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Share Name | Share Symbol | Market | Type |
---|---|---|---|
WEC Energy Group Inc | NYSE:WEC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-1.32 | -1.59% | 81.49 | 82.98 | 81.38 | 82.81 | 1,945,646 | 01:00:00 |
☒ | 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. |
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001-09057 | WEC ENERGY GROUP, INC. | 39-1391525 |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
Common Stock, $.01 Par Value | WEC | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||||||||
Emerging growth company | ☐ |
Page | ||||||||||||||
Page | ||||||||||||||
09/30/2020 Form 10-Q |
i
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WEC Energy Group, Inc. |
Subsidiaries and Affiliates | ||||||||
ATC | American Transmission Company LLC | |||||||
ATC Holdco | ATC Holdco LLC | |||||||
Bishop Hill III | Bishop Hill Energy III LLC | |||||||
Bluewater | Bluewater Natural Gas Holding, LLC | |||||||
Coyote Ridge | Coyote Ridge Wind, LLC | |||||||
Integrys | Integrys Holding, Inc. | |||||||
MERC | Minnesota Energy Resources Corporation | |||||||
MGU | Michigan Gas Utilities Corporation | |||||||
NSG | North Shore Gas Company | |||||||
PDL | WPS Power Development, LLC | |||||||
PGL | The Peoples Gas Light and Coke Company | |||||||
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 | |||||||
WG | Wisconsin Gas LLC | |||||||
WPS | Wisconsin Public Service Corporation | |||||||
Federal and State Regulatory Agencies | ||||||||
EPA | United States Environmental Protection Agency | |||||||
FERC | Federal Energy Regulatory Commission | |||||||
ICC | Illinois Commerce Commission | |||||||
IEPA | Illinois Environmental Protection Agency | |||||||
MPSC | Michigan Public Service Commission | |||||||
MPUC | Minnesota Public Utilities Commission | |||||||
PSCW | Public Service Commission of Wisconsin | |||||||
SEC | United States Securities and Exchange Commission | |||||||
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 | |||||||
Environmental Terms | ||||||||
ACE | Affordable Clean Energy | |||||||
BATW | Bottom Ash Transport Water | |||||||
BSER | Best System of Emission Reduction | |||||||
BTA | Best Technology Available | |||||||
CAA | Clean Air Act | |||||||
CO2
|
Carbon Dioxide | |||||||
ELG | Steam Electric Effluent Limitation Guidelines | |||||||
FGD | Flue Gas Desulfurization | |||||||
GHG | Greenhouse Gas | |||||||
GMZ | Groundwater Management Zone |
09/30/2020 Form 10-Q |
ii
|
WEC Energy Group, Inc. |
MATS | Mercury and Air Toxics Standards | |||||||
NOV | Notice of Violation | |||||||
RTR | Risk and Technology Review | |||||||
The Combustion Turbine Rule | National Emission Standards for Hazardous Air Pollutants for Stationary Combustion Turbines | |||||||
VN | Violation Notice | |||||||
Measurements | ||||||||
Dth | Dekatherm | |||||||
MW | Megawatt | |||||||
MWh | Megawatt-hour | |||||||
Other Terms and Abbreviations | ||||||||
2007 Junior Notes | WEC Energy Group, Inc.'s 2007 Junior Subordinated Notes Due 2067 | |||||||
AG | Attorney General | |||||||
AMI | Advanced Metering Infrastructure | |||||||
Badger Hollow I | Badger Hollow Solar Park I | |||||||
Badger Hollow II | Badger Hollow Solar Park II | |||||||
Blooming Grove | Blooming Grove Wind Energy Center LLC | |||||||
CDC | Centers for Disease Control and Prevention | |||||||
COVID-19 | Coronavirus Disease – 2019 | |||||||
D.C. Circuit Court of Appeals | United States Court of Appeals for the District of Columbia Circuit | |||||||
ERGS | Elm Road Generating Station | |||||||
Exchange Act | Securities Exchange Act of 1934, as amended | |||||||
FTR | Financial Transmission Right | |||||||
GUIC | Gas Utility Infrastructure Cost | |||||||
LIBOR | London Interbank Offered Rate | |||||||
LNG | Liquefied Natural Gas | |||||||
MISO | Midcontinent Independent System Operator, Inc. | |||||||
OCPP | Oak Creek Power Plant | |||||||
OC 5 | Oak Creek Power Plant Unit 5 | |||||||
OC 6 | Oak Creek Power Plant Unit 6 | |||||||
OC 7 | Oak Creek Power Plant Unit 7 | |||||||
OC 8 | Oak Creek Power Plant Unit 8 | |||||||
PIPP | Presque Isle Power Plant | |||||||
QIP | Qualifying Infrastructure Plant | |||||||
ROE | Return on Equity | |||||||
SMP | Natural Gas System Modernization Program | |||||||
SPC | COVID-19 Special Purpose Charge | |||||||
SSR |
System Support Resource
|
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Tatanka Ridge | Tatanka Ridge Wind LLC | |||||||
Tax Legislation |
Tax Cuts and Jobs Act of 2017
|
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Thunderhead |
Thunderhead Wind Energy LLC
|
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Tilden |
Tilden Mining Company
|
|||||||
Two Creeks |
Two Creeks Solar Park
|
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WHO | World Health Organization |
09/30/2020 Form 10-Q |
iii
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WEC Energy Group, Inc. |
09/30/2020 Form 10-Q |
1
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WEC Energy Group, Inc. |
09/30/2020 Form 10-Q |
2
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WEC Energy Group, Inc. |
CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited) | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30 | September 30 | |||||||||||||||||||||||||
(in millions, except per share amounts) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Operating revenues | $ | 1,651.0 | $ | 1,608.0 | $ | 5,308.3 | $ | 5,575.6 | ||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||
Cost of sales | 482.8 | 484.3 | 1,662.0 | 1,985.8 | ||||||||||||||||||||||
Other operation and maintenance | 498.7 | 529.2 | 1,427.5 | 1,583.4 | ||||||||||||||||||||||
Depreciation and amortization | 245.0 | 233.8 | 726.6 | 690.1 | ||||||||||||||||||||||
Property and revenue taxes | 54.3 | 49.8 | 156.6 | 148.0 | ||||||||||||||||||||||
Total operating expenses | 1,280.8 | 1,297.1 | 3,972.7 | 4,407.3 | ||||||||||||||||||||||
Operating income | 370.2 | 310.9 | 1,335.6 | 1,168.3 | ||||||||||||||||||||||
Equity in earnings of transmission affiliates | 40.1 | 38.7 | 132.8 | 111.7 | ||||||||||||||||||||||
Other income, net | 25.7 | 21.8 | 59.9 | 76.3 | ||||||||||||||||||||||
Interest expense | 122.0 | 125.8 | 375.8 | 374.3 | ||||||||||||||||||||||
Other expense | (56.2) | (65.3) | (183.1) | (186.3) | ||||||||||||||||||||||
Income before income taxes | 314.0 | 245.6 | 1,152.5 | 982.0 | ||||||||||||||||||||||
Income tax expense | 46.9 | 11.3 | 190.7 | 91.5 | ||||||||||||||||||||||
Net income | 267.1 | 234.3 | 961.8 | 890.5 | ||||||||||||||||||||||
Preferred stock dividends of subsidiary | 0.3 | 0.3 | 0.9 | 0.9 | ||||||||||||||||||||||
Net loss attributed to noncontrolling interests | — | 0.3 | — | 0.5 | ||||||||||||||||||||||
Net income attributed to common shareholders | $ | 266.8 | $ | 234.3 | $ | 960.9 | $ | 890.1 | ||||||||||||||||||
Earnings per share | ||||||||||||||||||||||||||
Basic | $ | 0.85 | $ | 0.74 | $ | 3.05 | $ | 2.82 | ||||||||||||||||||
Diluted | $ | 0.84 | $ | 0.74 | $ | 3.04 | $ | 2.81 | ||||||||||||||||||
Weighted average common shares outstanding | ||||||||||||||||||||||||||
Basic | 315.4 | 315.4 | 315.4 | 315.4 | ||||||||||||||||||||||
Diluted | 316.5 | 316.8 | 316.6 | 316.7 |
09/30/2020 Form 10-Q |
3
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WEC Energy Group, Inc. |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30 | September 30 | |||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Net income | $ | 267.1 | $ | 234.3 | $ | 961.8 | $ | 890.5 | ||||||||||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||||||||||
Derivatives accounted for as cash flow hedges | ||||||||||||||||||||||||||
Net derivative losses, net of tax benefits of $0.0, $(0.2), $(1.6), and $(1.5), respectively
|
— | (0.3) | (4.2) | (3.8) | ||||||||||||||||||||||
Reclassification of net loss (gains) to net income, net of tax | 0.9 | (0.2) | 1.4 | (0.8) | ||||||||||||||||||||||
Cash flow hedges, net | 0.9 | (0.5) | (2.8) | (4.6) | ||||||||||||||||||||||
Defined benefit plans | ||||||||||||||||||||||||||
Amortization of pension and OPEB costs included in net periodic benefit cost, net of tax | — | — | 0.5 | 0.1 | ||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 0.9 | (0.5) | (2.3) | (4.5) | ||||||||||||||||||||||
Comprehensive income | 268.0 | 233.8 | 959.5 | 886.0 | ||||||||||||||||||||||
Preferred stock dividends of subsidiary | 0.3 | 0.3 | 0.9 | 0.9 | ||||||||||||||||||||||
Comprehensive loss attributed to noncontrolling interests | — | 0.3 | — | 0.5 | ||||||||||||||||||||||
Comprehensive income attributed to common shareholders | $ | 267.7 | $ | 233.8 | $ | 958.6 | $ | 885.6 |
09/30/2020 Form 10-Q |
4
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WEC Energy Group, Inc. |
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in millions, except share and per share amounts)
|
September 30, 2020 | December 31, 2019 | ||||||||||||
Assets | ||||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents | $ | 13.1 | $ | 37.5 | ||||||||||
Accounts receivable and unbilled revenues, net of reserves of $173.3 and $140.0, respectively
|
911.8 | 1,176.5 | ||||||||||||
Materials, supplies, and inventories | 573.4 | 549.8 | ||||||||||||
Prepayments | 169.5 | 261.8 | ||||||||||||
Other | 59.4 | 68.0 | ||||||||||||
Current assets | 1,727.2 | 2,093.6 | ||||||||||||
Long-term assets | ||||||||||||||
Property, plant, and equipment, net of accumulated depreciation and amortization of $9,308.6 and $8,878.7, respectively
|
24,551.7 | 23,620.1 | ||||||||||||
Regulatory assets | 3,462.2 | 3,506.7 | ||||||||||||
Equity investment in transmission affiliates | 1,750.4 | 1,720.8 | ||||||||||||
Goodwill | 3,052.8 | 3,052.8 | ||||||||||||
Other | 877.7 | 957.8 | ||||||||||||
Long-term assets | 33,694.8 | 32,858.2 | ||||||||||||
Total assets | $ | 35,422.0 | $ | 34,951.8 | ||||||||||
Liabilities and Equity | ||||||||||||||
Current liabilities | ||||||||||||||
Short-term debt | $ | 771.0 | $ | 830.8 | ||||||||||
Current portion of long-term debt | 596.2 | 693.2 | ||||||||||||
Accounts payable | 751.3 | 908.1 | ||||||||||||
Accrued payroll and benefits | 173.9 | 199.8 | ||||||||||||
Other | 547.6 | 550.8 | ||||||||||||
