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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
| | | | | |
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2024
OR
| | | | | |
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ________________ to ___________________
| | | | | | | | | | | | | | |
Commission
File Number | | Registrant; State of Incorporation;
Address; and Telephone Number | | IRS Employer
Identification No. |
| 001-01245 | | WISCONSIN ELECTRIC POWER COMPANY | | 39-0476280 |
(A Wisconsin Corporation)
231 West Michigan Street
P.O. Box 2046
Milwaukee, WI 53201
(414) 221-2345
Securities registered pursuant to Section 12(b) of the Act:
None
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | | | | | | | |
| Large accelerated filer | ☐ | | Accelerated filer | ☐ | |
| Non-accelerated filer | ☒ | | Smaller reporting company | ☐ |
| | | | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:
Common Stock, $10 Par Value,
33,289,327 shares outstanding at
September 30, 2024
All of the common stock of Wisconsin Electric Power Company is held by WEC Energy Group, Inc.
WISCONSIN ELECTRIC POWER COMPANY
QUARTERLY REPORT ON FORM 10-Q
For the Quarter Ended September 30, 2024
TABLE OF CONTENTS
| | | | | | | | |
| 09/30/2024 Form 10-Q | i | Wisconsin Electric Power Company |
GLOSSARY OF TERMS AND ABBREVIATIONS
The abbreviations and terms set forth below are used throughout this report and have the meanings assigned to them below:
| | | | | | | | |
| Affiliates |
| ATC | | American Transmission Company LLC |
| We Power | | W.E. Power, LLC |
| WEC Energy Group | | WEC Energy Group, Inc. |
| WEPCo Environmental Trust | | WEPCo Environmental Trust Finance I, LLC |
| WPS | | Wisconsin Public Service Corporation |
| | |
| Federal and State Regulatory Agencies |
| CBP | | United States Customs and Border Protection Agency |
| DOC | | United States Department of Commerce |
| EPA | | United States Environmental Protection Agency |
| IRS | | United States Internal Revenue Service |
| PSCW | | Public Service Commission of Wisconsin |
| SEC | | United States Securities and Exchange Commission |
| USITC | | United States International Trade Commission |
| WDNR | | Wisconsin Department of Natural Resources |
| | |
| Accounting Terms |
| AFUDC | | Allowance for Funds Used During Construction |
| ARO | | Asset Retirement Obligation |
| ASU | | Accounting Standards Update |
| FASB | | Financial Accounting Standards Board |
| GAAP | | United States Generally Accepted Accounting Principles |
| OPEB | | Other Postretirement Employee Benefits |
| VIE | | Variable Interest Entity |
| | |
| Environmental Terms |
| BATW | | Bottom Ash Transport Water |
| BTA | | Best Technology Available |
| CASAC | | Clean Air Scientific Advisory Committee |
| CCR | | Coal Combustion Residuals |
CO2 | | Carbon Dioxide |
| CRL | | Combustine Residual Leachate |
| CWA | | Clean Water Act |
| ELG | | Steam Electric Effluent Limitation Guidelines |
| FGD | | Flue Gas Desulfurization |
| GHG | | Greenhouse Gas |
| MATS | | Mercury and Air Toxics Standards |
| NAAQS | | National Ambient Air Quality Standards |
| NOx | | Nitrogen Oxide |
| PM | | Particulate Matter |
| WPDES | | Wisconsin Pollutant Discharge Elimination System |
| | |
| Measurements |
| Bcf | | Billion Cubic Feet |
| Dth | | Dekatherm |
| lb/MMBtu | | Pound Per Million British Thermal Unit |
| MW | | Megawatt |
| MWh | | Megawatt-hours |
| µg/m3 | | Micrograms Per Cubic Meter |
| | |
| | |
| | |
| | | | | | | | |
| 09/30/2024 Form 10-Q | ii | Wisconsin Electric Power Company |
| | | | | | | | |
| Other Terms and Abbreviations |
| AD | | Antidumping |
| AMI | | Advanced Metering Infrastructure |
| Badger Hollow | | Badger Hollow Wind Energy Generation Facility |
| | |
| Chicago, IL-IN-WI | | Chicago, Illinois, Indiana, and Wisconsin |
| CVD | | Countervailing Duty |
| D.C. Circuit Court of Appeals | | United States Court of Appeals for the District of Columbia Circuit |
| Darien | | Darien Solar Park |
| DER | | Distributed Energy Resource |
| DRER | | Dedicated Renewable Energy Resource |
| | |
| | |
| ERGS | | Elm Road Generating Station |
| ESG Progress Plan | | WEC Energy Group's Capital Investment Plan for Efficiency, Sustainability, and Growth for 2025-2029 |
| ETB | | Environmental Trust Bond |
| EV | | Electric Vehicle |
| Exchange Act | | Securities Exchange Act of 1934, as amended |
| FTR | | Financial Transmission Right |
| Good Oak | | Good Oak Solar Generation Facility |
| Gristmill | | Gristmill Solar Generation Facility |
| IRA | | Inflation Reduction Act |
| ITC | | Investment Tax Credit |
| Koshkonong | | Koshkonong Solar Park |
| LDC | | Local Natural Gas Distribution Company |
| LNG | | Liquefied Natural Gas |
| MISO | | Midcontinent Independent System Operator, Inc. |
| | |
| OCPP | | Oak Creek Power Plant |
| Paris | | Paris Solar-Battery Park |
| PPA | | Power Purchase Agreement |
| | |
| PTC | | Production Tax Credit |
| RICE | | Reciprocating Internal Combustion Engine |
| RNG | | Renewable Natural Gas |
| ROE | | Return on Equity |
| RTC | | Renewable Thermal Credit |
| S&P | | Standard & Poor's |
| Saratoga | | Saratoga Solar Electric Generation and BESS Facility |
| SIP | | State Implementation Plan |
| Supreme Court | | United States Supreme Court |
| Tax Legislation | | Tax Cuts and Jobs Act of 2017 |
| UFLPA | | Uyghur Forced Labor Prevention Act |
| Ursa | | Ursa Solar Electric Generation Facility |
| West Riverside | | West Riverside Energy Center |
| Whitetail | | Whitetail Wind Energy Generation Facility |
| Whitewater | | Whitewater Cogeneration Facility |
| WRO | | Withhold Release Order |
| | | | | | | | |
| 09/30/2024 Form 10-Q | iii | Wisconsin Electric Power Company |
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
In this report, we make statements concerning our expectations, beliefs, plans, objectives, goals, strategies, and future events or performance. These statements are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Readers are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements may be identified by reference to a future period or periods or by the use of terms such as "anticipates," "believes," "could," "estimates," "expects," "forecasts," "goals," "guidance," "intends," "may," "objectives," "plans," "possible," "potential," "projects," "seeks," "should," "targets," "will," or variations of these terms.
Forward-looking statements include, among other things, statements concerning management's expectations and projections regarding earnings, completion of capital projects, sales and customer growth, rate actions and related filings with regulatory authorities, environmental and other regulations, including associated compliance costs, legal proceedings, effective tax rates, pension and OPEB plans, fuel costs, sources of electric energy supply, coal and natural gas deliveries, remediation costs, climate-related matters, the ESG Progress Plan, liquidity and capital resources, and other matters.
Forward-looking statements are subject to a number of risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in the statements. These risks and uncertainties include those described in risk factors as set forth in our 2023 Annual Report on Form 10-K, and those identified below:
•Factors affecting utility operations such as catastrophic weather-related damage, environmental incidents, unplanned facility outages and repairs and maintenance, electric grid reliability, and electric transmission or natural gas pipeline system constraints;
•Factors affecting the demand for electricity and natural gas, including political or regulatory developments, varying, adverse, or unusually severe weather conditions, including those caused by climate change, changes in economic conditions, customer growth and declines, commodity prices, energy conservation efforts, and continued adoption of distributed generation by customers;
•The timing, resolution, and impact of rate cases and negotiations, including recovery of deferred and current costs and the ability to earn a reasonable return on investment, and other regulatory decisions impacting our regulated operations;
•The impact of federal, state, and local legislative and/or regulatory changes, including changes in rate-setting policies or procedures, the results of recent or upcoming rate orders, deregulation and restructuring of the electric and/or natural gas utility industries, transmission or distribution system operation, the approval process for new construction, reliability standards, pipeline integrity and safety standards, allocation of energy assistance, energy efficiency mandates, electrification initiatives and other efforts to reduce the use of natural gas, and tax laws, including those that affect our ability to use PTCs and ITCs, as well as changes in the interpretation and/or enforcement of any laws or regulations by regulatory agencies;
•Federal, state, and local legislative and regulatory changes relating to the environment, including climate change and other environmental regulations impacting generation facilities and renewable energy standards, the enforcement of these laws and regulations, changes in the interpretation of regulations or permit conditions by regulatory agencies, and the recovery of associated remediation and compliance costs;
•The ability to obtain and retain customers, including wholesale customers, due to increased competition in our electric and natural gas markets from retail choice and alternative electric suppliers, and continued industry consolidation;
•The timely completion of capital projects within budgets and the ability to recover the related costs through rates;
•The impact of changing expectations and demands of our customers, regulators, investors, and other stakeholders, including focus on environmental, social, and governance concerns;
•The risk of delays and shortages, and increased costs of equipment, materials, or other resources that are critical to our business operations and corporate strategy, as a result of supply chain disruptions (including disruptions from rail congestion), inflation, tariffs, and other factors;
•The impact of public health crises, including epidemics and pandemics, on our business functions, financial condition, liquidity, and results of operations;
| | | | | | | | |
| 09/30/2024 Form 10-Q | 1 | Wisconsin Electric Power Company |
•Factors affecting the implementation of WEC Energy Group's CO2 emission and/or methane emission reduction goals and opportunities and actions related to those goals, including related regulatory decisions, the cost of materials, supplies, and labor, technology advances, the feasibility of competing generation projects, and the ability to execute WEC Energy Group's capital plan;
•The financial and operational feasibility of taking more aggressive action to further reduce GHG emissions in order to limit future global temperature increases;
•The risks associated with inflation and changing commodity prices, including natural gas and electricity;
•The availability and cost of sources of natural gas and other fossil fuels, purchased power, materials needed to operate environmental controls at our electric generating facilities, or water supply due to high demand, shortages, transportation problems, nonperformance by electric energy or natural gas suppliers under existing power purchase or natural gas supply contracts, or other developments;
•Any impacts on the global economy, including from sanctions, and impacts on supply chains and fuel prices, generally, from ongoing, expanding, or escalating regional conflicts, including those in Ukraine, Israel, and other parts of the Middle East;
•Changes in credit ratings, interest rates, and our ability to access the capital markets, caused by volatility in the global credit markets, our capitalization structure, and market perceptions of the utility industry or us;
•Costs and effects of litigation, administrative proceedings, investigations, settlements, claims, and inquiries;
•The direct or indirect effect on our business resulting from terrorist or other physical attacks and cybersecurity intrusions, as well as the threat of such incidents, including the failure to maintain the security of personally identifiable information, the associated costs to protect our utility assets, technology systems, and personal information, and the costs to notify affected persons to mitigate their information security concerns and to comply with state notification laws;
•The risk of financial loss, including increases in bad debt expense, associated with the inability of our customers, counterparties, and affiliates to meet their obligations;
•Changes in the creditworthiness of the counterparties with whom we have contractual arrangements, including participants in the energy trading markets and fuel suppliers and transporters;
•The investment performance of our employee benefit plan assets, as well as unanticipated changes in related actuarial assumptions, which could impact future funding requirements;
•Factors affecting the employee workforce, including loss of key personnel, internal restructuring, work stoppages, and collective bargaining agreements and negotiations with union employees;
•Advances in technology, and related legislation or regulation supporting the use of that technology, that result in competitive disadvantages and create the potential for impairment of existing assets;
•The risk associated with the value of long-lived assets, including intangible assets, and their possible impairment;
•Potential business strategies to acquire and dispose of assets, which cannot be assured to be completed timely or within budgets;
•The timing and outcome of any audits, disputes, and other proceedings related to taxes;
•The effect of accounting pronouncements issued periodically by standard-setting bodies; and
•Other considerations disclosed elsewhere herein and in other reports we file with the SEC or in other publicly disseminated written documents.
