WEC Energy Group (WEC) 10-K risk factor changes: FY2020 vs FY2019

We are subject to significant state, local, and federal governmental [removed: regulation,] [added: regulations,] including [removed: regulation] [added: regulations] by the various utility commissions in the states where we serve customers.

[removed: These laws] [added: Our operations are subject to extensive] and [removed: regulations govern,] [added: evolving federal, state, and local environmental laws, regulations, and permit requirements related to,] among other things, air emissions (including, but not limited to: CO2, methane, mercury, SO2, and NOx), protection of natural resources, water quality, wastewater discharges, and management of hazardous, toxic, and solid wastes and substances.

We incur significant [removed: costs] [added: capital and operating resources] to comply with these environmental [added: laws, regulations, and] requirements, including costs associated with the installation of pollution control [removed: equipment,] [added: equipment to further limit GHG emissions from our operations; operating restrictions on our facilities; and] environmental monitoring, emissions fees, and permits at our facilities.

| [removed: *2019] [added: *2020] Form 10-K* | [removed: 21] | [added: | 22 | | |] *WEC Energy Group, Inc.* | [added: | |]

[removed: [*Table] [added: *[Table] of [removed: Contents*](#s6F1C2DF90A4A538BA368225E09FC645C)][added: Contents](#if274cc687da84908b38c74df114fb05e_10)*]

[removed: environmental laws and] [added: Failure to comply with these laws,] regulations, [added: and requirements,] even if caused by factors beyond our control, [removed: that failure] may result in the assessment of civil or criminal penalties and fines.

[removed: The] [added: For example, the] EPA adopted and implemented (or is in the process of implementing) regulations governing the emission of NOx, SO2, fine particulate matter, mercury, and other air pollutants under the CAA through the NAAQS, [removed: the MATS rule, the ACE rule, the Cross-State Air Pollution rule, and other air quality regulations.][added: climate change]

[removed: In addition, the] [added: The] EPA [added: also] finalized regulations under the Clean Water Act that govern cooling water intake structures at our power plants and revised the effluent guidelines for steam electric generating plants.

[removed: In addition, the] [added: The] operation of emission control equipment and compliance with rules regulating our intake and discharge of water could [added: also] increase our operating costs and reduce the generating capacity of our power plants.

[removed: Any such regulation] [added: These regulations] may [removed: also] create substantial additional costs in the form of taxes or emission allowances and could affect the availability and/or cost of fossil fuels.

As a result of these [removed: environmental laws and regulations] [added: compliance costs] and other factors, certain of our coal-fired electric generating facilities have become uneconomical to maintain and operate, which has resulted in these units being retired or converted to an alternative type of fuel.

These costs include all costs incurred to date that we expect to recover, management's best estimates of future costs for investigation and [removed: remediation,] [added: remediation and] related legal expenses, and are net of amounts recovered (or that may be recovered) from insurance or other third parties.

Due to the potential for the imposition of stricter standards and greater regulation in the future, the possibility that other potentially responsible parties may not be [added: willing or] financially able to contribute to cleanup costs, a change in conditions or the discovery of additional contamination, our remediation costs could increase, and the timing of our capital and/or operating expenditures in the future may accelerate or could vary from the amounts currently accrued.

The incurrence of a material environmental liability or a material judgment in any action for personal injury or property damage related to environmental matters could have a [removed: significant] [added: material] adverse effect on our results of operations and financial condition.

| [removed: *2019] [added: *2020] Form 10-K* | [removed: 22] | [added: | 23 | | |] *WEC Energy Group, Inc.* | [added: | |]

These regulations, as well as changes in the fuel markets and advances in technology, could make additional electric generating units uneconomic to maintain or operate, may impact how we operate our existing fossil-fueled power plants and biomass facility, and could affect unit retirement and replacement decisions in the [removed: future.][added: future under the ESG Progress Plan.]

[removed: As a result, future regulation of] [added: Future statewide or nationwide actions like these to regulate] GHG emissions could increase the price of natural gas, restrict the use of natural gas, cause us to accelerate the replacement and/or updating of our natural gas delivery systems, and adversely affect our ability to operate our natural gas facilities.

We also continue to monitor the [added: financial and operational] feasibility of taking more aggressive action to further reduce GHG emissions in order to limit future global temperature increases.

Changes in [removed: federal income] tax [removed: policy] [added: legislation, IRS audits, or our inability to use certain tax benefits and carryforwards,] may adversely affect our financial condition, results of operations, and cash flows, as well as our or our subsidiaries’ credit ratings.

The amount of tax credits we earn depends on the [removed: level] [added: amount] of electricity [removed: generated,] [added: produced,] the applicable tax credit rate, [removed: and] [added: or] the amount of the investment in qualifying property.

[removed: For example, the Tax Legislation significantly changed the United States Internal Revenue Code, including taxation of United States corporations, by,] [added: Such changes include,] among other things, [removed: reducing] [added: increasing] the federal corporate income tax rate, [added: disallowing use of certain tax benefits and carryforwards,] limiting interest deductions, and altering the expensing of capital expenditures.

[removed: There is still uncertainty] [added: We are also uncertain] as to [removed: when or] how credit rating agencies, capital markets, the FERC, or state public utility commissions will treat any [removed: additional impacts of the Tax Legislation.][added: future changes to federal or state tax legislation.]

These impacts could subject us or any of our subsidiaries to [removed: further] credit rating downgrades.

In addition, certain financial metrics used by credit rating agencies, such as our funds from operations-to-debt percentage, could be negatively impacted by [removed: future rulings related to the Tax Legislation.][added: changes in federal or state income tax legislation.]

| [removed: *2019] [added: *2020] Form 10-K* | [removed: 23] | [added: | 24 | | |] *WEC Energy Group, Inc.* | [added: | |]

If our electric utilities [removed: were ever] [added: are] found to be in noncompliance with the mandatory reliability standards, they could be subject to sanctions, including substantial monetary [removed: penalties.][added: penalties, or damage to our reputation.]

Under the Holding Company Act, the sum of certain assets of all non-utility affiliates in a holding company system generally may not exceed 25% of the assets of all public utility affiliates in the system, subject to certain [removed: exceptions.][added: exemptions for energy-related assets.]

Our operations are subject to risks arising from the reliability of our electric generation, transmission, and distribution facilities, natural gas infrastructure facilities, [added: renewable energy facilities,] and other facilities, as well as the reliability of third-party transmission providers.

Our financial performance depends on the successful operation of our electric [removed: generation and] [added: generation,] natural gas and electric distribution [added: facilities, and renewable energy] facilities.

| [removed: *2019] [added: *2020] Form 10-K* | [removed: 24] | [added: | 25 | | |] *WEC Energy Group, Inc.* | [added: | |]

Because our electric generation [added: and renewable energy] facilities are interconnected with third-party transmission facilities, the operation of our facilities could also be adversely affected by events impacting their systems.

[removed: | • |] [added: -] *Fluctuations in customer growth and general economic conditions in our service areas.* Customer growth and energy use can be negatively impacted by population declines as well as economic factors in our service territories, including workforce reductions, stagnant wage growth, changing levels of support from state and local government for economic development, business closings, and reductions in the level of business investment. [removed: Our electric and natural gas utilities are impacted by economic cycles and the competitiveness of the commercial and industrial customers we serve. Any economic downturn, disruption of financial markets, or reduced incentives by state government for economic development could adversely affect the financial condition of our customers and demand for their products or services. These risks could directly influence the demand for electricity and natural gas as well as the need for additional power generation and generating facilities. We could also be exposed to greater risks of accounts receivable write-offs if customers are unable to pay their bills. |]

[removed: | *•* | *Weather conditions*. Demand for electricity is greater in the summer and winter months when cooling and heating is necessary.] In addition, [removed: demand for natural gas peaks in the winter heating season. As a result, our overall results may fluctuate substantially on a seasonal basis. In addition,] milder temperatures during the summer cooling season and during the winter heating [removed: season] [added: season, as a result of climate change or otherwise,] may result in lower revenues and net income. [removed: |]

We also expect to continue [added: constructing and] investing in renewable energy generating facilities as part of [added: the ESG Progress Plan, including repowering existing wind generation projects in] our generation [removed: reshaping plan] [added: portfolio,] and as part of our non-utility energy infrastructure segment.

[removed: These] [added: Additional] risks include, but are not limited to, the ability to adhere to established budgets and time frames; the availability of labor or materials at estimated costs; the ability of contractors to perform under their contracts; strikes; adverse weather conditions; potential legal challenges; changes in applicable laws or regulations; the impact on global supply chains of pandemic health events; other governmental actions; continued public and policymaker support for such projects; and events in the global economy.

If construction of commission-approved projects should materially and adversely deviate from the schedules, estimates, and projections on which the approval was based, our regulators may deem the additional capital costs as imprudent and [added: disallow recovery of them through rates, and otherwise available PTCs and ITCs for renewable energy projects could be lost or lose value.]

| [removed: *2019] [added: *2020] Form 10-K* | [removed: 25] | [added: | 26 | | |] *WEC Energy Group, Inc.* | [added: | |]

These threats [removed: against our generation facilities, electric and natural gas distribution infrastructure, our information and technology systems, and network infrastructure, including that of third parties on which we rely,] could result in a full or partial disruption of our ability to generate, transmit, purchase, or distribute electricity or natural gas or cause environmental repercussions.

Our continued efforts to integrate, consolidate, and streamline our operations have also resulted in increased reliance on current and recently completed projects for technology systems, including but not limited to, a customer information and billing system, [removed: automated meter reading systems, and other similar technological tools and initiatives.]

| [removed: *2019] [added: *2020] Form 10-K* | [removed: 26] | [added: | 27 | | |] *WEC Energy Group, Inc.* | [added: | |]

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regulations including the ACE rule, and other air quality regulations.

Several of these rules are being challenged, which creates additional uncertainty.

For example, the D.C. Court of Appeals vacated the ACE rule in January 2021.

In addition, existing environmental laws and regulations may be revised or new laws or regulations may be adopted at the federal, state, or local level.

In particular, it is uncertain how the change in the United States presidential administration will impact the final resolution of several environmental standards or the adoption of new environmental laws and regulations.

As part of our commitment to a cleaner energy future, we have already retired more than 1,800 MW of coal-fired generation since the beginning of 2018.

Under the ESG Progress Plan, we expect to retire approximately 1,800 MW of additional fossil-fueled generation by 2025, to be replaced with the construction of zero-carbon emitting renewable generation and natural gas-fired generation.

Our operations, capital expenditures, and financial results may be affected by the impact of greenhouse gas legislation, regulation, and emission reduction goals.

There is continued scientific and political attention to issues concerning the existence and extent of climate change.

Management expects this attention to continue, particularly with the change in the United States presidential administration.

Although the previously issued ACE rule was vacated in January 2021 adding additional uncertainty, President Biden has indicated that climate change will become one of his primary initiatives, with significant actions expected by his administration during his term in office.

As a result, we expect the EPA and states to adopt and implement additional regulations to restrict emissions of GHGs.

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*[Table of Contents](#if274cc687da84908b38c74df114fb05e_10)*

Costs associated with such legislation, regulation, and emission reduction goals could be significant.

Certain states outside our service territories have passed legislation banning natural gas used in new construction in order to limit these GHG emissions.

Our plan to replace older, fossil-fueled generation with zero-carbon emitting renewable generation and natural gas-fired generation will contribute to the achievement of our goals related to reducing CO2 and methane emissions.

However, our ability to achieve such goals depends on many external factors, including the development of relevant energy technologies.

Tax legislation and regulations can adversely affect, among other things, our financial condition, results of operations, cash flows, liquidity, and credit ratings.

Future changes to corporate tax rates or policies, including under the new United States presidential administration, could require us to take material charges against earnings.

Our inability to manage these changes, an adverse determination by one of the applicable taxing jurisdictions, or additional interpretations, implementing regulations, amendments, or technical corrections by the Treasury Department, the IRS, or state income tax authorities, could significantly impact our financial results and cash flows.

A reduction in or disallowance of these tax benefits could adversely affect our earnings and cash flows.

We have not fully used these allowed tax benefits in our previous tax filings and have carried them forward to use against future taxable income.

Our inability to generate sufficient taxable income in the future to fully use these tax carryforwards before they expire, could significantly affect our tax obligations and financial results.

In addition, we have invested, or plan to invest, in renewable energy generating facilities.

These facilities generate PTCs or ITCs that we use to reduce our federal tax obligations.

A variety of operating and economic factors, including transmission constraints, adverse weather conditions, and breakdown or failure of equipment, could significantly reduce the PTCs generated by the wind parks we have invested in, resulting in a material adverse impact on our financial condition and results of operations.

