WEC Energy Group (WEC) 10-K risk factor changes: FY2022 vs FY2021

| [removed: *2021] [added: *2022] Form 10-K* | | | 24 | | | *WEC Energy Group, Inc.* | | |

*[Table of [removed: Contents](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_10)*][added: Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*]

For example, the EPA adopted and implemented (or is in the process of implementing) regulations governing the emission of NOx, ozone, fine particulates, and other air pollutants under the CAA through the NAAQS, climate change regulations, [removed: New Source Performance Standards] [added: NSPS] for GHG emissions from new, modified, and reconstructed fossil-fueled power plants, and other air quality regulations.

The EPA also finalized regulations under the Clean Water Act that govern cooling water intake structures at our power [removed: plants and] [added: plants,] revised the effluent guidelines for steam electric generating [removed: plants.][added: plants, and along with the United States Army Corps of Engineers, released a final rule revising the definition of WOTUS that may impact projects requiring federal permits.]

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

Under [removed: the] [added: our] ESG Progress Plan, we expect to retire approximately 1,600 MW of additional fossil-fueled generation by [removed: 2025, to be replaced with] the [removed: construction] [added: end] of [removed: zero-carbon-emitting renewables] [added: 2026,] and [removed: clean natural gas-fueled generation.][added: plan to replace a portion of the retired capacity by building and owning zero-carbon-emitting renewable generation facilities.]

| [removed: *2021] [added: *2022] Form 10-K* | | | 25 | | | *WEC Energy Group, Inc.* | | |

Management expects this attention to continue since climate change is one of President Biden's primary initiatives, with significant actions [removed: expected] [added: being taken] by his administration [removed: during his term in office.][added: with more expected to follow.]

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 [removed: affect unit retirement] [added: cause us to retire] and [removed: replacement decisions in the future] [added: replace units earlier than planned] under the ESG Progress [removed: Plan.][added: Plan, which could lead to a possible loss on abandonment and reduced revenues.]

Future [removed: statewide] [added: local, 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.

[removed: In May 2021, we announced] [added: We have set] goals to achieve reductions in carbon emissions from our electric generation fleet by 60% by [added: the end of] 2025 and by 80% by [added: the end of] 2030, both from a 2005 baseline.

We also believe we will be in a position to eliminate coal as an energy source by [added: the end of] 2035.

[removed: However, our] [added: The] ability to achieve [removed: such goals] [added: these reductions in CO2 and methane emissions] depends on many external factors, including the [added: ability to make operating refinements, the retirement of less efficient generating units, the] development of relevant energy [removed: technologies] [added: technologies, the use of RNG throughout our natural gas utility systems,] and the ability to execute our capital plan.

Future changes to corporate tax rates or policies, including under [added: Treasury Regulations and guidance issued in connection with] the [removed: Biden Administration,] [added: IRA,] could require us to take material charges against earnings.

Our inability to generate sufficient taxable income in the future to fully use these tax carryforwards before they [removed: expire,] [added: expire or to transfer future tax credits as discussed below,] could significantly affect our tax obligations and financial results.

These facilities generate PTCs or ITCs that we [added: can] use to reduce our federal tax obligations.

| [removed: *2021] [added: *2022] Form 10-K* | | | 26 | | | *WEC Energy Group, Inc.* | | |

[added: The amount of tax credits we earn depends on available government incentives and policies, the amount of electricity] produced, the applicable tax credit rate, or the amount of the investment in qualifying property.

[removed: A] [added: In addition, 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 [removed: wind parks] [added: renewable projects] we have invested in, resulting in a material adverse impact on our financial condition and results of operations.

[removed: In addition,] [added: The imposition of additional taxes, tariffs, or other assessments related to renewable energy projects as well as] any reductions or eliminations of [removed: these] tax credits or other governmental incentives that promote renewable energy generating facilities may limit our ability to make further investments in renewable energy generating facilities or reduce the returns on our existing investments.

[removed: The ongoing COVID-19 pandemic has adversely affected,] [added: Public health crises, including epidemics] and [added: pandemics,] could [removed: continue to] adversely [removed: affect,] [added: affect] our business functions, financial condition, liquidity, and results of operations.

[removed: The resulting effects of] [added: Public health crises, including epidemics and pandemics, and] any [removed: future orders] [added: related government responses may adversely impact the economy and financial markets and] could have a variety of adverse impacts on us and our subsidiaries, including a decrease in [removed: revenues,] [added: revenues;] increased bad debt expense; increases in past due accounts receivable [removed: balances,] [added: balances;] and access to the capital markets at unreasonable terms or rates.

[removed: The COVID-19 pandemic] [added: Public health crises, including epidemics] and [added: pandemics, and] any [removed: additional] related government responses could [added: also] impair our and our subsidiaries' ability to develop, construct, and operate facilities.

We [removed: could] [added: may] also be [added: adversely] impacted by [removed: possible] labor [removed: disruptions,] [added: disruptions and productivity as a result of infections,] employee attrition, and a reduced ability to replace departing employees as a result of employees who leave or forego employment to avoid [removed: surcharges imposed on our medical plan or other] [added: any] required precautionary measures.

| [removed: *2021] [added: *2022] Form 10-K* | | | 27 | | | *WEC Energy Group, Inc.* | | |

Despite our efforts to manage the impacts of [added: public health crises, including epidemics and pandemics, that may occur in] the [removed: COVID-19 pandemic,] [added: future,] the extent to which [removed: COVID-19] [added: they] may [removed: continue to] affect us depends on factors beyond our knowledge or control.

Potential breakdown or failure may occur due to severe weather [removed: as a result of climate change or otherwise] (i.e., storms, tornadoes, floods, droughts, etc.); catastrophic events (i.e., fires, earthquakes, [removed: explosions, pandemic] [added: and explosions); public] health [removed: events, etc.);] [added: crises, including epidemics and pandemics;] significant changes in water levels in waterways; fuel supply or transportation disruptions; accidents; employee labor disputes; construction delays or cost overruns; shortages of or delays in obtaining equipment, material, and/or labor; performance below expected levels; operating limitations that may be imposed by environmental or other regulatory requirements; terrorist [added: or other physical] attacks; or cyber security intrusions.

In addition, milder temperatures during the summer cooling season and during the winter heating [removed: season, as a result of climate change or otherwise,] [added: season] may result in lower revenues and net income.

| [removed: *2021] [added: *2022] Form 10-K* | | | 28 | | | *WEC Energy Group, Inc.* | | |

[added: Any of these matters, as well as any regulatory delay in adjusting] rates as a result of reduced sales from effective conservation measures or the adoption of new technologies, could adversely impact our results of operations and financial condition.

An extreme weather event could result in downed wires and poles or damage to other operating equipment, which could result in us [added: incurring significant restoration costs and] foregoing sales of electricity and lost revenues.

[removed: Due to the cold temperatures, wind, snow, and ice throughout the central part of the country during February 2021,] [added: An extreme weather event could also cause] the cost of gas purchased for our natural gas utility customers and for the use of fuel at our generation facilities [removed: was] [added: to be] temporarily driven significantly higher than our normal winter weather expectations.

Although our utilities have regulatory mechanisms in place for recovering all prudently incurred [added: natural] gas costs, regulatory commissions could disallow recovery or order the refund of any costs determined to be imprudent.

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

| [removed: *2021] [added: *2022] Form 10-K* | | | 29 | | | *WEC Energy Group, Inc.* | | |

[removed: Additional supply] [added: Supply] chain disruptions, including solar panel shortages and increasing material costs as a result of government tariffs and other factors, could impact the timing of completion of our [removed: other] renewable projects.

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; rising interest rates; the impact of [removed: pandemic] [added: public] health [removed: events;] [added: crises, including epidemics and pandemics;] 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, [removed: and] [added: and/or] projections on which the approval was based, our regulators may deem the additional capital costs as imprudent and [removed: disallow recovery of them through rates, and otherwise available PTCs and ITCs for renewable energy projects could be lost or lose value.]

Our operations are subject to risks beyond our control, including but not limited to, cyber security intrusions, terrorist [added: or other physical] attacks, acts of war, or unauthorized access to personally identifiable information.

Despite the implementation of security measures, all assets and systems are potentially vulnerable to disability, failures, or unauthorized access due to physical or cyber security intrusions caused by human error, vendor bugs, terrorist [removed: attacks,] or other [added: physical attacks (including potential attacks on our substations and other electric distribution equipment), acts of war, or other] malicious acts.

This rider is subject to an annual reconciliation whereby costs are reviewed for accuracy and prudency.

There can be no assurance that all costs incurred under the QIP rider during the open reconciliation years, which include 2016 through 2022, will be deemed recoverable by the ICC.

In addition, the QIP rider will sunset after December 2023, and PGL will not seek an extension.

Instead, PGL will return to the regular ratemaking process to recover costs of necessary infrastructure improvements, subjecting PGL to regulatory lag on its natural gas infrastructure investments that are placed in service between regulatory rate reviews.

This regulatory lag, as well as the risk of costs being deemed unrecoverable during the review process, could have a material adverse impact on PGL’s, and correspondingly our, results of operations, financial position, and liquidity.

We continue to evaluate the conversion of certain coal units to natural gas.

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There have also been increasing efforts to introduce and adopt electrification initiatives and/or mandates and other efforts to reduce the use of natural gas.

The adoption of electrification initiatives and/or mandates could result in a further reduction in natural gas demand and revenue, as well as an increase in electrical demand and increased investment costs for existing or new electrical systems.

These types of initiatives and/or mandates could result in increased costs associated with permitting and siting of new technologies and delayed installation and start-up timelines.

In addition, financial investments in older carbon intensive technologies may not be fully realized.

Through our ESG Progress Plan, we continue to reduce methane emissions by improving our natural gas distribution systems.

We set a target across our natural gas distribution operations to achieve net-zero methane emissions by the end of 2030.

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The recently passed IRA may also allow us to transfer some of these future credits to third parties at a discounted value.

We are still awaiting Treasury guidance on how and when we are allowed to transfer these credits.

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As a result, we are unable to determine the potential impact any such public health crises, including epidemics and pandemics, may have on our business plans and operations, liquidity, financial condition, and results of operations.

The operations of our natural gas utilities depend upon the availability of adequate interstate pipeline transportation capacity and natural gas.

Our natural gas utilities purchase almost all of their natural gas supply from interstate sources that must be transported to the applicable service territories.

Interstate pipeline companies transport the natural gas to our natural gas utilities’ systems under firm service agreements that are designed to meet the requirements of their core markets.

A significant disruption to interstate pipelines capacity or reduction in natural gas supply due to events including, but not limited to, operational failures or disruptions, hurricanes, tornadoes, floods, freeze off of natural gas wells, terrorist or physical attacks, cyberattacks, other acts of war, or legislative or regulatory actions or requirements, including remediation related to integrity inspections or regulations and laws enacted to address climate change, could reduce the normal interstate supply of natural gas and thereby significantly disrupt our operations and/or reduce earnings.

For example, in December 2022, the Guardian Pipeline experienced a significant equipment failure, which limited

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the amount of natural gas that it could send our Wisconsin natural gas utilities.

Moreover, if additional natural gas infrastructure, including, but not limited to, exploration and drilling rigs and platforms, processing and gathering systems, offshore pipelines, interstate pipelines and storage, cannot be built at a pace that meets demand, then growth opportunities could be limited.

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Our operations and future results may be impacted by changing expectations and demands of our customers, regulators, investors, and other stakeholders, including heightened emphasis on environmental, social and governance concerns.

Our ability to execute our strategy and achieve anticipated financial outcomes are influenced by the expectations of our customers, regulators, investors, and other stakeholders.

Those expectations are based in part on the core fundamentals of affordability and reliability but are also increasingly focused on our ability to meet rapidly changing demands for new and varied products, services, and offerings.

Additionally, the risks of global climate change continues to shape our customers’ sustainability goals and energy needs, as well as the investment and financing criteria of investors.

Failure to meet these increasing expectations or to adequately address the risks and external pressures from regulators, customers, investors, and other stakeholders may impact our reputation and affect our ability to achieve favorable outcomes in future rate cases or our results of operations.

Furthermore, the increasing use of social media may accelerate and increase the potential scope of negative publicity we might receive and could increase the negative impact on our reputation, business, results of operations, and financial condition.

As it relates to electric generation, a diversified fleet with increasingly clean generation resources may facilitate more efficient financing and lower costs.

Conversely, jurisdictions utilizing more carbon-intensive generation such as coal may experience difficulty attracting certain investors and obtaining the most economical financing terms available.

