WEC Energy Group (WEC) 10-K risk factor changes: FY2024 vs FY2023

Many aspects of our operations are regulated and impacted by government regulation, including, but not limited to: the rates we charge our retail electric, natural gas, and steam customers; the authorized rates of return of our utilities; construction and operation of electric generating facilities and electric and natural gas distribution systems, including the ability to recover such costs; decommissioning generating facilities, the ability to recover the related costs, and continuing to recover the return on the net book value of these facilities; wholesale power service practices; electric reliability [removed: requirements and accounting;] [added: requirements;] participation in the interstate natural gas pipeline capacity market; standards of service; issuance of securities; short-term debt obligations; transactions with affiliates; and billing practices.

In [removed: the] [added: its November 2023 final] rate [removed: order,] [added: orders for PGL and NSG,] the ICC disallowed certain previously incurred capital [removed: costs in Illinois,] [added: costs,] which resulted in PGL and NSG recording [removed: an] impairment [removed: loss] [added: losses] in the fourth quarter of [removed: 2023.][added: 2023, and caused PGL to pause spending on its SMP.]

Due to the expiration of the QIP [removed: rider in December 2023,] [added: rider,] PGL [removed: had] included the costs of necessary infrastructure improvements related to the SMP in its rate [removed: case.][added: case, thereby subjecting the recovery of these costs to regulatory lag.]

[removed: Subsequent to the rehearing, we anticipate appealing the ICC's disallowance] [added: As a result] of these [removed: capital costs to the Illinois Circuit Court, which may result in extended uncertainty related to] [added: proceedings and order,] the recovery of existing and future investments in capital expenditures and our natural gas infrastructure in [removed: Illinois,] [added: Illinois is uncertain] and [removed: may impact] future capital [removed: plans.][added: plans may be impacted.]

Prior to its [removed: expiration,] [added: expiration in December 2023,] the QIP rider provided PGL with recovery of, and a return on, qualifying natural gas infrastructure investments that [removed: are] [added: were] placed in service between regulatory rate reviews.

There can be no assurance that all costs incurred under the QIP rider during the open reconciliation years, which include [removed: 2016] [added: 2017] through 2023, will be deemed recoverable by the ICC.

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

| [removed: *2023] [added: *2024] Form 10-K* | | | [removed: 24] [added: 25] | | | *WEC Energy Group, Inc.* | | |

*[Table of [removed: Contents](#i6130b36bfea144eba4662e78a08a026b_10)*][added: Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*]

[removed: These] [added: The EPA has recently adopted and implemented new environmental regulations, which] include regulations that govern the emission of NOx, ozone, fine particulates, and other air pollutants under the CAA through the NAAQS, climate change, [removed: NSPS for GHG emissions from new, modified, and reconstructed fossil-fueled power plants,] other air quality regulations, and water quality regulations.

[removed: Several] [added: Some] of these rules [removed: were] [added: could be] challenged or reviewed by agencies under the [removed: Biden Administration's Executive Order 13990,] [added: new presidential administration,] which creates additional uncertainty.

As a result of these [added: potential] challenges and reviews, existing environmental laws and regulations may be revised or new laws or regulations may be adopted at the federal, state, or local level.

As part of our commitment to a cleaner energy future, we have already retired [removed: more than 1,900] [added: nearly 2,500] MWs of [removed: coal-fired] [added: fossil-fueled] generation since the beginning of 2018.

We expect to retire approximately [removed: 1,800] [added: 1,200] MWs of additional [removed: fossil-fueled] [added: coal-fired] generation by the end of 2031, and plan to replace a portion of the retired capacity by building and owning zero-carbon-emitting renewable [added: and reliable, efficient natural gas] generation facilities.

[removed: We accrue liabilities and defer] costs (recorded as regulatory assets) incurred in connection with our former manufactured gas plant sites.

| [removed: *2023] [added: *2024] Form 10-K* | | | [removed: 25] [added: 26] | | | *WEC Energy Group, Inc.* | | |

[removed: As a result, we expect the] [added: The] EPA and [added: some] states [removed: to finalize] [added: have adopted] and [removed: implement additional] [added: are implementing] regulations to restrict emissions of GHGs.

[removed: In addition, there is increasing] [added: There has been significant attention to issues concerning climate change as well as] activism from [removed: other] [added: certain] stakeholders, including institutional investors and other sources of financing, to accelerate the transition to lower [added: and limit] GHG emissions.

[added: New or additional] GHG [removed: regulations that may be finalized in the future,] [added: regulations,] at either the federal or state level, may cause our environmental compliance spending to differ materially from the amounts currently estimated.

These regulations, as well as changes in the fuel markets and advances in technology, could make additional electric generating units uneconomic to maintain or operate, may impact how we operate our existing fossil-fueled power plants and biomass facility, and could cause us to retire and replace units earlier than planned under [removed: the ESG Progress Plan,] [added: our capital plan,] which could lead to a possible loss on abandonment and reduced revenues.

For example, the [removed: 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.

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

We continue to [removed: reduce] [added: focus on] methane [removed: emissions] [added: emission reductions] by improving our natural gas [added: distribution systems.]

| [removed: *2023] [added: *2024] Form 10-K* | | | [removed: 26] [added: 27] | | | *WEC Energy Group, Inc.* | | |

The ability to achieve these reductions in CO2 and methane emissions depends on many external factors, including the ability to make operating refinements, the retirement of less efficient generating units, the development of relevant energy technologies, the use of RNG throughout our natural gas utility systems, [added: the ability to procure RTCs, legislative] and [added: regulatory support for renewable generation,] the ability to [added: maintain reliability with demand growth, and the ability to] execute our capital plan.

This is a [added: relatively] new market that may require additional regulations and guidance from taxing authorities.

The imposition of additional taxes, tariffs, or other assessments related to renewable energy projects 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 facilities, may [added: also] limit our ability to make further investments in renewable energy generating facilities or reduce the returns on our existing investments.

Compliance with the mandatory reliability standards could subject our [removed: electric utilities to higher operating costs.]

| [removed: *2023] [added: *2024] Form 10-K* | | | [removed: 27] [added: 28] | | | *WEC Energy Group, Inc.* | | |

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

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

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

Our financial performance depends on the successful operation of our electric [removed: generation,] [added: generation and transmission,] natural gas and electric distribution facilities, natural gas storage fields, and renewable energy 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 [removed: crises, including epidemics and pandemics;] [added: crises;] significant changes in water levels in waterways; fuel supply or transportation disruptions; accidents; employee labor disputes; construction delays or cost overruns; 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 cybersecurity intrusions.

| [removed: *2023] [added: *2024] Form 10-K* | | | [removed: 28] [added: 29] | | | *WEC Energy Group, Inc.* | | |

[removed: An extreme weather event could result in downed wires and poles or damage to other operating equipment, which] [added: This] could result in us incurring significant restoration costs [added: at our utilities and/or at WECI,] and foregoing sales of energy and lost revenues.

Additionally, an extreme weather event could also cause the cost of natural gas purchased for our natural gas utility customers and for the use of fuel at our generation facilities to be temporarily driven significantly higher than our normal [removed: winter weather expectations.]

| [removed: *2023] [added: *2024] Form 10-K* | | | [removed: 29] [added: 30] | | | *WEC Energy Group, Inc.* | | |

In addition, our operations could be adversely affected and our facilities placed at greater risk of damage should changes in global climate produce, among other possible conditions, unusual variations in temperature and weather patterns, which could result in more intense, frequent and extreme weather events, such as [removed: wind storms] [added: storms,] including derecho events, [added: with high winds, lightning, and hail,] floods, [added: drought, wild fires,] tornadoes, snow and ice storms, or abnormal levels of precipitation.

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

After a limited rehearing, the ICC issued a written order in May 2024 approving additional spending for emergency work related to SMP projects.

PGL and NSG have appealed the orders to the Illinois Appellate Court.

On February 20, 2025, the ICC issued an order setting expectations for PGL's prospective operations under its SMP.

The ICC directed us to focus on replacing all cast and ductile iron pipe that has a diameter under 36 inches by January 1, 2035.

The ICC also indicated that failure to comply with this directive could subject us to civil penalties under Illinois statute.

In its August 2024 final order on PGL's 2016 annual reconciliation, the ICC disallowed certain capital costs, which resulted in PGL recording a pre-tax charge to income during the third quarter of 2024 related to the disallowance and the previously recognized return on these investments.

The risk of costs being deemed

For example, in 2024, the EPA revised the effluent guidelines for steam electric generating plants, published a final rule lowering the PM limit under the MATS, lowered the primary (health-based) annual PM 2.5 NAAQS, published the Greenhouse Gas Power Plant Rule for fossil-fired steam generating units, issued a final Mandatory Greenhouse Gas Reporting Rule, and finalized a rule for CCR that applies to landfills, historic fill sites, and projects where CCR was placed at a power plant site.

Certain of our service territories in Wisconsin are located in areas determined to be in "serious" nonattainment status under the EPA's ozone standard.

This nonattainment status could affect future permitting activities for our facilities, including additional costs associated with more strenuous emission control requirements or the need to purchase emission reduction credits.

In addition, economic growth in these areas may be constrained by the inability to obtain the required permits, limiting investment and expansion over the coming years, including our ability to execute on our capital plan.

We have also started implementing co-firing with natural gas at certain of our coal-fired units and are evaluating the conversion to natural gas.

We accrue liabilities and defer

*[Table of Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

*[Table of Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

There can be no guarantee that we will achieve our targets.

Any reductions or eliminations of tax credits or other governmental incentives that promote renewable energy generating facilities, including the repeal or amendment of portions of the IRA and the executive order issued by the new presidential administration, could make it less conducive for the development and operation of renewable energy facilities.

*[Table of Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

electric utilities to higher operating costs.

*[Table of Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

The growth of data centers and development of associated technology may make it more difficult to accurately forecast customer demand or to recover additional costs.

In addition, elimination or reduced financial support of programs that provide energy assistance to our customers, including the Low Income Home Energy Assistance Program, could impact the demand for energy and/or adversely impact our liquidity.

An extreme weather event could result in downed wires and poles, as well as damage to wind and solar generation facilities, or other operating equipment.

*[Table of Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

winter weather expectations.

The new presidential administration's efforts to roll back certain climate and diversity, equity, and inclusion policies and programs may conflict with the expectations of our customers, regulators, and investors, creating additional uncertainty as we look to balance our stakeholders' competing priorities, and could lead to litigation and government investigations.

In addition, the imposition of new tariffs, or other changes in United States trade policy, could trigger retaliatory actions by affected countries.

A “trade war” of this nature or other governmental action related to tariffs or international trade agreements or policies has the potential to result in or exacerbate global supply chain disruptions and/or inflation, which could result in an adverse impact on our business operations, financial condition, and/or capital plan.

*[Table of Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

Efforts to pause approvals related to wind development could threaten our ability to execute our capital plan.

Other renewable energy sources, including solar developments, could also be at risk.

We may not be allowed to recover these penalties and other costs incurred in customer rates, which could have a material adverse effect on our results of operations.

Despite mitigation efforts we have undertaken, we may still experience significant losses or delayed recovery of these costs.

Successful cybersecurity intrusions, including those

*[Table of Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

Cybersecurity threats, including those leveraging AI, continue to increase, and the security measures and preventative actions we take to reduce the risk of cybersecurity incidents and protect our systems against unauthorized access to secured data and systems may be insufficient to safeguard against all security breaches.

Adoption of AI technologies could adversely affect our business, reputation, or financial results.

We are using AI primarily through services provided by our third party vendors.

In addition, we are exploring the use of AI, including generative AI, and its ability to enhance the services we offer.

There are significant risks involved in developing and deploying AI, and there can be no assurance that the use of AI will enhance our services or be beneficial to our business, including with respect to the efficiency and resiliency of our systems.

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

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.

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

For example, the EPA finalized regulations under the CWA that govern cooling water intake structures at our power plants, revised again the effluent guidelines for steam electric generating plants, and along with the Army Corps, released a final rule revising the definition of WOTUS that may impact projects requiring federal permits.

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

There is significant attention to issues concerning 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 administration.

In addition, our natural gas delivery systems and natural gas storage fields may generate fugitive gas as a result of normal operations and as a result of excavation, construction, and repair.

Fugitive gas typically vents to the atmosphere and consists primarily of methane.

CO2 is also a byproduct of natural gas consumption.

distribution systems.

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

facilities as part of the ESG Progress Plan and our goal to be net carbon neutral by 2050, including projects in our non-utility energy infrastructure segment.

We implement procedures to protect our systems, but we cannot guarantee that the procedures we have implemented to protect against unauthorized access to secured data and systems are adequate to safeguard against all security breaches.