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*[Table of Contents](#if274cc687da84908b38c74df114fb05e_10)*

The ongoing COVID-19 pandemic could adversely affect our business functions, financial condition, liquidity, and results of operations.

The global outbreak of COVID-19 was declared a pandemic by the WHO and the CDC and has spread globally, including throughout the United States.

There is still considerable uncertainty regarding the extent and duration of the COVID-19 pandemic itself, as well as the measures currently in place to try to contain the virus, such as travel bans and restrictions, quarantines, limitations on business operations, and the timing of widespread availability of the vaccines.

Although the shelter-in-place orders that were in effect for our service territories have expired, other orders limiting the capacity of various businesses have been adopted in some jurisdictions.

In addition, similar or more restrictive orders could be adopted in the future depending on how the virus continues to spread and/or mutate.

Although no longer mandated by all of our regulators, our utility subsidiaries are continuing to temporarily suspend disconnections.

The effects of the COVID-19 pandemic and related government responses have significantly disrupted economic activity in our service territories.

Our operations are subject to numerous federal and state environmental laws and regulations.

In addition, if we fail to comply with

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In addition, as a result of the upcoming 2020 federal Presidential election and the lack of final resolution of several environmental standards, there is uncertainty as to what capital expenditures or additional costs may ultimately be required to comply with existing and future environmental laws and regulations.

Existing environmental laws and regulations may be revised or new laws or regulations may be adopted at the federal or state level that could result in significant additional expenditures for our generation units or distribution systems, including, without limitation, costs to further limit GHG emissions from our operations; operating restrictions on our facilities; and increased compliance costs.

We retired approximately 1,800 MW of coal-fired generation since the beginning of 2018, including the 2018 retirements of the Pleasant Prairie power plant, Pulliam power plant, and the jointly-owned Edgewater Unit 4 generating unit and the 2019 retirement of the PIPP.

Certain of our remaining coal-fired electric generating facilities may also be retired or converted in the future.

If other generation facility owners in the Midwest retire a significant number of older coal-fired generation facilities, a potential reduction in the region's capacity reserve margin below acceptable risk levels may result.

This could impair the reliability of the grid in the Midwest, particularly during peak demand periods.

A reduction in available future capacity could also adversely affect our ability to serve our customers' needs.

We may face significant costs to comply with the regulation of greenhouse gas emissions.

Management believes it is reasonably likely that the scientific and political attention to issues concerning the existence and extent of climate change, and the role of human activity in it, will continue, with the potential for further regulation that affects our

operations.

The ACE rule became effective in September 2019 and is currently being litigated by multiple states (including Illinois, Michigan, Minnesota, and Wisconsin), local governments, and non-government organizations.

This rule provides existing coal-fired generating units with standards for achieving GHG emission reductions.

Every state's plan to implement ACE is required to focus on reducing GHG emissions by improving the efficiency of fossil-fueled power plants.

We are continuing to analyze the GHG emission profile of our electric generation resources and to work with other stakeholders to determine the potential impacts to our operations of the ACE rule and federal and state GHG regulations in general.

We and our subsidiaries have invested or will be investing in renewable energy generating facilities, several of which generate production tax credits and investment tax credits that we use to reduce our federal tax obligations.

If our tax credits were disallowed in whole or in part as a result of an IRS audit or changes in tax law, we could owe tax liabilities for previously recognized tax credits that could significantly impact our earnings and cash flows.

In addition, if corporate tax rates or policies are changed with future federal or state legislation, we may be required to take material charges against earnings.

Parts of the Tax Legislation still remain unclear and will require additional interpretations and implementing regulations by the Treasury Department and the IRS, as well as state income tax authorities, and the Tax Legislation could continue to be subject to potential amendments and technical corrections, any of which could lessen or increase certain adverse impacts of the Tax Legislation.

State and local taxing authorities continue to evaluate the impact of the Tax Legislation, and any changes on the state or local level could lessen or increase the impacts of the Tax Legislation.

It is unclear whether additional opportunities may evolve for us to manage the adverse impacts of the Tax Legislation.

Based on our current evaluation of the Tax Legislation, we do not expect the limitations on interest deductions to materially adversely affect our earnings per share.

Any amendments to the Tax Legislation or interpretations or implementing regulations by the Treasury Department and/or the IRS contrary to our interpretation of the Tax Legislation could limit our ability to deduct the interest on some of our outstanding debt.

There may be other material adverse effects resulting from the Tax Legislation that we have not yet identified.

If we are unable to successfully take actions to manage any adverse impacts of the Tax Legislation, or if additional interpretations, regulations, amendments, or technical corrections exacerbate the adverse impacts of the Tax Legislation, the Tax Legislation could have an adverse effect on our financial condition, results of operations, cash flows, and on the value of investments in our debt securities and common stock, and could result in credit rating agencies placing our or our subsidiaries’ credit ratings on negative outlook or further downgrading our or our subsidiaries' credit ratings.

Any of these events could lead to substantial financial losses.

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| • | *Our customers' continued focus on energy conservation*. Our customers' use of electricity and natural gas has decreased as a result of continued individual conservation efforts, including the use of more energy efficient technologies. Customers could also voluntarily reduce their consumption of energy in response to decreases in their disposable income and increases in energy prices. Conservation of energy can be influenced by certain federal and state programs that are intended to influence how consumers use energy. For example, several states, including Wisconsin and Michigan, have adopted energy efficiency targets to reduce energy consumption by certain dates. |

disallow recovery of them through rates, and otherwise available production tax credits and investment tax credits for renewable energy projects could be lost or lose value.

customers' electric and natural gas requirements unless or until alternative supply arrangements are put in place.

We may not be able to fully use tax credits, net operating losses, and/or charitable contribution carryforwards.

We have not fully used the allowed tax credits, net operating losses, and charitable contribution deductions in our previous tax filings.

We may not be able to fully use the tax credits, net operating losses, and charitable contribution deductions available as carryforwards if our future federal and state taxable income and related income tax liability is insufficient to permit their use.

In addition, any future disallowance of some or all of those tax credits, net operating losses, or charitable contribution carryforwards as a result of legislation or an adverse determination by one of the applicable taxing jurisdictions could materially affect our tax obligations and financial results.

2021 target date, we cannot predict the consequences and timing of the development of alternative reference rates.

See the risk factor titled "Changes in federal income tax policy may adversely affect our financial condition, results of operations, and cash flows, as well as our or our subsidiaries' credit ratings" above for information about how the Tax Legislation could impact our or our subsidiaries' credits ratings.

Our goal is to continue to build and sustain long-term value for our shareholders and customers by focusing on the fundamentals of our business: [added: environmental stewardship;] reliability; operating efficiency; financial discipline; [added: exceptional] customer care; and safety.

In 2019, we met and [removed: exceeded] [added: surpassed] our [removed: 2030] [added: original] goal [removed: of reducing] [added: to reduce] CO2 emissions by 40% below 2005 [removed: levels, and are re-evaluating our longer-term CO2 reduction goals.][added: levels.]

[removed: The plan] [added: Plant retirements] included the March 2019 retirement of the [removed: Presque Isle power plant] [added: PIPP] as well as the 2018 retirements of the Pleasant Prairie power plant, [removed: the Pulliam power plant, and the jointly-owned] Edgewater Unit [removed: 4 generating units.][added: 4, and Pulliam Units 7 and 8.]

See Note [removed: 6,] [added: 7,] Property, Plant, and Equipment, for more information [removed: related to these power] [added: on the] plant retirements.

[removed: As part of our commitment to invest in zero-carbon generation, we] [added: We] have [removed: either filed for or] received approval to invest in 300 MW of utility-scale solar within our Wisconsin segment.

Wisconsin Public Service Corporation (WPS) has partnered with an unaffiliated utility to construct two solar projects in [removed: Wisconsin.][added: Wisconsin: Two Creeks Solar Park, now in service, and Badger Hollow Solar Park I, targeted for completion in the second quarter of 2021.]

[removed: Badger Hollow Solar Farm I] [added: Two Creeks] is located in [removed: Iowa] [added: Manitowoc] County, Wisconsin, and [removed: the Two Creeks Solar Project] [added: Badger Hollow I] is located in [removed: Manitowoc] [added: Iowa] County, Wisconsin.

[removed: Once constructed,] WPS [added: owns 100 MW of Two Creeks and] will own 100 MW of [removed: the output of each project] [added: Badger Hollow I] for a total of 200 MW.

[removed: Commercial] [added: Subject to PSCW approval, commercial] operation of [removed: both projects] [added: the LNG facilities] is targeted for the end of [removed: 2020.][added: 2023.]

[removed: Wisconsin Electric Power Company (WE)] [added: WE] has partnered with an unaffiliated utility to [removed: acquire an ownership interest in] [added: construct] a [removed: proposed] solar project, Badger Hollow [removed: Solar Farm] II, that will be located in Iowa County, Wisconsin.

Once constructed, WE will own 100 MW of [removed: the output of] this project.

Commercial operation [removed: of Badger Hollow Solar Farm II] is targeted for the [removed: end] [added: second quarter] of [removed: 2021.][added: 2021 for Badger Hollow I.]

In December 2018, WE received approval from the [removed: PSCW] [added: Public Service Commission of Wisconsin (PSCW)] for two renewable energy pilot programs.

The Solar Now pilot is expected to add 35 MW of solar generation to WE's portfolio, allowing non-profit and [removed: government] [added: governmental] entities, as well as commercial and industrial customers to site utility owned solar arrays on their property.

The second program, the Dedicated Renewable Energy Resource pilot, would allow large commercial and industrial customers to access renewable resources that WE would operate, adding up to 150 MW of renewables to WE's portfolio, and [removed: allowing] [added: helping] these larger customers [removed: to] meet their sustainability and renewable energy goals.

| [removed: *2019] [added: *2020] Form 10-K* | [removed: 39] | [added: | 41 | | |] *WEC Energy Group, Inc.* | [added: | |]

[removed: [*Table] [added: *[Table] of [removed: Contents*](#s6F1C2DF90A4A538BA368225E09FC645C)][added: Contents](#if274cc687da84908b38c74df114fb05e_10)*]

We also have a goal to decrease the rate of methane emissions from the natural gas distribution lines in our [removed: network] [added: networks] by 30% per mile by the year 2030 from a 2011 baseline.

We were over [removed: half way] [added: halfway] toward meeting that goal at the end of 2019.

We have made significant reliability-related investments in recent years, and [removed: plan] [added: in accordance with our ESG Progress Plan, expect] to continue strengthening and modernizing our generation fleet and distribution networks to further improve reliability.

Our investments, coupled with our commitment to operating efficiency and customer care, resulted in We Energies [removed: and WPS] being recognized [added: in 2020] by PA Consulting Group, an independent consulting firm, for superior reliability of [removed: their] [added: its] electric delivery [removed: networks.][added: network.]

This [removed: is] [added: was] the [removed: ninth] [added: 10th] consecutive year that We Energies has been named the most reliable utility in the [removed: Midwest and the first time WPS has been recognized.][added: Midwest.]

[removed: | • | WE and Wisconsin Gas LLC (WG) each plan to construct their own LNG facility.] Subject to PSCW approval, each facility would provide approximately one [removed: billion cubic feet] [added: Bcf] of natural gas supply to meet anticipated peak demand without requiring the construction of additional interstate pipeline capacity. [removed: These facilities are expected to reduce the likelihood of constraints on WE's and WG's natural gas systems during the highest demand days of winter. Commercial operation of the LNG facilities is targeted for the end of 2023. |]

[removed: | • |] [added: -] The Peoples Gas Light and Coke Company continues to work on its Natural Gas System Modernization Program, which primarily involves replacing old [removed: cast and ductile] iron pipes and facilities in Chicago’s natural gas delivery system with modern polyethylene pipes to reinforce the long-term safety and reliability of the system. [removed: |]

[removed: | • |] [added: -] WPS continues work on its System Modernization and Reliability Project, which involves modernizing parts of its electric distribution system, including burying or upgrading lines. [removed: The project focuses on constructing facilities to improve the reliability of electric service WPS provides to its customers. WE, WPS, and WG also continue to upgrade their electric and natural gas distribution systems to enhance reliability. |]

We continually look for ways to optimize the operating efficiency of our [removed: company.][added: company and will continue to do so under the ESG Progress Plan.]

We continue to focus on integrating [added: the] resources of all our businesses and finding the best and most efficient processes while meeting all applicable legal and regulatory requirements.

