WEC Energy Group (WEC) 10-K risk factor changes: FY2023 vs FY2022

These regulations significantly influence our operating environment, may affect our ability to recover costs from utility customers, [added: affect our ability to implement our corporate strategy,] and cause us to incur substantial compliance and other costs.

[removed: However, our ability to obtain rate adjustments in the future is dependent upon regulatory action, and there] [added: There] is no assurance that our regulators will consider all of our costs to have been prudently incurred.

[removed: The] [added: Prior to its expiration, the] QIP rider [removed: provides] [added: provided] PGL with recovery of, and a return on, qualifying natural gas infrastructure investments that are placed in service between regulatory rate reviews.

This rider [removed: is] [added: continues to be] 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 [removed: 2022,] [added: 2023,] will be deemed recoverable by the ICC.

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

In addition, [removed: discharge] permits and other approvals and licenses are often granted for a term that is less than the expected life of the associated facility.

| [removed: *2022] [added: *2023] Form 10-K* | | | 24 | | | *WEC Energy Group, Inc.* | | |

*[Table of [removed: Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*][added: Contents](#i6130b36bfea144eba4662e78a08a026b_10)*]

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

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

Several of these rules [removed: are being] [added: were] challenged or reviewed by agencies under the Biden Administration's Executive Order 13990, which creates additional uncertainty.

As part of our commitment to a cleaner energy future, we have already retired more than [removed: 1,800 MW] [added: 1,900 MWs] of coal-fired generation since the beginning of 2018.

[removed: Under our ESG Progress Plan, we] [added: We] expect to retire approximately [removed: 1,600 MW] [added: 1,800 MWs] of additional fossil-fueled generation by the end of [removed: 2026,] [added: 2031,] and plan to replace a portion of the retired capacity by building and owning zero-carbon-emitting renewable generation facilities.

| [removed: *2022] [added: *2023] Form 10-K* | | | 25 | | | *WEC Energy Group, Inc.* | | |

There is [removed: continued scientific and political] [added: significant] attention to issues concerning [removed: the existence and extent of] climate change.

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

As a result, we expect the EPA and states to [removed: adopt] [added: finalize] and implement additional regulations to restrict emissions of GHGs.

There have also been increasing efforts to introduce and adopt electrification initiatives and/or mandates and other efforts to reduce [removed: the use of] [added: or eliminate reliance on] natural [removed: gas.][added: gas as an energy source.]

Costs associated with such legislation, regulation, and emission reduction goals could be [removed: significant.][added: significant within our electric and natural gas operations.]

GHG regulations that may be [removed: adopted] [added: finalized] in the future, at either the federal or state level, [removed: or other necessary changes to our ESG Progress Plan,] may cause our environmental compliance spending to differ materially from the amounts currently estimated.

[removed: Certain] [added: In a movement toward electrification, certain] states [removed: outside] [added: and municipalities near or in] our service territories have passed legislation [added: or are considering ordinances] banning natural gas used in new construction in order to limit [removed: these] GHG emissions.

Future local, statewide, or nationwide actions like these to regulate GHG emissions could increase the price of natural gas, [removed: restrict] [added: reduce] the [removed: use of] [added: demand for] 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.

A significant increase in the price of natural gas may increase rates for our natural gas customers, which could [added: also] reduce natural gas [removed: demand.][added: demand and revenues.]

The adoption of electrification initiatives and/or mandates could [added: also] result in [removed: 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.

Over the longer term, the target for our generation fleet is [removed: net-zero CO2 emissions] [added: to be net carbon neutral] by 2050.

We also believe we will be in a position to eliminate coal as an energy source by the end of [removed: 2035.][added: 2032.]

[removed: Through our ESG Progress Plan, we] [added: We] continue to reduce methane emissions by improving our natural gas [removed: distribution systems.]

| [removed: *2022] [added: *2023] Form 10-K* | | | 26 | | | *WEC Energy Group, Inc.* | | |

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

Such changes include, among other things, increasing the federal corporate income tax rate, disallowing [added: or limiting the] use of certain tax benefits and carryforwards, limiting interest deductions, and altering the expensing of capital expenditures.

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.

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

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

The critical infrastructure protection standards focus on controlling access to critical physical and [removed: cyber security] [added: cybersecurity] assets.

| [removed: *2022] [added: *2023] Form 10-K* | | | 27 | | | *WEC Energy Group, Inc.* | | |

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

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

Potential breakdown or failure may occur due to severe weather (i.e., storms, tornadoes, floods, droughts, etc.); catastrophic events (i.e., fires, earthquakes, and explosions); public health 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; [added: delays in the replacement of aging infrastructure;] 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 or other physical attacks; or [removed: cyber security] [added: cybersecurity] intrusions.

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, [removed: freeze off] [added: 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 [removed: change,] [added: change or other environmental matters,] could reduce the normal interstate supply of natural gas and thereby significantly disrupt our operations and/or reduce earnings.

However, our ability to obtain rate adjustments in the future is dependent upon regulatory action, the outcome of which can be influenced by the level of opposition by intervening parties; potential rate impacts; increasing levels of regulatory review; and changes in the political, regulatory, or legislative environments.

Changes in the local and national political, regulatory, and economic environment have had, and may in the future have, an adverse effect on regulatory decisions, which could impair the ability of our utility subsidiaries to recover costs historically collected from customers.

These decisions, which may come from any level of government, may cause us to cancel or delay current or planned projects, to reduce or delay other planned capital expenditures, or to pay for investments or otherwise incur costs that our utilities may not be able to recover through rates or otherwise.

In November 2023, the ICC issued final rate orders for PGL and NSG, with PGL rates effective December 1, 2023.

In the rate order, the ICC disallowed certain previously incurred capital costs in Illinois, which resulted in PGL and NSG recording an impairment loss in the fourth quarter of 2023.

In addition, the ICC paused spending on PGL's SMP for at least one year, causing uncertainty of recovery of costs for existing and future projects.

Due to the expiration of the QIP rider in December 2023, PGL had included the costs of necessary infrastructure improvements related to the SMP in its rate case.

In January 2024, the ICC granted a rehearing to PGL and NSG with a limited scope.

Disallowance of PGL's and NSG's capital costs will not be part of the rehearing.

Subsequent to the rehearing, we anticipate appealing the ICC's disallowance of these capital costs to the Illinois Circuit Court, which may result in extended uncertainty related to the recovery of existing and future investments in capital expenditures and our natural gas infrastructure in Illinois, and may impact future capital plans.

The EPA has recently adopted and implemented (or is in the process of implementing) new environmental regulations, with more in the proposal process.

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For example, the city of Chicago is considering an ordinance that would ban the use of natural gas in most new buildings, and the ICC is exploring the role of natural gas in the future and issues related to decarbonization of the natural gas distribution system in Illinois.

There have also been efforts to restrict residential natural gas-fired appliances.

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distribution systems.

Under the IRA, a transferability option also allows us to sell these tax credits to third parties.

This is a new market that may require additional regulations and guidance from taxing authorities.

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

Extreme weather in summer could cause electric load to be interrupted or certain customers to be curtailed who participate in load management programs.

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

We also expect to continue constructing and investing in renewable energy generating

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

For example, the UFLPA's prohibition on imports of solar panels manufactured with certain silica-based products originating in Xinjiang, China, has delayed the release of solar panels to us for our renewables projects.

In addition, regulators, in a future rate proceeding, may alter the timing or amount of certain costs for which recovery is allowed, such as the case in the ICC's November 2023 rate orders for PGL and NSG.

Our subsidiaries sometimes enter into equipment purchase orders and construction contracts and incur engineering and design service costs in advance of receiving necessary regulatory approvals and/or siting or environmental permits.

If any of these projects are canceled for any reason, including failure to receive necessary regulatory approvals and/or siting or environmental permits, significant cancellation penalties under the equipment purchase orders and construction contracts could occur.

In addition, if any construction work or investments have been recorded as an asset, an impairment may need to be recorded in the event the project is canceled.

Cybersecurity attacks, including attacks targeting utility systems and other critical infrastructure may increase during periods of heightened or escalating geopolitical tensions.

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

The failure to enhance existing information technology systems and implement new technology, could adversely affect our operations.

In some cases, we rely on third-party hosted services to support our business operations.

Malicious actors may target these providers to disrupt the services they provide to us, or to use those third parties to attack us.

Increased use of technologies such as private solar and battery storage in our service territories could reduce our recovery of fixed costs, could result in customers leaving the electric distribution system, and could cause an increase in customer net energy metering, which allows customers with private solar to receive bill credits for surplus power at the full retail amount.

Over time, customer adoption of these technologies could result in our electric utilities not being able to fully recover the costs and investment in generation.

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

Further, delays in the replacement of aging infrastructure as a result of the ICC's orders in the PGL and NSG rate cases may lead to increased costs and disruptions in operations that could also negatively impact our financial results.

Wind and solar equipment can be damaged by natural events such as lightning strikes that damage blades or in-ground electrical systems used to collect electricity from turbines or panels.

Sites also may experience production shutdowns or delayed restoration of production during extreme weather conditions resulting in, among other things, damage to solar panels, icing on wind turbine blades, or restricted access to sites.

Infrastructure investments under the QIP rider earn a return at the applicable weighted average cost of capital.

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.

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.

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

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.

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

A second petition is also being considered.

terms, including at prices that support operation of the facility on a profitable basis.

- The replacement of LIBOR with SOFR or other alternative reference rate.

A portion of our indebtedness provides for interest at variable interest rates, primarily based on LIBOR.

LIBOR is the subject of national, international, and other regulatory reform, which is expected to cause LIBOR to cease to exist after June 2023.

Various alternative reference rates are being evaluated by market participants, with SOFR being the most widely adopted alternative to date.

Although we cannot predict the consequences of transitioning to SOFR or other alternative reference rate, they could include an increase in our interest expense.

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 [removed: American Transmission Company LLC (ATC)] [added: ATC] (a for-profit electric transmission company regulated by [removed: the Federal Energy Regulatory Commission] [added: FERC] and certain state regulatory commissions), and non-utility energy infrastructure operations through [removed: W.E.] [added: We] Power [removed: LLC] (which owns generation assets in [removed: Wisconsin),] [added: Wisconsin that it leases to WE),] Bluewater [removed: Natural Gas Holding LLC] (which owns underground natural gas storage facilities in Michigan), and [removed: WEC Infrastructure LLC (WECI),] [added: WECI,] which holds ownership interests in several renewable generating facilities.

When taken together, the retirements and new investments [added: in renewables and clean generation] should better balance our supply with our demand, while maintaining reliable, affordable energy for our customers.

The retirements will contribute to meeting our goals to reduce [removed: carbon dioxide (CO2)] [added: CO2] emissions from our electric generation.

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

We expect to achieve these goals by [removed: making] [added: continuing to make] operating refinements, retiring less efficient generating units, and executing our capital plan.

Over the longer term, the target for our generation fleet is [removed: net-zero CO2 emissions] [added: to be net carbon neutral] by 2050.

As part of our path toward these goals, we [removed: are exploring] [added: have started implementing] co-firing with natural gas at [removed: our] [added: the] ERGS coal-fired units.

By the end of 2030, we expect to use coal as a backup fuel only, and we believe we will be in a position to eliminate coal as an energy source by the end of [removed: 2035.][added: 2032.]

We already have retired more than [removed: 1,800 megawatts (MW)] [added: 1,900 MWs] of [removed: coal-fired] [added: fossil-fueled] generation since the beginning of 2018, which included the 2019 retirement of the [removed: Presque Isle power plant] [added: PIPP] as well as the 2018 retirements of the Pleasant Prairie power plant, the Pulliam power plant, and the jointly-owned Edgewater Unit 4 generating units.

[removed: Through our ESG Progress Plan, we] [added: We] expect to retire approximately [removed: 1,600 MW] [added: 1,800 MWs] of additional fossil-fueled generation by the end of [removed: 2026,] [added: 2031,] which includes the planned retirement in 2024-2025 of [removed: Oak Creek Power Plant] [added: OCPP] Units [removed: 5-8 and] [added: 5-8,] the planned retirement [removed: in] [added: by June] 2026 of jointly-owned Columbia Units [removed: 1-2.][added: 1 and 2, and the planned retirement in 2031 of Weston Unit 3.]

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

In addition to retiring these older, fossil-fueled plants, we expect to invest approximately [removed: $5.4] [added: $7.0] billion from [removed: 2023-2027] [added: 2024-2028] in regulated renewable energy in Wisconsin.