Except as may be required by law, we expressly disclaim any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
| | | | | | | | |
| 09/30/2024 Form 10-Q | 2 | Wisconsin Electric Power Company |
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
WISCONSIN ELECTRIC POWER COMPANY
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited) | | Three Months Ended | | Nine Months Ended |
| September 30 | | September 30 |
| (in millions) | | 2024 | | 2023 | | 2024 | | 2023 |
| Operating revenues | | $ | 1,079.3 | | | $ | 1,103.1 | | | $ | 3,020.1 | | | $ | 3,095.3 | |
| | | | | | | | |
| Operating expenses | | | | | | | | |
| Cost of sales | | 353.9 | | | 394.3 | | | 986.0 | | | 1,131.3 | |
| Other operation and maintenance | | 241.6 | | | 236.6 | | | 720.6 | | | 674.9 | |
| Depreciation and amortization | | 145.5 | | | 132.8 | | | 427.1 | | | 389.9 | |
| Property and revenue taxes | | 17.0 | | | 28.5 | | | 77.1 | | | 86.8 | |
| Total operating expenses | | 758.0 | | | 792.2 | | | 2,210.8 | | | 2,282.9 | |
| | | | | | | | |
| Operating income | | 321.3 | | | 310.9 | | | 809.3 | | | 812.4 | |
| | | | | | | | |
| Other income, net | | 19.5 | | | 17.9 | | | 52.0 | | | 52.0 | |
| Interest expense | | 123.3 | | | 115.3 | | | 364.5 | | | 350.0 | |
| Other expense | | (103.8) | | | (97.4) | | | (312.5) | | | (298.0) | |
| | | | | | | | |
| Income before income taxes | | 217.5 | | | 213.5 | | | 496.8 | | | 514.4 | |
| Income tax expense | | 47.8 | | | 49.7 | | | 107.2 | | | 116.7 | |
| Net income | | 169.7 | | | 163.8 | | | 389.6 | | | 397.7 | |
| | | | | | | | |
| Preferred stock dividend requirements | | 0.3 | | | 0.3 | | | 0.9 | | | 0.9 | |
| Net income attributed to common shareholder | | $ | 169.4 | | | $ | 163.5 | | | $ | 388.7 | | | $ | 396.8 | |
The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements.
| | | | | | | | |
| 09/30/2024 Form 10-Q | 3 | Wisconsin Electric Power Company |
WISCONSIN ELECTRIC POWER COMPANY
| | | | | | | | | | | | | | |
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in millions, except share and per share amounts) | | September 30, 2024 | | December 31, 2023 |
| Assets | | | | |
| Current assets | | | | |
| Cash and cash equivalents | | $ | 253.4 | | | $ | 6.1 | |
Accounts receivable and unbilled revenues, net of reserves of $40.8 and $44.5, respectively | | 558.0 | | | 573.0 | |
| Accounts receivable from related parties | | 101.3 | | | 143.9 | |
| Materials, supplies, and inventories | | 313.8 | | | 310.6 | |
| Prepaid taxes | | 82.0 | | | 112.7 | |
| Other prepayments | | 16.0 | | | 26.7 | |
| | | | |
| Other | | 25.4 | | | 32.3 | |
| Current assets | | 1,349.9 | | | 1,205.3 | |
| | | | |
| Long-term assets | | | | |
Property, plant, and equipment, net of accumulated depreciation and amortization of $5,857.6 and $5,779.2, respectively | | 12,385.8 | | | 11,585.5 | |
Regulatory assets (September 30, 2024 and December 31, 2023 include $79.1 and $85.9, respectively, related to WEPCo Environmental Trust) | | 2,945.2 | | | 2,860.7 | |
| Pension and OPEB assets | | 74.7 | | | 71.0 | |
| Other | | 91.6 | | | 118.9 | |
| Long-term assets | | 15,497.3 | | | 14,636.1 | |
| Total assets | | $ | 16,847.2 | | | $ | 15,841.4 | |
| | | | |
| Liabilities and Equity | | | | |
| Current liabilities | | | | |
| Short-term debt | | $ | — | | | $ | 360.8 | |
Current portion of long-term debt (September 30, 2024 and December 31, 2023 include $9.1 and $9.0, respectively, related to WEPCo Environmental Trust) | | 559.1 | | | 309.0 | |
| Current portion of finance lease obligations | | 96.4 | | | 87.8 | |
| Accounts payable | | 349.9 | | | 332.1 | |
| Accounts payable to related parties | | 189.2 | | | 193.8 | |
| | | | |
| | | | |
| | | | |
| Other | | 201.7 | | | 201.4 | |
| Current liabilities | | 1,396.3 | | | 1,484.9 | |
| | | | |
| Long-term liabilities | | | | |
Long-term debt (September 30, 2024 and December 31, 2023 include $80.9 and $85.3, respectively, related to WEPCo Environmental Trust) | | 3,732.1 | | | 3,045.4 | |
| Finance lease obligations | | 2,776.0 | | | 2,752.2 | |
| Deferred income taxes | | 1,592.4 | | | 1,513.5 | |
| Regulatory liabilities | | 1,703.0 | | | 1,631.4 | |
| | | | |
| Other | | 354.7 | | | 330.5 | |
| Long-term liabilities | | 10,158.2 | | | 9,273.0 | |
| | | | |
| Commitments and contingencies (Note 21) | | | | |
| | | | |
| Common shareholder's equity | | | | |
Common stock – $10 par value; 65,000,000 shares authorized; 33,289,327 shares outstanding | | 332.9 | | | 332.9 | |
| Additional paid in capital | | 2,552.9 | | | 2,552.4 | |
| Retained earnings | | 2,376.5 | | | 2,167.8 | |
| Common shareholder's equity | | 5,262.3 | | | 5,053.1 | |
| | | | |
| Preferred stock | | 30.4 | | | 30.4 | |
| Total liabilities and equity | | $ | 16,847.2 | | | $ | 15,841.4 | |
The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements.
| | | | | | | | |
| 09/30/2024 Form 10-Q | 4 | Wisconsin Electric Power Company |
WISCONSIN ELECTRIC POWER COMPANY
| | | | | | | | | | | | | | |
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | | Nine Months Ended |
| | September 30 |
| (in millions) | | 2024 | | 2023 |
| Operating activities | | | | |
| Net income | | $ | 389.6 | | | $ | 397.7 | |
| Reconciliation to cash provided by operating activities | | | | |
| Depreciation and amortization | | 427.1 | | | 389.9 | |
| Deferred income taxes and ITCs, net | | 60.7 | | | 22.7 | |
| | | | |
| | | | |
| Change in – | | | | |
| Accounts receivable and unbilled revenues, net | | 52.1 | | | 52.3 | |
| Materials, supplies, and inventories | | (3.2) | | | 22.7 | |
| Prepaid taxes | | 30.7 | | | 32.7 | |
| | | | |
| | | | |
| | | | |
| Other current assets | | 22.1 | | | 12.2 | |
| Accounts payable | | (22.1) | | | (77.3) | |
| | | | |
| | | | |
| Accrued interest | | 31.3 | | | 34.5 | |
| | | | |
| Other current liabilities | | (5.4) | | | (25.3) | |
| Other, net | | 21.2 | | | (53.1) | |
| Net cash provided by operating activities | | 1,004.1 | | | 809.0 | |
| | | | |
| Investing activities | | | | |
| Capital expenditures | | (988.0) | | | (741.3) | |
| Acquisition of West Riverside | | (97.9) | | | (95.3) | |
| Acquisition of Whitewater | | — | | | (38.0) | |
| Proceeds from the sale of assets | | 1.2 | | | 24.3 | |
| Reimbursement for ATC's construction costs | | 6.2 | | | — | |
| Payments for ATC's construction costs that will be reimbursed | | (0.6) | | | (16.2) | |
| | | | |
| | | | |
| | | | |
| Other, net | | (2.7) | | | (7.4) | |
| Net cash used in investing activities | | (1,081.8) | | | (873.9) | |
| | | | |
| Financing activities | | | | |
| Change in short-term debt | | (360.8) | | | (424.7) | |
| Issuance of long-term debt | | 947.4 | | | — | |
| Retirement of long-term debt | | (4.5) | | | (4.4) | |
| Payments for finance lease obligations | | (64.9) | | | (56.8) | |
| Equity contribution from parent | | — | | | 775.0 | |
| Payment of dividends to parent | | (180.0) | | | (260.0) | |
| Other, net | | (10.0) | | | (0.9) | |
| Net cash provided by financing activities | | 327.2 | | | 28.2 | |
| | | | |
| Net change in cash, cash equivalents, and restricted cash | | 249.5 | | | (36.7) | |
| Cash, cash equivalents, and restricted cash at beginning of period | | 7.5 | | | 47.7 | |
| Cash, cash equivalents, and restricted cash at end of period | | $ | 257.0 | | | $ | 11.0 | |
The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements.
