Wisconsin Electric Power Company (WEPCo) reported a significant increase in its financial performance for the fiscal year ending December 31, 2025, with net income attributed to common shareholders rising to $626.8 million, up from $513.2 million in 2024. This increase of $113.6 million was primarily driven by a $513.7 million rise in operating revenues, which totaled $4.493 billion, compared to $3.980 billion in the previous year. The growth in revenues was attributed to a combination of higher retail sales volumes, particularly due to colder weather conditions, and the impact of a rate order approved by the Public Service Commission of Wisconsin (PSCW) that took effect on January 1, 2025.
In terms of operational metrics, WEPCo's customer base expanded, with total electric customers increasing to 1.185 million in 2025 from 1.175 million in 2024. The company also reported a 2.3% increase in retail electric sales volumes for 2026, although it anticipates a slight decrease in sales volumes excluding large data center customers. The company is actively engaging with large-scale customers, particularly in the data center sector, to meet their substantial energy demands, which is expected to drive future growth.
Strategically, WEPCo has made significant investments in renewable energy and natural gas infrastructure, with plans to invest approximately $12.6 billion from 2026 to 2030 in regulated renewable energy projects. This includes the construction of 3,850 MW of utility-scale solar and 2,130 MW of battery storage. The company is also transitioning its generation fleet from coal to natural gas and renewables, with a long-term goal of achieving net carbon neutrality by 2050. In 2025, the company completed the construction of the battery portion of the Paris project and continued to expand its renewable energy portfolio.
The financial outlook for WEPCo remains positive, with management forecasting continued growth in electric demand driven by economic development in its service territory, particularly from data centers. The company is also focused on maintaining reliability and operational efficiency while managing costs. However, it faces challenges related to regulatory approvals, market conditions, and potential impacts from environmental regulations. The PSCW's approval of new tariffs for very large customers is expected to further support the company's growth strategy while ensuring that costs are not shifted to residential and small business customers.
About WISCONSIN ELECTRIC POWER CO
A subsidiary of WEC Energy Group, Wisconsin Electric Power Company generates and distributes electricity, natural gas, and steam primarily in Wisconsin. It operates a diverse generation portfolio including coal, natural gas, and renewables, and participates in regional energy markets. The company focuses on environmental sustainability, renewable investments, and reliable service, serving residential, commercial, and industrial customers through regulated and market-based operations.
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