- [removed: 1,900 MW] [added: 2,700 MWs] of utility-scale solar;

| [removed: *2022] [added: *2023] Form 10-K* | | | [removed: 45] [added: 48] | | | *WEC Energy Group, Inc.* | | |

*[Table of [removed: Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*][added: Contents](#i6130b36bfea144eba4662e78a08a026b_10)*]

- [removed: 100 MW] [added: 132 MWs] of [removed: reciprocating internal combustion engine (RICE)] [added: RICE] natural gas-fueled generation; and

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

Under this program, WE has energized [removed: 24] [added: 28] Solar Now projects and currently has another [removed: five] [added: one] under construction, together totaling more than 30 [removed: MW.][added: MWs.]

The second program, the [removed: Dedicated Renewable Energy Resource (DRER)] [added: DRER] pilot, [removed: would] [added: is designed to] allow large commercial and industrial customers to access renewable resources that WE would [removed: operate, adding up to 150 MW of renewables to WE's portfolio.][added: operate.]

The DRER pilot [removed: would] [added: is intended to] help these larger customers meet their sustainability and renewable energy [removed: goals.][added: goals, and could add up to 35 MWs of renewables to WE's portfolio.]

In August 2021, the PSCW approved pilot programs for WE and WPS to install and maintain [removed: electric vehicle (EV)] [added: EV] charging equipment for customers at their homes or businesses.

We plan to achieve our net-zero goal through an effort that includes both continuous operational improvements and equipment upgrades, as well as the use of [removed: renewable natural gas (RNG)] [added: RNG] throughout our [added: natural gas] utility systems.

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

[removed: Our first five] [added: These] contracts bring us to [removed: a total of 1] [added: 1.8] Bcf of RNG planned to enter our [removed: system.][added: systems.]

In [added: December] 2023, we [removed: are planning] [added: started] a pilot program with [removed: EPRI] [added: Electric Power Research Institute] 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.

- WE and [removed: Wisconsin Gas LLC (WG)] [added: WG] have received approval to each construct their own [removed: liquefied natural gas (LNG)] [added: LNG] facility to meet anticipated peak demand.

[removed: Commercial operation of the] [added: The] WE [removed: and WG] LNG [removed: facilities is targeted for] [added: facility was commercially operational at] the end of 2023 and [removed: 2024, respectively.][added: the WG LNG facility is targeted for 2024.]

| [removed: *2022] [added: *2023] Form 10-K* | | | [removed: 46] [added: 49] | | | *WEC Energy Group, Inc.* | | |

- [removed: The Peoples Gas Light and Coke Company continues] [added: Through the SMP, PGL had been working] to [removed: work on its Safety Modernization Program, which primarily involves replacing] [added: replace] old iron pipes and facilities in Chicago’s natural gas delivery system with modern polyethylene pipes to reinforce the long-term safety and reliability of the system.

- Our utilities continue to upgrade their electric and natural gas distribution systems to enhance [removed: reliability.][added: reliability and storm hardening.]

We expect to spend approximately [removed: $3.6] [added: $3.8] billion from [removed: 2023] [added: 2024] to [removed: 2027] [added: 2028] on reliability related projects with continued investment over the next decade.

For example, we are making progress on our [removed: Advanced Metering Infrastructure] [added: AMI] program, replacing aging meter-reading equipment on both our network and customer property.

Our [added: planned] investment focus [removed: remains] [added: from 2024 to 2028 is] in our regulated [removed: utility] [added: utilities] and non-utility energy infrastructure [removed: businesses,] [added: business,] as well as our investment in ATC.

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

We expect total capital expenditures for our regulated utility [removed: and non-utility energy infrastructure] businesses to be approximately [removed: $18.1] [added: $19.5] billion from [removed: 2023] [added: 2024] to [removed: 2027.][added: 2028.]

In addition, we currently forecast that our share of ATC's projected capital expenditures over the next five years will be approximately [removed: $2.0] [added: $3] billion.

Specific projects included in the [removed: $20.1] [added: $23.7] billion ESG Progress Plan are discussed in more detail below under Liquidity and Capital Resources – Cash Requirements – Significant Capital Projects.

| [removed: *2022] [added: *2023] Form 10-K* | | | [removed: 47] [added: 50] | | | *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: 2022] [added: 2023] with the year ended December 31, [removed: 2021.][added: 2022.]

For a similar discussion that compares our results for the year ended December 31, [removed: 2021] [added: 2022] with the year ended December 31, [removed: 2020,] [added: 2021,] see Item 7.

- 880 MWs of wind; and

- 250 MWs of battery storage.

- 1,125 MWs of combustion turbines;

- the purchase of 100 MWs of additional capacity in West Riverside.

In July 2023, the PSCW approved the Renewable Pathway Pilot, the third renewable energy program.

This program allows WE and WPS commercial and industrial customers to subscribe to a portion of a utility-scale, Wisconsin-based renewable energy generating facility for up to 125 MWs at WE and 40 MWs at WPS.

RNG began flowing in 2023.

We expect the full pilot to be completed in 2024.

- Included in the capital plan are additional proposed LNG storage facilities providing approximately four Bcf of natural gas supply, which is needed to ensure gas supply for winter reliability.

In November 2023, the ICC ordered

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PGL to pause spending on the SMP until the ICC completes a proceeding to determine the optimal method for replacing aging natural gas infrastructure and a prudent investment level.

The ICC initiated the proceeding on January 31, 2024, and the proceeding is expected to last 12 months.

For more information, see Factors Affecting Results, Liquidity, and Capital Resources - Regulatory, Legislative, and Legal Matters - Future Illinois Proceedings.

On January 3, 2024, the ICC granted PGL a limited-scope rehearing, which is limited to the authorized spending for the completion of SMP projects that started in 2023 and the authorized spending for emergency repairs needed to ensure the safety and reliability of PGL's delivery system.

As a result, PGL has suspended neighborhood work, pending the results of the limited rehearing.

We expect to invest approximately $1.2 billion in our non-utility energy infrastructure business over the same period, which includes our previously announced investment in Maple Flats and the purchase of an additional 10% ownership interest in Samson I.

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

| Wisconsin | | | | | | $ | 851.3 | | | | | $ | 758.4 | | | | | | | | | | | $ | 92.9 | | | | | | | |

| Illinois | | | | | | 140.0 | | | | | | 226.9 | | | | | | | | | | | | (86.9) | | | | | | | | |

Earnings decreased $76.4 million during 2023, compared with 2022.

- A $92.0 million increase in the net loss attributed to common shareholders at the corporate and other segment, driven by higher interest expense on both long-term and short-term debt.

This negative impact was partially offset by net gains from the investments held in the Integrys rabbi trust during 2023, compared with net losses during the same period in 2022.

- An $86.9 million decrease in net income attributed to common shareholders at the Illinois segment, driven by higher operating expenses, primarily due to an impairment associated with the ICC's disallowance of certain incurred capital costs in its November 2023 rate orders for PGL and NSG, and the year-over-year impact of a gain recorded in 2022 on the sale of certain real estate by PGL.

Partially offsetting these increases in operating expenses were lower natural gas distribution and maintenance costs and a decrease in expenses related to charitable contributions.

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partially offset the net increase in operating expenses.

These decreases in earnings were partially offset by:

- A $92.9 million increase in net income attributed to common shareholders at the Wisconsin segment, driven by an increase in electric and natural gas margins related to the impact of the Wisconsin rate orders approved by the PSCW, effective January 1, 2023, and a positive year-over-year impact from collections of fuel and purchased power costs.

These positive impacts were partially offset by a decrease in electric and natural gas margins due to lower sales volumes, and higher operating expenses, including increases in expenses related to transmission, depreciation and amortization, and regulatory amortizations.

- An $11.6 million increase in net income attributed to common shareholders at the non-utility energy infrastructure segment, primarily due to an increase in PTCs driven by the acquisition of additional renewable generation facilities in the second half of 2022 and the first quarter of 2023, partially offset by higher interest expense.

- An $8.4 million increase in net income attributed to common shareholders at the other states segment, driven by higher natural gas margins due to an interim rate increase at MERC, effective January 1, 2023.

This positive impact was partially offset by a decrease in natural gas margins due to lower sales volumes and increases in depreciation and amortization and interest expense.

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The higher earnings were driven by an increase in electric and natural gas margins related to the impact of the Wisconsin rate orders approved by the PSCW, effective January 1, 2023, and a positive year-over-year impact from collections of fuel and purchased power costs.

These positive impacts were partially offset by a decrease in electric and natural gas margins due to lower sales volumes, and higher operating expenses, including increases in expenses related to transmission, depreciation and amortization, and regulatory amortizations.

| Transmission (1) | | | | | | 540.4 | | | | | | 430.9 | | | | | | | | | | | | (109.5) | | | | | | | | |

| We Power (3) | | | | | | 141.4 | | | | | | 108.1 | | | | | | | | | | | | (33.3) | | | | | | | | |

| Other | | | | | | 0.6 | | | | | | 24.5 | | | | | | | | | | | | 23.9 | | | | | | | | |

Effective January 1, 2023, the PSCW approved escrow accounting for pension and OPEB costs, as well as certain costs associated

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

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

- 700 MW of battery storage; and

- 700 MW of wind.

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

We expect to have RNG flowing to our distribution network in 2023, supporting our goal to reduce methane emissions.

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 (EPRI) in this research that could help create another viable option for decarbonizing the economy.

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.

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

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

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

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

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

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

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

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

Earnings increased $107.8 million during 2022, compared with 2021.

- 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.

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.

- A $45.2 million increase in net income attributed to common shareholders at the non-utility energy infrastructure segment, driven by an increase in PTCs during 2022, primarily due to the Jayhawk wind park that achieved commercial operation in December 2021, higher generation at our other wind parks, and an increase in the PTC rate related to the PTC inflation adjustment issued by the IRS.

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

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.

A decrease in earnings from our equity method investments in technology and energy-focused investment funds and higher interest expense also contributed to the higher net loss.

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

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.

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

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

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

| Residential | | | | | | 11,372.6 | | | | | | 11,460.1 | | | | | | | | | | | | (87.5) | | | | | | | | |

| Other | | | | | | 139.0 | | | | | | 147.6 | | | | | | | | | | | | (8.6) | | | | | | | | |

| Wholesale | | | | | | 2,444.7 | | | | | | 2,862.5 | | | | | | | | | | | | (417.8) | | | | | | | | |

| Resale | | | | | | 3,962.8 | | | | | | 4,869.2 | | | | | | | | | | | | (906.4) | | | | | | | | |

| Residential | | | | | | 1,189.6 | | | | | | 1,036.7 | | | | | | | | | | | | 152.9 | | | | | | | | |

| Transportation | | | | | | 1,438.1 | | | | | | 1,392.6 | | | | | | | | | | | | 45.5 | | | | | | | | |

| Heating (6,518 Normal) | | | | | | 6,369 | | | | | | 5,735 | | | | | | | | | | | | 11.1 | | % | | | | | | |

| Cooling (774 Normal) | | | | | | 944 | | | | | | 1,061 | | | | | | | | | | | | (11.0) | | % | | | | | | |

| [removed: *2022] [added: *2023] Form 10-K* | | | [removed: 80] [added: 83] | | | *WEC Energy Group, Inc.* | | |

*[Table of [removed: Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*][added: Contents](#i6130b36bfea144eba4662e78a08a026b_10)*]

At December 31, [removed: 2022,] [added: 2023,] we had six reportable segments, which are discussed below.

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

| [removed: *2022] [added: *2023] Form 10-K* | | | 4 | | | *WEC Energy Group, Inc.* | | |

*[Table of [removed: Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*][added: Contents](#i6130b36bfea144eba4662e78a08a026b_10)*]

For information about our operating revenues disaggregated by customer class for the years ended December 31, [added: 2023,] 2022, [removed: 2021,] and [removed: 2020,] [added: 2021,] see Note [added: 1(d), Operating Revenues, and Note] 4, Operating Revenues.

In [removed: 2022,] [added: 2023,] retail revenues accounted for [removed: 90.4%] [added: 92.9%] of total electric operating revenues, wholesale revenues accounted for [removed: 3.1%] [added: 2.4%] of total electric operating revenues, and resale revenues accounted for [removed: 5.2%] [added: 3.9%] of total electric operating revenues.

Our electric utilities buy and sell [removed: wholesale] electric power by participating in the MISO Energy Markets.

The cost of our individual generation offered into the MISO Energy Markets compared to our competitors affects how often our generating units are dispatched and whether we buy or sell [removed: power, based on our customers' needs.][added: power.]

For more [removed: information,] [added: information on the MISO Energy Markets,] see E.

Retail fuel costs are reduced by the amount that revenue exceeds the [removed: costs] [added: cost] of sales derived from these opportunity sales.

Our service territory experienced slightly [removed: higher] [added: lower] weather-normalized retail electric sales in [removed: 2022,] [added: 2023,] compared with [removed: 2021,] [added: 2022,] due to [removed: the growth in small] [added: lower sales to large] commercial and industrial [removed: sales.][added: customers.]