| | | | | | | | |
| 09/30/2024 Form 10-Q | 5 | Wisconsin Electric Power Company |
WISCONSIN ELECTRIC POWER COMPANY
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) | | | | | | |
| | | | | | | | | | | | |
| | Wisconsin Electric Power Company Common Shareholder's Equity | | | | |
| (in millions) | | Common Stock | | Additional Paid In Capital | | Retained Earnings | | Total Common Shareholder's Equity | | Preferred Stock | | Total Equity |
| Balance at December 31, 2023 | | $ | 332.9 | | | $ | 2,552.4 | | | $ | 2,167.8 | | | $ | 5,053.1 | | | $ | 30.4 | | | $ | 5,083.5 | |
| Net income attributed to common shareholder | | — | | | — | | | 134.0 | | | 134.0 | | | — | | | 134.0 | |
| Payment of dividends to parent | | — | | | — | | | (60.0) | | | (60.0) | | | — | | | (60.0) | |
| | | | | | | | | | | | |
| Stock-based compensation and other | | — | | | 0.5 | | | (0.1) | | | 0.4 | | | — | | | 0.4 | |
| Balance at March 31, 2024 | | $ | 332.9 | | | $ | 2,552.9 | | | $ | 2,241.7 | | | $ | 5,127.5 | | | $ | 30.4 | | | $ | 5,157.9 | |
| Net income attributed to common shareholder | | — | | | — | | | 85.3 | | | 85.3 | | | — | | | 85.3 | |
| Payment of dividends to parent | | — | | | — | | | (60.0) | | | (60.0) | | | — | | | (60.0) | |
| Stock-based compensation and other | | — | | | — | | | 0.1 | | | 0.1 | | | — | | | 0.1 | |
| Balance at June 30, 2024 | | $ | 332.9 | | | $ | 2,552.9 | | | $ | 2,267.1 | | | $ | 5,152.9 | | | $ | 30.4 | | | $ | 5,183.3 | |
| Net income attributed to common shareholder | | — | | | — | | | 169.4 | | | 169.4 | | | — | | | 169.4 | |
| Payment of dividends to parent | | — | | | — | | | (60.0) | | | (60.0) | | | — | | | (60.0) | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| Balance at September 30, 2024 | | $ | 332.9 | | | $ | 2,552.9 | | | $ | 2,376.5 | | | $ | 5,262.3 | | | $ | 30.4 | | | $ | 5,292.7 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Wisconsin Electric Power Company Common Shareholder's Equity | | | | |
| (in millions) | | Common Stock | | Additional Paid In Capital | | Retained Earnings | | Total Common Shareholder's Equity | | Preferred Stock | | Total Equity |
| Balance at December 31, 2022 | | $ | 332.9 | | | $ | 1,746.8 | | | $ | 2,057.1 | | | $ | 4,136.8 | | | $ | 30.4 | | | $ | 4,167.2 | |
| Net income attributed to common shareholder | | — | | | — | | | 121.7 | | | 121.7 | | | — | | | 121.7 | |
| Payment of dividends to parent | | — | | | — | | | (60.0) | | | (60.0) | | | — | | | (60.0) | |
| Equity contribution from parent | | — | | | 415.0 | | | — | | | 415.0 | | | — | | | 415.0 | |
| Stock-based compensation and other | | — | | | 0.5 | | | 0.1 | | | 0.6 | | | — | | | 0.6 | |
| Balance at March 31, 2023 | | $ | 332.9 | | | $ | 2,162.3 | | | $ | 2,118.9 | | | $ | 4,614.1 | | | $ | 30.4 | | | $ | 4,644.5 | |
| Net income attributed to common shareholder | | — | | | — | | | 111.6 | | | 111.6 | | | — | | | 111.6 | |
| Payment of dividends to parent | | — | | | — | | | (60.0) | | | (60.0) | | | — | | | (60.0) | |
| Equity contribution from parent | | — | | | 290.0 | | | — | | | 290.0 | | | — | | | 290.0 | |
| Balance at June 30, 2023 | | $ | 332.9 | | | $ | 2,452.3 | | | $ | 2,170.5 | | | $ | 4,955.7 | | | $ | 30.4 | | | $ | 4,986.1 | |
| Net income attributed to common shareholder | | — | | | — | | | 163.5 | | | 163.5 | | | — | | | 163.5 | |
| Payment of dividends to parent | | — | | | — | | | (140.0) | | | (140.0) | | | — | | | (140.0) | |
| Equity contribution from parent | | — | | | 70.0 | | | — | | | 70.0 | | | — | | | 70.0 | |
| Stock-based compensation and other | | — | | | 0.1 | | | (0.1) | | | — | | | — | | | — | |
| Balance at September 30, 2023 | | $ | 332.9 | | | $ | 2,522.4 | | | $ | 2,193.9 | | | $ | 5,049.2 | | | $ | 30.4 | | | $ | 5,079.6 | |
The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements.
| | | | | | | | |
| 09/30/2024 Form 10-Q | 6 | Wisconsin Electric Power Company |
WISCONSIN ELECTRIC POWER COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
September 30, 2024
NOTE 1—GENERAL INFORMATION
Wisconsin Electric Power Company serves approximately 1.2 million electric customers and 0.5 million natural gas customers.
As used in these notes, the term "financial statements" refers to the condensed consolidated financial statements. This includes the income statements, balance sheets, statements of cash flows, and statements of equity, unless otherwise noted. In this report, when we refer to "the Company," "us," "we," "our," or "ours," we are referring to Wisconsin Electric Power Company and its subsidiary.
On our financial statements, we consolidate VIEs of which we are the primary beneficiary.
We have prepared the unaudited interim financial statements presented in this Form 10-Q pursuant to the rules and regulations of the SEC and GAAP. Accordingly, these financial statements do not include all of the information and footnotes required by GAAP for annual financial statements. These financial statements should be read in conjunction with the consolidated financial statements and footnotes in our Annual Report on Form 10-K for the year ended December 31, 2023. Financial results for an interim period may not give a true indication of results for the year. In particular, the results of operations for the three and nine months ended September 30, 2024, are not necessarily indicative of expected results for 2024 due to seasonal variations and other factors.
In management's opinion, we have included all adjustments, normal and recurring in nature, necessary for a fair presentation of our financial results.
NOTE 2—ACQUISITIONS
In accordance with Topic 805: Clarifying the Definition of a Business (ASU 2017-01), transactions are evaluated and are accounted for as acquisitions of assets or businesses, and transaction costs are capitalized in asset acquisitions. It was determined that all of the below acquisitions met the criteria of asset acquisitions.
Acquisitions of Electric Generation Facilities in Wisconsin
In May 2024, we completed the acquisition of 100 MWs of West Riverside's nameplate capacity for $97.9 million. West Riverside is a commercially operational dual fueled combined cycle generation facility in Beloit, Wisconsin. Prior to the acquisition, WPS received approval to transfer its ownership interest rights to us. Including this acquisition, we own 200 MWs, or 27.5%, of West Riverside at a total cost of $193.2 million.
In January 2023, we, along with WPS, completed the acquisition of Whitewater, a commercially operational 236.5 MW dual fueled (natural gas and low sulfur fuel oil) combined cycle electric generation facility in Whitewater, Wisconsin. Our share of the cost of this facility was $38.0 million for 50% of the capacity.
NOTE 3—DISPOSITION
Sale of Real Estate
In June 2023, we sold approximately 192 acres of real estate at our former Pleasant Prairie power plant site that was no longer being utilized in our operations, for $23.0 million, which is net of closing costs. As a result of the sale, a pre-tax gain in the amount of $22.2 million was recorded within other operation and maintenance expense on our income statement. The book value of the real estate included in the sale was not material and, therefore, was not presented as held for sale.
| | | | | | | | |
| 09/30/2024 Form 10-Q | 7 | Wisconsin Electric Power Company |
NOTE 4—OPERATING REVENUES
For more information about our operating revenues, see Note 1(d), Operating Revenues, in our 2023 Annual Report on Form 10-K.
Disaggregation of Operating Revenues
The following tables present our operating revenues disaggregated by revenue source for our utility segment. We do not have any revenues associated with our other segment. We disaggregate revenues into categories that depict how the nature, amount, timing, and uncertainty of revenues and cash flows are affected by economic factors. Revenues are further disaggregated by electric and natural gas operations and then by customer class. Each customer class within our electric and natural gas operations has different expectations of service, energy and demand requirements, and can be impacted differently by regulatory activities within their jurisdictions.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30 | | Nine Months Ended September 30 |
| (in millions) | | 2024 | | 2023 | | 2024 | | 2023 |
| Wisconsin Electric Power Company | | | | | | | | |
| Electric utility | | $ | 1,028.6 | | | $ | 1,052.5 | | | $ | 2,706.2 | | | $ | 2,721.3 | |
| Natural gas utility | | 48.2 | | | 47.8 | | | 302.6 | | | 362.1 | |
| Total revenues from contracts with customers | | 1,076.8 | | | 1,100.3 | | | 3,008.8 | | | 3,083.4 | |
| Other operating revenues | | 2.5 | | | 2.8 | | | 11.3 | | | 11.9 | |
| Total operating revenues | | $ | 1,079.3 | | | $ | 1,103.1 | | | $ | 3,020.1 | | | $ | 3,095.3 | |
| | | | | | | | |
Revenues from Contracts with Customers
Electric Utility Operating Revenues
The following table disaggregates electric utility operating revenues into customer class:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30 | | Nine Months Ended September 30 |
| (in millions) | | 2024 | | 2023 | | 2024 | | 2023 |
| Residential | | $ | 454.7 | | | $ | 445.9 | | | $ | 1,162.6 | | | $ | 1,141.6 | |
| Small commercial and industrial | | 331.2 | | | 327.7 | | | 900.9 | | | 899.8 | |
| Large commercial and industrial | | 186.8 | | | 189.5 | | | 466.2 | | | 480.2 | |
| Other | | 4.9 | | | 4.9 | | | 15.4 | | | 15.4 | |
| Total retail revenues | | 977.6 | | | 968.0 | | | 2,545.1 | | | 2,537.0 | |
| Wholesale | | 11.1 | | | 10.4 | | | 35.8 | | | 32.4 | |
| Resale | | 35.8 | | | 70.0 | | | 104.6 | | | 130.0 | |
| Steam | | 2.5 | | | 2.5 | | | 17.3 | | | 18.2 | |
| Other utility revenues | | 1.6 | | | 1.6 | | | 3.4 | | | 3.7 | |
| Total electric utility operating revenues | | $ | 1,028.6 | | | $ | 1,052.5 | | | $ | 2,706.2 | | | $ | 2,721.3 | |
| | | | | | | | |
Natural Gas Utility Operating Revenues
The following table disaggregates natural gas utility operating revenues into customer class:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30 | | Nine Months Ended September 30 |
| (in millions) | | 2024 | | 2023 | | 2024 | | 2023 |
| Residential | | $ | 24.4 | | | $ | 26.9 | | | $ | 198.3 | | | $ | 241.2 | |
| Commercial and industrial | | 7.9 | | | 9.2 | | | 82.9 | | | 110.1 | |
| Total retail revenues | | 32.3 | | | 36.1 | | | 281.2 | | | 351.3 | |
| Transportation | | 4.8 | | | 4.2 | | | 17.5 | | | 15.6 | |
Other utility revenues (1) | | 11.1 | | | 7.5 | | | 3.9 | | | (4.8) | |
| Total natural gas utility operating revenues | | $ | 48.2 | | | $ | 47.8 | | | $ | 302.6 | | | $ | 362.1 | |
(1)Includes the revenues subject to our purchased gas recovery mechanism, which fluctuate based on actual natural gas costs incurred, compared with the recovery of natural gas costs that were anticipated in rates.
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| 09/30/2024 Form 10-Q | 8 | Wisconsin Electric Power Company |
Other Operating Revenues
Other operating revenues consist primarily of the following:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30 | | Nine Months Ended September 30 |
| (in millions) | | 2024 | | 2023 | | 2024 | | 2023 |
| Late payment charges | | $ | 2.4 | | | $ | 2.6 | | | $ | 8.8 | | | $ | 9.6 | |
| Rental revenues | | 0.2 | | | 0.5 | | | 2.3 | | | 2.2 | |
Alternative revenues (1) | | (0.1) | | | (0.3) | | | 0.2 | | | 0.1 | |
| Total other operating revenues | | $ | 2.5 | | | $ | 2.8 | | | $ | 11.3 | | | $ | 11.9 | |
(1)Negative amounts can result from alternative revenues being reversed to revenues from contracts with customers as the customer is billed for these alternative revenues. Negative amounts can also result from revenues to be refunded to wholesale customers subject to true-ups. For more information about our alternative revenues, see Note 1(d), Operating Revenues, in our 2023 Annual Report on Form 10-K.
NOTE 5—CREDIT LOSSES
Our exposure to credit losses is related to our accounts receivable and unbilled revenue balances, which are generated from the sale of electricity and natural gas by our regulated utility operations. Our regulated utility operations are included in our utility segment. No accounts receivable and unbilled revenue balances were reported in the other segment at September 30, 2024 and December 31, 2023.