Current liabilities | 2,840.0 | 3,182.7 | ||||||||||||
Long-term liabilities | ||||||||||||||
Long-term debt | 11,652.5 | 11,211.0 | ||||||||||||
Deferred income taxes | 3,974.7 | 3,769.3 | ||||||||||||
Deferred revenue, net | 417.8 | 497.1 | ||||||||||||
Regulatory liabilities | 3,939.3 | 3,992.8 | ||||||||||||
Environmental remediation liabilities | 589.4 | 589.2 | ||||||||||||
Pension and OPEB obligations | 320.6 | 326.2 | ||||||||||||
Other | 1,128.6 | 1,128.9 | ||||||||||||
Long-term liabilities | 22,022.9 | 21,514.5 | ||||||||||||
Commitments and contingencies (Note 22) | ||||||||||||||
Common shareholders' equity | ||||||||||||||
Common stock – $0.01 par value; 325,000,000 shares authorized; 315,434,531 shares outstanding
|
3.2 | 3.2 | ||||||||||||
Additional paid in capital | 4,163.8 | 4,186.6 | ||||||||||||
Retained earnings | 6,290.1 | 5,927.7 | ||||||||||||
Accumulated other comprehensive loss | (6.4) | (4.1) | ||||||||||||
Common shareholders' equity | 10,450.7 | 10,113.4 | ||||||||||||
Preferred stock of subsidiary | 30.4 | 30.4 | ||||||||||||
Noncontrolling interests | 78.0 | 110.8 | ||||||||||||
Total liabilities and equity | $ | 35,422.0 | $ | 34,951.8 |
09/30/2020 Form 10-Q |
5
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WEC Energy Group, Inc. |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | Nine Months Ended | |||||||||||||
September 30 | ||||||||||||||
(in millions) | 2020 | 2019 | ||||||||||||
Operating activities | ||||||||||||||
Net income | $ | 961.8 | $ | 890.5 | ||||||||||
Reconciliation to cash provided by operating activities | ||||||||||||||
Depreciation and amortization | 726.6 | 690.1 | ||||||||||||
Deferred income taxes and investment tax credits, net | 152.5 | 58.8 | ||||||||||||
Contributions and payments related to pension and OPEB plans | (10.1) | (12.1) | ||||||||||||
Equity income in transmission affiliates, net of distributions | (20.3) | (17.8) | ||||||||||||
Change in – | ||||||||||||||
Accounts receivable and unbilled revenues, net | 262.3 | 360.2 | ||||||||||||
Materials, supplies, and inventories | (23.6) | (44.9) | ||||||||||||
Prepayments | 92.3 | 90.7 | ||||||||||||
Other current assets | 37.2 | 19.7 | ||||||||||||
Accounts payable | (178.9) | (192.3) | ||||||||||||
Other current liabilities | (23.3) | (1.8) | ||||||||||||
Other, net | (26.8) | (0.4) | ||||||||||||
Net cash provided by operating activities | 1,949.7 | 1,840.7 | ||||||||||||
Investing activities | ||||||||||||||
Capital expenditures | (1,618.7) | (1,511.5) | ||||||||||||
Acquisition of Upstream, net of cash and restricted cash acquired of $9.2
|
— | (268.2) | ||||||||||||
Capital contributions to transmission affiliates | (15.2) | (37.3) | ||||||||||||
Proceeds from the sale of assets and businesses | 9.8 | 32.2 | ||||||||||||
Proceeds from the sale of investments held in rabbi trust | 17.1 | 0.2 | ||||||||||||
Reimbursement for ATC's construction costs | — | 32.4 | ||||||||||||
Insurance proceeds received for property damage | 22.2 | — | ||||||||||||
Proceeds from cash surrender value of life insurance | 8.3 | 9.2 | ||||||||||||
Other, net | 13.4 | 8.5 | ||||||||||||
Net cash used in investing activities | (1,563.1) | (1,734.5) | ||||||||||||
Financing activities | ||||||||||||||
Exercise of stock options | 23.3 | 66.1 | ||||||||||||
Purchase of common stock | (56.7) | (138.2) | ||||||||||||
Dividends paid on common stock | (598.5) | (558.4) | ||||||||||||
Issuance of long-term debt | 810.0 | 1,320.0 | ||||||||||||
Retirement of long-term debt | (482.6) | (106.0) | ||||||||||||
Issuance of short-term loan | 340.0 | — | ||||||||||||
Change in other short-term debt | (399.8) | (753.7) | ||||||||||||
Purchase of additional ownership interest in Upstream from noncontrolling interest | (31.0) | — | ||||||||||||
Other, net | (12.4) | (15.5) | ||||||||||||
Net cash used in financing activities | (407.7) | (185.7) | ||||||||||||
Net change in cash, cash equivalents, and restricted cash | (21.1) | (79.5) | ||||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 82.3 | 146.1 | ||||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 61.2 | $ | 66.6 |
09/30/2020 Form 10-Q |
6
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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, 2019 | $ | 3.2 | $ | 4,186.6 | $ | 5,927.7 | $ | (4.1) | $ | 10,113.4 | $ | 30.4 | $ | 110.8 | $ | 10,254.6 | ||||||||||||||||||||||||||||||||||
Net income attributed to common shareholders
|
— | — | 452.5 | — | 452.5 | — | — | 452.5 | ||||||||||||||||||||||||||||||||||||||||||
Net loss attributed to noncontrolling interests
|
— | — | — | — | — | — | (0.2) | (0.2) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss
|
— | — | — | (3.0) | (3.0) | — | — | (3.0) | ||||||||||||||||||||||||||||||||||||||||||
Common stock dividends of $0.6325 per share
|
— | — | (199.5) | — | (199.5) | — | — | (199.5) | ||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | 16.0 | — | — | 16.0 | — | — | 16.0 | ||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock | — | (40.4) | — | — | (40.4) | — | — | (40.4) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests
|
— | — | — | — | — | — | (0.5) | (0.5) | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation and other
|
— | 5.1 | — | — | 5.1 | — | — | 5.1 | ||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | 3.2 | $ | 4,167.3 | $ | 6,180.7 | $ | (7.1) | $ | 10,344.1 | $ | 30.4 | $ | 110.1 | $ | 10,484.6 | ||||||||||||||||||||||||||||||||||
Net income attributed to common shareholders
|
— | — | 241.6 | — | 241.6 | — | — | 241.6 | ||||||||||||||||||||||||||||||||||||||||||
Net income attributed to noncontrolling interests
|
— | — | — | — | — | — | 0.2 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss
|
— | — | — | (0.2) | (0.2) | — | — | (0.2) | ||||||||||||||||||||||||||||||||||||||||||
Common stock dividends of $0.6325 per share
|
— | — | (199.5) | — | (199.5) | — | — | (199.5) | ||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | 4.3 | — | — | 4.3 | — | — | 4.3 | ||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock | — | (9.9) | — | — | (9.9) | — | — | (9.9) | ||||||||||||||||||||||||||||||||||||||||||
Purchase of additional ownership interest in Upstream from noncontrolling interest
|
— | — | — | — | — | — | (31.0) | (31.0) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests
|
— | — | — | — | — | — | (0.7) | (0.7) | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation and other
|
— | 3.3 | — | — | 3.3 | — | — | 3.3 | ||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 3.2 | $ | 4,165.0 | $ | 6,222.8 | $ | (7.3) | $ | 10,383.7 | $ | 30.4 | $ | 78.6 | $ | 10,492.7 | ||||||||||||||||||||||||||||||||||
Net income attributed to common shareholders
|
— | — | 266.8 | — | 266.8 | — | — | 266.8 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | 0.9 | 0.9 | — | — | 0.9 | ||||||||||||||||||||||||||||||||||||||||||
Common stock dividends of $0.6325 per share
|
— | — | (199.5) | — | (199.5) | — | — | (199.5) | ||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | 3.0 | — | — | 3.0 | — | — | 3.0 | ||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock | — | (6.4) | — | — | (6.4) | — | — | (6.4) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests
|
— | — | — | — | — | — | (0.6) | (0.6) | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation and other
|
— | 2.2 | — | — | 2.2 | — | — | 2.2 | ||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | 3.2 | $ | 4,163.8 | $ | 6,290.1 | $ | (6.4) | $ | 10,450.7 | $ | 30.4 | $ | 78.0 | $ | 10,559.1 |
09/30/2020 Form 10-Q |
7
|
WEC Energy Group, Inc. |
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (continued)
|
||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2018 | $ | 3.2 | $ | 4,250.1 | $ | 5,538.2 | $ | (2.6) | $ | 9,788.9 | $ | 30.4 | $ | 23.4 | $ | 9,842.7 | ||||||||||||||||||||||||||||||||||
Net income attributed to common shareholders
|
— | — | 420.1 | — | 420.1 | — | — | 420.1 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss
|
— | — | — | (1.4) | (1.4) | — | — | (1.4) | ||||||||||||||||||||||||||||||||||||||||||
Common stock dividends of $0.59 per share
|
— | — | (186.2) | — | (186.2) | — | — | (186.2) | ||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | 32.6 | — | — | 32.6 | — | — | 32.6 | ||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock | — | (70.7) | — | — | (70.7) | — | — | (70.7) | ||||||||||||||||||||||||||||||||||||||||||
Acquisition of a noncontrolling interest
|
— | — | — | — | — | — | 69.0 | 69.0 | ||||||||||||||||||||||||||||||||||||||||||
Capital contributions from noncontrolling interest
|
— | — | — | — | — | — | 4.8 | 4.8 | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation and other
|
— | 1.2 | — | — | 1.2 | — | — | 1.2 | ||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2019 | $ | 3.2 | $ | 4,213.2 | $ | 5,772.1 | $ | (4.0) | $ | 9,984.5 | $ | 30.4 | $ | 97.2 | $ | 10,112.1 | ||||||||||||||||||||||||||||||||||
Net income attributed to common shareholders
|
— | — | 235.7 | — | 235.7 | — | — | 235.7 | ||||||||||||||||||||||||||||||||||||||||||
Net loss attributed to noncontrolling interests
|
— | — | — | — | — | — | (0.2) | (0.2) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss
|
— | — | — | (2.6) | (2.6) | — | — | (2.6) | ||||||||||||||||||||||||||||||||||||||||||
Common stock dividends of $0.59 per share
|
— | — | (186.1) | — | (186.1) | — | — | (186.1) | ||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | 17.5 | — | — | 17.5 | — | — | 17.5 | ||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock | — | (35.6) | — | — | (35.6) | — | — | (35.6) | ||||||||||||||||||||||||||||||||||||||||||
Capital contributions from noncontrolling interest
|
— | — | — | — | — | — | 5.5 | 5.5 | ||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests
|
— | — | — | — | — | — | (0.9) | (0.9) | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation and other
|
— | 2.8 | — | — | 2.8 | — | 0.1 | 2.9 | ||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2019 | $ | 3.2 | $ | 4,197.9 | $ | 5,821.7 | $ | (6.6) | $ | 10,016.2 | $ | 30.4 | $ | 101.7 | $ | 10,148.3 | ||||||||||||||||||||||||||||||||||
Net income attributed to common shareholders
|
— | — | 234.3 | — | 234.3 | — | — | 234.3 | ||||||||||||||||||||||||||||||||||||||||||