We currently forecast retail electric sales volumes, excluding the Tilden mine located in the Upper Peninsula of Michigan, to [removed: grow at an annual rate between 0.7% and 1.0%] [added: remain relatively flat] for [removed: the period 2025 through 2027,] [added: 2024,] assuming normal weather.

| [removed: *2022] [added: *2023] Form 10-K* | | | 5 | | | *WEC Energy Group, Inc.* | | |

| (in thousands) | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | |

| Residential | | | | | | [removed: 1,471.4] [added: 1,487.9] | | | | | | [removed: 1,460.4] [added: 1,471.4] | | | | | | [removed: 1,455.7] [added: 1,460.4] | | |

| Small commercial and industrial | | | | | | [removed: 176.9] [added: 179.0] | | | | | | [removed: 175.8] [added: 176.9] | | | | | | 175.8 | | |

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

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

| Total electric customers – end of year | | | | | | [removed: 1,650.8] [added: 1,669.3] | | | | | | [removed: 1,638.6] [added: 1,650.8] | | | | | | [removed: 1,635.3] [added: 1,638.6] | | |

Our electric supply strategy is to provide our customers with energy from [removed: plants using] a diverse [removed: fuel mix] [added: generation portfolio] that is expected to balance a stable, reliable, and affordable supply of electricity with environmental stewardship.

Through our participation in the MISO Energy Markets, we supply a significant amount of electricity to our customers from [removed: power plants] [added: generation] that we own.

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: 2023:][added: 2024:]

| | | | | | | 2023 | | | | | | 2022 | | | | | | 2021 | | | [removed: | | | 2020 | | |]

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

| Coal | | | | | | [removed: 30.4] [added: 27.7] | | % | | | | [removed: 29.4] [added: 29.0] | | % | | | | [removed: 35.5] [added: 29.4] | | % | | | | [removed: 31.1] [added: 35.5] | | % |

| Combined cycle | | | | | | [removed: 27.0] [added: 30.8] | | % | | | | [removed: 27.2] [added: 28.7] | | % | | | | [removed: 24.6] [added: 27.2] | | % | | | | [removed: 27.8] [added: 24.6] | | % |

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

| Natural gas/oil peaking units | | | | | | [removed: 4.3] [added: 6.8] | | % | | | | [removed: 3.7] [added: 5.5] | | % | | | | [removed: 3.1] [added: 3.7] | | % | | | | [removed: 2.4] [added: 3.1] | | % |

| Renewables (2) | | | | | | [removed: 5.8] [added: 7.0] | | % | | | | [removed: 5.8] [added: 5.5] | | % | | | | [removed: 4.8] [added: 5.8] | | % | | | | [removed: 5.3] [added: 4.8] | | % |

| Total company-owned generation [removed: units] | | | | | | [removed: 68.2] [added: 73.0] | | % | | | | [removed: 67.1] [added: 69.6] | | % | | | | [removed: 68.8] [added: 67.1] | | % | | | | [removed: 67.6] [added: 68.8] | | % |

| Nuclear | | | | | | [removed: 18.7] [added: 19.7] | | % | | | | [removed: 19.8] [added: 20.1] | | % | | | | [removed: 19.0] [added: 19.8] | | % | | | | [removed: 19.5] [added: 19.0] | | % |

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

| Renewables (2) | | | | | | [removed: 2.1] [added: 1.8] | | % | | | | [removed: 1.9] [added: 2.0] | | % | | | | 1.9 | | % | | | | 1.9 | | % |

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

| Total power purchase contracts | | | | | | [removed: 23.3] [added: 21.5] | | % | | | | [removed: 24.1] [added: 22.2] | | % | | | | [removed: 22.9] [added: 24.1] | | % | | | | [removed: 25.0] [added: 22.9] | | % |

| Purchased power from MISO | | | | | | [removed: 8.5] [added: 5.5] | | % | | | | [removed: 8.8] [added: 8.2] | | % | | | | [removed: 8.3] [added: 8.8] | | % | | | | [removed: 7.4] [added: 8.3] | | % |

| Total purchased power | | | | | | [removed: 31.8] [added: 27.0] | | % | | | | [removed: 32.9] [added: 30.4] | | % | | | | [removed: 31.2] [added: 32.9] | | % | | | | [removed: 32.4] [added: 31.2] | | % |

(1) The values included in the estimate assume a natural gas price based on the December [removed: 2022] [added: 2023] NYMEX.

| [removed: *2022] [added: *2023] Form 10-K* | | | 6 | | | *WEC Energy Group, Inc.* | | |

We own [removed: 7,736 MW] [added: 8,337 MWs] of generation capacity, including wholly owned and jointly owned facilities.

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

As of the end of 2023, our electric generation fleet has achieved a 54% reduction in carbon emissions from the 2005 baseline.

We expect to achieve these goals by continuing to make operating

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

In addition, in July 2023, the PSCW approved the Renewable Pathway Pilot, which allows WE and WPS commercial and industrial customers to subscribe to a portion of a utility-scale, Wisconsin-based renewable energy generating facility for up to 125 MWs at WE and 40 MWs at WPS.

In April 2023, WPS, along with an unaffiliated utility, completed the acquisition of Red Barn, a commercially operational utility-scale wind-powered electric generating facility.

In December 2023, the construction of Badger Hollow II located in Iowa County, Wisconsin was completed, and the facility became commercially operational.

Badger Hollow II is owned by WE and an unaffiliated utility, with WE owning 100 MWs of the facility.

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

As part of our commitment to invest in additional zero-carbon generation within our Wisconsin segment, we have filed requests to acquire and construct 370 MWs of additional projects, including the following:

- In February 2024, WE and WPS, along with an unaffiliated utility, filed a request with the PSCW to acquire and construct High Noon, a utility-scale solar-powered electric generating facility.

- In December 2023, UMERC filed a request with the MPSC to acquire and construct Renegade, a utility-scale solar-powered electric generating facility.

The project will be located in Delta County, Michigan and once fully constructed UMERC will own 100 MWs of solar generation.

The project will be located in Dane County, Wisconsin and once fully constructed, WE and WPS will collectively own 270 MWs of solar generation.

WE and WPS actively review and pursue distribution system interconnected solar projects.

WE and WPS partner with proven developers to identify and purchase cost effective solar projects for our customers.

These projects are typically ground-mounted modules in the range of 5-10 MWs and are connected to the WE or WPS distribution systems, as applicable.

Currently, WE has 30 MWs of distribution connected projects under contract, which are estimated to go in-service in 2024.

In July 2023, WE and WPS completed construction of seven natural gas-fired generation RICE units with a rated capacity of 130 MWs at WPS's Weston power plant site.

West Riverside is a commercially operational dual fueled combined cycle generation facility in Beloit, Wisconsin, and is operated by an unaffiliated utility.

In addition, WPS filed a request with the PSCW in September 2023 to exercise a second option to acquire an additional 100 MWs of West Riverside's nameplate capacity.

As it did with the first option, in October 2023, WPS filed for approval to assign its ownership interest pursuant to this second option to WE, with the transaction expected to close in 2024.

In January 2023, WE and WPS completed the acquisition of Whitewater, a commercially operational dual fueled combined cycle generation facility in Whitewater, Wisconsin with a rated capacity of 242.8 MWs.

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

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

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

| 2024 | | | | | | 9,275 | | | (1) | | |

| 2025 | | | | | | 3,750 | | | | | |

| 2026 | | | | | | 1,400 | | | | | |

(1) Coal contracts exceed the total projected requirement due to prior year delivery constraints and forecasted lower operating hours.

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

For information about our operating revenues disaggregated by customer class for the years ended December 31, 2023, 2022, and 2021, see Note 1(d), Operating Revenues, and Note 4, Operating Revenues.

| (in thousands) | | | | | | 2023 | | | | | | 2022 | | | | | | 2021 | | |

WE recently finished construction of an LNG facility that was placed into service in November 2023, which provides approximately one Bcf of natural gas supply.

In addition to its existing facilities, WG is constructing an additional LNG facility, which will provide approximately one Bcf of natural gas supply.

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

As part of their hedging programs, our Wisconsin utilities further reduce their supply cost volatility through the use of a mix of financial instruments, such as NYMEX-based natural gas options and futures contracts.

For information about our operating revenues disaggregated by customer class for the years ended December 31, 2023, 2022, and 2021, see Note 1(d), Operating Revenues, and Note 4, Operating Revenues.

| (in thousands) | | | | | | 2023 | | | | | | 2022 | | | | | | 2021 | | |

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

For more information on WEPCo Environmental Trust, see Note 23, Variable Interest Entities.

| | | | | | | | | |

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

UMERC began generating electricity when its new natural gas-fired generation achieved commercial operation on March 31, 2019.

Electric peak demand is expected to be flat over the same period.

In December 2022, WE and WPS completed capital investments to repower major components of Blue Sky Green Field Wind Park and Crane Creek Wind Park, which qualify for PTCs.

As part of our commitment to invest in zero-carbon generation within our Wisconsin segment, in April 2021, WE and WPS, along with an unaffiliated utility, filed an application with the PSCW for approval to acquire the Koshkonong Solar-Battery Park.

Koshkonong Solar-Battery Park is a utility-scale solar-powered electric generating facility with a battery energy storage system.

- In August 2019, WE partnered with an unaffiliated utility to construct a solar project, Badger Hollow II, that will be located in Iowa County, Wisconsin.

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

Commercial operation of Badger Hollow II is targeted for 2023.

We have filed applications with the PSCW for approval to invest in natural gas-fired generation within our Wisconsin segment.

In January 2022, WPS, along with an unaffiliated utility, filed an application with the PSCW for approval to acquire a portion of West Riverside's nameplate capacity.

WPS is also requesting approval to assign the option to purchase part of West Riverside to WE.

West Riverside is a combined cycle natural gas plant recently completed by an unaffiliated utility in Rock County, Wisconsin.

If approved, the transaction is expected to close in the second quarter 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.

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:

- In December 2022, WE and WPS received approval from the PSCW to acquire Whitewater, a commercially operational 236.5 MW dual fueled (natural gas and low sulfur fuel oil) combined cycle electrical generation facility in Whitewater, Wisconsin.

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

- In March 2022, WE and WPS received approval from the PSCW to construct 128 MWs of natural gas-fired generation at WPS's existing Weston power plant site in northern Wisconsin.

The new facility will consist of seven RICE units.

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.

MISO has a 17.9% installed capacity reserve margin requirement for the planning year from June 1, 2022, through May 31, 2023.

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

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

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

Through our ESG Progress Plan, we retired some of our older, less efficient coal-fired generation in 2018 and 2019.

In addition to their existing facilities, WE and WG each plan to construct an additional LNG facility.

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.

We have contracts with suppliers for natural gas acquired in the Chicago, Illinois market hub and in some of the producing areas discussed above.

The pricing of the term contracts is based upon first of the month indices.

The plaintiffs allege that WEC Energy [removed: Group, members of its Board of Directors,] [added: Group] 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.

| | | | | | | | | |

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

| *2022 Form 10-K* | | | 40 | | | *WEC Energy Group, Inc.* | | |

*[Table of Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*

For the fiscal year ended December 31, [removed: 2022][added: 2023]

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

The aggregate market value of the common stock of WEC Energy Group, Inc. held by non-affiliates was [removed: $31.7] [added: $27.8] billion based upon the reported closing price of such securities as of June 30, [removed: 2022.][added: 2023.]

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: 2023):][added: 2024):]

Common Stock, $.01 par value, [removed: 315,434,531] [added: 315,561,510] shares outstanding

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: 4, 2023,] [added: 9, 2024,] are incorporated by reference into Part III hereof.