We evaluate the collectability of our accounts receivable and unbilled revenue balances considering a combination of factors. For some of our larger customers and also in circumstances where we become aware of a specific customer's inability to meet its financial obligations to us, we record a specific allowance for credit losses against amounts due in order to reduce the net recognized receivable to the amount we reasonably believe will be collected. For all other customers, we use the accounts receivable aging method to calculate an allowance for credit losses. Using this method, we classify accounts receivable into different aging buckets and calculate a reserve percentage for each aging bucket based upon historical loss rates. The calculated reserve percentages are updated on at least an annual basis, in order to ensure recent macroeconomic, political, and regulatory trends are captured in the calculation, to the extent possible. Risks identified that we do not believe are reflected in the calculated reserve percentages, are assessed on a quarterly basis to determine whether further adjustments are required.
We monitor our ongoing credit exposure through active review of counterparty accounts receivable balances against contract terms and due dates. Our activities include timely account reconciliation, dispute resolution and payment confirmation. To the extent possible, we work with customers with past due balances to negotiate payment plans, but will disconnect customers for non-payment as allowed by the PSCW, if necessary, and employ collection agencies and legal counsel to pursue recovery of defaulted receivables. For our larger customers, detailed credit review procedures may be performed in advance of any sales being made. We sometimes require letters of credit, parental guarantees, prepayments or other forms of credit assurance from our larger customers to mitigate credit risk.
We have included a table below that shows our gross third-party receivable balances and related allowance for credit losses.
| | | | | | | | | | | | | | |
| (in millions) | | September 30, 2024 | | December 31, 2023 |
| Accounts receivable and unbilled revenues | | $ | 598.8 | | | $ | 617.5 | |
| Allowance for credit losses | | 40.8 | | | 44.5 | |
Accounts receivable and unbilled revenues, net (1) | | $ | 558.0 | | | $ | 573.0 | |
| | | | |
Total accounts receivable, net – past due greater than 90 days (1) | | $ | 32.2 | | | $ | 37.2 | |
Past due greater than 90 days – collection risk mitigated by regulatory mechanisms (1) | | 94.0 | % | | 94.1 | % |
(1)Our exposure to credit losses for certain regulated utility customers is mitigated by a regulatory mechanism we have in place. Specifically, our residential tariffs include a mechanism for cost recovery or refund of uncollectible expense based on the difference between actual uncollectible write-offs and the amounts recovered in rates. As a result, at September 30, 2024, $306.3 million, or 54.9%, of our net accounts receivable and unbilled revenues balance had regulatory protections in place to mitigate the exposure to credit losses.
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| 09/30/2024 Form 10-Q | 9 | Wisconsin Electric Power Company |
A rollforward of the allowance for credit losses is included below:
| | | | | | | | | | | | | | |
| | Three Months Ended September 30 |
| (in millions) | | 2024 | | 2023 |
| Balance at July 1 | | $ | 42.0 | | | $ | 45.1 | |
| Provision for credit losses | | 8.4 | | | 5.4 | |
| Provision for credit losses deferred for future recovery or refund | | 7.9 | | | 11.5 | |
| Write-offs charged against the allowance | | (23.7) | | | (24.1) | |
| Recoveries of amounts previously written off | | 6.2 | | | 4.4 | |
| Balance at September 30 | | $ | 40.8 | | | $ | 42.3 | |
| | | | | | | | | | | | | | |
| | Nine Months Ended September 30 |
| (in millions) | | 2024 | | 2023 |
| Balance at January 1 | | $ | 44.5 | | | $ | 49.7 | |
| Provision for credit losses | | 23.6 | | | 16.7 | |
| Provision for credit losses deferred for future recovery or refund | | 28.6 | | | 27.0 | |
| Write-offs charged against the allowance | | (75.2) | | | (65.7) | |
| Recoveries of amounts previously written off | | 19.3 | | | 14.6 | |
| Balance at September 30 | | $ | 40.8 | | | $ | 42.3 | |
There was a $3.7 million decrease in the allowance for credit losses at September 30, 2024, compared to January 1, 2024, largely driven by customer write-offs related to the winter moratorium months ending. After a customer is disconnected for a period of time without payment on their account, we will write off that customer balance. The winter moratorium begins on November 1 and ends on April 15. Also contributing to the decrease in the allowance for credit losses, we have seen lower required reserve percentages as a result of an improvement in loss rates. We also believe that the lower energy costs that customers were seeing, which were driven by warmer than normal weather conditions in the first half of 2024 and low average natural gas prices, contributed to a reduction in past due accounts receivable balances and a related decrease in the allowance for credit losses.
There was a $7.4 million decrease in the allowance for credit losses at September 30, 2023, compared to January 1, 2023, driven by customer write-offs related to the end of the winter moratorium. In addition, lower energy costs driven by lower natural gas prices contributed to a reduction in past due accounts receivable balances and a related decrease in the allowance for credit losses.
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| 09/30/2024 Form 10-Q | 10 | Wisconsin Electric Power Company |
NOTE 6—REGULATORY ASSETS AND LIABILITIES
The following regulatory assets and liabilities were reflected on our balance sheets at September 30, 2024 and December 31, 2023. For more information on our regulatory assets and liabilities, see Note 7, Regulatory Assets and Liabilities, in our 2023 Annual Report on Form 10-K.
| | | | | | | | | | | | | | |
| (in millions) | | September 30, 2024 | | December 31, 2023 |
| Regulatory assets | | | | |
| We Power finance leases | | $ | 1,132.7 | | | $ | 1,109.7 | |
Plant retirement related items (1) | | 666.1 | | | 595.5 | |
| Income tax related items | | 364.3 | | | 373.1 | |
| Pension and OPEB costs | | 353.7 | | | 348.9 | |
| System support resource | | 105.5 | | | 113.2 | |
| Uncollectible expense | | 90.9 | | | 62.1 | |
| Securitization | | 79.1 | | | 85.9 | |
| AROs | | 51.6 | | | 41.2 | |
| Bluewater Natural Gas Holding, LLC | | 20.1 | | | 17.2 | |
| Energy efficiency programs | | 17.9 | | | 23.3 | |
| Environmental remediation costs | | 10.7 | | | 12.2 | |
| Derivatives | | 7.4 | | | 45.2 | |
| Other, net | | 45.2 | | | 33.2 | |
| Total regulatory assets | | $ | 2,945.2 | | | $ | 2,860.7 | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
(1) At September 30, 2024, plant retirement related items included $20.5 million of capitalized retirement costs related to the new EPA CCR Rule that was enacted in April 2024. See Note 21, Commitments and Contingencies, for more information.
| | | | | | | | | | | | | | |
| (in millions) | | September 30, 2024 | | December 31, 2023 |
| Regulatory liabilities | | | | |
| Removal costs | | $ | 799.0 | | | $ | 758.9 | |
| Income tax related items | | 657.5 | | | 683.5 | |
| Pension and OPEB benefits | | 126.0 | | | 124.0 | |
| Energy costs refundable through rate adjustments | | 27.0 | | | 5.5 | |
Paris (1) | | 26.7 | | | — | |
| Electric transmission costs | | 19.4 | | | 23.9 | |
| Other, net | | 48.9 | | | 40.9 | |
| Total regulatory liabilities | | $ | 1,704.5 | | | $ | 1,636.7 | |
| | | | |
| Balance sheet presentation | | | | |
| Other current liabilities | | $ | 1.5 | | | $ | 5.3 | |
| Regulatory liabilities | | 1,703.0 | | | 1,631.4 | |
| Total regulatory liabilities | | $ | 1,704.5 | | | $ | 1,636.7 | |
(1)In accordance with our rate order approved by the PSCW in December 2023, we are deferring to a future rate proceeding the incremental revenue requirement impact associated with the change to the in-service date of Paris.
Oak Creek Power Plant Units 5-6
In May 2024, OCPP Units 5 and 6 were retired. Due to the retirement of these units and the determination that recovery was probable, their net book value of $76.8 million at September 30, 2024 was classified as a regulatory asset. In addition, a $43.8 million cost of removal reserve related to the units continued to be classified as a regulatory liability at September 30, 2024. Not included in these amounts was $9.0 million of deferred tax liabilities previously recorded for the retired units. Effective with our rate order issued by the PSCW in December 2022, we received approval to collect a return of and on the entire net book value of OCPP Units 5 and 6 and, as a result, will continue to amortize the regulatory asset on a straight-line basis, using the composite depreciation rates approved by the PSCW before the units were retired. The amortization is included in depreciation and amortization on the income statement. We also intend to request FERC approval to continue to collect the net book value of OCPP Units 5 and 6 using the approved composite depreciation rates, in addition to a return on the remaining net book value.
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| 09/30/2024 Form 10-Q | 11 | Wisconsin Electric Power Company |
NOTE 7—PROPERTY, PLANT, AND EQUIPMENT
Plant to be Retired
Oak Creek Power Plant Units 7-8
As a result of a PSCW approval in December 2022 for the acquisition and construction of Darien, the retirement of OCPP Units 7 and 8 became probable. Subsequently, we have received PSCW approval for Koshkonong, and have also acquired additional projects. See Note 2, Acquisitions, for more information on the acquisitions. OCPP Units 7 and 8 are expected to be retired by late 2025. The total net book value of our ownership share of OCPP Units 7 and 8 was $666.7 million at September 30, 2024, which does not include deferred taxes. This amount was classified as plant to be retired within property, plant, and equipment on our balance sheet. These units are included in rate base, and we continue to depreciate them on a straight-line basis using the composite depreciation rates approved by the PSCW.
NOTE 8—ASSET RETIREMENT OBLIGATIONS
We have recorded AROs primarily for asbestos abatement at certain generation and substation facilities; the removal and dismantlement of a biomass generation facility; the dismantling of wind and solar generation projects; and the closure of CCR landfills at certain generation facilities. We establish regulatory assets and liabilities to record the differences between ongoing expense recognition under the ARO accounting rules and the ratemaking practices for retirement costs authorized by the PSCW.
On our balance sheets, AROs are recorded within other long-term liabilities. The following table shows changes to our AROs:
| | | | | | | | | | | | | | |
| (in millions) | | 2024 | | 2023 |
| Balance at January 1 | | $ | 73.1 | | | $ | 71.7 | |
| Accretion | | 2.0 | | | 1.4 | |
| Additions | | 34.0 | | (1) | — | |
| | | | |
| | | | |
| Balance at September 30 | | $ | 109.1 | | | $ | 73.1 | |
(1) AROs increased primarily as a result of AROs being recorded related to the new EPA CCR Rule that was enacted in April 2024. See Note 21, Commitments and Contingencies, for more information.
NOTE 9—COMMON EQUITY
Various financing arrangements and regulatory requirements impose certain restrictions on our ability to transfer funds to WEC Energy Group in the form of cash dividends, loans, or advances. In addition, Wisconsin law prohibits us from making loans to or guaranteeing obligations of WEC Energy Group or its subsidiaries. See Note 11, Common Equity, in our 2023 Annual Report on Form 10-K for additional information on these and other restrictions.
We do not believe that these restrictions will materially affect our operations or limit any dividend payments in the foreseeable future.