Furthermore, with this heightened emphasis on environmental, social, and governance concerns, and climate change in particular, there is an increased risk of litigation.

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disallow recovery of them through rates, and otherwise available PTCs and ITCs for renewable energy projects could be lost or lose value.

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Recently, the PSCW issued a declaratory ruling finding that a third-party financed DER is not a “public utility” under Wisconsin law.

Without legislative action, the QIP rider will sunset after December 2023.

If the QIP rider is not extended or there is no other regulatory change, PGL will be subject to regulatory lag on its natural gas infrastructure investments that are placed in service between regulatory rate reviews, which could have a material adverse impact on PGL’s, and correspondingly our, results of operations, financial position, and liquidity.

These regulations could also adversely affect our future results of operations, cash flows, and financial condition.

Our plan to replace older, fossil-fueled generation with zero-carbon emitting renewables and clean natural gas-fueled generation will contribute to the achievement of our goals related to reducing CO2 and methane emissions as well as coal as an energy source.

The amount of tax credits we earn depends on the amount of electricity

The COVID-19 pandemic has adversely impacted the economy and financial markets, which has adversely affected our businesses.

During 2021, commercial and industrial retail sales volumes began to improve due to the continued economic recovery in our service territories.

However, there are still questions regarding the extent and duration of the COVID-19 pandemic itself.

Orders limiting the capacity of various businesses could be adopted in the future depending on how the virus continues to mutate and spread.

We may also be adversely impacted by reduced labor availability and productivity as a result of COVID-19 infections, although we have taken precautions with regard to employee hygiene and facility cleanliness, imposed travel limitations on our employees, implemented additional protocols for our field employees who travel to customer premises, provided additional employee benefits, and implemented remote work policies where appropriate.

Therefore, we are currently unable to determine what additional impact the COVID-19 pandemic may have on our business plans and operations, liquidity, financial condition, and results of operations, but will continue to monitor COVID-19 developments and modify our plans as conditions change.

Any of these matters, as well as any regulatory delay in adjusting

Although inflation in the United States has been relatively low in recent years, during 2021 the United States economy began experiencing a significant inflationary effect.

While we cannot predict any future trends in the rate of inflation, the global COVID-19 pandemic and other factors have brought uncertainty to the near-term economic outlook.

utility energy infrastructure segment.

For example, the timing of the completion of Badger Hollow I was impacted by supply chain disruptions, primarily related to the COVID-19 pandemic.

litigation, costs, liability, fines, or penalties, any of which could materially and adversely impact our results of operations as well as our reputation with customers, shareholders, and regulators, among others.

In addition, current and prospective employees may determine that they do not wish to work for us.

For example, we are currently subject to workforce trends occurring in the United States triggered by the decisions of employees to leave the workforce and/or their employer at higher rates as compared with prior years.

This high demand for replacement employees as a result of this trend may lead to higher labor costs than currently budgeted for and adversely affect our results of operations.

We cannot predict the consequences and timing of the development of alternative reference rates, or the performance of LIBOR as it is being phased out through June 2023.

adversely affect our results of operations, cash flows, and financial condition, and could limit our ability to sustain our current common stock dividend level.

We may experience poor investment performance of benefit plan holdings due to changes in assumptions and market conditions.

We are a diversified holding company with natural gas and electric utility operations (serving customers in Wisconsin, Illinois, Michigan, and Minnesota), an approximately 60% equity ownership interest in American Transmission Company LLC (ATC) (a for-profit electric transmission company regulated by the Federal Energy Regulatory Commission and certain state regulatory commissions), and non-utility energy infrastructure operations through W.E. Power LLC (which owns generation assets in Wisconsin), Bluewater Natural Gas Holding LLC (which owns underground natural gas storage facilities in Michigan), and WEC Infrastructure LLC (WECI), which holds ownership interests in several [removed: wind] [added: renewable] generating facilities.

In May 2021, we announced goals to achieve reductions in carbon emissions from our electric generation fleet by 60% by [added: the end of] 2025 and by 80% by [added: the end of] 2030, both from a 2005 baseline.

By the end of 2030, we expect [removed: our] [added: to] use [removed: of] coal [removed: will account for less than 5% of the power we supply to our customers,] [added: as a backup fuel only,] and we believe we will be in a position to eliminate coal as an energy source by [added: the end of] 2035.

Through our ESG Progress Plan, we expect to retire approximately 1,600 MW of additional fossil-fueled generation by [removed: 2025,] [added: the end of 2026,] which includes the planned [removed: retirements] [added: retirement] in [removed: 2023-2024] [added: 2024-2025] of Oak Creek Power Plant Units 5-8 and the [added: planned retirement in 2026 of] jointly-owned Columbia Units 1-2.

In addition to retiring these older, fossil-fueled plants, we expect to invest approximately [removed: $3.5] [added: $5.4] billion from [removed: 2022-2026] [added: 2023-2027] in regulated renewable energy in Wisconsin.

- [removed: 1,400] [added: 1,900] MW of utility-scale solar;

- [removed: 800] [added: 700] MW of battery storage; and

| [removed: *2021] [added: *2022] Form 10-K* | | | [removed: 44] [added: 45] | | | *WEC Energy Group, Inc.* | | |

*[Table of [removed: Contents](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_10)*][added: Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*]

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

- the planned purchase of up to 200 MW of capacity in the West Riverside Energy Center – a [removed: new, combined-cycle] [added: combined cycle] natural gas plant [added: recently] completed by Alliant Energy in [removed: Wisconsin; and][added: Wisconsin.]

Under this program, WE has energized [removed: 21] [added: 24] Solar Now projects and currently has another [removed: three] [added: five] under construction, together totaling more than [removed: 27] [added: 30] MW.

The second program, the Dedicated Renewable Energy Resource [added: (DRER)] 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 [removed: portfolio, and helping these larger customers meet their sustainability and renewable energy goals.][added: portfolio.]

We [removed: recently] [added: have since] signed our first [removed: contract] [added: five contracts] for RNG for our natural gas distribution business, which will be transporting the output of [removed: a] local dairy [removed: farm] [added: farms] onto our gas distribution system.

We expect to have RNG flowing to our distribution network [removed: by the end of 2022.][added: in 2023, supporting our goal to reduce methane emissions.]

As part of our effort to look for new opportunities in sustainable energy, [added: during 2022] we [removed: are] [added: completed] testing the effects of blending hydrogen, a clean generating fuel, with natural gas [removed: for] [added: at] one of our RICE generating units in the Upper Peninsula of Michigan.

We [removed: are partnering] [added: partnered] with the Electric Power Research Institute [added: (EPRI)] in this research that could help create another viable option for decarbonizing the economy.

| [removed: *2021] [added: *2022] Form 10-K* | | | [removed: 45] [added: 46] | | | *WEC Energy Group, Inc.* | | |

[removed: WE, WPS, and WG also] [added: - Our utilities] continue to upgrade their electric and natural gas distribution systems to enhance reliability.

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

See Note 2, Acquisitions, for [added: more] information on [removed: our acquisition of Whitewater.][added: these projects.]

In our non-utility energy infrastructure segment, we have acquired or agreed to acquire majority interests in eight wind [added: parks and two solar] parks, with total available capacity of more than [removed: 1,550] [added: 2,000] MW.

These renewable energy assets represent more than [removed: $2.3] [added: $2.9] billion in committed investments and have long-term agreements to serve customers outside our traditional service areas.

Production tax credits from these [removed: wind] [added: renewable] investments reduce our cash tax expense.

See Note 2, Acquisitions, for [removed: additional] information on [removed: these] [added: recent and pending] transactions.

We expect total capital expenditures for our regulated utility and non-utility energy infrastructure businesses to be approximately [removed: $16.4] [added: $18.1] billion from [removed: 2022] [added: 2023] to [removed: 2026.][added: 2027.]

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: approximately $2.0] billion.

Specific projects included in the [removed: $17.7] [added: $20.1] billion ESG Progress Plan are discussed in more detail below under Liquidity and Capital Resources – Cash Requirements – Significant Capital Projects.

| [removed: *2021] [added: *2022] Form 10-K* | | | [removed: 46] [added: 47] | | | *WEC Energy Group, Inc.* | | |

The following discussion and analysis of our Results of Operations includes comparisons of our results for the year ended December 31, [removed: 2021] [added: 2022] with the year ended December 31, [removed: 2020.][added: 2021.]

For a similar discussion that compares our results for the year ended December 31, [removed: 2020] [added: 2021] with the year ended December 31, [removed: 2019,] [added: 2020,] see Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations in Part II of our [removed: 2020] [added: 2021] Annual Report on Form 10-K, which was filed with the SEC on February [removed: 25, 2021.][added: 24, 2022.]

The following table compares our consolidated results for the year ended December 31, [removed: 2021] [added: 2022] with the year ended December 31, [removed: 2020,] [added: 2021,] including favorable or better, [removed: "B",] [added: "B,"] and unfavorable or worse, [removed: "W",] [added: "W,"] variances:

| (in millions, except per share data) | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | | | | | | | B (W) | | | | | | | | |

| Other states | | | | | | [removed: 35.8] [added: 39.7] | | | | | | [removed: 39.0] [added: 35.8] | | | | | | | | | | | | [removed: (3.2)] [added: 3.9] | | | | | | | | |

| Electric transmission | | | | | | [removed: 106.3] [added: 129.5] | | | | | | [removed: 112.6] [added: 106.3] | | | | | | | | | | | | [removed: (6.3)] [added: 23.2] | | | | | | | | |

| Non-utility energy infrastructure | | | | | | [removed: 279.2] [added: 324.4] | | | | | | [removed: 260.8] [added: 279.2] | | | | | | | | | | | | [removed: 18.4] [added: 45.2] | | | | | | | | |

| Corporate and other | | | | | | [removed: (50.5)] [added: (70.8)] | | | | | | [removed: (106.4)] [added: (50.5)] | | | | | | | | | | | | [removed: 55.9] [added: (20.3)] | | | | | | | | |

| Net income attributed to common shareholders | | | | | | $ | [removed: 1,300.3] [added: 1,408.1] | | | | | $ | [removed: 1,199.9] [added: 1,300.3] | | | | | | | | | | | $ | [removed: 100.4] [added: 107.8] | | | | | | | |

| Diluted earnings per share | | | | | | $ | [removed: 4.11] [added: 4.45] | | | | | $ | [removed: 3.79] [added: 4.11] | | | | | | | | | | | $ | [removed: 0.32] [added: 0.34] | | | | | | | |

- 700 MW of wind.

The DRER pilot would help these larger customers meet their sustainability and renewable energy goals.

In 2022, we received approval from the PSCW for our RNG pilots.

Our first five contracts bring us to a total of 1 Bcf of RNG planned to enter our system.

We are still evaluating the data; however, our initial findings indicate that all project measures exceeded our expectations.

The results of this testing continue to be analyzed and will be shared more broadly when complete.

In 2023, we are planning a pilot program with EPRI and CMBlu Energy, a Germany-based designer and manufacturer, to test a new form of long-duration energy storage on the U.S. electric grid.

The program will test battery system performance, including the ability to store and discharge energy for up to twice as long as the typical lithium-ion batteries in use today.

The pilot is planned for the fourth-quarter of 2023.

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We expect to spend approximately $3.6 billion from 2023 to 2027 on reliability related projects with continued investment over the next decade.

See Note 3, Dispositions, for information on recent transactions.

In addition, we anticipate that credits generated in 2023 and beyond will be eligible to be transferred to third parties in exchange for cash.

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| Wisconsin | | | | | | $ | 758.4 | | | | | $ | 706.5 | | | | | | | | | | | $ | 51.9 | | | | | | | |

| Illinois | | | | | | 226.9 | | | | | | 223.0 | | | | | | | | | | | | 3.9 | | | | | | | | |

- A $51.9 million increase in net income attributed to common shareholders at the Wisconsin segment, driven by lower operation and maintenance expense, largely due to the amortization of certain regulatory liabilities to offset a portion of our 2022 forecasted revenue deficiencies.

The amortization was approved by the PSCW in order to forego filing for 2022 base rate increases.

An increase in natural gas margins related to higher retail sales volumes, as well as higher net credits from the non-service components of our net periodic pension and OPEB costs, also contributed to the increase in earnings.

In addition, Upstream recognized revenue during 2022 related to market settlements it received from SPP in February 2021.

Due to a complaint filed with the FERC, the revenue related to these settlements could not be recognized until the FERC issued an order denying the complaint in the first quarter of 2022.