*[Table of [removed: Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*][added: Contents](#i6130b36bfea144eba4662e78a08a026b_10)*]

For the Year Ended December 31, [removed: 2022][added: 2023]

| [CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING [removed: INFORMATION](#ia30e1664d8ce47cba8ecdb9ce46154ab_16)] [added: INFORMATION](#i6130b36bfea144eba4662e78a08a026b_16)] | | | | | | | | | | | | | | | [removed: [1](#ia30e1664d8ce47cba8ecdb9ce46154ab_16)] [added: [1](#i6130b36bfea144eba4662e78a08a026b_16)] | | |

| [ITEM [removed: 1.](#ia30e1664d8ce47cba8ecdb9ce46154ab_22)] [added: 1.](#i6130b36bfea144eba4662e78a08a026b_22)] | | | [removed: [BUSINESS](#ia30e1664d8ce47cba8ecdb9ce46154ab_22)] [added: [BUSINESS](#i6130b36bfea144eba4662e78a08a026b_22)] | | | | | | | | | | | | [removed: [4](#ia30e1664d8ce47cba8ecdb9ce46154ab_22)] [added: [4](#i6130b36bfea144eba4662e78a08a026b_22)] | | |

| | | | [removed: [B.](#ia30e1664d8ce47cba8ecdb9ce46154ab_34)] [added: [B.](#i6130b36bfea144eba4662e78a08a026b_34)] | | | [UTILITY ENERGY [removed: OPERATIONS](#ia30e1664d8ce47cba8ecdb9ce46154ab_34)] [added: OPERATIONS](#i6130b36bfea144eba4662e78a08a026b_34)] | | | | | | | | | [removed: [4](#ia30e1664d8ce47cba8ecdb9ce46154ab_34)] [added: [4](#i6130b36bfea144eba4662e78a08a026b_34)] | | |

| | | | [removed: [C.](#ia30e1664d8ce47cba8ecdb9ce46154ab_55)] [added: [C.](#i6130b36bfea144eba4662e78a08a026b_55)] | | | [ELECTRIC TRANSMISSION [removed: SEGMENT](#ia30e1664d8ce47cba8ecdb9ce46154ab_55)] [added: SEGMENT](#i6130b36bfea144eba4662e78a08a026b_55)] | | | | | | | | | [removed: [16](#ia30e1664d8ce47cba8ecdb9ce46154ab_55)] [added: [16](#i6130b36bfea144eba4662e78a08a026b_55)] | | |

| | | | [removed: [D.](#ia30e1664d8ce47cba8ecdb9ce46154ab_58)] [added: [D.](#i6130b36bfea144eba4662e78a08a026b_58)] | | | [NON-UTILITY [removed: OPERATIONS](#ia30e1664d8ce47cba8ecdb9ce46154ab_58)] [added: OPERATIONS](#i6130b36bfea144eba4662e78a08a026b_58)] | | | | | | | | | [removed: [17](#ia30e1664d8ce47cba8ecdb9ce46154ab_58)] [added: [16](#i6130b36bfea144eba4662e78a08a026b_58)] | | |

| | | | [removed: [F.](#ia30e1664d8ce47cba8ecdb9ce46154ab_70)] [added: [F.](#i6130b36bfea144eba4662e78a08a026b_70)] | | | [ENVIRONMENTAL [removed: COMPLIANCE](#ia30e1664d8ce47cba8ecdb9ce46154ab_70)] [added: COMPLIANCE](#i6130b36bfea144eba4662e78a08a026b_70)] | | | | | | | | | [removed: [22](#ia30e1664d8ce47cba8ecdb9ce46154ab_70)] [added: [22](#i6130b36bfea144eba4662e78a08a026b_70)] | | |

| | | | [removed: [G.](#ia30e1664d8ce47cba8ecdb9ce46154ab_73)] [added: [G.](#i6130b36bfea144eba4662e78a08a026b_73)] | | | [HUMAN [removed: CAPITAL](#ia30e1664d8ce47cba8ecdb9ce46154ab_73)] [added: CAPITAL](#i6130b36bfea144eba4662e78a08a026b_73)] | | | | | | | | | [removed: [22](#ia30e1664d8ce47cba8ecdb9ce46154ab_73)] [added: [22](#i6130b36bfea144eba4662e78a08a026b_73)] | | |

| [ITEM [removed: 1A.](#ia30e1664d8ce47cba8ecdb9ce46154ab_76)] [added: 1A.](#i6130b36bfea144eba4662e78a08a026b_76)] | | | [RISK [removed: FACTORS](#ia30e1664d8ce47cba8ecdb9ce46154ab_76)] [added: FACTORS](#i6130b36bfea144eba4662e78a08a026b_76)] | | | | | | | | | | | | [removed: [24](#ia30e1664d8ce47cba8ecdb9ce46154ab_76)] [added: [24](#i6130b36bfea144eba4662e78a08a026b_76)] | | |

| [ITEM [removed: 1B.](#ia30e1664d8ce47cba8ecdb9ce46154ab_79)] [added: 1B.](#i6130b36bfea144eba4662e78a08a026b_79)] | | | [UNRESOLVED STAFF [removed: COMMENTS](#ia30e1664d8ce47cba8ecdb9ce46154ab_79)] [added: COMMENTS](#i6130b36bfea144eba4662e78a08a026b_79)] | | | | | | | | | | | | [removed: [37](#ia30e1664d8ce47cba8ecdb9ce46154ab_79)] [added: [38](#i6130b36bfea144eba4662e78a08a026b_79)] | | |

| [ITEM [removed: 2.](#ia30e1664d8ce47cba8ecdb9ce46154ab_82)] [added: 2.](#i6130b36bfea144eba4662e78a08a026b_82)] | | | [removed: [PROPERTIES](#ia30e1664d8ce47cba8ecdb9ce46154ab_82)] [added: [PROPERTIES](#i6130b36bfea144eba4662e78a08a026b_82)] | | | | | | | | | | | | [removed: [38](#ia30e1664d8ce47cba8ecdb9ce46154ab_82)] [added: [41](#i6130b36bfea144eba4662e78a08a026b_82)] | | |

| [ITEM [removed: 3.](#ia30e1664d8ce47cba8ecdb9ce46154ab_85)] [added: 3.](#i6130b36bfea144eba4662e78a08a026b_85)] | | | [LEGAL [removed: PROCEEDINGS](#ia30e1664d8ce47cba8ecdb9ce46154ab_85)] [added: PROCEEDINGS](#i6130b36bfea144eba4662e78a08a026b_85)] | | | | | | | | | | | | [removed: [40](#ia30e1664d8ce47cba8ecdb9ce46154ab_85)] [added: [44](#i6130b36bfea144eba4662e78a08a026b_85)] | | |

| [ITEM [removed: 4.](#ia30e1664d8ce47cba8ecdb9ce46154ab_88)] [added: 4.](#i6130b36bfea144eba4662e78a08a026b_88)] | | | [MINE SAFETY [removed: DISCLOSURES](#ia30e1664d8ce47cba8ecdb9ce46154ab_88)] [added: DISCLOSURES](#i6130b36bfea144eba4662e78a08a026b_88)] | | | | | | | | | | | | [removed: [41](#ia30e1664d8ce47cba8ecdb9ce46154ab_88)] [added: [44](#i6130b36bfea144eba4662e78a08a026b_88)] | | |

| | | | [INFORMATION ABOUT OUR EXECUTIVE [removed: OFFICERS](#ia30e1664d8ce47cba8ecdb9ce46154ab_91)] [added: OFFICERS](#i6130b36bfea144eba4662e78a08a026b_91)] | | | | | | | | | | | | [removed: [42](#ia30e1664d8ce47cba8ecdb9ce46154ab_91)] [added: [45](#i6130b36bfea144eba4662e78a08a026b_91)] | | |

| [ITEM [removed: 5.](#ia30e1664d8ce47cba8ecdb9ce46154ab_97)] [added: 5.](#i6130b36bfea144eba4662e78a08a026b_97)] | | | [MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY [removed: SECURITIES](#ia30e1664d8ce47cba8ecdb9ce46154ab_97)] [added: SECURITIES](#i6130b36bfea144eba4662e78a08a026b_97)] | | | | | | | | | | | | [removed: [44](#ia30e1664d8ce47cba8ecdb9ce46154ab_97)] [added: [47](#i6130b36bfea144eba4662e78a08a026b_97)] | | |

| [ITEM [removed: 6.](#ia30e1664d8ce47cba8ecdb9ce46154ab_100)] [added: 6.](#i6130b36bfea144eba4662e78a08a026b_100)] | | | [removed: [RESERVED](#ia30e1664d8ce47cba8ecdb9ce46154ab_100)] [added: [RESERVED](#i6130b36bfea144eba4662e78a08a026b_100)] | | | | | | | | | | | | [removed: [44](#ia30e1664d8ce47cba8ecdb9ce46154ab_100)] [added: [47](#i6130b36bfea144eba4662e78a08a026b_100)] | | |

| [ITEM [removed: 7.](#ia30e1664d8ce47cba8ecdb9ce46154ab_103)] [added: 7.](#i6130b36bfea144eba4662e78a08a026b_103)] | | | [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF [removed: OPERATIONS](#ia30e1664d8ce47cba8ecdb9ce46154ab_103)] [added: OPERATIONS](#i6130b36bfea144eba4662e78a08a026b_103)] | | | | | | | | | | | | [removed: [45](#ia30e1664d8ce47cba8ecdb9ce46154ab_103)] [added: [48](#i6130b36bfea144eba4662e78a08a026b_103)] | | |

| [ITEM [removed: 7A.](#ia30e1664d8ce47cba8ecdb9ce46154ab_250)] [added: 7A.](#i6130b36bfea144eba4662e78a08a026b_253)] | | | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET [removed: RISK](#ia30e1664d8ce47cba8ecdb9ce46154ab_250)] [added: RISK](#i6130b36bfea144eba4662e78a08a026b_253)] | | | | | | | | | | | | [removed: [80](#ia30e1664d8ce47cba8ecdb9ce46154ab_250)] [added: [83](#i6130b36bfea144eba4662e78a08a026b_253)] | | |

| [ITEM [removed: 8.](#ia30e1664d8ce47cba8ecdb9ce46154ab_253)] [added: 8.](#i6130b36bfea144eba4662e78a08a026b_256)] | | | [FINANCIAL STATEMENTS AND SUPPLEMENTARY [removed: DATA](#ia30e1664d8ce47cba8ecdb9ce46154ab_253)] [added: DATA](#i6130b36bfea144eba4662e78a08a026b_256)] | | | | | | | | | | | | [removed: [81](#ia30e1664d8ce47cba8ecdb9ce46154ab_253)] [added: [84](#i6130b36bfea144eba4662e78a08a026b_256)] | | |

| | | | [removed: [A.](#ia30e1664d8ce47cba8ecdb9ce46154ab_256)] [added: [A.](#i6130b36bfea144eba4662e78a08a026b_259)] | | | [Reports of Independent Registered Public Accounting [removed: Firm](#ia30e1664d8ce47cba8ecdb9ce46154ab_256)] [added: Firm](#i6130b36bfea144eba4662e78a08a026b_259)] | | | | | | | | | [removed: [81](#ia30e1664d8ce47cba8ecdb9ce46154ab_256)] [added: [84](#i6130b36bfea144eba4662e78a08a026b_259)] | | |

| | | | [removed: [B.](#ia30e1664d8ce47cba8ecdb9ce46154ab_259)] [added: [B.](#i6130b36bfea144eba4662e78a08a026b_262)] | | | [Consolidated Income [removed: Statements](#ia30e1664d8ce47cba8ecdb9ce46154ab_259)] [added: Statements](#i6130b36bfea144eba4662e78a08a026b_262)] | | | | | | | | | [removed: [84](#ia30e1664d8ce47cba8ecdb9ce46154ab_259)] [added: [87](#i6130b36bfea144eba4662e78a08a026b_262)] | | |

| | | | [removed: [C.](#ia30e1664d8ce47cba8ecdb9ce46154ab_262)] [added: [C.](#i6130b36bfea144eba4662e78a08a026b_265)] | | | [Consolidated Statements of Comprehensive [removed: Income](#ia30e1664d8ce47cba8ecdb9ce46154ab_262)] [added: Income](#i6130b36bfea144eba4662e78a08a026b_265)] | | | | | | | | | [removed: [85](#ia30e1664d8ce47cba8ecdb9ce46154ab_262)] [added: [88](#i6130b36bfea144eba4662e78a08a026b_265)] | | |

| | | | [removed: [D.](#ia30e1664d8ce47cba8ecdb9ce46154ab_265)] [added: [D.](#i6130b36bfea144eba4662e78a08a026b_268)] | | | [Consolidated Balance [removed: Sheets](#ia30e1664d8ce47cba8ecdb9ce46154ab_265)] [added: Sheets](#i6130b36bfea144eba4662e78a08a026b_268)] | | | | | | | | | [removed: [86](#ia30e1664d8ce47cba8ecdb9ce46154ab_265)] [added: [89](#i6130b36bfea144eba4662e78a08a026b_268)] | | |

| | | | [removed: [E.](#ia30e1664d8ce47cba8ecdb9ce46154ab_268)] [added: [E.](#i6130b36bfea144eba4662e78a08a026b_271)] | | | [Consolidated Statements of Cash [removed: Flows](#ia30e1664d8ce47cba8ecdb9ce46154ab_268)] [added: Flows](#i6130b36bfea144eba4662e78a08a026b_271)] | | | | | | | | | [removed: [87](#ia30e1664d8ce47cba8ecdb9ce46154ab_268)] [added: [90](#i6130b36bfea144eba4662e78a08a026b_271)] | | |

| | | | [removed: [F.](#ia30e1664d8ce47cba8ecdb9ce46154ab_271)] [added: [F.](#i6130b36bfea144eba4662e78a08a026b_274)] | | | [Consolidated Statements of [removed: Equity](#ia30e1664d8ce47cba8ecdb9ce46154ab_271)] [added: Equity](#i6130b36bfea144eba4662e78a08a026b_274)] | | | | | | | | | [removed: [88](#ia30e1664d8ce47cba8ecdb9ce46154ab_271)] [added: [91](#i6130b36bfea144eba4662e78a08a026b_274)] | | |