NOTE 10—SHORT-TERM DEBT AND LINES OF CREDIT
The following table shows our short-term borrowings and their corresponding weighted-average interest rates as of December 31, 2023. We did not have any short-term borrowings at September 30, 2024.
| | | | | | | | | | | | | | |
| (in millions, except percentages) | | September 30, 2024 | | December 31, 2023 |
| Commercial paper | | | | |
| Amount outstanding | | $ | — | | | $ | 360.8 | |
| Weighted-average interest rate on amounts outstanding | | — | % | | 5.48 | % |
Our average amount of commercial paper borrowings based on daily outstanding balances during the nine months ended September 30, 2024 was $210.4 million with a weighted-average interest rate during the period of 5.46%.
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| 09/30/2024 Form 10-Q | 12 | Wisconsin Electric Power Company |
The information in the table below relates to our revolving credit facility used to support our commercial paper borrowing program, including available capacity under this facility:
| | | | | | | | | | | | | | |
| (in millions) | | Maturity | | September 30, 2024 |
| Revolving credit facility | | September 2026 | | $ | 500.0 | |
| | | | |
| Less: | | | | |
| Letters of credit issued inside credit facility | | | | 1.0 | |
| Commercial paper outstanding | | | | — | |
| Available capacity under existing credit facility | | | | $ | 499.0 | |
NOTE 11—LONG-TERM DEBT
In May 2024, we issued $350.0 million of 5.00% Debentures, due May 15, 2029, and used the net proceeds to repay short-term debt and for other general corporate purposes.
In September 2024, we issued $300.0 million of 4.60% Debentures due October 1, 2034 and $300.0 million of 5.05% Debentures due October 1, 2054, and used the net proceeds to repay short-term debt and for other general corporate purposes.
NOTE 12—LEASES
In July 2024, we, along with WPS, partnered with an unaffiliated utility to acquire and construct Koshkonong, a utility-scale solar-powered electric generating facility located in Dane County, Wisconsin. Commercial operation of the project is targeted at the end of 2026. Related to our investment in Koshkonong, we, WPS, and our unaffiliated utility partner, entered into several land leases that commenced in the third quarter of 2024. Each lease has an initial construction term that ends upon achieving commercial operation, then automatically extends for 25 years with an option for an additional 25-year extension. We expect the optional extension to be exercised, and, as a result, these land leases are being amortized over the extended term of the leases. Once Koshkonong achieves commercial operation, the lease liability will be remeasured to reflect the final total acres being leased. We expect to recover the lease payments through rates.
Our total obligation under the land-related finance leases for Koshkonong was $84.8 million at September 30, 2024, and was included in finance lease obligations on our balance sheet. Our finance lease right of use asset related to Koshkonong was $83.7 million as of September 30, 2024, and was included in property, plant, and equipment on our balance sheet. Our weighted-average discount rate for the Koshkonong finance leases was 6.05%. We used an estimate of the fully collateralized incremental borrowing rate based upon information available for similarly rated companies in determining the present value of lease payments.
Future minimum lease payments and the corresponding present value of our net minimum lease payments under the finance leases for Koshkonong as of September 30, 2024, were as follows:
| | | | | | | | |
| (in millions) | | |
| Three Months Ended December 31, 2024 | | $ | — | |
| 2025 | | 1.5 | |
| 2026 | | 1.1 | |
| 2027 | | 4.4 | |
| 2028 | | 4.5 | |
| 2029 | | 4.6 | |
| Thereafter | | 358.5 | |
| Total minimum lease payments | | 374.6 | |
| Less: Interest | | (289.8) | |
| Present value of minimum lease payments | | 84.8 | |
| Less: Short-term lease liabilities | | — | |
| Long-term lease liabilities | | $ | 84.8 | |
| | | | | | | | |
| 09/30/2024 Form 10-Q | 13 | Wisconsin Electric Power Company |
NOTE 13—MATERIALS, SUPPLIES, AND INVENTORIES
Our inventories consisted of:
| | | | | | | | | | | | | | |
| (in millions) | | September 30, 2024 | | December 31, 2023 |
| Materials and supplies | | $ | 218.2 | | | $ | 186.6 | |
| Fossil fuel | | 48.0 | | | 74.5 | |
| Natural gas in storage | | 47.6 | | | 49.5 | |
| Total | | $ | 313.8 | | | $ | 310.6 | |
Substantially all materials and supplies, fossil fuel, and natural gas in storage inventories are recorded using the weighted-average cost method of accounting.
NOTE 14—INCOME TAXES
The provision for income taxes differs from the amount of income tax determined by applying the applicable United States statutory federal income tax rate to income before income taxes as a result of the following:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, 2024 | | Three Months Ended September 30, 2023 |
| (in millions) | | Amount | | Effective Tax Rate | | Amount | | Effective Tax Rate |
| Statutory federal income tax | | $ | 45.6 | | | 21.0 | % | | $ | 44.7 | | | 21.0 | % |
| State income taxes net of federal tax benefit | | 13.2 | | | 6.1 | % | | 12.8 | | | 6.0 | % |
| Federal excess deferred tax amortization | | (6.9) | | | (3.2) | % | | (7.2) | | | (3.4) | % |
| PTCs, net | | (6.1) | | | (2.8) | % | | (2.7) | | | (1.3) | % |
| AFUDC-Equity | | (2.9) | | | (1.3) | % | | (3.0) | | | (1.4) | % |
| Domestic production activities deferral | | 2.1 | | | 1.0 | % | | 2.3 | | | 1.1 | % |
| | | | | | | | |
| Other, net | | 2.8 | | | 1.2 | % | | 2.8 | | | 1.3 | % |
| Total income tax expense | | $ | 47.8 | | | 22.0 | % | | $ | 49.7 | | | 23.3 | % |
| | | | | | | | |
| | Nine Months Ended September 30, 2024 | | Nine Months Ended September 30, 2023 |
| (in millions) | | Amount | | Effective Tax Rate | | Amount | | Effective Tax Rate |
| Statutory federal income tax | | $ | 104.1 | | | 21.0 | % | | $ | 107.8 | | | 21.0 | % |
| State income taxes net of federal tax benefit | | 29.7 | | | 6.0 | % | | 30.8 | | | 6.0 | % |
| | | | | | | | |
| Federal excess deferred tax amortization | | (16.1) | | | (3.2) | % | | (17.2) | | | (3.4) | % |
| PTCs, net | | (14.3) | | | (2.9) | % | | (9.6) | | | (1.9) | % |
| AFUDC-Equity | | (8.0) | | | (1.6) | % | | (7.1) | | | (1.4) | % |
| | | | | | | | |
| Domestic production activities deferral | | 4.9 | | | 1.0 | % | | 5.3 | | | 1.0 | % |
| Other, net | | 6.9 | | | 1.3 | % | | 6.7 | | | 1.4 | % |
| Total income tax expense | | $ | 107.2 | | | 21.6 | % | | $ | 116.7 | | | 22.7 | % |
The effective tax rates for the three and nine months ended September 30, 2024, do not materially differ from the United States statutory federal income tax rate of 21%. This is primarily due to the impact of the protected deferred tax benefits associated with the Tax Legislation, as discussed in more detail below, and PTCs, offset by state income taxes.
The effective tax rates for the three and nine months ended September 30, 2023, differ from the United States statutory federal income tax rate of 21%, primarily due to state income taxes. This item was partially offset by the impact of the protected deferred tax benefits associated with the Tax Legislation, as discussed in more detail below.
The Tax Legislation required us to remeasure the deferred income taxes at our utility segment, and we began to amortize the resulting excess protected deferred income taxes beginning in 2018 in accordance with normalization requirements (see federal excess deferred tax amortization lines above). See Note 24, Regulatory Environment, in our 2023 Annual Report on Form 10-K for more information about the impact of the Tax Legislation.
The IRA contains a tax credit transferability provision that allows us to sell PTCs produced after December 31, 2022, to third parties. In September 2023 and May 2024, under this transferability provision, WEC Energy Group entered into agreements to sell substantially all of the PTCs we generated in 2023 and substantially all of the PTCs expected to be generated in 2024 to third parties.
| | | | | | | | |
| 09/30/2024 Form 10-Q | 14 | Wisconsin Electric Power Company |
We elect to account for tax credits transferred under the scope of Accounting Standards Codification 740. We include the discount from the sale of tax credits as a component of income tax expense. We also include any expected proceeds from the sale of tax credits in the evaluation of the realizability of deferred tax assets related to PTCs. The sale of tax credits is presented in the operating activities section of the statements of cash flows consistent with the presentation of cash taxes paid.
In April 2023, the IRS issued Revenue Procedure 2023-15, which provides a safe harbor method of accounting that taxpayers may use to determine whether expenses to repair, maintain, replace, or improve natural gas transmission and distribution property must be capitalized for tax purposes. We adopted the safe harbor method of accounting on our 2023 tax return which increased our deferred tax liabilities.
NOTE 15—FAIR VALUE MEASUREMENTS
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price).
Fair value accounting rules provide a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are defined as follows:
Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2 – Pricing inputs are observable, either directly or indirectly, but are not quoted prices included within Level 1. Level 2 includes those financial instruments that are valued using external inputs within models or other valuation methods.
Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methods that result in management's best estimate of fair value. Level 3 instruments include those that may be more structured or otherwise tailored to customers' needs.
Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. We use a mid-market pricing convention (the mid-point price between bid and ask prices) as a practical measure for valuing certain derivative assets and liabilities. We primarily use a market approach for recurring fair value measurements and attempt to use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs.
When possible, we base the valuations of our derivative assets and liabilities on quoted prices for identical assets and liabilities in active markets. These valuations are classified in Level 1. The valuations of certain contracts not classified as Level 1 may be based on quoted market prices received from counterparties and/or observable inputs for similar instruments. Transactions valued using these inputs are classified in Level 2. Certain derivatives, such as FTRs, are categorized in Level 3 due to the significance of unobservable or internally-developed inputs. Our FTRs are valued using MISO auction prices.
The following tables summarize our financial assets and liabilities that were accounted for at fair value on a recurring basis, categorized by level within the fair value hierarchy:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | September 30, 2024 |
| (in millions) | | Level 1 | | Level 2 | | Level 3 | | Total |
| Derivative assets | | | | | | | | |
| Natural gas contracts | | $ | 2.2 | | | $ | 0.9 | | | $ | — | | | $ | 3.1 | |
| FTRs | | — | | | — | | | 4.5 | | | 4.5 | |
| | | | | | | | |
| Total derivative assets | | $ | 2.2 | | | $ | 0.9 | | | $ | 4.5 | | | $ | 7.6 | |
| | | | | | | | |
| Derivative liabilities | | | | | | | | |
| Natural gas contracts | | $ | 4.9 | | | $ | 1.2 | | | $ | — | | | $ | 6.1 | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| 09/30/2024 Form 10-Q | 15 | Wisconsin Electric Power Company |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | December 31, 2023 |
| (in millions) | | Level 1 | | Level 2 | | Level 3 | | Total |
| Derivative assets | | | | | | | | |
| Natural gas contracts | | $ | 0.9 | | | $ | 1.3 | | | $ | — | | | $ | 2.2 | |
| FTRs | | — | | | — | | | 2.5 | | | 2.5 | |
| | | | | | | | |
| Total derivative assets | | $ | 0.9 | | | $ | 1.3 | | | $ | 2.5 | | | $ | 4.7 | |
| | | | | | | | |
| Derivative liabilities | | | | | | | | |
| Natural gas contracts | | $ | 16.1 | | | $ | 3.1 | | | $ | — | | | $ | 19.2 | |
| Coal contracts | | — | | | 19.3 | | | — | | | 19.3 | |
| Total derivative liabilities | | $ | 16.1 | | | $ | 22.4 | | | $ | — | | | $ | 38.5 | |
The derivative assets and liabilities listed in the tables above include options, futures, physical commodity contracts, and other instruments used to manage market risks related to changes in commodity prices. They also include FTRs, which are used to manage electric transmission congestion costs in the MISO Energy and Operating Reserves Markets.
