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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 | |
---|---|---|---|---|---|---|---|---|
0.14 | 0.17% | 83.22 | 83.73 | 82.20 | 83.33 | 1,774,787 | 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. | ||||||||||||
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 | ||||||||||||||
06/30/2022 Form 10-Q | i | 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 | |||||||
Blooming Grove | Blooming Grove Wind Energy Center LLC | |||||||
Bluewater | Bluewater Natural Gas Holding, LLC | |||||||
Coyote Ridge | Coyote Ridge Wind, LLC | |||||||
Integrys | Integrys Holding, Inc. | |||||||
Jayhawk | Jayhawk Wind, LLC | |||||||
MERC | Minnesota Energy Resources Corporation | |||||||
MGU | Michigan Gas Utilities Corporation | |||||||
NSG | North Shore Gas Company | |||||||
PGL | The Peoples Gas Light and Coke Company | |||||||
Tatanka Ridge | Tatanka Ridge Wind LLC | |||||||
UMERC | Upper Michigan Energy Resources Corporation | |||||||
Upstream | Upstream Wind Energy LLC | |||||||
WE | Wisconsin Electric Power Company | |||||||
We Power | W.E. Power, LLC | |||||||
WEC Energy Group | WEC Energy Group, Inc. | |||||||
WECI | WEC Infrastructure LLC | |||||||
WEPCo Environmental Trust | WEPCo Environmental Trust Finance I, LLC | |||||||
WG | Wisconsin Gas LLC | |||||||
Wispark | Wispark LLC | |||||||
WPS | Wisconsin Public Service Corporation | |||||||
Federal and State Regulatory Agencies | ||||||||
CBP | United States Customs and Border Protection Agency | |||||||
DOC | United States Department of Commerce | |||||||
EPA | United States Environmental Protection Agency | |||||||
FERC | Federal Energy Regulatory Commission | |||||||
ICC | Illinois Commerce Commission | |||||||
IEPA | Illinois Environmental Protection Agency | |||||||
IRS | United States Internal Revenue Service | |||||||
MPSC | Michigan Public Service Commission | |||||||
MPUC | Minnesota Public Utilities Commission | |||||||
PSCW | Public Service Commission of Wisconsin | |||||||
SEC | United States Securities and Exchange Commission | |||||||
WDNR | Wisconsin Department of Natural Resources | |||||||
Accounting Terms | ||||||||
ASU | Accounting Standards Update | |||||||
FASB | Financial Accounting Standards Board | |||||||
GAAP | United States Generally Accepted Accounting Principles | |||||||
LIFO | Last-In, First-Out | |||||||
OPEB | Other Postretirement Employee Benefits | |||||||
VIE | Variable Interest Entity | |||||||
Environmental Terms | ||||||||
ACE | Affordable Clean Energy | |||||||
BATW | Bottom Ash Transport Water | |||||||
BTA | Best Technology Available | |||||||
CAA | Clean Air Act | |||||||
CASAC | Clean Air Scientific Advisory Committee |
06/30/2022 Form 10-Q | ii | WEC Energy Group, Inc. |
CO2 | Carbon Dioxide | |||||||
ELG | Steam Electric Effluent Limitation Guidelines | |||||||
FGD | Flue Gas Desulfurization | |||||||
GHG | Greenhouse Gas | |||||||
GMZ | Groundwater Management Zone | |||||||
NAAQS | National Ambient Air Quality Standards | |||||||
NOV | Notice of Violation | |||||||
NOx | Nitrogen Oxide | |||||||
VN | Violation Notice | |||||||
WOTUS | Waters of the United States | |||||||
WPDES | Wisconsin Pollutant Discharge Elimination System | |||||||
Measurements | ||||||||
Dth | Dekatherm | |||||||
MW | Megawatt | |||||||
MWh | Megawatt-hour | |||||||
µg/m3 | Micrograms Per Cubic Meter | |||||||
Other Terms and Abbreviations | ||||||||
2007 Junior Notes | WEC Energy Group, Inc.'s 2007 Junior Subordinated Notes Due 2067 | |||||||
AD/CVD | Antidumping and Countervailing Duties | |||||||
AG | Attorney General | |||||||
AMI | Advanced Metering Infrastructure | |||||||
Badger Hollow I | Badger Hollow Solar Park I | |||||||
Badger Hollow II | Badger Hollow Solar Park II | |||||||
Chicago, IL-IN-WI | Chicago, Illinois, Indiana, and Wisconsin | |||||||
CIP | Conservation Improvement Program | |||||||
COVID-19 | Coronavirus Disease – 2019 | |||||||
D.C. Circuit Court of Appeals | United States Court of Appeals for the District of Columbia Circuit | |||||||
Darien | Darien Solar-Battery Park | |||||||
EGU | Electric Generating Unit | |||||||
ERGS | Elm Road Generating Station | |||||||
ESG Progress Plan | WEC Energy Group's Capital Investment Plan for Efficiency, Sustainability, and Growth for 2022-2026 | |||||||
ETB | Environmental Trust Bond | |||||||
EV | Electric Vehicle | |||||||
Exchange Act | Securities Exchange Act of 1934, as amended | |||||||
Executive Order 13990 | Executive Order 13990 of January 20, 2021 – Protecting Public Health and the Environment and Restoring Science To Tackle the Climate Crisis | |||||||
FTR | Financial Transmission Right | |||||||
GCRM | Gas Cost Recovery Mechanism | |||||||
ITC | Investment Tax Credit | |||||||
LIBOR | London Interbank Offered Rate | |||||||
LNG | Liquefied Natural Gas | |||||||
MISO | Midcontinent Independent System Operator, Inc. | |||||||
OCPP | Oak Creek Power Plant | |||||||
OC 7 | Oak Creek Power Plant Unit 7 | |||||||
OC 8 | Oak Creek Power Plant Unit 8 | |||||||
Paris | Paris Solar-Battery Park | |||||||
PPA | Power Purchase Agreement | |||||||
PSB | Public Service Building | |||||||
PTC | Production Tax Credit | |||||||
PWGS | Port Washington Generation Station | |||||||
QIP | Qualifying Infrastructure Plant | |||||||
RICE | Reciprocating Internal Combustion Engine | |||||||
RNG | Renewable Natural Gas | |||||||
ROE | Return on Equity |
06/30/2022 Form 10-Q | iii | WEC Energy Group, Inc. |
S&P | Standard & Poor's | |||||||
Sapphire Sky | Sapphire Sky Wind Energy LLC | |||||||
SMP | Safety Modernization Program | |||||||
SPP | Southwest Power Pool, Inc. | |||||||
Supreme Court | United States Supreme Court | |||||||
Tax Legislation | Tax Cuts and Jobs Act of 2017 | |||||||
TCR | Transmission Congestion Right | |||||||
Thunderhead | Thunderhead Wind Energy LLC | |||||||
TPTFA | Third-Party Transaction Fee Adjustment | |||||||
Two Creeks | Two Creeks Solar Park | |||||||
UFLPA | Uyghur Forced Labor Prevention Act | |||||||
West Riverside | West Riverside Energy Center | |||||||
Whitewater | Whitewater Cogeneration Facility | |||||||
WRO | Withhold Release Order |
06/30/2022 Form 10-Q | iv | WEC Energy Group, Inc. |
06/30/2022 Form 10-Q | 1 | WEC Energy Group, Inc. |
06/30/2022 Form 10-Q | 2 | WEC Energy Group, Inc. |
06/30/2022 Form 10-Q | 3 | WEC Energy Group, Inc. |
CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
June 30 | June 30 | |||||||||||||||||||||||||
(in millions, except per share amounts) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Operating revenues | $ | 2,127.9 | $ | 1,676.2 | $ | 5,036.0 | $ | 4,367.6 | ||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||
Cost of sales | 935.0 | 525.9 | 2,318.4 | 1,791.5 | ||||||||||||||||||||||
Other operation and maintenance | 449.0 | 463.8 | 903.4 | 943.7 | ||||||||||||||||||||||
Depreciation and amortization | 279.6 | 266.2 | 557.7 | 527.6 | ||||||||||||||||||||||
Property and revenue taxes | 56.1 | 51.5 | 116.9 | 106.7 | ||||||||||||||||||||||
Total operating expenses | 1,719.7 | 1,307.4 | 3,896.4 | 3,369.5 | ||||||||||||||||||||||
Operating income | 408.2 | 368.8 | 1,139.6 | 998.1 | ||||||||||||||||||||||
Equity in earnings of transmission affiliates | 43.0 | 41.3 | 84.7 | 83.9 | ||||||||||||||||||||||
Other income, net | 19.8 | 39.7 | 59.4 | 72.5 | ||||||||||||||||||||||
Interest expense | 119.8 | 120.0 | 237.4 | 239.5 | ||||||||||||||||||||||
Other expense | (57.0) | (39.0) | (93.3) | (83.1) | ||||||||||||||||||||||
Income before income taxes | 351.2 | 329.8 | 1,046.3 | 915.0 | ||||||||||||||||||||||
Income tax expense | 63.4 | 54.1 | 190.5 | 129.0 | ||||||||||||||||||||||
Net income | 287.8 | 275.7 | 855.8 | 786.0 | ||||||||||||||||||||||
Preferred stock dividends of subsidiary | 0.3 | 0.3 | 0.6 | 0.6 | ||||||||||||||||||||||
Net (income) loss attributed to noncontrolling interests | — | 0.6 | (1.8) | 0.7 | ||||||||||||||||||||||
Net income attributed to common shareholders | $ | 287.5 | $ | 276.0 | $ | 853.4 | $ | 786.1 | ||||||||||||||||||
Earnings per share | ||||||||||||||||||||||||||
Basic | $ | 0.91 | $ | 0.88 | $ | 2.71 | $ | 2.49 | ||||||||||||||||||
Diluted | $ | 0.91 | $ | 0.87 | $ | 2.70 | $ | 2.49 | ||||||||||||||||||
Weighted average common shares outstanding | ||||||||||||||||||||||||||
Basic | 315.4 | 315.4 | 315.4 | 315.4 | ||||||||||||||||||||||
Diluted | 316.2 | 316.3 | 316.2 | 316.3 |
06/30/2022 Form 10-Q | 4 | WEC Energy Group, Inc. |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
June 30 | June 30 | |||||||||||||||||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Net income | $ | 287.8 | $ | 275.7 | $ | 855.8 | $ | 786.0 | ||||||||||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||||||||||
Derivatives accounted for as cash flow hedges | ||||||||||||||||||||||||||
Reclassification of realized net derivative (gain) loss to net income, net of tax | — | 1.0 | (0.1) | 2.0 | ||||||||||||||||||||||
Defined benefit plans | ||||||||||||||||||||||||||
Amortization of pension and OPEB costs included in net periodic benefit cost, net of tax | — | 0.1 | 0.1 | 0.2 | ||||||||||||||||||||||
Other comprehensive income, net of tax | — | 1.1 | — | 2.2 | ||||||||||||||||||||||
Comprehensive income | 287.8 | 276.8 | 855.8 | 788.2 | ||||||||||||||||||||||
Preferred stock dividends of subsidiary | 0.3 | 0.3 | 0.6 | 0.6 | ||||||||||||||||||||||
Comprehensive (income) loss attributed to noncontrolling interests | — | 0.6 | (1.8) | 0.7 | ||||||||||||||||||||||
Comprehensive income attributed to common shareholders | $ | 287.5 | $ | 277.1 | $ | 853.4 | $ | 788.3 |
06/30/2022 Form 10-Q | 5 | WEC Energy Group, Inc. |
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in millions, except share and per share amounts) | June 30, 2022 | December 31, 2021 | ||||||||||||
Assets | ||||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents | $ | 30.3 | $ | 16.3 | ||||||||||
Accounts receivable and unbilled revenues, net of reserves of $175.8 and $198.3, respectively | 1,447.7 | 1,505.7 | ||||||||||||
Materials, supplies, and inventories | 572.2 | 635.8 | ||||||||||||
Prepaid taxes | 193.0 | 182.1 | ||||||||||||
Other prepayments | 33.5 | 63.4 | ||||||||||||
Amounts recoverable from customers | 134.2 | 102.3 | ||||||||||||
Derivative assets | 189.8 | 107.0 | ||||||||||||
Other | 41.8 | 44.1 | ||||||||||||
Current assets | 2,642.5 | 2,656.7 | ||||||||||||
Long-term assets | ||||||||||||||
Property, plant, and equipment, net of accumulated depreciation and amortization of $10,183.2 and $9,889.3, respectively | 27,626.2 | 26,982.4 | ||||||||||||