| | | | [removed: [G.](#ia30e1664d8ce47cba8ecdb9ce46154ab_277)] [added: [G.](#i6130b36bfea144eba4662e78a08a026b_280)] | | | [Notes to Consolidated Financial [removed: Statements](#ia30e1664d8ce47cba8ecdb9ce46154ab_277)] [added: Statements](#i6130b36bfea144eba4662e78a08a026b_280)] | | | | | | | | | [removed: [89](#ia30e1664d8ce47cba8ecdb9ce46154ab_277)] [added: [92](#i6130b36bfea144eba4662e78a08a026b_280)] | | |

| | | | | | | [Note [removed: 1](#ia30e1664d8ce47cba8ecdb9ce46154ab_280)] [added: 1](#i6130b36bfea144eba4662e78a08a026b_283)] | | | [Summary of Significant Accounting [removed: Policies](#ia30e1664d8ce47cba8ecdb9ce46154ab_280)] [added: Policies](#i6130b36bfea144eba4662e78a08a026b_283)] | | | [removed: [89](#ia30e1664d8ce47cba8ecdb9ce46154ab_280)] [added: [92](#i6130b36bfea144eba4662e78a08a026b_283)] | | | | | |

| | | | | | | [Note [removed: 6](#ia30e1664d8ce47cba8ecdb9ce46154ab_370)] [added: 6](#i6130b36bfea144eba4662e78a08a026b_373)] | | | [Regulatory Assets and [removed: Liabilities](#ia30e1664d8ce47cba8ecdb9ce46154ab_370)] [added: Liabilities](#i6130b36bfea144eba4662e78a08a026b_373)] | | | [removed: [108](#ia30e1664d8ce47cba8ecdb9ce46154ab_370)] [added: [111](#i6130b36bfea144eba4662e78a08a026b_373)] | | | | | |

| | | | | | | [Note [removed: 7](#ia30e1664d8ce47cba8ecdb9ce46154ab_373)] [added: 7](#i6130b36bfea144eba4662e78a08a026b_376)] | | | [Property, Plant, and [removed: Equipment](#ia30e1664d8ce47cba8ecdb9ce46154ab_373)] [added: Equipment](#i6130b36bfea144eba4662e78a08a026b_376)] | | | [removed: [111](#ia30e1664d8ce47cba8ecdb9ce46154ab_373)] [added: [114](#i6130b36bfea144eba4662e78a08a026b_376)] | | | | | |

| | | | | | | [Note [removed: 8](#ia30e1664d8ce47cba8ecdb9ce46154ab_376)] [added: 8](#i6130b36bfea144eba4662e78a08a026b_379)] | | | [Jointly Owned Utility [removed: Facilities](#ia30e1664d8ce47cba8ecdb9ce46154ab_376)] [added: Facilities](#i6130b36bfea144eba4662e78a08a026b_379)] | | | [removed: [112](#ia30e1664d8ce47cba8ecdb9ce46154ab_376)] [added: [115](#i6130b36bfea144eba4662e78a08a026b_379)] | | | | | |

| | | | | | | [Note [removed: 9](#ia30e1664d8ce47cba8ecdb9ce46154ab_379)] [added: 9](#i6130b36bfea144eba4662e78a08a026b_382)] | | | [Asset Retirement [removed: Obligations](#ia30e1664d8ce47cba8ecdb9ce46154ab_379)] [added: Obligations](#i6130b36bfea144eba4662e78a08a026b_382)] | | | [removed: [113](#ia30e1664d8ce47cba8ecdb9ce46154ab_379)] [added: [116](#i6130b36bfea144eba4662e78a08a026b_382)] | | | | | |

| | | | | | | [Note [removed: 10](#ia30e1664d8ce47cba8ecdb9ce46154ab_382)] [added: 10](#i6130b36bfea144eba4662e78a08a026b_385)] | | | [Goodwill and [removed: Intangibles](#ia30e1664d8ce47cba8ecdb9ce46154ab_382)] [added: Intangibles](#i6130b36bfea144eba4662e78a08a026b_385)] | | | [removed: [114](#ia30e1664d8ce47cba8ecdb9ce46154ab_382)] [added: [117](#i6130b36bfea144eba4662e78a08a026b_385)] | | | | | |

| | | | | | | [Note [removed: 13](#ia30e1664d8ce47cba8ecdb9ce46154ab_394)] [added: 13](#i6130b36bfea144eba4662e78a08a026b_397)] | | | [Short-Term Debt and Lines of [removed: Credit](#ia30e1664d8ce47cba8ecdb9ce46154ab_394)] [added: Credit](#i6130b36bfea144eba4662e78a08a026b_397)] | | | [removed: [118](#ia30e1664d8ce47cba8ecdb9ce46154ab_394)] [added: [121](#i6130b36bfea144eba4662e78a08a026b_397)] | | | | | |

| [PART I](#i6130b36bfea144eba4662e78a08a026b_19) | | | | | | | | | | | | | | | [4](#i6130b36bfea144eba4662e78a08a026b_19) | | |

| | | | [A.](#i6130b36bfea144eba4662e78a08a026b_25) | | | [INTRODUCTION](#i6130b36bfea144eba4662e78a08a026b_25) | | | | | | | | | [4](#i6130b36bfea144eba4662e78a08a026b_25) | | |

| | | | [E.](#i6130b36bfea144eba4662e78a08a026b_67) | | | [REGULATION](#i6130b36bfea144eba4662e78a08a026b_67) | | | | | | | | | [18](#i6130b36bfea144eba4662e78a08a026b_67) | | |

| [ITEM 1C.](#i6130b36bfea144eba4662e78a08a026b_3620) | | | [CYBERSECURITY](#i6130b36bfea144eba4662e78a08a026b_3620) | | | | | | | | | | | | [39](#i6130b36bfea144eba4662e78a08a026b_3620) | | |

| [PART II](#i6130b36bfea144eba4662e78a08a026b_94) | | | | | | | | | | | | | | | [47](#i6130b36bfea144eba4662e78a08a026b_94) | | |

| | | | | | | [Note 2](#i6130b36bfea144eba4662e78a08a026b_361) | | | [Acquisitions](#i6130b36bfea144eba4662e78a08a026b_361) | | | [103](#i6130b36bfea144eba4662e78a08a026b_361) | | | | | |

| | | | | | | [Note 3](#i6130b36bfea144eba4662e78a08a026b_364) | | | [Dispositions](#i6130b36bfea144eba4662e78a08a026b_364) | | | [105](#i6130b36bfea144eba4662e78a08a026b_364) | | | | | |

| | | | | | | [Note 4](#i6130b36bfea144eba4662e78a08a026b_367) | | | [Operating Revenues](#i6130b36bfea144eba4662e78a08a026b_367) | | | [106](#i6130b36bfea144eba4662e78a08a026b_367) | | | | | |

| | | | | | | [Note 5](#i6130b36bfea144eba4662e78a08a026b_370) | | | [Credit Losses](#i6130b36bfea144eba4662e78a08a026b_370) | | | [109](#i6130b36bfea144eba4662e78a08a026b_370) | | | | | |

| | | | | | | [Note 11](#i6130b36bfea144eba4662e78a08a026b_388) | | | [Common Equity](#i6130b36bfea144eba4662e78a08a026b_388) | | | [118](#i6130b36bfea144eba4662e78a08a026b_388) | | | | | |

| | | | | | | [Note 12](#i6130b36bfea144eba4662e78a08a026b_391) | | | [Preferred Stock](#i6130b36bfea144eba4662e78a08a026b_391) | | | [121](#i6130b36bfea144eba4662e78a08a026b_391) | | | | | |

| | | | | | | [Note 16](#i6130b36bfea144eba4662e78a08a026b_406) | | | [Income Taxes](#i6130b36bfea144eba4662e78a08a026b_406) | | | [129](#i6130b36bfea144eba4662e78a08a026b_406) | | | | | |

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

| | | | | | | [Note 18](#i6130b36bfea144eba4662e78a08a026b_412) | | | [Derivative Instruments](#i6130b36bfea144eba4662e78a08a026b_412) | | | [133](#i6130b36bfea144eba4662e78a08a026b_412) | | | | | |

| | | | | | | [Note 19](#i6130b36bfea144eba4662e78a08a026b_415) | | | [Guarantees](#i6130b36bfea144eba4662e78a08a026b_415) | | | [134](#i6130b36bfea144eba4662e78a08a026b_415) | | | | | |

| | | | | | | [Note 20](#i6130b36bfea144eba4662e78a08a026b_418) | | | [Employee Benefits](#i6130b36bfea144eba4662e78a08a026b_418) | | | [134](#i6130b36bfea144eba4662e78a08a026b_418) | | | | | |

| | | | | | | [Note 22](#i6130b36bfea144eba4662e78a08a026b_424) | | | [Segment Information](#i6130b36bfea144eba4662e78a08a026b_424) | | | [140](#i6130b36bfea144eba4662e78a08a026b_424) | | | | | |

| | | | | | | [Note 26](#i6130b36bfea144eba4662e78a08a026b_439) | | | [Regulatory Environment](#i6130b36bfea144eba4662e78a08a026b_439) | | | [151](#i6130b36bfea144eba4662e78a08a026b_439) | | | | | |

| [PART III](#i6130b36bfea144eba4662e78a08a026b_466) | | | | | | | | | | | | | | | [160](#i6130b36bfea144eba4662e78a08a026b_466) | | |

| [PART IV](#i6130b36bfea144eba4662e78a08a026b_484) | | | | | | | | | | | | | | | [162](#i6130b36bfea144eba4662e78a08a026b_484) | | |

| | | | [A.](#i6130b36bfea144eba4662e78a08a026b_499) | | | [Income Statements](#i6130b36bfea144eba4662e78a08a026b_499) | | | | | | | | | [168](#i6130b36bfea144eba4662e78a08a026b_499) | | |

| | | | [B.](#i6130b36bfea144eba4662e78a08a026b_502) | | | [Statements of Comprehensive Income](#i6130b36bfea144eba4662e78a08a026b_502) | | | | | | | | | [169](#i6130b36bfea144eba4662e78a08a026b_502) | | |

| | | | [C.](#i6130b36bfea144eba4662e78a08a026b_505) | | | [Balance Sheets](#i6130b36bfea144eba4662e78a08a026b_505) | | | | | | | | | [170](#i6130b36bfea144eba4662e78a08a026b_505) | | |

| | | | [D.](#i6130b36bfea144eba4662e78a08a026b_508) | | | [Statements of Cash Flows](#i6130b36bfea144eba4662e78a08a026b_508) | | | | | | | | | [171](#i6130b36bfea144eba4662e78a08a026b_508) | | |

| [SIGNATURES](#i6130b36bfea144eba4662e78a08a026b_517) | | | | | | | | | | | | | | | [176](#i6130b36bfea144eba4662e78a08a026b_517) | | |

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

| Army Corps | | | | | | United States Army Corps of Engineers | | |

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

| CCR | | | | | | Coal Combustion Residual | | |

| CWA | | | | | | Clean Water Act | | |

| LDC | | | | | | Local Natural Gas Distribution Company | | |

| MATS | | | | | | Mercury and Air Toxics Standards | | |

| ZLD | | | | | | Zero Liquid Discharge | | |

| lb/MMBtu | | | | | | Pound Per Million British Thermal Unit | | |

| AOC | | | | | | Audit and Oversight Committee of the Board of Directors | | |

| CABO | | | | | | Clean and Affordable Buildings Ordinance | | |

| CAO | | | | | | Chief Administrative Officer | | |

| CEO | | | | | | Chief Executive Officer | | |

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

| Chicago, IL-IN-WI | | | | | | Chicago, Illinois, Indiana, and Wisconsin | | |

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

| | | | | | | | | |

| | | | | | | [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) | | |

| ACE | | | | | | Affordable Clean Energy | | |

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

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

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

| COVID-19 | | | | | | Coronavirus Disease – 2019 | | |

| OC 7 | | | | | | Oak Creek Power Plant Unit 7 | | |

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

| SPC | | | | | | COVID-19 Special Purpose Charge | | |

- Changes in the method of determining LIBOR or the replacement of LIBOR with an alternative reference rate;

| [removed: *2022] [added: *2023] Form 10-K* | | | [removed: 37] [added: 38] | | | *WEC Energy Group, Inc.* | | |

*[Table of [removed: Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*][added: Contents](#i6130b36bfea144eba4662e78a08a026b_10)*]

Our Board of Directors is responsible for general oversight of our risk environment and associated management policies and practices.

The Board of Directors has delegated to its AOC the responsibility for oversight of our major risk categories and exposures, including with respect to cybersecurity, and management's processes to monitor and control them.