Net loss attributed to noncontrolling interests
|
— | — | — | — | — | — | (0.3) | (0.3) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss
|
— | — | — | (0.5) | (0.5) | — | — | (0.5) | ||||||||||||||||||||||||||||||||||||||||||
Common stock dividends of $0.59 per share
|
— | — | (186.1) | — | (186.1) | — | — | (186.1) | ||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | 16.0 | — | — | 16.0 | — | — | 16.0 | ||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock | — | (31.9) | — | — | (31.9) | — | — | (31.9) | ||||||||||||||||||||||||||||||||||||||||||
Capital contributions from noncontrolling interest
|
— | — | — | — | — | — | 4.3 | 4.3 | ||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests
|
— | — | — | — | — | — | (0.6) | (0.6) | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation and other
|
— | 3.0 | — | — | 3.0 | — | (0.1) | 2.9 | ||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2019 | $ | 3.2 | $ | 4,185.0 | $ | 5,869.9 | $ | (7.1) | $ | 10,051.0 | $ | 30.4 | $ | 105.0 | $ | 10,186.4 |
09/30/2020 Form 10-Q |
8
|
WEC Energy Group, Inc. |
09/30/2020 Form 10-Q |
9
|
WEC Energy Group, Inc. |
09/30/2020 Form 10-Q |
10
|
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 September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Electric | $ | 1,212.9 | $ | — | $ | — | $ | 1,212.9 | $ | — | $ | — | $ | — | $ | 1,212.9 | ||||||||||||||||||||||||||||||||||
Natural gas | 150.5 | 213.4 | 43.1 | 407.0 | 9.1 | — | (8.3) | 407.8 | ||||||||||||||||||||||||||||||||||||||||||
Total regulated revenues | 1,363.4 | 213.4 | 43.1 | 1,619.9 | 9.1 | — | (8.3) | 1,620.7 | ||||||||||||||||||||||||||||||||||||||||||
Other non-utility revenues | — | 0.1 | 4.2 | 4.3 | 14.7 | 0.5 | (1.6) | 17.9 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues from contracts with customers | 1,363.4 | 213.5 | 47.3 | 1,624.2 | 23.8 | 0.5 | (9.9) | 1,638.6 | ||||||||||||||||||||||||||||||||||||||||||
Other operating revenues | 2.9 | 8.4 | 1.0 | 12.3 | 99.7 | 0.1 | (99.7) | 12.4 | ||||||||||||||||||||||||||||||||||||||||||
Total operating revenues | $ | 1,366.3 | $ | 221.9 | $ | 48.3 | $ | 1,636.5 | $ | 123.5 | $ | 0.6 | $ | (109.6) | $ | 1,651.0 |
(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 September 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Electric | $ | 1,185.4 | $ | — | $ | — | $ | 1,185.4 | $ | — | $ | — | $ | — | $ | 1,185.4 | ||||||||||||||||||||||||||||||||||
Natural gas | 151.1 | 190.0 | 43.8 | 384.9 | 8.9 | — | (8.4) | 385.4 | ||||||||||||||||||||||||||||||||||||||||||
Total regulated revenues | 1,336.5 | 190.0 | 43.8 | 1,570.3 | 8.9 | — | (8.4) | 1,570.8 | ||||||||||||||||||||||||||||||||||||||||||
Other non-utility revenues | — | — | 4.2 | 4.2 | 12.0 | 1.3 | (0.7) | 16.8 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues from contracts with customers | 1,336.5 | 190.0 | 48.0 | 1,574.5 | 20.9 | 1.3 | (9.1) | 1,587.6 | ||||||||||||||||||||||||||||||||||||||||||
Other operating revenues | 2.8 | 8.0 | 0.9 | 11.7 | 98.5 | — | (89.8) | 20.4 | ||||||||||||||||||||||||||||||||||||||||||
Total operating revenues | $ | 1,339.3 | $ | 198.0 | $ | 48.9 | $ | 1,586.2 | $ | 119.4 | $ | 1.3 | $ | (98.9) | $ | 1,608.0 |
(in millions) | Wisconsin | Illinois | Other States | Total Utility Operations | Non-Utility Energy Infrastructure | Corporate and Other | Reconciling Eliminations | WEC Energy Group Consolidated | ||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Electric | $ | 3,247.1 | $ | — | $ | — | $ | 3,247.1 | $ | — | $ | — | $ | — | $ | 3,247.1 | ||||||||||||||||||||||||||||||||||
Natural gas | 817.2 | 901.5 | 245.3 | 1,964.0 | 32.3 | — | (30.6) | 1,965.7 | ||||||||||||||||||||||||||||||||||||||||||
Total regulated revenues | 4,064.3 | 901.5 | 245.3 | 5,211.1 | 32.3 | — | (30.6) | 5,212.8 | ||||||||||||||||||||||||||||||||||||||||||
Other non-utility revenues | — | 0.1 | 12.8 | 12.9 | 48.2 | 1.7 | (7.1) | 55.7 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues from contracts with customers | 4,064.3 | 901.6 | 258.1 | 5,224.0 | 80.5 | 1.7 | (37.7) | 5,268.5 | ||||||||||||||||||||||||||||||||||||||||||
Other operating revenues | 7.1 | 29.1 | 3.3 | 39.5 | 297.9 | 0.3 | (297.9) | 39.8 | ||||||||||||||||||||||||||||||||||||||||||
Total operating revenues | $ | 4,071.4 | $ | 930.7 | $ | 261.4 | $ | 5,263.5 | $ | 378.4 | $ | 2.0 | $ | (335.6) | $ | 5,308.3 |
09/30/2020 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 | ||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Electric | $ | 3,269.1 | $ | — | $ | — | $ | 3,269.1 | $ | — | $ | — | $ | — | $ | 3,269.1 | ||||||||||||||||||||||||||||||||||
Natural gas | 943.3 | 967.4 | 293.0 | 2,203.7 | 35.1 | — | (32.2) | 2,206.6 | ||||||||||||||||||||||||||||||||||||||||||
Total regulated revenues | 4,212.4 | 967.4 | 293.0 | 5,472.8 | 35.1 | — | (32.2) | 5,475.7 | ||||||||||||||||||||||||||||||||||||||||||
Other non-utility revenues | — | 0.1 | 12.5 | 12.6 | 40.6 | 3.6 | (4.5) | 52.3 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues from contracts with customers | 4,212.4 | 967.5 | 305.5 | 5,485.4 | 75.7 | 3.6 | (36.7) | 5,528.0 | ||||||||||||||||||||||||||||||||||||||||||
Other operating revenues | 13.6 | 9.9 | (2.6) | 20.9 | 294.8 | 0.3 | (268.4) | 47.6 | ||||||||||||||||||||||||||||||||||||||||||
Total operating revenues | $ | 4,226.0 | $ | 977.4 | $ | 302.9 | $ | 5,506.3 | $ | 370.5 | $ | 3.9 | $ | (305.1) | $ | 5,575.6 |
Electric Utility Operating Revenues | ||||||||||||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Residential | $ | 500.8 | $ | 454.7 | $ | 1,324.4 | $ | 1,218.1 | ||||||||||||||||||
Small commercial and industrial | 373.6 | 385.6 | 1,004.3 | 1,050.8 | ||||||||||||||||||||||
Large commercial and industrial | 244.0 | 237.9 | 626.4 | 668.0 | ||||||||||||||||||||||
Other | 6.9 | 6.9 | 21.1 | 22.0 | ||||||||||||||||||||||
Total retail revenues | 1,125.3 | 1,085.1 | 2,976.2 | 2,958.9 | ||||||||||||||||||||||
Wholesale | 46.5 | 53.1 | 129.9 | 145.4 | ||||||||||||||||||||||
Resale | 33.7 | 29.5 | 107.3 | 119.7 | ||||||||||||||||||||||
Steam | 2.5 | 2.4 | 15.0 | 16.8 | ||||||||||||||||||||||
Other utility revenues | 4.9 | 15.3 | 18.7 | 28.3 | ||||||||||||||||||||||
Total electric utility operating revenues | $ | 1,212.9 | $ | 1,185.4 | $ | 3,247.1 | $ | 3,269.1 |
(in millions) | Wisconsin | Illinois | Other States | Total Natural Gas Utility Operating Revenues | ||||||||||||||||||||||
Three Months Ended September 30, 2020 | ||||||||||||||||||||||||||
Residential | $ | 74.6 | $ | 128.6 | $ | 18.8 | $ | 222.0 | ||||||||||||||||||
Commercial and industrial | 28.3 | 28.6 | 10.2 | 67.1 | ||||||||||||||||||||||
Total retail revenues | 102.9 | 157.2 | 29.0 | 289.1 | ||||||||||||||||||||||
Transport | 15.7 | 40.0 | 5.3 | 61.0 | ||||||||||||||||||||||
Other utility revenues (1)
|
31.9 | 16.2 | 8.8 | 56.9 | ||||||||||||||||||||||
Total natural gas utility operating revenues | $ | 150.5 | $ | 213.4 | $ | 43.1 | $ | 407.0 | ||||||||||||||||||
09/30/2020 Form 10-Q |
12
|
WEC Energy Group, Inc. |
(in millions) | Wisconsin | Illinois | Other States | Total Natural Gas Utility Operating Revenues | ||||||||||||||||||||||
Three Months Ended September 30, 2019 | ||||||||||||||||||||||||||
Residential | $ | 69.3 | $ | 117.6 | $ | 22.5 | $ | 209.4 | ||||||||||||||||||
Commercial and industrial | 30.0 | 29.3 | 11.5 | 70.8 | ||||||||||||||||||||||
Total retail revenues | 99.3 | 146.9 | 34.0 | 280.2 | ||||||||||||||||||||||
Transport | 14.4 | 44.3 | 5.6 | 64.3 | ||||||||||||||||||||||
Other utility revenues (1)
|
37.4 | (1.2) | 4.2 | 40.4 | ||||||||||||||||||||||
Total natural gas utility operating revenues | $ | 151.1 | $ | 190.0 | $ | 43.8 | $ | 384.9 | ||||||||||||||||||
(in millions) | Wisconsin | Illinois | Other States | Total Natural Gas Utility Operating Revenues | ||||||||||||||||||||||
Nine Months Ended September 30, 2020 | ||||||||||||||||||||||||||
Residential | $ | 513.5 | $ | 568.9 | $ | 154.1 | $ | 1,236.5 | ||||||||||||||||||
Commercial and industrial | 226.6 | 156.5 | 78.5 | 461.6 | ||||||||||||||||||||||
Total retail revenues | 740.1 | 725.4 | 232.6 | 1,698.1 | ||||||||||||||||||||||
Transport | 56.8 | 159.0 | 22.8 | 238.6 | ||||||||||||||||||||||
Other utility revenues (1)
|
20.3 | 17.1 | (10.1) | 27.3 | ||||||||||||||||||||||
Total natural gas utility operating revenues | $ | 817.2 | $ | 901.5 | $ | 245.3 | $ | 1,964.0 |
(in millions) | Wisconsin | Illinois | Other States | Total Natural Gas Utility Operating Revenues | ||||||||||||||||||||||
Nine Months Ended September 30, 2019 | ||||||||||||||||||||||||||
Residential | $ | 579.4 | $ | 625.7 | $ | 187.0 | $ | 1,392.1 | ||||||||||||||||||
Commercial and industrial | 285.5 | 190.6 | 104.0 | 580.1 | ||||||||||||||||||||||
Total retail revenues | 864.9 | 816.3 | 291.0 | 1,972.2 | ||||||||||||||||||||||
Transport | 52.5 | 178.3 | 23.0 | 253.8 | ||||||||||||||||||||||
Other utility revenues (1)
|
25.9 | (27.2) | (21.0) | (22.3) | ||||||||||||||||||||||
Total natural gas utility operating revenues | $ | 943.3 | $ | 967.4 | $ | 293.0 | $ | 2,203.7 |
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Wind generation revenues | $ | 7.4 | $ | 4.9 | $ | 24.0 | $ | 17.0 | ||||||||||||||||||
We Power revenues (1)
|
5.8 | 6.4 | 17.1 | 19.1 | ||||||||||||||||||||||
Appliance service revenues | 4.2 | 4.2 | 12.8 | 12.5 | ||||||||||||||||||||||
Distributed renewable solar project revenues | 0.3 | 1.3 | 1.4 | 3.6 | ||||||||||||||||||||||
Other | 0.2 | — | 0.4 | 0.1 | ||||||||||||||||||||||
Total other non-utility operating revenues | $ | 17.9 | $ | 16.8 | $ | 55.7 | $ | 52.3 |
09/30/2020 Form 10-Q |
13
|
WEC Energy Group, Inc. |
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Late payment charges (1)
|
$ | 6.0 | $ | 9.7 | $ | 18.1 | $ | 34.9 | ||||||||||||||||||
Alternative revenues (2)
|
5.4 | 1.4 | 18.2 | (17.2) | ||||||||||||||||||||||
Other | 1.0 | 9.3 | 3.5 | 29.9 | ||||||||||||||||||||||
Total other operating revenues | $ | 12.4 | $ | 20.4 | $ | 39.8 | $ | 47.6 |
09/30/2020 Form 10-Q |
14
|
WEC Energy Group, Inc. |
(in millions) | Wisconsin | Illinois | Other States |
Total Utility
Operations |
Non-Utility Energy Infrastructure |
Corporate
and Other |