Regulatory assets (June 30, 2022 and December 31, 2021 include $96.1 and $100.7, respectively, related to WEPCo Environmental Trust) | 3,144.7 | 3,264.8 | ||||||||||||
Equity investment in transmission affiliates | 1,837.2 | 1,789.4 | ||||||||||||
Goodwill | 3,052.8 | 3,052.8 | ||||||||||||
Pension and OPEB assets | 942.1 | 881.3 | ||||||||||||
Other | 361.6 | 361.1 | ||||||||||||
Long-term assets | 36,964.6 | 36,331.8 | ||||||||||||
Total assets | $ | 39,607.1 | $ | 38,988.5 | ||||||||||
Liabilities and Equity | ||||||||||||||
Current liabilities | ||||||||||||||
Short-term debt | $ | 1,629.1 | $ | 1,897.0 | ||||||||||
Current portion of long-term debt (June 30, 2022 and December 31, 2021 each include $8.8, respectively, related to WEPCo Environmental Trust) | 174.4 | 169.4 | ||||||||||||
Accounts payable | 1,078.2 | 1,005.7 | ||||||||||||
Other | 936.1 | 680.9 | ||||||||||||
Current liabilities | 3,817.8 | 3,753.0 | ||||||||||||
Long-term liabilities | ||||||||||||||
Long-term debt (June 30, 2022 and December 31, 2021 include $98.4 and $102.7, respectively, related to WEPCo Environmental Trust) | 13,523.4 | 13,523.7 | ||||||||||||
Deferred income taxes | 4,493.1 | 4,308.5 | ||||||||||||
Deferred revenue, net | 378.7 | 389.2 | ||||||||||||
Regulatory liabilities | 4,000.1 | 3,946.0 | ||||||||||||
Environmental remediation liabilities | 504.3 | 532.6 | ||||||||||||
Pension and OPEB obligations | 222.2 | 219.0 | ||||||||||||
Other | 1,176.9 | 1,203.2 | ||||||||||||
Long-term liabilities | 24,298.7 | 24,122.2 | ||||||||||||
Commitments and contingencies (Note 21) | ||||||||||||||
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 | 4,121.1 | 4,138.1 | ||||||||||||
Retained earnings | 7,169.5 | 6,775.1 | ||||||||||||
Accumulated other comprehensive loss | (3.2) | (3.2) | ||||||||||||
Common shareholders' equity | 11,290.6 | 10,913.2 | ||||||||||||
Preferred stock of subsidiary | 30.4 | 30.4 | ||||||||||||
Noncontrolling interests | 169.6 | 169.7 | ||||||||||||
Total liabilities and equity | $ | 39,607.1 | $ | 38,988.5 |
06/30/2022 Form 10-Q | 6 | WEC Energy Group, Inc. |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | Six Months Ended | |||||||||||||
June 30 | ||||||||||||||
(in millions) | 2022 | 2021 | ||||||||||||
Operating activities | ||||||||||||||
Net income | $ | 855.8 | $ | 786.0 | ||||||||||
Reconciliation to cash provided by operating activities | ||||||||||||||
Depreciation and amortization | 557.7 | 527.6 | ||||||||||||
Deferred income taxes and ITCs, net | 163.2 | 164.4 | ||||||||||||
Contributions and payments related to pension and OPEB plans | (8.6) | (7.6) | ||||||||||||
Equity income in transmission affiliates, net of distributions | (17.5) | (17.7) | ||||||||||||
Change in – | ||||||||||||||
Accounts receivable and unbilled revenues, net | 36.3 | 70.0 | ||||||||||||
Materials, supplies, and inventories | 63.6 | 75.9 | ||||||||||||
Prepaid taxes | (10.9) | (46.8) | ||||||||||||
Other prepayments | 29.9 | 26.5 | ||||||||||||
Amounts recoverable from customers | (31.9) | (193.6) | ||||||||||||
Other current assets | 4.5 | 12.5 | ||||||||||||
Accounts payable | 1.5 | (119.3) | ||||||||||||
Temporary LIFO liquidation credit | 107.6 | 26.7 | ||||||||||||
Other current liabilities | 128.4 | (9.5) | ||||||||||||
Other, net | (117.0) | (68.9) | ||||||||||||
Net cash provided by operating activities | 1,762.6 | 1,226.2 | ||||||||||||
Investing activities | ||||||||||||||
Capital expenditures | (1,028.8) | (1,010.1) | ||||||||||||
Acquisition of Jayhawk | — | (119.7) | ||||||||||||
Capital contributions to transmission affiliates | (30.3) | — | ||||||||||||
Proceeds from the sale of assets | 65.0 | 20.8 | ||||||||||||
Proceeds from the sale of investments held in rabbi trust | 15.4 | 12.7 | ||||||||||||
Insurance proceeds received for property damage | 41.3 | — | ||||||||||||
Other, net | (0.1) | 21.7 | ||||||||||||
Net cash used in investing activities | (937.5) | (1,074.6) | ||||||||||||
Financing activities | ||||||||||||||
Exercise of stock options | 23.0 | 4.0 | ||||||||||||
Purchase of common stock | (48.4) | (11.3) | ||||||||||||
Dividends paid on common stock | (459.0) | (427.5) | ||||||||||||
Issuance of long-term debt | — | 1,018.8 | ||||||||||||
Retirement of long-term debt | (49.1) | (341.2) | ||||||||||||
Issuance of short-term loan | 1.4 | — | ||||||||||||
Repayment of short-term loan | — | (340.0) | ||||||||||||
Change in other short-term debt | (269.3) | (12.4) | ||||||||||||
Other, net | (6.3) | (14.9) | ||||||||||||
Net cash used in financing activities | (807.7) | (124.5) | ||||||||||||
Net change in cash, cash equivalents, and restricted cash | 17.4 | 27.1 | ||||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 87.5 | 72.6 | ||||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 104.9 | $ | 99.7 |
06/30/2022 Form 10-Q | 7 | WEC Energy Group, Inc. |
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||
WEC Energy Group Common Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share amounts) | Common Stock | Additional Paid In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Common Shareholders' Equity | Preferred Stock of Subsidiary | Non-controlling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 3.2 | $ | 4,138.1 | $ | 6,775.1 | $ | (3.2) | $ | 10,913.2 | $ | 30.4 | $ | 169.7 | $ | 11,113.3 | ||||||||||||||||||||||||||||||||||
Net income attributed to common shareholders | — | — | 565.9 | — | 565.9 | — | — | 565.9 | ||||||||||||||||||||||||||||||||||||||||||
Net income attributed to noncontrolling interests | — | — | — | — | — | — | 1.8 | 1.8 | ||||||||||||||||||||||||||||||||||||||||||
Common stock dividends of $0.7275 per share | — | — | (229.6) | — | (229.6) | — | — | (229.6) | ||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | 11.8 | — | — | 11.8 | — | — | 11.8 | ||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock | — | (23.4) | — | — | (23.4) | — | — | (23.4) | ||||||||||||||||||||||||||||||||||||||||||
Capital contributions from noncontrolling interest | — | — | — | — | — | — | 0.4 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | (1.0) | (1.0) | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation and other | — | 5.3 | — | — | 5.3 | — | — | 5.3 | ||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | 3.2 | $ | 4,131.8 | $ | 7,111.4 | $ | (3.2) | $ | 11,243.2 | $ | 30.4 | $ | 170.9 | $ | 11,444.5 | ||||||||||||||||||||||||||||||||||
Net income attributed to common shareholders | — | — | 287.5 | — | 287.5 | — | — | 287.5 | ||||||||||||||||||||||||||||||||||||||||||
Common stock dividends of $0.7275 per share | — | — | (229.4) | — | (229.4) | — | — | (229.4) | ||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | 11.2 | — | — | 11.2 | — | — | 11.2 | ||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock | — | (25.0) | — | — | (25.0) | — | — | (25.0) | ||||||||||||||||||||||||||||||||||||||||||
Capital contributions from noncontrolling interest | — | — | — | — | — | — | 0.1 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | (1.2) | (1.2) | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation and other | — | 3.1 | — | — | 3.1 | — | (0.2) | 2.9 | ||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 3.2 | $ | 4,121.1 | $ | 7,169.5 | $ | (3.2) | $ | 11,290.6 | $ | 30.4 | $ | 169.6 | $ | 11,490.6 |
06/30/2022 Form 10-Q | 8 | 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, 2020 | $ | 3.2 | $ | 4,143.7 | $ | 6,329.6 | $ | (6.8) | $ | 10,469.7 | $ | 30.4 | $ | 162.4 | $ | 10,662.5 | ||||||||||||||||||||||||||||||||||
Net income attributed to common shareholders | — | — | 510.1 | — | 510.1 | — | — | 510.1 | ||||||||||||||||||||||||||||||||||||||||||
Net loss attributed to noncontrolling interests | — | — | — | — | — | — | (0.1) | (0.1) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | 1.1 | 1.1 | — | — | 1.1 | ||||||||||||||||||||||||||||||||||||||||||
Common stock dividends of $0.6775 per share | — | — | (213.7) | — | (213.7) | — | — | (213.7) | ||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | 1.2 | — | — | 1.2 | — | — | 1.2 | ||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock | — | (6.6) | — | — | (6.6) | — | — | (6.6) | ||||||||||||||||||||||||||||||||||||||||||
Acquisition of a noncontrolling interest | — | — | — | — | — | — | 6.2 | 6.2 | ||||||||||||||||||||||||||||||||||||||||||
Capital contributions from noncontrolling interest | — | — | — | — | — | — | 2.0 | 2.0 | ||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | (0.4) | (0.4) | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation and other | — | 5.3 | — | — | 5.3 | — | — | 5.3 | ||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 3.2 | $ | 4,143.6 | $ | 6,626.0 | $ | (5.7) | $ | 10,767.1 | $ | 30.4 | $ | 170.1 | $ | 10,967.6 | ||||||||||||||||||||||||||||||||||
Net income attributed to common shareholders | — | — | 276.0 | — | 276.0 | — | — | 276.0 | ||||||||||||||||||||||||||||||||||||||||||
Net loss attributed to noncontrolling interests | — | — | — | — | — | — | (0.6) | (0.6) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | 1.1 | 1.1 | — | — | 1.1 | ||||||||||||||||||||||||||||||||||||||||||
Common stock dividends of $0.6775 per share | — | — | (213.8) | — | (213.8) | — | — | (213.8) | ||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | 2.8 | — | — | 2.8 | — | — | 2.8 | ||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock | — | (4.7) | — | — | (4.7) | — | — | (4.7) | ||||||||||||||||||||||||||||||||||||||||||
Capital contributions from noncontrolling interest | — | — | — | — | — | — | 0.5 | 0.5 | ||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | (0.9) | (0.9) | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation and other | — | 2.4 | — | — | 2.4 | — | — | 2.4 | ||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 3.2 | $ | 4,144.1 | $ | 6,688.2 | $ | (4.6) | $ | 10,830.9 | $ | 30.4 | $ | 169.1 | $ | 11,030.4 |
06/30/2022 Form 10-Q | 9 | WEC Energy Group, Inc. |
06/30/2022 Form 10-Q | 10 | WEC Energy Group, Inc. |
06/30/2022 Form 10-Q | 11 | WEC Energy Group, Inc. |
(in millions) | Wisconsin | Illinois | Other States | Total Utility Operations | Non-Utility Energy Infrastructure | Corporate and Other | Reconciling Eliminations | WEC Energy Group Consolidated | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Electric | $ | 1,221.1 | $ | — | $ | — | $ | 1,221.1 | $ | — | $ | — | $ | — | $ | 1,221.1 | ||||||||||||||||||||||||||||||||||