The AOC meets regularly throughout the year and receives and reviews various risk management reports about IT/OT cybersecurity, data security, and physical security risk management reports, and discusses these matters with appropriate management and other personnel.

The CEO and CAO regularly report to the AOC and the Board of Directors about cybersecurity matters and risks as well as the adequacy and effectiveness of the cybersecurity risk management program.

To foster an enterprise-wide approach to risk management, we have established an ERSC chaired by our CEO and comprised of a cross-functional group of senior leaders from across our organization.

The ERSC regularly reviews key risk areas and oversees the development and implementation of effective compliance and risk management practices, including the use of internal and external audits.

Our Board of Directors and the AOC receive reports regarding the same.

Governance of our cybersecurity risk management program is overseen by the ERSC, along with steering committees for information security, operational technology security, third-party vendor security controls, Sarbanes-Oxley security controls, and North American Electric Reliability Corporation Critical Infrastructure Protection compliance.

Our CAO is responsible for enterprise-wide information technology services and cybersecurity system strategy.

In this capacity, the CAO oversees the cybersecurity risk management program, which is maintained and implemented by the Enterprise Security Director.

Our CAO has 24 years of experience at the company, during which time she has held a number of management and leadership positions, including Chief Information Officer, through which she has developed expertise in our IT/OT cybersecurity, data security, and physical security environment and risk profile.

The Enterprise Security Director, in collaboration with her team, is responsible for IT/OT cybersecurity, data security, and physical security.

The Enterprise Security Director identifies, evaluates, and facilitates mitigation of cyber, data, and physical security risks and reports on cybersecurity matters and risks to the ERSC and the AOC.

Our Enterprise Security Director has over 26 years of experience in IT/OT cybersecurity, data security and physical security, and is a certified information system security professional.

She is also a member of numerous state and national cybersecurity organizations.

Cybersecurity Risk Management Program

Our cybersecurity-related risks are managed through monitoring, defense and response tools, audits and assessments of the program’s effectiveness, industry collaboration, and employee training and awareness.

Our cybersecurity risk management program utilizes the cybersecurity framework and maturity models from the National Institute of Standards and Technology and the United States Department of Energy to continually assess its maturity.

This includes regular internal security audits and vulnerability assessments, as well as regular engagement with third-party security experts for external assessments of our security controls, including technical, physical, and social aspects.

To better comprehend the scope and magnitude of any active threats to our industry and nation and their potential impact on our IT/OT systems, we communicate with other utility companies, government agencies, and other sectors of the economy concerning cybersecurity incidents.

All employees are required to complete training annually regarding information security and acceptable use of corporate electronic resources.

Annual role-based cybersecurity training as well as ongoing participation in a corporate phishing campaign program, is also required of employees and contractors.

In addition, as part of the cybersecurity program, we have established controls and procedures to assess the adequacy of controls in place at third-party vendors to protect corporate information, including restricted and confidential restricted information we provide to third-party vendors, their employees, or authorized agents.

These third-party vendors are also subject to a background investigation prior to being granted physical or electronic access to the company's private property, or physical access to customer premises on behalf of the company.

As part of the cybersecurity program, we have adopted a cybersecurity incident response plan (the “Plan”) designed to identify, evaluate, respond to, and resolve cybersecurity incidents impacting IT/OT systems.

Pursuant to the terms of the Plan, we have established a CSIRT Steering Committee which includes, among others, the Chief Financial Officer, CAO, and the Enterprise Security Director.

The CSIRT Steering Committee is responsible for overseeing and implementing the Plan in the event of a cybersecurity threat or incident and provides updates regarding the status of the response to senior management, including the CEO, who provide updates and reports regarding cybersecurity incidents to the AOC and/or the Board of Directors at regularly scheduled meetings or more frequently, as needed.

| | | | | | | | | |

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

| *2023 Form 10-K* | | | 39 | | | *WEC Energy Group, Inc.* | | |

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

In response to an identified cybersecurity incident, or as it deems appropriate, the CSIRT Steering Committee will assemble and oversee a CSIRT, comprised of appropriate personnel and subject matter experts depending on the scope and severity of the incident, relevant or impacted business units and entities, and type of information or systems potentially compromised by the cybersecurity incident.

When assembled, the CSIRT is responsible for developing and implementing an overall response strategy to contain, control, and remediate the cybersecurity incident, including securing our affected systems and/or information, mitigating harmful effects of the incident, preventing further compromises, and communicating information to affected parties, regulatory agencies and law enforcement, as necessary.

The CSIRT may seek assistance from or engage external support providers including legal counsel, outside technology or forensic experts, investigation service providers, and others, as appropriate, to assist in the response to the incident, based on its nature and scope.

Pursuant to the Plan and at the direction of the CAO, the Enterprise Security Director will conduct a post-incident remediation analysis and report findings to the CSIRT Steering Committee.

The Plan is tested and reviewed at least annually.

We have been subject to attempted cybersecurity attacks from time to time, and will likely continue to be subject to such attempted attacks; however, these prior attacks have not had a material impact on our system or business operations.

For information about cybersecurity risks to our business, see Item 1A.

Risk Factors and the risk factor titled "Our operations are subject to risks beyond our control, including but not limited to, cybersecurity intrusions, terrorist or other physical attacks, acts of war, or unauthorized access to personally identifiable information."

| | | | | | | | | |

The following table summarizes information on our electric generation facilities, including owned and jointly owned facilities, as of December 31, [removed: 2022:][added: 2023:]

| Columbia | | | | | | Portage, WI | | | | | | Coal | | | | | | 2 | | | | | | [removed: 311] [added: 312] | | | (2) [added: (7)] | | |

| ERGS | | | | | | Oak Creek, WI | | | | | | Coal | | | | | | 2 | | | | | | [removed: 1,061] [added: 1,082] | | | [added: (2)] (3) [removed: (4)] | | |

| OCPP | | | | | | Oak Creek, WI | | | | | | Coal | | | | | | 4 | | | | | | [removed: 1,086] [added: 1,103] | | | [added: (7)] | | |

| Weston | | | | | | Rothschild, WI | | | | | | Coal | | | | | | 2 | | | | | | [removed: 720] [added: 713] | | | (2) [added: (7)] | | |

| Total coal-fired plants | | | | | | | | | | | | | | | | | | 10 | | | | | | [removed: 3,178] [added: 3,210] | | | | | |

| Concord | | | | | | Watertown, WI | | | | | | Natural Gas/Oil | | | | | | 4 | | | | | | [removed: 366] [added: 365] | | | | | |

| De Pere Energy Center | | | | | | De Pere, WI | | | | | | Natural Gas/Oil | | | | | | 1 | | | | | | [removed: 165] [added: 166] | | | | | |

| Fox Energy Center | | | | | | Wrightstown, WI | | | | | | Natural Gas | | | | | | 3 | | | | | | [removed: 577] [added: 581] | | | | | |

| Germantown | | | | | | Germantown, WI | | | | | | Natural Gas/Oil | | | | | | 5 | | | | | | [removed: 273] [added: 263] | | | | | |

| F. D. Kuester | | | | | | Negaunee, MI | | | | | | Natural Gas | | | | | | 7 | | | | | | [removed: 132] [added: 128] | | | | | |

| A. J. Mihm | | | | | | Baraga, MI | | | | | | Natural Gas | | | | | | 3 | | | | | | [removed: 57] [added: 55] | | | | | |

| Paris | | | | | | Union Grove, WI | | | | | | Natural Gas/Oil | | | | | | 4 | | | | | | [removed: 359] [added: 361] | | | | | |

| PWGS | | | | | | Port Washington, WI | | | | | | Natural Gas | | | | | | 2 | | | | | | [removed: 1,228] [added: 1,217] | | | [removed: (4)] [added: (3)] | | |

| Pulliam | | | | | | Green Bay, WI | | | | | | Natural [removed: Gas/Oil] [added: Gas] | | | | | | 1 | | | | | | [removed: 81] [added: 82] | | | | | |

| VAPP | | | | | | Milwaukee, WI | | | | | | Natural Gas | | | | | | 2 | | | | | | [removed: 267] [added: 275] | | | | | |

| West Marinette | | | | | | Marinette, WI | | | | | | Natural [removed: Gas/Oil] [added: Gas] | | | | | | 3 | | | | | | [removed: 147] [added: 158] | | | | | |

| Weston | | | | | | Rothschild, WI | | | | | | Natural [removed: Gas/Oil] [added: Gas] | | | | | | [removed: 3] [added: 7] | | | | | | [removed: 65] [added: 130] | | | | | |

| Total natural gas-fired plants | | | | | | | | | | | | | | | | | | [removed: 38] [added: 45] | | | | | | [removed: 3,717] [added: 4,109] | | | [removed: (5)] | | |

| Hydro plants (30 in number) | | | | | | WI and MI | | | | | | Hydro | | | | | | [removed: 81] [added: 80] | | | | | | [removed: 97] [added: 92] | | | [removed: (6) (7)] [added: (4) (5)] | | |

| Rothschild Biomass Plant | | | | | | Rothschild, WI | | | | | | Biomass | | | | | | 1 | | | | | | 46 | | | [removed: (8)] [added: (6)] | | |

| Badger Hollow I | | | | | | [added: Iowa County,] WI | | | | | | Solar | | | | | | 41 | | | | | | 100 | | | (2) | | |

| Two Creeks | | | | | | [added: Manitowoc County,] WI | | | | | | Solar | | | | | | 48 | | | | | | 100 | | | (2) | | |

Values are primarily based on the net dependable expected capacity ratings for summer [removed: 2023] [added: 2024] established by tests and may change slightly from year to year.

The capacity indicated for each of these units is equal to [removed: WPS's] [added: our subsidiaries'] portion of total plant capacity based on its percent of ownership.

| [removed: *2022] [added: *2023] Form 10-K* | | | [removed: 38] [added: 41] | | | *WEC Energy Group, Inc.* | | |

*[Table of [removed: Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*][added: Contents](#i6130b36bfea144eba4662e78a08a026b_10)*]

[removed: (4)] [added: (3)] These facilities are part of the Company's non-utility energy infrastructure segment.

[removed: (6)] [added: (4)] All of our hydroelectric facilities follow FERC guidelines and/or regulations.

[removed: (7)] [added: (5)] WRPC owns and operates the Castle Rock and Petenwell units.

WPS's share of capacity for Castle Rock and Petenwell is 7.0 [removed: MW] [added: MWs] and 10.3 [removed: MW,] [added: MWs,] respectively.

[removed: (8)] [added: (6)] 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: 2022,] [added: 2023,] we operated approximately [removed: 35,600] [added: 35,500] miles of overhead distribution lines and approximately [removed: 36,100] [added: 36,500] miles of underground distribution cable, as well as approximately 430 electric distribution substations and approximately [removed: 514,800] [added: 523,700] line transformers.

At December 31, [removed: 2022,] [added: 2023,] our natural gas properties were located in Illinois, Wisconsin, Minnesota, and Michigan, and consisted of the following:

- Approximately [removed: 52,000] [added: 46,400] miles of natural gas distribution mains,

- Approximately [removed: 1,100] [added: 1,700] miles of natural gas transmission mains,

- Approximately [removed: 500] [added: 490] natural gas distribution and transmission gate stations,

- Approximately [removed: 68.2] [added: 69.3] Bcf of working gas capacities in underground natural gas storage fields:

◦Bluewater, [removed: 26.5] [added: 27.6] Bcf of fields located in southeastern Michigan,

- A peak-shaving facility that can store the equivalent of approximately 80 MDth in liquefied petroleum gas located in Illinois, [added: and]

| Whitewater | | | | | | Whitewater, WI | | | | | | Natural Gas/Oil | | | | | | 1 | | | | | | 243 | | | | | |

| West Riverside | | | | | | Beloit, WI | | | | | | Natural Gas | | | | | | 2 | | | | | | 85 | | | (2) | | |

| Glacier Hills Wind Park | | | | | | Cambria, WI | | | | | | Wind | | | | | | 90 | | | | | | 162 | | | | | |

| Blue Sky Green Field Wind Park | | | | | | Fond du Lac, WI | | | | | | Wind | | | | | | 88 | | | | | | 145 | | | | | |

| Crane Creek Wind Farm | | | | | | Howard County, IA | | | | | | Wind | | | | | | 66 | | | | | | 99 | | | | | |

| Red Barn | | | | | | Grant County, WI | | | | | | Wind | | | | | | 28 | | | | | | 82 | | | (2) | | |

| Forward Wind | | | | | | Fond du Lac County, WI | | | | | | Wind | | | | | | 86 | | | | | | 62 | | | (2) | | |

| Montfort Wind Energy Center | | | | | | Montfort, WI | | | | | | Wind | | | | | | 20 | | | | | | 30 | | | | | |

| Total wind facilities | | | | | | | | | | | | | | | | | | 378 | | | | | | 580 | | | | | |

| Solar facilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Badger Hollow II | | | | | | Iowa County, WI | | | | | | Solar | | | | | | 40 | | | | | | 100 | | | (2) | | |

| Total solar facilities | | | | | | | | | | | | | | | | | | 129 | | | | | | 300 | | | | | |

| Other renewable facilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Total other renewable facilities | | | | | | | | | | | | | | | | | | 81 | | | | | | 138 | | | | | |

| Total electric generation facilities | | | | | | | | | | | | | | | | | | 643 | | | | | | 8,337 | | | | | |

(2) Our subsidiaries jointly own these facilities with various other unaffiliated entities.