WEC Energy Group Consolidated | |||||||||||||||||||||||||||||||||||||
Accounts receivable and unbilled revenues | $ | 766.8 | $ | 272.8 | $ | 34.8 | $ | 1,074.4 | $ | 6.5 | $ | 4.2 | $ | 1,085.1 | ||||||||||||||||||||||||||||||
Allowance for credit losses | 88.5 | 80.2 | 4.4 | 173.1 | — | 0.2 | 173.3 | |||||||||||||||||||||||||||||||||||||
Accounts receivable and unbilled revenues, net (1)
|
$ | 678.3 | $ | 192.6 | $ | 30.4 | $ | 901.3 | $ | 6.5 | $ | 4.0 | $ | 911.8 | ||||||||||||||||||||||||||||||
Total accounts receivable, net – past due greater than 90 days (1)
|
$ | 71.5 | $ | 53.6 | $ | 7.1 | $ | 132.2 | $ | — | $ | — | $ | 132.2 | ||||||||||||||||||||||||||||||
Past due greater than 90 days – collection risk mitigated by regulatory mechanisms (1)
|
97.0 | % | 100.0 | % | — | % | 93.0 | % | — | % | — | % | 93.0 | % |
(in millions) | Wisconsin | Illinois | Other States |
Total Utility
Operations |
Corporate
and Other |
WEC Energy Group Consolidated | ||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 77.9 | $ | 82.7 | $ | 4.0 | $ | 164.6 | $ | 0.1 | $ | 164.7 | ||||||||||||||||||||||||||
Provision for credit losses | 14.8 | 6.3 | 1.0 | 22.1 | 0.1 | 22.2 | ||||||||||||||||||||||||||||||||
Provision for credit losses deferred for future recovery or refund | 2.5 | (3.2) | — | (0.7) | — | (0.7) | ||||||||||||||||||||||||||||||||
Write-offs charged against the allowance | (14.5) | (10.0) | (0.9) | (25.4) | — | (25.4) | ||||||||||||||||||||||||||||||||
Recoveries of amounts previously written off | 7.8 | 4.4 | 0.3 | 12.5 | — | 12.5 | ||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | 88.5 | $ | 80.2 | $ | 4.4 | $ | 173.1 | $ | 0.2 | $ | 173.3 |
09/30/2020 Form 10-Q |
15
|
WEC Energy Group, Inc. |
(in millions) | Wisconsin | Illinois | Other States |
Total Utility
Operations |
Corporate
and Other |
WEC Energy Group Consolidated | ||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 59.9 | $ | 75.9 | $ | 4.1 | $ | 139.9 | $ | 0.1 | $ | 140.0 | ||||||||||||||||||||||||||
Provision for credit losses | 40.8 | 28.3 | 2.1 | 71.2 | 0.1 | 71.3 | ||||||||||||||||||||||||||||||||
Provision for credit losses deferred for future recovery or refund | 11.6 | 22.4 | — | 34.0 | — | 34.0 | ||||||||||||||||||||||||||||||||
Write-offs charged against the allowance | (52.2) | (59.5) | (2.9) | (114.6) | — | (114.6) | ||||||||||||||||||||||||||||||||
Recoveries of amounts previously written off | 28.4 | 13.1 | 1.1 | 42.6 | — | 42.6 | ||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | 88.5 | $ | 80.2 | $ | 4.4 | $ | 173.1 | $ | 0.2 | $ | 173.3 |
(in millions) | September 30, 2020 | December 31, 2019 | ||||||||||||
Regulatory assets | ||||||||||||||
Pension and OPEB costs | $ | 986.0 | $ | 1,066.6 | ||||||||||
Plant retirements | 841.7 | 856.4 | ||||||||||||
Environmental remediation costs | 696.6 | 685.5 | ||||||||||||
Income tax related items | 456.0 | 457.8 | ||||||||||||
Asset retirement obligations | 201.2 | 137.5 | ||||||||||||
SSR | 137.4 | 151.5 | ||||||||||||
Uncollectible expense | 66.3 | 52.2 | ||||||||||||
COVID-19 (1)
|
23.3 | — | ||||||||||||
Derivatives | 11.6 | 33.8 | ||||||||||||
We Power generation | 7.1 | 25.8 | ||||||||||||
Other, net | 57.2 | 60.5 | ||||||||||||
Total regulatory assets | $ | 3,484.4 | $ | 3,527.6 | ||||||||||
Balance sheet presentation | ||||||||||||||
Other current assets | $ | 22.2 | $ | 20.9 | ||||||||||
Regulatory assets | 3,462.2 | 3,506.7 | ||||||||||||
Total regulatory assets | $ | 3,484.4 | $ | 3,527.6 |
09/30/2020 Form 10-Q |
16
|
WEC Energy Group, Inc. |
(in millions) | September 30, 2020 | December 31, 2019 | ||||||||||||
Regulatory liabilities | ||||||||||||||
Income tax related items | $ | 2,163.8 | $ | 2,248.8 | ||||||||||
Removal costs | 1,213.3 | 1,181.5 | ||||||||||||
Pension and OPEB benefits | 337.8 | 354.9 | ||||||||||||
Energy costs refundable through rate adjustments | 76.8 | 89.8 | ||||||||||||
Electric transmission costs | 70.8 | 42.2 | ||||||||||||
Derivatives | 35.5 | 6.7 | ||||||||||||
Uncollectible expense | 34.1 | 39.1 | ||||||||||||
Earnings sharing mechanisms | 33.6 | 43.5 | ||||||||||||
Decoupling | 25.6 | 36.8 | ||||||||||||
Energy efficiency programs | 13.3 | 30.7 | ||||||||||||
Other, net | 7.8 | 6.4 | ||||||||||||
Total regulatory liabilities | $ | 4,012.4 | $ | 4,080.4 | ||||||||||
Balance sheet presentation | ||||||||||||||
Other current liabilities | $ | 73.1 | $ | 87.6 | ||||||||||
Regulatory liabilities | 3,939.3 | 3,992.8 | ||||||||||||
Total regulatory liabilities | $ | 4,012.4 | $ | 4,080.4 |
Award Type | Number of Awards | |||||||
Stock options (1)
|
554,594 | |||||||
Restricted shares (2)
|
91,873 | |||||||
Performance units | 153,465 |
09/30/2020 Form 10-Q |
17
|
WEC Energy Group, Inc. |
(in millions, except percentages) | September 30, 2020 | December 31, 2019 | ||||||||||||
Commercial paper | ||||||||||||||
Amount outstanding | $ | 431.0 | $ | 830.8 | ||||||||||
Weighted-average interest rate on amounts outstanding | 0.15 | % | 2.00 | % | ||||||||||
Term loan | ||||||||||||||
Amount outstanding | $ | 340.0 | $ | — | ||||||||||
Weighted-average interest rate on amounts outstanding | 0.97 | % | N/A |
(in millions) | Maturity | September 30, 2020 | ||||||||||||
Term loan agreement (WEC Energy Group) | March 2021 | $ | 340.0 | |||||||||||
Revolving credit facility (WEC Energy Group) | October 2022 | 1,200.0 | ||||||||||||
Revolving credit facility (WE) | October 2022 | 500.0 | ||||||||||||
Revolving credit facility (WPS) | October 2022 | 400.0 | ||||||||||||
Revolving credit facility (WG) | October 2022 | 350.0 | ||||||||||||
Revolving credit facility (PGL) | October 2022 | 350.0 | ||||||||||||
Total short-term credit capacity | $ | 3,140.0 | ||||||||||||
Less: | ||||||||||||||
Letters of credit issued inside credit facilities | $ | 2.3 | ||||||||||||
Term loan outstanding | 340.0 | |||||||||||||
Commercial paper outstanding | 431.0 | |||||||||||||
Available capacity under existing credit agreements | $ | 2,366.7 |
09/30/2020 Form 10-Q |
18
|
WEC Energy Group, Inc. |
09/30/2020 Form 10-Q |
19
|
WEC Energy Group, Inc. |
(in millions) | ||||||||
2021 | $ | 0.3 | ||||||
2022 | 0.3 | |||||||
2023 | 0.7 | |||||||
2024 | 0.7 | |||||||
2025 | 0.7 | |||||||
Thereafter | 55.0 | |||||||
Total minimum lease payments | 57.7 | |||||||
Less: Interest | (34.8) | |||||||
Present value of minimum lease payments | 22.9 | |||||||
Less: Short-term lease liabilities | — | |||||||
Long-term lease liabilities | $ | 22.9 |
(in millions) | September 30, 2020 | December 31, 2019 | ||||||||||||
Natural gas in storage | $ | 251.9 | $ | 227.7 | ||||||||||
Materials and supplies | 247.3 | 234.2 | ||||||||||||
Fossil fuel | 74.2 | 87.9 | ||||||||||||
Total | $ | 573.4 | $ | 549.8 |
Three Months Ended September 30, 2020 | Three Months Ended September 30, 2019 | |||||||||||||||||||||||||
(in millions) | Amount | Effective Tax Rate | Amount | Effective Tax Rate | ||||||||||||||||||||||
Statutory federal income tax | $ | 65.9 | 21.0 | % | $ | 51.5 | 21.0 | % | ||||||||||||||||||
State income taxes net of federal tax benefit | 19.7 | 6.3 | % | 20.3 | 8.2 | % | ||||||||||||||||||||
Federal excess deferred tax amortization – Wisconsin unprotected | (12.5) | (4.0) | % | — | — | % | ||||||||||||||||||||
Wind production tax credits | (11.2) | (3.6) | % | (6.8) | (2.8) | % | ||||||||||||||||||||
Federal excess deferred tax amortization | (8.3) | (2.6) | % | (12.0) | (4.9) | % | ||||||||||||||||||||
Uncertain tax positions | (5.1) | (1.6) | % | 0.3 | 0.1 | % | ||||||||||||||||||||
Excess tax benefits – stock options | (0.6) | (0.2) | % | (3.9) | (1.6) | % | ||||||||||||||||||||
Tax repairs | 0.9 | 0.3 | % | (30.7) | (12.5) | % | ||||||||||||||||||||
Other | (1.9) | (0.7) | % | (7.4) | (2.9) | % | ||||||||||||||||||||
Total income tax expense | $ | 46.9 | 14.9 | % | $ | 11.3 | 4.6 | % |
09/30/2020 Form 10-Q |
20
|
WEC Energy Group, Inc. |
Nine Months Ended September 30, 2020 | Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||
(in millions) | Amount | Effective Tax Rate | Amount | Effective Tax Rate | ||||||||||||||||||||||
Statutory federal income tax | $ | 242.0 | 21.0 | % | $ | 206.1 | 21.0 | % | ||||||||||||||||||
State income taxes net of federal tax benefit | 72.1 | 6.3 | % | 66.8 | 6.8 | % | ||||||||||||||||||||
Federal excess deferred tax amortization – Wisconsin unprotected | (45.7) | (4.0) | % | — | — | % | ||||||||||||||||||||
Wind production tax credits | (39.0) | (3.4) | % | (26.4) | (2.7) | % | ||||||||||||||||||||
Federal excess deferred tax amortization | (30.2) | (2.6) | % | (32.7) | (3.3) | % | ||||||||||||||||||||
Excess tax benefits – stock options | (6.9) | (0.6) | % | (15.5) | (1.6) | % | ||||||||||||||||||||
Uncertain tax positions | (5.8) | (0.5) | % | (2.6) | (0.3) | % | ||||||||||||||||||||
Tax repairs | 2.4 | 0.2 | % | (90.7) | (9.2) | % | ||||||||||||||||||||
Other | 1.8 | 0.1 | % | (13.5) | (1.4) | % | ||||||||||||||||||||
Total income tax expense | $ | 190.7 | 16.5 | % | $ | 91.5 | 9.3 | % |
09/30/2020 Form 10-Q |
21
|
WEC Energy Group, Inc. |
September 30, 2020 | ||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Derivative assets | ||||||||||||||||||||||||||
Natural gas contracts | $ | 32.4 | $ | 3.2 | $ | — | $ | 35.6 | ||||||||||||||||||
FTRs | — | — | 4.0 | 4.0 | ||||||||||||||||||||||
Coal contracts | — | 0.5 | — | 0.5 | ||||||||||||||||||||||
Total derivative assets | $ | 32.4 | $ | 3.7 | $ | 4.0 | $ | 40.1 | ||||||||||||||||||
Investments held in rabbi trust | $ | 72.6 | $ | — | $ | — | $ | 72.6 | ||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||||
Natural gas contracts | $ | 0.9 | $ | 3.9 | $ | — | $ | 4.8 | ||||||||||||||||||
Coal contracts | — | 2.4 | — | 2.4 | ||||||||||||||||||||||
Interest rate swaps | — | 8.3 | — | 8.3 | ||||||||||||||||||||||
Total derivative liabilities | $ | 0.9 | $ | 14.6 | $ | — | $ | 15.5 |
December 31, 2019 | ||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Derivative assets | ||||||||||||||||||||||||||
Natural gas contracts | $ | 1.4 | $ | 2.0 | $ | — | $ | 3.4 | ||||||||||||||||||
FTRs | — | — | 3.1 | 3.1 | ||||||||||||||||||||||
Coal contracts | — | 0.4 | — | 0.4 | ||||||||||||||||||||||
Total derivative assets | $ | 1.4 | $ | 2.4 | $ | 3.1 | $ | 6.9 | ||||||||||||||||||