Natural gas | 329.5 | 442.2 | 95.8 | 867.5 | 12.0 | — | (11.0) | 868.5 | ||||||||||||||||||||||||||||||||||||||||||
Total regulated revenues | 1,550.6 | 442.2 | 95.8 | 2,088.6 | 12.0 | — | (11.0) | 2,089.6 | ||||||||||||||||||||||||||||||||||||||||||
Other non-utility revenues | — | — | 4.5 | 4.5 | 31.1 | — | (4.0) | 31.6 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues from contracts with customers | 1,550.6 | 442.2 | 100.3 | 2,093.1 | 43.1 | — | (15.0) | 2,121.2 | ||||||||||||||||||||||||||||||||||||||||||
Other operating revenues | 6.8 | 0.2 | (0.4) | 6.6 | 100.5 | 0.1 | (100.5) | (1) | 6.7 | |||||||||||||||||||||||||||||||||||||||||
Total operating revenues | $ | 1,557.4 | $ | 442.4 | $ | 99.9 | $ | 2,099.7 | $ | 143.6 | $ | 0.1 | $ | (115.5) | $ | 2,127.9 |
(in millions) | Wisconsin | Illinois | Other States | Total Utility Operations | Non-Utility Energy Infrastructure | Corporate and Other | Reconciling Eliminations | WEC Energy Group Consolidated | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Electric | $ | 1,083.2 | $ | — | $ | — | $ | 1,083.2 | $ | — | $ | — | $ | — | $ | 1,083.2 | ||||||||||||||||||||||||||||||||||
Natural gas | 212.7 | 266.1 | 66.9 | 545.7 | 9.4 | — | (8.7) | 546.4 | ||||||||||||||||||||||||||||||||||||||||||
Total regulated revenues | 1,295.9 | 266.1 | 66.9 | 1,628.9 | 9.4 | — | (8.7) | 1,629.6 | ||||||||||||||||||||||||||||||||||||||||||
Other non-utility revenues | — | — | 4.4 | 4.4 | 24.2 | — | (3.9) | 24.7 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues from contracts with customers | 1,295.9 | 266.1 | 71.3 | 1,633.3 | 33.6 | — | (12.6) | 1,654.3 | ||||||||||||||||||||||||||||||||||||||||||
Other operating revenues | 11.6 | 9.4 | 0.8 | 21.8 | 99.9 | 0.1 | (99.9) | (1) | 21.9 | |||||||||||||||||||||||||||||||||||||||||
Total operating revenues | $ | 1,307.5 | $ | 275.5 | $ | 72.1 | $ | 1,655.1 | $ | 133.5 | $ | 0.1 | $ | (112.5) | $ | 1,676.2 |
(in millions) | Wisconsin | Illinois | Other States | Total Utility Operations | Non-Utility Energy Infrastructure | Corporate and Other | Reconciling Eliminations | WEC Energy Group Consolidated | ||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Electric | $ | 2,408.6 | $ | — | $ | — | $ | 2,408.6 | $ | — | $ | — | $ | 2,408.6 | ||||||||||||||||||||||||||||||||||||
Natural gas | 1,076.3 | 1,122.1 | 334.0 | 2,532.4 | 27.3 | — | (25.8) | 2,533.9 | ||||||||||||||||||||||||||||||||||||||||||
Total regulated revenues | 3,484.9 | 1,122.1 | 334.0 | 4,941.0 | 27.3 | — | (25.8) | 4,942.5 | ||||||||||||||||||||||||||||||||||||||||||
Other non-utility revenues | — | — | 9.1 | 9.1 | 74.8 | — | (5.6) | 78.3 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues from contracts with customers | 3,484.9 | 1,122.1 | 343.1 | 4,950.1 | 102.1 | — | (31.4) | 5,020.8 | ||||||||||||||||||||||||||||||||||||||||||
Other operating revenues | 14.8 | 2.4 | (2.3) | 14.9 | 201.0 | 0.3 | (201.0) | (1) | 15.2 | |||||||||||||||||||||||||||||||||||||||||
Total operating revenues | $ | 3,499.7 | $ | 1,124.5 | $ | 340.8 | $ | 4,965.0 | $ | 303.1 | $ | 0.3 | $ | (232.4) | $ | 5,036.0 |
06/30/2022 Form 10-Q | 12 | WEC Energy Group, Inc. |
(in millions) | Wisconsin | Illinois | Other States | Total Utility Operations | Non-Utility Energy Infrastructure | Corporate and Other | Reconciling Eliminations | WEC Energy Group Consolidated | ||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Electric | $ | 2,178.2 | $ | — | $ | — | $ | 2,178.2 | $ | — | $ | — | $ | — | $ | 2,178.2 | ||||||||||||||||||||||||||||||||||
Natural gas | 840.0 | 959.6 | 292.5 | 2,092.1 | 24.0 | — | (22.0) | 2,094.1 | ||||||||||||||||||||||||||||||||||||||||||
Total regulated revenues | 3,018.2 | 959.6 | 292.5 | 4,270.3 | 24.0 | — | (22.0) | 4,272.3 | ||||||||||||||||||||||||||||||||||||||||||
Other non-utility revenues | — | — | 9.1 | 9.1 | 47.4 | — | (5.5) | 51.0 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues from contracts with customers | 3,018.2 | 959.6 | 301.6 | 4,279.4 | 71.4 | — | (27.5) | 4,323.3 | ||||||||||||||||||||||||||||||||||||||||||
Other operating revenues | 21.0 | 19.3 | 3.8 | 44.1 | 199.7 | 0.2 | (199.7) | (1) | 44.3 | |||||||||||||||||||||||||||||||||||||||||
Total operating revenues | $ | 3,039.2 | $ | 978.9 | $ | 305.4 | $ | 4,323.5 | $ | 271.1 | $ | 0.2 | $ | (227.2) | $ | 4,367.6 |
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Residential | $ | 449.7 | $ | 419.0 | $ | 912.8 | $ | 842.7 | ||||||||||||||||||
Small commercial and industrial | 378.4 | 346.6 | 748.5 | 678.0 | ||||||||||||||||||||||
Large commercial and industrial | 268.1 | 224.5 | 497.3 | 434.0 | ||||||||||||||||||||||
Other | 7.2 | 6.9 | 15.0 | 14.7 | ||||||||||||||||||||||
Total retail revenues | 1,103.4 | 997.0 | 2,173.6 | 1,969.4 | ||||||||||||||||||||||
Wholesale | 40.8 | 38.6 | 83.2 | 78.3 | ||||||||||||||||||||||
Resale | 60.7 | 37.4 | 117.5 | 100.1 | ||||||||||||||||||||||
Steam | 4.7 | 4.2 | 16.8 | 19.0 | ||||||||||||||||||||||
Other utility revenues | 11.5 | 6.0 | 17.5 | 11.4 | ||||||||||||||||||||||
Total electric utility operating revenues | $ | 1,221.1 | $ | 1,083.2 | $ | 2,408.6 | $ | 2,178.2 |
(in millions) | Wisconsin | Illinois | Other States | Total Natural Gas Utility Operating Revenues | ||||||||||||||||||||||
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||
Residential | $ | 198.5 | $ | 268.6 | $ | 63.5 | $ | 530.6 | ||||||||||||||||||
Commercial and industrial | 102.1 | 78.2 | 36.6 | 216.9 | ||||||||||||||||||||||
Total retail revenues | 300.6 | 346.8 | 100.1 | 747.5 | ||||||||||||||||||||||
Transportation | 18.0 | 54.5 | 6.0 | 78.5 | ||||||||||||||||||||||
Other utility revenues (1) | 10.9 | 40.9 | (10.3) | 41.5 | ||||||||||||||||||||||
Total natural gas utility operating revenues | $ | 329.5 | $ | 442.2 | $ | 95.8 | $ | 867.5 | ||||||||||||||||||
06/30/2022 Form 10-Q | 13 | WEC Energy Group, Inc. |
(in millions) | Wisconsin | Illinois | Other States | Total Natural Gas Utility Operating Revenues | ||||||||||||||||||||||
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||
Residential | $ | 188.6 | $ | 199.1 | $ | 37.9 | $ | 425.6 | ||||||||||||||||||
Commercial and industrial | 90.2 | 51.5 | 17.3 | 159.0 | ||||||||||||||||||||||
Total retail revenues | 278.8 | 250.6 | 55.2 | 584.6 | ||||||||||||||||||||||
Transportation | 17.8 | 48.8 | 6.6 | 73.2 | ||||||||||||||||||||||
Other utility revenues (1) | (83.9) | (33.3) | 5.1 | (112.1) | ||||||||||||||||||||||
Total natural gas utility operating revenues | $ | 212.7 | $ | 266.1 | $ | 66.9 | $ | 545.7 | ||||||||||||||||||
(in millions) | Wisconsin | Illinois | Other States | Total Natural Gas Utility Operating Revenues | ||||||||||||||||||||||
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||
Residential | $ | 701.0 | $ | 734.1 | $ | 224.8 | $ | 1,659.9 | ||||||||||||||||||
Commercial and industrial | 374.6 | 236.5 | 123.4 | 734.5 | ||||||||||||||||||||||
Total retail revenues | 1,075.6 | 970.6 | 348.2 | 2,394.4 | ||||||||||||||||||||||
Transportation | 43.5 | 135.4 | 19.9 | 198.8 | ||||||||||||||||||||||
Other utility revenues (1) | (42.8) | 16.1 | (34.1) | (60.8) | ||||||||||||||||||||||
Total natural gas utility operating revenues | $ | 1,076.3 | $ | 1,122.1 | $ | 334.0 | $ | 2,532.4 | ||||||||||||||||||
(in millions) | Wisconsin | Illinois | Other States | Total Natural Gas Utility Operating Revenues | ||||||||||||||||||||||
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||
Residential | $ | 536.2 | $ | 533.0 | $ | 125.8 | $ | 1,195.0 | ||||||||||||||||||
Commercial and industrial | 266.6 | 154.2 | 61.2 | 482.0 | ||||||||||||||||||||||
Total retail revenues | 802.8 | 687.2 | 187.0 | 1,677.0 | ||||||||||||||||||||||
Transportation | 42.2 | 123.0 | 17.6 | 182.8 | ||||||||||||||||||||||
Other utility revenues (1) | (5.0) | 149.4 | 87.9 | 232.3 | ||||||||||||||||||||||
Total natural gas utility operating revenues | $ | 840.0 | $ | 959.6 | $ | 292.5 | $ | 2,092.1 | ||||||||||||||||||
06/30/2022 Form 10-Q | 14 | WEC Energy Group, Inc. |
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Wind generation revenues | $ | 21.3 | $ | 14.5 | $ | 57.5 | $ | 30.3 | ||||||||||||||||||
We Power revenues (1) | 5.8 | 5.8 | 11.7 | 11.6 | ||||||||||||||||||||||
Appliance service revenues | 4.5 | 4.4 | 9.1 | 9.1 | ||||||||||||||||||||||
Total other non-utility operating revenues | $ | 31.6 | $ | 24.7 | $ | 78.3 | $ | 51.0 |
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Late payment charges | $ | 16.3 | $ | 17.3 | $ | 29.9 | $ | 32.3 | ||||||||||||||||||
Alternative revenues (1) | (11.3) | 2.9 | (17.3) | 9.1 | ||||||||||||||||||||||
Other | 1.7 | 1.7 | 2.6 | 2.9 | ||||||||||||||||||||||
Total other operating revenues | $ | 6.7 | $ | 21.9 | $ | 15.2 | $ | 44.3 |
06/30/2022 Form 10-Q | 15 | WEC Energy Group, Inc. |
(in millions) | Wisconsin | Illinois | Other States | Total Utility Operations | Non-Utility Energy Infrastructure | Corporate and Other | WEC Energy Group Consolidated | |||||||||||||||||||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable and unbilled revenues | $ | 1,029.1 | $ | 485.2 | $ | 79.9 | $ | 1,594.2 | $ | 23.7 | $ | 5.6 | $ | 1,623.5 | ||||||||||||||||||||||||||||||
Allowance for credit losses | 78.0 | 91.0 | 6.8 | 175.8 | — | — | 175.8 | |||||||||||||||||||||||||||||||||||||
Accounts receivable and unbilled revenues, net (1) | $ | 951.1 | $ | 394.2 | $ | 73.1 | $ | 1,418.4 | $ | 23.7 | $ | 5.6 | $ | 1,447.7 | ||||||||||||||||||||||||||||||
Total accounts receivable, net – past due greater than 90 days (1) | $ | 71.6 | $ | 66.8 | $ | 7.4 | $ | 145.8 | $ | — | $ | — | $ | 145.8 | ||||||||||||||||||||||||||||||
Past due greater than 90 days – collection risk mitigated by regulatory mechanisms (1) | 97.2 | % | 100.0 | % | — | % | 93.6 | % | — | % | — | % | 93.6 | % |
(in millions) | Wisconsin | Illinois | Other States | Total Utility Operations | Non-Utility Energy Infrastructure | Corporate and Other | WEC Energy Group Consolidated | |||||||||||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable and unbilled revenues | $ | 1,053.1 | $ | 523.1 | $ | 105.7 | $ | 1,681.9 | $ | 17.0 | $ | 5.1 | $ | 1,704.0 | ||||||||||||||||||||||||||||||
Allowance for credit losses | 84.0 | 105.5 | 8.8 | 198.3 | — | — | 198.3 | |||||||||||||||||||||||||||||||||||||
Accounts receivable and unbilled revenues, net (1) | $ | 969.1 | $ | 417.6 | $ | 96.9 | $ | 1,483.6 | $ | 17.0 | $ | 5.1 | $ | 1,505.7 | ||||||||||||||||||||||||||||||
Total accounts receivable, net – past due greater than 90 days (1) | $ | 46.5 | $ | 36.6 | $ | 3.4 | $ | 86.5 | $ | — | $ | — | $ | 86.5 | ||||||||||||||||||||||||||||||