A positive impact from a sharing

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arrangement with one of our Blooming Grove customers, resulting from strong energy prices, also contributed to the increase in earnings.

- A $23.2 million increase in net income attributed to common shareholders at the electric transmission segment, primarily due to the impact of the D.C. Circuit Court of Appeals opinion issued in August 2022 addressing complaints related to ATC's ROE and the year-over-year impact of a goodwill impairment recorded during the fourth quarter of 2021.

These increases in earnings were partially offset by a $20.3 million increase in the net loss attributed to common shareholders at the corporate and other segment, driven by net losses from the investments held in the Integrys rabbi trust during 2022, compared with net gains during 2021.

Partially offsetting these negative impacts was the year-over-year impact from the loss on debt extinguishment recorded in 2021.

*[Table of Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*

The increase in earnings was driven by lower operation and maintenance expense, largely due to the amortization of certain regulatory liabilities to offset a portion of our 2022 forecasted revenue deficiencies.

The amortization was approved by the PSCW in order to forego filing for 2022 base rate increases.

An increase in natural gas margins related to higher retail sales volumes, as well as higher net credits from the non-service components of our net periodic pension and OPEB costs, also contributed to the increase in earnings.

These increases in earnings were partially offset by a negative year-over-year impact from collections of fuel and purchased power costs, higher property and revenue taxes, and higher depreciation and amortization.

| Transmission (1) | | | | | | 430.9 | | | | | | 511.1 | | | | | | | | | | | | 80.2 | | | | | | | | |

| We Power (3) | | | | | | 108.1 | | | | | | 114.9 | | | | | | | | | | | | 6.8 | | | | | | | | |

| Other | | | | | | 24.5 | | | | | | 10.6 | | | | | | | | | | | | (13.9) | | | | | | | | |

During 2022, WE and WPS amortized $81.0 million of the regulatory liabilities associated with their transmission escrows to offset certain 2022 revenue deficiencies, as approved by the PSCW in order to forego filing for 2022 base rate increases.

This amortization drove the decrease in transmission expense during 2022, compared with 2021.

*[Table of Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*

(4) Represents operation and maintenance associated with the earnings mechanisms we have in place.

In 2022, also includes $21.6 million of amortization related to a certain portion of WPS's regulatory liability associated with its 2020 earnings sharing mechanism to offset certain 2022 revenue deficiencies, as approved by the PSCW in order to forego filing for 2022 base rate increases.

- 100 MW of wind.

- the planned purchase of the Whitewater Cogeneration Facility, a natural gas-fired combined cycle electric generating facility with a capacity of 236.5 MW.

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

In addition, we previously received approval from the Public Service Commission of Wisconsin (PSCW) 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 now in service in Wisconsin: Two Creeks Solar Park (Two Creeks) and Badger Hollow Solar Park I (Badger Hollow I).

WPS owns 100 MW of Two Creeks and 100 MW of Badger Hollow I for a total of 200 MW.

Wisconsin Electric Power Company (WE) has partnered with an unaffiliated utility to construct Badger Hollow Solar Park II, which is expected to enter commercial operation in the first quarter of 2023.

Once constructed, WE will own 100 MW of this project.

This one contract represents 25 percent of our 2030 goal for methane reduction.

The project will be carried out in 2022, and the results will be shared across the industry.

- WE constructed 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, was completed in October 2021.

- WPS completed its work in late 2021 on its System Modernization and Reliability Project, which involved modernizing parts of its electric distribution system, including burying or upgrading lines.

See Note 3, Dispositions, for information on the sale of certain WPS Power Development, LLC solar power generation facilities.

| Wisconsin | | | | | | $ | 706.5 | | | | | $ | 690.4 | | | | | | | | | | | $ | 16.1 | | | | | | | |

| Illinois | | | | | | 223.0 | | | | | | 203.5 | | | | | | | | | | | | 19.5 | | | | | | | | |

Higher net gains from investments held in the Integrys rabbi trust also contributed to the lower net loss.

The investment gains from the rabbi trust offset higher

Lower benefit costs also contributed to the increase in earnings.

These positive impacts were partially offset by higher depreciation expense and an increase in natural gas distribution and maintenance costs during 2021.

Partially offsetting this increase were operating losses at the Coyote Ridge and Tatanka Ridge wind parks related to congestion on the electricity grid due, in part, to several transmission outages in 2021.

Higher interest expense due to WECI Wind Holding I's debt issuance in December 2020 also partially offset the positive impact from the increase in PTCs.

- A $16.1 million increase in net income attributed to common shareholders at the Wisconsin segment, driven by an increase in electric margins due to higher retail sales volumes, including the impact of weather.

Also contributing to the increase were lower benefit costs and the positive impact of increased rates from the Wisconsin rate orders approved by the PSCW, which excludes all impacts related to the recognition of unprotected excess deferred tax benefits from the Tax Legislation as they had no impact on earnings.

The higher earnings were driven by an increase in electric margins due to higher retail sales volumes, including the impact of weather.

| Transmission (1) | | | | | | 511.1 | | | | | | 518.0 | | | | | | | | | | | | 6.9 | | | | | | | | |

| We Power (3) | | | | | | 114.9 | | | | | | 119.3 | | | | | | | | | | | | 4.4 | | | | | | | | |

| Other | | | | | | 10.6 | | | | | | 5.7 | | | | | | | | | | | | (4.9) | | | | | | | | |

| Residential | | | | | | 11,460.1 | | | | | | 11,523.8 | | | | | | | | | | | | (63.7) | | | | | | | | |

| Other | | | | | | 147.6 | | | | | | 158.7 | | | | | | | | | | | | (11.1) | | | | | | | | |

| Wholesale | | | | | | 2,862.5 | | | | | | 3,088.4 | | | | | | | | | | | | (225.9) | | | | | | | | |

| Resale | | | | | | 4,869.2 | | | | | | 6,189.9 | | | | | | | | | | | | (1,320.7) | | | | | | | | |

| Residential | | | | | | 1,036.7 | | | | | | 1,090.8 | | | | | | | | | | | | (54.1) | | | | | | | | |

| Transport | | | | | | 1,392.6 | | | | | | 1,357.7 | | | | | | | | | | | | 34.9 | | | | | | | | |

| Heating (6,548 normal) | | | | | | 5,735 | | | | | | 6,092 | | | | | | | | | | | | (5.9) | | % | | | | | | |

| Cooling (755 normal) | | | | | | 1,061 | | | | | | 938 | | | | | | | | | | | | 13.1 | | % | | | | | | |

| Heating (7,380 normal) | | | | | | 6,735 | | | | | | 7,139 | | | | | | | | | | | | (5.7) | | % | | | | | | |

| Cooling (532 normal) | | | | | | 643 | | | | | | 660 | | | | | | | | | | | | (2.6) | | % | | | | | | |

| Heating (8,398 normal) | | | | | | 7,744 | | | | | | 8,189 | | | | | | | | | | | | (5.4) | | % | | | | | | |

| Cooling (342 normal) | | | | | | 428 | | | | | | 425 | | | | | | | | | | | | 0.7 | | % | | | | | | |

| [removed: *2021] [added: *2022] Form 10-K* | | | [removed: 78] [added: 80] | | | *WEC Energy Group, Inc.* | | |

*[Table of [removed: Contents](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_10)*][added: Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*]

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

At December 31, [removed: 2021,] [added: 2022,] we had six reportable segments, which are discussed below.

In accordance with SEC guidelines, WEC Energy Group also uses the "Investors" tab on its website, [removed: www.wecenergygroup.com] [added: www.wecenergygroup.com,] to communicate with investors.

In [removed: 2021,] [added: 2022,] WE's consolidated revenues also include securitization revenues collected from customers as servicer of environmental control property owned by [added: its subsidiary WEPCo Environmental Trust.]

| [removed: *2021] [added: *2022] Form 10-K* | | | 4 | | | *WEC Energy Group, Inc.* | | |

*[Table of [removed: Contents](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_10)*][added: Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*]

- UMERC generates and distributes electric energy to [removed: customers] [added: customers, including one iron ore mine owned by Tilden,] located in the Upper Peninsula of Michigan.

For information about our operating revenues disaggregated by customer class for the years ended December 31, [added: 2022,] 2021, [removed: 2020,] and [removed: 2019,] [added: 2020,] see Note 4, Operating Revenues.

In [removed: 2021,] [added: 2022,] retail revenues accounted for [removed: 91.8%] [added: 90.4%] of total electric operating revenues, wholesale revenues accounted for [removed: 3.5%] [added: 3.1%] of total electric operating revenues, and resale revenues accounted for [removed: 3.6%] [added: 5.2%] of total electric operating revenues.

Our [added: combined Wisconsin] service [removed: territory] [added: territories] experienced higher weather-normalized retail [added: natural gas deliveries (excluding natural gas deliveries for] electric [removed: sales] [added: generation)] in [removed: 2021,] [added: 2022] as compared [removed: with 2020,] [added: to 2021 largely] due to [removed: a partial] [added: continued] recovery from the impact of the [removed: first year 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 [added: at an annual rate] between [removed: 0.5%] [added: 0.7%] and 1.0% [removed: over] [added: for] the [removed: next five years,] [added: period 2025 through 2027,] assuming normal weather.

Electric peak demand is expected to be flat over the [removed: next five years.][added: same period.]

| [removed: *2021] [added: *2022] Form 10-K* | | | 5 | | | *WEC Energy Group, Inc.* | | |

| (in thousands) | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | |

| Residential | | | | | | [removed: 1,460.4] [added: 1,471.4] | | | | | | [removed: 1,455.7] [added: 1,460.4] | | | | | | [removed: 1,446.0] [added: 1,455.7] | | |

| Small commercial and industrial | | | | | | [removed: 175.8] [added: 176.9] | | | | | | 175.8 | | | | | | [removed: 174.6] [added: 175.8] | | |

| Large commercial and industrial | | | | | | [removed: 0.8] [added: 0.9] | | | | | | 0.8 | | | | | | [removed: 0.9] [added: 0.8] | | |

| Wholesale and other | | | | | | 1.6 | | | | | | [removed: 3.0] [added: 1.6] | | | | | | [removed: 2.7] [added: 3.0] | | |

| Total electric customers – end of year | | | | | | [removed: 1,638.6] [added: 1,650.8] | | | | | | [removed: 1,635.3] [added: 1,638.6] | | | | | | [removed: 1,624.2] [added: 1,635.3] | | |

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

All options, including owned generation resources and purchased power opportunities, are continually evaluated on a [removed: real-time] [added: real time] basis to select and dispatch the lowest-cost resources available to meet system load requirements.

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: 2022:][added: 2023:]

| | | | | | | 2022 | | | | | | 2021 | | | | | | 2020 | | | [removed: | | | 2019 | | |]

| Coal [removed: (2)] | | | | | | [removed: 33.3] [added: 30.4] | | % | | | | [removed: 35.5] [added: 29.4] | | % | | | | [removed: 31.1] [added: 35.5] | | % | | | | [removed: 36.3] [added: 31.1] | | % |

| Combined cycle | | | | | | [removed: 18.9] [added: 27.0] | | % | | | | [removed: 24.6] [added: 27.2] | | % | | | | [removed: 27.8] [added: 24.6] | | % | | | | [removed: 26.8] [added: 27.8] | | % |

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

| Natural gas/oil peaking units | | | | | | [removed: 1.8] [added: 4.3] | | % | | | | [removed: 3.1] [added: 3.7] | | % | | | | [removed: 2.4] [added: 3.1] | | % | | | | [removed: 0.9] [added: 2.4] | | % |

| Renewables [removed: (3)] [added: (2)] | | | | | | [removed: 5.9] [added: 5.8] | | % | | | | [removed: 4.8] [added: 5.8] | | % | | | | [removed: 5.3] [added: 4.8] | | % | | | | [removed: 4.4] [added: 5.3] | | % |

| Total company-owned generation units | | | | | | [removed: 60.6] [added: 68.2] | | % | | | | [removed: 68.8] [added: 67.1] | | % | | | | [removed: 67.6] [added: 68.8] | | % | | | | [removed: 69.2] [added: 67.6] | | % |

| Nuclear | | | | | | [removed: 21.1] [added: 18.7] | | % | | | | [removed: 19.0] [added: 19.8] | | % | | | | [removed: 19.5] [added: 19.0] | | % | | | | [removed: 19.8] [added: 19.5] | | % |

| Natural gas | | | | | | [removed: 1.3] [added: 2.5] | | % | | | | [removed: 1.9] [added: 2.2] | | % | | | | 1.9 | | % | | | | [removed: 1.8] [added: 1.9] | | % |

| Renewables [removed: (3)] [added: (2)] | | | | | | [removed: 2.4] [added: 2.1] | | % | | | | 1.9 | | % | | | | 1.9 | | % | | | | [removed: 2.0] [added: 1.9] | | % |

| Other | | | | | | — | | % | | | | [removed: 0.1] [added: 0.2] | | % | | | | [removed: 1.7] [added: 0.1] | | % | | | | [removed: 1.8] [added: 1.7] | | % |

| Total power purchase contracts | | | | | | [removed: 24.8] [added: 23.3] | | % | | | | [removed: 22.9] [added: 24.1] | | % | | | | [removed: 25.0] [added: 22.9] | | % | | | | [removed: 25.4] [added: 25.0] | | % |

| Purchased power from MISO | | | | | | [removed: 14.6] [added: 8.5] | | % | | | | [removed: 8.3] [added: 8.8] | | % | | | | [removed: 7.4] [added: 8.3] | | % | | | | [removed: 5.4] [added: 7.4] | | % |

| Total purchased power | | | | | | [removed: 39.4] [added: 31.8] | | % | | | | [removed: 31.2] [added: 32.9] | | % | | | | [removed: 32.4] [added: 31.2] | | % | | | | [removed: 30.8] [added: 32.4] | | % |

(1) The values included in the estimate assume a natural gas price based on the December [removed: 2021] [added: 2022] NYMEX.

| [removed: *2021] [added: *2022] Form 10-K* | | | 6 | | | *WEC Energy Group, Inc.* | | |

[removed: (3)] [added: (2)] Includes hydroelectric, biomass, solar, and wind generation.