Investments held in rabbi trust | $ | 85.3 | $ | — | $ | — | $ | 85.3 | ||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||||
Natural gas contracts | $ | 21.4 | $ | 1.3 | $ | — | $ | 22.7 | ||||||||||||||||||
Coal contracts | — | 0.2 | — | 0.2 | ||||||||||||||||||||||
Interest rate swaps | — | 6.0 | — | 6.0 | ||||||||||||||||||||||
Total derivative liabilities | $ | 21.4 | $ | 7.5 | $ | — | $ | 28.9 |
09/30/2020 Form 10-Q |
22
|
WEC Energy Group, Inc. |
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Balance at the beginning of the period | $ | 6.5 | $ | 10.4 | $ | 3.1 | $ | 7.4 | ||||||||||||||||||
Purchases | — | — | 7.5 | 12.8 | ||||||||||||||||||||||
Settlements | (2.5) | (4.2) | (6.6) | (14.0) | ||||||||||||||||||||||
Balance at the end of the period | $ | 4.0 | $ | 6.2 | $ | 4.0 | $ | 6.2 |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
(in millions) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||
Preferred stock of subsidiary | $ | 30.4 | $ | 29.9 | $ | 30.4 | $ | 29.5 | ||||||||||||||||||
Long-term debt, including current portion (1)
|
12,184.1 | 14,007.9 | 11,858.3 | 13,035.9 |
09/30/2020 Form 10-Q |
23
|
WEC Energy Group, Inc. |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
(in millions) | Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||
Other current | ||||||||||||||||||||||||||
Natural gas contracts | $ | 31.1 | $ | 4.7 | $ | 3.4 | $ | 21.8 | ||||||||||||||||||
FTRs | 4.0 | — | 3.1 | — | ||||||||||||||||||||||
Coal contracts | 0.2 | 1.3 | 0.2 | 0.2 | ||||||||||||||||||||||
Interest rate swaps | — | 6.6 | — | 2.8 | ||||||||||||||||||||||
Total other current (1)
|
35.3 | 12.6 | 6.7 | 24.8 | ||||||||||||||||||||||
Other long-term | ||||||||||||||||||||||||||
Natural gas contracts | 4.5 | 0.1 | — | 0.9 | ||||||||||||||||||||||
Coal contracts | 0.3 | 1.1 | 0.2 | — | ||||||||||||||||||||||
Interest rate swaps | — | 1.7 | — | 3.2 | ||||||||||||||||||||||
Total other long-term (1)
|
4.8 | 2.9 | 0.2 | 4.1 | ||||||||||||||||||||||
Total | $ | 40.1 | $ | 15.5 | $ | 6.9 | $ | 28.9 |
Three Months Ended September 30, 2020 | Three Months Ended September 30, 2019 | |||||||||||||||||||||||||
(in millions) | Volumes | Gains (Losses) | Volumes | Gains (Losses) | ||||||||||||||||||||||
Natural gas contracts |
36.2 Dth
|
$ | (12.0) |
37.8 Dth
|
$ | (13.2) | ||||||||||||||||||||
FTRs |
8.3 MWh
|
1.1 |
7.8 MWh
|
7.6 | ||||||||||||||||||||||
Total | $ | (10.9) | $ | (5.6) |
Nine Months Ended September 30, 2020 | Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||
(in millions) | Volumes | Gains (Losses) | Volumes | Gains (Losses) | ||||||||||||||||||||||
Natural gas contracts |
139.3 Dth
|
$ | (53.9) |
137.7 Dth
|
$ | (16.8) | ||||||||||||||||||||
FTRs |
22.7 MWh
|
3.1 |
23.9 MWh
|
12.9 | ||||||||||||||||||||||
Total | $ | (50.8) | $ | (3.9) |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||
(in millions) | Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||
Gross amount recognized on the balance sheet | $ | 40.1 | $ | 15.5 | $ | 6.9 | $ | 28.9 | |||||||||||||||||||||
Gross amount not offset on the balance sheet | (15.6) |
(1)
|
(1.0) | (1.4) | (21.4) |
(2)
|
|||||||||||||||||||||||
Net amount | $ | 24.5 | $ | 14.5 | $ | 5.5 | $ | 7.5 |
09/30/2020 Form 10-Q |
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|
WEC Energy Group, Inc. |
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Derivative losses recognized in other comprehensive loss | $ | — | $ | (0.5) | $ | (5.8) | $ | (5.3) | ||||||||||||||||||
Net derivative gains (losses) reclassified from accumulated other comprehensive loss to interest expense | (1.3) | 0.2 | (2.0) | 1.0 | ||||||||||||||||||||||
Total interest expense line item on the income statements | 122.0 | 125.8 | 375.8 | 374.3 |
Expiration | |||||||||||||||||||||||||||||
(in millions) | Total Amounts Committed at September 30, 2020 | Less Than 1 Year | 1 to 3 Years | Over 3 Years | |||||||||||||||||||||||||
Guarantees | |||||||||||||||||||||||||||||
Guarantees supporting transactions of
subsidiaries (1)
|
$ | 28.1 | $ | 5.9 | $ | 1.2 | $ | 21.0 | |||||||||||||||||||||
Standby letters of credit (2)
|
69.5 | 0.4 | 0.2 | 68.9 | |||||||||||||||||||||||||
Surety bonds (3)
|
9.8 | 9.7 | 0.1 | — | |||||||||||||||||||||||||
Other guarantees (4)
|
11.0 | 0.9 | — | 10.1 | |||||||||||||||||||||||||
Total guarantees | $ | 118.4 | $ | 16.9 | $ | 1.5 | $ | 100.0 |
09/30/2020 Form 10-Q |
25
|
WEC Energy Group, Inc. |
Pension Benefits | ||||||||||||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Service cost | $ | 12.5 | $ | 11.6 | $ | 37.3 | $ | 34.7 | ||||||||||||||||||
Interest cost | 25.6 | 30.3 | 77.8 | 91.1 | ||||||||||||||||||||||
Expected return on plan assets | (47.4) | (48.3) | (143.0) | (145.2) | ||||||||||||||||||||||
Loss on plan settlement | 5.2 | 7.8 | 15.5 | 9.6 | ||||||||||||||||||||||
Amortization of prior service cost | 0.4 | 0.5 | 1.2 | 1.6 | ||||||||||||||||||||||
Amortization of net actuarial loss | 26.1 | 18.9 | 75.8 | 56.6 | ||||||||||||||||||||||
Net periodic benefit cost | $ | 22.4 | $ | 20.8 | $ | 64.6 | $ | 48.4 |
OPEB Benefits | ||||||||||||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Service cost | $ | 3.8 | $ | 4.1 | $ | 11.4 | $ | 12.3 | ||||||||||||||||||
Interest cost | 4.7 | 6.5 | 14.0 | 19.3 | ||||||||||||||||||||||
Expected return on plan assets | (15.0) | (13.7) | (45.2) | (41.0) | ||||||||||||||||||||||
Amortization of prior service credit | (3.8) | (3.9) | (11.3) | (11.6) | ||||||||||||||||||||||
Amortization of net actuarial gain | (5.6) | (2.0) | (16.8) | (4.7) | ||||||||||||||||||||||
Net periodic benefit credit | $ | (15.9) | $ | (9.0) | $ | (47.9) | $ | (25.7) |
(in millions) | Wisconsin | Illinois | Other States | Non-Utility Energy Infrastructure | Total | |||||||||||||||||||||||||||
Goodwill balance (1)
|
$ | 2,104.3 | $ | 758.7 | $ | 183.2 | $ | 6.6 | $ | 3,052.8 |
09/30/2020 Form 10-Q |
26
|
WEC Energy Group, Inc. |
Three Months Ended September 30, 2020 | ||||||||||||||||||||
(in millions) | ATC | ATC Holdco | Total | |||||||||||||||||
Balance at beginning of period | $ | 1,713.3 | $ | 31.4 | $ | 1,744.7 | ||||||||||||||
Add: Earnings from equity method investment | 39.6 | 0.5 | 40.1 | |||||||||||||||||
Add: Capital contributions | 6.2 | — | 6.2 | |||||||||||||||||
Less: Distributions | 39.9 | — | 39.9 | |||||||||||||||||
Less: Return of capital | — | 0.6 | 0.6 | |||||||||||||||||
Less: Other | 0.1 | — | 0.1 | |||||||||||||||||
Balance at end of period | $ | 1,719.1 | $ | 31.3 | $ | 1,750.4 |
Three Months Ended September 30, 2019 | ||||||||||||||||||||
(in millions) | ATC | ATC Holdco | Total | |||||||||||||||||
Balance at beginning of period | $ | 1,656.6 | $ | 39.9 | $ | 1,696.5 | ||||||||||||||
Add: Earnings from equity method investment | 38.3 | 0.4 | 38.7 | |||||||||||||||||
Add: Capital contributions | 15.1 | 0.3 | 15.4 | |||||||||||||||||
Less: Distributions | 30.3 | — | 30.3 | |||||||||||||||||
Add: Other | 0.1 | — | 0.1 | |||||||||||||||||
Balance at end of period | $ | 1,679.8 | $ | 40.6 | $ | 1,720.4 |
Nine Months Ended September 30, 2020 | ||||||||||||||||||||
(in millions) | ATC | ATC Holdco | Total | |||||||||||||||||
Balance at beginning of period | $ | 1,684.7 | $ | 36.1 | $ | 1,720.8 | ||||||||||||||
Add: Earnings from equity method investment | 131.7 | 1.1 | 132.8 | |||||||||||||||||
Add: Capital contributions | 15.2 | — | 15.2 | |||||||||||||||||
Less: Distributions | 112.5 | — | 112.5 | |||||||||||||||||
Less: Return of capital | — | 5.9 | 5.9 | |||||||||||||||||
Balance at end of period | $ | 1,719.1 | $ | 31.3 | $ | 1,750.4 |
Nine Months Ended September 30, 2019 | ||||||||||||||||||||
(in millions) | ATC | ATC Holdco | Total | |||||||||||||||||
Balance at beginning of period | $ | 1,625.3 | $ | 40.0 | $ | 1,665.3 | ||||||||||||||
Add: Earnings (loss) from equity method investment | 112.2 | (0.5) | 111.7 | |||||||||||||||||
Add: Capital contributions | 36.2 | 1.1 | 37.3 | |||||||||||||||||
Less: Distributions | 93.9 | — | 93.9 | |||||||||||||||||
Balance at end of period | $ | 1,679.8 | $ | 40.6 | $ | 1,720.4 |
09/30/2020 Form 10-Q |
27
|
WEC Energy Group, Inc. |
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Charges to ATC for services and construction | $ | 5.7 | $ | 9.2 | $ | 18.7 | $ | 16.5 | ||||||||||||||||||
Charges from ATC for network transmission services | 85.5 | 86.9 | 252.0 | 261.0 |
(in millions) | September 30, 2020 | December 31, 2019 | ||||||||||||
Accounts receivable for services provided to ATC | $ | 2.1 | $ | 3.5 | ||||||||||
Accounts payable for services received from ATC | 30.0 | 29.0 | ||||||||||||
Amounts due from ATC for transmission infrastructure upgrades (1)
|
5.1 | 2.8 |
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Income statement data | ||||||||||||||||||||||||||
Operating revenues | $ | 187.8 | $ | 184.9 | $ | 577.7 | $ | 544.8 | ||||||||||||||||||
Operating expenses | 93.0 | 94.7 | 285.7 | 278.7 | ||||||||||||||||||||||
Other expense, net | 28.1 | 28.7 | 82.0 | 86.1 | ||||||||||||||||||||||
Net income | $ | 66.7 | $ | 61.5 | $ | 210.0 | $ | 180.0 |
(in millions) | September 30, 2020 | December 31, 2019 | ||||||||||||
Balance sheet data | ||||||||||||||
Current assets | $ | 92.5 | $ | 84.7 | ||||||||||
Noncurrent assets | 5,375.2 | 5,244.2 | ||||||||||||
Total assets | $ | 5,467.7 | $ | 5,328.9 | ||||||||||
Current liabilities | $ | 349.9 | $ | 502.6 | ||||||||||
Long-term debt | 2,512.1 | 2,312.8 | ||||||||||||
Other noncurrent liabilities | 335.0 | 298.9 | ||||||||||||
Members' equity | 2,270.7 | 2,214.6 | ||||||||||||
Total liabilities and members' equity | $ | 5,467.7 | $ | 5,328.9 |
09/30/2020 Form 10-Q |
28
|
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
External revenues | $ | 1,366.3 | $ | 221.9 | $ | 48.3 | $ | 1,636.5 | $ | — | $ | 13.9 | $ | 0.6 | $ | — | $ | 1,651.0 | ||||||||||||||||||||||||||||||||||||||