In December 2022, the PSCW issued a declaratory ruling finding that a third-party financed DER is not a “public utility” under Wisconsin law.

Although the finding was limited to the specific facts and circumstances of the lease presented in that petition and is being appealed, similar findings or a broader policy position could have a material adverse impact on our business operations.

of way of third parties that were created previously.

lengthy time period associated with skill development.

Any downgrade by the rating agencies could:

- Increase borrowing costs under certain existing credit facilities;

- Require the payment of higher interest rates in future financings and possibly reduce the pool of creditors;

- Decrease funding sources by limiting our access to the commercial paper market;

- Limit the availability of adequate credit support for our operations; and

- Trigger collateral requirements in various contracts.

Fluctuating commodity prices could negatively impact our operations.

Changes in commodity prices could result in:

public health crises, including epidemics and pandemics, and supplier financial hardship.

Supplier financial hardship is a result of decreased demand for coal due to increased natural gas and renewable energy generation, the impact of environmental regulations, and environmental concerns related to coal-fired generation.

We currently

See the risk factor titled "Our business is significantly impacted by governmental regulation and oversight" for more information about long-lived assets that were impaired as a result of the ICC's November 2023 rate orders for PGL and NSG.

Our capital [removed: investment] plan [removed: for efficiency, sustainability and growth, referred to as our ESG Progress Plan,] provides a roadmap for us to achieve this goal.

Our [removed: ESG Progress Plan] [added: capital plan] includes the retirement of older, fossil-fueled generation, to be replaced with zero-carbon-emitting renewables and [removed: clean] [added: reliable, efficient] natural gas-fired generation.

The retirements [removed: will] [added: are intended to address compliance with the EPA Clean Air rules as well as] contribute to meeting our goals to reduce CO2 emissions from our electric generation.

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

As part of our path toward these goals, we have started implementing co-firing with natural gas at the ERGS coal-fired [removed: units.][added: units and plan to co-fire with natural gas at Weston Unit 4.]

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

We [removed: already] have [added: already] retired [removed: more than 1,900] [added: nearly 2,500] MWs of fossil-fueled generation since the beginning of 2018, which [removed: included] [added: includes] the [added: retirement of OCPP Units 5 and 6 in May 2024, the] 2019 retirement of the [removed: PIPP as well as] [added: PIPP, and] the 2018 retirements of the Pleasant Prairie power plant, the Pulliam power plant, and the jointly-owned Edgewater Unit 4 generating [removed: units.][added: unit.]

[removed: See] [added: For more information on the retirement of OCPP Units 5 and 6, see] Note 6, Regulatory Assets and [removed: Liabilities, for more information related to these power plant retirements.][added: Liabilities.]

We expect to retire approximately [removed: 1,800] [added: 1,200] MWs of additional [removed: fossil-fueled] [added: coal-fired] generation by the end of 2031, which includes the planned [removed: retirement in 2024-2025] [added: retirements] of OCPP Units [removed: 5-8,] [added: 7 and 8,] the [removed: planned retirement by June 2026 of] jointly-owned Columbia Units 1 and 2, and [removed: the planned retirement in 2031 of] Weston Unit 3.

In addition to retiring these older, fossil-fueled plants, we expect to invest approximately [removed: $7.0] [added: $9.1] billion from [removed: 2024-2028] [added: 2025-2029] in regulated renewable energy in Wisconsin.

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

- [removed: 880] [added: 900] MWs of wind; and

- [removed: 250] [added: 565] MWs of battery storage.

| [removed: *2023] [added: *2024] Form 10-K* | | | [removed: 48] [added: 49] | | | *WEC Energy Group, Inc.* | | |

*[Table of [removed: Contents](#i6130b36bfea144eba4662e78a08a026b_10)*][added: Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*]

- [removed: 132] [added: An additional 114] MWs of RICE natural gas-fueled [removed: generation; and][added: generation planned.]

For more [removed: details,] [added: details on the projects discussed above,] see Liquidity and Capital Resources – Cash Requirements – Significant Capital Projects.

Under this program, WE has energized [removed: 28] [added: 29] Solar Now projects and currently has another one under construction, together totaling more than 30 MWs.

We also continue to [removed: reduce] [added: focus on] methane [removed: emissions] [added: emission reductions] by improving our natural gas distribution system.

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

In December 2023, we started a pilot program with Electric Power Research Institute and CMBlu Energy, a Germany-based designer and [removed: manufacturer,] [added: manufacturer of an organic solid flow battery,] to test [removed: a] [added: this] new form of long-duration energy storage on the U.S. electric [removed: grid.][added: grid at our VAPP.]

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

Each facility [removed: would provide] [added: provides] approximately one Bcf of natural gas supply to meet anticipated peak [removed: demand] [added: demand,] without requiring the construction of additional interstate pipeline capacity.

The WE LNG facility was commercially operational [removed: at the end of] [added: in November] 2023 and the WG LNG facility [removed: is targeted for] [added: was commercially operational in February] 2024.

| [removed: *2023] [added: *2024] Form 10-K* | | | [removed: 49] [added: 50] | | | *WEC Energy Group, Inc.* | | |

[added: In November 2023, the ICC ordered] PGL to pause spending on the SMP until the ICC [removed: completes] [added: completed] a proceeding to determine the optimal method for replacing aging natural gas infrastructure and a prudent investment level.

For more information, see [added: Note 26, Regulatory Environment, and] Factors Affecting Results, Liquidity, and Capital Resources - Regulatory, Legislative, and Legal Matters - Future Illinois Proceedings.

[removed: On January 3, 2024, the] [added: The] ICC granted PGL a limited-scope [removed: rehearing, which is limited] [added: rehearing related] to [removed: 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.

See Note [removed: 26, Regulatory Environment,] [added: 2, Acquisitions,] for more information.

We expect to spend approximately [removed: $3.8] [added: $4.5] billion from [removed: 2024] [added: 2025] to [removed: 2028] [added: 2029] on reliability related projects with continued investment over the next decade.

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

See Note 3, Dispositions, for [removed: information on recent transactions.][added: more information.]

Our planned investment focus from [removed: 2024] [added: 2025] to [removed: 2028] [added: 2029] is in our regulated utilities and [removed: non-utility energy infrastructure business, as well as] our investment in ATC.

We expect total capital expenditures for our regulated utility businesses to be approximately [removed: $19.5] [added: $24.4] billion from [removed: 2024] [added: 2025] to [removed: 2028.][added: 2029.]

In addition, we currently forecast that our share of ATC's projected capital expenditures over the next five years will be approximately [removed: $3] [added: $3.2] billion.

Specific projects included in the [removed: $23.7] [added: $28.0] billion [removed: ESG Progress Plan] [added: capital plan] are discussed in more detail below under Liquidity and Capital Resources – Cash Requirements – Significant Capital Projects.

Also, see Note 2, Acquisitions, for [added: additional] information on [added: the acquisition of Hardin III and other] recent and pending transactions.

| [removed: *2023] [added: *2024] Form 10-K* | | | [removed: 50] [added: 51] | | | *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, [added: 2024 with the year ended December 31, 2023, and for the year ended December 31,] 2023 with the year ended December 31, 2022.

For a similar discussion that compares our [removed: results] [added: cash flows] for the year ended December 31, [removed: 2022] [added: 2023] with the year ended December 31, [removed: 2021,] [added: 2022,] see Item 7.

- 1,100 MWs of combustion turbines to be constructed at our OCPP site (we plan on constructing a new natural gas lateral pipeline to support this generation); with

- An additional 675 MWs of combustion turbines planned; and

- 128 MWs of RICE natural gas-fueled generation to be constructed in Kenosha County; with

In May 2024, WE completed the acquisition of an additional 100 MWs of West Riverside's nameplate capacity, a commercially operational dual fueled combined cycle generation facility in Beloit, Wisconsin operated by an unaffiliated utility.

Under this program, WE has signed up seven customers for a total of 59 MWs of generation capacity.

We proposed modifications to these pilot programs, which were approved by the PSCW and implemented on January 1, 2025.

In 2022, we received approval from the PSCW for our RNG pilots and in 2023, we began transporting the output of local dairy farms onto our natural gas distribution systems in Wisconsin.

We currently have contracts in place for 2.1 Bcf of RNG.

In addition, subject to regulatory approval and market conditions, we expect to procure RTCs.

We expect the pilot activities to continue into 2025.

*[Table of Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

- WE and WG have completed the construction of their respective LNG facilities.

- In April 2024, WE filed a request with the PSCW to construct an LNG facility with a storage capacity of two Bcf, which would be located on the OCPP site.

In addition, the construction of additional LNG facilities in Wisconsin has been proposed as part of the 2025-2029 capital plan and would provide another approximately four Bcf of natural gas supply.

The LNG facilities are expected to reduce the likelihood of constraints on our natural gas distribution system during the highest demand days of winter.

On May 30, 2024, the ICC issued a written order on the rehearing, approving $28.5 million of additional spending for emergency work, which represents a $1.6 million increase to PGL's annual revenue requirement.

On February 20, 2025, the ICC issued an order setting expectations for PGL's prospective operations under its SMP.

In February 2025, we invested approximately $405.9 million in our non-utility energy infrastructure business with the acquisition of Hardin III.

See Note 3, Disposition, for more information on the disposal of real estate.

*[Table of Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

| | | | | | | | | | | | | | | | | | | | | | | | | B (W) | | | | | | B (W) | | |

2024 Compared with 2023

Earnings increased $195.5 million during 2024, compared with 2023.

The significant factors impacting the $195.5 million increase in earnings were:

- A $112.1 million increase in net income attributed to common shareholders at the Illinois segment, primarily due to a $178.9 million impairment recorded in 2023 associated with the ICC's disallowance of certain incurred capital costs in its November 2023 rate orders for PGL and NSG.

An increase in margins related to the impacts of the November 2023 rate orders,

*[Table of Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

effective December 1, 2023 for PGL, and February 1, 2024 for NSG, also contributed to the higher net income.

SMP costs that were previously being recovered under PGL's QIP rider are now included in PGL's base rates.

Partially offsetting these increases were higher property and revenue taxes, depreciation and amortization, and natural gas distribution and maintenance costs, along with a $25.3 million pre-tax charge to income related to the ICC's disallowance of certain capital costs in PGL's 2016 rider QIP reconciliation.

See Note 26, Regulatory Environment, for more information on the PGL and NSG rate orders and the ICC's disallowance.

- A $44.8 million increase in net income attributed to common shareholders at the non-utility energy infrastructure segment, driven by higher operating income at WECI and an increase in PTCs from our non-utility renewable generating facilities in 2024.

- A $21.9 million increase in net income attributed to common shareholders at the electric transmission segment, driven by higher equity earnings from ATC primarily due to the positive impact of a FERC order issued in October 2024 addressing complaints related to ATC's ROE.

For information on this FERC order, see Factors Affecting Results, Liquidity, and Capital Resources – Regulatory, Legislative, and Legal Matters – American Transmission Company Allowed Return on Equity Complaints.

Continued capital investment by ATC also contributed to the year-over-year increase in equity earnings.

- An $11.8 million increase in net income attributed to common shareholders at the Wisconsin segment, driven by an increase in margins due to the impact of the Wisconsin limited rate case re-openers approved by the PSCW, effective January 1, 2024, and a positive impact from collections of fuel and purchased power costs.

These increases were partially offset by higher operating expenses, primarily driven by higher depreciation and amortization.

See Note 26, Regulatory Environment, for more information on the limited rate case re-openers.

*[Table of Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

Each of our three utility segment discussions below include a table that provides the calculation of both gross margin as determined in accordance with GAAP and utility margin, as well as a reconciliation between the two measures.

- 1,125 MWs of combustion turbines;

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

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

We have since signed contracts for RNG for our natural gas distribution business in Wisconsin, which will be transporting the output of local dairy farms onto our gas distribution systems.

These contracts bring us to 1.8 Bcf of RNG planned to enter our systems.

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.

- WE and WG have received approval to each construct their own LNG facility to meet anticipated peak demand.

In November 2023, the ICC ordered

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

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.

partially offset the net increase in operating expenses.