We own [removed: 7,751] [added: 7,736] MW of generation capacity, including wholly owned and jointly owned facilities.

Our service territory experienced slightly higher weather-normalized retail electric sales in 2022, compared with 2021, due to the growth in small commercial and industrial sales.

*[Table of Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*

*[Table of Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*

See Note 7, Property, Plant, and Equipment, for more information.

Also see Item 1A.

Risk Factors - Risks Related to Legislation and Regulation - Our operations, capital expenditures, and financial results may be affected by the impact of GHG gas legislation, regulation, and emission reduction goals.

The DRER helps these larger customers meet their sustainability and renewable energy goals.

*[Table of Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*

If approved, construction of the solar portion is expected to be completed in 2025.

Commercial operation of Badger Hollow II is targeted for 2023.

In addition, WPS could exercise a second option to acquire an additional 100 MW of capacity, with the transaction expected to close in 2024.

*[Table of Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*

We have received approval from the PSCW to invest in 364.5 MW of natural gas-fired generation within our Wisconsin segment, including the following:

We added Whitewater to our generation portfolio when this transaction closed in January 2023.

Construction is expected to be completed in 2023.

As part of our effort to look for new opportunities in sustainable energy, during 2022 we completed testing the effects of blending hydrogen, a clean generating fuel, with natural gas at one of our RICE generating units in the Upper Peninsula of Michigan.

We partnered with the Electric Power Research Institute in this research that could help create another viable option for decarbonizing the economy.

The results of this testing continue to be analyzed and will be shared more broadly when complete.

Other Sustainability Programs

MISO is implementing seasonal requirements effective June 1, 2023.

The installed capacity reserve margins for the planning year June 1, 2023 through May 31, 2024 are as follows: 15.9% summer (June – August); 25.8% fall (September – November); 41.2% winter (December – February); and 39.3% spring (March – May).

*[Table of Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*

| 2023 | | | | | | 8,680 | | |

| 2024 | | | | | | 8,200 | | |

| 2025 | | | | | | 5,670 | | |

For additional information concerning risks related to coal supply chain disruptions, see the risk factor below.

- Item 1A.

Risk Factors – Risks Related to Economic and Market Volatility – We may not be able to obtain an adequate supply of coal, which could limit our ability to operate our coal-fired facilities.

*[Table of Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*

In addition, our Wisconsin segment offers natural gas transportation services to our customers that elect to purchase natural gas directly from a third-party supplier.

For information about our operating revenues disaggregated by customer class for the years ended December 31, 2022, 2021, and 2020, see Note 4, Operating Revenues.

| (in thousands) | | | | | | 2022 | | | | | | 2021 | | | | | | 2020 | | |

*[Table of Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*

On December 23, 2022, the Guardian pipeline, which provides natural gas to our distribution network, experienced a significant equipment failure, resulting in a significant reduction in the delivery of natural gas it had committed to provide.

In addition, extreme cold weather in our service territories put additional strain on our ability to receive natural gas from other pipeline suppliers.

Our Wisconsin natural gas utilities took numerous steps to meet their customers' demand for natural gas, including drawing from LNG storage facilities, and reducing natural gas deliveries to interruptible business customers.

WE and WG also requested that all other customers reduce their natural gas usage.

The following day, WE and WG lifted their conservation request of customers as the amount of natural gas stabilized to levels that could meet all customers' needs.

As a result of the measures taken, we were able to avoid any significant natural gas outages.

In addition, PGL and NSG offer natural gas transportation services to our customers that elect to purchase natural gas directly from a third-party supplier.

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.

its subsidiary WEPCo Environmental Trust.

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

(2) In 2021, we used more coal generation for electric supply, compared with 2020.

Even though coal costs also increased in 2021, it was still more cost effective than natural gas due to increased natural gas prices in 2021.

We still anticipate using less coal in the future as we plan to achieve

our emission reduction goals through the addition of renewable generation and eventual closure of existing coal generating facilities if approved by regulators.

In November 2021, we added to our electrical generation portfolio when Badger Hollow I, a new utility scale solar facility with a 150 MW nameplate capacity in Iowa County, Wisconsin, achieved commercial operation.

WPS owns 100 MW of Badger Hollow I.

Wind Park, a utility-scale wind-powered electric generating facility.

once constructed, WPS will own 82 MW of this project.

If approved, the transaction is expected to close in January 2023.

| 2022 | | | | | | 7,373 | | |

| 2023 | | | | | | 4,800 | | |

| 2024 | | | | | | 2,250 | | |

areas of both central and western Wisconsin.

Our combined Wisconsin service territories experienced slightly lower weather-normalized retail natural gas deliveries (excluding natural gas deliveries for electric generation) in 2021 as compared to 2020 due to the impact of a full year of the COVID-19 pandemic in 2021 and higher natural gas prices.

We have been able to meet our contractual obligations with both our suppliers and our customers.

times when the contracted capacity and supply are in excess of utility demand.

| Transport | | | | | | 68.3 | | | | | | 74.8 | | | | | | 88.7 | | |

| Transport | | | | | | 23.6 | | | | | | 24.4 | | | | | | 24.7 | | |

This one contract represents 25 percent of our 2030 goal for methane reduction.

We expect to have RNG flowing to our distribution network by the end of 2022.

ER 1 and ER 2.

In February 2020, WECI amended this agreement to acquire an additional 10% ownership interest in Thunderhead.

| NSG – natural gas (prior to September 15, 2021) | | | | | | ICC | | | | | | 9.05% | | | | | | 50.48% | | |

All of our capacity requirements during the planning year from June 1, 2021, through May 31, 2022 were met.

Bishop Hill III, Blooming Grove, Coyote Ridge, Jayhawk, Tatanka Ridge, and Upstream are all subject to the FERC’s regulation of wholesale energy under the Federal Power Act.

For a discussion of certain environmental matters affecting us,

| WE | | | | | | 2,409 | | | | | | 1,869 | | | | | |

| WPS | | | | | | 1,139 | | | | | | 803 | | | | | |

| WG | | | | | | 355 | | | | | | 235 | | | | | |

| PGL | | | | | | 1,310 | | | | | | 878 | | | | | |

| NSG | | | | | | 157 | | | | | | 111 | | | | | |

| MERC | | | | | | 206 | | | | | | 42 | | | | | |

| MGU | | | | | | 136 | | | | | | 89 | | | | | |

| WBS | | | | | | 1,226 | | | | | | — | | | | | |

| Total employees | | | | | | 6,938 | | | | | | 4,027 | | | | | |

We monitor and set

In response to the COVID-19 pandemic, we have implemented safety protocols and new procedures to protect our employees and customers.

| [removed: *2021] [added: *2022] Form 10-K* | | | [removed: 39] [added: 40] | | | *WEC Energy Group, Inc.* | | |

*[Table of [removed: Contents](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_10)*][added: Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*]

Employee Retirement Savings Plan Matter

In May 2022, a putative class action, Munt, et al.

v.

WEC Energy Group, Inc., et al., was filed in the United States District Court for the Eastern District of Wisconsin - Milwaukee Division.

The plaintiffs allege that WEC Energy Group, members of its Board of Directors, and others breached their fiduciary duties with respect to the operation and oversight of the Employee Retirement Saving Plan (the “Plan”) in violation of the Employee Retirement Income Security Act of 1974, as amended.

The class is alleged to be participants in the Plan from May 10, 2016 through the date of judgment.

The complaint seeks injunctive relief, damages, interest, costs, and attorneys' fees.

The Company is vigorously defending against the allegations made in this lawsuit and intends to continue to do so.

Environmental Matters

Manlove Field Matter

In September 2017, the IDNR, Office of Oil and Gas Resource Management, issued a VN to PGL related to a leak of natural gas from a well located at the PGL Manlove Gas Storage Field in December 2016.

PGL quickly shut down and permanently plugged the well to

contain the leak after it was discovered.

The leak resulted in the migration of natural gas from the well to the Mahomet Aquifer located in central Illinois and impacted residential freshwater wells.

PGL has been working with residents potentially impacted by the natural gas leak, and the Illinois state agencies to investigate and remediate the impacts of the natural gas leak to the Mahomet Aquifer.

In October 2017, the Illinois AG filed a complaint against PGL alleging certain violations of the Illinois Environmental Protection Act and the Oil and Gas Act.

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 application to the IEPA.

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

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

During late 2020 and throughout 2021, PGL has taken steps to implement the requirements of the approved GMZ project.

In addition, in December 2017, the IEPA issued a VN to PGL alleging the same violations as the AG.

Lastly, in January 2018, the IEPA issued a VN alleging certain violations of Illinois air emission rules arising from the construction and operation of flaring equipment at the leak site.

Both of the IEPA VN matters have been referred to the AG for enforcement.

In the complaint, as is customary in these types of actions, the AG cited to the statutory penalties allowed by law.

Ultimately, the pursuit of any civil penalties is at the AG’s discretion.

In the event the AG 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.

At this time, we believe that civil penalties, if any, will not have a material impact on our financial statements.

For the fiscal year ended December 31, [removed: 2021][added: 2022]

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

The aggregate market value of the common stock of WEC Energy Group, Inc. held by non-affiliates was [removed: $28.1] [added: $31.7] billion based upon the reported closing price of such securities as of June 30, [removed: 2021.][added: 2022.]

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: 2022):][added: 2023):]

Portions of WEC Energy Group, Inc.'s Definitive Proxy Statement on Schedule 14A for its Annual Meeting of Shareholders, to be held on May [removed: 5, 2022,] [added: 4, 2023,] are incorporated by reference into Part III hereof.

