WEC · WEC Energy Group, Inc.

WEC Energy Group's investor update underscores a transformative period driven by unprecedented data center demand along the I-94 corridor. The company's $37.5 billion five-year capital plan (2026-2030) targets 7-8% long-term EPS growth, supported by investments in regulated renewables ($12.6B), thermal generation ($7.4B), and transmission ($4.1B at WEC's 60% share). Key regulatory developments include the Wisconsin Very Large Customer tariff, which provides a fixed ROE of 10.48-10.98% for new large loads, and rate reviews seeking modest increases. The Illinois proposed settlement resolves multiple open dockets with $255 million in customer credits and plant reductions. Microsoft's $20+ billion investment and Vantage Data Centers' $15+ billion campus are expected to add 3.9 GW of electric demand by 2030. The company's dividend growth trajectory (6.5-7% annually) and strong credit profile reinforce its position as a premier regulated utility. Management's confidence is reflected in the 2026 EPS guidance midpoint of $5.56, representing ~6.5% growth over 2025 adjusted EPS of $5.22.