The following table shows operating income by segment for our utility operations during years ended December 31, 2023 and 2022:

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

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

| Wisconsin | | | | | | $ | 1,553.3 | | | | | $ | 1,463.1 | |

| Other states | | | | | | 79.7 | | | | | | 64.2 | | |

Each applicable segment discussion below includes a table that provides the calculation of electric margins and natural gas margins, as applicable, along with a reconciliation to the most directly comparable GAAP measure, operating income.

| Total electric margins | | | | | | 3,394.9 | | | | | | 3,090.4 | | | | | | | | | | | | 304.5 | | | | | | | | |

| Total natural gas margins | | | | | | 720.4 | | | | | | 661.3 | | | | | | | | | | | | 59.1 | | | | | | | | |

| Total electric and natural gas margins | | | | | | 4,115.3 | | | | | | 3,751.7 | | | | | | | | | | | | 363.6 | | | | | | | | |

with our jointly-owned Columbia plant.

Electric Revenues

Electric revenues increased $39.0 million during 2023, compared with 2022.

To the extent that changes in fuel and purchased power costs are passed through to customers, the changes are offset by comparable changes in revenues.

See the discussion of electric utility margins below for more information related to the recovery of fuel and purchased power costs and the remaining drivers of the changes in electric revenues.

Electric Utility Margins

Natural Gas Revenues

Natural gas revenues decreased $373.6 million during 2023, compared with 2022.

Because prudently incurred natural gas costs are passed through to our customers in current rates, the changes are offset by comparable changes in revenues.

The average per-unit cost of natural gas decreased approximately 25% during 2023, compared with 2022.

The remaining drivers of changes in natural gas revenues are described in the discussion of natural gas utility margins below.

Natural Gas Utility Margins

| Total natural gas margins | | | | | | 1,114.8 | | | | | | 1,098.4 | | | | | | | | | | | | 16.4 | | | | | | | | |

Natural gas revenues decreased $333.1 million during 2023, compared with 2022.

The average per-unit cost of natural gas sold decreased approximately 35% during 2023, compared with 2022.

The remaining drivers of changes in natural gas revenues are described in the discussion of margins below.

The increase in margins was primarily driven by:

| [removed: *2023] [added: *2024] Form 10-K* | | | [removed: 83] [added: 96] | | | *WEC Energy Group, Inc.* | | |

*[Table [removed: of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*][added: of](#i58fe5151c97f46b3b97b04f78cef6a03_10) [Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*]

At December 31, [removed: 2023,] [added: 2024,] we had six reportable segments, which are discussed below.

| [removed: *2023] [added: *2024] Form 10-K* | | | 4 | | | *WEC Energy Group, Inc.* | | |

*[Table of [removed: Contents](#i6130b36bfea144eba4662e78a08a026b_10)*][added: Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*]

For information about our operating revenues disaggregated by customer class for the years ended December 31, [added: 2024,] 2023, [removed: 2022,] and [removed: 2021,] [added: 2022,] see Note 1(d), Operating Revenues, and Note 4, Operating Revenues.

In [removed: 2023,] [added: 2024,] retail revenues accounted for [removed: 92.9%] [added: 93.4%] of total electric operating revenues, wholesale revenues accounted for [removed: 2.4%] [added: 2.1%] of total electric operating revenues, and resale revenues accounted for [removed: 3.9%] [added: 3.6%] of total electric operating revenues.

Our service territory experienced [removed: slightly lower] [added: relatively flat] weather-normalized retail electric sales in [removed: 2023,] [added: 2024,] compared with [removed: 2022, due to lower sales to large commercial and industrial customers.][added: 2023.]

We currently forecast retail electric sales volumes, excluding the Tilden mine located in the Upper Peninsula of Michigan, to [removed: remain relatively flat] [added: increase 0.7%] for [removed: 2024,] [added: 2025,] assuming normal weather.

| (in thousands) | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| Residential | | | | | | [removed: 1,487.9] [added: 1,499.4] | | | | | | [removed: 1,471.4] [added: 1,487.9] | | | | | | [removed: 1,460.4] [added: 1,471.4] | | |

| Small commercial and industrial | | | | | | [removed: 179.0] [added: 180.8] | | | | | | [removed: 176.9] [added: 179.0] | | | | | | [removed: 175.8] [added: 176.9] | | |

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

| Wholesale and other | | | | | | [removed: 1.6] [added: 1.7] | | | | | | 1.6 | | | | | | 1.6 | | |

| Total electric customers – end of year | | | | | | [removed: 1,669.3] [added: 1,682.7] | | | | | | [removed: 1,650.8] [added: 1,669.3] | | | | | | [removed: 1,638.6] [added: 1,650.8] | | |

| [removed: *2023] [added: *2024] Form 10-K* | | | 5 | | | *WEC Energy Group, Inc.* | | |

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

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: 2024:][added: 2025:]

| | | | | | | 2024 | | | | | | 2023 | | | | | | 2022 | | | [removed: | | | 2021 | | |]

| Coal | | | | | | [removed: 27.7] [added: 25.7] | | % | | | | [removed: 29.0] [added: 29.4] | | % | | | | [removed: 29.4] [added: 29.0] | | % | | | | [removed: 35.5] [added: 29.4] | | % |

| Combined cycle | | | | | | [removed: 30.8] [added: 25.4] | | % | | | | [removed: 28.7] [added: 27.2] | | % | | | | [removed: 27.2] [added: 28.7] | | % | | | | [removed: 24.6] [added: 27.2] | | % |

| Steam turbine | | | | | | [removed: 0.7] [added: 0.5] | | % | | | | [removed: 0.9] [added: 1.0] | | % | | | | [removed: 1.0] [added: 0.9] | | % | | | | [removed: 0.8] [added: 1.0] | | % |

| Natural gas/oil peaking units | | | | | | [removed: 6.8] [added: 6.3] | | % | | | | [removed: 5.5] [added: 7.2] | | % | | | | [removed: 3.7] [added: 5.5] | | % | | | | [removed: 3.1] [added: 3.7] | | % |

| Renewables (2) | | | | | | [removed: 7.0] [added: 8.5] | | % | | | | [removed: 5.5] [added: 6.5] | | % | | | | [removed: 5.8] [added: 5.5] | | % | | | | [removed: 4.8] [added: 5.8] | | % |

| Total company-owned generation | | | | | | [removed: 73.0] [added: 66.4] | | % | | | | [removed: 69.6] [added: 71.3] | | % | | | | [removed: 67.1] [added: 69.6] | | % | | | | [removed: 68.8] [added: 67.1] | | % |

| Nuclear | | | | | | [removed: 19.7] [added: 20.4] | | % | | | | [removed: 20.1] [added: 20.3] | | % | | | | [removed: 19.8] [added: 20.1] | | % | | | | [removed: 19.0] [added: 19.8] | | % |

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

| Renewables (2) | | | | | | [removed: 1.8] [added: 1.7] | | % | | | | [removed: 2.0] [added: 1.9] | | % | | | | [removed: 1.9] [added: 2.0] | | % | | | | 1.9 | | % |

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

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

| Purchased power from MISO | | | | | | [removed: 5.5] [added: 11.4] | | % | | | | [removed: 8.2] [added: 6.5] | | % | | | | [removed: 8.8] [added: 8.2] | | % | | | | [removed: 8.3] [added: 8.8] | | % |

| Total purchased power | | | | | | [removed: 27.0] [added: 33.6] | | % | | | | [removed: 30.4] [added: 28.7] | | % | | | | [removed: 32.9] [added: 30.4] | | % | | | | [removed: 31.2] [added: 32.9] | | % |

(1) The values included in the estimate assume a natural gas price based on the December [removed: 2023] [added: 2024] NYMEX.

We own [removed: 8,337] [added: 8,158] MWs of generation capacity, including wholly owned and jointly owned facilities.

As of the end of [removed: 2023,] [added: 2024,] our electric generation fleet has achieved a [removed: 54%] [added: 56%] reduction in carbon emissions from the 2005 baseline.

| [removed: *2023] [added: *2024] Form 10-K* | | | 6 | | | *WEC Energy Group, Inc.* | | |

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

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

Our [removed: ESG Progress Plan] [added: capital plan] includes the retirement of older, fossil-fueled generation, to be replaced with zero-carbon-emitting renewables and [removed: clean] [added: reliable, efficient] natural gas-fired generation.

The retirements [removed: will] [added: are intended to address compliance with the EPA Clean Air rules as well as] contribute to meeting our goals to reduce CO2 emissions from our electric generation.

When taken together, the retirements and new investments in renewables and [removed: clean] [added: reliable, efficient natural gas] generation discussed in more detail [removed: below,] [added: below] should better balance our supply with our demand, while [added: helping to address compliance and] maintaining reliable, affordable energy for our customers.

We [removed: already] have [added: already] retired [removed: more than 1,900] [added: nearly 2,500] MWs of [removed: coal-fired] [added: fossil-fueled] generation since the beginning of 2018, which [removed: included] [added: includes] the [added: retirement of OCPP Units 5 and 6 in May 2024, the] 2019 retirement of the [removed: PIPP as well as] [added: PIPP, and] the 2018 retirements of the Pleasant Prairie power plant, the Pulliam power plant, and the jointly-owned Edgewater Unit 4 generating [removed: units.][added: unit.]

*[Table of Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

*[Table of Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

As part of our path toward these goals, we have started implementing co-firing with natural gas at the ERGS coal-fired units and plan to co-fire with natural gas at Weston Unit 4.

In September 2024, WE and WPS, along with an unaffiliated utility, filed a request with the PSCW to acquire and construct Badger Hollow Wind and to acquire Whitetail, two utility-scale wind-powered electric generating facilities.

If approved, Badger Hollow Wind will be located in Iowa and Grant counties, Wisconsin, and Whitetail will be located in Grant County, Wisconsin.

Once fully constructed, WE and WPS will collectively own 100 MWs of wind generation of Badger Hollow Wind and 60 MWs of wind generation of Whitetail.

Paris is owned by WE, WPS, and an unaffiliated utility, with WE and WPS collectively owning 180 MWs of solar generation.

WE and WPS will collectively own 99 MWs of battery storage of this project, with construction expected to be completed in 2025.

*[Table of Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

- In October 2024, WE and WPS, along with an unaffiliated utility, filed a request with the PSCW to acquire and construct Good Oak and Gristmill, two utility-scale solar-powered electric generating facilities.

If approved, both Good Oak and Gristmill will be located in Columbia County, Wisconsin.

Once fully constructed, WE and WPS will collectively own 88 MWs of solar generation of Good Oak and 60 MWs of solar generation of Gristmill.

- In September 2024, WE and WPS, along with an unaffiliated utility, filed a request with the PSCW to acquire Saratoga, a utility-scale solar-powered electric generating facility with a battery energy storage system, and Ursa, a utility-scale solar-powered electric generating facility.

If approved, Saratoga will be located in Wood County, Wisconsin and Ursa will be located in Columbia County, Wisconsin.

If approved, the Ursa construction is expected to be completed in 2027, and the Saratoga construction is expected to be completed in 2028.

If approved, the construction of the solar and battery storage is expected to be completed in 2027.

The construction of the solar portion and battery storage is expected to be completed in 2026 and 2027, respectively.

*[Table of Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

In April 2024, WE filed requests with the PSCW for the following projects:

- Adding seven natural gas-fired RICE units near the Paris Generating Station.

The new RICE units would be fueled with natural gas and capable of producing approximately 128 MWs.

- Building five natural gas-fired combustion turbines capable of producing approximately 1,100 MWs, which would be located at the existing OCPP site.

*[Table of Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

agreements, intended to support our plants' variable usage.

| 2025 | | | | | | 4,446 | | | (1) | | |

| 2027 | | | | | | — | | | | | |

*[Table of Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

For information about our operating revenues disaggregated by customer class for the years ended December 31, 2024, 2023, and 2022, see Note 1(d), Operating Revenues, and Note 4, Operating Revenues.

| (in thousands) | | | | | | 2024 | | | | | | 2023 | | | | | | 2022 | | |

We have long-term firm capacity contracts with interstate pipelines that access supply from a variety of natural gas producing areas.

WE and WG completed construction of LNG facilities that were placed into service in November 2023 and February 2024, respectively, which

*[Table of Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

together provide approximately 2.0 Bcf of natural gas supply.

In addition to its existing facilities, WE has filed a request with the PSCW to construct another LNG facility with a storage capacity of 2.0 Bcf.

In addition, the construction of additional LNG facilities in Wisconsin has been proposed as part of the 2025-2029 capital plan and would provide another approximately 4.0 Bcf of natural gas supply.

For information about our operating revenues disaggregated by customer class for the years ended December 31, 2024, 2023, and 2022, see Note 1(d), Operating Revenues, and Note 4, Operating Revenues.

| (in thousands) | | | | | | 2024 | | | | | | 2023 | | | | | | 2022 | | |

*[Table of Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

We have long-term firm capacity contracts with interstate pipelines that access supply from a variety of natural gas producing areas.

On May 30, 2024, the ICC issued a written order on the rehearing.