See Note 8, Jointly Owned Utility Facilities, for more information on our ownership interests.

(7) We expect to retire approximately 1,800 MWs of additional fossil-fueled generation by the end of 2031, which includes the planned retirement in 2024-2025 of OCPP Units 5-8, the planned retirement by June 2026 of jointly-owned Columbia Units 1-2, and the planned retirement in 2031 of Weston Unit 3.

- A 1.0 Bcf LNG plant located in southern Wisconsin,

Where distribution lines and services and natural gas distribution mains and

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

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| Renewable generating facilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Sapphire Sky | | | | | | McLean County, Illinois | | | | | | 90 | | % | | | | 64 | | | | | | 251.0 | | | | | |

| Samson I | | | | | | Lamar, Franklin, Hopkins and Red River Counties, Texas | | | | | | 80 | | % | (3) | | | 340 | | | | | | 250.0 | | | | | |

| Total renewable generating facilities | | | | | | | | | | | | | | | | | | 905 | | | | | | 1,845.4 | | | | | |

(1) Invenergy Wind LLC operates these renewable facilities.

(3) In January 2024, WECI acquired an additional 10% ownership interest in Samson I.

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| *2023 Form 10-K* | | | 43 | | | *WEC Energy Group, Inc.* | | |

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

| Renewables | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Wind sites (5 in number) | | | | | | WI and IA | | | | | | Wind | | | | | | 350 | | | | | | 498 | | | (2) | | |

| Total renewables | | | | | | | | | | | | | | | | | | 521 | | | | | | 841 | | | | | |

| Total system | | | | | | | | | | | | | | | | | | 569 | | | | | | 7,736 | | | | | |

(2) Certain of these facilities are jointly owned by WPS and various other utilities.

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

WPS holds a 27.5% ownership interest in Columbia.

- WPS operates the Weston 4 facility and holds a 70.0% ownership interest in this facility.

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

- Badger Hollow I is jointly owned by WPS and Madison Gas and Electric Company, an unaffiliated utility.

WPS holds a 66.7% ownership interest in this facility and Madison Gas and Electric Company owns the remaining 33.3%.

- Two Creeks is jointly owned by WPS and Madison Gas and Electric Company.

- Forward Wind is jointly owned by WPS along with Wisconsin Power and Light Company and Madison Gas and Electric Company, two unaffiliated utilities.

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

(3) This facility is jointly owned by We Power and two other unaffiliated entities.

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

(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.

- Peak propane air systems providing approximately 2,960 Dth per day, and

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

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

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

| Total wind generating facilities | | | | | | | | | | | | 501 | | | | | | 1,333.7 | | | | | |

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: *2022] [added: *2023] Form 10-K* | | | [removed: 41] [added: 44] | | | *WEC Energy Group, Inc.* | | |

*[Table of [removed: Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*][added: Contents](#i6130b36bfea144eba4662e78a08a026b_10)*]

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

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

Kelsey. Age [removed: 58.][added: 59.]

Klappa. Age [removed: 72.][added: 73.]

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

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

Executive Vice President and Chief Financial Officer from [removed: April 2016 to] October [removed: 2018.][added: 2019 to June 2020.]

Xia Liu. Age [removed: 53.][added: 54.]

| [removed: *2022] [added: *2023] Form 10-K* | | | [removed: 42] [added: 45] | | | *WEC Energy Group, Inc.* | | |

William Mastoris. Age [removed: 59.][added: 60.]

Mulroy. Age [removed: 47.][added: 48.]

Reese. Age [removed: 41.][added: 42.]

Mary Beth Straka. Age [removed: 58.][added: 59.]

| [removed: *2022] [added: *2023] Form 10-K* | | | [removed: 43] [added: 46] | | | *WEC Energy Group, Inc.* | | |

Age 51.

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

Age 50.

- WE — Executive Vice President - External Affairs from June 2015 through December 2018.

Executive Vice President from September 2017 to January 2018.

Executive Vice President from November 2018 to January 2019.

- WE — Senior Vice President - Wholesale Energy and Fuels from June 2015 to November 2018.

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

Vice President – Supply Chain and Fleet from June 2015 through December 2018.

- WE – Vice President and Chief Information Officer from June 2015 through December 2018.

As of [removed: December] [added: January] 31, [removed: 2022,] [added: 2024,] based upon the number of WEC Energy Group shareholder accounts (including accounts in our stock purchase and dividend reinvestment plan), we had approximately [removed: 37,000] [added: 36,000] registered shareholders.

Common Stock Dividends of WEC Energy [removed: Group][added: Group, Inc.]

| [removed: *2022] [added: *2023] Form 10-K* | | | [removed: 44] [added: 47] | | | *WEC Energy Group, Inc.* | | |

*[Table of [removed: Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*][added: Contents](#i6130b36bfea144eba4662e78a08a026b_10)*]

We have audited the accompanying consolidated balance sheets of WEC Energy Group, Inc. and subsidiaries (the "Company") as of December 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] 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: 2022,] [added: 2023,] 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: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2022,] [added: 2023,] 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: 2022,] [added: 2023,] 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: 23, 2023,] [added: 22, 2024,] expressed an unqualified opinion on the Company's internal control over financial reporting.

| [removed: *2022] [added: *2023] Form 10-K* | | | [removed: 81] [added: 84] | | | *WEC Energy Group, Inc.* | | |

*[Table of [removed: Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*][added: Contents](#i6130b36bfea144eba4662e78a08a026b_10)*]

[removed: Regulatory] [added: Current and future regulatory] decisions can have an impact on the recovery of costs, the rate of return earned on investment, and the timing and amount of assets to be recovered [removed: by] [added: through] rates.

[removed: Given that management’s accounting judgments can be based on assumptions about the outcome of future decisions by the Commissions, auditing] [added: Auditing] these judgments required specialized knowledge of accounting for rate regulation and the rate setting process due to its inherent complexities.

Our audit procedures related to the [removed: uncertainty] [added: impact] of [removed: future decisions by the Commissions] [added: rate regulation on certain assets and liabilities] included the [removed: following procedures,] [added: following,] among others:

- We tested the effectiveness of management’s controls over regulatory assets and liabilities, including management’s controls over the identification of costs recorded as regulatory assets and [added: liabilities and] the monitoring and evaluation of regulatory developments that may affect the likelihood of recovering costs in future rates.

- We inquired of Company management and independently obtained and read: (1) relevant regulatory orders issued by the Commissions for the [removed: Company and other public utilities in each respective state,] [added: Company,] (2) [removed: company filings,] [added: Company filings with the Commissions,] (3) filings made by intervenors and (4) other publicly available information to assess the likelihood of recovery in future rates or of a future reduction in rates based on precedents of the Commissions’ treatment of similar costs under similar circumstances.

- We [removed: obtained] [added: evaluated] management’s analysis regarding probability of recovery for regulatory assets or refund or future reduction in rates for regulatory liabilities not yet addressed in a regulatory order to assess management’s assertion that amounts are probable of recovery or a future reduction in rates.

[removed: February 23, 2023][added: | | | | | | | 2023 | | | | | | | | |]

| [removed: *2022] [added: *2023] Form 10-K* | | | [removed: 82] [added: 85] | | | *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: 2022,] [added: 2023,] 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: 2022,] [added: 2023,] 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: 2022,] [added: 2023,] of the Company and our report dated February [removed: 23, 2023,] [added: 22, 2024,] expressed an unqualified opinion on those consolidated financial statements and financial statement schedules.

| [removed: *2022] [added: *2023] Form 10-K* | | | [removed: 83] [added: 86] | | | *WEC Energy Group, Inc.* | | |

| (in millions, except per share amounts) | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | |

| Operating revenues | | | | | | $ | [removed: 9,597.4] [added: 8,893.0] | | | | | $ | [removed: 8,316.0] [added: 9,597.4] | | | | | $ | [removed: 7,241.7] [added: 8,316.0] | |

| Cost of sales | | | | | | [removed: 4,358.9] [added: 3,191.2] | | | | | | [removed: 3,311.0] [added: 4,358.9] | | | | | | [removed: 2,319.5] [added: 3,311.0] | | |

| Other operation and maintenance | | | | | | [removed: 1,938.0] [added: 2,100.5] | | | | | | [removed: 2,005.5] [added: 1,938.0] | | | | | | [removed: 2,032.2] [added: 2,005.5] | | |

| Depreciation and amortization | | | | | | [removed: 1,122.6] [added: 1,264.2] | | | | | | [removed: 1,074.3] [added: 1,122.6] | | | | | | [removed: 975.9] [added: 1,074.3] | | |

| Property and revenue taxes | | | | | | [removed: 253.7] [added: 250.2] | | | | | | [removed: 210.3] [added: 253.7] | | | | | | [removed: 208.0] [added: 210.3] | | |

| Total operating expenses | | | | | | [removed: 7,673.2] [added: 6,985.0] | | | | | | [removed: 6,601.1] [added: 7,673.2] | | | | | | [removed: 5,535.6] [added: 6,601.1] | | |

| Operating income | | | | | | [removed: 1,924.2] [added: 1,908.0] | | | | | | [removed: 1,714.9] [added: 1,924.2] | | | | | | [removed: 1,706.1] [added: 1,714.9] | | |

| Equity in earnings of transmission affiliates | | | | | | [removed: 194.7] [added: 177.5] | | | | | | [removed: 158.1] [added: 194.7] | | | | | | [removed: 175.8] [added: 158.1] | | |

| Other income, net | | | | | | [removed: 128.8] [added: 177.7] | | | | | | [removed: 133.2] [added: 128.8] | | | | | | [removed: 79.5] [added: 133.2] | | |

| Interest expense | | | | | | [removed: 515.1] [added: 726.9] | | | | | | [removed: 471.1] [added: 515.1] | | | | | | [removed: 493.7] [added: 471.1] | | |

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

| Other expense | | | | | | [removed: (191.6)] [added: (371.7)] | | | | | | [removed: (216.1)] [added: (191.6)] | | | | | | [removed: (276.8)] [added: (216.1)] | | |

| Income before income taxes | | | | | | [removed: 1,732.6] [added: 1,536.3] | | | | | | [removed: 1,498.8] [added: 1,732.6] | | | | | | [removed: 1,429.3] [added: 1,498.8] | | |

| Income tax expense | | | | | | [removed: 322.9] [added: 204.6] | | | | | | [removed: 200.3] [added: 322.9] | | | | | | [removed: 227.9] [added: 200.3] | | |

| Net income | | | | | | [removed: 1,409.7] [added: 1,331.7] | | | | | | [removed: 1,298.5] [added: 1,409.7] | | | | | | [removed: 1,201.4] [added: 1,298.5] | | |

| Net (income) loss attributed to noncontrolling interests | | | | | | [removed: (0.4)] [added: 1.2] | | | | | | [removed: 3.0] [added: (0.4)] | | | | | | [removed: (0.3)] [added: 3.0] | | |

| Net income attributed to common shareholders | | | | | | $ | [removed: 1,408.1] [added: 1,331.7] | | | | | $ | [removed: 1,300.3] [added: 1,408.1] | | | | | $ | [removed: 1,199.9] [added: 1,300.3] | |

| Basic | | | | | | $ | [removed: 4.46] [added: 4.22] | | | | | $ | [removed: 4.12] [added: 4.46] | | | | | $ | [removed: 3.80] [added: 4.12] | |

| Diluted | | | | | | $ | [removed: 4.45] [added: 4.22] | | | | | $ | [removed: 4.11] [added: 4.45] | | | | | $ | [removed: 3.79] [added: 4.11] | |

| Diluted | | | | | | [removed: 316.1] [added: 315.9] | | | | | | [removed: 316.3] [added: 316.1] | | | | | | [removed: 316.5] [added: 316.3] | | |

| [removed: *2022] [added: *2023] Form 10-K* | | | [removed: 84] [added: 87] | | | *WEC Energy Group, Inc.* | | |

| (in millions) | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | |

Management judgments include assessing the likelihood of (1) recovery in future rates of incurred costs and/or (2) a refund to customers.