*[Table of [removed: Contents](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_10)*][added: Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*]

For the Year Ended December 31, [removed: 2021][added: 2022]

| [CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING [removed: INFORMATION](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_16)] [added: INFORMATION](#ia30e1664d8ce47cba8ecdb9ce46154ab_16)] | | | | | | | | | | | | | | | [removed: [1](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_16)] [added: [1](#ia30e1664d8ce47cba8ecdb9ce46154ab_16)] | | |

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| | | | [removed: [D.](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_58)] [added: [D.](#ia30e1664d8ce47cba8ecdb9ce46154ab_58)] | | | [NON-UTILITY [removed: OPERATIONS](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_58)] [added: OPERATIONS](#ia30e1664d8ce47cba8ecdb9ce46154ab_58)] | | | | | | | | | [removed: [16](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_58)] [added: [17](#ia30e1664d8ce47cba8ecdb9ce46154ab_58)] | | |

| | | | [removed: [F.](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_70)] [added: [F.](#ia30e1664d8ce47cba8ecdb9ce46154ab_70)] | | | [ENVIRONMENTAL [removed: COMPLIANCE](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_70)] [added: COMPLIANCE](#ia30e1664d8ce47cba8ecdb9ce46154ab_70)] | | | | | | | | | [removed: [21](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_70)] [added: [22](#ia30e1664d8ce47cba8ecdb9ce46154ab_70)] | | |

| | | | [removed: [G.](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_73)] [added: [G.](#ia30e1664d8ce47cba8ecdb9ce46154ab_73)] | | | [HUMAN [removed: CAPITAL](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_73)] [added: CAPITAL](#ia30e1664d8ce47cba8ecdb9ce46154ab_73)] | | | | | | | | | [removed: [22](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_73)] [added: [22](#ia30e1664d8ce47cba8ecdb9ce46154ab_73)] | | |

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| | | | [INFORMATION ABOUT OUR EXECUTIVE [removed: OFFICERS](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_91)] [added: OFFICERS](#ia30e1664d8ce47cba8ecdb9ce46154ab_91)] | | | | | | | | | | | | [removed: [41](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_91)] [added: [42](#ia30e1664d8ce47cba8ecdb9ce46154ab_91)] | | |

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| | | | [removed: [E.](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_220)] [added: [E.](#ia30e1664d8ce47cba8ecdb9ce46154ab_268)] | | | [Consolidated Statements of Cash [removed: Flows](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_220)] [added: Flows](#ia30e1664d8ce47cba8ecdb9ce46154ab_268)] | | | | | | | | | [removed: [85](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_220)] [added: [87](#ia30e1664d8ce47cba8ecdb9ce46154ab_268)] | | |

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| | | | | | | [Note [removed: 1](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_232)] [added: 1](#ia30e1664d8ce47cba8ecdb9ce46154ab_280)] | | | [Summary of Significant Accounting [removed: Policies](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_232)] [added: Policies](#ia30e1664d8ce47cba8ecdb9ce46154ab_280)] | | | [removed: [87](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_232)] [added: [89](#ia30e1664d8ce47cba8ecdb9ce46154ab_280)] | | | | | |

| | | | | | | [Note [removed: 6](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_322)] [added: 6](#ia30e1664d8ce47cba8ecdb9ce46154ab_370)] | | | [Regulatory Assets and [removed: Liabilities](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_322)] [added: Liabilities](#ia30e1664d8ce47cba8ecdb9ce46154ab_370)] | | | [removed: [105](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_322)] [added: [108](#ia30e1664d8ce47cba8ecdb9ce46154ab_370)] | | | | | |

| | | | | | | [Note [removed: 7](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_325)] [added: 7](#ia30e1664d8ce47cba8ecdb9ce46154ab_373)] | | | [Property, Plant, and [removed: Equipment](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_325)] [added: Equipment](#ia30e1664d8ce47cba8ecdb9ce46154ab_373)] | | | [removed: [108](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_325)] [added: [111](#ia30e1664d8ce47cba8ecdb9ce46154ab_373)] | | | | | |

| | | | | | | [Note [removed: 8](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_328)] [added: 8](#ia30e1664d8ce47cba8ecdb9ce46154ab_376)] | | | [Jointly Owned Utility [removed: Facilities](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_328)] [added: Facilities](#ia30e1664d8ce47cba8ecdb9ce46154ab_376)] | | | [removed: [109](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_328)] [added: [112](#ia30e1664d8ce47cba8ecdb9ce46154ab_376)] | | | | | |

| | | | | | | [Note [removed: 9](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_331)] [added: 9](#ia30e1664d8ce47cba8ecdb9ce46154ab_379)] | | | [Asset Retirement [removed: Obligations](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_331)] [added: Obligations](#ia30e1664d8ce47cba8ecdb9ce46154ab_379)] | | | [removed: [110](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_331)] [added: [113](#ia30e1664d8ce47cba8ecdb9ce46154ab_379)] | | | | | |

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| | | | | | | [Note [removed: 13](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_346)] [added: 13](#ia30e1664d8ce47cba8ecdb9ce46154ab_394)] | | | [Short-Term Debt and Lines of [removed: Credit](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_346)] [added: Credit](#ia30e1664d8ce47cba8ecdb9ce46154ab_394)] | | | [removed: [115](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_346)] [added: [118](#ia30e1664d8ce47cba8ecdb9ce46154ab_394)] | | | | | |

| | | | | | | [Note [removed: 14](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_349)] [added: 14](#ia30e1664d8ce47cba8ecdb9ce46154ab_397)] | | | [Long-Term [removed: Debt](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_349)] [added: Debt](#ia30e1664d8ce47cba8ecdb9ce46154ab_397)] | | | [removed: [116](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_349)] [added: [120](#ia30e1664d8ce47cba8ecdb9ce46154ab_397)] | | | | | |

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).

| [PART I](#ia30e1664d8ce47cba8ecdb9ce46154ab_19) | | | | | | | | | | | | | | | [4](#ia30e1664d8ce47cba8ecdb9ce46154ab_19) | | |

| | | | [A.](#ia30e1664d8ce47cba8ecdb9ce46154ab_25) | | | [INTRODUCTION](#ia30e1664d8ce47cba8ecdb9ce46154ab_25) | | | | | | | | | [4](#ia30e1664d8ce47cba8ecdb9ce46154ab_25) | | |

| | | | [E.](#ia30e1664d8ce47cba8ecdb9ce46154ab_67) | | | [REGULATION](#ia30e1664d8ce47cba8ecdb9ce46154ab_67) | | | | | | | | | [18](#ia30e1664d8ce47cba8ecdb9ce46154ab_67) | | |

| [PART II](#ia30e1664d8ce47cba8ecdb9ce46154ab_94) | | | | | | | | | | | | | | | [44](#ia30e1664d8ce47cba8ecdb9ce46154ab_94) | | |

| | | | | | | [Note 2](#ia30e1664d8ce47cba8ecdb9ce46154ab_358) | | | [Acquisitions](#ia30e1664d8ce47cba8ecdb9ce46154ab_358) | | | [100](#ia30e1664d8ce47cba8ecdb9ce46154ab_358) | | | | | |

| | | | | | | [Note 3](#ia30e1664d8ce47cba8ecdb9ce46154ab_361) | | | [Dispositions](#ia30e1664d8ce47cba8ecdb9ce46154ab_361) | | | [102](#ia30e1664d8ce47cba8ecdb9ce46154ab_361) | | | | | |

| | | | | | | [Note 4](#ia30e1664d8ce47cba8ecdb9ce46154ab_364) | | | [Operating Revenues](#ia30e1664d8ce47cba8ecdb9ce46154ab_364) | | | [103](#ia30e1664d8ce47cba8ecdb9ce46154ab_364) | | | | | |

| | | | | | | [Note 5](#ia30e1664d8ce47cba8ecdb9ce46154ab_367) | | | [Credit Losses](#ia30e1664d8ce47cba8ecdb9ce46154ab_367) | | | [106](#ia30e1664d8ce47cba8ecdb9ce46154ab_367) | | | | | |

| | | | | | | [Note 11](#ia30e1664d8ce47cba8ecdb9ce46154ab_385) | | | [Common Equity](#ia30e1664d8ce47cba8ecdb9ce46154ab_385) | | | [115](#ia30e1664d8ce47cba8ecdb9ce46154ab_385) | | | | | |

| | | | | | | [Note 12](#ia30e1664d8ce47cba8ecdb9ce46154ab_388) | | | [Preferred Stock](#ia30e1664d8ce47cba8ecdb9ce46154ab_388) | | | [118](#ia30e1664d8ce47cba8ecdb9ce46154ab_388) | | | | | |

| | | | | | | [Note 15](#ia30e1664d8ce47cba8ecdb9ce46154ab_403) | | | [Leases](#ia30e1664d8ce47cba8ecdb9ce46154ab_403) | | | [122](#ia30e1664d8ce47cba8ecdb9ce46154ab_403) | | | | | |

| | | | | | | [Note 16](#ia30e1664d8ce47cba8ecdb9ce46154ab_409) | | | [Income Taxes](#ia30e1664d8ce47cba8ecdb9ce46154ab_409) | | | [125](#ia30e1664d8ce47cba8ecdb9ce46154ab_409) | | | | | |

*[Table of Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*

| | | | | | | [Note 18](#ia30e1664d8ce47cba8ecdb9ce46154ab_415) | | | [Derivative Instruments](#ia30e1664d8ce47cba8ecdb9ce46154ab_415) | | | [129](#ia30e1664d8ce47cba8ecdb9ce46154ab_415) | | | | | |

| | | | | | | [Note 19](#ia30e1664d8ce47cba8ecdb9ce46154ab_418) | | | [Guarantees](#ia30e1664d8ce47cba8ecdb9ce46154ab_418) | | | [130](#ia30e1664d8ce47cba8ecdb9ce46154ab_418) | | | | | |

| | | | | | | [Note 20](#ia30e1664d8ce47cba8ecdb9ce46154ab_421) | | | [Employee Benefits](#ia30e1664d8ce47cba8ecdb9ce46154ab_421) | | | [130](#ia30e1664d8ce47cba8ecdb9ce46154ab_421) | | | | | |

| | | | | | | [Note 22](#ia30e1664d8ce47cba8ecdb9ce46154ab_427) | | | [Segment Information](#ia30e1664d8ce47cba8ecdb9ce46154ab_427) | | | [136](#ia30e1664d8ce47cba8ecdb9ce46154ab_427) | | | | | |

| | | | | | | [Note 26](#ia30e1664d8ce47cba8ecdb9ce46154ab_442) | | | [Regulatory Environment](#ia30e1664d8ce47cba8ecdb9ce46154ab_442) | | | [146](#ia30e1664d8ce47cba8ecdb9ce46154ab_442) | | | | | |

| [PART III](#ia30e1664d8ce47cba8ecdb9ce46154ab_469) | | | | | | | | | | | | | | | [156](#ia30e1664d8ce47cba8ecdb9ce46154ab_469) | | |

| [PART IV](#ia30e1664d8ce47cba8ecdb9ce46154ab_487) | | | | | | | | | | | | | | | [158](#ia30e1664d8ce47cba8ecdb9ce46154ab_487) | | |

| | | | [A.](#ia30e1664d8ce47cba8ecdb9ce46154ab_502) | | | [Income Statements](#ia30e1664d8ce47cba8ecdb9ce46154ab_502) | | | | | | | | | [164](#ia30e1664d8ce47cba8ecdb9ce46154ab_502) | | |

| | | | [B.](#ia30e1664d8ce47cba8ecdb9ce46154ab_505) | | | [Statements of Comprehensive Income](#ia30e1664d8ce47cba8ecdb9ce46154ab_505) | | | | | | | | | [165](#ia30e1664d8ce47cba8ecdb9ce46154ab_505) | | |

| | | | [C.](#ia30e1664d8ce47cba8ecdb9ce46154ab_508) | | | [Balance Sheets](#ia30e1664d8ce47cba8ecdb9ce46154ab_508) | | | | | | | | | [166](#ia30e1664d8ce47cba8ecdb9ce46154ab_508) | | |

| | | | [D.](#ia30e1664d8ce47cba8ecdb9ce46154ab_511) | | | [Statements of Cash Flows](#ia30e1664d8ce47cba8ecdb9ce46154ab_511) | | | | | | | | | [167](#ia30e1664d8ce47cba8ecdb9ce46154ab_511) | | |

| [SIGNATURES](#ia30e1664d8ce47cba8ecdb9ce46154ab_520) | | | | | | | | | | | | | | | [172](#ia30e1664d8ce47cba8ecdb9ce46154ab_520) | | |