In December 2018, WE received approval from the PSCW for the DRER pilot program, a program designed to allow large commercial and industrial customers to access renewable resources that WE would operate.

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

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.

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

- In December 2018, WE received approval from the PSCW for the Solar Now pilot program, which is expected to add a total of 35 MWs of solar generation to WE's portfolio, allowing non-profit and government entities, as well as commercial and industrial customers, to site utility owned solar arrays on their property.

Under this program, WE has energized 28 Solar Now projects and currently has another one under construction, together totaling more than 30 MWs.

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.

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.

Other Sustainability Programs

In August 2021, the PSCW approved pilot programs for WE and WPS to install and maintain EV charging equipment for customers at their homes or businesses.

The programs provide direct benefits to customers by removing cost barriers associated with installing EV equipment.

In October 2021, subject to the receipt of any necessary regulatory approvals, we pledged to expand the EV charging network within the service territories of our electric utilities.

In doing so, we joined a coalition of utility companies in a unified effort to make EV charging convenient and widely available throughout the Midwest.

The coalition we joined is planning to help build and grow EV charging corridors, enabling the general public to safely and efficiently charge their vehicles.

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

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

The interstate pipelines serving Wisconsin access supply from natural gas producing areas in the Southern and Eastern United States, along with western Canada.

We have contracted for long-term firm capacity from a number of these sources.

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.

Commercial operation of the WG LNG facility is targeted for 2024.

The interstate pipelines serving Illinois access supply from natural gas producing areas in the Southern and Eastern United States, along with western Canada.

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

PGL and NSG subsequently filed an application for rehearing with the ICC requesting reconsideration of various issues in the ICC's November 16, 2023 written orders.

demand of firm system sales customers.

In addition, the majority of

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

We have since signed contracts for RNG for our natural gas distribution business in Wisconsin, which will be transporting the output of local dairy farms onto our gas distribution systems.

These contracts bring us to 1.8 Bcf of RNG planned to enter our systems.

RNG began flowing in 2023.

In October 2022, WECI signed an agreement to acquire an 80% ownership interest in Maple Flats, a 250 MW solar generating facility under construction in Clay County, Illinois.

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

(2) In accordance with its most recent rate order, effective February 1, 2024, NSG's new base rates reflect a 9.38% authorized ROE and an average common equity component of 52.58%.

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

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

Employee Retirement Savings Plan Matter

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

v.

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

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

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

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

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

For the fiscal year ended December 31, [removed: 2023][added: 2024]

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

[added: Indicate by check mark whether] the [added: registrant has filed a report on and attestation to its management’s assessment of the] effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. [added: 7262(b)) by the registered public accounting firm that prepared or issued its audit report.]

The aggregate market value of the common stock of WEC Energy Group, Inc. held by non-affiliates was [removed: $27.8] [added: $24.8] billion based upon the reported closing price of such securities as of June 30, [removed: 2023.][added: 2024.]

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: 2024):][added: 2025):]

Common Stock, $.01 par value, [removed: 315,561,510] [added: 317,752,123] 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: 9, 2024,] [added: 8, 2025,] are incorporated by reference into Part III hereof.

*[Table of [removed: Contents](#i6130b36bfea144eba4662e78a08a026b_10)*][added: Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*]

For the Year Ended December 31, [removed: 2023][added: 2024]

| [CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING [removed: INFORMATION](#i6130b36bfea144eba4662e78a08a026b_16)] [added: INFORMATION](#i58fe5151c97f46b3b97b04f78cef6a03_16)] | | | | | | | | | | | | | | | [removed: [1](#i6130b36bfea144eba4662e78a08a026b_16)] [added: [1](#i58fe5151c97f46b3b97b04f78cef6a03_16)] | | |

| [ITEM [removed: 1.](#i6130b36bfea144eba4662e78a08a026b_22)] [added: 1.](#i58fe5151c97f46b3b97b04f78cef6a03_22)] | | | [removed: [BUSINESS](#i6130b36bfea144eba4662e78a08a026b_22)] [added: [BUSINESS](#i58fe5151c97f46b3b97b04f78cef6a03_22)] | | | | | | | | | | | | [removed: [4](#i6130b36bfea144eba4662e78a08a026b_22)] [added: [4](#i58fe5151c97f46b3b97b04f78cef6a03_22)] | | |

| | | | [removed: [B.](#i6130b36bfea144eba4662e78a08a026b_34)] [added: [B.](#i58fe5151c97f46b3b97b04f78cef6a03_34)] | | | [UTILITY ENERGY [removed: OPERATIONS](#i6130b36bfea144eba4662e78a08a026b_34)] [added: OPERATIONS](#i58fe5151c97f46b3b97b04f78cef6a03_34)] | | | | | | | | | [removed: [4](#i6130b36bfea144eba4662e78a08a026b_34)] [added: [4](#i58fe5151c97f46b3b97b04f78cef6a03_34)] | | |

| | | | [removed: [C.](#i6130b36bfea144eba4662e78a08a026b_55)] [added: [C.](#i58fe5151c97f46b3b97b04f78cef6a03_55)] | | | [ELECTRIC TRANSMISSION [removed: SEGMENT](#i6130b36bfea144eba4662e78a08a026b_55)] [added: SEGMENT](#i58fe5151c97f46b3b97b04f78cef6a03_55)] | | | | | | | | | [removed: [16](#i6130b36bfea144eba4662e78a08a026b_55)] [added: [16](#i58fe5151c97f46b3b97b04f78cef6a03_55)] | | |

| | | | [removed: [D.](#i6130b36bfea144eba4662e78a08a026b_58)] [added: [D.](#i58fe5151c97f46b3b97b04f78cef6a03_58)] | | | [NON-UTILITY [removed: OPERATIONS](#i6130b36bfea144eba4662e78a08a026b_58)] [added: OPERATIONS](#i58fe5151c97f46b3b97b04f78cef6a03_58)] | | | | | | | | | [removed: [16](#i6130b36bfea144eba4662e78a08a026b_58)] [added: [16](#i58fe5151c97f46b3b97b04f78cef6a03_58)] | | |

| | | | [removed: [F.](#i6130b36bfea144eba4662e78a08a026b_70)] [added: [F.](#i58fe5151c97f46b3b97b04f78cef6a03_70)] | | | [ENVIRONMENTAL [removed: COMPLIANCE](#i6130b36bfea144eba4662e78a08a026b_70)] [added: COMPLIANCE](#i58fe5151c97f46b3b97b04f78cef6a03_70)] | | | | | | | | | [removed: [22](#i6130b36bfea144eba4662e78a08a026b_70)] [added: [22](#i58fe5151c97f46b3b97b04f78cef6a03_70)] | | |

| | | | [removed: [G.](#i6130b36bfea144eba4662e78a08a026b_73)] [added: [G.](#i58fe5151c97f46b3b97b04f78cef6a03_73)] | | | [HUMAN [removed: CAPITAL](#i6130b36bfea144eba4662e78a08a026b_73)] [added: CAPITAL](#i58fe5151c97f46b3b97b04f78cef6a03_73)] | | | | | | | | | [removed: [22](#i6130b36bfea144eba4662e78a08a026b_73)] [added: [22](#i58fe5151c97f46b3b97b04f78cef6a03_73)] | | |

| [ITEM [removed: 1A.](#i6130b36bfea144eba4662e78a08a026b_76)] [added: 1A.](#i58fe5151c97f46b3b97b04f78cef6a03_76)] | | | [RISK [removed: FACTORS](#i6130b36bfea144eba4662e78a08a026b_76)] [added: FACTORS](#i58fe5151c97f46b3b97b04f78cef6a03_76)] | | | | | | | | | | | | [removed: [24](#i6130b36bfea144eba4662e78a08a026b_76)] [added: [25](#i58fe5151c97f46b3b97b04f78cef6a03_76)] | | |

| [ITEM [removed: 1B.](#i6130b36bfea144eba4662e78a08a026b_79)] [added: 1B.](#i58fe5151c97f46b3b97b04f78cef6a03_79)] | | | [UNRESOLVED STAFF [removed: COMMENTS](#i6130b36bfea144eba4662e78a08a026b_79)] [added: COMMENTS](#i58fe5151c97f46b3b97b04f78cef6a03_79)] | | | | | | | | | | | | [removed: [38](#i6130b36bfea144eba4662e78a08a026b_79)] [added: [40](#i58fe5151c97f46b3b97b04f78cef6a03_79)] | | |

| [ITEM [removed: 1C.](#i6130b36bfea144eba4662e78a08a026b_3620)] [added: 1C.](#i58fe5151c97f46b3b97b04f78cef6a03_82)] | | | [removed: [CYBERSECURITY](#i6130b36bfea144eba4662e78a08a026b_3620)] [added: [CYBERSECURITY](#i58fe5151c97f46b3b97b04f78cef6a03_82)] | | | | | | | | | | | | [removed: [39](#i6130b36bfea144eba4662e78a08a026b_3620)] [added: [40](#i58fe5151c97f46b3b97b04f78cef6a03_82)] | | |

| [ITEM [removed: 2.](#i6130b36bfea144eba4662e78a08a026b_82)] [added: 2.](#i58fe5151c97f46b3b97b04f78cef6a03_85)] | | | [removed: [PROPERTIES](#i6130b36bfea144eba4662e78a08a026b_82)] [added: [PROPERTIES](#i58fe5151c97f46b3b97b04f78cef6a03_85)] | | | | | | | | | | | | [removed: [41](#i6130b36bfea144eba4662e78a08a026b_82)] [added: [41](#i58fe5151c97f46b3b97b04f78cef6a03_85)] | | |

| [ITEM [removed: 3.](#i6130b36bfea144eba4662e78a08a026b_85)] [added: 3.](#i58fe5151c97f46b3b97b04f78cef6a03_88)] | | | [LEGAL [removed: PROCEEDINGS](#i6130b36bfea144eba4662e78a08a026b_85)] [added: PROCEEDINGS](#i58fe5151c97f46b3b97b04f78cef6a03_88)] | | | | | | | | | | | | [removed: [44](#i6130b36bfea144eba4662e78a08a026b_85)] [added: [45](#i58fe5151c97f46b3b97b04f78cef6a03_88)] | | |

| [ITEM [removed: 4.](#i6130b36bfea144eba4662e78a08a026b_88)] [added: 4.](#i58fe5151c97f46b3b97b04f78cef6a03_91)] | | | [MINE SAFETY [removed: DISCLOSURES](#i6130b36bfea144eba4662e78a08a026b_88)] [added: DISCLOSURES](#i58fe5151c97f46b3b97b04f78cef6a03_91)] | | | | | | | | | | | | [removed: [44](#i6130b36bfea144eba4662e78a08a026b_88)] [added: [45](#i58fe5151c97f46b3b97b04f78cef6a03_91)] | | |

| | | | [INFORMATION ABOUT OUR EXECUTIVE [removed: OFFICERS](#i6130b36bfea144eba4662e78a08a026b_91)] [added: OFFICERS](#i58fe5151c97f46b3b97b04f78cef6a03_94)] | | | | | | | | | | | | [removed: [45](#i6130b36bfea144eba4662e78a08a026b_91)] [added: [46](#i58fe5151c97f46b3b97b04f78cef6a03_94)] | | |

| [ITEM [removed: 5.](#i6130b36bfea144eba4662e78a08a026b_97)] [added: 5.](#i58fe5151c97f46b3b97b04f78cef6a03_100)] | | | [MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY [removed: SECURITIES](#i6130b36bfea144eba4662e78a08a026b_97)] [added: SECURITIES](#i58fe5151c97f46b3b97b04f78cef6a03_100)] | | | | | | | | | | | | [removed: [47](#i6130b36bfea144eba4662e78a08a026b_97)] [added: [48](#i58fe5151c97f46b3b97b04f78cef6a03_100)] | | |

| [ITEM [removed: 7.](#i6130b36bfea144eba4662e78a08a026b_103)] [added: 7.](#i58fe5151c97f46b3b97b04f78cef6a03_106)] | | | [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF [removed: OPERATIONS](#i6130b36bfea144eba4662e78a08a026b_103)] [added: OPERATIONS](#i58fe5151c97f46b3b97b04f78cef6a03_106)] | | | | | | | | | | | | [removed: [48](#i6130b36bfea144eba4662e78a08a026b_103)] [added: [49](#i58fe5151c97f46b3b97b04f78cef6a03_106)] | | |

