 | $ | 37.2 | ||||||||||||||
Illinois | 30.1 | 56.4 | (26.3) | |||||||||||||||||
Other states | 3.7 | 2.7 | 1.0 | |||||||||||||||||
Electric transmission | 29.1 | 29.0 | 0.1 | |||||||||||||||||
Non-utility energy infrastructure | 85.9 | 80.3 | 5.6 | |||||||||||||||||
Corporate and other | (44.7) | (29.3) | (15.4) | |||||||||||||||||
Net income attributed to common shareholders | $ | 289.7 | $ | 287.5 | $ | 2.2 | ||||||||||||||
Diluted earnings per share | $ | 0.92 | $ | 0.91 | $ | 0.01 |
06/30/2023 Form 10-Q | 46 | WEC Energy Group, Inc. |
Three Months Ended June 30 | ||||||||||||||
(in millions) | 2023 | 2022 | ||||||||||||
Wisconsin | $ | 352.3 | $ | 309.1 | ||||||||||
Illinois | 60.9 | 91.9 | ||||||||||||
Other states | 9.1 | 6.3 |
06/30/2023 Form 10-Q | 47 | WEC Energy Group, Inc. |
Three Months Ended June 30 | ||||||||||||||||||||
(in millions) | 2023 | 2022 | B (W) | |||||||||||||||||
Electric revenues | $ | 1,182.0 | $ | 1,225.5 | $ | (43.5) | ||||||||||||||
Fuel and purchased power | 358.7 | 472.9 | 114.2 | |||||||||||||||||
Total electric margins | 823.3 | 752.6 | 70.7 | |||||||||||||||||
Natural gas revenues | 242.5 | 331.9 | (89.4) | |||||||||||||||||
Cost of natural gas sold | 107.2 | 209.2 | 102.0 | |||||||||||||||||
Total natural gas margins | 135.3 | 122.7 | 12.6 | |||||||||||||||||
Total electric and natural gas margins | 958.6 | 875.3 | 83.3 | |||||||||||||||||
Other operation and maintenance | 351.8 | 337.9 | (13.9) | |||||||||||||||||
Depreciation and amortization | 210.3 | 187.7 | (22.6) | |||||||||||||||||
Property and revenue taxes | 44.2 | 40.6 | (3.6) | |||||||||||||||||
Operating income | 352.3 | 309.1 | 43.2 | |||||||||||||||||
Other income, net | 37.3 | 24.5 | 12.8 | |||||||||||||||||
Interest expense | 150.1 | 135.6 | (14.5) | |||||||||||||||||
Income before income taxes | 239.5 | 198.0 | 41.5 | |||||||||||||||||
Income tax expense | 53.6 | 49.3 | (4.3) | |||||||||||||||||
Preferred stock dividends of subsidiary | 0.3 | 0.3 | — | |||||||||||||||||
Net income attributed to common shareholders | $ | 185.6 | $ | 148.4 | $ | 37.2 |
Three Months Ended June 30 | ||||||||||||||||||||
(in millions) | 2023 | 2022 | B (W) | |||||||||||||||||
Operation and maintenance not included in line items below | $ | 134.3 | $ | 172.0 | $ | 37.7 | ||||||||||||||
Transmission (1) | 131.6 | 107.4 | (24.2) | |||||||||||||||||
Regulatory amortizations and other pass through expenses (2) | 51.2 | 36.6 | (14.6) | |||||||||||||||||
We Power (3) | 35.5 | 27.3 | (8.2) | |||||||||||||||||
Earnings sharing mechanisms (4) | (0.8) | (5.4) | (4.6) | |||||||||||||||||
Total other operation and maintenance | $ | 351.8 | $ | 337.9 | $ | (13.9) |
06/30/2023 Form 10-Q | 48 | WEC Energy Group, Inc. |
Three Months Ended June 30 | ||||||||||||||||||||
MWh (in thousands) | ||||||||||||||||||||
Electric Sales Volumes | 2023 | 2022 | B (W) | |||||||||||||||||
Customer Class | ||||||||||||||||||||
Residential | 2,486.9 | 2,657.1 | (170.2) | |||||||||||||||||
Small commercial and industrial (1) | 3,108.4 | 3,106.5 | 1.9 | |||||||||||||||||
Large commercial and industrial (1) | 2,999.9 | 2,988.4 | 11.5 | |||||||||||||||||
Other | 25.6 | 28.9 | (3.3) | |||||||||||||||||
Total retail (1) | 8,620.8 | 8,780.9 | (160.1) | |||||||||||||||||
Wholesale | 446.5 | 639.4 | (192.9) | |||||||||||||||||
Resale | 962.3 | 855.4 | 106.9 | |||||||||||||||||
Total sales in MWh (1) | 10,029.6 | 10,275.7 | (246.1) |
Three Months Ended June 30 | ||||||||||||||||||||
Therms (in millions) | ||||||||||||||||||||
Natural Gas Sales Volumes | 2023 | 2022 | B (W) | |||||||||||||||||
Customer Class | ||||||||||||||||||||
Residential | 150.2 | 175.9 | (25.7) | |||||||||||||||||
Commercial and industrial | 107.2 | 106.4 | 0.8 | |||||||||||||||||
Total retail | 257.4 | 282.3 | (24.9) | |||||||||||||||||
Transportation | 292.2 | 321.0 | (28.8) | |||||||||||||||||
Total sales in therms | 549.6 | 603.3 | (53.7) |
Three Months Ended June 30 | ||||||||||||||||||||
Degree Days | ||||||||||||||||||||
Weather | 2023 | 2022 | B (W) | |||||||||||||||||
WE and WG (1) | ||||||||||||||||||||
Heating (911 Normal) | 758 | 840 | (9.8) | % | ||||||||||||||||
Cooling (171 Normal) | 158 | 259 | (39.0) | % | ||||||||||||||||
WPS (2) | ||||||||||||||||||||
Heating (950 Normal) | 873 | 908 | (3.9) | % | ||||||||||||||||
Cooling (148 Normal) | 174 | 249 | (30.1) | % | ||||||||||||||||
UMERC (3) | ||||||||||||||||||||
Heating (1,188 Normal) | 1,118 | 1,232 | (9.3) | % | ||||||||||||||||
Cooling (83 Normal) | 108 | 115 | (6.1) | % |
06/30/2023 Form 10-Q | 49 | WEC Energy Group, Inc. |
06/30/2023 Form 10-Q | 50 | WEC Energy Group, Inc. |
06/30/2023 Form 10-Q | 51 | WEC Energy Group, Inc. |
Three Months Ended June 30 | ||||||||||||||||||||
(in millions) | 2023 | 2022 | B (W) | |||||||||||||||||
Natural gas revenues | $ | 273.5 | $ | 442.4 | $ | (168.9) | ||||||||||||||
Cost of natural gas sold | 40.6 | 205.6 | 165.0 | |||||||||||||||||
Total natural gas margins | 232.9 | 236.8 | (3.9) | |||||||||||||||||
Other operation and maintenance | 105.3 | 79.1 | (26.2) | |||||||||||||||||
Depreciation and amortization | 58.5 | 57.4 | (1.1) | |||||||||||||||||
Property and revenue taxes | 8.2 | 8.4 | 0.2 | |||||||||||||||||
Operating income | 60.9 | 91.9 | (31.0) | |||||||||||||||||
Other income, net | 1.5 | 3.7 | (2.2) | |||||||||||||||||
Interest expense | 21.4 | 18.0 | (3.4) | |||||||||||||||||
Income before income taxes | 41.0 | 77.6 | (36.6) | |||||||||||||||||
Income tax expense | 10.9 | 21.2 | 10.3 | |||||||||||||||||
Net income attributed to common shareholders | $ | 30.1 | $ | 56.4 | $ | (26.3) |
Three Months Ended June 30 | ||||||||||||||||||||
(in millions) | 2023 | 2022 | B (W) | |||||||||||||||||
Operation and maintenance not included in the line items below | $ | 87.8 | $ | 53.3 | $ | (34.5) | ||||||||||||||
Riders (1) | 17.5 | 26.4 | 8.9 | |||||||||||||||||
Regulatory amortizations (1) | — | (0.6) | (0.6) | |||||||||||||||||
Total other operation and maintenance | $ | 105.3 | $ | 79.1 | $ | (26.2) |
06/30/2023 Form 10-Q | 52 | WEC Energy Group, Inc. |
Three Months Ended June 30 | ||||||||||||||||||||
Therms (in millions) | ||||||||||||||||||||
Natural Gas Sales Volumes | 2023 | 2022 | B (W) | |||||||||||||||||
Customer Class | ||||||||||||||||||||
Residential | 117.1 | 145.2 | (28.1) | |||||||||||||||||
Commercial and industrial | 41.3 | 52.5 | (11.2) | |||||||||||||||||
Total retail | 158.4 | 197.7 | (39.3) | |||||||||||||||||
Transportation | 128.4 | 133.9 | (5.5) | |||||||||||||||||
Total sales in therms | 286.8 | 331.6 | (44.8) |
Three Months Ended June 30 | ||||||||||||||||||||
Degree Days | ||||||||||||||||||||
Weather (1) | 2023 | 2022 | B (W) | |||||||||||||||||
Heating (725 Normal) | 601 | 722 | (16.8) | % |
06/30/2023 Form 10-Q | 53 | WEC Energy Group, Inc. |
Three Months Ended June 30 | ||||||||||||||||||||
(in millions) | 2023 | 2022 | B (W) | |||||||||||||||||
Natural gas revenues | $ | 81.9 | $ | 99.9 | $ | (18.0) | ||||||||||||||
Cost of natural gas sold | 35.7 | 55.8 | 20.1 | |||||||||||||||||
Total natural gas margins | 46.2 | 44.1 | 2.1 | |||||||||||||||||
Other operation and maintenance | 21.8 | 22.9 | 1.1 | |||||||||||||||||
Depreciation and amortization | 10.6 | 10.2 | (0.4) | |||||||||||||||||
Property and revenue taxes | 4.7 | 4.7 | — | |||||||||||||||||
Operating income | 9.1 | 6.3 | 2.8 | |||||||||||||||||
Other income, net | — | 0.5 | (0.5) | |||||||||||||||||
Interest expense | 4.1 | 3.2 | (0.9) | |||||||||||||||||
Income before income taxes | 5.0 | 3.6 | 1.4 | |||||||||||||||||
Income tax expense | 1.3 | 0.9 | (0.4) | |||||||||||||||||
Net income attributed to common shareholders | $ | 3.7 | $ | 2.7 | $ | 1.0 |
06/30/2023 Form 10-Q | 54 | WEC Energy Group, Inc. |
Three Months Ended June 30 | ||||||||||||||||||||
(in millions) | 2023 | 2022 | B (W) | |||||||||||||||||
Operation and maintenance not included in line item below | $ | 18.4 | $ | 18.9 | $ | 0.5 | ||||||||||||||
Regulatory amortizations and other pass through expenses (1) | 3.4 | 4.0 | 0.6 | |||||||||||||||||
Total other operation and maintenance | $ | 21.8 | $ | 22.9 | $ | 1.1 |
Three Months Ended June 30 | ||||||||||||||||||||
Therms (in millions) | ||||||||||||||||||||
Natural Gas Sales Volumes | 2023 | 2022 | B (W) | |||||||||||||||||
Customer Class | ||||||||||||||||||||
Residential | 43.6 | 52.6 | (9.0) | |||||||||||||||||
Commercial and industrial | 28.0 | 37.8 | (9.8) | |||||||||||||||||
Total retail | 71.6 | 90.4 | (18.8) | |||||||||||||||||
Transportation | 178.8 | 164.9 | 13.9 | |||||||||||||||||
Total sales in therms | 250.4 | 255.3 | (4.9) |
Three Months Ended June 30 | ||||||||||||||||||||
Degree Days | ||||||||||||||||||||
Weather (1) | 2023 | 2022 | B (W) | |||||||||||||||||
MERC | ||||||||||||||||||||
Heating (956 Normal) | 877 | 1,112 | (21.1) | % | ||||||||||||||||
MGU | ||||||||||||||||||||
Heating (782 Normal) | 748 | 796 | (6.0) | % |
06/30/2023 Form 10-Q | 55 | WEC Energy Group, Inc. |
Three Months Ended June 30 | ||||||||||||||||||||
(in millions) | 2023 | 2022 | B (W) | |||||||||||||||||
Equity in earnings of transmission affiliates | $ | 43.6 | $ | 43.0 | $ | 0.6 | ||||||||||||||
Other income | — | 0.1 | (0.1) | |||||||||||||||||
Interest expense | 4.8 | 4.8 | — | |||||||||||||||||
Income before income taxes | 38.8 | 38.3 | 0.5 | |||||||||||||||||
Income tax expense | 9.7 | 9.3 | (0.4) | |||||||||||||||||
Net income attributed to common shareholders | $ | 29.1 | $ | 29.0 | $ | 0.1 |
Three Months Ended June 30 | ||||||||||||||||||||
(in millions) | 2023 | 2022 | B (W) | |||||||||||||||||
Operating income | $ | 91.3 | $ | 90.4 | $ | 0.9 | ||||||||||||||
Interest expense | 25.1 | 17.4 | (7.7) | |||||||||||||||||
Income before income taxes | 66.2 | 73.0 | (6.8) | |||||||||||||||||
Income tax benefit | (19.7) | (7.3) | 12.4 | |||||||||||||||||
Net income attributed to common shareholders | $ | 85.9 | $ | 80.3 | $ | 5.6 |
06/30/2023 Form 10-Q | 56 | WEC Energy Group, Inc. |
Three Months Ended June 30 | ||||||||||||||||||||
(in millions) | 2023 | 2022 | B (W) | |||||||||||||||||
Operating loss | $ | (5.9) | $ | (5.8) | $ | (0.1) | ||||||||||||||
Other income (expense), net | 15.9 | (8.9) | 24.8 | |||||||||||||||||
Interest expense | 62.0 | 24.6 | (37.4) | |||||||||||||||||
Loss before income taxes | (52.0) | (39.3) | (12.7) | |||||||||||||||||
Income tax benefit | (7.3) | (10.0) | (2.7) | |||||||||||||||||
Net loss attributed to common shareholders | $ | (44.7) | $ | (29.3) | $ | (15.4) |
06/30/2023 Form 10-Q | 57 | WEC Energy Group, Inc. |
Six Months Ended June 30 | ||||||||||||||||||||
(in millions, except per share data) | 2023 | 2022 | B (W) | |||||||||||||||||
Wisconsin | $ | 442.8 | $ | 436.5 | $ | 6.3 | ||||||||||||||
Illinois | 143.2 | 169.8 | (26.6) | |||||||||||||||||
Other states | 36.9 | 34.2 | 2.7 | |||||||||||||||||
Electric transmission | 58.4 | 56.8 | 1.6 | |||||||||||||||||
Non-utility energy infrastructure | 174.4 | 171.8 | 2.6 | |||||||||||||||||
Corporate and other | (58.5) | (15.7) | (42.8) | |||||||||||||||||
Net income attributed to common shareholders | $ | 797.2 | $ | 853.4 | $ | (56.2) | ||||||||||||||
Diluted Earnings Per Share | $ | 2.52 | $ | 2.70 | $ | (0.18) |
06/30/2023 Form 10-Q | 58 | WEC Energy Group, Inc. |
Six Months Ended June 30 | ||||||||||||||
(in millions) | 2023 | 2022 | ||||||||||||
Wisconsin | $ | 794.1 | $ | 806.8 | ||||||||||
Illinois | 236.3 | 260.1 | ||||||||||||
Other states | 57.4 | 50.9 |
Six Months Ended June 30 | ||||||||||||||||||||
(in millions) | 2023 | 2022 | B (W) | |||||||||||||||||
Electric revenues | $ | 2,390.9 | $ | 2,418.5 | $ | (27.6) | ||||||||||||||
Fuel and purchased power | 770.4 | 879.8 | 109.4 | |||||||||||||||||
Total electric margins | 1,620.5 | 1,538.7 | 81.8 | |||||||||||||||||
Natural gas revenues | 1,029.9 | 1,081.2 | (51.3) | |||||||||||||||||
Cost of natural gas sold | 615.8 | 706.0 | 90.2 | |||||||||||||||||
Total natural gas margins | 414.1 | 375.2 | 38.9 | |||||||||||||||||
Total electric and natural gas margins | 2,034.6 | 1,913.9 | 120.7 | |||||||||||||||||
Other operation and maintenance | 732.6 | 650.5 | (82.1) | |||||||||||||||||
Depreciation and amortization | 417.6 | 374.8 | (42.8) | |||||||||||||||||
Property and revenue taxes | 90.3 | 81.8 | (8.5) | |||||||||||||||||
Operating income | 794.1 | 806.8 | (12.7) | |||||||||||||||||
Other income, net | 69.5 | 46.9 | 22.6 | |||||||||||||||||
Interest expense | 300.7 | 271.9 | (28.8) | |||||||||||||||||
Income before income taxes | 562.9 | 581.8 | (18.9) | |||||||||||||||||
Income tax expense | 119.5 | 144.7 | 25.2 | |||||||||||||||||
Preferred stock dividends of subsidiary | 0.6 | 0.6 | — | |||||||||||||||||
Net income attributed to common shareholders | $ | 442.8 | $ | 436.5 | $ | 6.3 |
06/30/2023 Form 10-Q | 59 | WEC Energy Group, Inc. |
Six Months Ended June 30 | ||||||||||||||||||||
(in millions) | 2023 | 2022 | B (W) | |||||||||||||||||
Operation and maintenance not included in line items below | $ | 289.3 | $ | 318.7 | $ | 29.4 | ||||||||||||||
Transmission (1) | 269.7 | 215.3 | (54.4) | |||||||||||||||||
Regulatory amortizations and other pass through expenses (2) | 104.3 | 72.4 | (31.9) | |||||||||||||||||
We Power (3) | 71.0 | 54.9 | (16.1) | |||||||||||||||||
Earnings sharing mechanisms (4) | (1.7) | (10.8) | (9.1) | |||||||||||||||||
Total other operation and maintenance | $ | 732.6 | $ | 650.5 | $ | (82.1) |
Six Months Ended June 30 | ||||||||||||||||||||
MWh (in thousands) | ||||||||||||||||||||
Electric Sales Volumes | 2023 | 2022 | B (W) | |||||||||||||||||
Customer Class | ||||||||||||||||||||
Residential | 5,166.3 | 5,501.1 | (334.8) | |||||||||||||||||
Small commercial and industrial (1) | 6,203.5 | 6,312.1 | (108.6) | |||||||||||||||||
Large commercial and industrial (1) | 5,908.2 | 5,970.5 | (62.3) | |||||||||||||||||
Other | 63.1 | 69.1 | (6.0) | |||||||||||||||||
Total retail (1) | 17,341.1 | 17,852.8 | (511.7) | |||||||||||||||||
Wholesale | 921.0 | 1,357.9 | (436.9) | |||||||||||||||||
Resale | 2,221.3 | 2,094.2 | 127.1 | |||||||||||||||||
Total sales in MWh (1) | 20,483.4 | 21,304.9 | (821.5) |
06/30/2023 Form 10-Q | 60 | WEC Energy Group, Inc. |
Six Months Ended June 30 | ||||||||||||||||||||
Therms (in millions) | ||||||||||||||||||||
Natural Gas Sales Volumes | 2023 | 2022 | B (W) | |||||||||||||||||
Customer Class | ||||||||||||||||||||
Residential | 644.1 | 741.2 | (97.1) | |||||||||||||||||
Commercial and industrial | 405.7 | 452.6 | (46.9) | |||||||||||||||||
Total retail | 1,049.8 | 1,193.8 | (144.0) | |||||||||||||||||
Transportation | 701.0 | 767.6 | (66.6) | |||||||||||||||||
Total sales in therms | 1,750.8 | 1,961.4 | (210.6) |
Six Months Ended June 30 | ||||||||||||||||||||
Degree Days | ||||||||||||||||||||
Weather | 2023 | 2022 | B (W) | |||||||||||||||||
WE and WG (1) | ||||||||||||||||||||
Heating (4,194 Normal) | 3,591 | 4,165 | (13.8) | % | ||||||||||||||||
Cooling (171 Normal) | 158 | 259 | (39.0) | % | ||||||||||||||||
WPS (2) | ||||||||||||||||||||
Heating (4,617 Normal) | 4,229 | 4,751 | (11.0) | % | ||||||||||||||||
Cooling (148 Normal) | 174 | 249 | (30.1) | % | ||||||||||||||||
UMERC (3) | ||||||||||||||||||||
Heating (5,178 Normal) | 4,756 | 5,571 | (14.6) | % | ||||||||||||||||
Cooling (83 Normal) | 108 | 115 | (6.1) | % |
06/30/2023 Form 10-Q | 61 | WEC Energy Group, Inc. |
06/30/2023 Form 10-Q | 62 | WEC Energy Group, Inc. |
06/30/2023 Form 10-Q | 63 | WEC Energy Group, Inc. |
Six Months Ended June 30 | ||||||||||||||||||||
(in millions) | 2023 | 2022 | B (W) | |||||||||||||||||
Natural gas revenues | $ | 873.2 | $ | 1,124.5 | $ | (251.3) | ||||||||||||||
Cost of natural gas sold | 279.8 | 536.6 | 256.8 | |||||||||||||||||
Total natural gas margins | 593.4 | 587.9 | 5.5 | |||||||||||||||||
Other operation and maintenance | 219.0 | 192.7 | (26.3) | |||||||||||||||||
Depreciation and amortization | 117.0 | 114.2 | (2.8) | |||||||||||||||||
Property and revenue taxes | 21.1 | 20.9 | (0.2) | |||||||||||||||||
Operating income | 236.3 | 260.1 | (23.8) | |||||||||||||||||
Other income, net | 2.8 | 8.7 | (5.9) | |||||||||||||||||
Interest expense | 43.0 | 35.7 | (7.3) | |||||||||||||||||
Income before income taxes | 196.1 | 233.1 | (37.0) | |||||||||||||||||
Income tax expense | 52.9 | 63.3 | 10.4 | |||||||||||||||||
Net income attributed to common shareholders | $ | 143.2 | $ | 169.8 | $ | (26.6) |
Six Months Ended June 30 | ||||||||||||||||||||
(in millions) | 2023 | 2022 | B (W) | |||||||||||||||||
Operation and maintenance not included in the line items below | $ | 158.5 | $ | 123.8 | $ | (34.7) | ||||||||||||||
Riders (1) | 60.7 | 69.9 | 9.2 | |||||||||||||||||
Regulatory amortizations (1) | (0.2) | (1.0) | (0.8) | |||||||||||||||||
Total other operation and maintenance | $ | 219.0 | $ | 192.7 | $ | (26.3) |
Six Months Ended June 30 | ||||||||||||||||||||
Therms (in millions) | ||||||||||||||||||||
Natural Gas Sales Volumes | 2023 | 2022 | B (W) | |||||||||||||||||
Customer Class | ||||||||||||||||||||
Residential | 491.0 | 575.0 | (84.0) | |||||||||||||||||
Commercial and industrial | 192.4 | 225.4 | (33.0) | |||||||||||||||||
Total retail | 683.4 | 800.4 | (117.0) | |||||||||||||||||
Transportation | 434.5 | 492.6 | (58.1) | |||||||||||||||||
Total sales in therms | 1,117.9 | 1,293.0 | (175.1) |