We [removed: also] strive to provide the best value [removed: to] [added: for] our customers [removed: and shareholders] by [removed: embracing constructive change,] [added: demonstrating personal responsibility for results,] leveraging [added: our] capabilities and expertise, and using creative solutions to meet or exceed our [removed: customers'] [added: customers’] expectations.

| [removed: *2019] [added: *2020] Form 10-K* | [removed: 40] | [added: | 42 | | |] *WEC Energy Group, Inc.* | [added: | |]

[removed: | • |] See Note 3, Dispositions, for information on [removed: recent dispositions. In] the [removed: first quarter of 2017, we sold substantially all of the remaining assets] [added: sale] of [removed: Bostco LLC, and, in October 2018, Bostco was dissolved. In 2019, we sold] certain WPS Power Development, LLC solar power generation facilities. [removed: |]

We expect total capital expenditures for our regulated utility and non-utility energy infrastructure businesses to be approximately [removed: $13.7] [added: $15.0] billion from [removed: 2020] [added: 2021] to [removed: 2024.][added: 2025.]

Specific projects [added: included in the $16.1 billion ESG Progress Plan] are discussed in more detail below under Liquidity and Capital Resources.

[removed: We] [added: In addition, we] currently forecast that our share of ATC's projected capital expenditures over the next five years will be [removed: $1.3] [added: $1.1] billion.

[removed: We have a long-standing commitment to both workplace and public safety, and under] [added: Under] our "Target Zero" mission, we have an ultimate goal of zero incidents, accidents, and injuries.

The following discussion and analysis of our [removed: Results of Operations] [added: Liquidity and Capital Resources] includes comparisons of our [removed: results] [added: cash flows] for the year ended December 31, [removed: 2019] [added: 2020] with the year ended December 31, [removed: 2018.][added: 2019.]

For a similar discussion that compares our [removed: results] [added: cash flows] for the year ended December 31, [removed: 2018] [added: 2019] with the year ended December 31, [removed: 2017,] [added: 2018,] see Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations – [removed: Results of Operations] [added: Liquidity and Capital Resources] in Part II of our [removed: 2018] [added: 2019] Annual Report on Form 10-K.

| [removed: *2019] [added: *2020] Form 10-K* | [removed: 41] | [added: | 43 | | |] *WEC Energy Group, Inc.* | [added: | |]

The following table compares our consolidated [removed: results for the year ended December 31, 2019 with the year ended December 31, 2018,] [added: results,] including favorable or better, "B", and unfavorable or worse, "W", variances:

| | | [added: | | | |] Year Ended December 31 | | | | | | | | | | | | | | | | | | | | | | | [added: | | | |]

Our 2021-2025 capital investment plan for efficiency, sustainability and growth, referred to as our ESG Progress Plan, provides a roadmap for us to achieve this goal.

It is an aggressive plan to cut emissions, maintain superior reliability, deliver significant savings for customers, and grow our investment in the future of energy.

Throughout our strategic planning process, we take into account important developments, risks and opportunities, including new technologies, customer preferences and commodity prices, energy resiliency efforts, and sustainability.

We published the results of a priority sustainability issue assessment in 2020, identifying the issues that are most important to our company and its stakeholders over the short and long terms.

Our risk and priority assessments have formed our direction as a company.

Creating a Sustainable Future

Our ESG Progress Plan includes the retirement of older, fossil-fueled generation, to be replaced with the construction of zero-carbon-emitting renewable generation and clean natural gas-fired generation.

When taken together, the retirements and new investments should better balance our supply with our demand, while maintaining reliable, affordable energy for our customers.

The retirements will contribute to meeting our goals to reduce carbon dioxide (CO2) emissions from our electric generation.

In July 2020, we announced new goals to reduce CO2 emissions from our electric generation by 70% below 2005 levels by 2030 and to be net carbon neutral by 2050.

We added a near-term goal in November 2020 to reduce CO2 emissions by 55% below 2005 levels by 2025.

We already have retired more than 1,800 megawatts (MW) of coal-fired generation since the beginning of 2018, which included the 2019 retirement of the Presque Isle power plant as well as the 2018 retirements of the Pleasant Prairie power plant, the Pulliam power plant, and the jointly-owned Edgewater Unit 4 generating units.

See Note 6, Regulatory Assets and Liabilities, for more information related to these power plant retirements.

As part of our ESG Progress Plan, we expect to retire approximately 1,800 MW of additional fossil-fueled generation by 2025.

In addition to retiring these older, fossil-fueled plants, we expect to invest approximately $2 billion from 2021-2025 in low-cost renewable energy in Wisconsin.

Our plan is to replace a portion of the retired capacity by building and owning a combination of clean, natural gas-fired generation and zero-carbon-emitting renewable generation facilities that are anticipated to include the following new investments:

- 800 MW of utility-scale solar;

- 600 MW of battery storage;

- 100 MW of wind;

- 100 MW of reciprocating internal combustion engine (RICE) natural gas-fueled generation; and

- the planned purchase of 200 MW of capacity in the West Riverside Energy Center – a new, combined-cycle natural gas plant recently completed by Alliant Energy in Wisconsin.

These new investments discussed above are in addition to the renewable projects currently underway.

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Wisconsin Electric Power Company (WE) has partnered with an unaffiliated utility to construct Badger Hollow Solar Park II that is expected to enter commercial operation in December 2022.

Under this program, WE has energized 13 Solar Now projects and currently has another five under construction, together totaling more than 15 MW.

- WE is constructing approximately 46 miles of natural gas transmission main to increase the quantity and reliability of natural gas service in southeastern Wisconsin.

This project, called the Lakeshore Lateral Project, is expected to be completed by the end of 2021.

- WE and Wisconsin Gas LLC (WG) each plan to construct their own liquefied natural gas (LNG) facility to meet anticipated peak demand.

WE, WPS, and WG also continue to upgrade their electric and natural gas distribution systems to enhance reliability.

For more details, see Liquidity and Capital Resources – Capital Resources and Requirements – Capital Requirements – Significant Capital Projects.

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*[Table of Contents](#if274cc687da84908b38c74df114fb05e_10)*

In our non-utility energy infrastructure segment, we have acquired or agreed to acquire majority interests in six wind parks, capable of providing more than 1,000 MW of carbon-free energy in total.

These renewable energy assets represent more than $1.6 billion in committed investments and have long-term agreements to serve customers outside our traditional service areas.

Production tax credits from these wind investments reduce our cash tax expense.

We also project that these investments will generate higher returns than our regulated business.

See Note 2, Acquisitions, for additional information on these transactions.

A multiyear effort is driving a standardized, seamless approach to digital customer service across our companies.

In August 2019, WECI signed an agreement to acquire an 80% ownership interest in Thunderhead Wind Energy LLC, a 300 MW wind generating facility under construction in Antelope and Wheeler counties in Nebraska.

In January 2020, WECI signed an agreement to acquire an 80% ownership interest in Blooming Grove Wind Energy Center LLC, a 250 MW wind generating facility under construction in McLean County, Illinois.

Reshaping Our Generation Fleet

The planned reshaping of our generation fleet balances reliability and customer cost with environmental stewardship.

Taken as a whole, this plan should reduce costs to customers, preserve fuel diversity, and lower carbon emissions.

Generation reshaping includes retiring older fossil fuel generation units, building state-of-the-art natural gas generation, and investing in cost-effective zero-carbon generation.

We have already retired more than 1,800 MW of coal-fired generation since the beginning of 2018, and expect to continue adding natural gas-fired generating units and renewable generation, including utility-scale solar projects.

The Public Service Commission of Wisconsin (PSCW) approved the acquisition of these two projects in April 2019.

Construction began at the Two Creeks Solar Project and the Badger Hollow Solar Farm I in August 2019 and October 2019, respectively.

At its meeting on February 20, 2020, the PSCW approved the acquisition of this project.

The approval is still subject to WE's receipt and review of a final written order from the PSCW.

Under this program, in 2019, WE constructed 5 MW of solar generation and expects to construct more than double that amount in 2020.

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As the cost of renewable energy generation continues to decline, these utility-scale solar projects and the WE pilot programs have become cost effective opportunities for WEC Energy Group and our customers to participate in renewable energy.

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| • | See Note 2, Acquisitions, for information about our acquisitions of portions of wind energy generation facilities in Wisconsin, Illinois, Nebraska, and South Dakota. |

From 2020 to 2024, we expect capital contributions to ATC to be approximately $150 million.

Capital investments at ATC will be funded utilizing these capital contributions, in addition to cash generated by ATC from operations and debt.

We strive to provide the best value for our customers by embracing constructive change, demonstrating personal responsibility for results, leveraging our capabilities and expertise, and using creative solutions to meet or exceed our customers’ expectations.

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| (in millions, except per share data) | | 2019 | | | | 2018 | | | | B (W) | | | | Change Related to Flow Through of Tax Repairs | | | | Change Related to Adoption of New Lease Guidance (Topic 842) | | | | Remaining Change B (W) | | |

| Wisconsin | | $ | 1,189.6 | | | $ | 800.2 | | | $ | 389.4 | | | $ | (3.1 | ) | | $ | 350.9 | | | $ | 41.6 | |

| Illinois | | 291.9 | | | | 255.8 | | | | 36.1 | | | | — | | | | — | | | | 36.1 | | |

| Other states | | 65.3 | | | | 68.8 | | | | (3.5 | | ) | | — | | | | — | | | | (3.5 | | ) |

| Corporate and other | | (34.4 | | ) | | (22.2 | | ) | | (12.2 | | ) | | — | | | | — | | | | (12.2 | | ) |

| Reconciling eliminations * | | (347.6 | | ) | | — | | | | (347.6 | | ) | | — | | | | (347.6 | | ) | | — | | |

| Total operating income | | 1,531.4 | | | | 1,468.4 | | | | 63.0 | | | | (3.1 | | ) | | 3.3 | | | | 62.8 | | |

| Equity in earnings of transmission affiliates | | 127.6 | | | | 136.7 | | | | (9.1 | | ) | | — | | | | — | | | | (9.1 | | ) |

| Interest expense | | 501.5 | | | | 445.1 | | | | (56.4 | | ) | | — | | | | (3.3 | | ) | | (53.1 | | ) |

| Income before income taxes | | 1,259.7 | | | | 1,230.3 | | | | 29.4 | | | | (3.1 | | ) | | — | | | | 32.5 | | |

| Income tax expense | | 125.0 | | | | 169.8 | | | | 44.8 | | | | 3.1 | | | | — | | | | 41.7 | | |

| Net loss attributed to noncontrolling interests | | 0.5 | | | | — | | | | 0.5 | | | | — | | | | — | | | | 0.5 | | |

| * | We adopted ASU 2016-02, Leases (Topic 842), effective January 1, 2019, which revised the previous guidance regarding the accounting for leases. As a result of this adoption, during 2019, $347.6 million of minimum lease payments that were billed from We Power to WE were no longer classified within operation and maintenance, but were instead recorded as interest expense in accordance with Topic 842. The We Power leases do not impact our financial statements as all amounts associated with the leases are eliminated at the consolidated level. |

The table above shows the income statement impacts associated with the flow through of tax repairs beginning January 1, 2018 and the adoption of Topic 842, effective January 1, 2019.

As shown in the table above, the changes related to these items had no impact on net income attributed to common shareholders.

| • | A $41.7 million remaining decrease in income tax expense, primarily due to an increase in wind production tax credits related to acquisitions of ownership interests in wind generation facilities in our non-utility energy infrastructure segment and the impact of the 2018 PSCW order regarding the benefits associated with the Tax Legislation. The impacts from the 2018 PSCW order related to the Tax Legislation were offset in operating income at the Wisconsin segment. See Note 2, Acquisitions, for more information on the acquisitions in our non-utility energy infrastructure segment. |

| • | A $31.9 million increase in other income, net, driven by net gains from investments held in the Integrys rabbi trust during 2019, compared with net losses during 2018. These investment gains partially offset benefits costs related to deferred compensation, which are included in other operation and maintenance expense. See Note 16, Fair Value Measurements, for more information on our investments held in the Integrys rabbi trust. Also contributing to the increase was higher net credits from the non-service components of our net periodic pension and OPEB costs. See Note 19, Employee Benefits, for more information on our benefit costs. |

Management's Discussion and Analysis of Financial Condition and Results of Operations – Factors Affecting Results, Liquidity, and Capital Resources – Market Risks and Other Significant Risks, as well as Note [removed: 1(p),] [added: 1(r),] Fair Value Measurements, Note [removed: 1(q),] [added: 1(s),] Derivative Instruments, and Note [removed: 18,] [added: 19,] Guarantees, for information concerning potential market risks to which we are exposed.

| [removed: *2019] [added: *2020] Form 10-K* | [removed: 67] | [added: | 77 | | |] *WEC Energy Group, Inc.* | [added: | |]

[removed: [*Table] [added: *[Table] of [removed: Contents*](#s6F1C2DF90A4A538BA368225E09FC645C)][added: Contents](#if274cc687da84908b38c74df114fb05e_10)*]

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The term "nonregulated" refers to activities at [removed: Bishop Hill III, Coyote Ridge, Upstream,] [added: WECI, which holds interests in several wind generating facilities,] WEC Energy Group holding company, the Integrys holding company, the PELLC holding company, Wispark, [removed: Bostco,] Wisvest, WECC, WBS, and PDL.