*[Table of Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*

| WECI Wind Holding II | | | | | | WEC Infrastructure Wind Holding II LLC | | |

*[Table of Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*

| CASAC | | | | | | Clean Air Scientific Advisory Committee | | |

| NOPP | | | | | | Notice of Planned Participation | | |

| NSPS | | | | | | New Source Performance Standards | | |

| PM | | | | | | Particulate Matter | | |

| WPDES | | | | | | Wisconsin Pollutant Discharge Elimination System | | |

| µg/m3 | | | | | | Micrograms Per Cubic Meter | | |

| AD/CVD | | | | | | Antidumping and Countervailing Duties | | |

| CIP | | | | | | Conservation Improvement Program | | |

| Darien | | | | | | Darien Solar-Battery Park | | |

| DER | | | | | | Distributed Energy Resource | | |

| [PART I](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_19) | | | | | | | | | | | | | | | [4](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_19) | | |

| | | | [A.](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_25) | | | [INTRODUCTION](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_25) | | | | | | | | | [4](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_25) | | |

| | | | [E.](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_67) | | | [REGULATION](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_67) | | | | | | | | | [18](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_67) | | |

| [PART II](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_94) | | | | | | | | | | | | | | | [43](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_94) | | |

| | | | | | | [Note 2](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_310) | | | [Acquisitions](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_310) | | | [98](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_310) | | | | | |

| | | | | | | [Note 3](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_313) | | | [Dispositions](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_313) | | | [100](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_313) | | | | | |

| | | | | | | [Note 4](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_316) | | | [Operating Revenues](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_316) | | | [101](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_316) | | | | | |

| | | | | | | [Note 5](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_319) | | | [Credit Losses](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_319) | | | [104](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_319) | | | | | |

| | | | | | | [Note 11](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_337) | | | [Common Equity](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_337) | | | [111](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_337) | | | | | |

| | | | | | | [Note 12](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_340) | | | [Preferred Stock](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_340) | | | [114](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_340) | | | | | |

| | | | | | | [Note 15](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_355) | | | [Leases](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_355) | | | [119](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_355) | | | | | |

| | | | | | | [Note 16](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_358) | | | [Income Taxes](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_358) | | | [123](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_358) | | | | | |

| | | | | | | | | |

| | | | | | | [Note 18](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_364) | | | [Derivative Instruments](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_364) | | | [127](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_364) | | | | | |

| | | | | | | [Note 19](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_367) | | | [Guarantees](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_367) | | | [128](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_367) | | | | | |

| | | | | | | [Note 20](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_370) | | | [Employee Benefits](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_370) | | | [128](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_370) | | | | | |

| | | | | | | [Note 22](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_376) | | | [Segment Information](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_376) | | | [134](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_376) | | | | | |

| | | | | | | [Note 26](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_391) | | | [Regulatory Environment](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_391) | | | [144](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_391) | | | | | |

| [PART III](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_415) | | | | | | | | | | | | | | | [153](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_415) | | |

| [PART IV](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_433) | | | | | | | | | | | | | | | [155](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_433) | | |

| | | | [A.](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_448) | | | [Income Statements](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_448) | | | | | | | | | [161](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_448) | | |

| | | | [B.](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_451) | | | [Statements of Comprehensive Income](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_451) | | | | | | | | | [162](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_451) | | |

| | | | [C.](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_454) | | | [Balance Sheets](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_454) | | | | | | | | | [163](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_454) | | |

| | | | [D.](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_457) | | | [Statements of Cash Flows](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_457) | | | | | | | | | [164](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_457) | | |

| [SIGNATURES](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_466) | | | | | | | | | | | | | | | [169](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_466) | | |

| IDNR | | | | | | Illinois Department of Natural Resources | | |

| IEPA | | | | | | Illinois Environmental Protection Agency | | |

| GMZ | | | | | | Groundwater Management Zone | | |

| VN | | | | | | Violation Notice | | |

| 2013 Junior Notes | | | | | | Integrys Holding, Inc.'s 6.00% Junior Notes Due August 1, 2073 | | |

| AG | | | | | | Attorney General | | |

| Blue Sky | | | | | | Blue Sky Green Field Wind Park | | |

| CDC | | | | | | Centers for Disease Control and Prevention | | |

| Crane Creek | | | | | | Crane Creek Wind Park | | |

| GUIC | | | | | | Gas Utility Infrastructure Costs | | |

| OC 5 | | | | | | Oak Creek Power Plant Unit 5 | | |

| [removed: *2021] [added: *2022] Form 10-K* | | | [removed: 36] [added: 37] | | | *WEC Energy Group, Inc.* | | |

*[Table of [removed: Contents](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_10)*][added: Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*]

The following table summarizes information on our electric generation facilities, including owned and jointly owned facilities, as of December 31, [removed: 2021:][added: 2022:]

| OCPP | | | | | | Oak Creek, WI | | | | | | Coal | | | | | | 4 | | | | | | [removed: 1,087] [added: 1,086] | | | | | |

| Total coal-fired plants | | | | | | | | | | | | | | | | | | 10 | | | | | | [removed: 3,179] [added: 3,178] | | | | | |

| A. J. Mihm | | | | | | Baraga, MI | | | | | | Natural Gas | | | | | | 3 | | | | | | [removed: 56] [added: 57] | | | | | |

| West Marinette | | | | | | Marinette, WI | | | | | | Natural Gas/Oil | | | | | | 3 | | | | | | [removed: 150] [added: 147] | | | | | |

| Total natural gas-fired plants | | | | | | | | | | | | | | | | | | 38 | | | | | | [removed: 3,719] [added: 3,717] | | | [added: (5)] | | |

| Hydro plants (30 in number) | | | | | | WI and MI | | | | | | Hydro | | | | | | 81 | | | | | | [removed: 116] [added: 97] | | | [removed: (5)] (6) [added: (7)] | | |

| Rothschild Biomass Plant | | | | | | Rothschild, WI | | | | | | Biomass | | | | | | 1 | | | | | | [removed: 44] [added: 46] | | | [removed: (7)] [added: (8)] | | |

| Wind sites (5 in number) | | | | | | WI and IA | | | | | | Wind | | | | | | 350 | | | | | | [removed: 493] [added: 498] | | | (2) | | |

| Total renewables | | | | | | | | | | | | | | | | | | 521 | | | | | | [removed: 853] [added: 841] | | | | | |

| Total system | | | | | | | | | | | | | | | | | | 569 | | | | | | [removed: 7,751] [added: 7,736] | | | | | |

Values are primarily based on the net dependable expected capacity ratings for summer [removed: 2022] [added: 2023] established by tests and may change slightly from year to year.

(2) [removed: These] [added: Certain of these] facilities are jointly owned by WPS and various other utilities.

| [removed: *2021] [added: *2022] Form 10-K* | | | [removed: 37] [added: 38] | | | *WEC Energy Group, Inc.* | | |

*[Table of [removed: Contents](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_10)*][added: Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*]

- Two Creeks is jointly owned by WPS and Madison Gas and Electric [removed: Company, an unaffiliated utility.][added: Company.]

[removed: (5)] [added: (6)] All of our hydroelectric facilities follow FERC guidelines and/or regulations.

[removed: (6)] [added: (7)] WRPC owns and operates the Castle Rock and Petenwell units.

[removed: (7)] [added: (8)] 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.

As of December 31, [removed: 2021,] [added: 2022,] we operated approximately [removed: 35,800] [added: 35,600] miles of overhead distribution lines and approximately [removed: 35,600] [added: 36,100] miles of underground distribution cable, as well as approximately [removed: 440] [added: 430] electric distribution substations and approximately [removed: 510,500] [added: 514,800] line transformers.

At December 31, [removed: 2021,] [added: 2022,] our natural gas properties were located in Illinois, Wisconsin, Minnesota, and Michigan, and consisted of the following:

- Approximately [removed: 50,900] [added: 52,000] miles of natural gas distribution mains,

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

- Approximately [removed: 2.3] [added: 2.4] million natural gas lateral services,

- LNG storage [removed: plants] [added: plants, located in Wisconsin,] with a total send-out capability of 73,600 Dth per day.

Our natural gas distribution and gas storage systems included distribution mains and transmission mains connected to the pipeline transmission systems of Alliance Pipeline, ANR Pipeline Company, Centra Pipelines, [removed: Bison Pipeline,] Consumers Energy, DTE Gas Company, [added: Enbridge Gas Inc.,] Great Lakes Transmission Company, Guardian Pipeline L.L.C., Interstate Power and Light Company, Kinder Morgan Illinois Pipeline, Midwestern Gas Pipeline Company, Natural Gas Pipeline Company of America, Nicor Gas, Northern Border Pipeline Company, Northern Natural Gas Company, Northwest Gas of Cottonwood County, LLC, Northwestern Energy, Panhandle Gas [removed: Transmission, SEMCO, Trunkline Gas Pipeline, Union Gas, Vector Pipeline Company, and Viking Gas Transmission.]

| [removed: *2021] [added: *2022] Form 10-K* | | | [removed: 38] [added: 39] | | | *WEC Energy Group, Inc.* | | |

As of December 31, [removed: 2021,] [added: 2022,] the steam system supplied by the VAPP consisted of approximately 40 miles of both high pressure and low pressure steam piping, approximately four miles of walkable tunnels, and other pressure regulating equipment.

WECI has ownership interests in [removed: six] [added: seven] wind generating facilities.

The following table summarizes information on WECI's wind generating facilities as of December 31, [removed: 2021:][added: 2022:]

| Total wind generating facilities | | | | | | | | | | | | [removed: 393] [added: 501] | | | | | | [removed: 1,033.7] [added: 1,333.7] | | | | | |

(5) Effective January 1, 2023, WE and WPS completed the acquisition of Whitewater, a commercially operational 236.5 MW dual fueled (natural gas and low sulfur fuel oil) combined cycle electrical generation facility in Whitewater, Wisconsin.

See Note 15, Leases, for more information.

The capacity for Whitewater is not included in this table.

*[Table of Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*

Transmission, SEMCO, Trunkline Gas Pipeline, Vector Pipeline Company, and Viking Gas Transmission.

| Thunderhead | | | | | | Antelope and Wheeler Counties, Nebraska | | | | | | 108 | | | | | | 300.0 | | | | | |

In February 2023, WECI completed the acquisition of a 90% ownership interest in Sapphire Sky, a commercially operational 250 MW wind generating facility in McLean County, Illinois.

| [removed: *2021] [added: *2022] Form 10-K* | | | [removed: 40] [added: 41] | | | *WEC Energy Group, Inc.* | | |

*[Table of [removed: Contents](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_10)*][added: Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*]

All officers are appointed until [removed: they resign, die,] [added: their resignation, death,] or [removed: are removed] [added: removal] pursuant to our Bylaws.

Age [removed: 49][added: 50.]

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

Guc. Age [removed: 52.][added: 53.]

Kelsey. Age [removed: 57.][added: 58.]

Klappa. Age [removed: 71.][added: 72.]

Krueger. Age [removed: 56.][added: 57.]

Lauber. Age [removed: 56.][added: 57.]

Xia Liu. Age [removed: 52.][added: 53.]

| [removed: *2021] [added: *2022] Form 10-K* | | | [removed: 41] [added: 42] | | | *WEC Energy Group, Inc.* | | |

William Mastoris. Age [removed: 58.][added: 59.]

Mulroy. Age [removed: 46.][added: 47.]

Reese. Age [removed: 40.][added: 41.]

Mary Beth Straka. Age [removed: 57.][added: 58.]

| [removed: *2021] [added: *2022] Form 10-K* | | | [removed: 42] [added: 43] | | | *WEC Energy Group, Inc.* | | |

*[Table of Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*

*[Table of Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*

- Modine Manufacturing Company – General Counsel, Corporate Secretary, and Vice President - Legal from April 2008 to August 2017.

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

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

Vice President and Treasurer from February 2013 to March 2016.

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

Gulf Power Company, previously a utility subsidiary of The Southern Company, serves customers in northwest Florida.

Charles R.

Matthews. Age 65.

- PELLC — President since June 2015.

- PGL — Director, President, and Chief Executive Officer since June 2015.

- NSG — Director, President, and Chief Executive Officer since June 2015.

As of December 31, [removed: 2021,] [added: 2022,] based upon the number of WEC Energy Group shareholder accounts (including accounts in our stock purchase and dividend reinvestment plan), we had approximately [removed: 39,000] [added: 37,000] registered shareholders.

| [removed: *2021] [added: *2022] Form 10-K* | | | [removed: 43] [added: 44] | | | *WEC Energy Group, Inc.* | | |

*[Table of [removed: Contents](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_10)*][added: Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*]

We have audited the accompanying consolidated balance sheets of WEC Energy Group, Inc. and subsidiaries (the "Company") as of December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] 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: 2021,] [added: 2022,] and the related notes and the schedules listed in the Index at Item 15 (collectively referred to as the "financial statements").

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2021,] [added: 2022,] in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, [removed: 2021,] [added: 2022,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February [removed: 24, 2022,] [added: 23, 2023,] expressed an unqualified opinion on the Company's internal control over financial reporting.

We conducted our [removed: audits] [added: audit] in accordance with the standards of the PCAOB.

We believe that our [removed: audits provide] [added: audit provides] a reasonable basis for our opinion.