Six Months Ended June 30 | ||||||||||||||||||||
Degree Days | ||||||||||||||||||||
Weather (1) | 2023 | 2022 | B (W) | |||||||||||||||||
Heating (3,844 Normal) | 3,320 | 3,931 | (15.5) | % |
06/30/2023 Form 10-Q | 64 | WEC Energy Group, Inc. |
06/30/2023 Form 10-Q | 65 | WEC Energy Group, Inc. |
Six Months Ended June 30 | ||||||||||||||||||||
(in millions) | 2023 | 2022 | B (W) | |||||||||||||||||
Natural gas revenues | $ | 331.9 | $ | 340.8 | $ | (8.9) | ||||||||||||||
Cost of natural gas sold | 194.9 | 212.7 | 17.8 | |||||||||||||||||
Total natural gas margins | 137.0 | 128.1 | 8.9 | |||||||||||||||||
Other operation and maintenance | 46.5 | 47.5 | 1.0 | |||||||||||||||||
Depreciation and amortization | 21.0 | 20.2 | (0.8) | |||||||||||||||||
Property and revenue taxes | 12.1 | 9.5 | (2.6) | |||||||||||||||||
Operating income | 57.4 | 50.9 | 6.5 | |||||||||||||||||
Other income, net | 0.3 | 1.1 | (0.8) | |||||||||||||||||
Interest expense | 8.3 | 6.5 | (1.8) | |||||||||||||||||
Income before income taxes | 49.4 | 45.5 | 3.9 | |||||||||||||||||
Income tax expense | 12.5 | 11.3 | (1.2) | |||||||||||||||||
Net income attributed to common shareholders | $ | 36.9 | $ | 34.2 | $ | 2.7 |
Six Months Ended June 30 | ||||||||||||||||||||
(in millions) | 2023 | 2022 | B (W) | |||||||||||||||||
Operation and maintenance not included in line item below | $ | 34.9 | $ | 36.3 | $ | 1.4 | ||||||||||||||
Regulatory amortizations and other pass through expenses (1) | 11.6 | 11.2 | (0.4) | |||||||||||||||||
Total other operation and maintenance | $ | 46.5 | $ | 47.5 | $ | 1.0 |
Six Months Ended June 30 | ||||||||||||||||||||
Therms (in millions) | ||||||||||||||||||||
Natural Gas Sales Volumes | 2023 | 2022 | B (W) | |||||||||||||||||
Customer Class | ||||||||||||||||||||
Residential | 189.2 | 224.6 | (35.4) | |||||||||||||||||
Commercial and industrial | 120.8 | 140.8 | (20.0) | |||||||||||||||||
Total retail | 310.0 | 365.4 | (55.4) | |||||||||||||||||
Transportation | 398.4 | 425.9 | (27.5) | |||||||||||||||||
Total sales in therms | 708.4 | 791.3 | (82.9) |
06/30/2023 Form 10-Q | 66 | WEC Energy Group, Inc. |
Six Months Ended June 30 | ||||||||||||||||||||
Degree Days | ||||||||||||||||||||
Weather (1) | 2023 | 2022 | B (W) | |||||||||||||||||
MERC | ||||||||||||||||||||
Heating (4,914 Normal) | 4,759 | 5,424 | (12.3) | % | ||||||||||||||||
MGU | ||||||||||||||||||||
Heating (3,970 Normal) | 3,486 | 4,030 | (13.5) | % |
06/30/2023 Form 10-Q | 67 | WEC Energy Group, Inc. |
Six Months Ended June 30 | ||||||||||||||||||||
(in millions) | 2023 | 2022 | B (W) | |||||||||||||||||
Equity in earnings of transmission affiliates | $ | 87.4 | $ | 84.7 | $ | 2.7 | ||||||||||||||
Interest expense | 9.6 | 9.7 | 0.1 | |||||||||||||||||
Income before income taxes | 77.8 | 75.0 | 2.8 | |||||||||||||||||
Income tax expense | 19.4 | 18.2 | (1.2) | |||||||||||||||||
Net income attributed to common shareholders | $ | 58.4 | $ | 56.8 | $ | 1.6 |
Six Months Ended June 30 | ||||||||||||||||||||
(in millions) | 2023 | 2022 | B (W) | |||||||||||||||||
Operating income | $ | 181.7 | $ | 196.0 | $ | (14.3) | ||||||||||||||
Interest expense | 45.0 | 34.6 | (10.4) | |||||||||||||||||
Income before income taxes | 136.7 | 161.4 | (24.7) | |||||||||||||||||
Income tax benefit | (37.5) | (12.2) | 25.3 | |||||||||||||||||
Net (income) loss attributed to noncontrolling interests | 0.2 | (1.8) | 2.0 | |||||||||||||||||
Net income attributed to common shareholders | $ | 174.4 | $ | 171.8 | $ | 2.6 |
06/30/2023 Form 10-Q | 68 | WEC Energy Group, Inc. |
Six Months Ended June 30 | ||||||||||||||||||||
(in millions) | 2023 | 2022 | B (W) | |||||||||||||||||
Operating loss | $ | (9.5) | $ | (6.3) | $ | (3.2) | ||||||||||||||
Other income, net | 24.4 | 3.0 | 21.4 | |||||||||||||||||
Interest expense | 117.6 | 47.2 | (70.4) | |||||||||||||||||
Loss before income taxes | (102.7) | (50.5) | (52.2) | |||||||||||||||||
Income tax benefit | (44.2) | (34.8) | 9.4 | |||||||||||||||||
Net loss attributed to common shareholders | $ | (58.5) | $ | (15.7) | $ | (42.8) |
06/30/2023 Form 10-Q | 69 | WEC Energy Group, Inc. |
(in millions) | 2023 | 2022 | Change in 2023 Over 2022 | |||||||||||||||||
Cash provided by (used in): | ||||||||||||||||||||
Operating activities | $ | 1,754.3 | $ | 1,762.6 | $ | (8.3) | ||||||||||||||
Investing activities | (2,101.4) | (937.5) | (1,163.9) | |||||||||||||||||
Financing activities | 305.0 | (807.7) | 1,112.7 |
06/30/2023 Form 10-Q | 70 | WEC Energy Group, Inc. |
Reportable Segment (in millions) | 2023 | 2022 | Change in 2023 Over 2022 | |||||||||||||||||
Wisconsin | $ | 796.3 | $ | 716.2 | $ | 80.1 | ||||||||||||||
Illinois | 204.8 | 232.9 | (28.1) | |||||||||||||||||
Other states | 37.4 | 36.3 | 1.1 | |||||||||||||||||
Non-utility energy infrastructure | 22.9 | 36.8 | (13.9) | |||||||||||||||||
Corporate and other | 12.3 | 6.6 | 5.7 | |||||||||||||||||
Total capital expenditures | $ | 1,073.7 | $ | 1,028.8 | $ | 44.9 |
06/30/2023 Form 10-Q | 71 | WEC Energy Group, Inc. |
(in millions) | 2023 (1) | 2024 | 2025 | |||||||||||||||||
Wisconsin | $ | 2,530.7 | $ | 2,432.8 | $ | 2,445.5 | ||||||||||||||
Illinois | 557.1 | 659.5 | 614.0 | |||||||||||||||||
Other states | 111.8 | 115.0 | 104.7 | |||||||||||||||||
Non-utility energy infrastructure | 747.0 | 683.8 | 217.2 | |||||||||||||||||
Corporate and other | 28.1 | 17.0 | 2.7 | |||||||||||||||||
Total | $ | 3,974.7 | $ | 3,908.1 | $ | 3,384.1 |
06/30/2023 Form 10-Q | 72 | WEC Energy Group, Inc. |
06/30/2023 Form 10-Q | 73 | WEC Energy Group, Inc. |
06/30/2023 Form 10-Q | 74 | WEC Energy Group, Inc. |
(in millions) | Actual | Adjusted | ||||||||||||
Common shareholders' equity | $ | $ | 11,931.4 | |||||||||||
Preferred stock of subsidiary | 30.4 | |||||||||||||
Long-term debt (including current portion) | 16,985.8 | 16,735.8 | ||||||||||||
Short-term debt | 1,090.3 | |||||||||||||
Total capitalization | $ | 29,787.9 | $ | 29,787.9 | ||||||||||
Total debt | $ | 18,076.1 | $ | 17,826.1 | ||||||||||
Ratio of debt to total capitalization | 60.7 | % | 59.8 | % |
06/30/2023 Form 10-Q | 75 | WEC Energy Group, Inc. |
06/30/2023 Form 10-Q | 76 | WEC Energy Group, Inc. |
06/30/2023 Form 10-Q | 77 | WEC Energy Group, Inc. |
06/30/2023 Form 10-Q | 78 | WEC Energy Group, Inc. |
06/30/2023 Form 10-Q | 79 | WEC Energy Group, Inc. |
06/30/2023 Form 10-Q | 80 | WEC Energy Group, Inc. |
06/30/2023 Form 10-Q | 81 | WEC Energy Group, Inc. |
Issuer Purchases of Equity Securities | ||||||||||||||||||||||||||
2023 | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
April 1 – April 30 | — | $ | — | — | $ | — | ||||||||||||||||||||
May 1 – May 31 | — | — | — | — | ||||||||||||||||||||||
June 1 – June 30 | 1,086 | 96.62 | — | — | ||||||||||||||||||||||
Total (1) | 1,086 | $ | 96.62 | — |
06/30/2023 Form 10-Q | 82 | WEC Energy Group, Inc. |
ITEM 6. EXHIBITS | |||||||||||
The following exhibits are filed or furnished with or incorporated by reference in the report with respect to WEC Energy Group, Inc. (File No. 001-09057). An asterisk (*) indicates that the exhibit has previously been filed with the SEC and is incorporated herein by reference. Each management contract and compensatory plan or arrangement required to be filed as an exhibit to this report is identified below by two asterisks (**) following the description of the exhibit. | |||||||||||
Number | Exhibit | ||||||||||
4 | Instruments Defining the Rights of Security Holders, Including Indentures | ||||||||||
31 | Rule 13a-14(a) / 15d-14(a) Certifications | ||||||||||
32 | Section 1350 Certifications | ||||||||||
101 | Interactive Data Files | ||||||||||
101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | ||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema | ||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | ||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase | ||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase | ||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | ||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
06/30/2023 Form 10-Q | 83 | WEC Energy Group, Inc. |
WEC ENERGY GROUP, INC. | ||||||||
(Registrant) | ||||||||
/s/ WILLIAM J. GUC | ||||||||
Date: | August 3, 2023 | William J. Guc | ||||||
Vice President and Controller | ||||||||
(Duly Authorized Officer and Chief Accounting Officer) |
06/30/2023 Form 10-Q | 84 | WEC Energy Group, Inc. |
Date: | August 3, 2023 | |||||||
/s/ SCOTT J. LAUBER | ||||||||
Scott J. Lauber | ||||||||
President and Chief Executive Officer | ||||||||
(Principal Executive Officer) |
Date: | August 3, 2023 | |||||||
/s/ XIA LIU | ||||||||
Xia Liu | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
(Principal Financial Officer) |
/s/ SCOTT J. LAUBER | |||||
Scott J. Lauber | |||||
President and Chief Executive Officer | |||||
August 3, 2023 |
/s/ XIA LIU | ||
Xia Liu | ||
Executive Vice President and Chief Financial Officer | ||
August 3, 2023 |
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CONDENSED CONSOLIDATED INCOME STATEMENTS - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Income Statement [Abstract] | ||||
Operating revenues | $ 1,830.0 | $ 2,127.9 | $ 4,718.1 | $ 5,036.0 |
Operating expenses | ||||
Cost of sales | 533.0 | 935.0 | 1,842.7 | 2,318.4 |
Other operation and maintenance | 496.0 | 449.0 | 1,030.0 | 903.4 |
Depreciation and amortization | 313.9 | 279.6 | 619.4 | 557.7 |
Property and revenue taxes | 61.8 | 56.1 | 131.4 | 116.9 |
Total operating expenses | 1,404.7 | 1,719.7 | 3,623.5 | 3,896.4 |
Operating income | 425.3 | 408.2 | 1,094.6 | 1,139.6 |
Equity in earnings of transmission affiliates | 43.6 | 43.0 | 87.4 | 84.7 |
Other income, net | 48.3 | 19.8 | 89.1 | 59.4 |
Interest expense | 178.7 | 119.8 | 350.9 | 237.4 |
Other expense | (86.8) | (57.0) | (174.4) | (93.3) |
Income before income taxes | 338.5 | 351.2 | 920.2 | 1,046.3 |
Income tax expense | 48.5 | 63.4 | 122.6 | 190.5 |
Net income | 290.0 | 287.8 | 797.6 | 855.8 |
Preferred stock dividends of subsidiary | 0.3 | 0.3 | 0.6 | 0.6 |
Net loss (income) attributed to noncontrolling interests | 0.0 | 0.0 | 0.2 | (1.8) |
Net income attributed to common shareholders | $ 289.7 | $ 287.5 | $ 797.2 | $ 853.4 |
Earnings per share | ||||
Basic (in dollars per share) | $ 0.92 | $ 0.91 | $ 2.53 | $ 2.71 |
Diluted (in dollars per share) | $ 0.92 | $ 0.91 | $ 2.52 | $ 2.70 |
Weighted average common shares outstanding | ||||
Basic (in shares) | 315.4 | 315.4 | 315.4 | 315.4 |
Diluted (in shares) | 315.9 | 316.2 | 315.9 | 316.2 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Statement of Other Comprehensive Income [Abstract] | ||||
Net income | $ 290.0 | $ 287.8 | $ 797.6 | $ 855.8 |
Derivatives accounted for as cash flow hedges | ||||
Reclassification of realized derivative gains to net income, net of tax | 0.0 | 0.0 | (0.1) | (0.1) |
Defined benefit plans | ||||
Amortization of pension and OPEB costs included in net periodic benefit cost, net of tax | 0.0 | 0.0 | 0.0 | 0.1 |
Other comprehensive loss, net of tax | 0.0 | 0.0 | (0.1) | 0.0 |
Comprehensive income | 290.0 | 287.8 | 797.5 | 855.8 |
Preferred stock dividends of subsidiary | 0.3 | 0.3 | 0.6 | 0.6 |
Comprehensive loss (income) attributed to noncontrolling interests | 0.0 | 0.0 | 0.2 | (1.8) |
Comprehensive income attributed to common shareholders | $ 289.7 | $ 287.5 | $ 797.1 | $ 853.4 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2023
USD ($)
| |
Sapphire Sky | |
Acquisitions | |
Cash acquired | $ 0.3 |
Samson I | |
Acquisitions | |
Cash acquired | $ 5.2 |
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions |
Total |
Total common shareholders' equity |
Common stock |
Additional paid in capital |
Retained earnings |
Accumulated other comprehensive loss |
Preferred stock of subsidiary |
Noncontrolling interests |
---|---|---|---|---|---|---|---|---|
Balance at Dec. 31, 2021 | $ 11,113.3 | $ 10,913.2 | $ 3.2 | $ 4,138.1 | $ 6,775.1 | $ (3.2) | $ 30.4 | $ 169.7 |
Statements of equity | ||||||||
Net income attributed to common shareholders | 565.9 | 565.9 | 0.0 | 0.0 | 565.9 | 0.0 | 0.0 | 0.0 |
Net income (loss) attributable to noncontrolling interests | 1.8 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.8 |
Common stock dividends | (229.6) | (229.6) | 0.0 | 0.0 | (229.6) | 0.0 | 0.0 | 0.0 |
Exercise of stock options | 11.8 | 11.8 | 0.0 | 11.8 | 0.0 | 0.0 | 0.0 | 0.0 |
Purchase of common stock | (23.4) | (23.4) | 0.0 | (23.4) | 0.0 | 0.0 | 0.0 | 0.0 |
Capital contributions from noncontrolling interest | 0.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.4 |
Distributions to noncontrolling interests | (1.0) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | (1.0) |
Stock-based compensation and other | 5.3 | 5.3 | 0.0 | 5.3 | 0.0 | 0.0 | 0.0 | 0.0 |
Balance at Mar. 31, 2022 | 11,444.5 | 11,243.2 | 3.2 | 4,131.8 | 7,111.4 | (3.2) | 30.4 | 170.9 |
Balance at Dec. 31, 2021 | 11,113.3 | 10,913.2 | 3.2 | 4,138.1 | 6,775.1 | (3.2) | 30.4 | 169.7 |
Statements of equity | ||||||||
Net income attributed to common shareholders | 853.4 | |||||||
Net income (loss) attributable to noncontrolling interests | 1.8 | |||||||
Other comprehensive loss | 0.0 | |||||||
Balance at Jun. 30, 2022 | 11,490.6 | 11,290.6 | 3.2 | 4,121.1 | 7,169.5 | (3.2) | 30.4 | 169.6 |
Balance at Mar. 31, 2022 | 11,444.5 | 11,243.2 | 3.2 | 4,131.8 | 7,111.4 | (3.2) | 30.4 | 170.9 |
Statements of equity | ||||||||
Net income attributed to common shareholders | 287.5 | 287.5 | 0.0 | 0.0 | 287.5 | 0.0 | 0.0 | 0.0 |
Net income (loss) attributable to noncontrolling interests | 0.0 | |||||||
Other comprehensive loss | 0.0 | |||||||
Common stock dividends | (229.4) | (229.4) | 0.0 | 0.0 | (229.4) | 0.0 | 0.0 | 0.0 |
Exercise of stock options | 11.2 | 11.2 | 0.0 | 11.2 | 0.0 | 0.0 | 0.0 | 0.0 |
Purchase of common stock | (25.0) | (25.0) | 0.0 | (25.0) | 0.0 | 0.0 | 0.0 | 0.0 |
Capital contributions from noncontrolling interest | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 |
Distributions to noncontrolling interests | (1.2) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | (1.2) |
Stock-based compensation and other | 2.9 | 3.1 | 0.0 | 3.1 | 0.0 | 0.0 | 0.0 | (0.2) |
Balance at Jun. 30, 2022 | 11,490.6 | 11,290.6 | 3.2 | 4,121.1 | 7,169.5 | (3.2) | 30.4 | 169.6 |
Balance at Dec. 31, 2022 | 11,616.6 | 11,376.9 | 3.2 | 4,115.2 | 7,265.3 | (6.8) | 30.4 | 209.3 |
Statements of equity | ||||||||
Net income attributed to common shareholders | 507.5 | 507.5 | 0.0 | 0.0 | 507.5 | 0.0 | 0.0 | 0.0 |
Net income (loss) attributable to noncontrolling interests | (0.2) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | (0.2) |
Other comprehensive loss | (0.1) | (0.1) | 0.0 | 0.0 | 0.0 | (0.1) | 0.0 | 0.0 |
Common stock dividends | (246.1) | (246.1) | 0.0 | 0.0 | (246.1) | 0.0 | 0.0 | 0.0 |
Exercise of stock options | 0.9 | 0.9 | 0.0 | 0.9 | 0.0 | 0.0 | 0.0 | 0.0 |
Purchase of common stock | (6.9) | (6.9) | 0.0 | (6.9) | 0.0 | 0.0 | 0.0 | 0.0 |
Acquisition of a noncontrolling interests | 112.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 112.9 |
Distributions to noncontrolling interests | (1.3) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | (1.3) |
Stock-based compensation and other | 4.4 | 4.4 | 0.0 | 4.4 | 0.0 | 0.0 | 0.0 | 0.0 |
Balance at Mar. 31, 2023 | 11,987.7 | 11,636.6 | 3.2 | 4,113.6 | 7,526.7 | (6.9) | 30.4 | 320.7 |
Balance at Dec. 31, 2022 | 11,616.6 | 11,376.9 | 3.2 | 4,115.2 | 7,265.3 | (6.8) | 30.4 | 209.3 |
Statements of equity | ||||||||
Net income attributed to common shareholders | 797.2 | |||||||
Net income (loss) attributable to noncontrolling interests | (0.2) | |||||||
Other comprehensive loss | (0.1) | |||||||
Balance at Jun. 30, 2023 | 12,031.4 | 11,681.4 | 3.2 | 4,114.7 | 7,570.4 | (6.9) | 30.4 | 319.6 |
Balance at Mar. 31, 2023 | 11,987.7 | 11,636.6 | 3.2 | 4,113.6 | 7,526.7 | (6.9) | 30.4 | 320.7 |
Statements of equity | ||||||||
Net income attributed to common shareholders | 289.7 | 289.7 | 0.0 | 0.0 | 289.7 | 0.0 | 0.0 | 0.0 |
Net income (loss) attributable to noncontrolling interests | 0.0 | |||||||
Other comprehensive loss | 0.0 | |||||||
Common stock dividends | (246.0) | (246.0) | 0.0 | 0.0 | (246.0) | 0.0 | 0.0 | 0.0 |
Exercise of stock options | 1.4 | 1.4 | 0.0 | 1.4 | 0.0 | 0.0 | 0.0 | 0.0 |
Purchase of common stock | (2.6) | (2.6) | 0.0 | (2.6) | 0.0 | 0.0 | 0.0 | 0.0 |
Distributions to noncontrolling interests | (1.0) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | (1.0) |
Stock-based compensation and other | 2.2 | 2.3 | 0.0 | 2.3 | 0.0 | 0.0 | 0.0 | (0.1) |
Balance at Jun. 30, 2023 | $ 12,031.4 | $ 11,681.4 | $ 3.2 | $ 4,114.7 | $ 7,570.4 | $ (6.9) | $ 30.4 | $ 319.6 |
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares |
3 Months Ended | |||
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Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
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Statement of Stockholders' Equity [Abstract] | ||||
Common stock dividend declared (in dollars per share) | $ 0.7800 | $ 0.7800 | $ 0.7275 | $ 0.7275 |
GENERAL INFORMATION |
6 Months Ended |