For more information about our business operations, see Note [removed: 21,] [added: 22,] Segment Information, and Item 7.

On June 29, 2015, we acquired 100% of the outstanding common shares of Integrys and changed our name to WEC Energy Group, Inc. Our wholly owned subsidiaries provide [added: or invest in] regulated natural gas and electricity, [added: and renewable energy,] as well as nonregulated renewable energy.

At December 31, [removed: 2019,] [added: 2020,] we had six reportable segments, which are discussed below.

For additional information about our reportable segments, see Note [removed: 21,] [added: 22,] Segment Information.

For the periods presented in this Annual Report on Form 10-K, our electric utility operations included operations of WE, [removed: WPS] [added: WPS,] and UMERC.

[removed: | • |] [added: -] WE generates and distributes electric energy to customers located in southeastern Wisconsin (including the metropolitan Milwaukee area), east central Wisconsin, and northern Wisconsin. [removed: WE also served an iron ore mine customer, Tilden, in the Upper Peninsula of Michigan, through March 31, 2019 when Tilden became a customer of UMERC. |]

[removed: | • |] [added: -] WPS generates and distributes electric energy to customers located in northeastern and central Wisconsin. [removed: |]

[removed: | • |] UMERC [removed: generates and distributes electric energy to customers located in the Upper Peninsula of Michigan. UMERC] began generating electricity when its new natural gas-fired generation achieved commercial operation on March 31, 2019. [removed: |]

| [removed: *2019] [added: *2020] Form 10-K* | [added: | |] 3 | [added: | |] *WEC Energy Group, Inc.* | [added: | |]

[removed: [*Table] [added: *[Table] of [removed: Contents*](#s6F1C2DF90A4A538BA368225E09FC645C)][added: Contents](#if274cc687da84908b38c74df114fb05e_10)*]

For information about our operating revenues disaggregated by customer class for the years ended December 31, [removed: 2019] [added: 2020, 2019,] and 2018, see Note 4, Operating Revenues.

| Small commercial and industrial [removed: (1)] | | [removed: 1,400.9] | | | [added: | 175.8 | | | | | | 174.6 | | | | | | 173.2 | | |]

| Large commercial and industrial [removed: (1)] | | [removed: 913.7] | | | [added: | 0.8 | | | | | | 0.9 | | | | | | 0.9 | | |]

In [removed: 2019,] [added: 2020,] retail revenues accounted for [removed: 90.4%] [added: 91.9%] of total electric operating revenues, wholesale revenues accounted for [removed: 4.4%] [added: 4.1%] of total electric operating revenues, and resale revenues accounted for [removed: 3.8%] [added: 3.1%] of total electric operating revenues.

Management's Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations – Wisconsin Segment Contribution to [removed: Operating] [added: Net] Income [added: Attributed to Common Shareholders] for information on MWh sales by customer class.

The majority of our sales for resale are sold into an energy market operated by MISO at market rates based on [added: the] availability of our generation and market demand.

| [removed: *2019] [added: *2020] Form 10-K* | [added: | |] 4 | [added: | |] *WEC Energy Group, Inc.* | [added: | |]

Our service territory experienced [removed: a decline in] [added: lower] weather-normalized retail electric sales in [removed: 2019] [added: 2020, as compared with 2019,] due [removed: primarily] to [removed: reduced industrial sales.][added: the impact of the COVID-19 pandemic.]

We currently forecast retail electric sales volumes, excluding the Tilden mine located in the Upper Peninsula of Michigan, to grow between [removed: 1%] [added: 1.0%] and [removed: 1.5%] [added: 1.3%] over the next five years, [added: compared with 2020,] assuming normal weather.

Electric peak demand is expected to grow between [removed: flat and] 0.5% [added: and 1.0%] over the next five years.

| | | [added: | | | |] Year Ended December 31 | | | | | | | | [added: | | | | | | |]

| (in thousands) | | [added: | | | | 2020 | | | | | |] 2019 | | | [removed: 2018] | | | [removed: 2017] [added: 2018] | | [added: |]

| Electric customers – end of year | | | | | | | | | | [added: | | | | | | | | | | |]

| Residential | | [removed: 1,449.7] | | | [removed: 1,441.3] | [added: 1,459.3] | | [removed: 1,431.4] | | [added: | | 1,449.7 | | | | | | 1,441.3 | | |]

| Wholesale and other | | [removed: 2.7] | | | [added: | 3.0 | | | | | |] 2.7 | | | [removed: 2.6] | | [added: | 2.7 | | |]

| Total electric customers – end of year | | [removed: 1,627.9] | | | [removed: 1,618.1] | [added: 1,638.9] | | [removed: 1,607.1] | | [added: | | 1,627.9 | | | | | | 1,618.1 | | |]

| Steam customers – end of year | | [added: | | | |] 0.4 | | | [added: | | |] 0.4 | | | [added: | | |] 0.4 | | [added: |]

We provide electric utility service to a diversified base of customers in industries such as metals and other manufacturing, paper, governmental, [removed: food products,] health services, [removed: education,] [added: real estate,] and [removed: retail.][added: food products.]

We supplement our internally generated power supply with long-term [removed: power purchase agreements,] [added: PPAs,] including the Point Beach [removed: power purchase agreement] [added: PPA] discussed under the heading "Power Purchase Commitments," and through spot purchases in the MISO Energy Markets.

| [removed: *2019] [added: *2020] Form 10-K* | [added: | |] 5 | [added: | |] *WEC Energy Group, Inc.* | [added: | |]

The table below indicates our sources of electric energy supply as a percentage of sales for the three years ended December 31, as well as estimates for [removed: 2020:][added: 2021:]

| | | [added: | | | |] Estimate (1) | | | [added: | | |] Actual | | | | | | | | [added: | | | | | | |]

| | | [added: | | | |] 2020 | | | [added: | | |] 2019 | | | [removed: 2018] | | | [removed: 2017] [added: 2018] | | [added: |]

| [removed: Company-owned] [added: Company-owned] generation [removed: units:] [added: units:] | | | | | | | | | | | | | [added: | | | | | | | | | | | | | |]

| Coal | | [removed: 32.5] | [added: | | | 33.2 | |] % | | [removed: 36.3] | [added: | 31.1 | |] % | | [removed: 44.7] | [added: | 36.3 | |] % | | [removed: 48.5] | [added: | 44.7 | |] % |

| Natural gas: | | | | | | | | | | | | | [added: | | | | | | | | | | | | | |]

| Combined cycle | | [removed: 24.3] | [added: | | | 26.3 | |] % | | [removed: 26.8] | [added: | 27.8 | |] % | | [removed: 19.7] | [added: | 26.8 | |] % | | [removed: 16.5] | [added: | 19.7 | |] % |

| Steam turbine | | [removed: 0.9] | [added: | | | 0.7 | |] % | | [removed: 0.8] | [added: | 1.0 | |] % | | [removed: 0.6] | [added: | 0.8 | |] % | | [removed: 0.8] | [added: | 0.6 | |] % |

| Natural gas/oil peaking units | | [removed: 4.4] | [added: | | | 2.0 | |] % | | [removed: 0.9] | [added: | 2.4 | |] % | | [removed: 1.7] | [added: | 0.9 | |] % | | [removed: 1.1] | [added: | 1.7 | |] % |

For information about our business strategy, see Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations – Corporate Developments.

WE also served an iron ore mine customer, Tilden, in the Upper Peninsula of Michigan, through March 31, 2019 when Tilden became a customer of UMERC.

- UMERC generates and distributes electric energy to customers located in the Upper Peninsula of Michigan.

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*[Table of Contents](#if274cc687da84908b38c74df114fb05e_10)*

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We Power's generating units are also included in the generation capacity.

On November 2, 2020, we added to our electric generation portfolio when WPS's new utility-scale solar plant, Two Creeks, with 150 MW nameplate capacity in Manitowoc County, Wisconsin achieved commercial operation.

WPS owns 100 MW of Two Creeks.

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*[Table of Contents](#if274cc687da84908b38c74df114fb05e_10)*

Creating a Sustainable Future

The ESG Progress Plan includes the retirement of older, fossil-fueled generation, to be replaced with the construction of zero-carbon-emitting renewable generation and natural gas-fired generation.

When taken together, the retirements and new investments should better balance our supply with our demand, while maintaining reliable, affordable energy for our customers.

The retirements will contribute to meeting our goals to reduce CO2 emissions from our electric generation.

In July 2020, we announced new goals to reduce CO2 emissions from our electric generation by 70% below 2005 levels by 2030 and to be net carbon neutral by 2050.

We added a near-term goal in November 2020 to reduce CO2 emissions by 55% below 2005 levels by 2025.

As part of the ESG Progress Plan, we expect to retire approximately 1,800 MW of additional fossil-fueled generation by 2025.

Management's Discussion and Analysis of Financial Condition and Results of Operations – Corporate Developments for more information on the ESG Progress Plan.

Wind

In February 2021, WE and WPS filed an application with the PSCW for approval to accelerate up to approximately $154 million in capital investments in BSGF and CCWP, to repower major components.

In response to the COVID-19 pandemic, the IRS issued guidance extending the period for work to be completed on facilities in order to be eligible for PTCs if certain requirements are met.

If approved, WE and WPS each expect to receive an additional 10 years of PTCs, and BSGF and CCWP would be allowed to continue providing a reliable, cost-effective, zero-fuel-cost, zero-emission capacity and energy resource for customers

In February 2021, WE and WPS, along with an unaffiliated utility, filed an application with the PSCW for approval to acquire and construct the Paris Solar-Battery Park, a utility-scale solar-powered electric generating facility with a battery energy storage system.

The project will be located in Kenosha County, Wisconsin and features 200 MW of solar generation and 110 MW of battery storage.

The joint applicants propose that WE would acquire a 75% ownership interest, WPS would acquire a 15% ownership interest, and the unaffiliated utility would acquire the remaining 10% ownership interest.

If approved, our share of the cost of this project is estimated to be approximately $385 million with construction expected to begin in 2022 and completed by the end of 2023.

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*[Table of Contents](#if274cc687da84908b38c74df114fb05e_10)*

- In August 2019, WE partnered with an unaffiliated utility to construct a solar project, Badger Hollow II, that will be located in Iowa County, Wisconsin and is expected to enter commercial operation in December 2022.

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The following table shows electric utility operating revenues, including steam operations, for our Wisconsin segment disaggregated by customer class for the year ended December 31, 2017.

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| (in millions) | | 2017 | | |

| Operating revenues | | | | |

| Residential | | $ | 1,581.5 | |

| Other | | 30.5 | | |

| Retail (1) | | 3,926.6 | | |

| Wholesale | | 233.4 | | |

| Resale | | 270.6 | | |

| Steam | | 23.3 | | |

| Other operating revenues (2) | | 105.1 | | |

| Total operating revenues (1) | | $ | 4,559.0 | |

| (1) | Includes distribution sales for customers who have purchased power from an alternative electric supplier in Michigan. |

| (2) | Includes SSR revenues, amounts collected from (refunded to) customers for certain fuel and purchased power costs that exceed a 2% price variance from costs included in rates, and other revenues, partially offset by revenues from Tilden that were addressed in WE's December 2019 Wisconsin rate order. |

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| Small commercial and industrial | | 174.6 | | | 173.2 | | | 172.2 | |

| Large commercial and industrial | | 0.9 | | | 0.9 | | | 0.9 | |

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Reshaping our Generation Fleet

The planned reshaping of our generation fleet balances reliability and customer cost with environmental stewardship.

Taken as a whole, this plan should reduce costs to customers, preserve fuel diversity, and lower carbon emissions.

Generation reshaping includes retiring older fossil fuel generation units, building state-of-the-art natural gas generation, and investing in cost-effective zero-carbon generation.

We have already retired more than 1,800 MW of coal-fired generation since the beginning of 2018, and expect to continue adding natural gas-fired generating units and renewable generation, including utility-scale solar projects.

