Item 2. PROPERTIES

We own our principal properties outright. However, the major portion of our electric utility distribution lines, steam utility distribution mains, and natural gas utility distribution mains and services are located on or under streets and highways, on land owned by others, and are generally subject to granted easements, consents, or permits.

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A. REGULATED

Electric Facilities

The following table summarizes information on our electric generation facilities, including owned and jointly owned facilities, as of December 31, 2025:

(1) Capacity for our electric generation facilities, other than wind and solar generating facilities, is based on rated capacity, which is the net power output under average operating conditions with equipment in an average state of repair as of a given month in a given year. Values are

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primarily based on the net dependable expected capacity ratings for summer 2026 established by tests and may change slightly from year to year. The summer period is the most relevant for capacity planning purposes. This is a result of continually reaching demand peaks in the summer months, primarily due to air conditioning demand. Capacity for wind generating facilities is based on nameplate capacity, which is the amount of energy a turbine should produce at optimal wind speeds. Capacity for solar generating facilities is based on nameplate capacity, which is the maximum output that a generator should produce at continuous full power.

(2) Our subsidiaries jointly own these facilities with various other unaffiliated entities. The capacity indicated for each of these units is equal to our subsidiaries' portion of total plant capacity based on its percent of ownership. See Note 8, Jointly-Owned Utility Facilities, for more information on our ownership interests.

(3) These facilities are part of the Company's non-utility energy infrastructure segment. See B. Non-Utility Energy Infrastructure Segment below.

(4) All of our hydroelectric facilities follow FERC guidelines and/or regulations.

(5) WRPC owns and operates the Castle Rock and Petenwell units. WPS holds a 50.0% ownership interest in WRPC and is entitled to 50.0% of the total capacity at Castle Rock and Petenwell. WPS's share of capacity for Castle Rock and Petenwell is 7.0 MWs and 10.3 MWs, respectively.

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

(7) We expect to retire approximately 900 MWs of additional coal-fired generation, which includes the planned retirements of OCPP Units 7-8 and Weston Unit 3.

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

As of December 31, 2025, we operated approximately 35,200 miles of overhead distribution lines and approximately 37,600 miles of underground distribution cable, as well as approximately 420 electric distribution substations and approximately 649,500 line transformers.

Battery Energy Storage Systems

We also own 99 MWs of BESS at Paris located in Kenosha County, WI which was completed in June 2025.

Natural Gas Facilities

At December 31, 2025, our natural gas properties were located in Illinois, Wisconsin, Minnesota, and Michigan, and consisted of the following:

• Approximately 47,200 miles of natural gas distribution mains,

• Approximately 1,300 miles of natural gas transmission mains,

• Approximately 2.4 million natural gas lateral services,

• Approximately 510 natural gas distribution and transmission gate stations,

• Approximately 67.0 Bcf of working gas capacities in underground natural gas storage fields:

◦Bluewater, 27.6 Bcf of fields located in southeastern Michigan,

◦Manlove, a 36.5 Bcf field located in central Illinois,

◦Partello, a 2.9 Bcf field located in southern Michigan,

• A 2.0 Bcf LNG plant located in central Illinois,

• Two 1.0 Bcf LNG plants located in southern Wisconsin,

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

• LNG storage plants, located in Wisconsin, with a total send-out capability of 273,600 Dth per day.

Our natural gas distribution and gas storage systems included distribution 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. Our LNG storage plants convert and store, in liquefied form, natural gas received during periods of low consumption.

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We also own office buildings, natural gas regulating and metering stations, and major service centers, including garage and warehouse facilities, in certain communities we serve. 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 installations from the apparent owners or those in possession of those properties, generally without an examination of ownership records or title.

Steam Facilities

As of December 31, 2025, the steam system supplied by the VAPP consisted of approximately 40 miles of both high pressure and low pressure steam piping, approximately four miles of walkable tunnels, and other pressure regulating equipment.

General

Substantially all of PGL's and NSG's properties are subject to the lien of the respective company's mortgage indenture for the benefit of bondholders.

B. NON-UTILITY ENERGY INFRASTRUCTURE SEGMENT

The non-utility energy infrastructure segment includes We Power, Bluewater, and WECI. We Power and Bluewater are considered non-utility energy infrastructure operations, however, their facilities are shown in the regulated section. We Power owns and leases its share of the ERGS units and both PWGS units to WE under long-term leases. Bluewater provides natural gas storage and hub services primarily to WE, WPS, and WG. WECI has ownership interests in eight wind and four solar generating facilities. For more information on recent renewable facility acquisitions, see Note 2, Acquisitions.

The following table summarizes information on WECI's renewable generating facilities as of December 31, 2025:

(1) Invenergy Services LLC operates these renewable facilities.

(2) Nameplate capacity is the amount of energy a source should produce under optimal conditions, such as optimal wind speeds or solar irradiance.

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