Regulatory Assets and Liabilities [removed: –] [added: -] Impact of rate regulation on financial statements [removed: –] [added: —] Refer to Notes 6 and 26 to the financial statements

| [removed: *2021] [added: *2022] Form 10-K* | | | [removed: 79] [added: 81] | | | *WEC Energy Group, Inc.* | | |

*[Table of [removed: Contents](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_10)*][added: Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*]

The Company had [removed: $3,367.1] [added: $3,306.9] million and [removed: $3,960.3] [added: $3,791.9] million of regulatory assets and liabilities, respectively, as of December 31, [removed: 2021.][added: 2022.]

[removed: February 24, 2022][added: | | | | | | | 2022 | | | | | | | | |]

| [removed: *2021] [added: *2022] Form 10-K* | | | [removed: 80] [added: 82] | | | *WEC Energy Group, Inc.* | | |

We have audited the internal control over financial reporting of WEC Energy Group, Inc. and subsidiaries (the “Company”) as of December 31, [removed: 2021,] [added: 2022,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2021,] [added: 2022,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements and financial statement schedules as of and for the year ended December 31, [removed: 2021,] [added: 2022,] of the Company and our report dated February [removed: 24, 2022,] [added: 23, 2023,] expressed an unqualified opinion on those consolidated financial statements and financial statement schedules.

Those standards require that we plan and perform the [removed: audits] [added: audit] to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our [removed: audits] [added: audit] included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances.

| [removed: *2021] [added: *2022] Form 10-K* | | | [removed: 81] [added: 83] | | | *WEC Energy Group, Inc.* | | |

| (in millions, except per share amounts) | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | |

| Operating revenues | | | | | | $ | [removed: 8,316.0] [added: 9,597.4] | | | | | $ | [removed: 7,241.7] [added: 8,316.0] | | | | | $ | [removed: 7,523.1] [added: 7,241.7] | |

| Cost of sales | | | | | | [removed: 3,311.0] [added: 4,358.9] | | | | | | [removed: 2,319.5] [added: 3,311.0] | | | | | | [removed: 2,678.8] [added: 2,319.5] | | |

| Other operation and maintenance | | | | | | [removed: 2,005.5] [added: 1,938.0] | | | | | | [removed: 2,032.2] [added: 2,005.5] | | | | | | [removed: 2,184.8] [added: 2,032.2] | | |

| Depreciation and amortization | | | | | | [removed: 1,074.3] [added: 1,122.6] | | | | | | [removed: 975.9] [added: 1,074.3] | | | | | | [removed: 926.3] [added: 975.9] | | |

| Property and revenue taxes | | | | | | [removed: 210.3] [added: 253.7] | | | | | | [removed: 208.0] [added: 210.3] | | | | | | [removed: 201.8] [added: 208.0] | | |

| Total operating expenses | | | | | | [removed: 6,601.1] [added: 7,673.2] | | | | | | [removed: 5,535.6] [added: 6,601.1] | | | | | | [removed: 5,991.7] [added: 5,535.6] | | |

| Operating income | | | | | | [removed: 1,714.9] [added: 1,924.2] | | | | | | [removed: 1,706.1] [added: 1,714.9] | | | | | | [removed: 1,531.4] [added: 1,706.1] | | |

| Equity in earnings of transmission affiliates | | | | | | [removed: 158.1] [added: 194.7] | | | | | | [removed: 175.8] [added: 158.1] | | | | | | [removed: 127.6] [added: 175.8] | | |

| Other income, net | | | | | | [removed: 133.2] [added: 128.8] | | | | | | [removed: 79.5] [added: 133.2] | | | | | | [removed: 102.2] [added: 79.5] | | |

| Interest expense | | | | | | [removed: 471.1] [added: 515.1] | | | | | | [removed: 493.7] [added: 471.1] | | | | | | [removed: 501.5] [added: 493.7] | | |

| Loss on debt extinguishment | | | | | | [removed: 36.3] [added: —] | | | | | | [removed: 38.4] [added: 36.3] | | | | | | [removed: —] [added: 38.4] | | |

| Other expense | | | | | | [removed: (216.1)] [added: (191.6)] | | | | | | [removed: (276.8)] [added: (216.1)] | | | | | | [removed: (271.7)] [added: (276.8)] | | |

| Income before income taxes | | | | | | [removed: 1,498.8] [added: 1,732.6] | | | | | | [removed: 1,429.3] [added: 1,498.8] | | | | | | [removed: 1,259.7] [added: 1,429.3] | | |

| Income tax expense | | | | | | [removed: 200.3] [added: 322.9] | | | | | | [removed: 227.9] [added: 200.3] | | | | | | [removed: 125.0] [added: 227.9] | | |

| Net income | | | | | | [removed: 1,298.5] [added: 1,409.7] | | | | | | [removed: 1,201.4] [added: 1,298.5] | | | | | | [removed: 1,134.7] [added: 1,201.4] | | |

| Net (income) loss attributed to noncontrolling interests | | | | | | [removed: 3.0] [added: (0.4)] | | | | | | [removed: (0.3)] [added: 3.0] | | | | | | [removed: 0.5] [added: (0.3)] | | |

| Net income attributed to common shareholders | | | | | | $ | [removed: 1,300.3] [added: 1,408.1] | | | | | $ | [removed: 1,199.9] [added: 1,300.3] | | | | | $ | [removed: 1,134.0] [added: 1,199.9] | |

| Basic | | | | | | $ | [removed: 4.12] [added: 4.46] | | | | | $ | [removed: 3.80] [added: 4.12] | | | | | $ | [removed: 3.60] [added: 3.80] | |

| Diluted | | | | | | $ | [removed: 4.11] [added: 4.45] | | | | | $ | [removed: 3.79] [added: 4.11] | | | | | $ | [removed: 3.58] [added: 3.79] | |

| Diluted | | | | | | [removed: 316.3] [added: 316.1] | | | | | | [removed: 316.5] [added: 316.3] | | | | | | [removed: 316.7] [added: 316.5] | | |

| [removed: *2021] [added: *2022] Form 10-K* | | | [removed: 82] [added: 84] | | | *WEC Energy Group, Inc.* | | |

| (in millions) | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | |

February 23, 2023

*[Table of Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*

February 23, 2023

*[Table of Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*

*[Table of Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*

*[Table of Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*

| Prepaid taxes | | | | | | 201.8 | | | | | | 182.1 | | |

| Other prepayments | | | | | | 69.8 | | | | | | 63.4 | | |

*[Table of Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*

| Depreciation and amortization | | | | | | 1,122.6 | | | | | | 1,074.3 | | | | | | 975.9 | | |

| Net change in transmission regulatory assets and liabilities | | | | | | (85.8) | | | | | | 5.7 | | | | | | 36.2 | | |

| Net gain on disposition of assets | | | | | | (66.2) | | | | | | (6.2) | | | | | | (3.5) | | |

| Collateral on deposit | | | | | | (108.1) | | | | | | 4.6 | | | | | | 15.6 | | |

| Other current assets | | | | | | (27.7) | | | | | | 17.6 | | | | | | (3.1) | | |

| Other, net | | | | | | (169.5) | | | | | | (92.5) | | | | | | (29.3) | | |

| Acquisition of Thunderhead, net of cash acquired of $0.5 | | | | | | (382.0) | | | | | | — | | | | | | — | | |

| Acquisition of intangible assets | | | | | | (19.2) | | | | | | — | | | | | | — | | |

| Payments for ATC's construction costs that will be reimbursed | | | | | | (24.8) | | | | | | (7.0) | | | | | | (3.5) | | |

| Other, net | | | | | | 7.8 | | | | | | 27.3 | | | | | | (1.8) | | |

| Change in commercial paper | | | | | | (252.6) | | | | | | 459.2 | | | | | | 606.1 | | |

*[Table of Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*

| Acquisition of noncontrolling interests | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 42.5 | | | | | | 42.5 | | |

| Balance at December 31, 2022 | | | | | | $ | 3.2 | | | | | $ | 4,115.2 | | | | | $ | 7,265.3 | | | | | $ | (6.8) | | | | | $ | 11,376.9 | | | | | $ | 30.4 | | | | | $ | 209.3 | | | | | $ | 11,616.6 | |

*[Table of Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*

The noncontrolling interests that we reported as equity on our balance sheet as of December 31, 2022 related to the minority interests held by third parties in the wind generating facilities that are included in our non-utility energy infrastructure segment.

*[Table of Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*

*[Table of Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*

*[Table of Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*

*[Table of Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*

cost of service was for the year.

*[Table of Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*

*[Table of Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*

| WE | | | | | | 8.68% | | | | | | 5.35% | | |

Accumulated amortization at December 31, 2022 and 2021, was $1.5 million and $0.6 million, respectively.

For our indefinite-lived intangible assets, an impairment loss is recognized when the carrying amount of an asset is not recoverable and exceeds the fair value of the asset.

An impairment loss is measured as the excess of the carrying amount of the intangible assets over its fair value.

*[Table of Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*

No impairment losses were recorded for our indefinite-lived intangible assets during the years ended December 31, 2022 and 2021.

*[Table of Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*

*[Table of Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*

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

| Prepayments | | | | | | 245.5 | | | | | | 263.4 | | |

| Other, net | | | | | | (93.0) | | | | | | 3.4 | | | | | | 20.6 | | |

| Acquisition of Upstream, net of cash and restricted cash acquired of $9.2 | | | | | | — | | | | | | — | | | | | | (268.2) | | |

| Other, net | | | | | | 20.3 | | | | | | (5.3) | | | | | | 16.5 | | |

| Change in other short-term debt | | | | | | 459.2 | | | | | | 606.1 | | | | | | (609.3) | | |

| Balance at December 31, 2018 | | | | | | $ | 3.2 | | | | | $ | 4,250.1 | | | | | $ | 5,538.2 | | | | | $ | (2.6) | | | | | $ | 9,788.9 | | | | | $ | 30.4 | | | | | $ | 23.4 | | | | | $ | 9,842.7 | |

The noncontrolling interests that we reported as equity on our balance sheet as of December 31, 2021 related to the minority interests at Bishop Hill III, Coyote Ridge, Upstream, Blooming Grove, Tatanka Ridge, and Jayhawk held by third parties.

See Note 26, Regulatory Environment, for more information on how COVID-19 has affected the cost recovery mechanisms for our utility companies.

The variable

See Note 26, Regulatory Environment, for more information on how COVID-19 has affected the cost recovery mechanisms for our company.

A true-up is calculated

At the corporate and other segment, we had an accounts receivable and unbilled revenue balance at the beginning of 2020 related to the PDL residential solar facilities, which were sold in November 2020.

See Note 3, Dispositions, for more information.

See Note 26, Regulatory Environment, for information on certain regulatory actions that were and/or are being taken for the purpose of ensuring that essential utility services are available to our customers during the COVID-19 pandemic.

In calculating

See Note 6, Regulatory Assets and Liabilities, for more information.

| | | | | | | 2021 | | | | | | | | |

| WE | | | | | | 8.68% | | | | | | 1.79% | | |

money stock options.

There were no securities that had an anti-dilutive effect for the year ended December 31, 2019.

Significant Judgments and Other Information

See Note 15, Leases, for more information.

valuing certain derivative assets and liabilities.

The transaction is expected to close in January 2023.

In December 2021, WE and WPS filed an application with the PSCW for approval to acquire Whitewater.

WECI's investment in Blooming Grove qualifies for PTCs.

In August 2019, WECI signed an agreement to acquire an 80% ownership interest in Thunderhead, a 300 MW wind generating facility under construction in Antelope and Wheeler counties in Nebraska, for a total investment of approximately $338 million.

In February 2020, WECI agreed to acquire an additional 10% ownership interest in Thunderhead for $43 million.

WECI's investment in Thunderhead is expected to qualify for PTCs.

The transaction was approved by FERC in April 2020, and commercial operation was initially expected to begin by the end of 2020.

However, due to a delay in construction of the required substation, Thunderhead is now expected to begin commercial operation during the first half of 2022.

The transaction is expected to close upon commercial operation.

In January 2019, WECI completed the acquisition of an 80% ownership interest in Upstream, a commercially operational 202.5 MW wind generating facility, for $268.2 million, which included transaction costs and is net of cash and restricted cash acquired of $9.2 million.

In February 2020, WECI signed an agreement to acquire an additional 10% ownership interest in Upstream for $31.0 million.

Upstream is located in Antelope County, Nebraska and supplies energy to the Southwest Power Pool.

Upstream's revenue will be substantially fixed over 10 years through an agreement with an unaffiliated third party.

WECI's investment in Upstream qualifies for PTCs.

| Noncontrolling interest | | | | | | (69.0) | | |

In 2019, we sold four solar power generation facilities owned by PDL for $26.3 million.

