Wisconsin Electric Power Company Reports 12.1% Revenue Growth and Increased Net Income in Latest Quarter

Wisconsin Electric Power Company (WEPCo) reported significant financial performance improvements in its latest 10-Q filing for the quarter ending June 30, 2025. The company achieved operating revenues of $1,010.8 million for the second quarter, marking a 12.1% increase from $902.0 million in the same period last year. For the first half of 2025, total revenues reached $2,189.9 million, up from $1,940.8 million in the prior year. Net income attributed to common shareholders also rose to $118.5 million for the second quarter, compared to $85.3 million in 2024, and $314.6 million for the first half, up from $219.3 million.

The increase in revenue and profitability can be attributed to several factors, including a favorable rate order approved by the Public Service Commission of Wisconsin (PSCW) effective January 1, 2025, which contributed approximately $58.8 million to margins. Additionally, colder weather conditions during the second quarter led to higher retail sales volumes, further boosting revenues. However, the company also faced increased operating expenses, with total operating expenses rising to $762.0 million in the second quarter from $688.6 million a year earlier, primarily due to higher costs of sales and maintenance.

In terms of strategic developments, WEPCo completed the acquisition of an additional 13.7% ownership interest in the West Riverside generation facility in May 2024 for $98.2 million, bringing its total ownership to 200 MWs. The company is also actively pursuing renewable energy projects, with plans to invest approximately $9.1 billion from 2025 to 2029 in regulated renewable energy initiatives, including solar and wind generation facilities. Notable projects include the construction of several utility-scale solar facilities and natural gas-fired combustion turbines, which are expected to enhance the company's energy portfolio and support its long-term sustainability goals.

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 5,581.7 MWh in the second quarter, up from 5,558.3 MWh in 2024. Natural gas sales also increased, with total retail sales of 85.9 million therms, compared to 69.2 million therms in the previous year. The company continues to focus on enhancing its infrastructure and reliability, with significant investments planned for its electric and natural gas distribution systems.

Looking ahead, WEPCo anticipates continued growth driven by its capital investment strategy and the ongoing transition to renewable energy sources. The company expects to maintain adequate liquidity to support its operations and capital projects, with a strong focus on financial discipline and operational efficiency. The outlook remains positive, with management committed to achieving long-term value for customers and shareholders while navigating the evolving energy landscape.