The following table summarizes the changes to derivatives classified as Level 3 in the fair value hierarchy:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30 | | Nine Months Ended September 30 |
| (in millions) | | 2024 | | 2023 | | 2024 | | 2023 |
| Balance at the beginning of the period | | $ | 9.7 | | | $ | 6.9 | | | $ | 2.5 | | | $ | 2.0 | |
| Purchases | | — | | | — | | | 12.1 | | | 8.1 | |
| Settlements | | (5.2) | | | (3.0) | | | (10.1) | | | (6.2) | |
| Balance at the end of the period | | $ | 4.5 | | | $ | 3.9 | | | $ | 4.5 | | | $ | 3.9 | |
Fair Value of Financial Instruments
The following table shows the financial instruments included on our balance sheets that were not recorded at fair value:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | September 30, 2024 | | December 31, 2023 |
| (in millions) | | Carrying Amount | | Fair Value | | Carrying Amount | | Fair Value |
| Preferred stock | | $ | 30.4 | | | $ | 22.4 | | | $ | 30.4 | | | $ | 21.4 | |
| Long-term debt, including current portion | | 4,291.2 | | | 4,288.9 | | | 3,354.4 | | | 3,255.4 | |
The fair values of our long-term debt and preferred stock are categorized within Level 2 of the fair value hierarchy.
NOTE 16—DERIVATIVE INSTRUMENTS
We use derivatives as part of our risk management program to manage the risks associated with the price volatility of purchased power, generation, and natural gas costs for the benefit of our customers. Our approach is non-speculative and designed to mitigate risk. Our regulated hedging programs are approved by the PSCW.
We record derivative instruments on our balance sheets as an asset or liability measured at fair value unless they qualify for the normal purchases and sales exception and are so designated. We continually assess our contracts designated as normal and will discontinue the treatment of these contracts as normal if the required criteria are no longer met. Changes in the derivative's fair value are recognized currently in earnings unless specific hedge accounting criteria are met or we receive regulatory treatment for the derivative. For most energy-related physical and financial contracts in our regulated operations that qualify as derivatives, the PSCW allows the effects of fair value accounting to be offset to regulatory assets and liabilities.
| | | | | | | | |
| 09/30/2024 Form 10-Q | 16 | Wisconsin Electric Power Company |
On our balance sheets, we classify derivative assets and liabilities as current or long-term based on the maturities of the underlying contracts. Derivative assets and liabilities are included in the other current and other long-term line items on our balance sheets. The following table shows our derivative assets and derivative liabilities. None of the derivatives shown below are designated as hedging instruments.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | September 30, 2024 | | December 31, 2023 |
| (in millions) | | Derivative
Assets | | Derivative
Liabilities | | Derivative
Assets | | Derivative
Liabilities |
| Current | | | | | | | | |
| Natural gas contracts | | $ | 2.9 | | | $ | 5.5 | | | $ | 2.2 | | | $ | 18.6 | |
| FTRs | | 4.5 | | | — | | | 2.5 | | | — | |
| Coal contracts | | — | | | — | | | — | | | 10.2 | |
| Total current | | 7.4 | | | 5.5 | | | 4.7 | | | 28.8 | |
| | | | | | | | |
| Long-term | | | | | | | | |
| Natural gas contracts | | 0.2 | | | 0.6 | | | — | | | 0.6 | |
| Coal contracts | | — | | | — | | | — | | | 9.1 | |
| Total long-term | | 0.2 | | | 0.6 | | | — | | | 9.7 | |
| Total | | $ | 7.6 | | | $ | 6.1 | | | $ | 4.7 | | | $ | 38.5 | |
Realized gains and losses on derivatives are primarily recorded in cost of sales upon settlement; however, they may be subsequently deferred for future rate recovery or refund as the gains and losses are included in our fuel and natural gas cost recovery mechanisms. Our estimated notional sales volumes and realized gains and losses were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, 2024 | | Three Months Ended September 30, 2023 |
| (in millions) | | Volumes | | Gains (Losses) | | Volumes | | Gains (Losses) |
| Natural gas contracts | | 14.5 Dth | | $ | (7.7) | | | 14.3 Dth | | $ | (22.7) | |
| FTRs | | 5.1 MWh | | 2.6 | | | 5.6 MWh | | 12.0 | |
| Total | | | | $ | (5.1) | | | | | $ | (10.7) | |
| | | | | | | | |
| | Nine Months Ended September 30, 2024 | | Nine Months Ended September 30, 2023 |
| (in millions) | | Volumes | | Gains (Losses) | | Volumes | | Gains (Losses) |
| Natural gas contracts | | 53.7 Dth | | $ | (34.1) | | | 50.2 Dth | | $ | (77.2) | |
| FTRs | | 15.1 MWh | | 5.9 | | | 15.7 MWh | | 14.0 | |
| Total | | | | $ | (28.2) | | | | | $ | (63.2) | |
On our balance sheets, the amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral are not offset against the fair value amounts recognized for derivative instruments executed with the same counterparty under the same master netting arrangement. At September 30, 2024 and December 31, 2023, we had posted cash collateral of $14.7 million and $26.7 million, respectively. These amounts were recorded on our balance sheets in other current assets.
The following table shows derivative assets and derivative liabilities if derivative instruments by counterparty were presented net on our balance sheets:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | September 30, 2024 | | December 31, 2023 | |
| (in millions) | | Derivative
Assets | | Derivative
Liabilities | | Derivative
Assets | | Derivative
Liabilities | |
| Gross amount recognized on the balance sheet | | $ | 7.6 | | | $ | 6.1 | | | $ | 4.7 | | | $ | 38.5 | | |
| Gross amount not offset on the balance sheet | | (2.4) | | | (5.2) | | (1) | (1.3) | | | (16.5) | | (2) |
| Net amount | | $ | 5.2 | | | $ | 0.9 | | | $ | 3.4 | | | $ | 22.0 | | |
(1) Includes cash collateral posted of $2.8 million.
(2) Includes cash collateral posted of $15.2 million.
| | | | | | | | |
| 09/30/2024 Form 10-Q | 17 | Wisconsin Electric Power Company |
NOTE 17—GUARANTEES
As of September 30, 2024, we had $26.0 million of standby letters of credit issued by financial institutions for the benefit of third parties that have extended credit to us, which automatically renew each year unless proper termination notice is given. These amounts are not reflected on our balance sheets.
NOTE 18—EMPLOYEE BENEFITS
The following tables show the components of net periodic benefit cost (credit) (including amounts capitalized to our balance sheets) for our benefit plans.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Pension Benefits |
| | Three Months Ended September 30 | | Nine Months Ended September 30 |
| (in millions) | | 2024 | | 2023 | | 2024 | | 2023 |
| Service cost | | $ | 2.6 | | | $ | 2.6 | | | $ | 7.8 | | | $ | 7.7 | |
| Interest cost | | 11.1 | | | 11.7 | | | 33.4 | | | 35.3 | |
| Expected return on plan assets | | (15.3) | | | (16.0) | | | (46.1) | | | (48.2) | |
| | | | | | | | |
| Amortization of prior service credit | | (0.1) | | | (0.1) | | | (0.1) | | | (0.1) | |
| Amortization of net actuarial loss | | 4.6 | | | 2.3 | | | 13.6 | | | 6.9 | |
| Net periodic benefit cost | | $ | 2.9 | | | $ | 0.5 | | | $ | 8.6 | | | $ | 1.6 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | OPEB Benefits |
| | Three Months Ended September 30 | | Nine Months Ended September 30 |
| (in millions) | | 2024 | | 2023 | | 2024 | | 2023 |
| Service cost | | $ | 0.8 | | | $ | 0.6 | | | $ | 2.4 | | | $ | 1.9 | |
| Interest cost | | 2.0 | | | 1.9 | | | 6.1 | | | 5.7 | |
| Expected return on plan assets | | (2.7) | | | (3.3) | | | (8.2) | | | (10.0) | |
| Amortization of prior service credit | | — | | | (0.3) | | | (0.1) | | | (0.7) | |
| Amortization of net actuarial gain | | (1.5) | | | (2.1) | | | (4.3) | | | (6.5) | |
| Net periodic benefit credit | | $ | (1.4) | | | $ | (3.2) | | | $ | (4.1) | | | $ | (9.6) | |
During the nine months ended September 30, 2024, we made contributions and payments of $4.7 million related to our pension plans and an insignificant amount related to our OPEB plans. During the remainder of 2024, we expect to make contributions and payments of $0.2 million related to our OPEB plans and do not expect to make any additional contributions or payments related to our pension plans, dependent upon various factors affecting us, including our liquidity position and possible tax law changes.
Effective January 1, 2023, the PSCW approved escrow accounting for pension and OPEB costs. As a result, as of September 30, 2024, we recorded a $7.0 million regulatory asset for pension costs and a $14.7 million regulatory asset for OPEB costs. The above tables do not reflect any adjustments for the creation of these regulatory assets.
NOTE 19—SEGMENT INFORMATION
We use net income attributed to common shareholder to measure segment profitability and to allocate resources to our business. At September 30, 2024, we reported two segments, our utility segment and our other segment, which are described below.
Our utility segment includes our electric utility operations, including steam operations, and our natural gas utility operations.
•Our electric utility operations are engaged in the generation, distribution, and sale of electricity to customers in southeastern Wisconsin (including metropolitan Milwaukee), east central Wisconsin, and northern Wisconsin. In addition, our steam operations produce, distribute, and sell steam to customers in metropolitan Milwaukee.
•Our natural gas utility operations are engaged in the purchase, distribution, and sale of natural gas to retail customers as well as the transportation of customer-owned natural gas in southeastern, east central, and northern Wisconsin.
No significant items were reported in the other segment during the three and nine months ended September 30, 2024 and 2023.
| | | | | | | | |
| 09/30/2024 Form 10-Q | 18 | Wisconsin Electric Power Company |
All of our operations and assets are located within the United States.
NOTE 20—VARIABLE INTEREST ENTITIES
The primary beneficiary of a VIE must consolidate the entity's assets and liabilities. In addition, certain disclosures are required for significant interest holders in VIEs.
We assess our relationships with potential VIEs, such as our coal suppliers, natural gas suppliers, coal transporters, natural gas transporters, and other counterparties related to PPAs, investments, and joint ventures. In making this assessment, we consider, along with other factors, the potential that our contracts or other arrangements provide subordinated financial support, the obligation to absorb the entity's losses, the right to receive residual returns of the entity, and the power to direct the activities that most significantly impact the entity's economic performance.
WEPCo Environmental Trust Finance I, LLC
In November 2020, the PSCW issued a financing order approving the securitization of $100 million of undepreciated environmental control costs related to our retired Pleasant Prairie power plant, the carrying costs accrued on the $100 million during the securitization process, and the related financing fees. The financing order also authorized us to form WEPCo Environmental Trust, a bankruptcy-remote special purpose entity, for the sole purpose of issuing ETBs to recover the costs approved in the financing order. WEPCo Environmental Trust is our wholly owned subsidiary.