Under this program, in 2019, WE constructed 5 MW of solar generation and expects to construct more than double that amount in 2020.

| • | In April 2019, WPS, along with an unaffiliated utility, received approval from the PSCW to acquire ownership interests in two utility-scale solar projects in Wisconsin. Badger Hollow I is located in Iowa County, Wisconsin, and Two Creeks is located in Manitowoc County, Wisconsin. Once constructed, WPS will own 100 MW of the output of each project for a total of 200 MW. Construction began at Two Creeks and Badger Hollow I in August 2019 and October 2019, respectively. Commercial operation of both projects is targeted for the end of 2020. |

| • | In August 2019, WE, along with an unaffiliated utility, filed an application with the PSCW for approval to acquire an ownership interest in a proposed solar project, Badger Hollow II, that will be located in Iowa County, Wisconsin. At its meeting on February 20, 2020, the PSCW approved the acquisition of this project. The approval is still subject to WE's receipt and review of a final written order from the PSCW. Once constructed, WE will own 100 MW of the output of this project. Commercial operation of Badger Hollow II is targeted for the end of 2021. |

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| 2020 | | 10,020 | |

| 2021 | | 4,640 | |

As part of our generation reshaping plan, we recently retired

The following table shows natural gas utility operating revenues for our Wisconsin segment disaggregated by customer class for the year ended December 31, 2017.

| Residential | | $ | 809.3 | |

The following should be read in conjunction with Note [removed: 23,] [added: 24,] Commitments and Contingencies, and Note [removed: 25,] [added: 26,] Regulatory Environment, in this report for additional information on material legal proceedings and matters related to us and our subsidiaries.

In addition to those legal proceedings discussed in Note [removed: 23,] [added: 24,] Commitments and Contingencies, Note [removed: 25,] [added: 26,] Regulatory Environment, and below, we are currently, and from time to time, subject to claims and suits arising in the ordinary course of business.

[removed: Although the] results of these additional legal proceedings cannot be predicted with certainty, management believes, after consultation with legal counsel, that the ultimate resolution of these proceedings will not have a material effect on our financial statements.

PGL quickly shut down and permanently plugged the well to [added: contain the leak after it was discovered.]

| [removed: *2019] [added: *2020] Form 10-K* | [removed: 34] | [added: | 36 | | |] *WEC Energy Group, Inc.* | [added: | |]

[removed: [*Table] [added: *[Table] of [removed: Contents*](#s6F1C2DF90A4A538BA368225E09FC645C)][added: Contents](#if274cc687da84908b38c74df114fb05e_10)*]

PGL entered into an Agreed Interim Order with the State of Illinois in October 2017 and a First Amended Agreed Interim Order in September 2019 whereby PGL agreed, among other things, to continue actions it was already undertaking proactively, including the submittal of a GMZ [removed: application, which PGL submitted] [added: application] to the IEPA in August 2019.

In the event the AG [removed: wishes to consider such penalties,] [added: pursues penalties in connection with a final order,] we believe that PGL's high level of cooperation and quick action to remedy the situation and to work with the potentially impacted homeowners would be taken into account.

Although the

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A supplemental filing was sent to the IEPA in December 2019.

Proposed modifications to the GMZ application were submitted to the Illinois AG and the IEPA in May 2020.

In September 2020, the IEPA sent PGL a letter conditionally approving the GMZ application.

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contain the leak after it was discovered.

The GMZ application is being reviewed by the IEPA staff.

[removed: FORM 10-K][added: FORM 10-K]

| ☒ | [added: | |] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | [added: | |]

For the fiscal year ended December 31, [removed: 2019][added: 2020]

| ☐ | [added: | |] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | [added: | |]

| Commission File Number | | [added: | | | |] Registrant; State of Incorporation; Address; and Telephone Number | | [added: | | | |] IRS Employer Identification No. | [added: | |]

| | | [removed: ] | | | [added: |  | | | | | | | | |]

| 001-09057 | | [added: | | | |] WEC ENERGY GROUP, INC. | | [added: | | | |] 39-1391525 | [added: | |]

| Title of Each Class | | [added: | | | |] Trading Symbol(s) | | [added: | | | |] Name of Each Exchange on Which Registered | [added: | |]

| Common Stock, $.01 Par Value | | [added: | | | |] WEC | | [added: | | | |] New York Stock Exchange | [added: | |]

| | [added: | |] Large accelerated filer | [added: | |] ☒ | | [added: | | | |] Accelerated filer | [added: | |] ☐ | | [added: | | | |]

| | [added: | |] Non-accelerated filer | [added: | |] ☐ | | [added: | | | |] Smaller reporting company | | [added: | | | |] ☐ | [added: | |]

| | | | | [added: | | | | | | | |] Emerging growth company | | [added: | | | |] ☐ | [added: | |]

The aggregate market value of the common stock of WEC Energy Group, Inc. held by non-affiliates was [removed: $26.3] [added: $27.6] billion based upon the reported closing price of such securities as of June 30, [removed: 2019.][added: 2020.]

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date (January 31, [removed: 2020):][added: 2021):]

Portions of WEC Energy Group, Inc.'s Definitive Proxy Statement on Schedule 14A for its Annual Meeting of Shareholders, to be held on May 6, [removed: 2020,] [added: 2021,] are incorporated by reference into Part III hereof.

[removed: [*Table] [added: *[Table] of [removed: Contents*](#s6F1C2DF90A4A538BA368225E09FC645C)][added: Contents](#if274cc687da84908b38c74df114fb05e_10)*]

For the Year [removed: Ended December] [added: Ended December] 31, [removed: 2019][added: 2020]

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| [CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING [removed: INFORMATION](#s5BAE1A66F42D5221A40266C088839EF7)] [added: INFORMATION](#if274cc687da84908b38c74df114fb05e_16)] | | | | | [removed: [1](#s5BAE1A66F42D5221A40266C088839EF7)] | [added: | | | | | | | | | [1](#if274cc687da84908b38c74df114fb05e_16) | | |]

| [ITEM [removed: 1.](#s8CDB7ECD2429577DA559F99337642434)] [added: 1.](#if274cc687da84908b38c74df114fb05e_22)] | [removed: [BUSINESS](#s8CDB7ECD2429577DA559F99337642434)] | | [added: [BUSINESS](#if274cc687da84908b38c74df114fb05e_22)] | | [removed: [3](#s8CDB7ECD2429577DA559F99337642434)] | [added: | | | | | | | | | [3](#if274cc687da84908b38c74df114fb05e_22) | | |]

| | [removed: [B.](#s8BAF46BF12DE5837A5D5D898BD297D53)] | [added: | [B.](#if274cc687da84908b38c74df114fb05e_34) | | |] [UTILITY ENERGY [removed: OPERATIONS](#s8BAF46BF12DE5837A5D5D898BD297D53)] [added: OPERATIONS](#if274cc687da84908b38c74df114fb05e_34)] | | | [removed: [3](#s8BAF46BF12DE5837A5D5D898BD297D53)] | [added: | | | | | [3](#if274cc687da84908b38c74df114fb05e_34) | | |]

| | [removed: [C.](#sB4533E1A6C425F1FA6140BE740FA9DC8)] | [added: | [C.](#if274cc687da84908b38c74df114fb05e_55) | | |] [ELECTRIC TRANSMISSION [removed: SEGMENT](#sB4533E1A6C425F1FA6140BE740FA9DC8)] [added: SEGMENT](#if274cc687da84908b38c74df114fb05e_55)] | | | [removed: [14](#sB4533E1A6C425F1FA6140BE740FA9DC8)] | [added: | | | | | [14](#if274cc687da84908b38c74df114fb05e_55) | | |]

| | [removed: [D.](#s7F41AD09422559629369298985EF4211)] | [added: | [D.](#if274cc687da84908b38c74df114fb05e_58) | | |] [NON-UTILITY [removed: OPERATIONS](#s7F41AD09422559629369298985EF4211)] [added: OPERATIONS](#if274cc687da84908b38c74df114fb05e_58)] | | | [removed: [15](#s7F41AD09422559629369298985EF4211)] | [added: | | | | | [14](#if274cc687da84908b38c74df114fb05e_58) | | |]

| | [removed: [F.](#s6246EFD36C9F5474988205DB28CBF443)] | [added: | [F.](#if274cc687da84908b38c74df114fb05e_70) | | |] [ENVIRONMENTAL [removed: COMPLIANCE](#s6246EFD36C9F5474988205DB28CBF443)] [added: COMPLIANCE](#if274cc687da84908b38c74df114fb05e_70)] | | | [removed: [19](#s6246EFD36C9F5474988205DB28CBF443)] | [added: | | | | | [19](#if274cc687da84908b38c74df114fb05e_70) | | |]

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| | [added: | |] [INFORMATION ABOUT OUR EXECUTIVE [removed: OFFICERS](#sC5755AA776145D52B4B42A748068DEA0)] [added: OFFICERS](#if274cc687da84908b38c74df114fb05e_91)] | | | | [removed: [36](#sC5755AA776145D52B4B42A748068DEA0)] | [added: | | | | | | | [38](#if274cc687da84908b38c74df114fb05e_91) | | |]

| [ITEM [removed: 5.](#s49C71CFF8BD959CFB873CC0981DCF600)] [added: 5.](#if274cc687da84908b38c74df114fb05e_97)] | [added: | |] [MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY [removed: SECURITIES](#s49C71CFF8BD959CFB873CC0981DCF600)] [added: SECURITIES](#if274cc687da84908b38c74df114fb05e_97)] | | | | [removed: [38](#s49C71CFF8BD959CFB873CC0981DCF600)] | [added: | | | | | | | [40](#if274cc687da84908b38c74df114fb05e_97) | | |]

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| [ITEM [removed: 7.](#sC6332A01C76D56539647CC6B9934D7FB)] [added: 7.](#if274cc687da84908b38c74df114fb05e_103)] | [added: | |] [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF [removed: OPERATIONS](#sC6332A01C76D56539647CC6B9934D7FB)] [added: OPERATIONS](#if274cc687da84908b38c74df114fb05e_103)] | | | | [removed: [39](#sC6332A01C76D56539647CC6B9934D7FB)] | [added: | | | | | | | [41](#if274cc687da84908b38c74df114fb05e_103) | | |]

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| | [removed: [A.](#s8110778FC43C5231B142C5F4BB89F1EB)] | [added: | [A.](#if274cc687da84908b38c74df114fb05e_250) | | |] [Reports of Independent Registered Public Accounting [removed: Firm](#s8110778FC43C5231B142C5F4BB89F1EB)] [added: Firm](#if274cc687da84908b38c74df114fb05e_250)] | | | [removed: [68](#s8110778FC43C5231B142C5F4BB89F1EB)] | [added: | | | | | [78](#if274cc687da84908b38c74df114fb05e_250) | | |]

| | [removed: [B.](#s72BA8635BBAF59499C3154BC3EE4377B)] | [added: | [B.](#if274cc687da84908b38c74df114fb05e_253) | | |] [Consolidated Income [removed: Statements](#s72BA8635BBAF59499C3154BC3EE4377B)] [added: Statements](#if274cc687da84908b38c74df114fb05e_253)] | | | [removed: [71](#s72BA8635BBAF59499C3154BC3EE4377B)] | [added: | | | | | [81](#if274cc687da84908b38c74df114fb05e_253) | | |]

| | [removed: [C.](#s26BAFE634A525610B24E55F6C6579037)] | [added: | [C.](#if274cc687da84908b38c74df114fb05e_256) | | |] [Consolidated Statements of Comprehensive [removed: Income](#s26BAFE634A525610B24E55F6C6579037)] [added: Income](#if274cc687da84908b38c74df114fb05e_256)] | | | [removed: [72](#s26BAFE634A525610B24E55F6C6579037)] | [added: | | | | | [82](#if274cc687da84908b38c74df114fb05e_256) | | |]

| | [removed: [D.](#s1072CCF85B91524FAD153A19A4D378AA)] | [added: | [D.](#if274cc687da84908b38c74df114fb05e_262) | | |] [Consolidated Balance [removed: Sheets](#s1072CCF85B91524FAD153A19A4D378AA)] [added: Sheets](#if274cc687da84908b38c74df114fb05e_262)] | | | [removed: [73](#s1072CCF85B91524FAD153A19A4D378AA)] | [added: | | | | | [83](#if274cc687da84908b38c74df114fb05e_262) | | |]

| | [removed: [E.](#s08FE5CCEE6E856CABFB62CCBAF2B606D)] | [added: | [E.](#if274cc687da84908b38c74df114fb05e_268) | | |] [Consolidated Statements of Cash [removed: Flows](#s08FE5CCEE6E856CABFB62CCBAF2B606D)] [added: Flows](#if274cc687da84908b38c74df114fb05e_268)] | | | [removed: [74](#s08FE5CCEE6E856CABFB62CCBAF2B606D)] | [added: | | | | | [84](#if274cc687da84908b38c74df114fb05e_268) | | |]

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Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of

the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.