Past due greater than 90 days – collection risk mitigated by regulatory mechanisms (1) | 97.6 | % | 100.0 | % | — | % | 94.8 | % | — | % | — | % | 94.8 | % |
06/30/2022 Form 10-Q | 16 | WEC Energy Group, Inc. |
Three Months Ended June 30, 2022 (in millions) | Wisconsin | Illinois | Other States | WEC Energy Group Consolidated | ||||||||||||||||||||||
Balance at the beginning of the period | $ | 85.7 | $ | 107.0 | $ | 7.9 | $ | 200.6 | ||||||||||||||||||
Provision for credit losses | 11.8 | 7.1 | (0.1) | 18.8 | ||||||||||||||||||||||
Provision for credit losses deferred for future recovery or refund | (5.4) | (11.2) | — | (16.6) | ||||||||||||||||||||||
Write-offs charged against the allowance | (22.1) | (17.9) | (1.2) | (41.2) | ||||||||||||||||||||||
Recoveries of amounts previously written off | 8.0 | 6.0 | 0.2 | 14.2 | ||||||||||||||||||||||
Balance at June 30, 2022 | $ | 78.0 | $ | 91.0 | $ | 6.8 | $ | 175.8 | ||||||||||||||||||
Six Months Ended June 30, 2022 (in millions) | Wisconsin | Illinois | Other States | WEC Energy Group Consolidated | ||||||||||||||||||||||
Balance at the beginning of the period | $ | 84.0 | $ | 105.5 | $ | 8.8 | $ | 198.3 | ||||||||||||||||||
Provision for credit losses | 23.6 | 18.4 | 0.1 | 42.1 | ||||||||||||||||||||||
Provision for credit losses deferred for future recovery or refund | 3.4 | 0.9 | — | 4.3 | ||||||||||||||||||||||
Write-offs charged against the allowance | (50.9) | (45.2) | (2.6) | (98.7) | ||||||||||||||||||||||
Recoveries of amounts previously written off | 17.9 | 11.4 | 0.5 | 29.8 | ||||||||||||||||||||||
Balance at June 30, 2022 | $ | 78.0 | $ | 91.0 | $ | 6.8 | $ | 175.8 |
Three Months Ended June 30, 2021 (in millions) | Wisconsin | Illinois | Other States | WEC Energy Group Consolidated | ||||||||||||||||||||||
Balance at the beginning of the period | $ | 129.5 | $ | 122.0 | $ | 7.6 | $ | 259.1 | ||||||||||||||||||
Provision for credit losses | 9.4 | 5.2 | 1.0 | 15.6 | ||||||||||||||||||||||
Provision for credit losses deferred for future recovery or refund | (12.2) | (18.9) | — | (31.1) | ||||||||||||||||||||||
Write-offs charged against the allowance | (16.5) | (4.0) | (0.6) | (21.1) | ||||||||||||||||||||||
Recoveries of amounts previously written off | 4.2 | 4.7 | 0.3 | 9.2 | ||||||||||||||||||||||
Balance at June 30, 2021 | $ | 114.4 | $ | 109.0 | $ | 8.3 | $ | 231.7 |
Six Months Ended June 30, 2021 (in millions) | Wisconsin | Illinois | Other States | WEC Energy Group Consolidated | ||||||||||||||||||||||
Balance at the beginning of the period | $ | 102.1 | $ | 111.6 | $ | 6.4 | $ | 220.1 | ||||||||||||||||||
Provision for credit losses | 23.1 | 12.3 | 2.3 | 37.7 | ||||||||||||||||||||||
Provision for credit losses deferred for future recovery or refund | 10.1 | (15.8) | — | (5.7) | ||||||||||||||||||||||
Write-offs charged against the allowance | (35.0) | (6.8) | (1.1) | (42.9) | ||||||||||||||||||||||
Recoveries of amounts previously written off | 14.1 | 7.7 | 0.7 | 22.5 | ||||||||||||||||||||||
Balance at June 30, 2021 | $ | 114.4 | $ | 109.0 | $ | 8.3 | $ | 231.7 |
06/30/2022 Form 10-Q | 17 | WEC Energy Group, Inc. |
(in millions) | June 30, 2022 | December 31, 2021 | ||||||||||||
Regulatory assets | ||||||||||||||
Pension and OPEB costs | $ | 762.6 | $ | 802.3 | ||||||||||
Plant retirement related items | 705.9 | 722.3 | ||||||||||||
Environmental remediation costs | 621.6 | 630.9 | ||||||||||||
Income tax related items | 457.0 | 458.8 | ||||||||||||
Asset retirement obligations | 180.6 | 194.2 | ||||||||||||
System support resource | 126.7 | 129.5 | ||||||||||||
Energy costs recoverable through rate adjustments | 120.0 | 85.4 | ||||||||||||
Securitization | 96.1 | 100.7 | ||||||||||||
MERC extraordinary natural gas costs | 47.1 | 59.7 | ||||||||||||
Derivatives (1) | 38.5 | 33.1 | ||||||||||||
Uncollectible expense | 30.0 | 42.6 | ||||||||||||
Energy efficiency programs | 23.9 | 22.0 | ||||||||||||
Other, net | 68.9 | 85.6 | ||||||||||||
Total regulatory assets | $ | 3,278.9 | $ | 3,367.1 | ||||||||||
Balance sheet presentation | ||||||||||||||
Amounts recoverable from customers | $ | 134.2 | $ | 102.3 | ||||||||||
Regulatory assets | 3,144.7 | 3,264.8 | ||||||||||||
Total regulatory assets | $ | 3,278.9 | $ | 3,367.1 |
(in millions) | June 30, 2022 | December 31, 2021 | ||||||||||||
Regulatory liabilities | ||||||||||||||
Income tax related items | $ | 1,970.3 | $ | 1,998.5 | ||||||||||
Removal costs | 1,252.2 | 1,248.0 | ||||||||||||
Pension and OPEB benefits | 388.3 | 397.3 | ||||||||||||
Derivatives (1) | 247.7 | 124.1 | ||||||||||||
Energy costs refundable through rate adjustments (2) | 78.3 | 13.7 | ||||||||||||
Electric transmission costs (3) | 42.9 | 84.2 | ||||||||||||
Uncollectible expense | 33.4 | 37.1 | ||||||||||||
Earnings sharing mechanisms (3) | 17.1 | 28.4 | ||||||||||||
Other, net | 53.8 | 29.0 | ||||||||||||
Total regulatory liabilities | $ | 4,084.0 | $ | 3,960.3 | ||||||||||
Balance sheet presentation | ||||||||||||||
Other current liabilities | $ | 83.9 | $ | 14.3 | ||||||||||
Regulatory liabilities | 4,000.1 | 3,946.0 | ||||||||||||
Total regulatory liabilities | $ | 4,084.0 | $ | 3,960.3 |
06/30/2022 Form 10-Q | 18 | WEC Energy Group, Inc. |
Award Type | Number of Awards | |||||||
Stock options (1) | 437,269 | |||||||
Restricted shares (2) | 72,211 | |||||||
Performance units | 171,492 |
06/30/2022 Form 10-Q | 19 | WEC Energy Group, Inc. |
(in millions, except percentages) | June 30, 2022 | December 31, 2021 | ||||||||||||
Commercial paper | ||||||||||||||
Amount outstanding | $ | 1,626.8 | $ | 1,896.1 | ||||||||||
Weighted-average interest rate on amounts outstanding | 1.90 | % | 0.26 | % | ||||||||||
Operating expense loans | ||||||||||||||
Amount outstanding (1) | $ | 2.3 | $ | 0.9 | ||||||||||
(in millions) | Maturity | June 30, 2022 | ||||||||||||
WEC Energy Group | September 2026 | $ | 1,500.0 | |||||||||||
WE | September 2026 | 500.0 | ||||||||||||
WPS (1) | September 2026 | 400.0 | ||||||||||||
WG | September 2026 | 350.0 | ||||||||||||
PGL | September 2026 | 350.0 | ||||||||||||
Total short-term credit capacity | $ | 3,100.0 | ||||||||||||
Less: | ||||||||||||||
Letters of credit issued inside credit facilities | $ | 2.3 | ||||||||||||
Commercial paper outstanding | 1,626.8 | |||||||||||||
Available capacity under existing agreements | $ | 1,470.9 |
06/30/2022 Form 10-Q | 20 | WEC Energy Group, Inc. |
(in millions) | ||||||||
Six months ended December 31, 2022 | $ | 0.7 | ||||||
2023 | 2.2 | |||||||
2024 | 2.3 | |||||||
2025 | 2.3 | |||||||
2026 | 2.4 | |||||||
2027 | 2.4 | |||||||
Thereafter | 176.0 | |||||||
Total minimum lease payments | 188.3 | |||||||
Less: Interest | (135.8) | |||||||
Present value of minimum lease payments | 52.5 | |||||||
Less: Short-term lease liabilities | — | |||||||
Long-term lease liabilities | $ | 52.5 |
(in millions) | June 30, 2022 | December 31, 2021 | ||||||||||||
Natural gas in storage | $ | 244.4 | $ | 326.0 | ||||||||||
Materials and supplies | 242.7 | 225.3 | ||||||||||||
Fossil fuel | 85.1 | 84.5 | ||||||||||||
Total | $ | 572.2 | $ | 635.8 |
06/30/2022 Form 10-Q | 21 | WEC Energy Group, Inc. |
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | |||||||||||||||||||||||||
(in millions) | Amount | Effective Tax Rate | Amount | Effective Tax Rate | ||||||||||||||||||||||
Statutory federal income tax | $ | 73.7 | 21.0 | % | $ | 69.1 | 21.0 | % | ||||||||||||||||||
State income taxes net of federal tax benefit | 22.2 | 6.3 | % | 20.8 | 6.3 | % | ||||||||||||||||||||
PTCs | (22.9) | (6.5) | % | (13.5) | (4.1) | % | ||||||||||||||||||||
Federal excess deferred tax amortization | (8.4) | (2.4) | % | (7.9) | (2.4) | % | ||||||||||||||||||||
Federal excess deferred tax amortization – Wisconsin unprotected | (0.2) | — | % | (16.3) | (5.0) | % | ||||||||||||||||||||
Other | (1.0) | (0.3) | % | 1.9 | 0.6 | % | ||||||||||||||||||||
Total income tax expense | $ | 63.4 | 18.1 | % | $ | 54.1 | 16.4 | % | ||||||||||||||||||
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | |||||||||||||||||||||||||
(in millions) | Amount | Effective Tax Rate | Amount | Effective Tax Rate | ||||||||||||||||||||||
Statutory federal income tax | $ | 219.2 | 21.0 | % | $ | 191.9 | 21.0 | % | ||||||||||||||||||
State income taxes net of federal tax benefit | 65.8 | 6.3 | % | 57.7 | 6.3 | % | ||||||||||||||||||||
PTCs | (67.7) | (6.5) | % | (47.5) | (5.2) | % | ||||||||||||||||||||
Federal excess deferred tax amortization | (24.2) | (2.3) | % | (22.5) | (2.5) | % | ||||||||||||||||||||
Federal excess deferred tax amortization – Wisconsin unprotected | (0.5) | (0.1) | % | (46.6) | (5.1) | % | ||||||||||||||||||||
Other | (2.1) | (0.2) | % | (4.0) | (0.4) | % | ||||||||||||||||||||
Total income tax expense | $ | 190.5 | 18.2 | % | $ | 129.0 | 14.1 | % | ||||||||||||||||||
06/30/2022 Form 10-Q | 22 | WEC Energy Group, Inc. |
June 30, 2022 | ||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Derivative assets | ||||||||||||||||||||||||||
Natural gas contracts | $ | 108.0 | $ | 17.3 | $ | — | $ | 125.3 | ||||||||||||||||||
FTRs and TCRs | — | — | 19.9 | 19.9 | ||||||||||||||||||||||
Coal contracts | — | 74.8 | — | 74.8 | ||||||||||||||||||||||
Total derivative assets | $ | 108.0 | $ | 92.1 | $ | 19.9 | $ | 220.0 | ||||||||||||||||||
Investments held in rabbi trust | $ | 49.7 | $ | — | $ | — | $ | 49.7 | ||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||||
Natural gas contracts | $ | 25.8 | $ | 9.6 | $ | — | $ | 35.4 | ||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Derivative assets | ||||||||||||||||||||||||||
Natural gas contracts | $ | 46.4 | $ | 18.2 | $ | — | $ | 64.6 | ||||||||||||||||||
FTRs | — | — | 2.4 | 2.4 | ||||||||||||||||||||||
Coal contracts | — | 53.0 | — | 53.0 | ||||||||||||||||||||||
Total derivative assets | $ | 46.4 | $ | 71.2 | $ | 2.4 | $ | 120.0 | ||||||||||||||||||
Investments held in rabbi trust | $ | 79.6 | $ | — | $ | — | $ | 79.6 | ||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||||
Natural gas contracts | $ | 8.4 | $ | 6.7 | $ | — | $ | 15.1 |
06/30/2022 Form 10-Q | 23 | WEC Energy Group, Inc. |
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Balance at the beginning of the period | $ | 1.0 | $ | 0.9 | $ | 2.4 | $ | 2.4 | ||||||||||||||||||
Purchases | 21.9 | 6.0 | 21.9 | 6.1 | ||||||||||||||||||||||
Realized and unrealized gains included in earnings (1) | 1.8 | — | 1.8 | — | ||||||||||||||||||||||