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Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL INFORMATION | GENERAL INFORMATION WEC Energy Group serves approximately 1.7 million electric customers and 3.0 million natural gas customers, owns approximately 60% of ATC, and owns majority interests in multiple renewable generating facilities as part of its non-utility energy infrastructure segment. As used in these notes, the term "financial statements" refers to the condensed consolidated financial statements. This includes the income statements, statements of comprehensive income, balance sheets, statements of cash flows, and statements of equity, unless otherwise noted. In this report, when we refer to "the Company," "us," "we," "our," or "ours," we are referring to WEC Energy Group and all of its subsidiaries. On our financial statements, we consolidate our majority-owned subsidiaries, which we control, and VIEs, of which we are the primary beneficiary. We reflect noncontrolling interests for the portion of entities that we do not own as a component of consolidated equity separate from the equity attributable to our shareholders. The noncontrolling interests that we reported as equity on our balance sheets related to the minority interests held by third parties in the renewable generating facilities that are included in our non-utility energy infrastructure segment. We use the equity method to account for investments in companies we do not control but over which we exercise significant influence regarding their operating and financial policies. As a result of our limited voting rights, we account for ATC and ATC Holdco as equity method investments. See Note 20, Investment in Transmission Affiliates, for more information. We have prepared the unaudited interim financial statements presented in this Form 10-Q pursuant to the rules and regulations of the SEC and GAAP. Accordingly, these financial statements do not include all of the information and footnotes required by GAAP for annual financial statements. These financial statements should be read in conjunction with the consolidated financial statements and footnotes in our Annual Report on Form 10-K for the year ended December 31, 2022. Financial results for an interim period may not give a true indication of results for the year. In particular, the results of operations for the three and six months ended June 30, 2023, are not necessarily indicative of expected results for 2023 due to seasonal variations and other factors. In management's opinion, we have included all adjustments, normal and recurring in nature, necessary for a fair presentation of our financial results.
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ACQUISITIONS |
6 Months Ended |
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Jun. 30, 2023 | |
Asset Acquisition [Abstract] | |
ACQUISITIONS | ACQUISITIONS In accordance with Topic 805: Clarifying the Definition of a Business (ASU 2017-01), transactions are evaluated and are accounted for as acquisitions of assets or businesses, and transaction costs are capitalized in asset acquisitions. It was determined that all of the below acquisitions met the criteria of an asset acquisition. The purchase price of certain acquisitions below includes intangibles recorded as long-term liabilities related to PPAs. See Note 19, Goodwill and Intangibles, for more information. Acquisitions of Electric Generation Facilities in Wisconsin In June 2023, WE completed the acquisition of 100 MWs of West Riverside's nameplate capacity, in the first of two potential option exercises. West Riverside is a commercially operational dual fueled combined cycle generation facility in Beloit, Wisconsin. Prior to acquisition, WPS received approval to transfer its ownership interest rights to WE. WE's investment was $95.3 million. In addition, WPS could exercise a second option to acquire an additional 100 MWs of capacity. If approved, our incremental share of the investment is expected to be approximately $100 million, with the transaction expected to close in 2024. In April 2023, WPS, along with an unaffiliated utility, completed the acquisition of Red Barn, a commercially operational utility-scale wind-powered electric generating facility. The project is located in Grant County, Wisconsin and WPS owns 82 MWs of this project. WPS's share of the cost of this project was $143.8 million. Red Barn qualifies for PTCs. In January 2023, WE and WPS completed the acquisition of Whitewater, a commercially operational 236.5 MW dual fueled (natural gas and low sulfur fuel oil) combined cycle electric generation facility in Whitewater, Wisconsin, for $76.0 million. Acquisition of a Solar Generation Facility in Texas In February 2023, WECI completed the acquisition of an 80% ownership interest in Samson I, a commercially operational 250 MW solar generating facility in Lamar County, Texas, for $249.4 million, which includes transaction costs and is net of cash acquired. The allocation of purchase price to the assets acquired and liabilities assumed was primarily to property, plant, and equipment and an intangible liability related to the PPA. The project has an offtake agreement for all of the energy to be produced by the facility for a period of 15 years. Samson I qualifies for PTCs and is included in the non-utility energy infrastructure segment. Acquisition of an Electric Generation Facility in Illinois In February 2023, WECI completed the acquisition of a 90% ownership interest in Sapphire Sky, a commercially operational 250 MW wind generating facility in McLean County, Illinois, for a total investment of $442.6 million, which includes transaction costs and is net of cash acquired. The allocation of purchase price to the assets acquired and liabilities assumed was primarily to property, plant, and equipment and an intangible liability related to the PPA. The project has an offtake agreement for all of the energy to be produced by the facility for a period of 12 years. Sapphire Sky qualifies for PTCs and is included in the non-utility energy infrastructure segment.
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DISPOSITIONS |
6 Months Ended |
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Jun. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISPOSITIONS | DISPOSITIONS Sale of Certain Real Estate by Wisconsin Electric Power Company In June 2023, we sold approximately 192 acres of real estate at WE's former Pleasant Prairie power plant site that was no longer being utilized in its operations, for $23.0 million, which is net of closing costs. As a result of the sale, a pre-tax gain in the amount of $22.2 million was recorded within other operation and maintenance expense on our income statement. The book value of the real estate included in the sale was not material and, therefore, was not presented as held for sale. Sale of Certain Real Estate by The Peoples Gas Light and Coke Company In May 2022, we sold approximately 11 acres of real estate owned by PGL that was no longer being utilized in its operations, for $55.1 million, which is net of closing costs. The real estate was located in Chicago, Illinois. As a result of the sale, a pre-tax gain in the amount of $54.5 million was recorded within other operation and maintenance expense on our income statement. The book value of the real estate included in the sale was not material and, therefore, was not presented as held for sale.
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OPERATING REVENUES |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OPERATING REVENUES | OPERATING REVENUES For more information about our operating revenues, see Note 1(d), Operating Revenues, in our 2022 Annual Report on Form 10-K. Disaggregation of Operating Revenues The following tables present our operating revenues disaggregated by revenue source. We do not have any revenues associated with our electric transmission segment, which includes investments accounted for using the equity method. We disaggregate revenues into categories that depict how the nature, amount, timing, and uncertainty of revenues and cash flows are affected by economic factors. For our segments, revenues are further disaggregated by electric and natural gas operations and then by customer class. Each customer class within our electric and natural gas operations has different expectations of service, energy and demand requirements, and can be impacted differently by regulatory activities within their jurisdictions.
(1)Amounts eliminated represent lease revenues related to certain plants that We Power leases to WE to supply electricity to its customers. Lease payments are billed from We Power to WE and then recovered in WE's rates as authorized by the PSCW and the FERC. WE operates the plants and is authorized by the PSCW and Wisconsin state law to fully recover prudently incurred operating and maintenance costs in electric rates. Revenues from Contracts with Customers Electric Utility Operating Revenues The following table disaggregates electric utility operating revenues by customer class:
Natural Gas Utility Operating Revenues The following tables disaggregate natural gas utility operating revenues by customer class:
(1)Includes the revenues subject to the purchased gas recovery mechanisms of our utilities, which fluctuate by segment based on actual natural gas costs incurred at our utilities, compared with the recovery of natural gas costs that were anticipated in rates. Other Natural Gas Operating Revenues We have other natural gas operating revenues from Bluewater, which is in our non-utility energy infrastructure segment. Bluewater has entered into long-term service agreements for natural gas storage services with WE, WPS, and WG, and also provides limited service to unaffiliated customers. All amounts associated with the service agreements with WE, WPS, and WG have been eliminated at the consolidated level. Other Non-Utility Operating Revenues Other non-utility operating revenues consist primarily of the following:
(1)As part of the construction of the We Power electric utility generating units, we capitalized interest during construction, which is included in property, plant, and equipment. As allowed by the PSCW, we collected these carrying costs from WE's utility customers during construction. The equity portion of these carrying costs was recorded as a contract liability, which is presented as deferred revenue, net on our balance sheets. We continually amortize the deferred carrying costs to revenues over the related lease term that We Power has with WE. Other Operating Revenues Other operating revenues consist primarily of the following:
(1)Negative amounts can result from alternative revenues being reversed to revenues from contracts with customers as the customer is billed for these alternative revenues. Negative amounts can also result from revenues to be refunded to customers subject to decoupling mechanisms, wholesale true-ups, conservation improvement rider true-ups, and certain late payment charges.
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CREDIT LOSSES |
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Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CREDIT LOSSES | CREDIT LOSSES Our exposure to credit losses is related to our accounts receivable and unbilled revenue balances, which are primarily generated from the sale of electricity and natural gas by our regulated utility operations. Credit losses associated with our utility operations are analyzed at the reportable segment level as we believe contract terms, political and economic risks, and the regulatory environment are similar at this level as our reportable segments are generally based on the geographic location of the underlying utility operations. We have an accounts receivable and unbilled revenue balance associated with our non-utility energy infrastructure segment, related to the sale of electricity from our majority-owned renewable generating facilities through agreements with several large high credit quality counterparties. We evaluate the collectability of our accounts receivable and unbilled revenue balances considering a combination of factors. For some of our larger customers and also in circumstances where we become aware of a specific customer's inability to meet its financial obligations to us, we record a specific allowance for credit losses against amounts due in order to reduce the net recognized receivable to the amount we reasonably believe will be collected. For all other customers, we use the accounts receivable aging method to calculate an allowance for credit losses. Using this method, we classify accounts receivable into different aging buckets and calculate a reserve percentage for each aging bucket based upon historical loss rates. The calculated reserve percentages are updated on at least an annual basis, in order to ensure recent macroeconomic, political, and regulatory trends are captured in the calculation, to the extent possible. Risks identified that we do not believe are reflected in the calculated reserve percentages, are assessed on a quarterly basis to determine whether further adjustments are required. We monitor our ongoing credit exposure through active review of counterparty accounts receivable balances against contract terms and due dates. Our activities include timely account reconciliation, dispute resolution and payment confirmation. To the extent possible, we work with customers with past due balances to negotiate payment plans, but will disconnect customers for non-payment as allowed by our regulators, if necessary, and employ collection agencies and legal counsel to pursue recovery of defaulted receivables. For our larger customers, detailed credit review procedures may be performed in advance of any sales being made. We sometimes require letters of credit, parental guarantees, prepayments or other forms of credit assurance from our larger customers to mitigate credit risk. We have included tables below that show our gross third-party receivable balances and the related allowance for credit losses at June 30, 2023 and December 31, 2022, by reportable segment.
(1)Our exposure to credit losses for certain regulated utility customers is mitigated by regulatory mechanisms we have in place. Specifically, rates related to all of the customers in our Illinois segment, as well as the residential rates of WE, WPS, and WG in our Wisconsin segment, include riders or other mechanisms for cost recovery or refund of uncollectible expense based on the difference between the actual provision for credit losses and the amounts recovered in rates. As a result, at June 30, 2023, $767.6 million, or 58.4%, of our net accounts receivable and unbilled revenues balance had regulatory protections in place to mitigate the exposure to credit losses. A roll-forward of the allowance for credit losses by reportable segment is included below:
On a consolidated basis, there was a $20.6 million decrease in the allowance for credit losses at June 30, 2023, compared to January 1, 2023, driven by customer write-offs related to the winter moratorium months ending. After a customer is disconnected for a period of time without payment on their account, we will write off that customer balance. In Wisconsin, the winter moratorium begins on November 1 and ends on April 15, and in Illinois the winter moratorium begins on December 1 and ends on March 31. Also contributing to the decrease in the allowance for credit losses, we believe that the lower energy costs that customers were seeing, which were driven by lower natural gas prices, contributed to a reduction in past due accounts receivable balances and a related decrease in the allowance for credit losses.
On a consolidated basis, there was a $22.5 million decrease in the allowance for credit losses at June 30, 2022, compared to January 1, 2022. The decrease was driven by customer write-offs related to collection practices returning to pre-pandemic levels in 2021, including the restoration of our ability to disconnect customers. Partially offsetting the decrease in the allowance for credit losses, we believe that the high energy costs that customers were seeing, which were driven by high natural gas prices, contributed to higher past due accounts receivable balances and a related increase in the allowance for credit losses.
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REGULATORY ASSETS AND LIABILITIES |
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Regulatory Assets and Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REGULATORY ASSETS AND LIABILITIES | REGULATORY ASSETS AND LIABILITIES The following regulatory assets and liabilities were reflected on our balance sheets at June 30, 2023 and December 31, 2022. For more information on our regulatory assets and liabilities, see Note 6, Regulatory Assets and Liabilities, in our 2022 Annual Report on Form 10-K.
(1)Primarily related to costs associated with the long-term service agreements our Wisconsin utilities have with Bluewater for natural gas storage services. The PSCW has approved escrow accounting for these costs. As a result, our Wisconsin utilities defer as a regulatory asset or liability the difference between actual storage costs and those included in rates until recovery or refund is authorized in a future rate proceeding.
(1)The increase in these regulatory liabilities was primarily due to lower natural gas costs incurred during 2023, compared to what was anticipated in rates.