In May 2021, WEPCo Environmental Trust issued ETBs and used the proceeds to acquire environmental control property from us. The environmental control property is recorded as a regulatory asset on our balance sheets and includes the right to impose, collect, and receive a non-bypassable environmental control charge from our retail electric distribution customers until the ETBs are paid in full and all financing costs have been recovered. The ETBs are secured by the environmental control property. Cash collections from the environmental control charge and funds on deposit in trust accounts are the sole sources of funds to satisfy the debt obligation. The bondholders do not have any recourse to us or any of our affiliates.
We act as the servicer of the environmental control property on behalf of WEPCo Environmental Trust and are responsible for metering, calculating, billing, and collecting the environmental control charge. As necessary, we are authorized to implement periodic adjustments of the environmental control charge. The adjustments are designed to ensure the timely payment of principal, interest, and other ongoing financing costs. We remit all collections of the environmental control charge to WEPCo Environmental Trust's indenture trustee.
WEPCo Environmental Trust is a VIE primarily because its equity capitalization is insufficient to support its operations. As described above, we have the power to direct the activities that most significantly impact WEPCo Environmental Trust's economic performance. Therefore, we are considered the primary beneficiary of WEPCo Environmental Trust, and consolidation is required.
The following table summarizes the impact of WEPCo Environmental Trust on our balance sheets:
| | | | | | | | | | | | | | | | |
| (in millions) | | September 30, 2024 | | December 31, 2023 | | |
| Assets | | | | | | |
| Other current assets (restricted cash) | | $ | 3.3 | | | $ | 0.8 | | | |
| Regulatory assets | | 79.1 | | | 85.9 | | | |
| Other long-term assets (restricted cash) | | 0.3 | | | 0.6 | | | |
| | | | | | |
| Liabilities | | | | | | |
| Current portion of long-term debt | | 9.1 | | | 9.0 | | | |
| | | | | | |
| Other current liabilities (accrued interest) | | 0.4 | | | 0.1 | | | |
| Long-term debt | | 80.9 | | | 85.3 | | | |
| | | | | | | | |
| 09/30/2024 Form 10-Q | 19 | Wisconsin Electric Power Company |
NOTE 21—COMMITMENTS AND CONTINGENCIES
We have significant commitments and contingencies arising from our operations, including those related to unconditional purchase obligations, environmental matters, and enforcement and litigation matters.
Unconditional Purchase Obligations
We have obligations to distribute and sell electricity and natural gas to our customers and expect to recover costs related to these obligations in future customer rates. In order to meet these obligations, we routinely enter into long-term purchase and sale commitments for various quantities and lengths of time. Our minimum future commitments related to these purchase obligations as of September 30, 2024, were approximately $6.9 billion.
Environmental Matters
Consistent with other companies in the energy industry, we face significant ongoing environmental compliance and remediation obligations related to current and past operations. Specific environmental issues affecting us include, but are not limited to, current and future regulation of air emissions such as sulfur dioxide, NOx, fine particulates, mercury, and GHGs; water intake and discharges; management of coal combustion products such as fly ash; and remediation of impacted properties, including former manufactured gas plant sites.
Air Quality
Cross State Air Pollution Rule – Good Neighbor Rule
In March 2023, the EPA issued its final Good Neighbor Rule, which became effective in August 2023 and requires significant reductions in ozone-forming emissions of NOx from power plants and industrial facilities. After review of the final rule, we are well positioned to meet the requirements.
Our RICE units are not currently subject to the final rule as each unit is less than 25 MWs. To the extent we use RICE engines for natural gas distribution operations, those engines not part of an LDC are subject to the emission limits and operational requirements of the rule beginning in 2026. The EPA has exempted LDCs from the final rule.
In February 2024, the Supreme Court heard oral arguments regarding stay applications related to the EPA's Good Neighbor Rule. In June 2024, the Supreme Court granted a stay of the Good Neighbor Rule pending disposition of the applicants' petitions for review at the D.C. Circuit Court of Appeals. We will continue to monitor this case as arguments at the D.C. Circuit Court of Appeals move forward.
Mercury and Air Toxics Standards
In 2012, the EPA issued the MATS to limit emissions of mercury, acid gases, and other hazardous air pollutants. In April 2023, the EPA issued the pre-publication version of a proposed rule to strengthen and update MATS to reflect recent developments in control technologies and performance of coal and oil-fired units. In May 2024, the EPA published a final rule in the Federal Register lowering the PM limit from 0.03 lb/MMBtu to 0.01 lb/MMBtu. After review of the final rule, we believe we are well positioned to meet its requirements.
National Ambient Air Quality Standards
Ozone
After completing its review of the 2008 ozone standard, the EPA released a final rule in October 2015, creating a more stringent standard than the 2008 NAAQS. The 2015 ozone standard lowered the 8-hour limit for ground-level ozone. In November 2022, the EPA's 2022 CASAC Ozone Review Panel issued a draft report supporting reconsideration of the 2015 standard. The EPA staff initially issued a draft Policy Assessment in March 2023 that also supported the reconsideration; however, in August 2023, the EPA announced that it was instead restarting its ozone standard evaluation. The EPA has indicated it plans to release its Integrated Review Plan in fall 2024. This new review is anticipated to take 3 to 5 years to complete.
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In February 2022, revisions to the Wisconsin Administrative Code to adopt the 2015 standard were finalized. The amended regulations incorporated by reference the federal air pollution monitoring requirements related to the standard. The WDNR submitted the rule updates as a SIP revision to the EPA, which the EPA approved in February 2023.
The effective date for the initial nonattainment area designation was August 2018 and the attainment status is evaluated every 3 years thereafter until attainment is achieved. The Milwaukee, Sheboygan, and Chicago, IL-IN-WI nonattainment areas did not meet the marginal attainment deadline of August 2021, so in April 2022 the EPA proposed "moderate" nonattainment status for the 2015 standard. In October 2022, the EPA published its final reclassifications from "marginal" to "moderate" for these areas, effective November 7, 2022. Accordingly, the WDNR submitted a SIP revision to the EPA in December 2022 to address the moderate nonattainment status.
In October 2023, the EPA found that 11 states, including Wisconsin, failed to submit adequate SIP revisions to address nonattainment areas classified as "moderate" for the 2015 standard. This action triggered a May 2025 deadline for states to get their SIP approved or the EPA will issue a federal implementation plan. Additionally, offset sanctions will take effect 18 months from the May 2025 deadline if the state's SIP is not approved. The offset sanctions impact volatile organic compound and NOx emissions from new or modified sources in the nonattainment areas. The WDNR has indicated it intends to submit a SIP revision by the May 2025 deadline.
The most recent attainment evaluation date was in August 2024. The moderate attainment deadline was not met, so the EPA will propose the nonattainment areas in Wisconsin be redesignated as serious nonattainment based on 2021-2023 data. The EPA must reclassify the nonattainment areas by February 2025. We continue to evaluate the impacts the nonattainment redesignation will have on our operations.
Particulate Matter
All counties within our service territory are in attainment with current 2012 standards for fine PM2.5. Under the Biden Administration's policy review, the EPA concluded that the scientific evidence and information from a December 2020 review of the 2012 standards supported revising the level of the annual standard for the PM2.5 NAAQS to below the current level of 12 µg/m3, while retaining the 24-hour standard of 35 µg/m3. In February 2024, the EPA finalized a rule which lowered the primary (health-based) annual PM2.5 NAAQS to 9 µg/m3. The secondary (welfare-based) PM2.5 standard and 24-hour standards (both primary and secondary) remain unchanged. The EPA has until May 2026 to designate areas as attainment and nonattainment with the new standard. The WDNR will need to draft and submit a SIP for the EPA's approval. A designation of nonattainment status could impact future permitting activities for facilities in applicable locations, including the potential need for improved or new air pollution control equipment. With our planned transition from coal-fired plants to natural gas-fired plants and renewable generating facilities, we do not expect this new standard to have a material impact on our units.
Climate Change
In May 2023, the EPA proposed GHG performance standards for fossil-fired steam generating and natural gas combustion units and also proposed to repeal the Affordable Clean Energy rule, which had replaced the Clean Power Plan. The final rule, known as the Greenhouse Gas Power Plant Rule, was published in May 2024. Pursuant to the final rule, there are no applicable standards for coal plants until the end of 2031 and after 2031, the applicable standard is dependent upon the unit's retirement date. Coal-fired units that are planned to refuel to natural gas-fired units must convert to natural gas and no longer retain the capability to burn coal by the end of 2029. For new combined cycle natural gas plants above a 40% capacity factor, the rule is dependent upon the implementation of carbon capture by the end of 2031. For new simple cycle natural gas-fired combustion turbines, there are no applicable limits as long as the capacity factor is less than 20%. Our new Weston RICE units are not affected under the rule because the rule excludes RICE units that are less than 25 MWs. Numerous parties have challenged the Greenhouse Gas Power Plant Rule through litigation pending in the D.C. Circuit Court of Appeals.
In March 2024, the EPA announced it had removed regulations on existing natural gas combustion turbines from the rule. The EPA indicated that it intends to draft a new rule for existing natural gas-fired units and opened a non-regulatory docket for this new rulemaking. The EPA has stated it anticipates a proposed rule by the end of 2024.
In April 2024, the EPA issued its final Mandatory Greenhouse Gas Reporting Rule, 40 Code of Federal Regulations Part 98, which includes updates to the global warming potentials to determine CO2 equivalency for threshold reporting and the addition of a new section regarding energy consumption. The revisions will impact the reporting required for our electric generation facilities, LDCs, and underground natural gas storage facilities. In May 2024, the EPA also issued its final rule to amend reporting requirements for
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petroleum and natural gas systems. Under the final rule, new leak emission factors and reporting requirements for large release events will impact the reporting required for our LDCs and underground natural gas storage facilities.
The ESG Progress Plan includes the retirement of older, fossil-fueled generation, to be replaced with zero-carbon-emitting renewables and clean natural gas-fueled generation. We have already retired nearly 2,100 MWs of fossil-fueled generation since the beginning of 2018, which includes the retirement of OCPP Units 5 and 6 in May 2024, the 2019 retirement of the Presque Isle power plant, and the 2018 retirement of the Pleasant Prairie power plant. WEC Energy Group expects to retire approximately 1,200 MWs of additional fossil-fueled generation by the end of 2031, which includes the planned retirements of OCPP Units 7 and 8. See Note 7, Property, Plant, and Equipment, for more information related to planned power plant retirements. In May 2021, WEC Energy Group announced goals to achieve reductions in carbon emissions from its electric generation fleet by 60% by the end of 2025 and by 80% by the end of 2030, both from a 2005 baseline. WEC Energy Group expects to achieve these goals by continuing to make operating refinements, retiring less efficient generating units, and executing its capital plan. Over the longer term, the target for WEC Energy Group's generation fleet is to be net carbon neutral by 2050.
WEC Energy Group also continues to reduce methane emissions by improving its natural gas distribution systems, and has set a target across its natural gas distribution operations to achieve net-zero methane emissions by the end of 2030. WEC Energy Group plans to achieve its net-zero goal through an effort that includes continuous operational improvements and equipment upgrades, as well as the use of RNG throughout its natural gas utility distribution systems. In addition, subject to regulatory approval, WEC Energy Group may procure RTCs.
Water Quality
Clean Water Act Cooling Water Intake Structure Rule
Section 316(b) of the CWA became effective in October 2014 and requires the location, design, construction, and capacity of cooling water intake structures at existing power plants reflect the BTA for minimizing adverse environmental impacts. The rule applies to all of our existing generating facilities with cooling water intake structures, except for the ERGS units, which were permitted and received a final BTA determination under the rules governing new facilities.
