Wisconsin Electric Power Company Reports Revenue Growth to $1.32 Billion in Q1 2026

Wisconsin Electric Power Company (WEPCo) reported a significant increase in its financial performance for the first quarter of 2026, with operating revenues reaching $1.32 billion, up from $1.18 billion in the same period last year. The company's net income attributed to common shareholders also rose to $235.2 million, compared to $196.1 million in the first quarter of 2025. This increase in profitability was driven by higher revenues from both electric and natural gas operations, which saw respective increases of 8.6% and 23.6% year-over-year.

The company's operating expenses also increased, totaling $965.2 million for the quarter, compared to $833.5 million in the prior year. The rise in costs was primarily attributed to higher costs of sales, which increased by 20.5% to $481.6 million, and other operational expenses, which rose to $284.2 million. Despite these increases, WEPCo's operating income improved slightly to $358.3 million from $345.6 million, reflecting effective management of operational costs relative to revenue growth.

Strategically, WEPCo is pursuing significant capital investments to transition its energy generation from coal to renewable sources. The company has filed for regulatory approval to acquire a 30% stake in the Weston Generating Station and is also moving forward with the acquisition of the Whitetail Wind Energy Generation Facility, which is expected to enhance its renewable energy portfolio. Additionally, the company has received verbal approval for new Very Large Customer (VLC) and Bespoke Resources tariffs, aimed at accommodating large-scale energy consumers while ensuring that costs are not shifted to other customers.

Operationally, WEPCo serves approximately 1.2 million electric customers and 0.5 million natural gas customers. The company reported a slight decrease in natural gas sales volumes, while electric sales volumes increased, particularly among large commercial and industrial customers. The company is also focused on enhancing its infrastructure, with planned investments of approximately $5.4 billion from 2026 to 2030 in natural gas and renewable energy projects, including significant expansions in solar and battery storage capabilities.

Looking ahead, WEPCo anticipates continued growth in demand for electricity, particularly from large data centers and manufacturing facilities in its service area. The company has proposed rate increases for 2027 and 2028 to support ongoing capital investments and operational costs, with a decision from the Public Service Commission of Wisconsin expected in late 2026. Overall, WEPCo's strategic focus on transitioning to cleaner energy sources and enhancing operational efficiency positions it for sustained growth in the evolving energy landscape.