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PROPERTY, PLANT, AND EQUIPMENT |
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Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT, AND EQUIPMENT | PROPERTY, PLANT, AND EQUIPMENT Wisconsin Segment Plant to be Retired Oak Creek Power Plant Units 5 – 8 As a result of a PSCW approval for the construction of a solar and battery project received in December 2022, retirement of the OCPP generating units 5 – 8 became probable. In early 2023, we received additional approvals for electric generation facilities, including West Riverside and Koshkonong. See Note 2, Acquisitions, for more information on the acquisition of West Riverside, which was completed in June 2023. OCPP units 5 and 6 are expected to be retired by May 2024, while units 7 and 8 are expected to be retired by late 2025. The total net book value of WE's ownership share of units 5 – 8 was $808.1 million at June 30, 2023, which does not include deferred taxes. This amount was classified as plant to be retired within property, plant, and equipment on our balance sheet. These units are included in rate base, and WE continues to depreciate them on a straight-line basis using the composite depreciation rates approved by the PSCW. Columbia Units 1 and 2 As a result of a MISO ruling received in June 2021, retirement of the jointly-owned Columbia generating units 1 and 2 became probable. Columbia generating units 1 and 2 are expected to be retired by June 2026. The total net book value of WPS's ownership share of units 1 and 2 was $264.3 million at June 30, 2023, which does not include deferred taxes. This amount was classified as plant to be retired within property, plant, and equipment on our balance sheet. These units are included in rate base, and WPS continues to depreciate them on a straight-line basis using the composite depreciation rates approved by the PSCW. Samson I Solar Energy Center LLC – Storm Damage During a wind storm in March 2023, certain sections across approximately 40% of our Samson I solar facility incurred some amount of damage. As of June 30, 2023, we recognized an impairment of $1.6 million related to damage from this storm, which was offset by a $1.6 million receivable for future insurance recoveries. The impairment initially recorded in the first quarter of 2023 was reduced after we updated our damage assessment in the second quarter. Although we may experience differences between periods in the timing of cash flows, we do not currently expect a significant impact to our long-term cash flows from this event.
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JOINTLY OWNED UTILITY FACILITIES |
6 Months Ended |
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Jun. 30, 2023 | |
Jointly Owned Utility Plant, Net Ownership Amount [Abstract] | |
JOINTLY OWNED UTILITY FACILITIES DISCLOSURE | JOINTLY OWNED UTILITY FACILITIES We hold joint ownership interests in certain electric generating facilities. We are entitled to our share of generating capability and output of each facility equal to our respective ownership interest. We pay our ownership share of additional construction costs and have supplied our own financing for all jointly owned projects. We record our proportionate share of significant jointly owned electric generating facilities as property, plant, and equipment on the balance sheets. In addition, our proportionate share of direct expenses for the joint operation of these plants is recorded within operating expenses in the income statements. In April 2023, WPS, along with an unaffiliated utility, completed the acquisition of Red Barn, a commercially operational utility-scale wind-powered electric generating facility. WPS owns 90%, or 82 MWs, of Red Barn. In June 2023, WE completed the acquisition of a 13.8% ownership interest, or 100 MWs, of West Riverside, a commercially operational dual fueled combined cycle generation facility. See Note 2, Acquisitions, for more information.
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COMMON EQUITY |
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
COMMON EQUITY | COMMON EQUITY Stock-Based Compensation During the six months ended June 30, 2023, the Compensation Committee of our Board of Directors awarded the following stock-based compensation to our directors, officers, and certain other key employees:
(1)Stock options awarded had a weighted-average exercise price of $93.69 and a weighted-average grant date fair value of $19.58 per option. (2)Restricted shares awarded had a weighted-average grant date fair value of $93.69 per share. Restrictions Our ability as a holding company to pay common stock dividends primarily depends on the availability of funds received from our utility subsidiaries; We Power; Bluewater; ATC Holding LLC, which holds our ownership interest in ATC; and WECI. Various financing arrangements and regulatory requirements impose certain restrictions on the ability of our subsidiaries to transfer funds to us in the form of cash dividends, loans, or advances. Our utility subsidiaries, with the exception of UMERC and MGU, are prohibited from loaning funds to us, either directly or indirectly. See Note 11, Common Equity, in our 2022 Annual Report on Form 10-K for additional information on these and other restrictions. We do not believe that these restrictions will materially affect our operations or limit any dividend payments in the foreseeable future. Common Stock Dividends On July 20, 2023, our Board of Directors declared a quarterly cash dividend of $0.78 per share, payable on September 1, 2023, to shareholders of record on August 14, 2023.
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SHORT-TERM DEBT AND LINES OF CREDIT |
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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:
(1)Coyote Ridge Wind, LLC, Tatanka Ridge, and Jayhawk entered into operating expense loans. In accordance with their limited liability company operating agreements, they received loans from the holders of their noncontrolling interests in proportion to their ownership interests. Our average amount of commercial paper borrowings based on daily outstanding balances during the six months ended June 30, 2023 was $955.5 million with a weighted-average interest rate during the period of 5.01%. 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:
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LONG-TERM DEBT |
6 Months Ended |
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Jun. 30, 2023 | |
Long-Term Debt, Unclassified [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT In March 2022, President Biden signed into law the Adjustable Interest Rate (LIBOR) Act. This Act established a uniform process, on a nationwide basis, for replacing LIBOR in certain contracts that did not provide a clearly defined or practicable replacement benchmark rate. Under the LIBOR Act, the Federal Reserve Board was required to determine an appropriate benchmark replacement based on SOFR, with applicable credit spread adjustments. In December 2022, the Federal Reserve Board adopted the final rule to implement the LIBOR Act and established the SOFR-based benchmark replacements. No contract modifications are required for qualifying contracts under the LIBOR Act as the benchmark replacement automatically overrides the existing contract language and becomes the applicable benchmark after June 30, 2023. For our $500.0 million 2007 Junior Notes, the benchmark replacement rate will be the applicable tenor of three-month CME Term SOFR, as administered by the CME Group Benchmark Administration, and will include a credit spread adjustment of 0.26161% per annum starting August 15, 2023. In accordance with the LIBOR Act, no contract modifications were required for our 2007 Junior Notes as the references to LIBOR were replaced by operation of law. WEC Energy Group, Inc. In January 2023, we issued $650.0 million of 4.75% Senior Notes due January 9, 2026, and $450.0 million of 4.75% Senior Notes due January 15, 2028, and used the net proceeds to repay short-term debt and for other corporate purposes. In April 2023, we issued an additional $350.0 million of our 4.75% Senior Notes due January 9, 2026, and used the net proceeds to repay short-term debt and for other corporate purposes. Integrys Holding, Inc. In March 2023, Integrys repurchased $18.9 million of the $221.4 million outstanding of its 6.00% 2013 Junior Notes, prior to maturity for $18.6 million. Integrys recognized an insignificant gain on the early extinguishment of debt due to the debt being repurchased at a discount. On August 1, 2023, Integrys redeemed the remaining $202.5 million outstanding of its 6.00% 2013 Junior Notes, prior to maturity at par value.
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LEASES |
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Lessee Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASES | LEASES Obligations Under Finance Leases Land Leases – Utility Solar Generation WE and WPS partnered with an unaffiliated utility to acquire and construct Darien, a utility-scale solar-powered electric generating facility with a battery energy storage system in Rock and Walworth counties, Wisconsin. WE and WPS own 75% and 15%, respectively, of Darien. Commercial operation of the solar portion of the project is targeted in 2024. Related to their investment in Darien, WE and WPS, along with their unaffiliated utility partner, entered into several land leases that commenced in the second quarter of 2023. Each lease has an initial construction term that ends upon achieving commercial operation, then automatically extends for 25 years with an option for an additional 25-year extension. We expect the optional extension to be exercised, and, as a result, the land leases are being amortized over the extended term of the leases. Once Darien achieves commercial operation, the lease liability will be remeasured to reflect the final total acres being leased. The lease payments will be recovered through rates. Our total obligation under the land-related finance leases for Darien was $39.7 million at June 30, 2023, and was included in long-term debt on our balance sheet. Our finance lease right of use asset related to Darien was $39.4 million as of June 30, 2023, and was included in property, plant, and equipment on our balance sheet. In accordance with Accounting Standards Codification Subtopic 980-842, Regulated Operations – Leases (Subtopic 980-842), the expense recognition pattern associated with the Darien leases resembles that of an operating lease. The difference between the minimum lease payments and the sum of imputed interest and unadjusted amortization costs calculated under Topic 842 is deferred as a regulatory asset on our balance sheet in accordance with Subtopic 980-842. At June 30, 2023, our weighted-average discount rate for the Darien finance leases was 5.96%. We used the fully collateralized incremental borrowing rates based upon information available for similarly rated companies in determining the present value of lease payments. Future minimum lease payments and the corresponding present value of our net minimum lease payments under the finance leases for Darien as of June 30, 2023, were as follows:
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MATERIALS, SUPPLIES, AND INVENTORIES |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MATERIALS, SUPPLIES, AND INVENTORIES | MATERIALS, SUPPLIES, AND INVENTORIES Our inventory consisted of:
PGL and NSG price natural gas storage injections at the calendar year average of the costs of natural gas supply purchased. Withdrawals from storage are priced on the LIFO cost method. For interim periods, the difference between current projected replacement cost and the LIFO cost for quantities of natural gas temporarily withdrawn from storage is recorded as a temporary LIFO liquidation debit or credit. At June 30, 2023, we had a temporary LIFO liquidation credit of $2.1 million recorded within other current liabilities on our balance sheet. Due to seasonality requirements, PGL and NSG expect these interim reductions in LIFO layers to be replenished by year end. Substantially all other materials and supplies, natural gas in storage, and fossil fuel inventories are recorded using the weighted-average cost method of accounting.
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INCOME TAXES |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES | INCOME TAXES The provision for income taxes differs from the amount of income tax determined by applying the applicable United States statutory federal income tax rate to income before income taxes as a result of the following:
The effective tax rates for the three and six months ended June 30, 2023, and 2022, differ from the United States statutory federal income tax rate of 21%, primarily due to PTCs generated from ownership interests in renewable generation facilities in our non-utility energy infrastructure and Wisconsin segments and the impact of the protected deferred tax benefits associated with the Tax Legislation, as discussed in more detail below. These items were partially offset by state income taxes. The Tax Legislation required our regulated utilities to remeasure their deferred income taxes and we began to amortize the resulting excess protected deferred income taxes beginning in 2018 in accordance with normalization requirements (see federal excess deferred tax amortization lines above). See Note 26, Regulatory Environment, in our 2022 Annual Report on Form 10-K for more information about the impact of the Tax Legislation.
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FAIR VALUE MEASUREMENTS |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTSFair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Fair value accounting rules provide a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are defined as follows: Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 – Pricing inputs are observable, either directly or indirectly, but are not quoted prices included within Level 1. Level 2 includes those financial instruments that are valued using external inputs within models or other valuation methods. Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methods that result in management's best estimate of fair value. Level 3 instruments include those that may be more structured or otherwise tailored to customers' needs. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. We use a mid-market pricing convention (the mid-point price between bid and ask prices) as a practical measure for valuing certain derivative assets and liabilities. We primarily use a market approach for recurring fair value measurements and attempt to use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. When possible, we base the valuations of our assets and liabilities on quoted prices for identical assets and liabilities in active markets. These valuations are classified in Level 1. The valuations of certain contracts not classified as Level 1 may be based on quoted market prices received from counterparties and/or observable inputs for similar instruments. Transactions valued using these inputs are classified in Level 2. Certain derivatives, such as FTRs and TCRs, are categorized in Level 3 due to the significance of unobservable or internally-developed inputs. FTRs and TCRs are valued using auction prices from the applicable regional transmission organization. The following tables summarize our financial assets and liabilities that were accounted for at fair value on a recurring basis, categorized by level within the fair value hierarchy:
The derivative assets and liabilities listed in the tables above include options, futures, physical commodity contracts, and other instruments used to manage market risks related to changes in commodity prices. They also include FTRs and TCRs, which are used at our electric utilities and certain of our non-utility wind parks to manage electric transmission congestion costs in the MISO Energy and Operating Reserves Markets and the SPP Integrated Marketplace, respectively. We hold investments in the Integrys rabbi trust. These investments are restricted as they can only be withdrawn from the trust to fund participants' benefits under the Integrys deferred compensation plan and certain Integrys non-qualified pension plans. These investments are included in other long-term assets on our balance sheets. During the three months ended June 30, 2023, we recorded $3.6 million of net unrealized gains in earnings related to the investments held at the end of the period, compared with $10.1 million of net unrealized losses recorded during the same quarter in 2022. For the six months ended June 30, 2023, we recorded $6.4 million of net unrealized gains in earnings related to the investments held at the end of the period, compared with $13.4 million of net unrealized losses recorded during the same period in 2022. The following table summarizes the changes to derivatives classified as Level 3 in the fair value hierarchy:
(1)Amounts relate to FTRs and TCRs included in our non-utility energy infrastructure segment. These realized and unrealized net gains and losses are recorded in operating revenues on our income statements. Fair Value of Financial Instruments The following table shows the financial instruments included on our balance sheets that were not recorded at fair value:
(1)The carrying amount of long-term debt excludes finance lease obligations of $150.4 million and $183.2 million at June 30, 2023 and December 31, 2022, respectively. The fair values of our long-term debt and preferred stock are categorized within Level 2 of the fair value hierarchy.
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DERIVATIVE INSTRUMENTS |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS We use derivatives as part of our risk management program to manage the risks associated with the price volatility of interest rates, purchased power, generation, and natural gas costs for the benefit of our customers and shareholders. Our approach is non-speculative and designed to mitigate risk. Regulated hedging programs are approved by our state regulators. We record derivative instruments on our balance sheets as an asset or liability measured at fair value unless they qualify for the normal purchases and sales exception and are so designated. We continually assess our contracts designated as normal and will discontinue the treatment of these contracts as normal if the required criteria are no longer met. Changes in the derivative's fair value are recognized currently in earnings unless specific hedge accounting criteria are met or we receive regulatory treatment for the derivative. For most energy-related physical and financial contracts in our regulated operations that qualify as derivatives, our regulators allow the effects of fair value accounting to be offset to regulatory assets and liabilities. On our balance sheets, we classify derivative assets and liabilities as current or long-term based on the maturities of the underlying contracts. Derivative assets and liabilities are included in the other current and other long-term line items on our balance sheets. The following table shows our derivative assets and derivative liabilities. None of the derivatives shown below were designated as hedging instruments.
Realized gains and losses on derivatives used in our regulated utility operations are recorded in upon settlement; however, they may be subsequently deferred for future rate recovery or refund as the gains and losses are included in our utilities’ fuel and natural gas cost recovery mechanisms. Realized gains and losses on FTRs and TCRs used in our non-utility operations are recorded in on the income statements. Our estimated notional sales volumes and realized gains and losses were as follows:
On our balance sheets, the amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral are not offset against the fair value amounts recognized for derivative instruments executed with the same counterparty under the same master netting arrangement. At June 30, 2023 and December 31, 2022, we had posted cash collateral of $151.3 million and $122.4 million, respectively. These amounts were recorded on our balance sheets as collateral on deposit. The following table shows derivative assets and derivative liabilities if derivative instruments by counterparty were presented net on our balance sheets:
(1)Includes cash collateral posted of $97.7 million. (2)Includes cash collateral posted of $65.0 million. Cash Flow Hedges We previously entered into forward interest rate swap agreements to mitigate the interest rate exposure associated with the issuance of long-term debt related to the acquisition of Integrys. These swap agreements were settled in 2015, and we continue to amortize amounts out of accumulated other comprehensive loss into interest expense over the periods in which the interest costs are recognized in earnings. The derivative gains related to these swap agreements reclassified from accumulated other comprehensive loss to interest expense during the three and six months ended June 30, 2023 and 2022 were not significant. At June 30, 2023, the amount expected to be reclassified from accumulated other comprehensive loss to interest expense over the next twelve months was also not significant.
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GUARANTEES |
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Guarantees [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GUARANTEES | GUARANTEES The following table shows our outstanding guarantees:
(1)At our request or the request of our subsidiaries, financial institutions have issued standby letters of credit for the benefit of third parties that have extended credit to our subsidiaries. These amounts are not reflected on our balance sheets. (2)Primarily for environmental remediation, workers compensation self-insurance programs, and obtaining various licenses, permits, and rights-of-way. These amounts are not reflected on our balance sheets. (3)Related to workers compensation coverage for which a liability was recorded on our balance sheets.
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EMPLOYEE BENEFITS |
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Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMPLOYEE BENEFITS | EMPLOYEE BENEFITS The following tables show the components of net periodic benefit cost (credit) (including amounts capitalized to our balance sheets) for our benefit plans.
During the six months ended June 30, 2023, we made contributions and payments of $8.1 million related to our pension plans and $1.1 million related to our OPEB plans. We expect to make contributions and payments of $6.5 million related to our pension plans and $0.9 million related to our OPEB plans during the remainder of 2023, dependent upon various factors affecting us, including our liquidity position and possible tax law changes. Effective January 1, 2023, the PSCW approved escrow accounting for pension and OPEB costs. As a result, as of June 30, 2023, we recorded a $5.3 million regulatory asset for pension costs and a $7.4 million regulatory asset for OPEB costs. The above tables do not reflect any adjustments for the creation of these regulatory assets.
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GOODWILL AND INTANGIBLES |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND INTANGIBLES | GOODWILL AND INTANGIBLES Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the identifiable net assets acquired. The table below shows our goodwill balances by segment at June 30, 2023. We had no changes to the carrying amount of goodwill during the six months ended June 30, 2023.
(1)We had no accumulated impairment losses related to our goodwill as of June 30, 2023. Intangible Assets At June 30, 2023 and December 31, 2022, we had $29.3 million and $24.9 million, respectively, of indefinite-lived intangible assets, largely consisting of spectrum frequencies. During the six months ended June 30, 2023, we purchased additional spectrum frequencies for $4.4 million. The spectrum frequencies enable the utilities to transmit data and voice communications over a wavelength dedicated to us throughout our service territories. We also have $5.2 million of other indefinite-lived intangible assets, consisting of a MGU trade name from a previous acquisition. These indefinite-lived intangible assets are included in other long-term assets on our balance sheets. Intangible Liabilities The intangible liabilities below were all obtained through acquisitions by WECI.