Settlements | (4.8) | (1.5) | (6.2) | (3.1) | ||||||||||||||||||||||
Balance at the end of the period | $ | 19.9 | $ | 5.4 | $ | 19.9 | $ | 5.4 | ||||||||||||||||||
Gains included in earnings attributable to the change in unrealized gains of Level 3 derivatives held at the end of the reporting period (1) | $ | 0.9 | $ | — | $ | 0.9 | $ | — |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
(in millions) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||
Preferred stock of subsidiary | $ | 30.4 | $ | 26.4 | $ | 30.4 | $ | 30.3 | ||||||||||||||||||
Long-term debt, including current portion (1) | 13,518.7 | 12,530.8 | 13,563.4 | 14,819.4 |
06/30/2022 Form 10-Q | 24 | WEC Energy Group, Inc. |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
(in millions) | Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||
Current | ||||||||||||||||||||||||||
Natural gas contracts (1) | $ | 116.4 | $ | 30.0 | $ | 60.6 | $ | 14.0 | ||||||||||||||||||
FTRs and TCRs | 19.9 | — | 2.4 | — | ||||||||||||||||||||||
Coal contracts | 53.5 | — | 44.0 | — | ||||||||||||||||||||||
Total current | 189.8 | 30.0 | 107.0 | 14.0 | ||||||||||||||||||||||
Long-term | ||||||||||||||||||||||||||
Natural gas contracts (1) | 8.9 | 5.4 | 4.0 | 1.1 | ||||||||||||||||||||||
Coal contracts | 21.3 | — | 9.0 | — | ||||||||||||||||||||||
Total long-term | 30.2 | 5.4 | 13.0 | 1.1 | ||||||||||||||||||||||
Total | $ | 220.0 | $ | 35.4 | $ | 120.0 | $ | 15.1 |
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | |||||||||||||||||||||||||
(in millions) | Volumes | Gains | Volumes | Gains | ||||||||||||||||||||||
Natural gas contracts | 41.1 Dth | $ | 108.9 | 47.9 Dth | $ | 4.8 | ||||||||||||||||||||
FTRs and TCRs | 7.0 MWh | 4.3 | 7.4 MWh | 10.2 | ||||||||||||||||||||||
Total | $ | 113.2 | $ | 15.0 | ||||||||||||||||||||||
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | |||||||||||||||||||||||||
(in millions) | Volumes | Gains | Volumes | Gains (Losses) | ||||||||||||||||||||||
Natural gas contracts | 100.6 Dth | $ | 140.5 | 107.7 Dth | $ | (2.7) | ||||||||||||||||||||
FTRs and TCRs | 14.0 MWh | 5.3 | 15.8 MWh | 12.3 | ||||||||||||||||||||||
Total | $ | 145.8 | $ | 9.6 |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||
(in millions) | Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||
Gross amount recognized on the balance sheet | $ | 220.0 | $ | 35.4 | $ | 120.0 | $ | 15.1 | |||||||||||||||||||||
Gross amount not offset on the balance sheet | (110.1) | (1) | (27.8) | (2) | (15.2) | (3) | (9.2) | (4) | |||||||||||||||||||||
Net amount | $ | 109.9 | $ | 7.6 | $ | 104.8 | $ | 5.9 |
06/30/2022 Form 10-Q | 25 | WEC Energy Group, Inc. |
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Net derivative gain (loss) reclassified from accumulated other comprehensive loss to interest expense | $ | 0.1 | $ | (1.3) | $ | 0.2 | $ | (2.7) | ||||||||||||||||||
Total interest expense line item on the income statements | 119.8 | 120.0 | 237.4 | 239.5 |
Total Amounts Committed at June 30, 2022 | Expiration | |||||||||||||||||||||||||
(in millions) | Less Than 1 Year | 1 to 3 Years | Over 3 Years | |||||||||||||||||||||||
Standby letters of credit (1) | $ | 83.8 | $ | 10.5 | $ | 0.2 | $ | 73.1 | ||||||||||||||||||
Surety bonds (2) | 12.9 | 12.9 | — | — | ||||||||||||||||||||||
Other guarantees (3) | 9.5 | — | — | 9.5 | ||||||||||||||||||||||
Total guarantees | $ | 106.2 | $ | 23.4 | $ | 0.2 | $ | 82.6 |
06/30/2022 Form 10-Q | 26 | WEC Energy Group, Inc. |
Pension Benefits | ||||||||||||||||||||||||||
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Service cost | $ | 14.2 | $ | 13.6 | $ | 26.6 | $ | 27.5 | ||||||||||||||||||
Interest cost | 22.4 | 21.7 | 45.2 | 43.6 | ||||||||||||||||||||||
Expected return on plan assets | (52.5) | (50.1) | (105.2) | (100.7) | ||||||||||||||||||||||
Loss on plan settlement | 2.2 | 1.9 | 2.2 | 2.0 | ||||||||||||||||||||||
Amortization of prior service cost | 0.4 | 0.4 | 0.8 | 0.8 | ||||||||||||||||||||||
Amortization of net actuarial loss | 19.1 | 28.2 | 38.2 | 55.6 | ||||||||||||||||||||||
Net periodic benefit cost | $ | 5.8 | $ | 15.7 | $ | 7.8 | $ | 28.8 |
OPEB Benefits | ||||||||||||||||||||||||||
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Service cost | $ | 3.3 | $ | 3.6 | $ | 7.1 | $ | 7.8 | ||||||||||||||||||
Interest cost | 3.8 | 3.6 | 7.7 | 7.2 | ||||||||||||||||||||||
Expected return on plan assets | (17.3) | (16.6) | (34.5) | (33.0) | ||||||||||||||||||||||
Amortization of prior service credit | (3.9) | (3.9) | (7.9) | (7.9) | ||||||||||||||||||||||
Amortization of net actuarial gain | (6.3) | (6.5) | (12.3) | (12.2) | ||||||||||||||||||||||
Net periodic benefit credit | $ | (20.4) | $ | (19.8) | $ | (39.9) | $ | (38.1) |
(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 |
06/30/2022 Form 10-Q | 27 | WEC Energy Group, Inc. |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||
(in millions) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||||||||
PPAs (1) | $ | 87.9 | $ | (10.4) | $ | 77.5 | $ | 87.9 | $ | (6.5) | $ | 81.4 | ||||||||||||||||||||||||||
Proxy revenue swap (2) | 7.2 | (2.4) | 4.8 | 7.2 | (2.1) | 5.1 | ||||||||||||||||||||||||||||||||
Interconnection agreements (3) | 4.7 | (0.6) | 4.1 | 4.7 | (0.5) | 4.2 | ||||||||||||||||||||||||||||||||
Total intangible liabilities | $ | 99.8 | $ | (13.4) | $ | 86.4 | $ | 99.8 | $ | (9.1) | $ | 90.7 |
For the Years Ending December 31 | ||||||||||||||||||||||||||||||||
(in millions) | 2022 | 2023 | 2024 | 2025 | 2026 | |||||||||||||||||||||||||||
Amortization to be recorded in operating revenues | $ | 8.5 | $ | 8.4 | $ | 8.4 | $ | 8.4 | $ | 8.4 | ||||||||||||||||||||||
Amortization to be recorded in other operation and maintenance | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 |
06/30/2022 Form 10-Q | 28 | WEC Energy Group, Inc. |
Three Months Ended June 30, 2022 | ||||||||||||||||||||
(in millions) | ATC | ATC Holdco | Total | |||||||||||||||||
Balance at beginning of period | $ | 1,795.0 | $ | 23.2 | $ | 1,818.2 | ||||||||||||||
Add: Earnings from equity method investment | 42.6 | 0.4 | 43.0 | |||||||||||||||||
Add: Capital contributions | 9.2 | — | 9.2 | |||||||||||||||||
Less: Distributions | 33.2 | — | 33.2 | |||||||||||||||||
Balance at end of period | $ | 1,813.6 | $ | 23.6 | $ | 1,837.2 | ||||||||||||||
Three Months Ended June 30, 2021 | ||||||||||||||||||||
(in millions) | ATC | ATC Holdco | Total | |||||||||||||||||
Balance at beginning of period | $ | 1,741.9 | $ | 31.7 | $ | 1,773.6 | ||||||||||||||
Add: Earnings from equity method investment | 40.7 | 0.6 | 41.3 | |||||||||||||||||
Less: Distributions | 32.8 | — | 32.8 | |||||||||||||||||
Less: Other | 0.1 | — | 0.1 | |||||||||||||||||
Balance at end of period | $ | 1,749.7 | $ | 32.3 | $ | 1,782.0 | ||||||||||||||
Six Months Ended June 30, 2022 | ||||||||||||||||||||
(in millions) | ATC | ATC Holdco | Total | |||||||||||||||||
Balance at beginning of period | $ | 1,766.9 | $ | 22.5 | $ | 1,789.4 | ||||||||||||||
Add: Earnings from equity method investment | 83.6 | 1.1 | 84.7 | |||||||||||||||||
Add: Capital contributions | 30.3 | — | 30.3 | |||||||||||||||||
Less: Distributions | 67.2 | — | 67.2 | |||||||||||||||||
Balance at end of period | $ | 1,813.6 | $ | 23.6 | $ | 1,837.2 | ||||||||||||||
Six Months Ended June 30, 2021 | ||||||||||||||||||||
(in millions) | ATC | ATC Holdco | Total | |||||||||||||||||
Balance at beginning of period | $ | 1,733.5 | $ | 30.8 | $ | 1,764.3 | ||||||||||||||
Add: Earnings from equity method investment | 82.4 | 1.5 | 83.9 | |||||||||||||||||
Less: Distributions | 66.2 | — | 66.2 | |||||||||||||||||
Balance at end of period | $ | 1,749.7 | $ | 32.3 | $ | 1,782.0 |
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Charges to ATC for services and construction | $ | 4.7 | $ | 5.7 | $ | 10.9 | $ | 11.7 | ||||||||||||||||||
Charges from ATC for network transmission services | 90.8 | 89.1 | 181.9 | 181.7 | ||||||||||||||||||||||
06/30/2022 Form 10-Q | 29 | WEC Energy Group, Inc. |
(in millions) | June 30, 2022 | December 31, 2021 | ||||||||||||
Accounts receivable for services provided to ATC | $ | 1.4 | $ | 2.0 | ||||||||||
Accounts payable for services received from ATC | 30.6 | 30.2 | ||||||||||||
Amounts due from ATC for transmission infrastructure upgrades (1) | 14.9 | 13.0 |
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Income statement data | ||||||||||||||||||||||||||
Operating revenues | $ | 191.6 | $ | 185.9 | $ | 382.6 | $ | 374.6 | ||||||||||||||||||
Operating expenses | 95.2 | 92.4 | 190.7 | 187.5 | ||||||||||||||||||||||
Other expense, net | 28.8 | 28.1 | 56.8 | 56.6 | ||||||||||||||||||||||
Net income | $ | 67.6 | $ | 65.4 | $ | 135.1 | $ | 130.5 |
(in millions) | June 30, 2022 | December 31, 2021 | ||||||||||||
Balance sheet data | ||||||||||||||
Current assets | $ | 106.0 | $ | 89.8 | ||||||||||
Noncurrent assets | 5,801.8 | 5,628.1 | ||||||||||||
Total assets | $ | 5,907.8 | $ | 5,717.9 | ||||||||||
Current liabilities | $ | 482.7 | $ | 436.9 | ||||||||||
Long-term debt | 2,562.4 | 2,513.0 | ||||||||||||
Other noncurrent liabilities | 438.5 | 422.0 | ||||||||||||
Members' equity | 2,424.2 | 2,346.0 | ||||||||||||
Total liabilities and members' equity | $ | 5,907.8 | $ | 5,717.9 |
06/30/2022 Form 10-Q | 30 | WEC Energy Group, Inc. |
Utility Operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Wisconsin | Illinois | Other States | Total Utility Operations | Electric Transmission | Non-Utility Energy Infrastructure | Corporate and Other | Reconciling Eliminations | WEC Energy Group Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
External revenues | $ | 1,557.4 | $ | 442.4 | $ | 99.9 | $ | 2,099.7 | $ | — | $ | 28.1 | $ | 0.1 | $ | — | $ | 2,127.9 | ||||||||||||||||||||||||||||||||||||||
Intersegment revenues | — | — | — | — | — | 115.5 | — | (115.5) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other operation and maintenance | 337.9 | 79.1 | 22.9 | 439.9 | — | 13.9 | (0.9) | (3.9) | 449.0 | |||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 187.7 | 57.4 | 10.2 | 255.3 | — | 34.3 | 6.8 | (16.8) | 279.6 | |||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of transmission affiliates | — | — | — | — | 43.0 | — | — | — | 43.0 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 135.6 | 18.0 | 3.2 | 156.8 | 4.8 | 17.4 | 24.6 | (83.8) | 119.8 | |||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 49.3 | 21.2 | 0.9 | 71.4 | 9.3 | (7.3) | (10.0) | — | 63.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 148.7 | 56.4 | 2.7 | 207.8 | 29.0 | 80.3 | (29.3) | — | 287.8 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributed to common shareholders | 148.4 | 56.4 | 2.7 | 207.5 | 29.0 | 80.3 | (29.3) | — | 287.5 | |||||||||||||||||||||||||||||||||||||||||||||||