| [ITEM [removed: 7A.](#i6130b36bfea144eba4662e78a08a026b_253)] [added: 7A.](#i58fe5151c97f46b3b97b04f78cef6a03_262)] | | | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET [removed: RISK](#i6130b36bfea144eba4662e78a08a026b_253)] [added: RISK](#i58fe5151c97f46b3b97b04f78cef6a03_262)] | | | | | | | | | | | | [removed: [83](#i6130b36bfea144eba4662e78a08a026b_253)] [added: [96](#i58fe5151c97f46b3b97b04f78cef6a03_262)] | | |

| [ITEM [removed: 8.](#i6130b36bfea144eba4662e78a08a026b_256)] [added: 8.](#i58fe5151c97f46b3b97b04f78cef6a03_265)] | | | [FINANCIAL STATEMENTS AND SUPPLEMENTARY [removed: DATA](#i6130b36bfea144eba4662e78a08a026b_256)] [added: DATA](#i58fe5151c97f46b3b97b04f78cef6a03_265)] | | | | | | | | | | | | [removed: [84](#i6130b36bfea144eba4662e78a08a026b_256)] [added: [97](#i58fe5151c97f46b3b97b04f78cef6a03_265)] | | |

| | | | [removed: [A.](#i6130b36bfea144eba4662e78a08a026b_259)] [added: [A.](#i58fe5151c97f46b3b97b04f78cef6a03_268)] | | | [Reports of Independent Registered Public Accounting [removed: Firm](#i6130b36bfea144eba4662e78a08a026b_259)] [added: Firm](#i58fe5151c97f46b3b97b04f78cef6a03_268)] | | | | | | | | | [removed: [84](#i6130b36bfea144eba4662e78a08a026b_259)] [added: [97](#i58fe5151c97f46b3b97b04f78cef6a03_268)] | | |

| | | | [removed: [C.](#i6130b36bfea144eba4662e78a08a026b_265)] [added: [C.](#i58fe5151c97f46b3b97b04f78cef6a03_274)] | | | [Consolidated Statements of Comprehensive [removed: Income](#i6130b36bfea144eba4662e78a08a026b_265)] [added: Income](#i58fe5151c97f46b3b97b04f78cef6a03_274)] | | | | | | | | | [removed: [88](#i6130b36bfea144eba4662e78a08a026b_265)] [added: [101](#i58fe5151c97f46b3b97b04f78cef6a03_274)] | | |

| | | | [removed: [E.](#i6130b36bfea144eba4662e78a08a026b_271)] [added: [E.](#i58fe5151c97f46b3b97b04f78cef6a03_280)] | | | [Consolidated Statements of Cash [removed: Flows](#i6130b36bfea144eba4662e78a08a026b_271)] [added: Flows](#i58fe5151c97f46b3b97b04f78cef6a03_280)] | | | | | | | | | [removed: [90](#i6130b36bfea144eba4662e78a08a026b_271)] [added: [103](#i58fe5151c97f46b3b97b04f78cef6a03_280)] | | |

| | | | [removed: [G.](#i6130b36bfea144eba4662e78a08a026b_280)] [added: [G.](#i58fe5151c97f46b3b97b04f78cef6a03_289)] | | | [Notes to Consolidated Financial [removed: Statements](#i6130b36bfea144eba4662e78a08a026b_280)] [added: Statements](#i58fe5151c97f46b3b97b04f78cef6a03_289)] | | | | | | | | | [removed: [92](#i6130b36bfea144eba4662e78a08a026b_280)] [added: [105](#i58fe5151c97f46b3b97b04f78cef6a03_289)] | | |

| | | | | | | [Note [removed: 1](#i6130b36bfea144eba4662e78a08a026b_283)] [added: 1](#i58fe5151c97f46b3b97b04f78cef6a03_292)] | | | [Summary of Significant Accounting [removed: Policies](#i6130b36bfea144eba4662e78a08a026b_283)] [added: Policies](#i58fe5151c97f46b3b97b04f78cef6a03_292)] | | | [removed: [92](#i6130b36bfea144eba4662e78a08a026b_283)] [added: [105](#i58fe5151c97f46b3b97b04f78cef6a03_292)] | | | | | |

| | | | | | | [Note [removed: 6](#i6130b36bfea144eba4662e78a08a026b_373)] [added: 6](#i58fe5151c97f46b3b97b04f78cef6a03_382)] | | | [Regulatory Assets and [removed: Liabilities](#i6130b36bfea144eba4662e78a08a026b_373)] [added: Liabilities](#i58fe5151c97f46b3b97b04f78cef6a03_382)] | | | [removed: [111](#i6130b36bfea144eba4662e78a08a026b_373)] [added: [124](#i58fe5151c97f46b3b97b04f78cef6a03_382)] | | | | | |

| | | | | | | [Note [removed: 7](#i6130b36bfea144eba4662e78a08a026b_376)] [added: 7](#i58fe5151c97f46b3b97b04f78cef6a03_385)] | | | [Property, Plant, and [removed: Equipment](#i6130b36bfea144eba4662e78a08a026b_376)] [added: Equipment](#i58fe5151c97f46b3b97b04f78cef6a03_385)] | | | [removed: [114](#i6130b36bfea144eba4662e78a08a026b_376)] [added: [127](#i58fe5151c97f46b3b97b04f78cef6a03_385)] | | | | | |

| | | | | | | [Note [removed: 8](#i6130b36bfea144eba4662e78a08a026b_379)] [added: 8](#i58fe5151c97f46b3b97b04f78cef6a03_388)] | | | [Jointly Owned Utility [removed: Facilities](#i6130b36bfea144eba4662e78a08a026b_379)] [added: Facilities](#i58fe5151c97f46b3b97b04f78cef6a03_388)] | | | [removed: [115](#i6130b36bfea144eba4662e78a08a026b_379)] [added: [128](#i58fe5151c97f46b3b97b04f78cef6a03_388)] | | | | | |

| | | | | | | [Note [removed: 9](#i6130b36bfea144eba4662e78a08a026b_382)] [added: 9](#i58fe5151c97f46b3b97b04f78cef6a03_391)] | | | [Asset Retirement [removed: Obligations](#i6130b36bfea144eba4662e78a08a026b_382)] [added: Obligations](#i58fe5151c97f46b3b97b04f78cef6a03_391)] | | | [removed: [116](#i6130b36bfea144eba4662e78a08a026b_382)] [added: [129](#i58fe5151c97f46b3b97b04f78cef6a03_391)] | | | | | |

| | | | | | | [Note [removed: 10](#i6130b36bfea144eba4662e78a08a026b_385)] [added: 10](#i58fe5151c97f46b3b97b04f78cef6a03_394)] | | | [Goodwill and [removed: Intangibles](#i6130b36bfea144eba4662e78a08a026b_385)] [added: Intangibles](#i58fe5151c97f46b3b97b04f78cef6a03_394)] | | | [removed: [117](#i6130b36bfea144eba4662e78a08a026b_385)] [added: [130](#i58fe5151c97f46b3b97b04f78cef6a03_394)] | | | | | |

| | | | | | | [Note [removed: 13](#i6130b36bfea144eba4662e78a08a026b_397)] [added: 13](#i58fe5151c97f46b3b97b04f78cef6a03_406)] | | | [Short-Term Debt and Lines of [removed: Credit](#i6130b36bfea144eba4662e78a08a026b_397)] [added: Credit](#i58fe5151c97f46b3b97b04f78cef6a03_406)] | | | [removed: [121](#i6130b36bfea144eba4662e78a08a026b_397)] [added: [135](#i58fe5151c97f46b3b97b04f78cef6a03_406)] | | | | | |

| | | | | | | [Note [removed: 14](#i6130b36bfea144eba4662e78a08a026b_400)] [added: 14](#i58fe5151c97f46b3b97b04f78cef6a03_409)] | | | [Long-Term [removed: Debt](#i6130b36bfea144eba4662e78a08a026b_400)] [added: Debt](#i58fe5151c97f46b3b97b04f78cef6a03_409)] | | | [removed: [123](#i6130b36bfea144eba4662e78a08a026b_400)] [added: [136](#i58fe5151c97f46b3b97b04f78cef6a03_409)] | | | | | |

| [removed: *2023] [added: *2024] Form 10-K* | | | i | | | *WEC Energy Group, Inc.* | | |

| [PART I](#i58fe5151c97f46b3b97b04f78cef6a03_19) | | | | | | | | | | | | | | | [4](#i58fe5151c97f46b3b97b04f78cef6a03_19) | | |

| | | | [A.](#i58fe5151c97f46b3b97b04f78cef6a03_25) | | | [INTRODUCTION](#i58fe5151c97f46b3b97b04f78cef6a03_25) | | | | | | | | | [4](#i58fe5151c97f46b3b97b04f78cef6a03_25) | | |

| | | | [E.](#i58fe5151c97f46b3b97b04f78cef6a03_67) | | | [REGULATION](#i58fe5151c97f46b3b97b04f78cef6a03_67) | | | | | | | | | [18](#i58fe5151c97f46b3b97b04f78cef6a03_67) | | |

| [PART II](#i58fe5151c97f46b3b97b04f78cef6a03_97) | | | | | | | | | | | | | | | [48](#i58fe5151c97f46b3b97b04f78cef6a03_97) | | |

| [ITEM 6.](#i58fe5151c97f46b3b97b04f78cef6a03_103) | | | [RESERVED](#i58fe5151c97f46b3b97b04f78cef6a03_103) | | | | | | | | | | | | [48](#i58fe5151c97f46b3b97b04f78cef6a03_103) | | |

| | | | [B.](#i58fe5151c97f46b3b97b04f78cef6a03_271) | | | [Consolidated Income Statements](#i58fe5151c97f46b3b97b04f78cef6a03_271) | | | | | | | | | [100](#i58fe5151c97f46b3b97b04f78cef6a03_271) | | |

| | | | [D.](#i58fe5151c97f46b3b97b04f78cef6a03_277) | | | [Consolidated Balance Sheets](#i58fe5151c97f46b3b97b04f78cef6a03_277) | | | | | | | | | [102](#i58fe5151c97f46b3b97b04f78cef6a03_277) | | |

| | | | [F.](#i58fe5151c97f46b3b97b04f78cef6a03_283) | | | [Consolidated Statements of Equity](#i58fe5151c97f46b3b97b04f78cef6a03_283) | | | | | | | | | [104](#i58fe5151c97f46b3b97b04f78cef6a03_283) | | |

| | | | | | | [Note 2](#i58fe5151c97f46b3b97b04f78cef6a03_370) | | | [Acquisitions](#i58fe5151c97f46b3b97b04f78cef6a03_370) | | | [116](#i58fe5151c97f46b3b97b04f78cef6a03_370) | | | | | |

| | | | | | | [Note 3](#i58fe5151c97f46b3b97b04f78cef6a03_373) | | | [Dispositions](#i58fe5151c97f46b3b97b04f78cef6a03_373) | | | [119](#i58fe5151c97f46b3b97b04f78cef6a03_373) | | | | | |

| | | | | | | [Note 4](#i58fe5151c97f46b3b97b04f78cef6a03_376) | | | [Operating Revenues](#i58fe5151c97f46b3b97b04f78cef6a03_376) | | | [120](#i58fe5151c97f46b3b97b04f78cef6a03_376) | | | | | |

| | | | | | | [Note 5](#i58fe5151c97f46b3b97b04f78cef6a03_379) | | | [Credit Losses](#i58fe5151c97f46b3b97b04f78cef6a03_379) | | | [122](#i58fe5151c97f46b3b97b04f78cef6a03_379) | | | | | |

| | | | | | | [Note 11](#i58fe5151c97f46b3b97b04f78cef6a03_397) | | | [Common Equity](#i58fe5151c97f46b3b97b04f78cef6a03_397) | | | [131](#i58fe5151c97f46b3b97b04f78cef6a03_397) | | | | | |

| | | | | | | [Note 12](#i58fe5151c97f46b3b97b04f78cef6a03_400) | | | [Preferred Stock](#i58fe5151c97f46b3b97b04f78cef6a03_400) | | | [134](#i58fe5151c97f46b3b97b04f78cef6a03_400) | | | | | |

| | | | | | | [Note 15](#i58fe5151c97f46b3b97b04f78cef6a03_412) | | | [Leases](#i58fe5151c97f46b3b97b04f78cef6a03_412) | | | [140](#i58fe5151c97f46b3b97b04f78cef6a03_412) | | | | | |

| | | | | | | [Note 16](#i58fe5151c97f46b3b97b04f78cef6a03_415) | | | [Income Taxes](#i58fe5151c97f46b3b97b04f78cef6a03_415) | | | [144](#i58fe5151c97f46b3b97b04f78cef6a03_415) | | | | | |