(1) Represents PPAs related to the acquisition of Blooming Grove Wind Energy Center LLC , Tatanka Ridge, Jayhawk, Thunderhead Wind Energy LLC, Samson I, and Sapphire Sky expiring between 2030 and 2037. The weighted-average remaining useful life of the PPAs is 12 years. (2) Represents an agreement with a counterparty to swap the market revenue of Upstream's wind generation for fixed quarterly payments over 10 years, which expires in 2029. The remaining useful life of the proxy revenue swap is six years. (3) Represents interconnection agreements related to the acquisitions of Tatanka Ridge and Bishop Hill Energy III LLC, expiring in 2040 and 2041, respectively. These agreements relate to payments for connecting our facilities to the infrastructure of another utility to facilitate the movement of power onto the electric grid. The weighted-average remaining useful life of the interconnection agreements is 17 years. Amortization related to these intangible liabilities for the three and six months ended June 30, 2023, was $13.4 million and $23.8 million, respectively. Amortization for the three and six months ended June 30, 2022, was $2.1 million and $4.3 million, respectively. Amortization for the next five years, including amounts recorded through June 30, 2023, is estimated to be:
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INVESTMENT IN TRANSMISSION AFFILIATES |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT IN TRANSMISSION AFFILIATES | INVESTMENT IN TRANSMISSION AFFILIATES We own approximately 60% of ATC, a for-profit, transmission-only company regulated by the FERC for cost of service and certain state regulatory commissions for routing and siting of transmission projects. We also own approximately 75% of ATC Holdco, a separate entity formed in December 2016 to invest in transmission-related projects outside of ATC's traditional footprint. The following tables provide a reconciliation of the changes in our investments in ATC and ATC Holdco:
We pay ATC for network transmission and other related services it provides. In addition, we provide a variety of operational, maintenance, and project management work for ATC, which is reimbursed by ATC. We are also required to initially fund the construction of transmission infrastructure upgrades needed for new generation projects. ATC owns these transmission assets and reimburses us for these costs when the new generation is placed in service. The following table summarizes our significant related party transactions with ATC:
Our balance sheets included the following receivables and payables for services provided to or received from ATC:
(1)These transmission infrastructure upgrades were primarily related to the construction of WE's and WPS's renewable energy projects. Summarized financial data for ATC is included in the tables below:
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SEGMENT INFORMATION |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION We use net income attributed to common shareholders to measure segment profitability and to allocate resources to our businesses. At June 30, 2023, we reported six segments, which are described below. •The Wisconsin segment includes the electric and natural gas utility operations of WE, WPS, WG, and UMERC. •The Illinois segment includes the natural gas utility operations of PGL and NSG. •The other states segment includes the natural gas utility and non-utility operations of MERC and MGU. •The electric transmission segment includes our approximate 60% ownership interest in ATC, a for-profit, transmission-only company regulated by the FERC for cost of service and certain state regulatory commissions for routing and siting of transmission projects, and our approximate 75% ownership interest in ATC Holdco, which was formed to invest in transmission-related projects outside of ATC's traditional footprint. •The non-utility energy infrastructure segment includes: ◦We Power, which owns and leases generating facilities to WE, ◦Bluewater, which owns underground natural gas storage facilities in Michigan that provide approximately one-third of the current storage needs for our Wisconsin natural gas utilities, and ◦WECI, which holds majority interests in multiple renewable generating facilities. See Note 2, Acquisitions, for more information on recent WECI acquisitions. •The corporate and other segment includes the operations of the WEC Energy Group holding company, the Integrys holding company, the Peoples Energy, LLC holding company, Wispark, Wisvest LLC, Wisconsin Energy Capital Corporation, and WEC Business Services LLC. All of our operations are located within the United States. The following tables show summarized financial information related to our reportable segments for the three and six months ended June 30, 2023 and 2022:
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VARIABLE INTEREST ENTITIES |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES The primary beneficiary of a VIE must consolidate the entity's assets and liabilities. In addition, certain disclosures are required for significant interest holders in VIEs. We assess our relationships with potential VIEs, such as our coal suppliers, natural gas suppliers, coal transporters, natural gas transporters, and other counterparties related to PPAs, investments, and joint ventures. In making this assessment, we consider, along with other factors, the potential that our contracts or other arrangements provide subordinated financial support, the obligation to absorb the entity's losses, the right to receive residual returns of the entity, and the power to direct the activities that most significantly impact the entity's economic performance. WEPCo Environmental Trust Finance I, LLC In November 2020, the PSCW issued a financing order approving the securitization of $100 million of undepreciated environmental control costs related to WE's retired Pleasant Prairie power plant, the carrying costs accrued on the $100 million during the securitization process, and the related financing fees. The financing order also authorized WE to form WEPCo Environmental Trust, a bankruptcy-remote special purpose entity, for the sole purpose of issuing ETBs to recover the costs approved in the financing order. WEPCo Environmental Trust is a wholly owned subsidiary of WE. In May 2021, WEPCo Environmental Trust issued ETBs and used the proceeds to acquire environmental control property from WE. The environmental control property is recorded as a regulatory asset on our balance sheets and includes the right to impose, collect, and receive a non-bypassable environmental control charge from WE's retail electric distribution customers until the ETBs are paid in full and all financing costs have been recovered. The ETBs are secured by the environmental control property. Cash collections from the environmental control charge and funds on deposit in trust accounts are the sole sources of funds to satisfy the debt obligation. The bondholders have no recourse to WE or any of WE's affiliates. WE acts as the servicer of the environmental control property on behalf of WEPCo Environmental Trust and is responsible for metering, calculating, billing, and collecting the environmental control charge. As necessary, WE is authorized to implement periodic adjustments of the environmental control charge. The adjustments are designed to ensure the timely payment of principal, interest, and other ongoing financing costs. WE remits all collections of the environmental control charge to WEPCo Environmental Trust's indenture trustee. WEPCo Environmental Trust is a VIE primarily because its equity capitalization is insufficient to support its operations. As described above, WE has the power to direct the activities that most significantly impact WEPCo Environmental Trust's economic performance. Therefore, WE is considered the primary beneficiary of WEPCo Environmental Trust, and consolidation is required. The following table summarizes the impact of WEPCo Environmental Trust on our balance sheets:
Investment in Transmission Affiliates We own approximately 60% of ATC, a for-profit, electric transmission company regulated by the FERC and certain state regulatory commissions. We have determined that ATC is a VIE but consolidation is not required since we are not ATC's primary beneficiary. As a result of our limited voting rights, we do not have the power to direct the activities that most significantly impact ATC's economic performance. Therefore, we account for ATC as an equity method investment. At June 30, 2023 and December 31, 2022, our equity investment in ATC was $1,931.8 million and $1,884.6 million, respectively, which approximates our maximum exposure to loss as a result of our involvement with ATC. We also own approximately 75% of ATC Holdco, a separate entity formed in December 2016 to invest in transmission-related projects outside of ATC's traditional footprint. We have determined that ATC Holdco is a VIE but consolidation is not required since we are not ATC Holdco's primary beneficiary. As a result of our limited voting rights, we do not have the power to direct the activities that most significantly impact ATC Holdco's economic performance. Therefore, we account for ATC Holdco as an equity method investment. At June 30, 2023 and December 31, 2022, our equity investment in ATC Holdco was $24.1 million and $24.6 million, respectively, which approximates our maximum exposure to loss as a result of our involvement with ATC Holdco. See Note 20, Investment in Transmission Affiliates, for more information, including any significant assets and liabilities related to ATC and ATC Holdco recorded on our balance sheets. Power Purchase Commitment On May 31, 2022, WE's PPA with LSP-Whitewater Limited Partnership that represented a variable interest expired. This agreement was for 236.5 MWs of firm capacity from a natural gas-fired cogeneration facility, and we accounted for it as a finance lease. In November 2021, WE entered into a tolling agreement with LSP-Whitewater Limited Partnership that commenced on June 1, 2022, upon the expiration of the PPA. Concurrent with the execution of the tolling agreement, WE and WPS also entered into an agreement to purchase the natural gas-fired cogeneration facility. This asset purchase agreement was approved by the PSCW in December 2022, and the acquisition closed effective January 1, 2023. See Note 2, Acquisitions, for more information on the acquisition of this facility. The tolling agreement represented a variable interest until the facility was acquired since its terms were substantially similar to the terms of the PPA. Based on the risks of the entity, including operations, maintenance, dispatch, financing, fuel costs, and other factors, we were not the primary beneficiary of the entity. We did not hold an equity or debt interest in the entity, and there was no residual guarantee associated with the tolling agreement. Similar to the PPA, we accounted for the tolling agreement as a finance lease.
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COMMITMENTS AND CONTINGENCIES |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES We and our subsidiaries have significant commitments and contingencies arising from our operations, including those related to unconditional purchase obligations, environmental matters, and enforcement and litigation matters. Unconditional Purchase Obligations Our electric utilities have obligations to distribute and sell electricity to their customers, and our natural gas utilities have obligations to distribute and sell natural gas to their customers. The utilities expect to recover costs related to these obligations in future customer rates. In order to meet these obligations, we routinely enter into long-term purchase and sale commitments for various quantities and lengths of time. The renewable generation facilities that are part of our non-utility energy infrastructure segment have obligations to distribute and sell electricity through long-term offtake agreements with their customers for all of the energy produced. In order to support these sales obligations, these companies enter into easements and other service agreements associated with the generating facilities. Our minimum future commitments related to these purchase obligations as of June 30, 2023, including those of our subsidiaries, were approximately $10.2 billion. Environmental Matters Consistent with other companies in the energy industry, we face significant ongoing environmental compliance and remediation obligations related to current and past operations. Specific environmental issues affecting us include, but are not limited to, current and future regulation of air emissions such as sulfur dioxide, NOx, fine particulates, mercury, and GHGs; water intake and discharges; management of coal combustion products such as fly ash; and remediation of impacted properties, including former manufactured gas plant sites. Air Quality Cross State Air Pollution Rule – Good Neighbor Plan In March 2023, the EPA issued its final Good Neighbor Plan, which requires significant reductions in ozone-forming emissions of NOx from power plants and industrial facilities. The rule will take effect in August 2023, during the latter half of the 2023 ozone season. After review of the final rule, we believe that we are well positioned to meet the requirements. Our RICE units in the Upper Peninsula of Michigan and Wisconsin are not currently subject to the final rule as each unit is less than 25 MWs. To the extent we use RICE engines for natural gas distribution operations, those engines may be subject to the emission limits and operational requirements of the rule beginning in 2026. The EPA has exempted LDCs from the final rule but included new language defining an LDC that we are still evaluating. Mercury and Air Toxics Standards In 2012, the EPA issued the MATS to limit emissions of mercury, acid gases, and other hazardous air pollutants. In April 2023, the EPA issued the pre-publication version of a proposed rule to strengthen and update MATS to reflect recent developments in control technologies and performance of coal and oil-fired units. The EPA proposed three revisions including a proposal to lower the PM limit from 0.03 lb/MMBtu to 0.01 lb/MMBtu, which could have an adverse effect on our utilities. The EPA is also seeking comments on an even lower limit of 0.006 lb/MMBtu. We submitted comments to the EPA in June 2023 addressing several concerning portions of the proposed rule revisions. National Ambient Air Quality Standards Ozone After completing its review of the 2008 ozone standard, the EPA released a final rule in October 2015, creating a more stringent standard than the 2008 NAAQS. The 2015 ozone standard lowered the 8-hour limit for ground-level ozone. In November 2022, the EPA's 2022 CASAC Ozone Review Panel issued a draft report supporting a previously issued EPA staff-written Integrated Science Assessment for ozone which supported the reconsideration of the 2015 standard. The EPA staff issued a draft Policy Assessment in March 2023 in support of revisiting the 2020 decision to retain the 2015 ozone standards with no changes and indicated that they intend to publish their reconsideration in early 2024, with an anticipated final rule by early 2025. In February 2022, revisions to the Wisconsin Administrative Code to adopt the 2015 standard were finalized. The amended regulations incorporated by reference the federal air pollution monitoring requirements related to the standard. The WDNR submitted the rule updates as a SIP revision to the EPA, which the EPA approved in February 2023. In April 2022, the EPA proposed to find that the Milwaukee and Chicago, IL-IN-WI nonattainment areas did not meet the marginal attainment deadline of August 2021 and should be adjusted to "moderate" nonattainment status for the 2015 standard. In October 2022, the EPA published its final reclassifications from "marginal" to "moderate" for these areas, effective November 7, 2022. Accordingly, the WDNR submitted a SIP revision to the EPA in December 2022 to address the moderate nonattainment status. We believe that we are well positioned to meet the requirements associated with the 2015 ozone standard and do not expect to incur significant costs to comply with the associated state and federal rules. Particulate Matter In December 2020, the EPA completed its 5-year review of the 2012 annual and 24-hour standards for fine PM and determined that no revisions were necessary to the current annual standard of 12 µg/m3 or the 24-hour standard of 35 µg/m3. Under the Biden Administration's policy review, the EPA concluded that the scientific evidence and information from the December 2020 determination supports revising the level of the annual standard for the PM NAAQS to below the current level of 12 µg/m3, while retaining the 24-hour standard. In January 2023, the EPA announced its proposed decision to revise the primary (health-based) annual PM2.5 standard from its current level of 12 µg/m3 to within the range of 9 to 10 µg/m3. The EPA also proposed not to change the current secondary (welfare-based) annual PM2.5 standard, primary and secondary 24-hour PM2.5 standards, and primary and secondary PM10 standards. The EPA did, however, take comments on the full range (between 8 and 11 µg/m3) included in the CASAC's latest report. A final decision on the reconsideration is anticipated in late summer 2023. All counties within our service territories are in attainment with the current 2012 standards. If the EPA lowers the annual standard to 10 or 11 µg/m3, our generating facilities within our service territories should remain in attainment. If the EPA lowers it to below 10 µg/m3, there could be some nonattainment areas that may affect permitting of some smaller ancillary equipment located at our facilities. After finalization of the rule, the WDNR will need to draft and submit a SIP for the EPA's approval. Climate Change In May 2023, the EPA proposed GHG performance standards for existing fossil-fired steam generating and gas combustion units and also proposed to repeal the Affordable Clean Energy rule, which replaced the Clean Power Plan. For coal plants, there are no applicable standards until 2032, and after 2032 the applicable standard is dependent on the unit's retirement date. For combined cycle natural gas plants above a 50% capacity factor, the rule is highly dependent on hydrogen as an alternative fuel, or carbon capture. For simple cycle natural gas-fired combustion turbines, there are no applicable limits as long as the capacity factor is less than 20%. Our RICE units in Michigan and the new Weston RICE project are not affected under the rule because each RICE unit is less than 25 MWs. We are evaluating the proposed rule to understand the impacts to our operations. In May 2023, the EPA proposed to revise the New Source Performance Standards for GHG emissions from new, modified, and reconstructed fossil-fueled power plants. The EPA is proposing two distinct 111(b) rules – one for natural gas-fired stationary combustion turbines and the other for coal-fired units. New stationary combustion turbine units would be divided into three subcategories based on their annual capacity factor – low load, intermediate load, and base load. Our RICE units are not affected by this rule since each unit is below 25 MWs. We continue to move forward on the ESG Progress Plan, which is heavily focused on reducing GHG emissions. The EPA released proposed regulations for the Mandatory Greenhouse Gas Reporting Rule, 40 Code of Federal Regulations Part 98, in June 2022. In May 2023, the EPA released a supplementary proposal, which includes updates of the global warming potentials to determine CO2 equivalency for threshold reporting and the addition of a new section regarding energy consumption. The proposed revisions could impact the reporting required for our electric generation facilities, local natural gas distribution companies, and underground natural gas storage facilities. In July 2023, the EPA also issued a pre-publication version of its proposal to amend reporting requirements for petroleum and natural gas systems, with an anticipated final rule to be issued in early 2024. We are currently evaluating the potential impact, if any, of the proposed rule. Our ESG Progress Plan includes the retirement of older, fossil-fueled generation, to be replaced with zero-carbon-emitting renewables and clean natural gas-fueled generation. We have already retired more than 1,900 MWs of fossil-fueled generation since the beginning of 2018. Through our ESG Progress Plan, we expect to retire approximately 1,500 MWs of additional fossil-fueled generation by the end of 2026, which includes the planned retirements in 2024-2025 of OCPP Units 5-8 and the planned retirement by June 2026 of jointly-owned Columbia Units 1-2. See Note 7, Property, Plant, and Equipment, for more information on the timing of the retirements. In May 2021, we announced goals to achieve reductions in carbon emissions from our electric generation fleet by 60% by the end of 2025 and by 80% by the end of 2030, both from a 2005 baseline. We expect to achieve these goals by making operating refinements, retiring less efficient generating units, and executing our capital plan. Over the longer term, the target for our generation fleet is net-zero CO2 emissions by 2050. We also continue to reduce methane emissions by improving our natural gas distribution systems, and have set a target across our natural gas distribution operations to achieve net-zero methane emissions by the end of 2030. We plan to achieve our net-zero goal through an effort that includes both continuous operational improvements and equipment upgrades, as well as the use of RNG throughout our utility systems. Water Quality Clean Water Act Cooling Water Intake Structure Rule The EPA issued a final regulation under Section 316(b) of the CWA that became effective in October 2014 and requires the location, design, construction, and capacity of cooling water intake structures at existing power plants reflect the BTA for minimizing adverse environmental impacts. The rule applies to all of our existing generating facilities with cooling water intake structures, except for the ERGS units, which were permitted and received a final BTA determination under the rules governing new facilities. Pursuant to a WDNR rule, which became effective in June 2020, the requirements of federal Section 316(b) of the CWA were incorporated into the Wisconsin Administrative Code. The WDNR applies this rule when establishing BTA requirements for cooling water intake structures at existing facilities. These BTA requirements are incorporated into WPDES permits for WE and WPS facilities. We have received a final BTA determination for Valley power plant. We have received interim BTA determinations for PWGS, OCPP Units 5-8, and Weston Units 3 and 4. We believe that existing technology installed at the OCPP facility meets the BTA requirements; however, depending on the timing of the permit reissuance, all four generating units at the OCPP may be retired prior to the WDNR making a final BTA decision, anticipated in 2025. In addition, we believe that existing technology installed at the Weston facility will result in a final BTA determination during the WPDES permit reissuance in 2023. We are engaged in discussions with the WDNR regarding the current status of the BTA determination at PWGS. There is uncertainty about whether existing technology meets all of the WDNR's BTA requirements. We will not be in a position to determine what, if any, modifications may be needed at PWGS until the WDNR issues the WPDES permit renewal for PWGS, expected during the third quarter of 2023. As a result of past capital investments completed to address Section 316(b) compliance at WE and WPS, we believe our fleet overall is well positioned to continue to meet this regulation. Steam Electric Effluent Limitation Guidelines The EPA's ELG rule, effective January 2016 and modified in 2020, revised the treatment technology requirements related to BATW and wet FGD wastewaters at existing coal-fueled facilities and created new requirements for several types of power plant wastewaters. The two new requirements that affect WE and WPS facilities relate to discharge limits for BATW and wet FGD wastewater. Although our power plant facilities already have advanced wastewater treatment technologies installed that meet many of the discharge limits established by this rule, certain facility modifications are necessary to meet the ELG rule requirements. Through 2023, we expect that compliance costs associated with the ELG rule will require $105 million in capital investment. An $8 million BATW modification to OC 7 and OC 8 was completed and placed in-service in mid-2021, and in December 2021, the PSCW issued a Certificate of Authority approving the $89 million ERGS FGD wastewater treatment system modification. The BATW modifications, including $8 million of modifications at Weston Unit 3 completed in June 2023, did not require PSCW approval prior to construction. All of these ELG required projects are either in-service or are on track for completion by the WPDES permit deadlines in December 2023. In March 2023, the EPA issued the proposed "supplemental ELG rule." The rule would replace the existing 2020 ELG rule and, as proposed, would establish stricter limitations on: 1) BATW; 2) FGD wastewater; 3) CCR leachate; and 4) legacy wastewaters. The most significant proposed ELG rule change is a ZLD requirement for FGD wastewater. Under the proposed rule, this new ZLD requirement must be met by a date determined by the permitting authority (the WDNR for WE) that is as soon as possible beginning 60 days following publication of the final rule, but no later than December 31, 2029. The proposed rule would also create a subcategory for "early adopters" that have already installed a compliant biological treatment system by the date of the proposed rule. Early adopters would not be required to install further FGD wastewater treatment, provided the facility owner also agrees to permanently cease combustion of coal by December 31, 2032. Although we are currently completing an $89 million biological treatment system at ERGS, which we expect to be complete later this year, the expected timing of the project's completion would not comply with the deadline imposed by the EPA to qualify for early adopter status. In addition, we do not believe that, upon its completion, the biological treatment system would be compliant with the additional ZLD FGD wastewater treatment requirements as proposed. In May 2023, we submitted written comments to the EPA. If the supplemental ELG rule is finalized as proposed, we anticipate that our coal-fueled facilities will meet the BATW rule provisions. BATW projects were completed at Weston Unit 3 in June 2023 and at the OCPP Units 7 and 8 in June 2021. ERGS Units 1 and 2 and OCPP Units 5 and 6 were both built with ELG-compliant dry BATW systems. The EPA also proposed requirements for legacy wastewaters and landfill leachate. We are reviewing those proposed requirements to determine potential costs and actions required for our facilities. Waters of the United States In January 2023, the EPA and the Army Corps together released a final rule effective in March 2023, that based the definition of WOTUS on its pre-2015 definition. The pre-2015 approach involves applying factors established through case law and agency precedents to determine whether a wetland or surface drainage feature is subject to federal jurisdiction. In May 2023, the Supreme Court issued a decision significantly narrowing federal jurisdiction over wetlands. In Sackett v. Environmental Protection Agency, the court ruled that the federal government's jurisdiction over WOTUS extends to "traditional navigable waters" and wetlands or other waters that have a "continuous surface connection" with a traditional navigable water. Following the Supreme Court decision, the agencies announced they would interpret the definition of WOTUS consistent with the Sackett decision. The agencies are also developing a new rule to amend the definition of WOTUS that was published in the Federal Register in January 2023, to be consistent with the Sackett decision. The agencies have indicated that they intend to issue a new final rule by September 2023. We anticipate the Sackett decision will cause a decrease in the number of projects that require Army Corps federal wetland permits. The Sackett decision may also affect the administration of some state programs. At this point, our projects requiring federal permits are moving ahead, but we are monitoring these recent developments to better understand potential future impacts. Land Quality Manufactured Gas Plant Remediation We have identified sites at which our utilities or a predecessor company owned or operated a manufactured gas plant or stored manufactured gas. We have also identified other sites that may have been impacted by historical manufactured gas plant activities. Our natural gas utilities are responsible for the environmental remediation of these sites, some of which are in the EPA Superfund Alternative Approach Program. We are also working with various state jurisdictions in our investigation and remediation planning. These sites are at various stages of investigation, monitoring, remediation, and closure. In addition, we are coordinating the investigation and cleanup of some of these sites subject to the jurisdiction of the EPA under what is called a "multisite" program. This program involves prioritizing the work to be done at the sites, preparation and approval of documents common to all of the sites, and use of a consistent approach in selecting remedies. At this time, we cannot estimate future remediation costs associated with these sites beyond those described below. The future costs for detailed site investigation, future remediation, and monitoring are dependent upon several variables including, among other things, the extent of remediation, changes in technology, and changes in regulation. Historically, our regulators have allowed us to recover incurred costs, net of insurance recoveries and recoveries from potentially responsible parties, associated with the remediation of manufactured gas plant sites. Accordingly, we have established regulatory assets for costs associated with these sites. We have established the following regulatory assets and reserves for manufactured gas plant sites:
Coal Combustion Residuals Rule The EPA issued a pre-publication proposed rule for CCR in May 2023, that would apply to all landfills, historic fill sites, and projects where CCR was placed. As proposed, the rule would regulate previously exempt closed landfills and would include sites we own as well as several third party owned properties. We are actively engaged with the Utility Solid Waste Activities Group and the EEI in evaluating and commenting on this rule. The proposed rule could have a material adverse impact on our coal ash landfills and require additional remediation that has not been required under the current state programs. Enforcement and Litigation Matters We and our subsidiaries are involved in legal and administrative proceedings before various courts and agencies with respect to matters arising in the ordinary course of business. Although we are unable to predict the outcome of these matters, management believes that appropriate reserves have been established and that final settlement of these actions will not have a material impact on our financial condition or results of operations. Consent Decrees Wisconsin Public Service Corporation – Weston and Pulliam Power Plants In November 2009, the EPA issued an NOV to WPS, which alleged violations of the CAA's New Source Review requirements relating to certain projects completed at the Weston and Pulliam power plants from 1994 to 2009. WPS entered into a Consent Decree with the EPA resolving this NOV. This Consent Decree was entered by the United States District Court for the Eastern District of Wisconsin in March 2013. With the retirement of Pulliam Units 7 and 8 in October 2018, WPS completed the mitigation projects required by the Consent Decree and received a completeness letter from the EPA in October 2018. We are working with the EPA on a closeout process for the Consent Decree and expect that process to begin later in 2023. Joint Ownership Power Plants – Columbia and Edgewater In December 2009, the EPA issued an NOV to Wisconsin Power and Light Company, the operator of the Columbia and Edgewater plants, and the other joint owners of these plants, including Madison Gas and Electric Company, WE (former co-owner of an Edgewater unit), and WPS. The NOV alleged violations of the CAA's New Source Review requirements related to certain projects completed at those plants. WPS, along with Wisconsin Power and Light Company, Madison Gas and Electric Company, and WE, entered into a Consent Decree with the EPA resolving this NOV. This Consent Decree was entered by the United States District Court for the Western District of Wisconsin in June 2013. As a result of the continued implementation of the Consent Decree related to the jointly owned Columbia and Edgewater plants, the Edgewater 4 generating unit was retired in September 2018. Wisconsin Power and Light Company started the process in early 2023 to close out this Consent Decree.