06/30/2022 Form 10-Q | 31 | WEC Energy Group, Inc. |
Utility Operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Wisconsin | Illinois | Other States | Total Utility Operations | Electric Transmission | Non-Utility Energy Infrastructure | Corporate and Other | Reconciling Eliminations | WEC Energy Group Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
External revenues | $ | 1,307.5 | $ | 275.5 | $ | 72.1 | $ | 1,655.1 | $ | — | $ | 21.0 | $ | 0.1 | $ | — | $ | 1,676.2 | ||||||||||||||||||||||||||||||||||||||
Intersegment revenues | — | — | — | — | — | 112.5 | — | (112.5) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other operation and maintenance | 346.1 | 90.8 | 21.2 | 458.1 | — | 12.4 | (2.8) | (3.9) | 463.8 | |||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 179.8 | 54.0 | 9.4 | 243.2 | — | 31.3 | 6.4 | (14.7) | 266.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of transmission affiliates | — | — | — | — | 41.3 | — | — | — | 41.3 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 139.8 | 16.6 | 1.5 | 157.9 | 4.8 | 17.9 | 24.6 | (85.2) | 120.0 | |||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | 23.1 | 16.0 | 0.8 | 39.9 | 9.4 | 0.7 | 4.1 | — | 54.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 146.8 | 43.6 | 2.5 | 192.9 | 27.0 | 68.2 | (12.4) | — | 275.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributed to common shareholders | 146.5 | 43.6 | 2.5 | 192.6 | 27.0 | 68.8 | (12.4) | — | 276.0 | |||||||||||||||||||||||||||||||||||||||||||||||
Utility Operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Wisconsin | Illinois | Other States | Total Utility Operations | Electric Transmission | Non-Utility Energy Infrastructure | Corporate and Other | Reconciling Eliminations | WEC Energy Group Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
External revenues | $ | 3,499.7 | $ | 1,124.5 | $ | 340.8 | $ | 4,965.0 | $ | — | $ | 70.7 | $ | 0.3 | $ | — | $ | 5,036.0 | ||||||||||||||||||||||||||||||||||||||
Intersegment revenues | — | — | — | — | — | 232.4 | — | (232.4) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other operation and maintenance | 650.5 | 192.7 | 47.5 | 890.7 | — | 24.8 | (6.6) | (5.5) | 903.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 374.8 | 114.2 | 20.2 | 509.2 | — | 68.3 | 13.3 | (33.1) | 557.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of transmission affiliates | — | — | — | — | 84.7 | — | — | — | 84.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 271.9 | 35.7 | 6.5 | 314.1 | 9.7 | 34.6 | 47.2 | (168.2) | 237.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 144.7 | 63.3 | 11.3 | 219.3 | 18.2 | (12.2) | (34.8) | — | 190.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 437.1 | 169.8 | 34.2 | 641.1 | 56.8 | 173.6 | (15.7) | — | 855.8 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributed to common shareholders | 436.5 | 169.8 | 34.2 | 640.5 | 56.8 | 171.8 | (15.7) | — | 853.4 | |||||||||||||||||||||||||||||||||||||||||||||||
06/30/2022 Form 10-Q | 32 | WEC Energy Group, Inc. |
Utility Operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Wisconsin | Illinois | Other States | Total Utility Operations | Electric Transmission | Non-Utility Energy Infrastructure | Corporate and Other | Reconciling Eliminations | WEC Energy Group Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
External revenues | $ | 3,039.2 | $ | 978.9 | $ | 305.4 | $ | 4,323.5 | $ | — | $ | 43.9 | $ | 0.2 | $ | — | $ | 4,367.6 | ||||||||||||||||||||||||||||||||||||||
Intersegment revenues | — | — | — | — | — | 227.2 | — | (227.2) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other operation and maintenance | 688.0 | 200.1 | 44.4 | 932.5 | — | 21.3 | (4.6) | (5.5) | 943.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 356.0 | 106.7 | 18.6 | 481.3 | — | 62.3 | 13.0 | (29.0) | 527.6 | |||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of transmission affiliates | — | — | — | — | 83.9 | — | — | — | 83.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 279.9 | 33.1 | 3.0 | 316.0 | 9.7 | 35.9 | 48.8 | (170.9) | 239.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 71.2 | 57.4 | 9.2 | 137.8 | 19.2 | 0.8 | (28.8) | — | 129.0 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | 403.4 | 155.7 | 27.2 | 586.3 | 55.0 | 139.5 | 5.2 | — | 786.0 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income attributed to common shareholders | 402.8 | 155.7 | 27.2 | 585.7 | 55.0 | 140.2 | 5.2 | — | 786.1 | |||||||||||||||||||||||||||||||||||||||||||||||
06/30/2022 Form 10-Q | 33 | WEC Energy Group, Inc. |
(in millions) | June 30, 2022 | December 31, 2021 | ||||||||||||
Assets | ||||||||||||||
Other current assets (restricted cash) | $ | 3.1 | $ | 2.4 | ||||||||||
Regulatory assets | 96.1 | 100.7 | ||||||||||||
Other long-term assets (restricted cash) | 0.6 | 0.6 | ||||||||||||
Liabilities | ||||||||||||||
Current portion of long-term debt | 8.8 | 8.8 | ||||||||||||
Other current liabilities (accrued interest) | 0.1 | 0.1 | ||||||||||||
Long-term debt | 98.4 | 102.7 |
06/30/2022 Form 10-Q | 34 | WEC Energy Group, Inc. |
06/30/2022 Form 10-Q | 35 | WEC Energy Group, Inc. |
06/30/2022 Form 10-Q | 36 | WEC Energy Group, Inc. |
06/30/2022 Form 10-Q | 37 | WEC Energy Group, Inc. |
(in millions) | June 30, 2022 | December 31, 2021 | ||||||||||||
Regulatory assets | $ | 621.6 | $ | 630.9 | ||||||||||
Reserves for future environmental remediation | 504.3 | 532.6 |
06/30/2022 Form 10-Q | 38 | WEC Energy Group, Inc. |
Six Months Ended June 30 | ||||||||||||||
(in millions) | 2022 | 2021 | ||||||||||||
Cash paid for interest, net of amount capitalized | $ | 234.9 | $ | 239.9 | ||||||||||
Cash paid for income taxes, net | 37.3 | 28.2 | ||||||||||||
Significant non-cash investing and financing transactions: | ||||||||||||||
Accounts payable related to construction costs | 210.2 | 127.9 | ||||||||||||
Increase in receivable related to insurance proceeds | — | 39.6 | ||||||||||||
Liabilities accrued for software licensing agreement | 7.4 | — |
(in millions) | June 30, 2022 | December 31, 2021 | ||||||||||||
Cash and cash equivalents | $ | 30.3 | $ | 16.3 | ||||||||||
Restricted cash included in other current assets | 21.9 | 19.6 | ||||||||||||
Restricted cash included in other long term assets | 52.7 | 51.6 | ||||||||||||
Cash, cash equivalents, and restricted cash | $ | 104.9 | $ | 87.5 |
06/30/2022 Form 10-Q | 39 | WEC Energy Group, Inc. |
06/30/2022 Form 10-Q | 40 | WEC Energy Group, Inc. |
WE | WPS | WG | ||||||||||||||||||||||||||||||||||||
Proposed 2023 rate increase | ||||||||||||||||||||||||||||||||||||||
Electric | $ | 285.6 | million | / | 9.2% | $ | 79.4 | million | / | 6.6% | N/A | |||||||||||||||||||||||||||
Gas | $ | 55.4 | million | / | 11.7% | $ | 30.9 | million | / | 8.4% | $ | 61.9 | million | / | 8.6% | |||||||||||||||||||||||
Steam | $ | 3.6 | million | / | 16.5% | N/A | N/A | |||||||||||||||||||||||||||||||
Proposed ROE (1) | 10.0% | 10.0% | 10.2% | |||||||||||||||||||||||||||||||||||
Proposed common equity component average on a financial basis (1) | 53.0% | 53.0% | 53.0% |
06/30/2022 Form 10-Q | 41 | WEC Energy Group, Inc. |
06/30/2022 Form 10-Q | 42 | WEC Energy Group, Inc. |
06/30/2022 Form 10-Q | 43 | WEC Energy Group, Inc. |
06/30/2022 Form 10-Q | 44 | WEC Energy Group, Inc. |
06/30/2022 Form 10-Q | 45 | WEC Energy Group, Inc. |
Three Months Ended June 30 | ||||||||||||||||||||
(in millions, except per share data) | 2022 | 2021 | B (W) | |||||||||||||||||
Wisconsin | $ | 148.4 | $ | 146.5 | $ | 1.9 | ||||||||||||||
Illinois | 56.4 | 43.6 | 12.8 | |||||||||||||||||
Other states | 2.7 | 2.5 | 0.2 | |||||||||||||||||
Electric transmission | 29.0 | 27.0 | 2.0 | |||||||||||||||||
Non-utility energy infrastructure | 80.3 | 68.8 | 11.5 | |||||||||||||||||
Corporate and other | (29.3) | (12.4) | (16.9) | |||||||||||||||||
Net income attributed to common shareholders | $ | 287.5 | $ | 276.0 | $ | 11.5 | ||||||||||||||
Diluted earnings per share | $ | 0.91 | $ | 0.87 | $ | 0.04 |
06/30/2022 Form 10-Q | 46 | WEC Energy Group, Inc. |
Three Months Ended June 30 | ||||||||||||||
(in millions) | 2022 | 2021 | ||||||||||||
Wisconsin | $ | 309.1 | $ | 291.5 | ||||||||||
Illinois | 91.9 | 74.9 | ||||||||||||
Other states | 6.3 | 4.6 |
06/30/2022 Form 10-Q | 47 | WEC Energy Group, Inc. |
Three Months Ended June 30 | ||||||||||||||||||||
(in millions) | 2022 | 2021 | B (W) | |||||||||||||||||
Electric revenues | $ | 1,225.5 | $ | 1,092.0 | $ | 133.5 | ||||||||||||||
Fuel and purchased power | 472.9 | 346.1 | (126.8) | |||||||||||||||||
Total electric margins | 752.6 | 745.9 | 6.7 | |||||||||||||||||
Natural gas revenues | 331.9 | 215.5 | 116.4 | |||||||||||||||||
Cost of natural gas sold | 209.2 | 106.4 | (102.8) | |||||||||||||||||
Total natural gas margins | 122.7 | 109.1 | 13.6 | |||||||||||||||||
Total electric and natural gas margins | 875.3 | 855.0 | 20.3 | |||||||||||||||||
Other operation and maintenance | 337.9 | 346.1 | 8.2 | |||||||||||||||||
Depreciation and amortization | 187.7 | 179.8 | (7.9) | |||||||||||||||||
Property and revenue taxes | 40.6 | 37.6 | (3.0) | |||||||||||||||||
Operating income | 309.1 | 291.5 | 17.6 | |||||||||||||||||
Other income, net | 24.5 | 18.2 | 6.3 | |||||||||||||||||
Interest expense | 135.6 | 139.8 | 4.2 | |||||||||||||||||
Income before income taxes | 198.0 | 169.9 | 28.1 | |||||||||||||||||
Income tax expense | 49.3 | 23.1 | (26.2) | |||||||||||||||||
Preferred stock dividends of subsidiary | 0.3 | 0.3 | — | |||||||||||||||||
Net income attributed to common shareholders | $ | 148.4 | $ | 146.5 | $ | 1.9 |
Three Months Ended June 30 | ||||||||||||||||||||
(in millions) | 2022 | 2021 | B (W) | |||||||||||||||||
Operation and maintenance not included in line items below | $ | 172.0 | $ | 156.1 | $ | (15.9) | ||||||||||||||
Transmission (1) | 107.4 | 127.6 | 20.2 | |||||||||||||||||
Regulatory amortizations and other pass through expenses (2) | 36.6 | 33.0 | (3.6) | |||||||||||||||||
We Power (3) | 27.3 | 29.4 | 2.1 | |||||||||||||||||
Earnings sharing mechanisms (4) | (5.4) | — | 5.4 | |||||||||||||||||
Total other operation and maintenance | $ | 337.9 | $ | 346.1 | $ | 8.2 |
06/30/2022 Form 10-Q | 48 | WEC Energy Group, Inc. |
Three Months Ended June 30 | ||||||||||||||||||||
