Wisconsin Electric Power Company Reports Revenue and Net Income Growth in Q2 2026

Wisconsin Electric Power Company (WEPCo) reported a notable increase in its financial performance for the second quarter of 2026, with operating revenues reaching $1,057.1 million, up from $1,010.8 million in the same period last year. The company’s net income attributed to common shareholders also rose to $149.8 million, compared to $118.5 million in the prior year, reflecting a 26.4% increase. For the first half of 2026, total operating revenues were $2,380.6 million, a 8.7% increase from $2,189.9 million in the first half of 2025, while net income for the same period increased to $385.0 million from $314.6 million.

The company experienced significant changes in its operational expenses, which totaled $805.9 million for the second quarter, compared to $762.0 million in the same quarter of 2025. The increase was driven by higher costs in other operation and maintenance, which rose to $286.4 million from $249.8 million, and depreciation and amortization expenses, which increased to $167.4 million from $156.3 million. Additionally, WEPCo reported a substantial increase in other income, netting $40.6 million, compared to $12.3 million in the previous year, largely due to higher Allowance for Funds Used During Construction (AFUDC)-Equity.

Strategically, WEPCo is pursuing acquisitions to enhance its generation capacity. The company has filed for approval to purchase a 30% ownership interest in the Weston Generating Station, estimated at $150 million, and is also set to acquire the Whitetail Wind Energy Generation Facility, which will add 67.2 MW of wind power capacity. These acquisitions are part of a broader strategy to transition from coal to renewable energy sources, with plans to invest approximately $12.6 billion in renewable energy projects from 2026 to 2030.

Operationally, WEPCo serves approximately 1.2 million electric customers and 0.5 million natural gas customers. The company has seen a growth in customer demand, particularly from large data centers, which is expected to drive future revenue growth. The implementation of new Very Large Customer (VLC) and Bespoke Resources tariffs aims to cater to the unique needs of these large customers while ensuring that costs are not shifted to residential or smaller business customers. The company anticipates that these strategic developments will support its goal of achieving net carbon-neutral electric generation by 2050.

Looking ahead, WEPCo expects continued growth in operating revenues and net income, driven by its capital investments and strategic acquisitions. The company has filed for rate increases with the Public Service Commission of Wisconsin, reflecting ongoing capital investments and rising operational costs. A decision on these rate increases is anticipated in the fourth quarter of 2026, which could further enhance the company's financial position and support its long-term growth objectives.