*[Table of Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

| | | | | | | [Note 18](#i58fe5151c97f46b3b97b04f78cef6a03_421) | | | [Derivative Instruments](#i58fe5151c97f46b3b97b04f78cef6a03_421) | | | [147](#i58fe5151c97f46b3b97b04f78cef6a03_421) | | | | | |

| | | | | | | [Note 19](#i58fe5151c97f46b3b97b04f78cef6a03_424) | | | [Guarantees](#i58fe5151c97f46b3b97b04f78cef6a03_424) | | | [148](#i58fe5151c97f46b3b97b04f78cef6a03_424) | | | | | |

| | | | | | | [Note 20](#i58fe5151c97f46b3b97b04f78cef6a03_427) | | | [Employee Benefits](#i58fe5151c97f46b3b97b04f78cef6a03_427) | | | [149](#i58fe5151c97f46b3b97b04f78cef6a03_427) | | | | | |

| | | | | | | [Note 22](#i58fe5151c97f46b3b97b04f78cef6a03_433) | | | [Segment Information](#i58fe5151c97f46b3b97b04f78cef6a03_433) | | | [155](#i58fe5151c97f46b3b97b04f78cef6a03_433) | | | | | |

| | | | | | | [Note 26](#i58fe5151c97f46b3b97b04f78cef6a03_448) | | | [Regulatory Environment](#i58fe5151c97f46b3b97b04f78cef6a03_448) | | | [168](#i58fe5151c97f46b3b97b04f78cef6a03_448) | | | | | |

| [PART III](#i58fe5151c97f46b3b97b04f78cef6a03_475) | | | | | | | | | | | | | | | [176](#i58fe5151c97f46b3b97b04f78cef6a03_475) | | |

| [PART IV](#i58fe5151c97f46b3b97b04f78cef6a03_493) | | | | | | | | | | | | | | | [178](#i58fe5151c97f46b3b97b04f78cef6a03_493) | | |

| | | | [A.](#i58fe5151c97f46b3b97b04f78cef6a03_508) | | | [Income Statements](#i58fe5151c97f46b3b97b04f78cef6a03_508) | | | | | | | | | [184](#i58fe5151c97f46b3b97b04f78cef6a03_508) | | |

| | | | [B.](#i58fe5151c97f46b3b97b04f78cef6a03_511) | | | [Statements of Comprehensive Income](#i58fe5151c97f46b3b97b04f78cef6a03_511) | | | | | | | | | [185](#i58fe5151c97f46b3b97b04f78cef6a03_511) | | |

| | | | [C.](#i58fe5151c97f46b3b97b04f78cef6a03_514) | | | [Balance Sheets](#i58fe5151c97f46b3b97b04f78cef6a03_514) | | | | | | | | | [186](#i58fe5151c97f46b3b97b04f78cef6a03_514) | | |

| | | | [D.](#i58fe5151c97f46b3b97b04f78cef6a03_517) | | | [Statements of Cash Flows](#i58fe5151c97f46b3b97b04f78cef6a03_517) | | | | | | | | | [187](#i58fe5151c97f46b3b97b04f78cef6a03_517) | | |

| [SIGNATURES](#i58fe5151c97f46b3b97b04f78cef6a03_526) | | | | | | | | | | | | | | | [192](#i58fe5151c97f46b3b97b04f78cef6a03_526) | | |

*[Table of Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

| Delilah I | | | | | | Delilah Solar Energy LLC | | |

| Hardin III | | | | | | Hardin Solar III Energy Center LLC | | |

| WECI Energy Holding III | | | | | | WEC Infrastructure Energy Holding III LLC | | |

| DOE | | | | | | United States Department of Energy | | |

*[Table of Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

| USITC | | | | | | United States International Trade Commission | | |

| CRL | | | | | | Combustine Residual Leachate | | |

| 2024A Junior Notes | | | | | | WEC Energy Group, Inc.'s Series 2024A 6.69% Fixed-to-Fixed Reset Rate Junior Subordinated Notes Due June 15, 2055 | | |

| 2024B Junior Notes | | | | | | WEC Energy Group, Inc.'s Series 2024B 6.74% Fixed-to-Fixed Reset Rate Junior Subordinated Notes Due June 15, 2055 | | |

| 2027 Notes | | | | | | WEC Energy Group, Inc. 4.375% Convertible Senior Notes Due 2027 | | |

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

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

| [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) | | |

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

| [ITEM 6.](#i6130b36bfea144eba4662e78a08a026b_100) | | | [RESERVED](#i6130b36bfea144eba4662e78a08a026b_100) | | | | | | | | | | | | [47](#i6130b36bfea144eba4662e78a08a026b_100) | | |

| | | | [B.](#i6130b36bfea144eba4662e78a08a026b_262) | | | [Consolidated Income Statements](#i6130b36bfea144eba4662e78a08a026b_262) | | | | | | | | | [87](#i6130b36bfea144eba4662e78a08a026b_262) | | |

| | | | [D.](#i6130b36bfea144eba4662e78a08a026b_268) | | | [Consolidated Balance Sheets](#i6130b36bfea144eba4662e78a08a026b_268) | | | | | | | | | [89](#i6130b36bfea144eba4662e78a08a026b_268) | | |

| | | | [F.](#i6130b36bfea144eba4662e78a08a026b_274) | | | [Consolidated Statements of Equity](#i6130b36bfea144eba4662e78a08a026b_274) | | | | | | | | | [91](#i6130b36bfea144eba4662e78a08a026b_274) | | |

| | | | | | | [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 15](#i6130b36bfea144eba4662e78a08a026b_403) | | | [Leases](#i6130b36bfea144eba4662e78a08a026b_403) | | | [125](#i6130b36bfea144eba4662e78a08a026b_403) | | | | | |

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

| | | | | | | | | |

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

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

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

| WOTUS | | | | | | Waters of the United States | | |

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

| ESG Progress Plan | | | | | | WEC Energy Group's Capital Investment Plan for Efficiency, Sustainability, and Growth for 2024-2028 | | |

| Executive Order 13990 | | | | | | Executive Order 13990 of January 20, 2021 - Protecting Public Health and the Environment and Restoring Science To Tackle the Climate Crisis | | |

| LIBOR | | | | | | London Interbank Offered Rate | | |

| PSB | | | | | | Public Service Building | | |

| RCC | | | | | | Replacement Capital Covenant (dated May 11, 2007) | | |

| | | | | | | | | |

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

| *2023 Form 10-K* | | | 38 | | | *WEC Energy Group, Inc.* | | |

*[Table of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*

Our CAO has [removed: 24] [added: 25] 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.

Our Enterprise Security Director has over [removed: 26] [added: 27] years of experience in IT/OT cybersecurity, data security and physical security, and is a certified information system security professional.

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

[removed: 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.

| [removed: *2023] [added: *2024] Form 10-K* | | | [removed: 39] [added: 40] | | | *WEC Energy Group, Inc.* | | |

*[Table of [removed: Contents](#i6130b36bfea144eba4662e78a08a026b_10)*][added: Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*]

The CSIRT Steering Committee is responsible for overseeing and implementing the Plan in the event of a cybersecurity

| | | | | | | | | |

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

| *2023 Form 10-K* | | | 40 | | | *WEC Energy Group, Inc.* | | |

The following table summarizes information on our electric generation facilities, including owned and jointly owned facilities, as of December 31, [removed: 2023:][added: 2024:]

| PWGS | | | | | | Port Washington, WI | | | | | | Natural Gas | | | | | | 2 | | | | | | [removed: 1,217] [added: 1,220] | | | (3) | | |

| Concord [added: Generating Station] | | | | | | Watertown, WI | | | | | | Natural Gas/Oil | | | | | | 4 | | | | | | [removed: 365] [added: 357] | | | | | |

| Paris | | | | | | Union Grove, WI | | | | | | Natural Gas/Oil | | | | | | 4 | | | | | | [removed: 361] [added: 360] | | | | | |

| VAPP | | | | | | Milwaukee, WI | | | | | | Natural Gas | | | | | | 2 | | | | | | [removed: 275] [added: 268] | | | | | |

| Germantown [added: Power Plant] | | | | | | Germantown, WI | | | | | | Natural Gas/Oil | | | | | | 5 | | | | | | [removed: 263] [added: 255] | | | | | |

| Whitewater | | | | | | Whitewater, WI | | | | | | Natural Gas/Oil | | | | | | 1 | | | | | | [removed: 243] [added: 235] | | | | | |

| De Pere Energy Center | | | | | | De Pere, WI | | | | | | Natural Gas/Oil | | | | | | 1 | | | | | | [removed: 166] [added: 168] | | | | | |

| West Marinette [added: Power Plant] | | | | | | Marinette, WI | | | | | | Natural Gas | | | | | | 3 | | | | | | [removed: 158] [added: 159] | | | | | |

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

| West Riverside | | | | | | Beloit, WI | | | | | | Natural Gas | | | | | | [removed: 2] [added: 1] | | | | | | [removed: 85] [added: 191] | | | (2) | | |

| Pulliam | | | | | | Green Bay, WI | | | | | | Natural Gas | | | | | | 1 | | | | | | [removed: 82] [added: 85] | | | | | |

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

| Total natural gas-fired plants | | | | | | | | | | | | | | | | | | [removed: 45] [added: 44] | | | | | | [removed: 4,109] [added: 4,192] | | | | | |

| OCPP | | | | | | Oak Creek, WI | | | | | | Coal | | | | | | [removed: 4] [added: 2] | | | | | | [removed: 1,103] [added: 599] | | | (7) | | |

| ERGS | | | | | | Oak Creek, WI | | | | | | Coal | | | | | | 2 | | | | | | [removed: 1,082] [added: 1,083] | | | (2) (3) | | |

| Weston | | | | | | Rothschild, WI | | | | | | Coal | | | | | | 2 | | | | | | [removed: 713] [added: 708] | | | (2) (7) | | |

| Columbia | | | | | | Portage, WI | | | | | | Coal | | | | | | 2 | | | | | | [removed: 312] [added: 308] | | | (2) (7) | | |

| Total coal-fired plants | | | | | | | | | | | | | | | | | | [removed: 10] [added: 8] | | | | | | [removed: 3,210] [added: 2,698] | | | | | |

| Crane Creek Wind [removed: Farm] [added: Park] | | | | | | Howard County, IA | | | | | | Wind | | | | | | 66 | | | | | | 99 | | | | | |

| Total solar facilities | | | | | | | | | | | | | | | | | | [removed: 129] [added: 226] | | | | | | [removed: 300] [added: 548] | | | | | |

| Hydro plants (30 in number) | | | | | | WI and MI | | | | | | Hydro | | | | | | 80 | | | | | | [removed: 92] [added: 96] | | | (4) (5) | | |

| Rothschild [removed: Biomass Plant] | | | | | | Rothschild, WI | | | | | | Biomass | | | | | | 1 | | | | | | [removed: 46] [added: 44] | | | (6) | | |

| Total other renewable facilities | | | | | | | | | | | | | | | | | | 81 | | | | | | [removed: 138] [added: 140] | | | | | |

| Total electric generation facilities | | | | | | | | | | | | | | | | | | [removed: 643] [added: 737] | | | | | | [removed: 8,337] [added: 8,158] | | | | | |

| [removed: *2023] [added: *2024] Form 10-K* | | | 41 | | | *WEC Energy Group, Inc.* | | |

*[Table of [removed: Contents](#i6130b36bfea144eba4662e78a08a026b_10)*][added: Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*]

Values are primarily based on the net dependable expected capacity ratings for summer [removed: 2024] [added: 2025] established by tests and may change slightly from year to year.

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

(7) We expect to retire approximately [removed: 1,800] [added: 1,200] MWs of additional [removed: fossil-fueled generation by the end of 2031,] [added: coal-fired generation,] which includes the planned [removed: retirement in 2024-2025] [added: retirements] of OCPP Units [removed: 5-8,] [added: 7-8,] the [removed: planned retirement by June 2026 of] jointly-owned Columbia Units [removed: 1-2, and the planned retirement in 2031] [added: 1-2 while investigating conversion] of [added: at least one unit to natural gas, and] Weston Unit 3.

As of December 31, [removed: 2023,] [added: 2024,] we operated approximately [removed: 35,500] [added: 35,300] miles of overhead distribution lines and approximately [removed: 36,500] [added: 37,100] miles of underground distribution cable, as well as approximately [removed: 430] [added: 420] electric distribution substations and approximately [removed: 523,700] [added: 640,100] line transformers.