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SUPPLEMENTAL CASH FLOW INFORMATION |
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SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION Non-Cash Transactions
Restricted Cash The statements of cash flows include our activity related to cash, cash equivalents, and restricted cash. The following table reconciles the cash, cash equivalents, and restricted cash amounts reported within the balance sheets to the total of these amounts shown on the statements of cash flows:
Our restricted cash consisted of the following: •Cash held in the Integrys rabbi trust, which is used to fund participants' benefits under the Integrys deferred compensation plan and certain Integrys non-qualified pension plans. All assets held within the rabbi trust are restricted as they can only be withdrawn from the trust to make qualifying benefit payments. •Cash on deposit in financial institutions that is restricted to satisfy the requirements of certain debt agreements at WEC Infrastructure Wind Holding I LLC, WECI Wind Holding II, and WEPCo Environmental Trust. •Cash we received when WECI acquired ownership interests in certain renewable generation projects. This cash is restricted as it can only be used to pay for any remaining costs associated with the construction of the renewable generation facilities. •Cash used by WE and WPS during January 2023 to purchase a natural gas-fired cogeneration facility located in Whitewater, Wisconsin. This cash was included in other long-term assets at December 31, 2022. See Note 2, Acquisitions, for more information on the purchase of this facility.
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REGULATORY ENVIRONMENT |
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REGULATORY ENVIRONMENT | REGULATORY ENVIRONMENT Wisconsin Electric Power Company, Wisconsin Public Service Corporation, and Wisconsin Gas LLC 2024 Limited Rate Case Re-Opener In accordance with their rate orders approved by the PSCW in December 2022, WE, WPS, and WG filed requests for limited electric and natural gas rate case re-openers, as applicable, with the PSCW on May 15, 2023. The limited electric rate case re-openers filed by WE and WPS include updated revenue requirements for the generation projects that were previously approved by the PSCW and are expected to be placed into service in 2023 and 2024. WE's limited electric re-opener also includes the projected savings from the retirement of the OCPP units 5 and 6, which are expected to be retired in May 2024. WE and WG also filed a request for a limited natural gas rate case re-opener to reflect the additional revenue requirements associated with their previously approved LNG projects that are expected to be placed into service in 2023 and 2024, respectively. The requested increases in 2024 base rates are as follows:
The utilities' ROE and common equity component averages will not be addressed in the limited rate case re-openers. A PSCW decision is expected in the fourth quarter of 2023, with new rates expected to be effective January 1, 2024. The Peoples Gas Light and Coke Company and North Shore Gas Company 2023 Rate Case In January 2023, PGL and NSG filed requests with the ICC to increase their natural gas rates. They are requesting incremental rate increases of $194.7 million (13.0%) and $18.7 million (7.8%), respectively. The requested rate increases are primarily driven by capital investments made to strengthen the safety and reliability of each utility’s natural gas distribution system. PGL is also seeking to recover costs incurred to upgrade its natural gas storage field and operations facilities and to continue improving customer service. Both companies are requesting an ROE of 9.90% and a common equity component average of 54.0%. PGL is not seeking an extension of the QIP rider. Instead, PGL will return to the traditional rate making process to recover the costs of necessary infrastructure improvements. See the Qualifying Infrastructure Plant Rider section below for more information on the QIP rider. An ICC decision is anticipated in the fourth quarter of 2023, with any rate adjustments expected to be effective January 1, 2024. Qualifying Infrastructure Plant Rider In July 2013, Illinois Public Act 98-0057, The Natural Gas Consumer, Safety & Reliability Act, became law. This law provides natural gas utilities with a cost recovery mechanism that allows collection, through a surcharge on customer bills, of prudently incurred costs to upgrade Illinois natural gas infrastructure. In January 2014, the ICC approved a QIP rider for PGL, which is in effect through 2023. PGL will not seek an extension of the rider beyond 2023. PGL's QIP rider is subject to an annual reconciliation whereby costs are reviewed for accuracy and prudency. In March 2023, PGL filed its 2022 reconciliation with the ICC, which, along with the reconciliations from 2016 through 2021, are still pending. As of June 30, 2023, there can be no assurance that all costs incurred under PGL's QIP rider during the open reconciliation years, which include 2016 through 2022, will be deemed recoverable by the ICC. Minnesota Energy Resources Corporation 2023 Rate Case In November 2022, MERC initiated a rate proceeding with the MPUC to increase its retail natural gas base rates by $40.3 million (9.9%). MERC's request reflected a 10.3% ROE and a common equity component average of 53.0%. The proposed retail natural gas rate increase was primarily driven by increased capital investments as well as inflationary pressure on operating costs. In December 2022, the MPUC approved MERC's request for interim rates totaling $37.0 million, subject to refund. The interim rates went into effect on January 1, 2023. On May 11, 2023, MERC filed with the MPUC a settlement agreement it reached with certain intervenors. The settlement agreement reflects a natural gas base rate increase of $28.8 million (7.1%), along with a 9.65% ROE and a common equity component average of 53.0%. Under the terms of the settlement agreement, MERC will continue the use of its decoupling mechanism for residential customers, and it will be expanded to include certain small commercial and industrial customers. The settlement agreement is pending MPUC approval. MERC’s customers will be entitled to a refund to the extent the interim rate increase exceeds the final approved rate increase. We expect a decision from the MPUC in the fourth quarter of 2023. Michigan Gas Utilities Corporation 2023 Rate Case In March 2023, MGU filed a request with the MPSC to increase its retail natural gas base rates by $19.1 million (9.1%). The request reflected a 10.4% ROE and a common equity component average of 51.4%. MGU also requested changes to its MRP rider, including updates for projects that are expected to be placed into service during 2023 and 2024, updates to remaining project costs to address inflation, and an extension of the rider for an additional two years (new expiration of 2029). The proposed natural gas rate increase was primarily driven by capital investments made to strengthen the safety and reliability of MGU's natural gas distribution system and to provide service to additional customers. Inflationary pressure on operating costs also contributed to the proposed rate increase. In July 2023, MGU reached a comprehensive settlement that resolves all issues in its rate case. The settlement agreement is being finalized and is expected be filed with the MPSC for approval shortly. An MPSC decision is anticipated in the second half of 2023, with new rates expected to be effective January 1, 2024.
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NEW ACCOUNTING PRONOUNCEMENTS |
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Accounting Standards Update and Change in Accounting Principle [Abstract] | |
NEW ACCOUNTING PRONOUNCEMENTS | NEW ACCOUNTING PRONOUNCEMENTS Reference Rate Reform In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and in January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope. These pronouncements provide temporary optional expedients and exceptions for applying GAAP principles to contract modifications and hedging relationships to ease the financial reporting burdens of the market transition from LIBOR and other interbank offered rates to alternative reference rates. These pronouncements were effective upon issuance on March 12, 2020 through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, to extend the temporary accounting rules under Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. An entity may elect to apply the amendments prospectively from March 12, 2020 through December 31, 2024 by accounting topic. Our $500.0 million 2007 Junior Notes, which were previously subject to a variable rate based on U.S. dollar LIBOR, transitioned to a variable rate based on SOFR beginning July 1, 2023. No contract modifications were required as the references to LIBOR were replaced by operation of law. See Note 11, Long-Term Debt, for more information. We do not anticipate this guidance having a significant impact on our financial statements and related disclosures.
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Insider Trading Arrangements |
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Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
GENERAL INFORMATION (Policies) |
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Accounting Policies [Abstract] | |
Consolidation | As used in these notes, the term "financial statements" refers to the condensed consolidated financial statements. This includes the income statements, statements of comprehensive income, balance sheets, statements of cash flows, and statements of equity, unless otherwise noted. In this report, when we refer to "the Company," "us," "we," "our," or "ours," we are referring to WEC Energy Group and all of its subsidiaries. On our financial statements, we consolidate our majority-owned subsidiaries, which we control, and VIEs, of which we are the primary beneficiary. We reflect noncontrolling interests for the portion of entities that we do not own as a component of consolidated equity separate from the equity attributable to our shareholders. The noncontrolling interests that we reported as equity on our balance sheets related to the minority interests held by third parties in the renewable generating facilities that are included in our non-utility energy infrastructure segment.
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Equity method investments | We use the equity method to account for investments in companies we do not control but over which we exercise significant influence regarding their operating and financial policies. As a result of our limited voting rights, we account for ATC and ATC Holdco as equity method investments. |
Basis of accounting | We have prepared the unaudited interim financial statements presented in this Form 10-Q pursuant to the rules and regulations of the SEC and GAAP. Accordingly, these financial statements do not include all of the information and footnotes required by GAAP for annual financial statements. These financial statements should be read in conjunction with the consolidated financial statements and footnotes in our Annual Report on Form 10-K for the year ended December 31, 2022. Financial results for an interim period may not give a true indication of results for the year. In particular, the results of operations for the three and six months ended June 30, 2023, are not necessarily indicative of expected results for 2023 due to seasonal variations and other factors. In management's opinion, we have included all adjustments, normal and recurring in nature, necessary for a fair presentation of our financial results.
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Credit losses | Our exposure to credit losses is related to our accounts receivable and unbilled revenue balances, which are primarily generated from the sale of electricity and natural gas by our regulated utility operations. Credit losses associated with our utility operations are analyzed at the reportable segment level as we believe contract terms, political and economic risks, and the regulatory environment are similar at this level as our reportable segments are generally based on the geographic location of the underlying utility operations. We have an accounts receivable and unbilled revenue balance associated with our non-utility energy infrastructure segment, related to the sale of electricity from our majority-owned renewable generating facilities through agreements with several large high credit quality counterparties. We evaluate the collectability of our accounts receivable and unbilled revenue balances considering a combination of factors. For some of our larger customers and also in circumstances where we become aware of a specific customer's inability to meet its financial obligations to us, we record a specific allowance for credit losses against amounts due in order to reduce the net recognized receivable to the amount we reasonably believe will be collected. For all other customers, we use the accounts receivable aging method to calculate an allowance for credit losses. Using this method, we classify accounts receivable into different aging buckets and calculate a reserve percentage for each aging bucket based upon historical loss rates. The calculated reserve percentages are updated on at least an annual basis, in order to ensure recent macroeconomic, political, and regulatory trends are captured in the calculation, to the extent possible. Risks identified that we do not believe are reflected in the calculated reserve percentages, are assessed on a quarterly basis to determine whether further adjustments are required. We monitor our ongoing credit exposure through active review of counterparty accounts receivable balances against contract terms and due dates. Our activities include timely account reconciliation, dispute resolution and payment confirmation. To the extent possible, we work with customers with past due balances to negotiate payment plans, but will disconnect customers for non-payment as allowed by our regulators, if necessary, and employ collection agencies and legal counsel to pursue recovery of defaulted receivables. For our larger customers, detailed credit review procedures may be performed in advance of any sales being made. We sometimes require letters of credit, parental guarantees, prepayments or other forms of credit assurance from our larger customers to mitigate credit risk.
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Fair value measurement | Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Fair value accounting rules provide a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are defined as follows: Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 – Pricing inputs are observable, either directly or indirectly, but are not quoted prices included within Level 1. Level 2 includes those financial instruments that are valued using external inputs within models or other valuation methods. Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methods that result in management's best estimate of fair value. Level 3 instruments include those that may be more structured or otherwise tailored to customers' needs. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. We use a mid-market pricing convention (the mid-point price between bid and ask prices) as a practical measure for valuing certain derivative assets and liabilities. We primarily use a market approach for recurring fair value measurements and attempt to use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. When possible, we base the valuations of our assets and liabilities on quoted prices for identical assets and liabilities in active markets. These valuations are classified in Level 1. The valuations of certain contracts not classified as Level 1 may be based on quoted market prices received from counterparties and/or observable inputs for similar instruments. Transactions valued using these inputs are classified in Level 2. Certain derivatives, such as FTRs and TCRs, are categorized in Level 3 due to the significance of unobservable or internally-developed inputs. FTRs and TCRs are valued using auction prices from the applicable regional transmission organization.
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Derivative instruments | We use derivatives as part of our risk management program to manage the risks associated with the price volatility of interest rates, purchased power, generation, and natural gas costs for the benefit of our customers and shareholders. Our approach is non-speculative and designed to mitigate risk. Regulated hedging programs are approved by our state regulators. We record derivative instruments on our balance sheets as an asset or liability measured at fair value unless they qualify for the normal purchases and sales exception and are so designated. We continually assess our contracts designated as normal and will discontinue the treatment of these contracts as normal if the required criteria are no longer met. Changes in the derivative's fair value are recognized currently in earnings unless specific hedge accounting criteria are met or we receive regulatory treatment for the derivative. For most energy-related physical and financial contracts in our regulated operations that qualify as derivatives, our regulators allow the effects of fair value accounting to be offset to regulatory assets and liabilities. On our balance sheets, we classify derivative assets and liabilities as current or long-term based on the maturities of the underlying contracts. Derivative assets and liabilities are included in the other current and other long-term line items on our balance sheets.
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New accounting pronouncements | Reference Rate Reform In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and in January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope. These pronouncements provide temporary optional expedients and exceptions for applying GAAP principles to contract modifications and hedging relationships to ease the financial reporting burdens of the market transition from LIBOR and other interbank offered rates to alternative reference rates. These pronouncements were effective upon issuance on March 12, 2020 through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, to extend the temporary accounting rules under Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. An entity may elect to apply the amendments prospectively from March 12, 2020 through December 31, 2024 by accounting topic. Our $500.0 million 2007 Junior Notes, which were previously subject to a variable rate based on U.S. dollar LIBOR, transitioned to a variable rate based on SOFR beginning July 1, 2023. No contract modifications were required as the references to LIBOR were replaced by operation of law. See Note 11, Long-Term Debt, for more information. We do not anticipate this guidance having a significant impact on our financial statements and related disclosures.