Intersegment revenues | — | — | — | — | — | 109.6 | — | (109.6) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other operation and maintenance | 363.8 | 109.2 | 20.4 | 493.4 | — | 5.9 | 1.0 | (1.6) | 498.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 169.7 | 49.9 | 8.5 | 228.1 | — | 24.5 | 6.5 | (14.1) | 245.0 | |||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 349.0 | 24.5 | (2.0) | 371.5 | — | 91.3 | (6.9) | (85.7) | 370.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of transmission affiliates | — | — | — | — | 40.1 | — | — | — | 40.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 139.1 | 15.6 | 2.7 | 157.4 | 4.9 | 15.0 | 30.4 | (85.7) | 122.0 | |||||||||||||||||||||||||||||||||||||||||||||||
09/30/2020 Form 10-Q |
29
|
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
External revenues | $ | 1,339.3 | $ | 198.0 | $ | 48.9 | $ | 1,586.2 | $ | — | $ | 20.5 | $ | 1.3 | $ | — | $ | 1,608.0 | ||||||||||||||||||||||||||||||||||||||
Intersegment revenues | — | — | — | — | — | 98.9 | — | (98.9) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other operation and maintenance | 400.2 | 101.8 | 22.0 | 524.0 | — | 3.9 | 1.3 | — | 529.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 155.6 | 45.7 | 6.8 | 208.1 | — | 23.3 | 6.0 | (3.6) | 233.8 | |||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 290.8 | 24.8 | (2.2) | 313.4 | — | 90.3 | (6.0) | (86.8) | 310.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of transmission affiliates | — | — | — | — | 38.7 | — | — | — | 38.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 142.9 | 14.7 | 2.3 | 159.9 | 3.0 | 15.5 | 35.9 | (88.5) | 125.8 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
External revenues | $ | 4,071.4 | $ | 930.7 | $ | 261.4 | $ | 5,263.5 | $ | — | $ | 42.8 | $ | 2.0 | $ | — | $ | 5,308.3 | ||||||||||||||||||||||||||||||||||||||
Intersegment revenues | — | — | — | — | — | 335.6 | — | (335.6) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other operation and maintenance | 1,044.0 | 306.5 | 62.5 | 1,413.0 | — | 18.7 | 2.9 | (7.1) | 1,427.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 502.7 | 146.0 | 24.6 | 673.3 | — | 73.4 | 19.0 | (39.1) | 726.6 | |||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 1,053.4 | 245.6 | 41.4 | 1,340.4 | — | 274.2 | (20.1) | (258.9) | 1,335.6 | |||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of transmission affiliates | — | — | — | — | 132.8 | — | — | — | 132.8 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 422.2 | 47.7 | 7.4 | 477.3 | 14.6 | 45.4 | 98.1 | (259.6) | 375.8 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
External revenues | $ | 4,226.0 | $ | 977.4 | $ | 302.9 | $ | 5,506.3 | $ | — | $ | 65.4 | $ | 3.9 | $ | — | $ | 5,575.6 | ||||||||||||||||||||||||||||||||||||||
Intersegment revenues | — | — | — | — | — | 305.1 | — | (305.1) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other operation and maintenance | 1,156.8 | 337.0 | 73.0 | 1,566.8 | — | 14.5 | 2.1 | — | 1,583.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 459.5 | 135.2 | 20.0 | 614.7 | — | 68.8 | 18.4 | (11.8) | 690.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 922.8 | 205.3 | 43.9 | 1,172.0 | — | 274.3 | (17.0) | (261.0) | 1,168.3 | |||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of transmission affiliates | — | — | — | — | 111.7 | — | — | — | 111.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 429.0 | 43.4 | 6.5 | 478.9 | 8.3 | 46.7 | 107.5 | (267.1) | 374.3 | |||||||||||||||||||||||||||||||||||||||||||||||
09/30/2020 Form 10-Q |
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09/30/2020 Form 10-Q |
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09/30/2020 Form 10-Q |
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09/30/2020 Form 10-Q |
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(in millions) | September 30, 2020 | December 31, 2019 | ||||||||||||
Regulatory assets | $ | 696.6 | $ | 685.5 | ||||||||||
Reserves for future environmental remediation | 589.4 | 589.2 |
09/30/2020 Form 10-Q |
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Nine Months Ended September 30 | ||||||||||||||
(in millions) | 2020 | 2019 | ||||||||||||
Cash paid for interest, net of amount capitalized | $ | 332.4 | $ | 317.9 | ||||||||||
Cash paid for income taxes, net | 27.6 | 15.4 | ||||||||||||
Significant non-cash investing and financing transactions: | ||||||||||||||
Accounts payable related to construction costs | 177.8 | 162.7 | ||||||||||||
Non-cash capital contributions from noncontrolling interest | — | 14.6 |
(in millions) | September 30, 2020 | December 31, 2019 | ||||||||||||
Cash and cash equivalents | $ | 13.1 | $ | 37.5 | ||||||||||
Restricted cash included in other long term assets | 48.1 | 44.8 | ||||||||||||
Cash, cash equivalents, and restricted cash | $ | 61.2 | $ | 82.3 |
09/30/2020 Form 10-Q |
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09/30/2020 Form 10-Q |
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09/30/2020 Form 10-Q |
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WE | WPS | WG | ||||||||||||||||||||||||||||||||||||
2020 Effective rate increase (decrease) | ||||||||||||||||||||||||||||||||||||||
Electric (1) (2)
|
$ | 15.3 | million | / | 0.5% | $ | 15.8 | million | / | 1.6% | N/A | |||||||||||||||||||||||||||
Gas (3)
|
$ | 10.4 | million | / | 2.8% | $ | 4.3 | million | / | 1.4% | $ | (1.5) | million | / | (0.2)% | |||||||||||||||||||||||
Steam | $ | 1.9 | million | / | 8.6% | N/A | N/A | |||||||||||||||||||||||||||||||
ROE | 10.0% | 10.0% | 10.2% | |||||||||||||||||||||||||||||||||||
Common equity component average on a financial basis | 52.5% | 52.5% | 52.5% |
09/30/2020 Form 10-Q |
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WEC Energy Group, Inc. |
09/30/2020 Form 10-Q |
39
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09/30/2020 Form 10-Q |
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09/30/2020 Form 10-Q |
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09/30/2020 Form 10-Q |
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09/30/2020 Form 10-Q |
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WEC Energy Group, Inc. |
Three Months Ended September 30 | ||||||||||||||||||||||||||||||||||||||
(in millions, except per share data) | 2020 | 2019 | B (W) | Change Related to 2019 Tax Repairs | Change Related to We Power Lease |
Remaining Change
B (W) |
||||||||||||||||||||||||||||||||
Wisconsin | $ | 349.0 | $ | 290.8 | $ | 58.2 | $ | 41.9 | $ | (1.1) | $ | 17.4 | ||||||||||||||||||||||||||
Illinois | 24.5 | 24.8 | (0.3) | — | — | (0.3) | ||||||||||||||||||||||||||||||||
Other states | (2.0) | (2.2) | 0.2 | — | — | 0.2 | ||||||||||||||||||||||||||||||||
Non-utility energy infrastructure | 91.3 | 90.3 | 1.0 | — | — | 1.0 | ||||||||||||||||||||||||||||||||
Corporate and other | (6.9) | (6.0) | (0.9) | — | — | (0.9) | ||||||||||||||||||||||||||||||||
Reconciling eliminations | (85.7) | (86.8) | 1.1 | — | 1.1 | — | ||||||||||||||||||||||||||||||||
Total operating income | 370.2 | 310.9 | 59.3 | 41.9 | — | 17.4 | ||||||||||||||||||||||||||||||||
Equity in earnings of transmission affiliates | 40.1 | 38.7 | 1.4 | — | — | 1.4 | ||||||||||||||||||||||||||||||||
Other income, net | 25.7 | 21.8 | 3.9 | — | — | 3.9 | ||||||||||||||||||||||||||||||||
Interest expense | 122.0 | 125.8 | 3.8 | — | — | 3.8 | ||||||||||||||||||||||||||||||||
Income before income taxes | 314.0 | 245.6 | 68.4 | 41.9 | — | 26.5 | ||||||||||||||||||||||||||||||||
Income tax expense | 46.9 | 11.3 | (35.6) | (41.9) | — | 6.3 | ||||||||||||||||||||||||||||||||
Preferred stock dividends of subsidiary | 0.3 | 0.3 | — | — | — | — | ||||||||||||||||||||||||||||||||
Net loss attributed to noncontrolling interests | — | 0.3 | (0.3) | — | — | (0.3) | ||||||||||||||||||||||||||||||||
Net income attributed to common shareholders | $ | 266.8 | $ | 234.3 | $ | 32.5 | $ | — | $ | — | $ | 32.5 | ||||||||||||||||||||||||||
Diluted earnings per share | $ | 0.84 | $ | 0.74 | $ | 0.10 |
09/30/2020 Form 10-Q |
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WEC Energy Group, Inc. |
09/30/2020 Form 10-Q |
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WEC Energy Group, Inc. |
Three Months Ended September 30 | ||||||||||||||||||||
(in millions) | 2020 | 2019 | B (W) | |||||||||||||||||
Electric revenues | $ | 1,215.4 | $ | 1,187.2 | $ | 28.2 | ||||||||||||||
Fuel and purchased power | 374.0 | 385.9 | 11.9 | |||||||||||||||||
Total electric margins | 841.4 | 801.3 | 40.1 | |||||||||||||||||
Natural gas revenues | 150.9 | 152.1 | (1.2) | |||||||||||||||||
Cost of natural gas sold | 67.1 | 67.5 | 0.4 | |||||||||||||||||
Total natural gas margins | 83.8 | 84.6 | (0.8) | |||||||||||||||||
Total electric and natural gas margins | 925.2 | 885.9 | 39.3 | |||||||||||||||||
Other operation and maintenance | 363.8 | 400.2 | 36.4 | |||||||||||||||||
Depreciation and amortization | 169.7 | 155.6 | (14.1) | |||||||||||||||||
Property and revenue taxes | 42.7 | 39.3 | (3.4) | |||||||||||||||||
Operating income | $ | 349.0 | $ | 290.8 | $ | 58.2 |
Three Months Ended September 30 | ||||||||||||||||||||
(in millions) | 2020 | 2019 | B (W) | |||||||||||||||||
Operation and maintenance not included in line items below | $ | 170.6 | $ | 187.8 | $ | 17.2 | ||||||||||||||
Transmission (1)
|
129.4 | 105.1 | (24.3) | |||||||||||||||||
Regulatory amortizations and other pass through expenses (2)
|
34.5 | 36.4 | 1.9 | |||||||||||||||||
We Power (3)
|
29.3 | 36.9 | 7.6 | |||||||||||||||||
Transmission expense related to Tax Legislation (4)
|
— | 17.5 | 17.5 | |||||||||||||||||
Transmission expense related to the flow through of tax repairs (5)
|
— | 16.5 | 16.5 | |||||||||||||||||
Total other operation and maintenance | $ | 363.8 | $ | 400.2 | $ | 36.4 |
09/30/2020 Form 10-Q |
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WEC Energy Group, Inc. |
Three Months Ended September 30 | ||||||||||||||||||||
MWh (in thousands)
|
||||||||||||||||||||
Electric Sales Volumes | 2020 | 2019 | B (W) | |||||||||||||||||
Customer Class | ||||||||||||||||||||
Residential | 3,364.4 | 3,140.1 | 224.3 | |||||||||||||||||
Small commercial and industrial (1)
|
3,409.0 | 3,495.5 | (86.5) | |||||||||||||||||
Large commercial and industrial (1)
|
3,163.5 | 3,312.4 | (148.9) | |||||||||||||||||
Other | 34.3 | 36.0 | (1.7) | |||||||||||||||||
Total retail (1)
|
9,971.2 | 9,984.0 | (12.8) | |||||||||||||||||
Wholesale | 843.6 | 872.2 | (28.6) | |||||||||||||||||
Resale | 1,730.7 | 1,107.5 | 623.2 | |||||||||||||||||
Total sales in MWh (1)
