Wisconsin Electric Power Company (WEPCo) reported a significant increase in financial performance for the third quarter and the first nine months of 2025, as detailed in its latest 10-Q filing. For the three months ending September 30, 2025, the company generated operating revenues of $1.201 billion, up from $1.079 billion in the same period last year, marking a 11.3% increase. Net income attributed to common shareholders also rose to $197.1 million, compared to $169.4 million in the prior year, reflecting a 16.4% increase. For the nine-month period, total revenues reached $3.392 billion, up from $3.020 billion, while net income increased to $511.7 million from $388.7 million, representing a 31.5% rise.
The company's operating expenses also saw a rise, with total operating expenses for the third quarter increasing to $862.5 million from $758.0 million in 2024. This increase was primarily driven by higher costs of sales, which rose to $401.2 million from $353.9 million, and other operational costs, which increased to $271.2 million from $241.6 million. The increase in revenues was attributed to a combination of factors, including a favorable rate order approved by the Public Service Commission of Wisconsin (PSCW) effective January 1, 2025, and higher sales volumes due to colder weather conditions.
In terms of strategic developments, WEPCo completed the acquisition of an additional 13.7% ownership interest in the West Riverside generation facility for $97.9 million in May 2024, bringing its total ownership to 200 MWs. The company is also actively pursuing new projects, including a significant investment in renewable energy, with plans to invest approximately $11.6 billion from 2026 to 2030 in regulated renewable energy projects. This includes the construction of utility-scale solar and battery storage facilities, as well as natural gas-fired generation.
Operationally, WEPCo serves approximately 1.2 million electric customers and 0.5 million natural gas customers. The company reported an increase in electric sales volumes, with total retail sales reaching 6,638.9 MWh in the third quarter of 2025, compared to 6,505.8 MWh in the same quarter of 2024. Natural gas sales also increased, with total retail sales of 36.7 million therms, up from 35.3 million therms in the prior year. The company continues to focus on enhancing its infrastructure and reliability, with significant investments planned in its electric and natural gas distribution systems.
Looking ahead, WEPCo anticipates continued growth driven by its capital investment strategy and the implementation of new tariffs aimed at large-scale customers. The company expects to maintain adequate liquidity to support its operations and capital projects, with a focus on environmental stewardship and compliance with regulatory requirements. The outlook remains positive, with management committed to achieving long-term value for customers and shareholders while navigating the evolving energy landscape.
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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