At December 31, [removed: 2023,] [added: 2024,] our natural gas properties were located in Illinois, Wisconsin, Minnesota, and Michigan, and consisted of the following:

- Approximately [removed: 46,400] [added: 47,000] miles of natural gas distribution mains,

- Approximately [removed: 1,700] [added: 1,300] miles of natural gas transmission mains,

- Approximately [removed: 490] [added: 510] natural gas distribution and transmission gate stations,

- Approximately [removed: 69.3] [added: 67.0] Bcf of working gas capacities in underground natural gas storage fields:

◦Manlove, a [removed: 38.8] [added: 36.5] Bcf field located in central Illinois,

- [removed: A] [added: Two] 1.0 Bcf LNG [removed: plant] [added: plants] located in southern Wisconsin,

- LNG storage plants, located in Wisconsin, with a total send-out capability of [removed: 173,600] [added: 273,600] Dth per day.

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

| Paris | | | | | | Kenosha County, WI | | | | | | Solar | | | | | | 53 | | | | | | 180 | | | (2) | | |

| DER Facilities (5 in number) | | | | | | Wisconsin | | | | | | Solar | | | | | | 15 | | | | | | 38 | | | (8) | | |

| Solar Now | | | | | | Wisconsin | | | | | | Solar | | | | | | 29 | | | | | | 30 | | | (9) | | |

*[Table of Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

summer months, primarily due to air conditioning demand.

(8) DER facilities are distribution system interconnected solar projects that are typically 5-10 MWs each.

(9) See the Corporate Developments section for more information on the Solar Now program.

Where distribution lines and services and natural gas distribution mains and services occupy private property, we have in some, but not all instances, obtained consents, permits, or easements for these

*[Table of Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

| Delilah I | | | | | | Lamar, Franklin, Hopkins and Red River Counties, Texas | | | | | | 90.0 | | % | | | | 410 | | | | | | 300.0 | | | | | |

| Maple Flats | | | | | | Clay County, Illinois | | | | | | 90.0 | | % | | | | 343 | | | | | | 250.0 | | | | | |

In February 2025, WECI completed the acquisition of a 90% ownership interest in Hardin III, a 250 MW wind generating facility in Hardin County, Ohio.

| | | | | | | | | |

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

| *2024 Form 10-K* | | | 44 | | | *WEC Energy Group, Inc.* | | |

*[Table of Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

Where distribution lines and services and natural gas distribution mains and

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

| [removed: *2023] [added: *2024] Form 10-K* | | | [removed: 44] [added: 45] | | | *WEC Energy Group, Inc.* | | |

*[Table of [removed: Contents](#i6130b36bfea144eba4662e78a08a026b_10)*][added: Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*]

- WEC Business Services (a centralized service company of WEC Energy Group) – Vice President [removed: and Deputy General Counsel] since [removed: August 2021.][added: June 2024.]

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

- WEC Business Services (a centralized service company of WEC Energy Group) [removed: –] [added: —] Executive Vice President - External Affairs since January 2019.

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

[added: - WE —] Assistant Corporate Secretary since January [removed: 2020.][added: 2025.]

Kelsey. Age [removed: 59.][added: 60.]

- WEC Energy Group — [added: President and Chief] Executive [removed: Chairman] [added: Officer] since February [removed: 2019.][added: 2022.]

[added: - WE —] Chairman of the Board and Chief Executive Officer [removed: from October 2017 to] [added: since] February [removed: 2019, and from May 2004 to May 2016.][added: 2022.]

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

- WEC Business Services (a centralized service company of WEC Energy Group) — Executive Vice President - [removed: WEC] Infrastructure [added: and Generation Planning] since [removed: January 2019.][added: October 2023.]

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

Senior Executive Vice President and Chief Operating Officer from June 2020 to January [removed: 31,] 2022.

Director since February [removed: 1,] 2022.

Executive Vice President from June 2020 to December [removed: 31,] 2021.

Xia Liu. Age [removed: 54.][added: 55.]

| [removed: *2023] [added: *2024] Form 10-K* | | | [removed: 45] [added: 46] | | | *WEC Energy Group, Inc.* | | |

William Mastoris. Age [removed: 60.][added: 61.]

- WEC Business Services (a centralized service company of WEC Energy Group) [removed: – Executive Vice President – Customer Service and Operations] [added: — Director] since [removed: December 2021.][added: April 2024.]

[removed: - WE –] Executive Vice President – Customer Service and Operations [removed: since] [added: from] December [removed: 2021.][added: 2021 to June 2024.]

Mulroy. Age [removed: 48.][added: 49.]

Reese. Age [removed: 42.][added: 43.]

Mary Beth Straka. Age [removed: 59.][added: 60.]

| [removed: *2023] [added: *2024] Form 10-K* | | | [removed: 46] [added: 47] | | | *WEC Energy Group, Inc.* | | |

Age 52.

- WEC Business Services (a centralized service company of WEC Energy Group) – Assistant Corporate Secretary since January 2025.

Vice President and Deputy General Counsel since August 2021.

Assistant Corporate Secretary from January 2020 to December 2024.

Michael W.

Hooper.

- WE — President since April 2024.

- NiSource, Inc. — Senior Vice President and President, NIPSCO from May 2020 to March 2024.

Senior Vice President, Regulatory, Legislative Affairs and Strategy from 2018 to 2020.

NiSource is a public utility holding company whose operating subsidiaries provide natural gas and electric service to customers across Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and Virginia.

NIPSCO is a public natural gas and electric utility company in Indiana.

Executive Vice President from January 2019 to October 2023.

President from January 2022 to April 2024.

*[Table of Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

Director from November 2021 to December 2024.

- WE – Executive Vice President – Customer Service and Operations from December 2021 to June 2024.

Director from November 2021 to June 2024.

*[Table of Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

Gale E.

Klappa. Age 73.

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

President from April 2003 to August 2013.

Director since December 2003.

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

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

Chief Executive Officer from January 2018 to February 2019, and from August 2003 to May 2016.

President from April 2003 to June 2015.

- WEC Energy Group — President and Chief Executive Officer since February 1, 2022.

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

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

- WE — Chairman of the Board and Chief Executive Officer since February 1, 2022.

President since January 1, 2022.

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

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

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

Director since November 2021.

- PGL – Controller - Illinois from September 2015 to September 2019.

As of January 31, [removed: 2024,] [added: 2025,] based upon the number of WEC Energy Group shareholder accounts (including accounts in our stock purchase and dividend reinvestment plan), we had approximately [removed: 36,000] [added: 34,000] registered shareholders.

| [removed: *2023] [added: *2024] Form 10-K* | | | [removed: 47] [added: 48] | | | *WEC Energy Group, Inc.* | | |

*[Table of [removed: Contents](#i6130b36bfea144eba4662e78a08a026b_10)*][added: Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*]

We have audited the accompanying consolidated balance sheets of WEC Energy Group, Inc. and subsidiaries (the "Company") as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] 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: 2023,] [added: 2024,] 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: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2023,] [added: 2024,] 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: 2023,] [added: 2024,] 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: 22, 2024,] [added: 21, 2025,] expressed an unqualified opinion on the Company's internal control over financial reporting.

| [removed: *2023] [added: *2024] Form 10-K* | | | [removed: 84] [added: 97] | | | *WEC Energy Group, Inc.* | | |

*[Table [removed: of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*][added: of](#i58fe5151c97f46b3b97b04f78cef6a03_10) [Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*]

We identified the impact of rate regulation as a critical audit matter due to the significant judgments made by management to support its assertions about [added: the] impacted account balances and disclosures and the subjectivity involved in assessing the impact of future regulatory orders on the financial statements.

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

[removed: February 22, 2024][added: | | | | | | | 2024 | | | | | | | | |]

| [removed: *2023] [added: *2024] Form 10-K* | | | [removed: 85] [added: 98] | | | *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: 2023,] [added: 2024,] 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: 2023,] [added: 2024,] 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: 2023,] [added: 2024,] of the Company and our report dated February [removed: 22, 2024,] [added: 21, 2025,] expressed an unqualified opinion on those consolidated financial statements and financial statement schedules.

| [removed: *2023] [added: *2024] Form 10-K* | | | [removed: 86] [added: 99] | | | *WEC Energy Group, Inc.* | | |

| (in millions, except per share amounts) | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| Operating revenues | | | | | | $ | [removed: 8,893.0] [added: 8,599.9] | | | | | $ | [removed: 9,597.4] [added: 8,893.0] | | | | | $ | [removed: 8,316.0] [added: 9,597.4] | |

| Cost of sales | | | | | | [removed: 3,191.2] [added: 2,656.0] | | | | | | [removed: 4,358.9] [added: 3,191.2] | | | | | | [removed: 3,311.0] [added: 4,358.9] | | |

| Other operation and maintenance | | | | | | [removed: 2,100.5] [added: 2,158.0] | | | | | | [removed: 1,938.0] [added: 2,100.5] | | | | | | [removed: 2,005.5] [added: 1,938.0] | | |

| Impairment related to ICC disallowances | | | | | | [removed: 178.9] [added: —] | | | | | | [added: 178.9 | | | | | |] — | | | | | | [added: 178.9 | | | | | |] — | | | [added: | | | — | | | | | | — | | | | | | — | | | | | | 178.9 | | |]

| Depreciation and amortization | | | | | | [removed: 1,264.2] [added: 1,354.5] | | | | | | [removed: 1,122.6] [added: 1,264.2] | | | | | | [removed: 1,074.3] [added: 1,122.6] | | |

| Property and revenue taxes | | | | | | [removed: 250.2] [added: 266.5] | | | | | | [removed: 253.7] [added: 250.2] | | | | | | [removed: 210.3] [added: 253.7] | | |

| Total operating expenses | | | | | | [removed: 6,985.0] [added: 6,447.1] | | | | | | [removed: 7,673.2] [added: 6,985.0] | | | | | | [removed: 6,601.1] [added: 7,673.2] | | |

| Operating income | | | | | | [removed: 1,908.0] [added: 2,152.8] | | | | | | [removed: 1,924.2] [added: 1,908.0] | | | | | | [removed: 1,714.9] [added: 1,924.2] | | |

| Equity in earnings of transmission affiliates | | | | | | [removed: 177.5] [added: 207.5] | | | | | | [removed: 194.7] [added: 177.5] | | | | | | [removed: 158.1] [added: 194.7] | | |

| Other income, net | | | | | | [removed: 177.7] [added: 178.2] | | | | | | [removed: 128.8] [added: 177.7] | | | | | | [removed: 133.2] [added: 128.8] | | |

| Interest expense | | | | | | [removed: 726.9] [added: 815.3] | | | | | | [removed: 515.1] [added: 727.4] | | | | | | [removed: 471.1] [added: 515.1] | | |

| Other expense | | | | | | [removed: (371.7)] [added: (406.5)] | | | | | | [removed: (191.6)] [added: (371.7)] | | | | | | [removed: (216.1)] [added: (191.6)] | | |

| Income before income taxes | | | | | | [removed: 1,536.3] [added: 1,746.3] | | | | | | [removed: 1,732.6] [added: 1,536.3] | | | | | | [removed: 1,498.8] [added: 1,732.6] | | |

| Income tax expense | | | | | | [removed: 204.6] [added: 222.0] | | | | | | [removed: 322.9] [added: 204.6] | | | | | | [removed: 200.3] [added: 322.9] | | |

| Net income | | | | | | [removed: 1,331.7] [added: 1,524.3] | | | | | | [removed: 1,409.7] [added: 1,331.7] | | | | | | [removed: 1,298.5] [added: 1,409.7] | | |

| Net (income) loss attributed to noncontrolling interests | | | | | | [removed: 1.2] [added: 4.1] | | | | | | [removed: (0.4)] [added: 1.2] | | | | | | [removed: 3.0] [added: (0.4)] | | |

| Net income attributed to common shareholders | | | | | | $ | [removed: 1,331.7] [added: 1,527.2] | | | | | $ | [removed: 1,408.1] [added: 1,331.7] | | | | | $ | [removed: 1,300.3] [added: 1,408.1] | |

| Basic | | | | | | $ | [removed: 4.22] [added: 4.83] | | | | | $ | [removed: 4.46] [added: 4.22] | | | | | $ | [removed: 4.12] [added: 4.46] | |

| Diluted | | | | | | $ | [removed: 4.22] [added: 4.83] | | | | | $ | [removed: 4.45] [added: 4.22] | | | | | $ | [removed: 4.11] [added: 4.45] | |

| Basic | | | | | | [removed: 315.4] [added: 316.2] | | | | | | 315.4 | | | | | | 315.4 | | |