MWh (in thousands) | ||||||||||||||||||||
Electric Sales Volumes | 2022 | 2021 | B (W) | |||||||||||||||||
Customer Class | ||||||||||||||||||||
Residential | 2,657.1 | 2,655.6 | 1.5 | |||||||||||||||||
Small commercial and industrial (1) | 3,106.5 | 3,084.8 | 21.7 | |||||||||||||||||
Large commercial and industrial (1) | 2,988.4 | 3,144.7 | (156.3) | |||||||||||||||||
Other | 28.9 | 29.7 | (0.8) | |||||||||||||||||
Total retail (1) | 8,780.9 | 8,914.8 | (133.9) | |||||||||||||||||
Wholesale | 639.4 | 707.1 | (67.7) | |||||||||||||||||
Resale | 855.4 | 1,344.7 | (489.3) | |||||||||||||||||
Total sales in MWh (1) | 10,275.7 | 10,966.6 | (690.9) |
Three Months Ended June 30 | ||||||||||||||||||||
Therms (in millions) | ||||||||||||||||||||
Natural Gas Sales Volumes | 2022 | 2021 | B (W) | |||||||||||||||||
Customer Class | ||||||||||||||||||||
Residential | 175.9 | 142.9 | 33.0 | |||||||||||||||||
Commercial and industrial | 106.4 | 83.6 | 22.8 | |||||||||||||||||
Total retail | 282.3 | 226.5 | 55.8 | |||||||||||||||||
Transportation | 321.0 | 311.1 | 9.9 | |||||||||||||||||
Total sales in therms | 603.3 | 537.6 | 65.7 |
Three Months Ended June 30 | ||||||||||||||||||||
Degree Days | ||||||||||||||||||||
Weather | 2022 | 2021 | B (W) | |||||||||||||||||
WE and WG (1) | ||||||||||||||||||||
Heating (923 Normal) | 840 | 738 | 13.8 | % | ||||||||||||||||
Cooling (171 Normal) | 259 | 303 | (14.5) | % | ||||||||||||||||
WPS (2) | ||||||||||||||||||||
Heating (963 Normal) | 908 | 854 | 6.3 | % | ||||||||||||||||
Cooling (144 Normal) | 249 | 242 | 2.9 | % | ||||||||||||||||
UMERC (3) | ||||||||||||||||||||
Heating (1,197 Normal) | 1,232 | 1,093 | 12.7 | % | ||||||||||||||||
Cooling (82 Normal) | 115 | 156 | (26.3) | % |
06/30/2022 Form 10-Q | 49 | WEC Energy Group, Inc. |
06/30/2022 Form 10-Q | 50 | WEC Energy Group, Inc. |
06/30/2022 Form 10-Q | 51 | WEC Energy Group, Inc. |
Three Months Ended June 30 | ||||||||||||||||||||
(in millions) | 2022 | 2021 | B (W) | |||||||||||||||||
Natural gas revenues | $ | 442.4 | $ | 275.5 | $ | 166.9 | ||||||||||||||
Cost of natural gas sold | 205.6 | 49.0 | (156.6) | |||||||||||||||||
Total natural gas margins | 236.8 | 226.5 | 10.3 | |||||||||||||||||
Other operation and maintenance | 79.1 | 90.8 | 11.7 | |||||||||||||||||
Depreciation and amortization | 57.4 | 54.0 | (3.4) | |||||||||||||||||
Property and revenue taxes | 8.4 | 6.8 | (1.6) | |||||||||||||||||
Operating income | 91.9 | 74.9 | 17.0 | |||||||||||||||||
Other income, net | 3.7 | 1.3 | 2.4 | |||||||||||||||||
Interest expense | 18.0 | 16.6 | (1.4) | |||||||||||||||||
Income before income taxes | 77.6 | 59.6 | 18.0 | |||||||||||||||||
Income tax expense | 21.2 | 16.0 | (5.2) | |||||||||||||||||
Net income attributed to common shareholders | $ | 56.4 | $ | 43.6 | $ | 12.8 |
Three Months Ended June 30 | ||||||||||||||||||||
(in millions) | 2022 | 2021 | B (W) | |||||||||||||||||
Operation and maintenance not included in the line items below | $ | 53.3 | $ | 68.7 | $ | 15.4 | ||||||||||||||
Riders (1) | 26.4 | 22.7 | (3.7) | |||||||||||||||||
Regulatory amortizations (1) | (0.6) | (0.6) | — | |||||||||||||||||
Total other operation and maintenance | $ | 79.1 | $ | 90.8 | $ | 11.7 |
Three Months Ended June 30 | ||||||||||||||||||||
Therms (in millions) | ||||||||||||||||||||
Natural Gas Sales Volumes | 2022 | 2021 | B (W) | |||||||||||||||||
Customer Class | ||||||||||||||||||||
Residential | 145.2 | 117.7 | 27.5 | |||||||||||||||||
Commercial and industrial | 52.5 | 42.0 | 10.5 | |||||||||||||||||
Total retail | 197.7 | 159.7 | 38.0 | |||||||||||||||||
Transportation | 133.9 | 125.7 | 8.2 | |||||||||||||||||
Total sales in therms | 331.6 | 285.4 | 46.2 |
06/30/2022 Form 10-Q | 52 | WEC Energy Group, Inc. |
Three Months Ended June 30 | ||||||||||||||||||||
Degree Days | ||||||||||||||||||||
Weather (1) | 2022 | 2021 | B (W) | |||||||||||||||||
Heating (708 Normal) | 722 | 652 | 10.7 | % |
06/30/2022 Form 10-Q | 53 | WEC Energy Group, Inc. |
Three Months Ended June 30 | ||||||||||||||||||||
(in millions) | 2022 | 2021 | B (W) | |||||||||||||||||
Natural gas revenues | $ | 99.9 | $ | 72.1 | $ | 27.8 | ||||||||||||||
Cost of natural gas sold | 55.8 | 32.4 | (23.4) | |||||||||||||||||
Total natural gas margins | 44.1 | 39.7 | 4.4 | |||||||||||||||||
Other operation and maintenance | 22.9 | 21.2 | (1.7) | |||||||||||||||||
Depreciation and amortization | 10.2 | 9.4 | (0.8) | |||||||||||||||||
Property and revenue taxes | 4.7 | 4.5 | (0.2) | |||||||||||||||||
Operating income | 6.3 | 4.6 | 1.7 | |||||||||||||||||
Other income, net | 0.5 | 0.2 | 0.3 | |||||||||||||||||
Interest expense | 3.2 | 1.5 | (1.7) | |||||||||||||||||
Income before income taxes | 3.6 | 3.3 | 0.3 | |||||||||||||||||
Income tax expense | 0.9 | 0.8 | (0.1) | |||||||||||||||||
Net income attributed to common shareholders | $ | 2.7 | $ | 2.5 | $ | 0.2 |
06/30/2022 Form 10-Q | 54 | WEC Energy Group, Inc. |
Three Months Ended June 30 | ||||||||||||||||||||
Therms (in millions) | ||||||||||||||||||||
Natural Gas Sales Volumes | 2022 | 2021 | B (W) | |||||||||||||||||
Customer Class | ||||||||||||||||||||
Residential | 52.6 | 43.5 | 9.1 | |||||||||||||||||
Commercial and industrial | 37.8 | 25.1 | 12.7 | |||||||||||||||||
Total retail | 90.4 | 68.6 | 21.8 | |||||||||||||||||
Transportation | 164.9 | 170.8 | (5.9) | |||||||||||||||||
Total sales in therms | 255.3 | 239.4 | 15.9 |
Three Months Ended June 30 | ||||||||||||||||||||
Degree Days | ||||||||||||||||||||
Weather (1) | 2022 | 2021 | B (W) | |||||||||||||||||
MERC | ||||||||||||||||||||
Heating (956 Normal) | 1,112 | 911 | 22.1 | % | ||||||||||||||||
MGU | ||||||||||||||||||||
Heating (778 Normal) | 796 | 810 | (1.7) | % |
06/30/2022 Form 10-Q | 55 | WEC Energy Group, Inc. |
Three Months Ended June 30 | ||||||||||||||||||||
(in millions) | 2022 | 2021 | B (W) | |||||||||||||||||
Equity in earnings of transmission affiliates | $ | 43.0 | $ | 41.3 | $ | 1.7 | ||||||||||||||
Other income (expense), net | 0.1 | (0.1) | 0.2 | |||||||||||||||||
Interest expense | 4.8 | 4.8 | — | |||||||||||||||||
Income before income taxes | 38.3 | 36.4 | 1.9 | |||||||||||||||||
Income tax expense | 9.3 | 9.4 | 0.1 | |||||||||||||||||
Net income attributed to common shareholders | $ | 29.0 | $ | 27.0 | $ | 2.0 |
Three Months Ended June 30 | ||||||||||||||||||||
(in millions) | 2022 | 2021 | B (W) | |||||||||||||||||
Operating income | $ | 90.4 | $ | 86.8 | $ | 3.6 | ||||||||||||||
Interest expense | 17.4 | 17.9 | 0.5 | |||||||||||||||||
Income before income taxes | 73.0 | 68.9 | 4.1 | |||||||||||||||||
Income tax expense (benefit) | (7.3) | 0.7 | 8.0 | |||||||||||||||||
Net loss attributed to noncontrolling interests | — | 0.6 | (0.6) | |||||||||||||||||
Net income attributed to common shareholders | $ | 80.3 | $ | 68.8 | $ | 11.5 |
06/30/2022 Form 10-Q | 56 | WEC Energy Group, Inc. |
Three Months Ended June 30 | ||||||||||||||||||||
(in millions) | 2022 | 2021 | B (W) | |||||||||||||||||
Operating loss | $ | (5.8) | $ | (3.6) | $ | (2.2) | ||||||||||||||
Other income (expense), net | (8.9) | 19.9 | (28.8) | |||||||||||||||||
Interest expense | 24.6 | 24.6 | — | |||||||||||||||||
Loss before income taxes | (39.3) | (8.3) | (31.0) | |||||||||||||||||
Income tax expense (benefit) | (10.0) | 4.1 | 14.1 | |||||||||||||||||
Net loss attributed to common shareholders | $ | (29.3) | $ | (12.4) | $ | (16.9) |
06/30/2022 Form 10-Q | 57 | WEC Energy Group, Inc. |
Six Months Ended June 30 | ||||||||||||||||||||
(in millions, except per share data) | 2022 | 2021 | B (W) | |||||||||||||||||
Wisconsin | $ | 436.5 | $ | 402.8 | $ | 33.7 | ||||||||||||||
Illinois | 169.8 | 155.7 | 14.1 | |||||||||||||||||
Other states | 34.2 | 27.2 | 7.0 | |||||||||||||||||
Electric transmission | 56.8 | 55.0 | 1.8 | |||||||||||||||||
Non-utility energy infrastructure | 171.8 | 140.2 | 31.6 | |||||||||||||||||
Corporate and other | (15.7) | 5.2 | (20.9) | |||||||||||||||||
Net income attributed to common shareholders | $ | 853.4 | $ | 786.1 | $ | 67.3 | ||||||||||||||
Diluted Earnings Per Share | $ | 2.70 | $ | 2.49 | $ | 0.21 |
06/30/2022 Form 10-Q | 58 | WEC Energy Group, Inc. |
Six Months Ended June 30 | ||||||||||||||
(in millions) | 2022 | 2021 | ||||||||||||
Wisconsin | $ | 806.8 | $ | 719.2 | ||||||||||
Illinois | 260.1 | 243.1 | ||||||||||||
Other states | 50.9 | 38.9 |
06/30/2022 Form 10-Q | 59 | WEC Energy Group, Inc. |
Six Months Ended June 30 | ||||||||||||||||||||
(in millions) | 2022 | 2021 | B (W) | |||||||||||||||||
Electric revenues | $ | 2,418.5 | $ | 2,193.8 | $ | 224.7 | ||||||||||||||
Fuel and purchased power | 879.8 | 695.5 | (184.3) | |||||||||||||||||
Total electric margins | 1,538.7 | 1,498.3 | 40.4 | |||||||||||||||||
Natural gas revenues | 1,081.2 | 845.4 | 235.8 | |||||||||||||||||
Cost of natural gas sold | 706.0 | 504.3 | (201.7) | |||||||||||||||||
Total natural gas margins | 375.2 | 341.1 | 34.1 | |||||||||||||||||
Total electric and natural gas margins | 1,913.9 | 1,839.4 | 74.5 | |||||||||||||||||
Other operation and maintenance | 650.5 | 688.0 | 37.5 | |||||||||||||||||
Depreciation and amortization | 374.8 | 356.0 | (18.8) | |||||||||||||||||
Property and revenue taxes | 81.8 | 76.2 | (5.6) | |||||||||||||||||
Operating income | 806.8 | 719.2 | 87.6 | |||||||||||||||||
Other income, net | 46.9 | 35.3 | 11.6 | |||||||||||||||||
Interest expense | 271.9 | 279.9 | 8.0 | |||||||||||||||||
Income before income taxes | 581.8 | 474.6 | 107.2 | |||||||||||||||||
Income tax expense | 144.7 | 71.2 | (73.5) | |||||||||||||||||
Preferred stock dividends of subsidiary | 0.6 | 0.6 | — | |||||||||||||||||
Net income attributed to common shareholders | $ | 436.5 | $ | 402.8 | $ | 33.7 |
Six Months Ended June 30 | ||||||||||||||||||||
(in millions) | 2022 | 2021 | B (W) | |||||||||||||||||
Operation and maintenance not included in line items below | $ | 318.7 | $ | 303.4 | $ | (15.3) | ||||||||||||||
Transmission (1) | 215.3 | 255.3 | 40.0 | |||||||||||||||||
Regulatory amortizations and other pass through expenses (2) | 72.4 | 70.5 | (1.9) | |||||||||||||||||
We Power (3) | 54.9 | 58.8 | 3.9 | |||||||||||||||||
Earnings sharing mechanism (4) | (10.8) | — | 10.8 | |||||||||||||||||
Total other operation and maintenance | $ | 650.5 | $ | 688.0 | $ | 37.5 |
06/30/2022 Form 10-Q | 60 | WEC Energy Group, Inc. |
Six Months Ended June 30 | ||||||||||||||||||||
MWh (in thousands) | ||||||||||||||||||||
Electric Sales Volumes | 2022 | 2021 | B (W) | |||||||||||||||||
Customer Class | ||||||||||||||||||||