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Other non-utility revenues | |
Disaggregation of Operating Revenues | |
Revenue Recognition | As part of the construction of the We Power electric utility generating units, we capitalized interest during construction, which is included in property, plant, and equipment. As allowed by the PSCW, we collected these carrying costs from WE's utility customers during construction. The equity portion of these carrying costs was recorded as a contract liability, which is presented as deferred revenue, net on our balance sheets. We continually amortize the deferred carrying costs to revenues over the related lease term that We Power has with WE. |
OPERATING REVENUES (Tables) |
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Disaggregation of Operating Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues disaggregated by revenue source | Disaggregation of Operating Revenues The following tables present our operating revenues disaggregated by revenue source. We do not have any revenues associated with our electric transmission segment, which includes investments accounted for using the equity method. We disaggregate revenues into categories that depict how the nature, amount, timing, and uncertainty of revenues and cash flows are affected by economic factors. For our segments, revenues are further disaggregated by electric and natural gas operations and then by customer class. Each customer class within our electric and natural gas operations has different expectations of service, energy and demand requirements, and can be impacted differently by regulatory activities within their jurisdictions.
(1)Amounts eliminated represent lease revenues related to certain plants that We Power leases to WE to supply electricity to its customers. Lease payments are billed from We Power to WE and then recovered in WE's rates as authorized by the PSCW and the FERC. WE operates the plants and is authorized by the PSCW and Wisconsin state law to fully recover prudently incurred operating and maintenance costs in electric rates.
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Revenues from contracts with customers | Electric | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Operating Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues disaggregated by revenue source | The following table disaggregates electric utility operating revenues by customer class:
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Revenues from contracts with customers | Natural gas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Operating Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues disaggregated by revenue source | The following tables disaggregate natural gas utility operating revenues by customer class:
(1)Includes the revenues subject to the purchased gas recovery mechanisms of our utilities, which fluctuate by segment based on actual natural gas costs incurred at our utilities, compared with the recovery of natural gas costs that were anticipated in rates.
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Revenues from contracts with customers | Other non-utility revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Operating Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues disaggregated by revenue source | Other non-utility operating revenues consist primarily of the following:
(1)As part of the construction of the We Power electric utility generating units, we capitalized interest during construction, which is included in property, plant, and equipment. As allowed by the PSCW, we collected these carrying costs from WE's utility customers during construction. The equity portion of these carrying costs was recorded as a contract liability, which is presented as deferred revenue, net on our balance sheets. We continually amortize the deferred carrying costs to revenues over the related lease term that We Power has with WE.
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Other operating revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Operating Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues disaggregated by revenue source | Other operating revenues consist primarily of the following:
(1)Negative amounts can result from alternative revenues being reversed to revenues from contracts with customers as the customer is billed for these alternative revenues. Negative amounts can also result from revenues to be refunded to customers subject to decoupling mechanisms, wholesale true-ups, conservation improvement rider true-ups, and certain late payment charges.
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CREDIT LOSSES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of gross receivables and related allowances for credit losses | We have included tables below that show our gross third-party receivable balances and the related allowance for credit losses at June 30, 2023 and December 31, 2022, by reportable segment.
(1)Our exposure to credit losses for certain regulated utility customers is mitigated by regulatory mechanisms we have in place. Specifically, rates related to all of the customers in our Illinois segment, as well as the residential rates of WE, WPS, and WG in our Wisconsin segment, include riders or other mechanisms for cost recovery or refund of uncollectible expense based on the difference between the actual provision for credit losses and the amounts recovered in rates. As a result, at June 30, 2023, $767.6 million, or 58.4%, of our net accounts receivable and unbilled revenues balance had regulatory protections in place to mitigate the exposure to credit losses.
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Rollforward of the allowances for credit losses by reportable segment | A roll-forward of the allowance for credit losses by reportable segment is included below:
On a consolidated basis, there was a $20.6 million decrease in the allowance for credit losses at June 30, 2023, compared to January 1, 2023, driven by customer write-offs related to the winter moratorium months ending. After a customer is disconnected for a period of time without payment on their account, we will write off that customer balance. In Wisconsin, the winter moratorium begins on November 1 and ends on April 15, and in Illinois the winter moratorium begins on December 1 and ends on March 31. Also contributing to the decrease in the allowance for credit losses, we believe that the lower energy costs that customers were seeing, which were driven by lower natural gas prices, contributed to a reduction in past due accounts receivable balances and a related decrease in the allowance for credit losses.
On a consolidated basis, there was a $22.5 million decrease in the allowance for credit losses at June 30, 2022, compared to January 1, 2022. The decrease was driven by customer write-offs related to collection practices returning to pre-pandemic levels in 2021, including the restoration of our ability to disconnect customers. Partially offsetting the decrease in the allowance for credit losses, we believe that the high energy costs that customers were seeing, which were driven by high natural gas prices, contributed to higher past due accounts receivable balances and a related increase in the allowance for credit losses.
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REGULATORY ASSETS AND LIABILITIES (Tables) |
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Regulatory Assets and Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of regulatory assets |
(1)Primarily related to costs associated with the long-term service agreements our Wisconsin utilities have with Bluewater for natural gas storage services. The PSCW has approved escrow accounting for these costs. As a result, our Wisconsin utilities defer as a regulatory asset or liability the difference between actual storage costs and those included in rates until recovery or refund is authorized in a future rate proceeding.
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Schedule of regulatory liabilities |
(1)The increase in these regulatory liabilities was primarily due to lower natural gas costs incurred during 2023, compared to what was anticipated in rates.
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COMMON EQUITY (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule of stock-based compensation awards granted | During the six months ended June 30, 2023, the Compensation Committee of our Board of Directors awarded the following stock-based compensation to our directors, officers, and certain other key employees:
(1)Stock options awarded had a weighted-average exercise price of $93.69 and a weighted-average grant date fair value of $19.58 per option. (2)Restricted shares awarded had a weighted-average grant date fair value of $93.69 per share.
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SHORT-TERM DEBT AND LINES OF CREDIT (Tables) |
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of short-term borrowings and weighted-average interest rates | The following table shows our short-term borrowings and their corresponding weighted-average interest rates:
(1)Coyote Ridge Wind, LLC, Tatanka Ridge, and Jayhawk entered into operating expense loans. In accordance with their limited liability company operating agreements, they received loans from the holders of their noncontrolling interests in proportion to their ownership interests.
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Schedule of credit agreements and remaining available capacity | 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:
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LEASES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of minimum lease payments | Future minimum lease payments and the corresponding present value of our net minimum lease payments under the finance leases for Darien as of June 30, 2023, were as follows:
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MATERIALS, SUPPLIES, AND INVENTORIES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of inventory | Our inventory consisted of:
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INCOME TAXES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of effective income tax rate reconciliation | The provision for income taxes differs from the amount of income tax determined by applying the applicable United States statutory federal income tax rate to income before income taxes as a result of the following:
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FAIR VALUE MEASUREMENTS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair value of assets and liabilities measured on a recurring basis categorized by level within the fair value hierarchy | The following tables summarize our financial assets and liabilities that were accounted for at fair value on a recurring basis, categorized by level within the fair value hierarchy:
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Reconciliation of changes in fair value of items categorized as level 3 measurements | The following table summarizes the changes to derivatives classified as Level 3 in the fair value hierarchy:
(1)Amounts relate to FTRs and TCRs included in our non-utility energy infrastructure segment. These realized and unrealized net gains and losses are recorded in operating revenues on our income statements.
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Schedule of carrying value and fair value of financial instruments not recorded at fair value | The following table shows the financial instruments included on our balance sheets that were not recorded at fair value:
(1)The carrying amount of long-term debt excludes finance lease obligations of $150.4 million and $183.2 million at June 30, 2023 and December 31, 2022, respectively.
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DERIVATIVE INSTRUMENTS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of derivative assets and liabilities | The following table shows our derivative assets and derivative liabilities. None of the derivatives shown below were designated as hedging instruments.
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Schedule of estimated notional sales volumes and realized gains (losses) | Our estimated notional sales volumes and realized gains and losses were as follows:
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Schedule of net derivative instruments | The following table shows derivative assets and derivative liabilities if derivative instruments by counterparty were presented net on our balance sheets:
(1)Includes cash collateral posted of $97.7 million. (2)Includes cash collateral posted of $65.0 million.
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GUARANTEES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of outstanding guarantees | The following table shows our outstanding guarantees:
(1)At our request or the request of our subsidiaries, financial institutions have issued standby letters of credit for the benefit of third parties that have extended credit to our subsidiaries. These amounts are not reflected on our balance sheets. (2)Primarily for environmental remediation, workers compensation self-insurance programs, and obtaining various licenses, permits, and rights-of-way. These amounts are not reflected on our balance sheets. (3)Related to workers compensation coverage for which a liability was recorded on our balance sheets.
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EMPLOYEE BENEFITS (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of net benefit cost (credit) | The following tables show the components of net periodic benefit cost (credit) (including amounts capitalized to our balance sheets) for our benefit plans.
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GOODWILL AND INTANGIBLES (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of goodwill balance by segment | The table below shows our goodwill balances by segment at June 30, 2023. We had no changes to the carrying amount of goodwill during the six months ended June 30, 2023.
(1)We had no accumulated impairment losses related to our goodwill as of June 30, 2023.
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Schedule of intangible liabilities obtained through acquisitions by WECI | The intangible liabilities below were all obtained through acquisitions by WECI.
(1) Represents PPAs related to the acquisition of Blooming Grove Wind Energy Center LLC , Tatanka Ridge, Jayhawk, Thunderhead Wind Energy LLC, Samson I, and Sapphire Sky expiring between 2030 and 2037. The weighted-average remaining useful life of the PPAs is 12 years. (2) Represents an agreement with a counterparty to swap the market revenue of Upstream's wind generation for fixed quarterly payments over 10 years, which expires in 2029. The remaining useful life of the proxy revenue swap is six years. (3) Represents interconnection agreements related to the acquisitions of Tatanka Ridge and Bishop Hill Energy III LLC, expiring in 2040 and 2041, respectively. These agreements relate to payments for connecting our facilities to the infrastructure of another utility to facilitate the movement of power onto the electric grid. The weighted-average remaining useful life of the interconnection agreements is 17 years.
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Schedule of amortization over the next five years | Amortization for the next five years, including amounts recorded through June 30, 2023, is estimated to be:
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INVESTMENT IN TRANSMISSION AFFILIATES (Tables) - Transmission Affiliates |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in transmission affiliates | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes to our investments in transmission affiliates | The following tables provide a reconciliation of the changes in our investments in ATC and ATC Holdco:
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Schedule of significant related party transactions with ATC | The following table summarizes our significant related party transactions with ATC:
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Schedule of receivables and payables with ATC | Our balance sheets included the following receivables and payables for services provided to or received from ATC:
(1)These transmission infrastructure upgrades were primarily related to the construction of WE's and WPS's renewable energy projects.
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Schedule of summarized income statement data for ATC | Summarized financial data for ATC is included in the tables below:
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Schedule of summarized balance sheet data for ATC |
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SEGMENT INFORMATION (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of financial information related to our reportable segments | The following tables show summarized financial information related to our reportable segments for the three and six months ended June 30, 2023 and 2022:
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VARIABLE INTEREST ENTITIES (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of balance sheet impact of WEPCo Environmental Trust | The following table summarizes the impact of WEPCo Environmental Trust on our balance sheets:
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COMMITMENTS AND CONTINGENCIES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of regulatory assets and reserves related to manufactured gas plant sites | We have established the following regulatory assets and reserves for manufactured gas plant sites:
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SUPPLEMENTAL CASH FLOW INFORMATION (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of supplemental cash flow information |
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Reconciliation of cash and cash equivalents and restricted cash | The following table reconciles the cash, cash equivalents, and restricted cash amounts reported within the balance sheets to the total of these amounts shown on the statements of cash flows:
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REGULATORY ENVIRONMENT - (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Service Commission of Wisconsin (PSCW) | 2024 Rates | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of regulatory decisions | The requested increases in 2024 base rates are as follows:
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GENERAL INFORMATION - GENERAL (Details) customer in Millions |
Jun. 30, 2023
customer
|
---|---|
Electric | |
Product information [Line Items] | |
Number Of Customers | 1.7 |
Natural gas | |
Product information [Line Items] | |
Number Of Customers | 3.0 |
GENERAL INFORMATION - INVESTMENTS (Details) |
Jun. 30, 2023 |
---|---|
ATC | |
Schedule of Investments [Line Items] | |
Equity method investment, ownership interest (as a percent) | 60.00% |
ACQUISITIONS - WEST RIVERSIDE (Details) - West Riverside Energy Center $ in Millions |
1 Months Ended |
---|---|
Jun. 30, 2023
USD ($)
MW
| |
WPS | |
Asset Acquisition [Line Items] | |
Capacity of generation unit | MW | 100 |
Acquisition purchase price, expected | $ | $ 100.0 |
WE | |
Asset Acquisition [Line Items] | |
Capacity of generation unit | MW | 100 |
Acquisition purchase price, expected | $ | $ 95.3 |
ACQUISITIONS - RED BARN (Details) - Red Barn Wind Park - WPS $ in Millions |
1 Months Ended | |
---|---|---|
Apr. 30, 2023
USD ($)
|
Apr. 04, 2023
MW
|
|
Asset Acquisition [Line Items] | ||
Capacity of generation unit | MW | 82 | |
Acquisition purchase price, expected | $ | $ 143.8 |
ACQUISITIONS - WHITEWATER (Details) - Whitewater cogeneration facility - WE and WPS $ in Millions |
1 Months Ended | |
---|---|---|
Jan. 31, 2023
USD ($)
|
Jan. 01, 2023
MW
|
|
Asset Acquisition [Line Items] | ||
Capacity of generation unit | MW | 236.5 | |
Acquisition purchase price, expected | $ | $ 76.0 |
ACQUISITIONS - SAMSON I (Details) - Samson I Solar Energy Center - WECI $ in Millions |
1 Months Ended |
---|---|
Feb. 28, 2023
USD ($)
MW
| |
Asset Acquisition [Line Items] | |
Ownership interest of solar generating facility acquired | 80.00% |
Capacity of generation unit | MW | 250 |
Acquisition purchase price, expected | $ | $ 249.4 |
Duration of offtake agreement for the sale of energy produced | 15 years |
ACQUISITIONS - SAPPHIRE SKY (Details) - Sapphire Sky - WECI $ in Millions |
1 Months Ended |
---|---|
Feb. 28, 2023
USD ($)
MW
| |
Asset Acquisition [Line Items] | |
Ownership interest of wind generating facility acquired | 90.00% |
