Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2023

The following table is a summary of our long-term debt outstanding (excluding finance leases) as of December 31:


	2023					2022
(in millions)	Maturity Date	Weighted Average Interest Rate		Balance		Weighted Average Interest Rate		Balance
WEC Energy Group Senior Notes (unsecured) (1)	2024-2033	3.68	%	$	5,320.0	2.44	%	$	3,970.0
WEC Energy Group Junior Notes (unsecured) (1) (2)	2067	7.75	%	500.0		6.72	%	500.0
WE Debentures (unsecured)	2024-2095	4.22	%	3,285.0		4.22	%	3,285.0
WEPCo Environmental Trust (secured, nonrecourse) (5) (9)	2024-2035	1.58	%	97.0		1.58	%	105.9
WPS Senior Notes (unsecured)	2025-2051	4.11	%	1,975.0		4.11	%	1,975.0
WG Debentures (unsecured)	2024-2046	3.35	%	790.0		3.35	%	790.0
Integrys Junior Notes (unsecured)	2073	—	%	—		6.00	%	221.4
PGL First and Refunding Mortgage Bonds (secured) (3)	2024-2047	3.53	%	2,070.0		3.41	%	1,970.0
NSG First Mortgage Bonds (secured) (4)	2027-2043	3.81	%	177.0		3.56	%	157.0
MERC Senior Notes (unsecured)	2025-2047	3.04	%	210.0		3.04	%	210.0
MGU Senior Notes (unsecured)	2025-2047	3.18	%	150.0		3.18	%	150.0
UMERC Senior Notes (unsecured)	2029	3.26	%	160.0		3.26	%	160.0
Bluewater Gas Storage Senior Notes (unsecured) (5)	2024-2047	3.76	%	109.8		3.76	%	112.6
ATC Holding Senior Notes (unsecured)	2025-2030	4.05	%	475.0		4.05	%	475.0
We Power Subsidiaries Notes (secured, nonrecourse) (5) (6)	2024-2041	5.65	%	856.4		5.62	%	896.5
WECC Notes (unsecured)	2028	6.94	%	50.0		6.94	%	50.0
WECI Wind Holding I Senior Notes (secured, nonrecourse) (5) (7)	2024-2032	2.75	%	307.7		2.75	%	332.1
WECI Wind Holding II Senior Notes (secured, nonrecourse) (5) (8)	2024-2031	6.38	%	191.4		6.38	%	199.3
Total				16,724.3				15,559.8
Integrys acquisition fair value adjustment				—				1.2
Jayhawk acquisition				7.5				7.3
Unamortized debt issuance costs				(80.2)				(81.8)
Unamortized discount, net and other				(20.5)				(22.3)
Total long-term debt, including current portion (10)				16,631.1				15,464.2
Current portion of long-term debt				(1,264.2)				(808.5)
Total long-term debt				$	15,366.9			$	14,655.7

(1) In connection with our outstanding 2007 Junior Notes, we executed an RCC, which we amended on June 29, 2015, for the benefit of persons that buy, hold, or sell a specified series of our long-term indebtedness (covered debt). Our 6.20% Senior Notes due April 1, 2033 have been designated as the covered debt under the RCC. The RCC provides that we may not redeem, defease, or purchase, and that our subsidiaries may not purchase, any 2007 Junior Notes on or before May 15, 2037, unless, subject to certain limitations described in the RCC, we have received a specified amount of proceeds from the sale of qualifying securities. The terms of the RCC have been previously satisfied.

(2) Variable interest rates reset quarterly. The rates were 7.75% and 6.72% as of December 31, 2023 and 2022, respectively.

(3) PGL's First Mortgage Bonds are subject to the terms and conditions of PGL's First Mortgage Indenture dated January 2, 1926, as supplemented. Under the terms of the Indenture, substantially all property owned by PGL is pledged as collateral for these outstanding debt securities.

PGL has used certain First Mortgage Bonds to secure tax exempt interest rates. The Illinois Finance Authority has issued Tax Exempt Bonds, and the proceeds from the sale of these bonds were loaned to PGL. In return, PGL issued $100 million of collateralized First Mortgage Bonds.

(4) NSG's First Mortgage Bonds are subject to the terms and conditions of NSG's First Mortgage Indenture dated April 1, 1955, as supplemented. Under the terms of the Indenture, substantially all property owned by NSG is pledged as collateral for these outstanding debt securities.

(5) The long-term debt of Bluewater, WECI Wind Holding I, WECI Wind Holding II, WEPCo Environmental Trust, and We Power's subsidiaries requires periodic principal payments.

(6) We Power's subsidiaries' senior notes are secured by a collateral assignment of the leases between We Power's subsidiaries and WE related to PWGS and ERGS, as applicable.

(7) WECI Wind Holding I's Senior Notes are secured by a first priority security interest in the ownership interest of its subsidiaries, as well as a pledge of equity in WECI Wind Holding I.

(8) WECI Wind Holding II's Senior Notes are secured by a first priority security interest in the ownership interest of its subsidiaries, as well as a pledge of equity in WECI Wind Holding II.

(9) WEPCo Environmental Trust’s ETBs are secured by a pledge of and lien on environmental control property, which includes the right to impose, collect and receive a non-bypassable environmental control charge paid by all of WE's retail electric distribution customers, the right to obtain true-up adjustments of the environmental control charges, and all revenues or other proceeds arising from those rights and interests. See Note 23, Variable Interest Entities, for more information.

(10) The amount of long-term debt on our balance sheets includes finance lease obligations of $145.9 million and $183.2 million at December 31, 2023 and 2022, respectively.

Schedule of current maturities of long-term debt

The following table shows the long-term debt securities (excluding finance leases) maturing within one year of December 31, 2023:


(in millions)	Interest Rate	Maturity Date (1)	Principal Amount
WEC Energy Group Senior Notes (unsecured)	0.80%	March	$	600.0
WG Debentures (unsecured)	2.38%	November	150.0
PGL Bonds (secured)	2.64%	November	75.0
WE Debentures (unsecured)	2.05%	December	300.0
WEPCo Environmental Trust (secured, nonrecourse)	1.58%	Semi-annually	9.0
Bluewater Gas Storage Senior Notes (unsecured)	3.76%	Semi-annually	2.9
We Power Subsidiaries Notes – PWGS (secured, nonrecourse)	4.91%	Monthly	8.0
We Power Subsidiaries Notes – ERGS (secured, nonrecourse)	5.209%	Semi-annually	15.5
We Power Subsidiaries Notes – ERGS (secured, nonrecourse)	4.673%	Semi-annually	11.7
We Power Subsidiaries Notes – PWGS (secured, nonrecourse)	6.00%	Monthly	7.0
WECI Wind Holding I Senior Notes (secured, nonrecourse)	2.75%	Semi-annually	61.3
WECI Wind Holding II Senior Notes (secured, nonrecourse)	6.38%	Semi-annually	23.8
Total			$	1,264.2

(1) Maturity dates listed as semi-annually and monthly are associated with debt that requires periodic principal payments.

Schedule of future maturities of long-term debt

The following table shows the future maturities of our long-term debt outstanding (excluding obligations under finance leases) as of December 31, 2023:


(in millions)	Payments
2024	$	1,264.2
2025	1,685.5
2026	1,726.8
2027	1,230.7
2028	2,307.2
Thereafter	8,509.9
Total	$	16,724.3

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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