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

| [removed: *2023] [added: *2024] Form 10-K* | | | [removed: 87] [added: 100] | | | *WEC Energy Group, Inc.* | | |

| (in millions) | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| Net income | | | | | | $ | [removed: 1,331.7] [added: 1,524.3] | | | | | $ | [removed: 1,409.7] [added: 1,331.7] | | | | | $ | [removed: 1,298.5] [added: 1,409.7] | |

| Reclassification of realized [removed: net] derivative [removed: (gain) loss] [added: gains] to net income, net of tax | | | | | | (0.3) | | | | | | (0.3) | | | | | | [removed: 0.9] [added: (0.3)] | | |

| Pension and OPEB adjustments arising during the period, net of tax expense (benefit) of [added: $0.1,] $(0.2), [removed: $(1.3),] and [removed: $0.7,] [added: $(1.3),] respectively | | | | | | [removed: (0.6)] [added: 0.1] | | | | | | [removed: (3.5)] [added: (0.6)] | | | | | | [removed: 1.7] [added: (3.5)] | | |

February 21, 2025

*[Table of](#i58fe5151c97f46b3b97b04f78cef6a03_10) [Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

February 21, 2025

*[Table of](#i58fe5151c97f46b3b97b04f78cef6a03_10) [Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

| Gain on debt extinguishments | | | | | | (23.1) | | | | | | (0.5) | | | | | | — | | |

*[Table of](#i58fe5151c97f46b3b97b04f78cef6a03_10) [Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

*[Table of](#i58fe5151c97f46b3b97b04f78cef6a03_10) [Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

| Finance lease obligations | | | | | | 303.3 | | | | | | 145.9 | | |

| Other | | | | | | 838.1 | | | | | | 835.3 | | |

*[Table of](#i58fe5151c97f46b3b97b04f78cef6a03_10) [Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

| Depreciation and amortization | | | | | | 1,354.5 | | | | | | 1,264.2 | | | | | | 1,122.6 | | |

| Impairment related to ICC disallowances | | | | | | 12.1 | | | | | | 178.9 | | | | | | — | | |

| Other current assets | | | | | | (75.4) | | | | | | 36.3 | | | | | | 32.3 | | |

| Acquisition of Delilah I, net of cash acquired of $0.6 | | | | | | (462.5) | | | | | | — | | | | | | — | | |

| Acquisition of Maple Flats, net of cash acquired of $0.5 | | | | | | (431.2) | | | | | | — | | | | | | — | | |

| Other, net | | | | | | 10.1 | | | | | | (21.9) | | | | | | (10.6) | | |

| Issuance of common stock, net | | | | | | 163.4 | | | | | | — | | | | | | — | | |

| Purchase of additional ownership interest in Samson I from noncontrolling interest | | | | | | (28.1) | | | | | | — | | | | | | — | | |

*[Table of](#i58fe5151c97f46b3b97b04f78cef6a03_10) [Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

| Net loss attributed to noncontrolling interests | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4.1) | | | | | | (4.1) | | |

| Other comprehensive loss | | | | | | — | | | | | | — | | | | | | — | | | | | | (0.1) | | | | | | (0.1) | | | | | | — | | | | | | — | | | | | | (0.1) | | |

| Issuance of common stock, net | | | | | | — | | | | | | 163.4 | | | | | | — | | | | | | — | | | | | | 163.4 | | | | | | — | | | | | | — | | | | | | 163.4 | | |

| Purchase of additional ownership interest in Samson I from noncontrolling interest | | | | | | — | | | | | | 4.3 | | | | | | — | | | | | | — | | | | | | 4.3 | | | | | | — | | | | | | (32.4) | | | | | | (28.1) | | |

| Balance at December 31, 2024 | | | | | | $ | 3.2 | | | | | $ | 4,315.8 | | | | | $ | 8,083.8 | | | | | $ | (7.8) | | | | | $ | 12,395.0 | | | | | $ | 30.4 | | | | | $ | 376.5 | | | | | $ | 12,801.9 | |

*[Table of](#i58fe5151c97f46b3b97b04f78cef6a03_10) [Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

*[Table of](#i58fe5151c97f46b3b97b04f78cef6a03_10) [Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

*[Table of](#i58fe5151c97f46b3b97b04f78cef6a03_10) [Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

*[Table of](#i58fe5151c97f46b3b97b04f78cef6a03_10) [Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

capacity and RECs.

Credit losses associated with our utility operations are

*[Table of](#i58fe5151c97f46b3b97b04f78cef6a03_10) [Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

*[Table of](#i58fe5151c97f46b3b97b04f78cef6a03_10) [Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

| WE | | | | | | 8.45% | | | | | | 7.11% | | |

*[Table of](#i58fe5151c97f46b3b97b04f78cef6a03_10) [Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

| UMERC | | | | | | 1.0 | | | | | | — | | | | | | 0.1 | | |

*[Table of](#i58fe5151c97f46b3b97b04f78cef6a03_10) [Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

In 2024, we recorded a non-cash impairment loss of $12.1 million driven by an ICC order received in August 2024 related to the 2016 annual prudency review of PGL's 2016 Rider QIP, which included a disallowance of certain capital costs.

*[Table of](#i58fe5151c97f46b3b97b04f78cef6a03_10) [Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

*[Table of](#i58fe5151c97f46b3b97b04f78cef6a03_10) [Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*

Our potentially dilutive securities include stock options and shares issuable upon the conversion of the 2027 Notes and 2029 Notes.

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

| Loss on debt extinguishment | | | | | | — | | | | | | — | | | | | | 36.3 | | |

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

| Cash flow hedges, net | | | | | | (0.3) | | | | | | (0.3) | | | | | | 1.5 | | |

| Pension and OPEB obligations | | | | | | 176.0 | | | | | | 171.6 | | |

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

| Amounts recoverable from customers | | | | | | 17.4 | | | | | | 60.0 | | | | | | (82.3) | | |

| Proceeds from the sale of investments held in rabbi trust | | | | | | 10.4 | | | | | | 15.4 | | | | | | 18.7 | | |

| Payments for ATC's construction costs that will be reimbursed | | | | | | (19.8) | | | | | | (24.8) | | | | | | (7.0) | | |

| Reimbursement for ATC's construction costs | | | | | | 0.1 | | | | | | 10.2 | | | | | | — | | |

| Other, net | | | | | | (12.6) | | | | | | (11.4) | | | | | | 27.3 | | |

| Repayment of short-term loan | | | | | | (0.8) | | | | | | — | | | | | | (340.0) | | |

| Balance at December 31, 2020 | | | | | | $ | 3.2 | | | | | $ | 4,143.7 | | | | | $ | 6,329.6 | | | | | $ | (6.8) | | | | | $ | 10,469.7 | | | | | $ | 30.4 | | | | | $ | 162.4 | | | | | $ | 10,662.5 | |

| Other comprehensive income | | | | | | — | | | | | | — | | | | | | — | | | | | | 3.6 | | | | | | 3.6 | | | | | | — | | | | | | — | | | | | | 3.6 | | |

| Capital contributions from noncontrolling interest | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7.6 | | | | | | 7.6 | | |

However, as a result of the extreme weather in the Midwest in February 2021, the cost of gas purchased for our natural gas customers was temporarily driven significantly higher than our normal winter weather expectations, and we were not allowed to recover all of the additional costs.

See Note 26, Regulatory Environment, for more information on the recovery of these high natural gas costs.

Finally, through the end of 2023, PGL's rates included a rider for pass through of income tax expense changes resulting from the Tax Legislation and a cost recovery mechanism for SMP costs.

| | | | | | | 2023 | | | | | | | | |

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

Such dilutive securities include in-the-money stock options.

applicable.

WE's investment was $95.3 million.

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.

If these approvals are obtained, WE's incremental share of this investment is expected to be approximately $100 million, with the transaction expected to close in 2024.

In October 2022, WECI signed an agreement to acquire an 80% ownership interest in Maple Flats, a 250 MW solar generating facility under construction in Clay County, Illinois, for approximately $360 million.

The transaction is subject to FERC approval and commercial operation is expected to begin during the second half of 2024, at which time the transaction is expected to close.

Acquisition of a Wind Generation Facility in Kansas

In February 2021, WECI completed the acquisition of a 90% ownership interest in Jayhawk, a 190 MW wind generating facility in Bourbon and Crawford counties, Kansas, for $119.9 million, which included transaction costs.

This project became commercially operational in December 2021.

Subsequent to the acquisition, WECI incurred an additional $161.3 million of capital expenditures as of December 31, 2022 for the project for a total investment of $281.2 million.

Jayhawk qualifies for PTCs.

WECI is entitled to 99% of the tax benefits related to this facility for the first 10 years of commercial operation, after which it will be entitled to tax benefits equal to its ownership interest.

| Electric | | | | | | $ | 4,516.6 | | | | | $ | — | | | | | $ | — | | | | | $ | 4,516.6 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 4,516.6 | |

| Natural gas | | | | | | 1,490.3 | | | | | | 1,630.3 | | | | | | 494.0 | | | | | | 3,614.6 | | | | | | 46.8 | | | | | | — | | | | | | (43.8) | | | | | | 3,617.6 | | |

| Total regulated revenues | | | | | | 6,006.9 | | | | | | 1,630.3 | | | | | | 494.0 | | | | | | 8,131.2 | | | | | | 46.8 | | | | | | — | | | | | | (43.8) | | | | | | 8,134.2 | | |

| Total revenues from contracts with customers | | | | | | 6,006.9 | | | | | | 1,630.3 | | | | | | 511.8 | | | | | | 8,149.0 | | | | | | 139.6 | | | | | | — | | | | | | (52.9) | | | | | | 8,235.7 | | |

| Other operating revenues | | | | | | 30.1 | | | | | | 42.5 | | | | | | 7.2 | | | | | | 79.8 | | | | | | 399.9 | | | | | | 0.5 | | | | | | (399.9) | | | (1) | | | 80.3 | | |

| Total operating revenues | | | | | | $ | 6,037.0 | | | | | $ | 1,672.8 | | | | | $ | 519.0 | | | | | $ | 8,228.8 | | | | | $ | 539.5 | | | | | $ | 0.5 | | | | | $ | (452.8) | | | | | $ | 8,316.0 | |

Based on its evaluation, our management concluded that our and our subsidiaries' internal control over financial reporting was effective as of December 31, [removed: 2023.][added: 2024.]

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: 2023] [added: 2024] that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

During the three months ended December 31, [removed: 2023,] [added: 2024,] 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).

| [removed: *2023] [added: *2024] Form 10-K* | | | [removed: 159] [added: 175] | | | *WEC Energy Group, Inc.* | | |

*[Table [removed: of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*][added: of](#i58fe5151c97f46b3b97b04f78cef6a03_10) [Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*]

The information under "Proposal 1: Election of Directors – Terms Expiring in [removed: 2025] [added: 2026] – [removed: 2024] [added: 2025] Director Nominees for Election," "Annual Meeting Attendance and Voting Information – Stockholder Nominees and Proposals," [removed: and] "Governance – Board Committees – Audit and [removed: Oversight"] [added: Oversight," and "Governance – Additional Governance Matters – Insider Trading Policy"] 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: 9, 2024] [added: 8, 2025] (the [removed: "2024] [added: "2025] 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: 2024] [added: 2025] 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: 2024] [added: 2025] Annual Meeting Proxy Statement.

The following table sets forth information about our equity compensation plans as of December 31, [removed: 2023:][added: 2024:]

| [removed: *2023] [added: *2024] Form 10-K* | | | [removed: 160] [added: 176] | | | *WEC Energy Group, Inc.* | | |

*[Table [removed: of Contents](#i6130b36bfea144eba4662e78a08a026b_10)*][added: of](#i58fe5151c97f46b3b97b04f78cef6a03_10) [Contents](#i58fe5151c97f46b3b97b04f78cef6a03_10)*]

| Equity Compensation Plans Approved by Security Holders | | | | | | 2,916,902 | | | | | | $ | 82.32 | | | | | 7,038,414 | | | (1) | | |

| Total | | | | | | 2,916,902 | | | | | | $ | 82.32 | | | | | 7,038,414 | | | | | |

| 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 | | | | | |

The information under "Governance – Additional Governance Matters – Related Party Transactions," "Proposal 1: Election of Directors – Terms Expiring in [removed: 2025] [added: 2026] – Board Composition – Independence," and "Governance – Board Committees" in the [removed: 2024] [added: 2025] 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 [removed: audit and oversight committee] [added: AOC] under "Proposal 2: Ratification of Deloitte & Touche LLP as Independent Auditors for [removed: 2024] [added: 2025] – Independent Auditors' Fees and Services" in the [removed: 2024] [added: 2025] Annual Meeting Proxy Statement is incorporated herein by reference.