February 22, 2024

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

February 22, 2024

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

| Impairment related to ICC disallowances | | | | | | 178.9 | | | | | | — | | | | | | — | | |

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

| Net derivative gain, net of tax | | | | | | — | | | | | | — | | | | | | 0.6 | | |

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

| Intangible liabilities | | | | | | 594.8 | | | | | | 335.4 | | |

| AROs | | | | | | 374.2 | | | | | | 479.3 | | |

| Other | | | | | | 659.3 | | | | | | 660.6 | | |

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

| Depreciation and amortization | | | | | | 1,264.2 | | | | | | 1,122.6 | | | | | | 1,074.3 | | |

| Impairment related to ICC disallowances | | | | | | 178.9 | | | | | | — | | | | | | — | | |

| Acquisition of Whitewater | | | | | | (76.0) | | | | | | — | | | | | | — | | |

| Acquisition of Sapphire Sky, net of cash acquired of $0.3 | | | | | | (442.6) | | | | | | — | | | | | | — | | |

| Acquisition of Samson I, net of cash acquired of $5.2 | | | | | | (257.3) | | | | | | — | | | | | | — | | |

| Acquisition of Red Barn | | | | | | (143.8) | | | | | | — | | | | | | — | | |

| Acquisition of West Riverside | | | | | | (95.3) | | | | | | — | | | | | | — | | |

| Other, net | | | | | | (6.0) | | | | | | (9.1) | | | | | | (9.2) | | |

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

| Balance at December 31, 2023 | | | | | | $ | 3.2 | | | | | $ | 4,115.9 | | | | | $ | 7,612.8 | | | | | $ | (7.7) | | | | | $ | 11,724.2 | | | | | $ | 30.4 | | | | | $ | 316.9 | | | | | $ | 12,071.5 | |

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

Similarly, the rates of MGU include a rider to recover costs incurred to replace or modify natural gas facilities.

We recognize revenues using a time-based output method through a monthly fixed service fee.

Typical storage contract rates consist of firm storage reservation charges and firm injection and withdrawal charges.

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

We depreciate our WECI assets over the estimated useful life of the property, with wind and solar generating facilities being depreciated over 30 and 35 years, respectively.

| WE | | | | | | 8.45% | | | | | | 6.70% | | |

| WPS | | | | | | 7.46% | | | | | | 4.60% | | |

| WG | | | | | | 7.94% | | | | | | N/A | | |

| WBS | | | | | | 7.46% | | | | | | N/A | | |

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

We assess the likelihood of a disallowance of part of the cost of recently completed plant by considering factors such as applicable regulatory environment changes, our own recent rate orders, as well as recent rate orders of other regulated entities in similar

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

| | | | | | | | | |

Future decisions of the Commissions will impact the accounting for regulated operations, including decisions about the amount of allowable costs and return on invested capital included in rates, and any refunds that may be required.

The Company had $3,306.9 million and $3,791.9 million of regulatory assets and liabilities, respectively, as of December 31, 2022.

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

| Net derivative gain (loss), net of tax expense (benefit) of $—, $0.2, and $(1.6), respectively | | | | | | — | | | | | | 0.6 | | | | | | (4.3) | | |

| Other | | | | | | 1,475.3 | | | | | | 1,203.2 | | |

| Acquisition of Blooming Grove, net of restricted cash acquired of $24.1 | | | | | | — | | | | | | — | | | | | | (364.6) | | |

| Acquisition of Tatanka Ridge | | | | | | — | | | | | | — | | | | | | (239.9) | | |

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

| Repayment of short-term loan | | | | | | — | | | | | | (340.0) | | | | | | — | | |

| Purchase of additional ownership interest in Upstream from noncontrolling interest | | | | | | — | | | | | | — | | | | | | (31.0) | | |

| Other, net | | | | | | (11.8) | | | | | | (10.1) | | | | | | (11.4) | | |

| Balance at December 31, 2019 | | | | | | $ | 3.2 | | | | | $ | 4,186.6 | | | | | $ | 5,927.7 | | | | | $ | (4.1) | | | | | $ | 10,113.4 | | | | | $ | 30.4 | | | | | $ | 110.8 | | | | | $ | 10,254.6 | |

| Purchase of additional ownership interest in Upstream from noncontrolling interest | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (31.0) | | | | | | (31.0) | | |

See Note 3, Dispositions, for more information on the sale of these solar facilities.

Other Natural Gas Operating Revenues

We have other natural gas operating revenues from Bluewater, which is in our non-utility energy infrastructure segment.

All amounts associated with the service agreements with WE, WPS, and WG have been eliminated at the consolidated level.

- PGL and NSG were authorized to implement a SPC rider for the recovery of incremental direct costs resulting from the COVID-19 pandemic, foregone late fees and reconnection charges, and the costs associated with their bill payment assistance programs.

cost of service was for the year.

Effective January 1, 2020, we adopted FASB ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, using the modified retrospective transition method.

This ASU amends the impairment model to utilize an expected loss methodology in place of the incurred loss methodology for financial instruments, including trade receivables.

The amendment requires entities to consider a broader range of information to estimate expected credit losses, which may result in earlier recognition of loss.

The cumulative effect of adopting this standard was not significant to our financial statements.

| | | | | | | 2022 | | | | | | | | |

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

| WPS | | | | | | 7.55% | | | | | | 5.49% | | |

| WG | | | | | | 8.32% | | | | | | N/A | | |

| WBS | | | | | | 7.55% | | | | | | N/A | | |

If necessary,

Blooming Grove has offtake agreements for all the energy produced with affiliates of two investment grade multinational companies for 12 years.

In January 2023, WECI signed an agreement to acquire an 80% ownership interest in Samson I, a 250 MW solar generating facility in Lamar County, Texas, for approximately $250 million.

Commercial operation was achieved in May 2022.

Samson I is expected to qualify for PTCs and will be included in the non-utility energy infrastructure segment.

WPS's share of the cost of this project is estimated to be $160 million, with commercial operation expected to begin in the first half of 2023, at which time the transaction is expected to close.

Acquisition of a Wind Generation Facility in South Dakota

In December 2020, WECI completed the acquisition of an 85% ownership interest in Tatanka Ridge, a 155 MW wind generating facility in Deuel County, South Dakota, that became commercially operational in January 2021.

WECI's total investment was $239.9 million, which included transaction costs.

Tatanka Ridge has offtake agreements for all the energy produced with an affiliate of an investment grade multinational company for 12 years and a well-established electric cooperative that serves utilities in multiple states for 10 years.

Tatanka Ridge qualifies for PTCs.

Based on its evaluation, our management concluded that our and our subsidiaries' internal control over financial reporting was effective as of December 31, [removed: 2022.][added: 2023.]

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: 2022] [added: 2023] that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

During the three months ended December 31, 2023, none of our directors or officers (as defined in Rule 16a-1 under the Exchange Act) adopted or terminated any contract, instruction, or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement" (as defined in Item 408 of Regulation S-K).

None.

| [removed: *2022] [added: *2023] Form 10-K* | | | [removed: 155] [added: 159] | | | *WEC Energy Group, Inc.* | | |

*[Table of [removed: Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*][added: Contents](#i6130b36bfea144eba4662e78a08a026b_10)*]

The information under "Proposal 1: Election of Directors – Terms Expiring in [removed: 2024] [added: 2025] – [removed: 2023] [added: 2024] Director Nominees for Election," "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: 4, 2023] [added: 9, 2024] (the [removed: "2023] [added: "2024] 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: 2023] [added: 2024] 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: 2023] [added: 2024] Annual Meeting Proxy Statement.

The following table sets forth information about our equity compensation plans as of December 31, [removed: 2022:][added: 2023:]

| [removed: *2022] [added: *2023] Form 10-K* | | | [removed: 156] [added: 160] | | | *WEC Energy Group, Inc.* | | |

*[Table of [removed: Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*][added: Contents](#i6130b36bfea144eba4662e78a08a026b_10)*]

| Equity Compensation Plans Approved by Security Holders | | | | | | 3,015,751 | | | | | | $ | 79.57 | | | | | 7,763,218 | | | (1) | | |

| Total | | | | | | 3,015,751 | | | | | | $ | 79.57 | | | | | 7,763,218 | | | | | |

| 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 | | | | | |

The information under "Governance – Additional Governance Matters – Related Party Transactions," "Proposal 1: Election of Directors – Terms Expiring in [removed: 2024] [added: 2025] – Board Composition – Independence," and "Governance – Board Committees" in the [removed: 2023] [added: 2024] 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 "Proposal 2: Ratification of Deloitte & Touche LLP as Independent Auditors for [removed: 2023] [added: 2024] – Independent Auditors' Fees and Services" in the [removed: 2023] [added: 2024] Annual Meeting Proxy Statement is incorporated herein by reference.

| [removed: *2022] [added: *2023] Form 10-K* | | | [removed: 157] [added: 161] | | | *WEC Energy Group, Inc.* | | |

*[Table of [removed: Contents](#ia30e1664d8ce47cba8ecdb9ce46154ab_10)*][added: Contents](#i6130b36bfea144eba4662e78a08a026b_10)*]

| | | | [Reports of Independent Registered Public Accounting [removed: Firm](#ia30e1664d8ce47cba8ecdb9ce46154ab_256)] [added: Firm](#i6130b36bfea144eba4662e78a08a026b_259)] (PCAOB ID No. [removed: 34 ).] [added: 34)] | | | | | | [removed: [81](#ia30e1664d8ce47cba8ecdb9ce46154ab_256)] [added: [84](#i6130b36bfea144eba4662e78a08a026b_259)] | | |

| | | | [Consolidated Income Statements for the three years ended December 31, [added: 2023,] 2022, [removed: 2021,] and [removed: 2020.](#ia30e1664d8ce47cba8ecdb9ce46154ab_259)] [added: 2021.](#i6130b36bfea144eba4662e78a08a026b_262)] | | | | | | [removed: [84](#ia30e1664d8ce47cba8ecdb9ce46154ab_259)] [added: [87](#i6130b36bfea144eba4662e78a08a026b_262)] | | |

| | | | [Consolidated Statements of Comprehensive Income for the three years ended December 31, [added: 2023,] 2022, [removed: 2021,] and [removed: 2020.](#ia30e1664d8ce47cba8ecdb9ce46154ab_262)] [added: 2021.](#i6130b36bfea144eba4662e78a08a026b_265)] | | | | | | [removed: [85](#ia30e1664d8ce47cba8ecdb9ce46154ab_262)] [added: [88](#i6130b36bfea144eba4662e78a08a026b_265)] | | |

| | | | [Consolidated Statements of Cash Flows for the three years ended December 31, [added: 2023,] 2022, [removed: 2021,] and [removed: 2020.](#ia30e1664d8ce47cba8ecdb9ce46154ab_268)] [added: 2021.](#i6130b36bfea144eba4662e78a08a026b_271)] | | | | | | [removed: [87](#ia30e1664d8ce47cba8ecdb9ce46154ab_268)] [added: [90](#i6130b36bfea144eba4662e78a08a026b_271)] | | |

| | | | [Consolidated Statements of Equity for the three years ended December 31, [added: 2023,] 2022, [removed: 2021,] and [removed: 2020.](#ia30e1664d8ce47cba8ecdb9ce46154ab_271)] [added: 2021.](#i6130b36bfea144eba4662e78a08a026b_274)] | | | | | | [removed: [88](#ia30e1664d8ce47cba8ecdb9ce46154ab_271)] [added: [91](#i6130b36bfea144eba4662e78a08a026b_274)] | | |

| | | | [Notes to Consolidated Financial [removed: Statements.](#ia30e1664d8ce47cba8ecdb9ce46154ab_277)] [added: Statements.](#i6130b36bfea144eba4662e78a08a026b_280)] | | | | | | [removed: [89](#ia30e1664d8ce47cba8ecdb9ce46154ab_277)] [added: [92](#i6130b36bfea144eba4662e78a08a026b_280)] | | |

| | | | [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: 2023,] 2022, [removed: 2021,] and [removed: 2020] [added: 2021,] and Balance Sheets as of December 31, [removed: 2022] [added: 2023] and [removed: 2021.](#ia30e1664d8ce47cba8ecdb9ce46154ab_499)] [added: 2022.](#i6130b36bfea144eba4662e78a08a026b_496)] | | | | | | [removed: [164](#ia30e1664d8ce47cba8ecdb9ce46154ab_499)] [added: [168](#i6130b36bfea144eba4662e78a08a026b_496)] | | |

| | | | [Schedule II, Valuation and Qualifying Accounts, for the three years ended December 31, [added: 2023,] 2022, [removed: 2021,] and [removed: 2020.](#ia30e1664d8ce47cba8ecdb9ce46154ab_517)] [added: 2021.](#i6130b36bfea144eba4662e78a08a026b_514)] | | | | | | [removed: [171](#ia30e1664d8ce47cba8ecdb9ce46154ab_517)] [added: [175](#i6130b36bfea144eba4662e78a08a026b_514)] | | |