7262(b)) by the registered public accounting firm that prepared or issued its audit report.

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| [PART I](#if274cc687da84908b38c74df114fb05e_19) | | | | | | | | | | | | | | | [3](#if274cc687da84908b38c74df114fb05e_19) | | |

| | | | [A.](#if274cc687da84908b38c74df114fb05e_25) | | | [INTRODUCTION](#if274cc687da84908b38c74df114fb05e_25) | | | | | | | | | [3](#if274cc687da84908b38c74df114fb05e_25) | | |

| | | | [E.](#if274cc687da84908b38c74df114fb05e_67) | | | [REGULATION](#if274cc687da84908b38c74df114fb05e_67) | | | | | | | | | [15](#if274cc687da84908b38c74df114fb05e_67) | | |

| | | | [G.](#if274cc687da84908b38c74df114fb05e_73) | | | [HUMAN CAPITAL](#if274cc687da84908b38c74df114fb05e_73) | | | | | | | | | [19](#if274cc687da84908b38c74df114fb05e_73) | | |

| [PART II](#if274cc687da84908b38c74df114fb05e_94) | | | | | | | | | | | | | | | [40](#if274cc687da84908b38c74df114fb05e_94) | | |

| | | | | | | [Note 3](#if274cc687da84908b38c74df114fb05e_370) | | | [Dispositions](#if274cc687da84908b38c74df114fb05e_370) | | | [100](#if274cc687da84908b38c74df114fb05e_370) | | | | | |

| | | | | | | [Note 5](#if274cc687da84908b38c74df114fb05e_4583) | | | [Credit Losses](#if274cc687da84908b38c74df114fb05e_4583) | | | [103](#if274cc687da84908b38c74df114fb05e_4583) | | | | | |

| | | | | | | [Note 10](#if274cc687da84908b38c74df114fb05e_391) | | | [Goodwill and Intangibles](#if274cc687da84908b38c74df114fb05e_391) | | | [109](#if274cc687da84908b38c74df114fb05e_391) | | | | | |

| | | | | | | [Note 12](#if274cc687da84908b38c74df114fb05e_400) | | | [Preferred Stock](#if274cc687da84908b38c74df114fb05e_400) | | | [113](#if274cc687da84908b38c74df114fb05e_400) | | | | | |

| | | | | | | [Note 15](#if274cc687da84908b38c74df114fb05e_418) | | | [Leases](#if274cc687da84908b38c74df114fb05e_418) | | | [117](#if274cc687da84908b38c74df114fb05e_418) | | | | | |

| | | | | | | [Note 16](#if274cc687da84908b38c74df114fb05e_421) | | | [Income Taxes](#if274cc687da84908b38c74df114fb05e_421) | | | [121](#if274cc687da84908b38c74df114fb05e_421) | | | | | |

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*[Table of Contents](#if274cc687da84908b38c74df114fb05e_10)*

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | [Note 18](#if274cc687da84908b38c74df114fb05e_433) | | | [Derivative Instruments](#if274cc687da84908b38c74df114fb05e_433) | | | [125](#if274cc687da84908b38c74df114fb05e_433) | | | | | |

| | | | | | | [Note 19](#if274cc687da84908b38c74df114fb05e_439) | | | [Guarantees](#if274cc687da84908b38c74df114fb05e_439) | | | [126](#if274cc687da84908b38c74df114fb05e_439) | | | | | |

| | | | | | | [Note 20](#if274cc687da84908b38c74df114fb05e_442) | | | [Employee Benefits](#if274cc687da84908b38c74df114fb05e_442) | | | [126](#if274cc687da84908b38c74df114fb05e_442) | | | | | |

| | | | | | | [Note 22](#if274cc687da84908b38c74df114fb05e_454) | | | [Segment Information](#if274cc687da84908b38c74df114fb05e_454) | | | [133](#if274cc687da84908b38c74df114fb05e_454) | | | | | |

| | | | | | | [Note 26](#if274cc687da84908b38c74df114fb05e_472) | | | [Regulatory Environment](#if274cc687da84908b38c74df114fb05e_472) | | | [141](#if274cc687da84908b38c74df114fb05e_472) | | | | | |

| [PART III](#if274cc687da84908b38c74df114fb05e_496) | | | | | | | | | | | | | | | [151](#if274cc687da84908b38c74df114fb05e_496) | | |

| [PART IV](#if274cc687da84908b38c74df114fb05e_514) | | | | | | | | | | | | | | | [153](#if274cc687da84908b38c74df114fb05e_514) | | |

| | | | [A.](#if274cc687da84908b38c74df114fb05e_529) | | | [Income Statements](#if274cc687da84908b38c74df114fb05e_529) | | | | | | | | | [159](#if274cc687da84908b38c74df114fb05e_529) | | |

| | | | [B.](#if274cc687da84908b38c74df114fb05e_532) | | | [Statements of Comprehensive Income](#if274cc687da84908b38c74df114fb05e_532) | | | | | | | | | [160](#if274cc687da84908b38c74df114fb05e_532) | | |

| | | | [C.](#if274cc687da84908b38c74df114fb05e_538) | | | [Balance Sheets](#if274cc687da84908b38c74df114fb05e_538) | | | | | | | | | [161](#if274cc687da84908b38c74df114fb05e_538) | | |

| | | | [D.](#if274cc687da84908b38c74df114fb05e_541) | | | [Statements of Cash Flows](#if274cc687da84908b38c74df114fb05e_541) | | | | | | | | | [162](#if274cc687da84908b38c74df114fb05e_541) | | |

| [SIGNATURES](#if274cc687da84908b38c74df114fb05e_550) | | | | | | | | | | | | | | | [166](#if274cc687da84908b38c74df114fb05e_550) | | |

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| [PART I](#sB01ABD4420AB587FB057654711C9E61A) | | | | | [3](#sB01ABD4420AB587FB057654711C9E61A) |

| | [A.](#s45E9E8C7B7B9514E87F9CA0622B5F1FD) | [INTRODUCTION](#s45E9E8C7B7B9514E87F9CA0622B5F1FD) | | | [3](#s45E9E8C7B7B9514E87F9CA0622B5F1FD) |

| | [E.](#s84B18D17B5085B0D96A2AC110B5FAD30) | [REGULATION](#s84B18D17B5085B0D96A2AC110B5FAD30) | | | [16](#s84B18D17B5085B0D96A2AC110B5FAD30) |

| | [G.](#sBDB84EE4180B552E960D781AE47D00ED) | [EMPLOYEES](#sBDB84EE4180B552E960D781AE47D00ED) | | | [20](#sBDB84EE4180B552E960D781AE47D00ED) |

| [PART II](#sD3A13592CDE859F98CB28E0A54FAB249) | | | | | [38](#sD3A13592CDE859F98CB28E0A54FAB249) |

| | | [Note 3](#s5BD8E1083F2A5368910B691383DA921D) | [Dispositions](#s5BD8E1083F2A5368910B691383DA921D) | [89](#s5BD8E1083F2A5368910B691383DA921D) | |

| | | [Note 9](#s47854FC8CCBD5191BCC55C81EACBFC27) | [Goodwill](#s47854FC8CCBD5191BCC55C81EACBFC27) | [97](#s47854FC8CCBD5191BCC55C81EACBFC27) | |

| | | [Note 11](#s7BD265601FCF568791D4E25C2B3B829D) | [Preferred Stock](#s7BD265601FCF568791D4E25C2B3B829D) | [100](#s7BD265601FCF568791D4E25C2B3B829D) | |

| | | [Note 14](#sb539242c1f06482b802bb3afac8c3434) | [Leases](#sb539242c1f06482b802bb3afac8c3434) | [104](#sb539242c1f06482b802bb3afac8c3434) | |

| | | [Note 15](#s745665C43E6F54968EBAE831E2F9E038) | [Income Taxes](#s745665C43E6F54968EBAE831E2F9E038) | [108](#s745665C43E6F54968EBAE831E2F9E038) | |

| | | [Note 17](#s0CD9AAECE8DD504E84BBE1826439B5D9) | [Derivative Instruments](#s0CD9AAECE8DD504E84BBE1826439B5D9) | [112](#s0CD9AAECE8DD504E84BBE1826439B5D9) | |

| | | |

| --- | --- | --- |

| | | [Note 18](#s3640F860D7095BAF8EC4E7D7BA19F79E) | [Guarantees](#s3640F860D7095BAF8EC4E7D7BA19F79E) | [114](#s3640F860D7095BAF8EC4E7D7BA19F79E) | |

| | | [Note 19](#sF10A67EE29A15905833247B5DEA8A982) | [Employee Benefits](#sF10A67EE29A15905833247B5DEA8A982) | [114](#sF10A67EE29A15905833247B5DEA8A982) | |

| | | [Note 21](#sDC682E7015DE50BBB70F4C58437DF44B) | [Segment Information](#sDC682E7015DE50BBB70F4C58437DF44B) | [121](#sDC682E7015DE50BBB70F4C58437DF44B) | |

| | | [Note 25](#s765BED6DEA4352D58EB285232254CFDB) | [Regulatory Environment](#s765BED6DEA4352D58EB285232254CFDB) | [129](#s765BED6DEA4352D58EB285232254CFDB) | |

| [PART III](#sDFA6B1B6072354A28F3F9DE196663F96) | | | | | [136](#sDFA6B1B6072354A28F3F9DE196663F96) |

| [PART IV](#s8B564BBD288059EDAFA95ED852143C2E) | | | | | [138](#s8B564BBD288059EDAFA95ED852143C2E) |

| | [A.](#sB24B68F46F125C9F963199AB4A263C27) | [Income Statements](#sB24B68F46F125C9F963199AB4A263C27) | | | [144](#sB24B68F46F125C9F963199AB4A263C27) |

| | [B.](#s61B4C91360C1581C9BC56797F39AA42D) | [Statements of Comprehensive Income](#s61B4C91360C1581C9BC56797F39AA42D) | | | [145](#s61B4C91360C1581C9BC56797F39AA42D) |

| | [C.](#sF34A1CC8C6F85684A02D6931800EB6D1) | [Balance Sheets](#sF34A1CC8C6F85684A02D6931800EB6D1) | | | [146](#sF34A1CC8C6F85684A02D6931800EB6D1) |

| | [D.](#s7AAD060FD3CC59EEA5B6096A4B41941C) | [Statements of Cash Flows](#s7AAD060FD3CC59EEA5B6096A4B41941C) | | | [147](#s7AAD060FD3CC59EEA5B6096A4B41941C) |

| [SIGNATURES](#s437F20E042535918BD1229FC40575333) | | | | | [151](#s437F20E042535918BD1229FC40575333) |

| Bostco | | Bostco LLC |

| SAB | | Staff Accounting Bulletin |

| MATS | | Mercury and Air Toxics Standards |

| RTR | | Risk and Technology Review |

| OC 8 | | Oak Creek Power Plant Unit 8 |

| [removed: *2019] [added: *2020] Form 10-K* | [removed: 31] | [added: | 33 | | |] *WEC Energy Group, Inc.* | [added: | |]

[removed: [*Table] [added: *[Table] of [removed: Contents*](#s6F1C2DF90A4A538BA368225E09FC645C)][added: Contents](#if274cc687da84908b38c74df114fb05e_10)*]

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| --- | --- | --- | --- | --- | --- | --- | --- | --- |