Residential | 5,501.1 | 5,464.4 | 36.7 | |||||||||||||||||
Small commercial and industrial (1) | 6,312.1 | 6,171.9 | 140.2 | |||||||||||||||||
Large commercial and industrial (1) | 5,970.5 | 6,126.6 | (156.1) | |||||||||||||||||
Other | 69.1 | 73.6 | (4.5) | |||||||||||||||||
Total retail (1) | 17,852.8 | 17,836.5 | 16.3 | |||||||||||||||||
Wholesale | 1,357.9 | 1,437.4 | (79.5) | |||||||||||||||||
Resale | 2,094.2 | 3,282.2 | (1,188.0) | |||||||||||||||||
Total sales in MWh (1) | 21,304.9 | 22,556.1 | (1,251.2) |
Six Months Ended June 30 | ||||||||||||||||||||
Therms (in millions) | ||||||||||||||||||||
Natural Gas Sales Volumes | 2022 | 2021 | B (W) | |||||||||||||||||
Customer Class | ||||||||||||||||||||
Residential | 741.2 | 658.4 | 82.8 | |||||||||||||||||
Commercial and industrial | 452.6 | 386.6 | 66.0 | |||||||||||||||||
Total retail | 1,193.8 | 1,045.0 | 148.8 | |||||||||||||||||
Transportation | 767.6 | 738.4 | 29.2 | |||||||||||||||||
Total sales in therms | 1,961.4 | 1,783.4 | 178.0 |
Six Months Ended June 30 | ||||||||||||||||||||
Degree Days | ||||||||||||||||||||
Weather | 2022 | 2021 | B (W) | |||||||||||||||||
WE and WG (1) | ||||||||||||||||||||
Heating (4,190 Normal) | 4,165 | 3,858 | 8.0 | % | ||||||||||||||||
Cooling (171 Normal) | 259 | 303 | (14.5) | % | ||||||||||||||||
WPS (2) | ||||||||||||||||||||
Heating (4,610 Normal) | 4,751 | 4,336 | 9.6 | % | ||||||||||||||||
Cooling (144 Normal) | 249 | 242 | 2.9 | % | ||||||||||||||||
UMERC (3) | ||||||||||||||||||||
Heating (5,157 Normal) | 5,571 | 4,883 | 14.1 | % | ||||||||||||||||
Cooling (82 Normal) | 115 | 156 | (26.3) | % |
06/30/2022 Form 10-Q | 61 | WEC Energy Group, Inc. |
06/30/2022 Form 10-Q | 62 | WEC Energy Group, Inc. |
06/30/2022 Form 10-Q | 63 | WEC Energy Group, Inc. |
Six Months Ended June 30 | ||||||||||||||||||||
(in millions) | 2022 | 2021 | B (W) | |||||||||||||||||
Natural gas revenues | $ | 1,124.5 | $ | 978.9 | $ | 145.6 | ||||||||||||||
Cost of natural gas sold | 536.6 | $ | 412.6 | (124.0) | ||||||||||||||||
Total natural gas margins | 587.9 | $ | 566.3 | 21.6 | ||||||||||||||||
Other operation and maintenance | 192.7 | 200.1 | 7.4 | |||||||||||||||||
Depreciation and amortization | 114.2 | 106.7 | (7.5) | |||||||||||||||||
Property and revenue taxes | 20.9 | 16.4 | (4.5) | |||||||||||||||||
Operating income | 260.1 | 243.1 | 17.0 | |||||||||||||||||
Other income, net | 8.7 | 3.1 | 5.6 | |||||||||||||||||
Interest expense | 35.7 | 33.1 | (2.6) | |||||||||||||||||
Income before income taxes | 233.1 | 213.1 | 20.0 | |||||||||||||||||
Income tax expense | 63.3 | 57.4 | (5.9) | |||||||||||||||||
Net income attributed to common shareholders | $ | 169.8 | $ | 155.7 | $ | 14.1 |
Six Months Ended June 30 | ||||||||||||||||||||
(in millions) | 2022 | 2021 | B (W) | |||||||||||||||||
Operation and maintenance not included in the line items below | $ | 123.8 | $ | 135.5 | $ | 11.7 | ||||||||||||||
Riders (1) | 69.9 | 65.8 | (4.1) | |||||||||||||||||
Regulatory amortizations (1) | (1.0) | (1.2) | (0.2) | |||||||||||||||||
Total other operation and maintenance | $ | 192.7 | $ | 200.1 | $ | 7.4 |
Six Months Ended June 30 | ||||||||||||||||||||
Therms (in millions) | ||||||||||||||||||||
Natural Gas Sales Volumes | 2022 | 2021 | B (W) | |||||||||||||||||
Customer Class | ||||||||||||||||||||
Residential | 575.0 | 529.6 | 45.4 | |||||||||||||||||
Commercial and industrial | 225.4 | 202.0 | 23.4 | |||||||||||||||||
Total retail | 800.4 | 731.6 | 68.8 | |||||||||||||||||
Transportation | 492.6 | 456.5 | 36.1 | |||||||||||||||||
Total sales in therms | 1,293.0 | 1,188.1 | 104.9 |
06/30/2022 Form 10-Q | 64 | WEC Energy Group, Inc. |
Six Months Ended June 30 | ||||||||||||||||||||
Degree Days | ||||||||||||||||||||
Weather (1) | 2022 | 2021 | B (W) | |||||||||||||||||
Heating (3,819 Normal) | 3,931 | 3,655 | 7.6 | % |
06/30/2022 Form 10-Q | 65 | WEC Energy Group, Inc. |
Six Months Ended June 30 | ||||||||||||||||||||
(in millions) | 2022 | 2021 | B (W) | |||||||||||||||||
Natural gas revenues | $ | 340.8 | $ | 305.4 | $ | 35.4 | ||||||||||||||
Cost of natural gas sold | 212.7 | 194.1 | (18.6) | |||||||||||||||||
Total natural gas margins | 128.1 | 111.3 | 16.8 | |||||||||||||||||
Other operation and maintenance | 47.5 | 44.4 | (3.1) | |||||||||||||||||
Depreciation and amortization | 20.2 | 18.6 | (1.6) | |||||||||||||||||
Property and revenue taxes | 9.5 | 9.4 | (0.1) | |||||||||||||||||
Operating income | 50.9 | 38.9 | 12.0 | |||||||||||||||||
Other income, net | 1.1 | 0.5 | 0.6 | |||||||||||||||||
Interest expense | 6.5 | 3.0 | (3.5) | |||||||||||||||||
Income before income taxes | 45.5 | 36.4 | 9.1 | |||||||||||||||||
Income tax expense | 11.3 | 9.2 | (2.1) | |||||||||||||||||
Net income attributed to common shareholders | $ | 34.2 | $ | 27.2 | $ | 7.0 |
06/30/2022 Form 10-Q | 66 | WEC Energy Group, Inc. |
Six Months Ended June 30 | ||||||||||||||||||||
Therms (in millions) | ||||||||||||||||||||
Natural Gas Sales Volumes | 2022 | 2021 | B (W) | |||||||||||||||||
Customer Class | ||||||||||||||||||||
Residential | 224.6 | 192.5 | 32.1 | |||||||||||||||||
Commercial and industrial | 140.8 | 110.8 | 30.0 | |||||||||||||||||
Total retail | 365.4 | 303.3 | 62.1 | |||||||||||||||||
Transportation | 425.9 | 405.0 | 20.9 | |||||||||||||||||
Total sales in therms | 791.3 | 708.3 | 83.0 |
Six Months Ended June 30 | ||||||||||||||||||||
Degree Days | ||||||||||||||||||||
Weather (1) | 2022 | 2021 | B (W) | |||||||||||||||||
MERC | ||||||||||||||||||||
Heating (4,914 Normal) | 5,424 | 4,696 | 15.5 | % | ||||||||||||||||
MGU | ||||||||||||||||||||
Heating (3,934 Normal) | 4,030 | 3,824 | 5.4 | % |
06/30/2022 Form 10-Q | 67 | WEC Energy Group, Inc. |
Six Months Ended June 30 | ||||||||||||||||||||
(in millions) | 2022 | 2021 | B (W) | |||||||||||||||||
Equity in earnings of transmission affiliates | $ | 84.7 | $ | 83.9 | $ | 0.8 | ||||||||||||||
Interest expense | 9.7 | 9.7 | — | |||||||||||||||||
Income before income taxes | 75.0 | 74.2 | 0.8 | |||||||||||||||||
Income tax expense | 18.2 | 19.2 | 1.0 | |||||||||||||||||
Net income attributed to common shareholders | $ | 56.8 | $ | 55.0 | $ | 1.8 |
Six Months Ended June 30 | ||||||||||||||||||||
(in millions) | 2022 | 2021 | B (W) | |||||||||||||||||
Operating income | $ | 196.0 | $ | 176.2 | $ | 19.8 | ||||||||||||||
Interest expense | 34.6 | 35.9 | 1.3 | |||||||||||||||||
Income before income taxes | 161.4 | 140.3 | 21.1 | |||||||||||||||||
Income tax expense (benefit) | (12.2) | 0.8 | 13.0 | |||||||||||||||||
Net (income) loss attributed to noncontrolling interests | (1.8) | 0.7 | (2.5) | |||||||||||||||||
Net income attributed to common shareholders | $ | 171.8 | $ | 140.2 | $ | 31.6 |
06/30/2022 Form 10-Q | 68 | WEC Energy Group, Inc. |
Six Months Ended June 30 | ||||||||||||||||||||
(in millions) | 2022 | 2021 | B (W) | |||||||||||||||||
Operating loss | $ | (6.3) | $ | (8.5) | $ | 2.2 | ||||||||||||||
Other income, net | 3.0 | 33.7 | (30.7) | |||||||||||||||||
Interest expense | 47.2 | 48.8 | 1.6 | |||||||||||||||||
Loss before income taxes | (50.5) | (23.6) | (26.9) | |||||||||||||||||
Income tax benefit | (34.8) | (28.8) | 6.0 | |||||||||||||||||
Net income (loss) attributed to common shareholders | $ | (15.7) | $ | 5.2 | $ | (20.9) |
06/30/2022 Form 10-Q | 69 | WEC Energy Group, Inc. |
(in millions) | 2022 | 2021 | Change in 2022 Over 2021 | |||||||||||||||||
Cash provided by (used in): | ||||||||||||||||||||
Operating activities | $ | 1,762.6 | $ | 1,226.2 | $ | 536.4 | ||||||||||||||
Investing activities | (937.5) | (1,074.6) | 137.1 | |||||||||||||||||
Financing activities | (807.7) | (124.5) | (683.2) |
06/30/2022 Form 10-Q | 70 | WEC Energy Group, Inc. |
Reportable Segment (in millions) | 2022 | 2021 | Change in 2022 Over 2021 | |||||||||||||||||
Wisconsin | $ | 716.2 | $ | 632.5 | $ | 83.7 | ||||||||||||||
Illinois | 232.9 | 251.1 | (18.2) | |||||||||||||||||
Other states | 36.3 | 36.0 | 0.3 | |||||||||||||||||
Non-utility energy infrastructure | 36.8 | 84.8 | (48.0) | |||||||||||||||||
Corporate and other | 6.6 | 5.7 | 0.9 | |||||||||||||||||
Total capital expenditures | $ | 1,028.8 | $ | 1,010.1 | $ | 18.7 |
06/30/2022 Form 10-Q | 71 | WEC Energy Group, Inc. |
06/30/2022 Form 10-Q | 72 | WEC Energy Group, Inc. |
(in millions) | 2022 (1) | 2023 | 2024 | |||||||||||||||||
Wisconsin | $ | 2,131.7 | $ | 2,148.0 | $ | 2,114.1 | ||||||||||||||
Illinois | 573.1 | 586.8 | 635.0 | |||||||||||||||||
Other states | 119.1 | 103.6 | 106.4 | |||||||||||||||||
Non-utility energy infrastructure | 870.8 | 325.7 | 297.5 | |||||||||||||||||
Corporate and other | 22.0 | 17.5 | 4.3 | |||||||||||||||||
Total | $ | 3,716.7 | $ | 3,181.6 | $ | 3,157.3 |
06/30/2022 Form 10-Q | 73 | WEC Energy Group, Inc. |
06/30/2022 Form 10-Q | 74 | WEC Energy Group, Inc. |
06/30/2022 Form 10-Q | 75 | WEC Energy Group, Inc. |
(in millions) | Actual | Adjusted | ||||||||||||
Common shareholders' equity | $ | 11,290.6 | $ | 11,540.6 | ||||||||||
Preferred stock of subsidiary | 30.4 | 30.4 | ||||||||||||
Long-term debt (including current portion) | 13,697.8 | 13,447.8 | ||||||||||||
Short-term debt | 1,629.1 | 1,629.1 | ||||||||||||
Total capitalization | $ | 26,647.9 | $ | 26,647.9 | ||||||||||
Total debt | $ | 15,326.9 | $ | 15,076.9 | ||||||||||
Ratio of debt to total capitalization | 57.5 | % | 56.6 | % |
06/30/2022 Form 10-Q | 76 | WEC Energy Group, Inc. |
06/30/2022 Form 10-Q | 77 | WEC Energy Group, Inc. |
06/30/2022 Form 10-Q | 78 | WEC Energy Group, Inc. |
06/30/2022 Form 10-Q | 79 | WEC Energy Group, Inc. |
06/30/2022 Form 10-Q | 80 | WEC Energy Group, Inc. |
06/30/2022 Form 10-Q | 81 | WEC Energy Group, Inc. |
06/30/2022 Form 10-Q | 82 | WEC Energy Group, Inc. |
Issuer Purchases of Equity Securities | ||||||||||||||||||||||||||
2022 | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
April 1 – April 30 | — | — | — | $ | — | |||||||||||||||||||||
May 1 – May 31 | — | — | — | — | ||||||||||||||||||||||
June 1 – June 30 | 5,304 | $ | 104.92 | — | — | |||||||||||||||||||||
Total (1) | 5,304 | $ | 104.92 | — |
06/30/2022 Form 10-Q | 83 | WEC Energy Group, Inc. |
WEC ENERGY GROUP, INC. | ||||||||
(Registrant) | ||||||||
/s/ WILLIAM J. GUC | ||||||||
Date: | August 4, 2022 | William J. Guc | ||||||
Vice President and Controller | ||||||||
(Duly Authorized Officer and Chief Accounting Officer) |
06/30/2022 Form 10-Q | 84 | WEC Energy Group, Inc. |
1 Year WEC Energy Chart |
1 Month WEC Energy Chart |
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