Capacity of generation unit | MW | 250 |
Acquisition purchase price, expected | $ | $ 442.6 |
Duration of offtake agreement for the sale of energy produced | 12 years |
DISPOSITIONS - WE (Details) - WE $ in Millions |
1 Months Ended |
---|---|
Jun. 30, 2023
USD ($)
a
| |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
NumberofAcresSold | a | 192 |
Proceeds from sale of real estate | $ 23.0 |
Pre-tax gain on sale of real estate | $ 22.2 |
DISPOSITIONS - PGL (Details) - PGL $ in Millions |
1 Months Ended |
---|---|
May 31, 2022
USD ($)
a
| |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
NumberofAcresSold | a | 11 |
Proceeds from sale of real estate | $ 55.1 |
Pre-tax gain on sale of real estate | $ 54.5 |
OPERATING REVENUES - OTHER NON-UTILITY OPERATING REVENUES (Details) - Revenues from contracts with customers - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Disaggregation of Operating Revenues | ||||
Revenues from contracts with customers | $ 1,810.0 | $ 2,121.2 | $ 4,668.2 | $ 5,020.8 |
Other non-utility revenues | ||||
Disaggregation of Operating Revenues | ||||
Revenues from contracts with customers | 54.2 | 31.6 | 101.3 | 78.3 |
Other non-utility revenues | We Power revenues | ||||
Disaggregation of Operating Revenues | ||||
Revenues from contracts with customers | 5.9 | 5.8 | 11.8 | 11.7 |
Transferred over time | Other non-utility revenues | Wind generation revenues | ||||
Disaggregation of Operating Revenues | ||||
Revenues from contracts with customers | 43.6 | 21.3 | 79.6 | 57.5 |
Transferred over time | Other non-utility revenues | Appliance service repairs | ||||
Disaggregation of Operating Revenues | ||||
Revenues from contracts with customers | $ 4.7 | $ 4.5 | $ 9.9 | $ 9.1 |
OPERATING REVENUES - OTHER OPERATING REVENUES (Details) - Other operating revenues - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Disaggregation of Operating Revenues | ||||
Other operating revenues | $ 20.0 | $ 6.7 | $ 49.9 | $ 15.2 |
Late payment charges | ||||
Disaggregation of Operating Revenues | ||||
Other operating revenues | 16.2 | 16.3 | 33.4 | 29.9 |
Alternative revenues | ||||
Disaggregation of Operating Revenues | ||||
Other operating revenues | 2.1 | (11.3) | 13.9 | (17.3) |
Other | ||||
Disaggregation of Operating Revenues | ||||
Other operating revenues | $ 1.7 | $ 1.7 | $ 2.6 | $ 2.6 |
PROPERTY, PLANT, AND EQUIPMENT - PLANT TO BE RETIRED (Details) $ in Millions |
Jun. 30, 2023
USD ($)
|
---|---|
WE | OCPP | |
Property, plant, and equipment | |
Net book value of plant to be retired | $ 808.1 |
WPS | Columbia Energy Center | |
Property, plant, and equipment | |
Net book value of plant to be retired | $ 264.3 |
PROPERTY, PLANT, AND EQUIPMENT - SAMSON I SOLAR ENERGY CENTER LLC (Details) - Samson I Solar Energy Center - Samson I Solar Energy Center $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2023
USD ($)
| |
Property, plant, and equipment | |
Percentage of the facility that incurred damage | 40.00% |
Impairment of Samson I | $ 1.6 |
Insurance receivable | $ 1.6 |
JOINTLY OWNED UTILITY FACILITIES (Details) - MW |
Jun. 30, 2023 |
Apr. 30, 2023 |
---|---|---|
Red Barn Wind Park | WPS | ||
Jointly owned utility facilities | ||
Joint plant ownership percentage | 90.00% | |
Jointly Owned Utility Plant, Proportionate Ownership Share of Capacity | 82 | |
West Riverside Energy Center | WE | ||
Jointly owned utility facilities | ||
Joint plant ownership percentage | 13.80% | |
Jointly Owned Utility Plant, Proportionate Ownership Share of Capacity | 100 |
COMMON EQUITY - STOCK-BASED COMPENSATION AWARDS GRANTED (Details) |
6 Months Ended |
---|---|
Jun. 30, 2023
$ / shares
shares
| |
Stock options | |
Stock-based compensation | |
Stock options granted | shares | 257,780 |
Stock options granted, weighted average exercise price | $ / shares | $ 93.69 |
Stock options granted, weighted-average grant date fair value | $ / shares | $ 19.58 |
Restricted shares | |
Stock-based compensation | |
Awards granted | shares | 75,453 |
Restricted shares granted, weighted-average grant date fair value | $ / shares | $ 93.69 |
Performance units | |
Stock-based compensation | |
Awards granted | shares | 157,035 |
COMMON EQUITY - COMMON STOCK DIVIDENDS (Details) - $ / shares |
3 Months Ended | ||||
---|---|---|---|---|---|
Jul. 20, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
|
Dividends payable | |||||
Common stock dividend declared (in dollars per share) | $ 0.7800 | $ 0.7800 | $ 0.7275 | $ 0.7275 | |
Subsequent event | |||||
Dividends payable | |||||
Common stock dividend declared (in dollars per share) | $ 0.78 |
SHORT-TERM DEBT AND LINES OF CREDIT - SHORT-TERM BORROWINGS (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Commercial paper | ||
Short-term borrowings | ||
Commercial paper outstanding | $ 1,086.9 | $ 1,643.5 |
Weighted average interest rate on amounts outstanding | 5.29% | 4.64% |
Average amount of commercial paper outstanding during the period | $ 955.5 | |
Weighted-average interest rate on amounts outstanding during the period | 5.01% | |
Operating expense loans | ||
Short-term borrowings | ||
Operating expense loan outstanding | $ 3.4 | $ 3.6 |
LEASES - LAND LEASES - UTILITY SOLAR GENERATION (Details) $ in Millions |
Jun. 30, 2023
USD ($)
|
---|---|
WE | Darien Solar Park | |
Leases | |
Joint plant ownership percentage | 75.00% |
WPS | Darien Solar Park | |
Leases | |
Joint plant ownership percentage | 15.00% |
WE and WPS | Darien Solar Park | |
Leases | |
Lease initial term | 25 years |
Renewal term | 25 years |
Finance lease obligations | $ 39.7 |
Finance lease right of use asset | $ 39.4 |
Weighted average discount rate - finance leases | 5.96% |
LEASES - FUTURE MINIMUM LEASE PAYMENTS (Details) - WE and WPS - Darien Solar Park $ in Millions |
Jun. 30, 2023
USD ($)
|
---|---|
Finance leases | |
Six months ended December 31, 2023 | $ 0.0 |
2024 | 0.7 |
2025 | 1.9 |
2026 | 2.0 |
2027 | 2.0 |
2028 | 2.1 |
Thereafter | 157.7 |
Total minimum lease payments | 166.4 |
Less: interest | (126.7) |
Present value of minimum lease payments | 39.7 |
Less: short-term lease liabilities | 0.0 |
Long-term lease liabilities | $ 39.7 |
MATERIALS, SUPPLIES, AND INVENTORIES (Details) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Energy Related Inventory | ||
Materials and supplies | $ 283.7 | $ 257.0 |
Natural gas in storage | 212.1 | 446.3 |
Fossil fuel | 107.9 | 103.8 |
Total | 603.7 | $ 807.1 |
LIFO Method Related Items | ||
LIFO liquidation balance | $ 2.1 |
INCOME TAXES (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Effective Income Tax Rate Reconciliation, Amount | ||||
Statutory federal income tax, amount | $ 71.1 | $ 73.7 | $ 193.2 | $ 219.2 |
State income taxes net of federal tax benefit, amount | 21.0 | 22.2 | 56.8 | 65.8 |
PTCs, amount | (33.9) | (22.9) | (100.1) | (67.7) |
Federal excess deferred tax amortization, amount | (7.3) | (8.4) | (20.4) | (24.2) |
Other, net, amount | (2.4) | (1.2) | (6.9) | (2.6) |
Total income tax expense, amount | $ 48.5 | $ 63.4 | $ 122.6 | $ 190.5 |
Effective Income Tax Rate Reconciliation, Percent | ||||
Statutory federal income tax, percentage | 21.00% | 21.00% | 21.00% | 21.00% |
State income taxes net of federal tax benefit, percentage | 6.20% | 6.30% | 6.20% | 6.30% |
PTCs, percentage | (10.00%) | (6.50%) | (10.90%) | (6.50%) |
Federal excess deferred tax amortization, percentage | (2.20%) | (2.40%) | (2.20%) | (2.30%) |
Other, net, percentage | (0.70%) | (0.30%) | (0.80%) | (0.30%) |
Total income tax expense, percent | 14.30% | 18.10% | 13.30% | 18.20% |
FAIR VALUE MEASUREMENTS - UNREALIZED GAIN OR LOSS ON INVESTMENTS (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Fair Value Disclosures [Abstract] | ||||
Net unrealized gains included in earnings related to investments held at end of period | $ 3.6 | $ 6.4 | ||
Net unrealized losses included in earnings related to investments held at end of period | $ 10.1 | $ 13.4 |
FAIR VALUE MEASUREMENTS - LEVEL 3 RECONCILIATION (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Level 3 rollforward | ||||
Balance at the beginning of the period | $ 3.0 | $ 1.0 | $ 7.8 | $ 2.4 |
Purchases | 19.2 | 21.9 | 19.5 | 21.9 |
Realized and unrealized net gains (losses) included in earnings | (0.2) | 1.8 | (0.5) | 1.8 |
Settlements | (5.2) | (4.8) | (10.0) | (6.2) |
Balance at the end of the period | 16.8 | 19.9 | 16.8 | 19.9 |
Unrealized net gains (losses) included in earnings attributable to level 3 derivatives held at the end of the reporting period | $ (0.1) | $ 0.9 | $ (0.1) | $ 0.9 |
FAIR VALUE MEASUREMENTS - FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Financial instruments | ||
Preferred stock of subsidiary | $ 30.4 | $ 30.4 |
Carrying amount | ||
Financial instruments | ||
Preferred stock of subsidiary | 30.4 | 30.4 |
Long-term debt, including current portion | 16,835.4 | 15,464.2 |
Finance lease obligations | 150.4 | 183.2 |
Fair value | ||
Financial instruments | ||
Preferred stock of subsidiary | 22.8 | 22.7 |
Long-term debt, including current portion | $ 15,366.6 | $ 13,921.3 |
DERIVATIVE INSTRUMENTS - GAINS (LOSSES) AND NOTIONAL VOLUMES (Details) MWh in Millions, MMBTU in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023
USD ($)
MMBTU
MWh
|
Jun. 30, 2022
USD ($)
MWh
MMBTU
|
Jun. 30, 2023
USD ($)
MMBTU
MWh
|
Jun. 30, 2022
USD ($)
MWh
MMBTU
|
|
Realized gains and losses | ||||
Gains (losses) | $ (65.0) | $ 113.2 | $ (139.9) | $ 145.8 |
Natural gas contracts | ||||
Realized gains and losses | ||||
Gains (losses) | $ (69.1) | $ 108.9 | $ (144.4) | $ 140.5 |
Notional sales volumes | ||||
Notional sales volumes | MMBTU | 47.7 | 41.1 | 106.4 | 100.6 |
FTRs and TCRs | ||||
Realized gains and losses | ||||
Gains (losses) | $ 4.1 | $ 4.3 | $ 4.5 | $ 5.3 |
Notional sales volumes | ||||
Notional sales volumes | MWh | 7.5 | 7.0 | 14.8 | 14.0 |
Non-Utility Energy Infrastructure | ||||
Realized gains and losses | ||||
Realized gains and losses on derivatives income statement location | Total operating revenues | Total operating revenues | Total operating revenues | Total operating revenues |
Utility operations | ||||
Realized gains and losses | ||||
Realized gains and losses on derivatives income statement location | Cost of sales | Cost of sales | Cost of sales | Cost of sales |
DERIVATIVE INSTRUMENTS - BALANCE SHEET OFFSETTING (Details) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Cash collateral | ||
Collateral on deposit | $ 151.3 | $ 122.4 |
Offsetting derivative assets | ||
Gross amount recognized on the balance sheet | 28.5 | 74.8 |
Gross amount not offset on the balance sheet | (3.7) | (17.5) |
Net amount | 24.8 | 57.3 |
Offsetting derivative liabilities | ||
Gross amount recognized on the balance sheet | 140.4 | 96.6 |
Gross amount not offset on the balance sheet | (101.4) | (82.5) |
Net amount | 39.0 | 14.1 |
Collateral posted | $ 97.7 | $ 65.0 |
GUARANTEES (Details) $ in Millions |
Jun. 30, 2023
USD ($)
|
---|---|
Guarantees | |
Total guarantees | $ 175.3 |
Guarantees expiring in less than 1 year | 66.3 |
Guarantees expiring within 1 to 3 years | 0.3 |
Guarantees with expiration over 3 years | 108.7 |
Standby letters of credit | |
Guarantees | |
Total guarantees | 130.9 |
Guarantees expiring in less than 1 year | 32.8 |
Guarantees expiring within 1 to 3 years | 0.2 |
Guarantees with expiration over 3 years | 97.9 |
Surety bonds | |
Guarantees | |
Total guarantees | 33.6 |
Guarantees expiring in less than 1 year | 33.5 |
Guarantees expiring within 1 to 3 years | 0.1 |
Guarantees with expiration over 3 years | 0.0 |
Other guarantees | |
Guarantees | |
Total guarantees | 10.8 |
Guarantees expiring in less than 1 year | 0.0 |
Guarantees expiring within 1 to 3 years | 0.0 |
Guarantees with expiration over 3 years | $ 10.8 |
GOODWILL AND INTANGIBLES - GOODWILL (Details) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2023
USD ($)
| |
Goodwill balance by segment | |
Changes to the carrying amount of goodwill | $ 0.0 |
Goodwill | 3,052.8 |
Accumulated impairment losses | 0.0 |
Wisconsin | |
Goodwill balance by segment | |
Goodwill | 2,104.3 |
Illinois | |
Goodwill balance by segment | |
Goodwill | 758.7 |
Other States | |
Goodwill balance by segment | |
Goodwill | 183.2 |
Non-Utility Energy Infrastructure | |
Goodwill balance by segment | |
Goodwill | $ 6.6 |
GOODWILL AND INTANGIBLES - INDEFINITE LIVED INTANGIBLE ASSETS (Details) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Indefinite-lived Intangible Assets | ||
Indefinite-lived intangible asset | $ 29.3 | $ 24.9 |
Radio spectrum | ||
Indefinite-lived Intangible Assets | ||
Indefinite-lived intangible asset | 4.4 | |
MGU | Trade name | ||
Indefinite-lived Intangible Assets | ||
Indefinite-lived intangible asset | $ 5.2 | $ 5.2 |
INVESTMENT IN TRANSMISSION AFFILIATES - RELATED PARTY TRANSACTIONS (Details) - ATC - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Investment in transmission affiliates | ||||
Charges to ATC for services and construction | $ 4.0 | $ 4.7 | $ 7.8 | $ 10.9 |
Charges from ATC for network transmission services | $ 94.3 | $ 90.8 | $ 188.8 | $ 181.9 |
INVESTMENT IN TRANSMISSION AFFILIATES - RECEIVABLES AND PAYABLES (Details) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Investment in transmission affiliates | ||
Accounts payable for services received from ATC | $ 748.5 | $ 1,198.1 |
ATC | ||
Investment in transmission affiliates | ||
Accounts receivable for services provided to ATC | 1.5 | 1.2 |
Accounts payable for services received from ATC | 31.7 | 30.4 |
Amounts due from ATC for transmission infrastructure upgrades (1) | $ 45.9 | $ 26.6 |
INVESTMENT IN TRANSMISSION AFFILIATES - SUMMARIZED FINANCIAL DATA (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Summarized financial data | |||||
Operating revenues | $ 1,830.0 | $ 2,127.9 | $ 4,718.1 | $ 5,036.0 | |
Operating expenses | 1,404.7 | 1,719.7 | 3,623.5 | 3,896.4 | |
Other expense, net | 86.8 | 57.0 | 174.4 | 93.3 | |
Current assets | 2,457.6 | 2,457.6 | $ 3,187.7 | ||
Noncurrent assets | 40,561.7 | 40,561.7 | 38,684.4 | ||
Total assets | 43,019.3 | 43,019.3 | 41,872.1 | ||
Current liabilities | 4,096.9 | 4,096.9 | 4,611.0 | ||
Other noncurrent liabilities | 832.0 | 832.0 | 832.2 | ||
Total liabilities and members' equity | 43,019.3 | 43,019.3 | 41,872.1 | ||
ATC | |||||
Summarized financial data | |||||
Operating revenues | 203.8 | 191.6 | 404.2 | 382.6 | |
Operating expenses | 101.5 | 95.2 | 200.6 | 190.7 | |
Other expense, net | 32.9 | 28.8 | 65.4 | 56.8 | |
Net income | 69.4 | $ 67.6 | 138.2 | $ 135.1 | |
Current assets | 100.7 | 100.7 | 89.6 | ||
Noncurrent assets | 6,149.0 | 6,149.0 | 5,997.8 | ||
Total assets | 6,249.7 | 6,249.7 | 6,087.4 | ||
Current liabilities | 438.8 | 438.8 | 511.9 | ||
Long-term debt | 2,712.8 | 2,712.8 | 2,613.0 | ||
Other noncurrent liabilities | 542.7 | 542.7 | 485.8 | ||
Members' equity | 2,555.4 | 2,555.4 | 2,476.7 | ||
Total liabilities and members' equity | $ 6,249.7 | $ 6,249.7 | $ 6,087.4 |
VARIABLE INTEREST ENTITIES - WEPCO ENVIRONMENTAL TRUST (Details) - USD ($) $ in Millions |
1 Months Ended | ||
---|---|---|---|
Nov. 30, 2020 |
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Assets | |||
Other current assets (restricted cash) | $ 32.7 | $ 25.6 | |
Regulatory assets | 3,238.9 | 3,264.6 | |
Other long-term assets (restricted cash) | 52.7 | 127.7 | |
WEPCo Environmental Trust | |||
Variable interest entities | |||
Securitization of environmental control costs related to Pleasant Prairie power plant | $ 100.0 | ||
Assets | |||
Other current assets (restricted cash) | 1.5 | 3.0 | |
Regulatory assets | 89.5 | 92.4 | |
Other long-term assets (restricted cash) | 0.6 | 0.6 | |
Liabilities | |||
Current portion of long-term debt | 9.0 | 8.9 | |
Other current liabilities (accrued interest) | 0.1 | 0.1 | |
Long-term debt | $ 89.7 | $ 94.1 |
VARIABLE INTEREST ENTITIES - TRANSMISSION AFFILIATES (Details) - USD ($) $ in Millions |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|---|---|
ATC | ||||||
Variable interest entities | ||||||
Ownership interest (as a percent) | 60.00% | |||||
Equity investment | $ 1,931.8 | $ 1,896.2 | $ 1,884.6 | $ 1,813.6 | $ 1,795.0 | $ 1,766.9 |
ATC Holdco | ||||||
Variable interest entities | ||||||
Ownership interest (as a percent) | 75.00% | |||||
Equity investment | $ 24.1 | $ 25.5 | $ 24.6 | $ 23.6 | $ 23.2 | $ 22.5 |
VARIABLE INTEREST ENTITIES - POWER PURCHASE COMMITMENT (Details) - Power purchase commitment $ in Millions |
Jan. 01, 2023
USD ($)
|
May 31, 2022
MW
|
---|---|---|
Variable interest entities | ||
Firm capacity from power purchase commitment (in megawatts) | MW | 236.5 | |
Residual guarantee associated with power purchase commitment | $ | $ 0.0 |
COMMITMENTS AND CONTINGENCIES - UNCONDITIONAL PURCHASE OBLIGATIONS (Details) $ in Billions |
Jun. 30, 2023
USD ($)
|
---|---|
Minimum future commitments for purchase obligations | |
Purchase obligations | $ 10.2 |
SUPPLEMENTAL CASH FLOW INFORMATION - SUPPLEMENTAL INFORMATION (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Supplemental cash flow information | ||
Cash paid for interest, net of amount capitalized | $ 312.8 | $ 234.9 |
Cash paid for income taxes, net | 15.8 | 37.3 |
Significant non-cash investing and financing transactions: | ||
Accounts payable related to construction costs | 156.7 | 210.2 |
Increase in receivables related to insurance proceeds | 5.6 | 0.0 |
Liabilities accrued for software licensing agreement | $ 0.0 | $ 7.4 |
SUPPLEMENTAL CASH FLOW INFORMATION - RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] | ||||
Cash and cash equivalents | $ 54.7 | $ 28.9 | ||
Restricted cash included in other current assets | 32.7 | 25.6 | ||
Restricted cash included in other long-term assets | 52.7 | 127.7 | ||
Cash, cash equivalents, and restricted cash | $ 140.1 | $ 182.2 | $ 104.9 | $ 87.5 |
REGULATORY ENVIRONMENT - WI 2024 LIMITED RATE CASE RE-OPENER (Details) - Public Service Commission of Wisconsin (PSCW) - 2024 Rates $ in Millions |
May 15, 2023
USD ($)
|
---|---|
WE | Electric | |
Public Utilities, General Disclosures [Line Items] | |
Requested rate increase | $ 45.0 |
Requested rate increase (as a percent) | 1.30% |
WE | Natural gas | |
Public Utilities, General Disclosures [Line Items] | |
Requested rate increase | $ 23.9 |
Requested rate increase (as a percent) | 4.50% |
WPS | Electric | |
Public Utilities, General Disclosures [Line Items] | |
Requested rate increase | $ 8.6 |
Requested rate increase (as a percent) | 0.50% |
WG | Natural gas | |
Public Utilities, General Disclosures [Line Items] | |
Requested rate increase | $ 22.2 |
Requested rate increase (as a percent) | 2.90% |
REGULATORY ENVIRONMENT - PGL AND NSG 2023 RATE CASE (Details) - Illinois Commerce Commission (ICC) - 2023 Rate Case $ in Millions |
1 Months Ended |
---|---|
Jan. 31, 2023
USD ($)
| |
PGL | |
Public Utilities, General Disclosures [Line Items] | |
Requested rate increase | $ 194.7 |
Requested rate increase (as a percent) | 13.00% |
Requested return on equity (as a percent) | 9.90% |
Requested common equity component average (as a percent) | 54.00% |
NSG | |
Public Utilities, General Disclosures [Line Items] | |
Requested rate increase | $ 18.7 |
Requested rate increase (as a percent) | 7.80% |
Requested return on equity (as a percent) | 9.90% |
Requested common equity component average (as a percent) | 54.00% |
REGULATORY ENVIRONMENT - PGL QIP RIDER (Details) |
Jun. 30, 2023
Assurance
|
---|---|
Illinois Commerce Commission (ICC) | PGL | |
Public Utilities, General Disclosures [Line Items] | |
Amount of assurance that PGL's QIP rider costs will be recoverable | 0 |
REGULATORY ENVIRONMENT - 2023 MINNESOTA RATE CASE (Details) - Minnesota Public Utilities Commission (MPUC) - MERC - USD ($) $ in Millions |
1 Months Ended | ||
---|---|---|---|
May 11, 2023 |
Dec. 31, 2022 |
Nov. 30, 2022 |
|
Public Utilities, General Disclosures [Line Items] | |||
Requested rate increase | $ 28.8 | $ 40.3 | |
Requested rate increase (as a percent) | 7.10% | 9.90% | |
Requested return on equity (as a percent) | 9.65% | 10.30% | |
Requested common equity component average (as a percent) | 53.00% | 53.00% | |
Interim rate increase | $ 37.0 |
REGULATORY ENVIRONMENT - 2023 MGU RATE CASE (Details) - MichiganPublicServiceCommissionMPSC - MGU $ in Millions |
1 Months Ended |
---|---|
Mar. 31, 2023
USD ($)
| |
Public Utilities, General Disclosures [Line Items] | |
Requested rate increase | $ 19.1 |
Requested rate increase (as a percent) | 9.10% |
Requested return on equity (as a percent) | 10.40% |
Requested common equity component average (as a percent) | 51.40% |
Requested extension of rider | 2 years |
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