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| --- | --- | --- |

The following table summarizes information on our electric generation facilities, including owned and jointly owned facilities, as of December 31, [removed: 2019:][added: 2020:]

| Name | | [added: | | | |] Location | | [added: | | | |] Fuel | | [added: | | | |] Number of Generating Units | | | [removed: Rated Capacity] [added: | | | Capacity] In MW (1) | | | [added: | | |]

| Coal-fired plants | | | | | | | | | | | | [added: | | | | | | | | | | | | | | | | | |]

| Columbia | | [added: | | | |] Portage, WI | | [added: | | | |] Coal | | [added: | | | |] 2 | | | [removed: 314] | | [added: | 311 | | |] (2) | [added: | |]

| ERGS | | [added: | | | |] Oak Creek, WI | | [added: | | | |] Coal | | [added: | | | |] 2 | | | [removed: 1,054] | | [added: | 1,059 | | |] (3) (4) | [added: | |]

| OCPP | | [added: | | | |] Oak Creek, WI | | [added: | | | |] Coal | | [added: | | | |] 4 | | | [removed: 1,075] | | | [added: 1,076 | | | | | |]

| Weston | | [added: | | | |] Rothschild, WI | | [added: | | | |] Coal | | [added: | | | |] 2 | | | [removed: 715] | | [added: | 719 | | |] (2) | [added: | |]

| Total coal-fired plants | | | | | | [added: | | | | | | | | | | | |] 10 | | | [removed: 3,158] | | | [added: 3,165 | | | | | |]

| Natural gas-fired plants | | | | | | | | | | | | [added: | | | | | | | | | | | | | | | | | |]

| Concord [removed: Combustion Turbines] | | [added: | | | |] Watertown, WI | | [added: | | | |] Natural Gas/Oil | | [added: | | | |] 4 | | | [removed: 361] | | | [added: 362 | | | | | |]

| De Pere Energy Center | | [added: | | | |] De Pere, WI | | [added: | | | |] Natural Gas/Oil | | [added: | | | |] 1 | | | [removed: 167] | | | [added: 166 | | | | | |]

| Fox Energy Center | | [added: | | | |] Wrightstown, WI | | [added: | | | |] Natural Gas | | [added: | | | |] 3 | | | [removed: 567] | | | [added: 574 | | | | | |]

| Germantown [removed: Combustion Turbines] | | [added: | | | |] Germantown, WI | | [added: | | | |] Natural Gas/Oil | | [added: | | | |] 5 | | | [removed: 273] | | | [added: 268 | | | | | |]

| F. D. Kuester | | [added: | | | |] Negaunee, MI | | [added: | | | |] Natural Gas | | [added: | | | |] 7 | | | [removed: 131] | | | [added: 128 | | | | | |]

| A. J. Mihm | | [added: | | | |] Baraga, MI | | [added: | | | |] Natural Gas | | [added: | | | |] 3 | | | [removed: 56] | | | [added: 55 | | | | | |]

| Paris [removed: Combustion Turbines] | | [added: | | | |] Union Grove, WI | | [added: | | | |] Natural Gas/Oil | | [added: | | | |] 4 | | | [removed: 358] | | | [added: 364 | | | | | |]

| PWGS | | [added: | | | |] Port Washington, WI | | [added: | | | |] Natural Gas | | [added: | | | |] 2 | | | [added: | | |] 1,228 | | [added: |] (4) | [added: | |]

| Pulliam | | [added: | | | |] Green Bay, WI | | [added: | | | |] Natural Gas/Oil | | [added: | | | |] 1 | | | [removed: 79] | | | [added: 81 | | | | | |]

| VAPP | | [added: | | | |] Milwaukee, WI | | [added: | | | |] Natural Gas | | [added: | | | |] 2 | | | [removed: 265] | | | [added: 268 | | | | | |]

| West Marinette | | [added: | | | |] Marinette, WI | | [added: | | | |] Natural Gas/Oil | | [added: | | | |] 3 | | | [removed: 154] | | | [added: 149 | | | | | |]

| Weston | | [added: | | | |] Rothschild, WI | | [added: | | | |] Natural Gas/Oil | | [added: | | | |] 3 | | | [removed: 114] | | | [added: 115 | | | | | |]

| Total natural gas-fired plants | | | | | | [added: | | | | | | | | | | | |] 38 | | | [removed: 3,753] | | | [added: 3,758 | | | | | |]

| Renewables | | | | | | | | | | | | [added: | | | | | | | | | | | | | | | | | |]

| Hydro [removed: Plants] [added: plants] (30 in number) | | [added: | | | |] WI and MI | | [added: | | | |] Hydro | | [added: | | | |] 81 | | | [removed: 94] | | [added: | 100 | | |] (5) (6) | [added: | |]

| Rothschild Biomass Plant | | [added: | | | |] Rothschild, WI | | [added: | | | |] Biomass | | [added: | | | |] 1 | | | [removed: 46] | | [added: | 45 | | |] (7) | [added: | |]

| Wind [removed: Sites] [added: sites] (5 in number) | | [added: | | | |] WI and IA | | [added: | | | |] Wind | | [added: | | | |] 350 | | | [removed: 67] | | [removed: (8)] | [added: 498 | | | (2) | | |]

[removed: |] (1) [removed: |] Capacity for our electric generation [removed: facilities] [added: facilities, other than wind and solar generating facilities,] is based on rated capacity, which is the net power output under average operating conditions with equipment in an average state of repair as of a given month in a given year. [removed: Values are primarily based on the net dependable expected capacity ratings for summer 2020 established by tests and may change slightly from year to year. The summer period is the most relevant for capacity planning purposes. This is a result of continually reaching demand peaks in the summer months, primarily due to air conditioning demand. |]

[removed: | (2) | These facilities are jointly owned by WPS and various other utilities.] The capacity indicated for each of these units is equal to WPS's portion of total plant capacity based on its percent of ownership. [removed: |]

[removed: | • |] [added: -] WPS operates the Weston 4 facility and holds a 70.0% ownership interest in this facility. [removed: Dairyland Power Cooperative, an unaffiliated energy cooperative, holds the remaining 30.0% interest. |]

| [removed: *2019] [added: *2020] Form 10-K* | [removed: 32] | [added: | 34 | | |] *WEC Energy Group, Inc.* | [added: | |]

[removed: [*Table] [added: *[Table] of [removed: Contents*](#s6F1C2DF90A4A538BA368225E09FC645C)][added: Contents](#if274cc687da84908b38c74df114fb05e_10)*]

[removed: |] (3) [removed: |] This facility is jointly owned by We Power and two other unaffiliated entities. [removed: Our share of capacity is equal to We Power's ownership interest of 83.34%. |]

[removed: |] (4) [removed: |] These facilities are part of the Company's non-utility energy infrastructure segment. [removed: See B. Non-Utility Energy Infrastructure Segment below. |]

[removed: |] (5) [removed: |] All of our hydroelectric facilities follow FERC guidelines and/or regulations. [removed: |]

[removed: | (6) | WRPC owns and operates the Castle Rock and Petenwell units.] WPS holds a 50.0% ownership interest in WRPC and is entitled to 50.0% of the total capacity at Castle Rock and Petenwell. [removed: WPS's share of capacity for Castle Rock and Petenwell is 6.8 MW and 10.2 MW, respectively. |]

[removed: |] (7) [removed: |] WE has a biomass power plant that uses wood waste and wood shavings to produce electric power as well as steam to support the paper mill's operations. [removed: Fuel for the power plant is supplied by both the paper mill and through contracts with biomass suppliers. The plant also has the ability to burn natural gas if wood waste and wood shavings are not available. |]

As of December 31, [removed: 2019,] [added: 2020,] we operated approximately [removed: 36,500] [added: 36,100] miles of overhead distribution lines and approximately [removed: 34,100] [added: 34,900] miles of underground distribution cable, as well as approximately [removed: 500] [added: 450] electric distribution substations and approximately [removed: 503,200] [added: 507,900] line transformers.

At December 31, [removed: 2019,] [added: 2020,] our natural gas properties were located in Illinois, Wisconsin, Minnesota, and Michigan, and consisted of the following:

[removed: | • |] [added: -] Approximately [removed: 49,500] [added: 50,300] miles of natural gas distribution mains, [removed: |]

[removed: | • |] [added: -] Approximately [removed: 1,200] [added: 1,100] miles of natural gas transmission mains, [removed: |]

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| Two Creeks | | | | | | WI | | | | | | Solar | | | | | | 48 | | | | | | 100 | | | (2) | | |

| Total renewables | | | | | | | | | | | | | | | | | | 480 | | | | | | 743 | | | | | |

| Total system | | | | | | | | | | | | | | | | | | 528 | | | | | | 7,666 | | | | | |

Values are primarily based on the net dependable expected capacity ratings for summer 2021 established by tests and may change slightly from year to year.

The summer period is the most relevant for capacity planning purposes.

This is a result of continually reaching demand peaks in the summer months, primarily due to air conditioning demand.

Capacity for wind generating facilities is based on nameplate capacity, which is the amount of energy a turbine should produce at optimal wind speeds.

Capacity for solar generating facilities is based on nameplate capacity, which is the maximum output that a generator should produce at continuous full power.

(2) These facilities are jointly owned by WPS and various other utilities.

- Wisconsin Power and Light Company, an unaffiliated utility, operates the Columbia units.

WPS holds a 27.5% ownership interest in Columbia.

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

Dairyland Power Cooperative, an unaffiliated energy cooperative, holds the remaining 30.0% interest.

- Two Creeks is jointly owned by WPS and an unaffiliated utility.

WPS holds a 66.7% ownership interest in this facility.

- WPS, along with two other unaffiliated utilities, owns Forward Wind Energy Center.

WPS holds a 44.6% ownership interest in this facility and the unaffiliated utilities own the remaining 55.4%.

Our share of capacity is equal to We Power's ownership interest of 83.34%.

See B.

Non-Utility Energy Infrastructure Segment below.

(6) WRPC owns and operates the Castle Rock and Petenwell units.

WPS's share of capacity for Castle Rock and Petenwell is 7.0 MW and 10.3 MW, respectively.

Fuel for the power plant is supplied by both the paper mill and through contracts with biomass suppliers.

The plant also has the ability to burn natural gas if wood waste and wood shavings are not available.

| | | | | | | | | |

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*[Table of Contents](#if274cc687da84908b38c74df114fb05e_10)*

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

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| Blooming Grove | | | | | | McLean County, Illinois | | | | | | 94 | | | | | | 250.0 | | | (5) | | | | | |

| Tatanka Ridge | | | | | | Deuel County, South Dakota | | | | | | 56 | | | | | | 155.0 | | | (6) | | | | | |

See Note 2, Acquisitions, for more information.

In December 2018, WECI acquired an additional 10% ownership interest in this wind park.

See Note 2, Acquisitions, for more information.

(4) In December 2018, WECI completed the acquisition of an 80% ownership interest in Coyote Ridge.

See Note 2, Acquisitions, for more information.

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| Total renewables | | | | | | 432 | | | 207 | | |

| Total system | | | | | | 480 | | | 7,118 | | |

| | |

| --- | --- |

| • | Wisconsin Power and Light Company, an unaffiliated utility, operates the Columbia units. WPS holds a 27.6% ownership interest in Columbia. See Note 7, Jointly Owned Utility Facilities, for more information on the anticipated decrease in WPS's ownership interest in the Columbia unit. |

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| --- | --- | --- |

| (8) | WPS, along with two other unaffiliated utilities, owns Forward Wind Energy Center, which consists of 86 wind turbines located in Wisconsin with a total capacity of 138 MW. WPS is entitled to its share of generating capability and output of the facility equal to its ownership interest of 44.6%. See Note 2, Acquisitions, for more information on the Forward Wind Energy Center acquisition. |

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In January 2020, WECI signed an agreement to acquire an 80% ownership interest in Blooming Grove, a 250 MW wind generating facility under construction in McLean County, Illinois.

| [removed: *2019] [added: *2020] Form 10-K* | [removed: 35] | [added: | 37 | | |] *WEC Energy Group, Inc.* | [added: | |]

[removed: [*Table] [added: *[Table] of [removed: Contents*](#s6F1C2DF90A4A538BA368225E09FC645C)][added: Contents](#if274cc687da84908b38c74df114fb05e_10)*]

The names, ages, and positions of our executive officers [removed: at December 31, 2019] are listed below along with their business experience during the past five years.

Klappa. Age [removed: 69.][added: 70.]

[removed: | • | WEC Energy Group — Executive] Chairman [removed: since February 2019. Chairman] of the Board and Chief Executive Officer from October 2017 to February 2019, and from May 2004 to May 2016. [removed: Non-Executive Chairman of the Board from May 2016 to October 2017. Director since December 2003. President from April 2003 to August 2013. |]

[removed: | • | WE — Director since January 2018, and from December 2003 to May 2016. Chairman of the Board from January 2018 to February 2019, and from May 2004 to May 2016.] Chief Executive Officer from January 2018 to February 2019, and from August 2003 to May 2016. [removed: President from August 2003 to June 2015. |]

Kevin Fletcher. Age [removed: 61.][added: 62.]

[removed: | • |] [added: -] WEC Energy Group — Director and Chief Executive Officer since February 2019. [removed: President since October 2018. |]

[removed: | • | WE — Chairman of the Board and Chief] Executive [removed: Officer since February 2019. Director since June 2015. President from May 2016 to November 2018. Executive] Vice President - Customer Service and Operations from June 2015 to April 2016. [removed: Senior Vice President - Customer Operations from October 2011 to June 2015. |]

Garvin. Age [removed: 53.][added: 54.]