|
12,545.5 | 11,963.7 | 581.8 |
Three Months Ended September 30 | ||||||||||||||||||||
Therms (in millions)
|
||||||||||||||||||||
Natural Gas Sales Volumes | 2020 | 2019 | B (W) | |||||||||||||||||
Customer Class | ||||||||||||||||||||
Residential | 64.4 | 57.7 | 6.7 | |||||||||||||||||
Commercial and industrial | 55.3 | 54.6 | 0.7 | |||||||||||||||||
Total retail | 119.7 | 112.3 | 7.4 | |||||||||||||||||
Transport | 264.5 | 285.7 | (21.2) | |||||||||||||||||
Total sales in therms | 384.2 | 398.0 | (13.8) |
Three Months Ended September 30 | ||||||||||||||||||||
Degree Days | ||||||||||||||||||||
Weather | 2020 | 2019 | B (W) | |||||||||||||||||
WE and WG (1)
|
||||||||||||||||||||
Heating (109 Normal) | 103 | 24 | 329.2 | % | ||||||||||||||||
Cooling (565 Normal) | 708 | 649 | 9.1 | % | ||||||||||||||||
WPS (2)
|
||||||||||||||||||||
Heating (189 Normal) | 198 | 98 | 102.0 | % | ||||||||||||||||
Cooling (376 Normal) | 471 | 424 | 11.1 | % | ||||||||||||||||
UMERC (3)
|
||||||||||||||||||||
Heating (315 Normal) | 339 | 261 | 29.9 | % | ||||||||||||||||
Cooling (251 Normal) | 311 | 235 | 32.3 | % | ||||||||||||||||
09/30/2020 Form 10-Q |
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WEC Energy Group, Inc. |
09/30/2020 Form 10-Q |
48
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WEC Energy Group, Inc. |
Three Months Ended September 30 | ||||||||||||||||||||
(in millions) | 2020 | 2019 | B (W) | |||||||||||||||||
Natural gas revenues | $ | 221.9 | $ | 198.0 | $ | 23.9 | ||||||||||||||
Cost of natural gas sold | 32.3 | 20.3 | (12.0) | |||||||||||||||||
Total natural gas margins | 189.6 | 177.7 | 11.9 | |||||||||||||||||
Other operation and maintenance | 109.2 | 101.8 | (7.4) | |||||||||||||||||
Depreciation and amortization | 49.9 | 45.7 | (4.2) | |||||||||||||||||
Property and revenue taxes | 6.0 | 5.4 | (0.6) | |||||||||||||||||
Operating income | $ | 24.5 | $ | 24.8 | $ | (0.3) |
Three Months Ended September 30 | ||||||||||||||||||||
(in millions) | 2020 | 2019 | B (W) | |||||||||||||||||
Operation and maintenance not included in the line items below | $ | 92.6 | $ | 89.9 | $ | (2.7) | ||||||||||||||
Riders (1)
|
17.2 | 12.3 | (4.9) | |||||||||||||||||
Regulatory amortizations (1)
|
(0.6) | (0.4) | 0.2 | |||||||||||||||||
Total other operation and maintenance | $ | 109.2 | $ | 101.8 | $ | (7.4) |
Three Months Ended September 30 | ||||||||||||||||||||
Therms (in millions)
|
||||||||||||||||||||
Natural Gas Sales Volumes | 2020 | 2019 | B (W) | |||||||||||||||||
Customer Class | ||||||||||||||||||||
Residential | 45.9 | 42.4 | 3.5 | |||||||||||||||||
Commercial and industrial | 23.0 | 23.8 | (0.8) | |||||||||||||||||
Total retail | 68.9 | 66.2 | 2.7 | |||||||||||||||||
Transport | 86.1 | 98.0 | (11.9) | |||||||||||||||||
Total sales in therms | 155.0 | 164.2 | (9.2) |
09/30/2020 Form 10-Q |
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WEC Energy Group, Inc. |
Three Months Ended September 30 | ||||||||||||||||||||
Degree Days | ||||||||||||||||||||
Weather (1)
|
2020 | 2019 | B (W) | |||||||||||||||||
Heating (72 Normal) | 62 | 13 | 376.9 | % |
Three Months Ended September 30 | ||||||||||||||||||||
(in millions) | 2020 | 2019 | B (W) | |||||||||||||||||
Natural gas revenues | $ | 48.3 | $ | 48.9 | $ | (0.6) | ||||||||||||||
Cost of natural gas sold | 16.9 | 18.0 | 1.1 | |||||||||||||||||
Total natural gas margins | 31.4 | 30.9 | 0.5 | |||||||||||||||||
Other operation and maintenance | 20.4 | 22.0 | 1.6 | |||||||||||||||||
Depreciation and amortization | 8.5 | 6.8 | (1.7) | |||||||||||||||||
Property and revenue taxes | 4.5 | 4.3 | (0.2) | |||||||||||||||||
Operating loss | $ | (2.0) | $ | (2.2) | $ | 0.2 |
09/30/2020 Form 10-Q |
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WEC Energy Group, Inc. |
Three Months Ended September 30 | ||||||||||||||||||||
(in millions) | 2020 | 2019 | B (W) | |||||||||||||||||
Operation and maintenance not included in line items below | $ | 16.4 | $ | 18.4 | $ | 2.0 | ||||||||||||||
Regulatory amortizations and other pass through expenses (1)
|
4.0 | 3.3 | (0.7) | |||||||||||||||||
Other | — | 0.3 | 0.3 | |||||||||||||||||
Total other operation and maintenance | $ | 20.4 | $ | 22.0 | $ | 1.6 |
Three Months Ended September 30 | ||||||||||||||||||||
Therms (in millions)
|
||||||||||||||||||||
Natural Gas Sales Volumes | 2020 | 2019 | B (W) | |||||||||||||||||
Customer Class | ||||||||||||||||||||
Residential | 14.7 | 15.7 | (1.0) | |||||||||||||||||
Commercial and industrial | 14.5 | 13.1 | 1.4 | |||||||||||||||||
Total retail | 29.2 | 28.8 | 0.4 | |||||||||||||||||
Transport | 146.8 | 172.7 | (25.9) | |||||||||||||||||
Total sales in therms | 176.0 | 201.5 | (25.5) |
Three Months Ended September 30 | ||||||||||||||||||||
Degree Days | ||||||||||||||||||||
Weather (1)
|
2020 | 2019 | B (W) | |||||||||||||||||
MERC | ||||||||||||||||||||
Heating (214 Normal) | 243 | 159 | 52.8 | % | ||||||||||||||||
MGU | ||||||||||||||||||||
Heating (112 Normal) | 131 | 26 | 403.8 | % |
Three Months Ended September 30 | ||||||||||||||||||||
(in millions) | 2020 | 2019 | B (W) | |||||||||||||||||
Operating income | $ | 91.3 | $ | 90.3 | $ | 1.0 |
09/30/2020 Form 10-Q |
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WEC Energy Group, Inc. |
Three Months Ended September 30 | ||||||||||||||||||||
(in millions) | 2020 | 2019 | B (W) | |||||||||||||||||
Operating loss | $ | (6.9) | $ | (6.0) | $ | (0.9) |
Three Months Ended September 30 | ||||||||||||||||||||
(in millions) | 2020 | 2019 | B (W) | |||||||||||||||||
Equity in earnings of transmission affiliates | $ | 40.1 | $ | 38.7 | $ | 1.4 |
Three Months Ended September 30 | ||||||||||||||||||||
(in millions) | 2020 | 2019 | B (W) | |||||||||||||||||
Gains from investments held in rabbi trust | $ | 6.0 | $ | 1.4 | $ | 4.6 | ||||||||||||||
AFUDC – Equity | 6.0 | 3.3 | 2.7 | |||||||||||||||||
Non-service components of net periodic benefit costs | 11.8 | 9.6 | 2.2 | |||||||||||||||||
Other, net | 1.9 | 7.5 | (5.6) | |||||||||||||||||
Other income, net | $ | 25.7 | $ | 21.8 | $ | 3.9 |
Three Months Ended September 30 | ||||||||||||||||||||
(in millions) | 2020 | 2019 | B (W) | |||||||||||||||||
Interest expense | $ | 122.0 | $ | 125.8 | $ | 3.8 |
Three Months Ended September 30 | ||||||||||||||||||||
2020 | 2019 | B (W) | ||||||||||||||||||
Effective tax rate | 14.9 | % | 4.6 | % | (10.3) | % |
09/30/2020 Form 10-Q |
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Nine Months Ended September 30 | ||||||||||||||||||||||||||||||||||||||
(in millions, except per share data) | 2020 | 2019 | B (W) | Change Related to 2019 Tax Repairs | Change Related to We Power Lease |
Remaining Change
B (W) |
||||||||||||||||||||||||||||||||
Wisconsin | $ | 1,053.4 | $ | 922.8 | $ | 130.6 | $ | 124.6 | $ | (2.1) | $ | 8.1 | ||||||||||||||||||||||||||
Illinois | 245.6 | 205.3 | 40.3 | — | — | 40.3 | ||||||||||||||||||||||||||||||||
Other states | 41.4 | 43.9 | (2.5) | — | — | (2.5) | ||||||||||||||||||||||||||||||||
Non-utility energy infrastructure | 274.2 | 274.3 | (0.1) | — | — | (0.1) | ||||||||||||||||||||||||||||||||
Corporate and other | (20.1) | (17.0) | (3.1) | — | — | (3.1) | ||||||||||||||||||||||||||||||||
Reconciling eliminations | (258.9) | (261.0) | 2.1 | — | 2.1 | — | ||||||||||||||||||||||||||||||||
Total operating income | 1,335.6 | 1,168.3 | 167.3 | 124.6 | — | 42.7 | ||||||||||||||||||||||||||||||||
Equity in earnings of transmission affiliates | 132.8 | 111.7 | 21.1 | — | — | 21.1 | ||||||||||||||||||||||||||||||||
Other income, net | 59.9 | 76.3 | (16.4) | — | — | (16.4) | ||||||||||||||||||||||||||||||||
Interest expense | 375.8 | 374.3 | (1.5) | — | — | (1.5) | ||||||||||||||||||||||||||||||||
Income before income taxes | 1,152.5 | 982.0 | 170.5 | 124.6 | — | 45.9 | ||||||||||||||||||||||||||||||||
Income tax expense | 190.7 | 91.5 | (99.2) | (124.6) | — | 25.4 | ||||||||||||||||||||||||||||||||
Preferred stock dividends of subsidiary | 0.9 | 0.9 | — | — | — | — | ||||||||||||||||||||||||||||||||
Net loss attributed to noncontrolling interests | — | 0.5 | (0.5) | — | — | (0.5) | ||||||||||||||||||||||||||||||||
Net income attributed to common shareholders | $ | 960.9 | $ | 890.1 | $ | 70.8 | $ | — | $ | — | $ | 70.8 | ||||||||||||||||||||||||||
Diluted Earnings Per Share
|
$ | 3.04 | $ | 2.81 | $ | 0.23 |
09/30/2020 Form 10-Q |
53
|
WEC Energy Group, Inc. |
09/30/2020 Form 10-Q |
54
|
WEC Energy Group, Inc. |
Nine Months Ended September 30 | ||||||||||||||||||||
(in millions) | 2020 | 2019 | B (W) | |||||||||||||||||
Electric revenues | $ | 3,251.9 | $ | 3,278.2 | $ | (26.3) | ||||||||||||||
Fuel and purchased power | 957.2 | 1,035.4 | 78.2 | |||||||||||||||||
Total electric margins | 2,294.7 | 2,242.8 | 51.9 | |||||||||||||||||
Natural gas revenues | 819.5 | 947.8 | (128.3) | |||||||||||||||||
Cost of natural gas sold | 395.2 | 536.5 | 141.3 | |||||||||||||||||
Total natural gas margins | 424.3 | 411.3 | 13.0 | |||||||||||||||||
Total electric and natural gas margins | 2,719.0 | 2,654.1 | 64.9 | |||||||||||||||||
Other operation and maintenance | 1,044.0 | 1,156.8 | 112.8 | |||||||||||||||||
Depreciation and amortization | 502.7 | 459.5 | (43.2) | |||||||||||||||||
Property and revenue taxes | 118.9 | 115.0 | (3.9) | |||||||||||||||||
Operating income | $ | 1,053.4 | $ | 922.8 | $ | 130.6 |
Nine Months Ended September 30 | ||||||||||||||||||||
(in millions) | 2020 | 2019 | B (W) | |||||||||||||||||
Operation and maintenance not included in line items below | $ | 462.5 | $ | 518.8 | $ | 56.3 | ||||||||||||||
Transmission (1)
|
388.2 | 314.5 | (73.7) | |||||||||||||||||
Regulatory amortizations and other pass through expenses (2)
|
103.8 | 118.0 | 14.2 | |||||||||||||||||
We Power (3)
|
89.5 | 107.0 | 17.5 | |||||||||||||||||
Transmission expense related to Tax Legislation (4)
|
— | 50.2 | 50.2 | |||||||||||||||||
Transmission expense related to the flow through of tax repairs (5)
|
— | 48.3 | 48.3 | |||||||||||||||||
Total other operation and maintenance | $ | 1,044.0 | $ | 1,156.8 | $ | 112.8 |
09/30/2020 Form 10-Q |
55
|
WEC Energy Group, Inc. |
Nine Months Ended September 30 | ||||||||||||||||||||
MWh (in thousands)
|
||||||||||||||||||||