Based on its evaluation, our management concluded that our and our subsidiaries' internal control over financial reporting was effective as of December 31, [removed: 2021.][added: 2022.]

There were no changes in our internal control over financial reporting (as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) during the fourth quarter of [removed: 2021] [added: 2022] that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

None.

On February 21, 2022, WEC Energy Group and Scott J.

Lauber, the Company's President and Chief Executive Officer, entered into a letter agreement, which was approved by the Compensation Committee.

Pursuant to the terms of this agreement, WEC Energy Group will credit an annual contribution of $300,000 to a nonqualified account beginning February 21, 2022.

So long as Mr. Lauber remains employed by WEC Energy Group, an additional $300,000 will be credited annually on February 1, until a maximum of 10 contributions have been made.

In addition, the account will be credited with interest at a rate of 5.0% annually, which is equivalent to the interest crediting rate under WEC Energy Group's cash balance pension plan.

The account vests upon the sixth contribution at which time Mr. Lauber will be 61, or upon Mr. Lauber's death or disability.

| [removed: *2021] [added: *2022] Form 10-K* | | | [removed: 152] [added: 155] | | | *WEC Energy Group, Inc.* | | |

*[Table of [removed: Contents](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_10)*][added: Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*]

The information under "Proposal 1: Election of Directors – Terms Expiring in [removed: 2023] [added: 2024] – [removed: 2022] [added: 2023] Director Nominees for Election," [removed: "Delinquent Section 16(a) Reports,"] "Annual Meeting Attendance and Voting Information – Stockholder Nominees and Proposals," and "Governance – Board Committees – Audit and Oversight" in our Definitive Proxy Statement on Schedule 14A to be filed with the SEC for our Annual Meeting of Shareholders to be held May [removed: 5, 2022] [added: 4, 2023] (the [removed: "2022] [added: "2023] Annual Meeting Proxy Statement") is incorporated herein by reference.

The information under "Compensation Discussion and Analysis," "Executive Compensation Tables," "Governance – Director Compensation," and "Governance – Compensation Committee Interlocks and Insider Participation" in the [removed: 2022] [added: 2023] Annual Meeting Proxy Statement is incorporated herein by reference.

The security ownership information called for by Item 12 of Form 10-K is incorporated herein by reference to this information included under "WEC Energy Group Common Stock Ownership" in the [removed: 2022] [added: 2023] Annual Meeting Proxy Statement.

The following table sets forth information about our equity compensation plans as of December 31, [removed: 2021:][added: 2022:]

| [removed: *2021] [added: *2022] Form 10-K* | | | [removed: 153] [added: 156] | | | *WEC Energy Group, Inc.* | | |

*[Table of [removed: Contents](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_10)*][added: Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*]

| Equity Compensation Plans Approved by Security Holders | | | | | | 2,909,939 | | | | | | $ | 77.03 | | | | | 8,304,581 | | | (1) | | |

| Total | | | | | | 2,909,939 | | | | | | $ | 77.03 | | | | | 8,304,581 | | | | | |

| Equity Compensation Plans Approved by Security Holders | | | | | | 3,111,907 | | | | | | $ | 69.84 | | | | | 9,008,198 | | | (1) | | |

| Total | | | | | | 3,111,907 | | | | | | $ | 69.84 | | | | | 9,008,198 | | | | | |

The information under "Governance – Additional Governance Matters – Related Party Transactions," "Proposal 1: Election of Directors – Terms Expiring in [removed: 2023] [added: 2024] – Board Composition – Independence," and "Governance – Board Committees" in the [removed: 2022] [added: 2023] Annual Meeting Proxy Statement is incorporated herein by reference.

The information regarding the fees paid to, and services performed by, our independent auditors and the pre-approval policy of our audit and oversight committee under [removed: "Independent] [added: "Proposal 2: Ratification of Deloitte & Touche LLP as Independent Auditors for 2023 – Independent] Auditors' Fees and Services" in the [removed: 2022] [added: 2023] Annual Meeting Proxy Statement is incorporated herein by reference.

| [removed: *2021] [added: *2022] Form 10-K* | | | [removed: 154] [added: 157] | | | *WEC Energy Group, Inc.* | | |

*[Table of [removed: Contents](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_10)*][added: Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*]

| | | | [Reports of Independent Registered Public Accounting [removed: Firm](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_208)] [added: Firm](#ia30e1664d8ce47cba8ecdb9ce46154ab_256)] (PCAOB ID No. 34 ). | | | | | | [removed: [79](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_208)] [added: [81](#ia30e1664d8ce47cba8ecdb9ce46154ab_256)] | | |

| | | | [Consolidated Income Statements for the three years ended December 31, [added: 2022,] 2021, [removed: 2020,] and [removed: 2019.](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_211)] [added: 2020.](#ia30e1664d8ce47cba8ecdb9ce46154ab_259)] | | | | | | [removed: [82](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_211)] [added: [84](#ia30e1664d8ce47cba8ecdb9ce46154ab_259)] | | |

| | | | [Consolidated Statements of Comprehensive Income for the three years ended December 31, [added: 2022,] 2021, [removed: 2020,] and [removed: 2019.](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_214)] [added: 2020.](#ia30e1664d8ce47cba8ecdb9ce46154ab_262)] | | | | | | [removed: [83](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_214)] [added: [85](#ia30e1664d8ce47cba8ecdb9ce46154ab_262)] | | |

| | | | [Consolidated Statements of Cash Flows for the three years ended December 31, [added: 2022,] 2021, [removed: 2020,] and [removed: 2019.](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_220)] [added: 2020.](#ia30e1664d8ce47cba8ecdb9ce46154ab_268)] | | | | | | [removed: [85](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_220)] [added: [87](#ia30e1664d8ce47cba8ecdb9ce46154ab_268)] | | |

| | | | [Consolidated Statements of Equity for the three years ended December 31, [added: 2022,] 2021, [removed: 2020,] and [removed: 2019.](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_223)] [added: 2020.](#ia30e1664d8ce47cba8ecdb9ce46154ab_271)] | | | | | | [removed: [86](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_223)] [added: [88](#ia30e1664d8ce47cba8ecdb9ce46154ab_271)] | | |

| | | | [Notes to Consolidated Financial [removed: Statements.](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_229)] [added: Statements.](#ia30e1664d8ce47cba8ecdb9ce46154ab_277)] | | | | | | [removed: [87](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_229)] [added: [89](#ia30e1664d8ce47cba8ecdb9ce46154ab_277)] | | |

| | | | [Schedule I, Condensed Parent Company Financial Statements, including Income Statements, Statements of Comprehensive Income, and Statements of Cash Flows for the three years ended December 31, [added: 2022,] 2021, [removed: 2020,] and [removed: 2019] [added: 2020] and Balance Sheets as of December 31, [removed: 2021] [added: 2022] and [removed: 2020.](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_445)] [added: 2021.](#ia30e1664d8ce47cba8ecdb9ce46154ab_499)] | | | | | | [removed: [161](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_445)] [added: [164](#ia30e1664d8ce47cba8ecdb9ce46154ab_499)] | | |

| | | | [Schedule II, Valuation and Qualifying Accounts, for the three years ended December 31, [added: 2022,] 2021, [removed: 2020,] and [removed: 2019.](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_463)] [added: 2020.](#ia30e1664d8ce47cba8ecdb9ce46154ab_517)] | | | | | | [removed: [168](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_463)] [added: [171](#ia30e1664d8ce47cba8ecdb9ce46154ab_517)] | | |

| | | | | | | | | | [removed: [3.3*](http://www.sec.gov/Archives/edgar/data/783325/000010781520000165/wecenergygroup-amended.htm)] [added: [3.3*](http://www.sec.gov/Archives/edgar/data/783325/000010781523000089/wecenergygroupamendedbylaws.htm)] | | | [Bylaws of WEC Energy Group, Inc., as amended to [removed: April 16, 2020.] [added: January 19, 2023.] (Exhibit 3.1 to WEC Energy Group's [removed: 04/20/20] [added: 01/20/23] Form [removed: 8-K.)](http://www.sec.gov/Archives/edgar/data/783325/000010781520000165/wecenergygroup-amended.htm)] [added: 8-K.)](http://www.sec.gov/Archives/edgar/data/783325/000010781523000089/wecenergygroupamendedbylaws.htm)] | | |

| [removed: *2021] [added: *2022] Form 10-K* | | | [removed: 155] [added: 158] | | | *WEC Energy Group, Inc.* | | |

*[Table of [removed: Contents](#ieaeb5a0d8eb64d97892a5fc7e3e63b4c_10)*][added: Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*]

| | | | | | | | | | 4.1* | | | Reference is made to Article III of the Restated Articles of Incorporation and the Bylaws of WEC Energy Group, Inc. (See Exhibits [3.1](http://www.sec.gov/Archives/edgar/data/783325/000010781512000108/wec06302012ex31.htm) and [removed: [3.3](http://www.sec.gov/Archives/edgar/data/783325/000010781516000444/wecenergygroupexhibit31102.htm)] [added: [3.3](http://www.sec.gov/Archives/edgar/data/783325/000010781523000089/wecenergygroupamendedbylaws.htm)] above.) | | |

| | | | | | | | | | [4.8*](http://www.sec.gov/Archives/edgar/data/107815/000102140803007038/dex447.txt) | | | [Securities Resolution No. 5 of Wisconsin Electric under the Wisconsin Electric Indenture, dated as of May 1, 2003. (Exhibit 4.47 filed with Post-Effective Amendment No. 1 to Wisconsin Electric's Registration Statement on Form [removed: S-3] [added: S-3.] (File No. 333-101054), filed May 6, 2003.)](http://www.sec.gov/Archives/edgar/data/107815/000102140803007038/dex447.txt) | | |

| | | | | | | | | | [4.10*](http://www.sec.gov/Archives/edgar/data/107815/000119312512497394/d453689dex41.htm) | | | [Securities Resolution No. 12 of Wisconsin Electric under the Wisconsin Electric Indenture, dated as of [removed: December](http://www.sec.gov/Archives/edgar/data/107815/000119312512497394/d453689dex41.htm) [](http://www.sec.gov/Archives/edgar/data/107815/000119312512497394/d453689dex41.htm)[5,] [added: December 5,] 2012. (Exhibit 4.1 under File No. 1-1245, WE's 12/05/12 Form 8-K.)](http://www.sec.gov/Archives/edgar/data/107815/000119312512497394/d453689dex41.htm) | | |

| | | | | | | | | | [4.16*](http://www.sec.gov/Archives/edgar/data/107815/000110465921080940/tm2119569d1_ex4-1.htm) | | | [Securities Resolution No. 19 of Wisconsin Electric under the Wisconsin Electric Indenture, dated as of June 8, [removed: 2021] [added: 2021.] (Exhibit 4.1 under File No. 1-1245, WE's [removed: 6/15/21] [added: 06/15/21] Form 8-K.)](http://www.sec.gov/Archives/edgar/data/107815/000110465921080940/tm2119569d1_ex4-1.htm) | | |

| | | | | | | | | | [removed: [4.17*](http://www.sec.gov/Archives/edgar/data/783325/0000950131-99-002180.txt)] [added: [4.18*](http://www.sec.gov/Archives/edgar/data/783325/0000950131-99-002180.txt)] | | | [Indenture for Debt Securities of Wisconsin Energy Corporation (the "Wisconsin Energy Indenture"), dated as of March 15, 1999, between WEC Energy Group and The Bank of New York Mellon Trust Company, N.A. (as successor to First National Bank of Chicago), as Trustee. (Exhibit 4.46 to Wisconsin Energy Corporation's 03/25/99 Form 8-K.)](http://www.sec.gov/Archives/edgar/data/783325/0000950131-99-002180.txt) | | |

| | | | | | | | | | [removed: [4.18*](http://www.sec.gov/Archives/edgar/data/783325/000095013103001469/dex412.txt)] [added: [4.19*](http://www.sec.gov/Archives/edgar/data/783325/000095013103001469/dex412.txt)] | | | [Securities Resolution No. 4 of Wisconsin Energy Corporation under the Wisconsin Energy Indenture, dated as of March 17, 2003. (Exhibit 4.12 filed with Post-Effective Amendment No. 1 to Wisconsin Energy Corporation's Registration Statement on Form S-3 (File No. 333-69592), filed March 20, 2003.)](http://www.sec.gov/Archives/edgar/data/783325/000095013103001469/dex412.txt) | | |

| [removed: *2021] [added: *2022] Form 10-K* | | | [removed: 156] [added: 159] | | | *WEC Energy Group, Inc.* | | |