[removed: | • |] [added: -] WEC Energy Group — Executive Vice President - External Affairs since June 2015. [removed: Senior Vice President - External Affairs from April 2011 to June 2015. |]

[removed: | • |] [added: -] WE — Executive Vice President - External Affairs since June 2015. [removed: Senior Vice President - External Affairs from April 2011 to June 2015. |]

Guc. Age [removed: 50.][added: 51.]

[removed: | • |] [added: -] WEC Energy Group — Controller since October 2015. [removed: Vice President since June 2015. |]

[removed: | • |] [added: -] WE — Vice President and Controller since October 2015. [removed: |]

Kelsey. Age [removed: 55.][added: 56.]

[removed: | • |] [added: -] WEC Energy Group — Executive Vice President, Corporate Secretary and General Counsel since January 2018. [removed: Executive Vice President from September 2017 to January 2018. |]

[removed: | • |] [added: -] WE — Executive Vice President, Corporate Secretary and General Counsel since January 2018. [removed: Director since January 2018. |]

[removed: | • |] [added: -] Modine Manufacturing Company – General Counsel, Corporate Secretary, and Vice President - Legal from April 2008 to August 2017. [removed: Vice President - Corporate Communications from April 2014 to August 2017. |]

Krueger. Age [removed: 54.][added: 55.]

[removed: | • |] [added: -] WEC Energy Group — Executive Vice President - WEC Infrastructure since [removed: November 2018. |][added: January 2019.]

[removed: | • |] [added: -] WE — Senior Vice President - Wholesale Energy and Fuels from June 2015 to [removed: January 2019. Vice President from May 2014 to June 2015. |][added: November 2018.]

[removed: | • | WE —] Executive Vice President from [removed: May 2004] [added: September 2017] to January [removed: 2013. |][added: 2018.]

Lauber. Age [removed: 54.][added: 55.]

[removed: | • | WEC Energy Group —] Senior Executive Vice [removed: President and Chief Financial Officer since October 2019. Senior Executive Vice] President, Chief Financial Officer and Treasurer from February 2019 to October 2019. [removed: Executive Vice President, Chief Financial Officer and Treasurer from October 2018 to February 2019. Executive Vice President and Chief Financial Officer from April 2016 to October 2018. Vice President and Treasurer from February 2013 to March 2016. |]

[removed: | • | WE —] Executive Vice [removed: President and Chief Financial Officer since October 2019, and from April 2016 to October 2018. Director since April 2016. Executive Vice] President, Chief Financial Officer and Treasurer from October 2018 to [removed: October 2019. Vice President and Treasurer from] February [removed: 2013 to March 2016. |][added: 2019.]

| [removed: *2019] [added: *2020] Form 10-K* | [removed: 36] | [added: | 38 | | |] *WEC Energy Group, Inc.* | [added: | |]

Matthews. Age [removed: 63.][added: 64.]

[removed: | • |] [added: -] PELLC — President since June 2015. [removed: |]

[removed: | • |] [added: -] PGL — Director, President, and Chief Executive Officer since June 2015. [removed: |]

[removed: | • |] [added: -] NSG — Director, President, and Chief Executive Officer since June 2015. [removed: |]

Tom Metcalfe. Age [removed: 52.][added: 53.]

[removed: | • | WE — President since November 2018. Director since January 2018. Executive Vice President - Generation from April 2016 to November 2018.] Senior Vice President - Power Generation from January 2014 to March 2016. [removed: |]

Reese. Age [removed: 38.][added: 39.]

[removed: | • |] [added: -] WEC Energy Group — Vice President and Treasurer since October 2019. [removed: |]

[removed: | • |] [added: -] WE — Vice President and Treasurer since October 2019. [removed: |]

[removed: | • |] [added: -] Controller - Illinois from September 2015 to September 2019. [removed: Manager - Financial Planning and Analysis from May 2011 to September 2015. |]

Mary Beth Straka. Age [removed: 55.][added: 56.]

[removed: | • |] [added: -] WEC Energy Group — Senior Vice President - Corporate Communications and Investor Relations since June 2015. [removed: |]

| [removed: *2019] [added: *2020] Form 10-K* | [removed: 37] | [added: | 39 | | |] *WEC Energy Group, Inc.* | [added: | |]

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

- WEC Energy Group — Executive Chairman since February 2019.

Non-Executive Chairman of the Board from May 2016 to October 2017.

President from April 2003 to August 2013.

Director since December 2003.

- WE — Director since January 2018, and from December 2003 to May 2016.

Chairman of the Board from January 2018 to February 2019, and from May 2004 to May 2016.

President from April 2003 to June 2015.

President since October 2018.

- WE — Chairman of the Board and Chief Executive Officer since February 2019.

Director since June 2015.

President from May 2016 to November 2018.

Vice President since June 2015.

Director since January 2018.

Vice President - Corporate Communications from April 2014 to August 2017.

Modine Manufacturing Company is a manufacturer of thermal management systems and components.

Executive Vice President from November 2018 to January 2019.

- WEC Energy Group — Senior Executive Vice President and Chief Operating Officer since June 2020.

Senior Executive Vice President and Chief Financial Officer from October 2019 to June 2020.

Executive Vice President and Chief Financial Officer from April 2016 to October 2018.

Vice President and Treasurer from February 2013 to March 2016.

- WE — Executive Vice President since June 2020.

Executive Vice President and Chief Financial Officer from October 2019 to June 2020, and from April 2016 to October 2018.

Executive Vice President, Chief Financial Officer and Treasurer from October 2018 to October 2019.

Vice President and Treasurer from February 2013 to March 2016.

Director since April 2016.

Xia Liu. Age 51.

- WEC Energy Group — Executive Vice President and Chief Financial Officer since June 2020.

- WE — Executive Vice President and Chief Financial Officer since June 2020.

Director since June 2020.

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*[Table of Contents](#if274cc687da84908b38c74df114fb05e_10)*

- CenterPoint Energy, Inc. — Senior Advisor from April 2020 to May 2020.

Executive Vice President and Chief Financial Officer from April 2019 to April 2020.

CenterPoint Energy, Inc. is a public utility holding company whose operating subsidiaries provide electric and natural gas service to customers in parts of the South and Midwest.

- Georgia Power Company — Executive Vice President, Chief Financial Officer and Treasurer from October 2017 to April 2019.

Georgia Power Company is a utility subsidiary of The Southern Company that provides electric service to customers throughout Georgia.

- Gulf Power Company — Vice President, Chief Financial Officer and Treasurer from July 2015 to October 2017.

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| --- | --- |

| • | Integrys Energy Group — Vice President and Treasurer from December 2010 to June 2015. |

Frederick D.

Kuester.* Age 69.

| • | WEC Energy Group — Senior Executive Vice President since March 2018. Executive Vice President from May 2004 to January 2013. |

| • | WE — Senior Vice President - Wholesale Energy and Fuels from January 2012 to June 2015. |

| • | WE — Senior Vice President - Corporate Communications and Investor Relations from June 1 to June 28, 2015. |

| • | Barclays — Vice President of Equity Research Power and Utilities Group from September 2008 to May 2015. |

| * | On January 31, 2020, Mr. Kuester informed the Company of his intent to retire in 2020. |

As of January 31, [removed: 2020,] [added: 2021,] based upon the number of WEC Energy Group shareholder accounts (including accounts in our [removed: dividend reinvestment and] stock purchase [added: and dividend reinvestment] plan), we had approximately [removed: 45,000] [added: 42,000] registered shareholders.

For more information on our dividends, including restrictions on the ability of our subsidiaries to pay us dividends, see Note [removed: 10,] [added: 11,] Common Equity.

| As of or for Year Ended December 31 | | | | | | | | | | | | | | | | | | | | | [added: | | | | | | | | | | | |]

| (in millions, except per share information) | | [added: | | | | 2020 | | | | | |] 2019 | | | | [added: | |] 2018 | | | | [removed: 2017 (1)] | | [added: 2017 (1)] | | [removed: 2016] | | | | [removed: 2015 (2)] [added: 2016] | | |

| Operating revenues | | [added: | | | |] $ | [removed: 7,523.1] [added: 7,241.7] | | | [added: | |] $ | [removed: 7,679.5] [added: 7,523.1] | | | [added: | |] $ | [removed: 7,648.5] [added: 7,679.5] | | | [added: | |] $ | [removed: 7,472.3] [added: 7,648.5] | | | [added: | |] $ | [removed: 5,926.1] [added: 7,472.3] | |

| Net income attributed to common shareholders | | [removed: 1,134.0] | | | | [added: 1,199.9 | | | | | | 1,134.0 | | | | | |] 1,059.3 | | | | [removed: 1,203.7] | | [added: 1,203.7] | | [removed: 939.0] | | | | [removed: 638.5] [added: 939.0] | | |

| Total assets | | [removed: 34,951.8] | | | | [added: 37,028.1 | | | | | | 34,951.8 | | | | | |] 33,475.8 | | | | [removed: 31,590.5] | | [added: 31,590.5] | | [removed: 30,123.2] | | | | [removed: 29,355.2] [added: 30,123.2] | | |

| Preferred stock of subsidiary | | [added: | | | |] 30.4 | | | | [added: | |] 30.4 | | | | [added: | |] 30.4 | | | | [added: | |] 30.4 | | | | [added: | |] 30.4 | | |

| Long-term debt (excluding current portion) | | [removed: 11,211.0] | | | | [added: 11,728.1 | | | | | | 11,211.0 | | | | | |] 9,994.0 | | | | [removed: 8,746.6] | | [added: 8,746.6] | | [removed: 9,158.2] | | | | [removed: 9,124.1] [added: 9,158.2] | | |

| [removed: Weighted] [added: Weighted] average common shares [removed: outstanding] [added: outstanding] | | | | | | | | | | | | | | | | | | | | | [added: | | | | | | | | | | | |]

| Basic | | [added: | | | |] 315.4 | | | | [removed: 315.5] | | [added: 315.4] | | [removed: 315.6] | | | | [added: 315.5 | | | | | |] 315.6 | | | | [removed: 271.1] | | [added: 315.6] | [added: | |]

| Diluted | | [removed: 316.7] | | | | [removed: 316.9] [added: 316.5] | | | | [removed: 317.2] | | [added: 316.7] | | [added: | | | |] 316.9 | | | | [removed: 272.7] | | [added: 317.2] | [added: | | | | | 316.9 | | |]

| [removed: Earnings] [added: Earnings] per [removed: share] [added: share] | | | | | | | | | | | | | | | | | | | | | [added: | | | | | | | | | | | |]

| Basic | | [added: | | | |] $ | [removed: 3.60] [added: 3.80] | | | [added: | |] $ | [removed: 3.36] [added: 3.60] | | | [added: | |] $ | [removed: 3.81] [added: 3.36] | | | [added: | |] $ | [removed: 2.98] [added: 3.81] | | | [added: | |] $ | [removed: 2.36] [added: 2.98] | |

| Diluted | | [added: | | | |] $ | [removed: 3.58] [added: 3.79] | | | [added: | |] $ | [removed: 3.34] [added: 3.58] | | | [added: | |] $ | [removed: 3.79] [added: 3.34] | | | [added: | |] $ | [removed: 2.96] [added: 3.79] | | | [added: | |] $ | [removed: 2.34] [added: 2.96] | |

| Dividends per share of common stock | | [added: | | | |] $ | [removed: 2.36] [added: 2.53] | | | [added: | |] $ | [removed: 2.21] [added: 2.36] | | | [added: | |] $ | [removed: 2.08] [added: 2.21] | | | [added: | |] $ | [removed: 1.98] [added: 2.08] | | | [added: | |] $ | [removed: 1.74] [added: 1.98] | |

[removed: |] (1) [removed: |] Includes a $206.7 million increase in net income attributed to common shareholders related to a re-measurement of our deferred taxes as a result of the Tax Legislation. [removed: See Note 15, Income Taxes, for more information. |]

| [removed: *2019] [added: *2020] Form 10-K* | [removed: 38] | [added: | 40 | | |] *WEC Energy Group, Inc.* | [added: | |]

[removed: [*Table] [added: *[Table] of [removed: Contents*](#s6F1C2DF90A4A538BA368225E09FC645C)][added: Contents](#if274cc687da84908b38c74df114fb05e_10)*]

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| (2) | Includes the impact of the Integrys acquisition for the last two quarters of 2015. |

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We have audited the accompanying consolidated balance sheets of WEC Energy Group, Inc. and subsidiaries (the "Company") as of December 31, [removed: 2019] [added: 2020] and [removed: 2018,] [added: 2019,] the related consolidated statements of income, comprehensive income, equity, and cash flows, for each of the three years in the period ended December 31, [removed: 2019,] [added: 2020,] and the related notes and the schedules listed in the Index at Item 15 (collectively referred to as the "financial statements").