Electric Sales Volumes | 2020 | 2019 | B (W) | |||||||||||||||||
Customer Class | ||||||||||||||||||||
Residential | 8,782.2 | 8,287.6 | 494.6 | |||||||||||||||||
Small commercial and industrial (1)
|
9,299.0 | 9,731.4 | (432.4) | |||||||||||||||||
Large commercial and industrial (1)
|
8,734.3 | 9,554.3 | (820.0) | |||||||||||||||||
Other | 113.0 | 120.2 | (7.2) | |||||||||||||||||
Total retail (1)
|
26,928.5 | 27,693.5 | (765.0) | |||||||||||||||||
Wholesale | 2,311.4 | 2,536.7 | (225.3) | |||||||||||||||||
Resale | 5,152.6 | 4,252.2 | 900.4 | |||||||||||||||||
Total sales in MWh (1)
|
34,392.5 | 34,482.4 | (89.9) |
Nine Months Ended September 30 | ||||||||||||||||||||
Therms (in millions)
|
||||||||||||||||||||
Natural Gas Sales Volumes | 2020 | 2019 | B (W) | |||||||||||||||||
Customer Class | ||||||||||||||||||||
Residential | 734.2 | 804.9 | (70.7) | |||||||||||||||||
Commercial and industrial | 445.9 | 500.8 | (54.9) | |||||||||||||||||
Total retail | 1,180.1 | 1,305.7 | (125.6) | |||||||||||||||||
Transport | 979.9 | 1,037.8 | (57.9) | |||||||||||||||||
Total sales in therms | 2,160.0 | 2,343.5 | (183.5) |
Nine Months Ended September 30 | ||||||||||||||||||||
Degree Days | ||||||||||||||||||||
Weather | 2020 | 2019 | B (W) | |||||||||||||||||
WE and WG (1)
|
||||||||||||||||||||
Heating (4,354 Normal) | 4,023 | 4,480 | (10.2) | % | ||||||||||||||||
Cooling (726 Normal) | 931 | 725 | 28.4 | % | ||||||||||||||||
WPS (2)
|
||||||||||||||||||||
Heating (4,854 Normal) | 4,644 | 4,979 | (6.7) | % | ||||||||||||||||
Cooling (509 Normal) | 656 | 502 | 30.7 | % | ||||||||||||||||
UMERC (3)
|
||||||||||||||||||||
Heating (5,525 Normal) | 5,337 | 5,898 | (9.5) | % | ||||||||||||||||
Cooling (328 Normal) | 425 | 284 | 49.6 | % |
09/30/2020 Form 10-Q |
56
|
WEC Energy Group, Inc. |
09/30/2020 Form 10-Q |
57
|
WEC Energy Group, Inc. |
Nine Months Ended September 30 | ||||||||||||||||||||
(in millions) | 2020 | 2019 | B (W) | |||||||||||||||||
Natural gas revenues | $ | 930.7 | $ | 977.4 | $ | (46.7) | ||||||||||||||
Cost of natural gas sold | 212.2 | 282.9 | 70.7 | |||||||||||||||||
Total natural gas margins | 718.5 | 694.5 | 24.0 | |||||||||||||||||
Other operation and maintenance | 306.5 | 337.0 | 30.5 | |||||||||||||||||
Depreciation and amortization | 146.0 | 135.2 | (10.8) | |||||||||||||||||
Property and revenue taxes | 20.4 | 17.0 | (3.4) | |||||||||||||||||
Operating income | $ | 245.6 | $ | 205.3 | $ | 40.3 |
09/30/2020 Form 10-Q |
58
|
WEC Energy Group, Inc. |
Nine Months Ended September 30 | ||||||||||||||||||||
(in millions) | 2020 | 2019 | B (W) | |||||||||||||||||
Operation and maintenance not included in the line items below | $ | 237.2 | $ | 269.4 | $ | 32.2 | ||||||||||||||
Riders (1)
|
71.3 | 68.4 | (2.9) | |||||||||||||||||
Regulatory amortizations (1)
|
(2.0) | (1.1) | 0.9 | |||||||||||||||||
Other | — | 0.3 | 0.3 | |||||||||||||||||
Total other operation and maintenance | $ | 306.5 | $ | 337.0 | $ | 30.5 |
Nine Months Ended September 30 | ||||||||||||||||||||
Therms (in millions) | ||||||||||||||||||||
Natural Gas Sales Volumes | 2020 | 2019 | B (W) | |||||||||||||||||
Customer Class | ||||||||||||||||||||
Residential | 566.8 | 618.1 | (51.3) | |||||||||||||||||
Commercial and industrial | 227.5 | 256.1 | (28.6) | |||||||||||||||||
Total retail | 794.3 | 874.2 | (79.9) | |||||||||||||||||
Transport | 552.0 | 626.9 | (74.9) | |||||||||||||||||
Total sales in therms | 1,346.3 | 1,501.1 | (154.8) |
Nine Months Ended September 30 | ||||||||||||||||||||
Degree Days | ||||||||||||||||||||
Weather (1)
|
2020 | 2019 | B (W) | |||||||||||||||||
Heating (4,012 Normal) | 3,627 | 4,171 | (13.0) | % |
09/30/2020 Form 10-Q |
59
|
WEC Energy Group, Inc. |
Nine Months Ended September 30 | ||||||||||||||||||||
(in millions) | 2020 | 2019 | B (W) | |||||||||||||||||
Natural gas revenues | $ | 261.4 | $ | 302.9 | $ | (41.5) | ||||||||||||||
Cost of natural gas sold | 119.9 | 153.4 | 33.5 | |||||||||||||||||
Total natural gas margins | 141.5 | 149.5 | (8.0) | |||||||||||||||||
Other operation and maintenance | 62.5 | 73.0 | 10.5 | |||||||||||||||||
Depreciation and amortization | 24.6 | 20.0 | (4.6) | |||||||||||||||||
Property and revenue taxes | 13.0 | 12.6 | (0.4) | |||||||||||||||||
Operating income | $ | 41.4 | $ | 43.9 | $ | (2.5) |
Nine Months Ended September 30 | ||||||||||||||||||||
Therms (in millions)
|
||||||||||||||||||||
Natural Gas Sales Volumes | 2020 | 2019 | B (W) | |||||||||||||||||
Customer Class | ||||||||||||||||||||
Residential | 210.1 | 235.5 | (25.4) | |||||||||||||||||
Commercial and industrial | 131.6 | 157.2 | (25.6) | |||||||||||||||||
Total retail | 341.7 | 392.7 | (51.0) | |||||||||||||||||
Transport | 529.4 | 576.2 | (46.8) | |||||||||||||||||
Total sales in therms | 871.1 | 968.9 | (97.8) |
09/30/2020 Form 10-Q |
60
|
WEC Energy Group, Inc. |
Nine Months Ended September 30 | ||||||||||||||||||||
Degree Days | ||||||||||||||||||||
Weather (1)
|
2020 | 2019 | B (W) | |||||||||||||||||
MERC | ||||||||||||||||||||
Heating (5,157 Normal) | 5,029 | 5,615 | (10.4) | % | ||||||||||||||||
MGU | ||||||||||||||||||||
Heating (4,101 Normal) | 3,897 | 4,129 | (5.6) | % |
Nine Months Ended September 30 | ||||||||||||||||||||
(in millions) | 2020 | 2019 | B (W) | |||||||||||||||||
Operating income | $ | 274.2 | $ | 274.3 | $ | (0.1) |
Nine Months Ended September 30 | ||||||||||||||||||||
(in millions) | 2020 | 2019 | B (W) | |||||||||||||||||
Operating loss | $ | (20.1) | $ | (17.0) | $ | (3.1) |
Nine Months Ended September 30 | ||||||||||||||||||||
(in millions) | 2020 | 2019 | B (W) | |||||||||||||||||
Equity in earnings of transmission affiliates | $ | 132.8 | $ | 111.7 | $ | 21.1 |
09/30/2020 Form 10-Q |
61
|
WEC Energy Group, Inc. |
Nine Months Ended September 30 | ||||||||||||||||||||
(in millions) | 2020 | 2019 | B (W) | |||||||||||||||||
Gains from investments held in rabbi trust | $ | 4.4 | $ | 14.0 | $ | (9.6) | ||||||||||||||
Non-service components of net periodic benefit costs | 36.7 | 27.5 | 9.2 | |||||||||||||||||
AFUDC – Equity | 14.7 | 10.6 | 4.1 | |||||||||||||||||
Other, net | 4.1 | 24.2 | (20.1) | |||||||||||||||||
Other income, net | $ | 59.9 | $ | 76.3 | $ | (16.4) |
Nine Months Ended September 30 | ||||||||||||||||||||
(in millions) | 2020 | 2019 | B (W) | |||||||||||||||||
Interest expense | $ | 375.8 | $ | 374.3 | $ | (1.5) |
Nine Months Ended September 30 | ||||||||||||||||||||
2020 | 2019 | B (W) | ||||||||||||||||||
Effective tax rate | 16.5 | % | 9.3 | % | (7.2) | % | ||||||||||||||
09/30/2020 Form 10-Q |
62
|
WEC Energy Group, Inc. |
(in millions) | 2020 | 2019 | Change in 2020 Over 2019 | |||||||||||||||||
Cash provided by (used in): | ||||||||||||||||||||
Operating activities | $ | 1,949.7 | $ | 1,840.7 | $ | 109.0 | ||||||||||||||
Investing activities | (1,563.1) | (1,734.5) | 171.4 | |||||||||||||||||
Financing activities | (407.7) | (185.7) | (222.0) |
09/30/2020 Form 10-Q |
63
|
WEC Energy Group, Inc. |
Reportable Segment
(in millions)
|
2020 | 2019 | Change in 2020 Over 2019 | |||||||||||||||||
Wisconsin | $ | 992.7 | $ | 968.2 | $ | 24.5 | ||||||||||||||
Illinois | 494.7 | 423.6 | 71.1 | |||||||||||||||||
Other states | 104.7 | 79.0 | 25.7 | |||||||||||||||||
Non-utility energy infrastructure | 12.7 | 30.2 | (17.5) | |||||||||||||||||
Corporate and other | 13.9 | 10.5 | 3.4 | |||||||||||||||||
Total capital expenditures | $ | 1,618.7 | $ | 1,511.5 | $ | 107.2 |
09/30/2020 Form 10-Q |
64
|
WEC Energy Group, Inc. |
09/30/2020 Form 10-Q |
65
|
WEC Energy Group, Inc. |
(in millions) | Actual | Adjusted | ||||||||||||
Common shareholders' equity | $ | 10,450.7 | $ | 10,700.7 | ||||||||||
Preferred stock of subsidiary | 30.4 | 30.4 | ||||||||||||
Long-term debt (including current portion) | 12,248.7 | 11,998.7 | ||||||||||||
Short-term debt | 771.0 | 771.0 | ||||||||||||
Total capitalization | $ | 23,500.8 | $ | 23,500.8 | ||||||||||
Total debt | $ | 13,019.7 | $ | 12,769.7 | ||||||||||
Ratio of debt to total capitalization | 55.4 | % | 54.3 | % |
09/30/2020 Form 10-Q |
66
|
WEC Energy Group, Inc. |
(in millions) | 2020 | 2021 | 2022 | ||||||||||||||||||||||||||||||||
Wisconsin | $ | 1,399.8 | $ | 1,763.4 | $ | 1,844.6 | |||||||||||||||||||||||||||||
Illinois | 706.6 | 573.9 | 581.8 | ||||||||||||||||||||||||||||||||
Other states | 154.6 | 98.4 | 106.8 | ||||||||||||||||||||||||||||||||
Non-utility energy infrastructure | 689.8 | 640.0 | 504.9 | ||||||||||||||||||||||||||||||||
Corporate and other | 22.7 | 17.1 | 10.1 | ||||||||||||||||||||||||||||||||
Total | $ | 2,973.5 | $ | 3,092.8 | $ | 3,048.2 |
09/30/2020 Form 10-Q |
67
|
WEC Energy Group, Inc. |
09/30/2020 Form 10-Q |
68
|
WEC Energy Group, Inc. |
09/30/2020 Form 10-Q |
69
|
WEC Energy Group, Inc. |
09/30/2020 Form 10-Q |
70
|
WEC Energy Group, Inc. |
09/30/2020 Form 10-Q |
71
|
WEC Energy Group, Inc. |
09/30/2020 Form 10-Q |
72
|
WEC Energy Group, Inc. |
(in millions, except percentages) | Goodwill | Percentage of Total Goodwill | ||||||||||||
Wisconsin | $ | 2,104.3 | 68.9 | % | ||||||||||
Illinois | 758.7 | 24.9 | % | |||||||||||
Other states | 183.2 | 6.0 | % | |||||||||||
Bluewater | 6.6 | 0.2 | % | |||||||||||
Total goodwill | $ | 3,052.8 | 100.0 | % |
09/30/2020 Form 10-Q |
73
|
WEC Energy Group, Inc. |
09/30/2020 Form 10-Q |
74
|
WEC Energy Group, Inc. |
09/30/2020 Form 10-Q |
75
|
WEC Energy Group, Inc. |
Issuer Purchases of Equity Securities | ||||||||||||||||||||||||||
2020 | 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 | ||||||||||||||||||||||
July 1 – July 31 | 9,838 | $ | 88.55 | — | $ | — | ||||||||||||||||||||
August 1 – August 31 | — | — | — | — | ||||||||||||||||||||||
September 1 – September 30 | — | — | — | — | ||||||||||||||||||||||
Total (1)
|
9,838 | $ | 88.55 | — |
09/30/2020 Form 10-Q |
76
|
WEC Energy Group, Inc. |
09/30/2020 Form 10-Q |
77
|
WEC Energy Group, Inc. |
WEC ENERGY GROUP, INC. | ||||||||
(Registrant) | ||||||||
/s/ WILLIAM J. GUC | ||||||||
Date: | November 6, 2020 | William J. Guc | ||||||
Vice President and Controller | ||||||||
(Duly Authorized Officer and Chief Accounting Officer) |
09/30/2020 Form 10-Q |
78
|
WEC Energy Group, Inc. |
1 Year WEC Energy Chart |
1 Month WEC Energy Chart |
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