Effective in June 2020, the requirements of federal Section 316(b) of the CWA were incorporated into the Wisconsin Administrative Code. The WDNR applies this rule when establishing BTA requirements for cooling water intake structures at existing facilities. These BTA requirements are incorporated into WPDES permits for our facilities.
We have received interim BTA determinations for all generation facilities where Section 316(b) is applicable. With respect to OCPP Units 7 and 8, we believe the WDNR will determine that existing technology (wet cooling towers) installed at the units represents BTA for minimizing adverse environmental impacts in accordance with the requirements in the CWA when the WPDES permit for those units is reissued, which is expected in 2025.
Steam Electric Effluent Limitation Guidelines
The EPA's 2015 final ELG rule, which took effect in January 2016 (2015 ELG rule), was modified in 2020 (2020 ELG rule), and again in 2024 with the May 2024 publication of the Supplemental ELG Rule. These rules establish federal technology-based requirements for several types of power plant wastewaters. The three requirements that affect us relate to discharge limits for BATW, FGD wastewater, and CRL (landfill leachate). Although our coal-fueled facilities were constructed with advanced wastewater treatment technologies that meet many of the discharge limits established by the 2015 rule, facility modifications were still necessary at OCPP and ERGS to meet all of the 2015 ELG requirements and the additional ones established by the 2020 ELG rule. Through 2023, compliance costs associated with the 2015 and 2020 ELG rules required $97 million in capital investment.
The 2024 Supplemental ELG rule established zero discharge requirements for BATW, FGD, and CRL wastewaters at coal-fueled units with no planned retirement date. The Supplemental ELG Rule also kept one existing and created one new “permanent cessation of coal” subcategory. Those electing to cease coal combustion by either retiring or repowering a unit by December 31, 2028 or December 31, 2034 can limit ELG-related capital investments to what was required by either the 2015 or the 2020 ELG Rule, respectively. For units where cessation of coal is planned to occur no later than December 31, 2034, facility owners must complete all 2020 ELG rule required capital investments by December 31, 2025. All of our coal-fueled units fully meet the 2020 ELG rule requirements. Based on current electrical generation resource planning, we plan to file a Notice of Planned Participation by December 31, 2025 to opt into the "cessation of coal by December 31, 2034" subcategory for the ERGS coal-fueled facility.
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The final Supplemental ELG Rule allows owners of coal-fueled units who opted into a cessation of coal subcategory to operate beyond the end of 2028 or 2034, required by either the 2015 or the 2020 ELG Rule, respectively, if needed for reliability concerns (i.e., energy emergencies, reliability must run agreements, etc.) as determined by the United States Department of Energy, a public utility commission, or independent system operator.
We are still evaluating the Supplemental ELG Rule CRL provisions to determine the applicability and potential compliance costs for inactive/closed landfills. Numerous parties have challenged the rule through litigation pending in the U.S. Court of Appeals for the 8th Circuit.
Land Quality
Manufactured Gas Plant Remediation
We have identified sites at which we or a predecessor company owned or operated a manufactured gas plant or stored manufactured gas. We have also identified other sites that may have been impacted by historical manufactured gas plant activities. We are responsible for the environmental remediation of these sites. We are also working with the state of Wisconsin in our investigation and remediation planning. These sites are at various stages of investigation, monitoring, remediation, and closure.
The future costs for detailed site investigation, future remediation, and monitoring are dependent upon several variables including, among other things, the extent of remediation, changes in technology, and changes in regulation. Historically, our regulators have allowed us to recover incurred costs, net of insurance recoveries and recoveries from potentially responsible parties, associated with the remediation of manufactured gas plant sites. Accordingly, we have established regulatory assets for costs associated with these sites.
We have established the following regulatory assets and reserves for manufactured gas plant sites:
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| (in millions) | | September 30, 2024 | | December 31, 2023 |
| Regulatory assets | | $ | 10.7 | | | $ | 12.2 | |
Reserves for future environmental remediation (1) | | 10.3 | | | 10.3 | |
(1)Recorded within other long-term liabilities on our balance sheets.
Coal Combustion Residuals Rule
The EPA finalized a rule for CCR in April 2024 that would apply to landfills, historic fill sites, and projects where CCR was placed at a power plant site. The rule will regulate previously exempt closed landfills.
We expect the final rule, which will become effective in November 2024, to have an impact on some of our coal ash landfills, requiring additional remediation that is not currently required under the state programs. The rule is being challenged through litigation pending in the D.C. Circuit Court of Appeals. We expect the cost of the additional remediation would be recovered through future rates. See Note 8, Asset Retirement Obligations, for more information on the estimated cost of the additional remediation.
Enforcement and Litigation Matters
We are involved in legal and administrative proceedings before various courts and agencies with respect to matters arising in the ordinary course of business. Although we are unable to predict the outcome of these matters, management believes that appropriate reserves have been established and that final settlement of these actions will not have a material impact on our financial condition or results of operations.
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NOTE 22—SUPPLEMENTAL CASH FLOW INFORMATION
Non-Cash Transactions
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| | Nine Months Ended September 30 |
| (in millions) | | 2024 | | 2023 |
| Cash paid for interest, net of amount capitalized | | $ | 330.3 | | | $ | 312.7 | |
Cash paid for income taxes, net (1) | | 48.6 | | | 84.8 | |
| Significant non-cash investing and financing transactions: | | | | |
| Accounts payable related to construction costs | | 96.6 | | | 133.3 | |
| Receivable for the transfer of assets to WPS | | — | | | 2.4 | |
| | | | |
(1) Cash paid for income taxes in 2024 was net of $14.9 million related to 2023 and 2024 PTCs that were sold to third parties.
Restricted Cash
The statements of cash flows include our activity related to cash, cash equivalents, and restricted cash. The following table reconciles the cash, cash equivalents, and restricted cash amounts reported within the balance sheets to the total of these amounts shown on the statements of cash flows:
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| (in millions) | | September 30, 2024 | | December 31, 2023 |
| Cash and cash equivalents | | $ | 253.4 | | | $ | 6.1 | |
| Restricted cash included in other current assets | | 3.3 | | | 0.8 | |
| Restricted cash included in other long-term assets | | 0.3 | | | 0.6 | |
| Cash, cash equivalents, and restricted cash | | $ | 257.0 | | | $ | 7.5 | |
Our restricted cash consisted of cash on deposit in a financial institution that is restricted to satisfy the requirements of a debt agreement at WEPCo Environmental Trust. See Note 20, Variable Interest Entities, for more information.
NOTE 23—REGULATORY ENVIRONMENT
2025 and 2026 Rate Case
On April 12, 2024, we filed a request with the PSCW to increase our retail electric, natural gas, and steam rates, effective January 1, 2025 and January 1, 2026, as applicable. The request reflected the following:
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| Proposed 2025 rate increase | | | | |
| Electric | | $ | 240.7 | million | / | 6.9% |
| Gas | | $ | 57.5 | million | / | 10.0% |
| Steam | | $ | 2.5 | million | / | 8.4% |
Proposed 2026 rate increase (1) | | | | |
| Electric | | $ | 177.9 | million | / | 4.6% |
| Gas | | $ | 31.0 | million | / | 4.6% |
| Proposed ROE | | 10.0% |
| Proposed common equity component average on a financial basis | | 53.5% |
(1) The proposed 2026 rate increases are incremental to the currently authorized revenue plus the requested rate increases for 2025.
The primary drivers of the requested increases in electric rates are continued capital investments to transition our generation fleet from coal to renewables and natural gas-fueled generation, increased costs driven by higher inflation and interest rates, and the recovery of regulatory assets previously approved by the PSCW.
The requested increases in natural gas rates are driven by our ongoing capital investments in reliability and safety projects, including LNG storage facilities, as well as the impacts from higher inflation and increased interest rates.
We also proposed retaining our current earnings sharing mechanism. Under the current earnings sharing mechanism, if we earn above our authorized ROE: (i) we retain 100.0% of earnings for the first 15 basis points above the authorized ROE; (ii) 50.0% of the
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next 60 basis points is required to be refunded to ratepayers; and (iii) 100.0% of any remaining excess earnings is required to be refunded to ratepayers.
A decision is expected in the fourth quarter of 2024, with any rate adjustments expected to be effective January 1, 2025 and 2026.
NOTE 24—NEW ACCOUNTING PRONOUNCEMENTS
Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments require additional disclosures, primarily related to income taxes paid and the rate reconciliation table. The amendments require disclosures on specific categories in the rate reconciliation table, as well as additional information for reconciling items that meet a quantitative threshold. For income taxes paid, additional disclosures are required to disaggregate federal, state, and foreign income taxes paid, with additional disclosures for income taxes paid that meet a quantitative threshold. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. We plan to adopt these amendments beginning with our fiscal year ending on December 31, 2025, and are currently evaluating the impact this guidance may have on our financial statements and related disclosures.
Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments require additional disclosures about reportable segments on an annual and interim basis. The amendments require disclosure of significant segment expenses that are (1) regularly provided to the chief operating decision maker and (2) included in the reported measure of segment profit or loss. The amendments also require disclosure of an amount for other segment items and a description of its composition. The new standard also allows companies to disclose multiple measures of segment profit or loss if those measures are used to assess performance and allocate resources. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We plan to adopt these amendments beginning with our fiscal year ending on December 31, 2024, and are currently evaluating the impact this guidance may have on our financial statements and related disclosures.
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
CORPORATE DEVELOPMENTS
The following discussion should be read in conjunction with the accompanying unaudited financial statements and related notes and our 2023 Annual Report on Form 10-K.
Introduction
We are a wholly owned subsidiary of WEC Energy Group, and derive revenues from the distribution and sale of electricity and natural gas to retail customers in Wisconsin. We also provide wholesale electric service to numerous utilities and cooperatives for resale. We conduct our business primarily through our utility reportable segment. See Note 19, Segment Information, for more information on our reportable business segments.
Corporate Strategy
Our goal is to continue to build and sustain long-term value for our customers and WEC Energy Group's shareholders by focusing on the fundamentals of our business: environmental stewardship; reliability; operating efficiency; financial discipline; exceptional customer care; and safety. WEC Energy Group's capital investment plan for efficiency, sustainability and growth, referred to as its ESG Progress Plan, provides a roadmap to achieve this goal. It is an aggressive plan to cut emissions, maintain superior reliability, deliver significant savings for customers, and grow WEC Energy Group's and our investment in the future of energy.
Throughout its strategic planning process, WEC Energy Group takes into account important developments, risks and opportunities, including new technologies, customer preferences and affordability, energy resiliency efforts, and sustainability.
Creating a Sustainable Future
WEC Energy Group's ESG Progress Plan includes the retirement of older, fossil-fueled generation, to be replaced with zero-carbon-emitting renewables and clean natural gas-fired generation at its electric utilities, including us. The retirements will contribute to meeting WEC Energy Group's and our goals to reduce CO2 emissions from electric generation. When taken together, the retirements and new investments in renewables and clean natural gas generation should better balance supply with demand, while maintaining reliable, affordable energy for our customers.
WEC Energy Group announced goals to achieve reductions in carbon emissions from its electric generation fleet by 60% by the end of 2025 and by 80% by the end of 2030, both from a 2005 baseline. WEC Energy Group expects to achieve these goals by continuing to make operating refinements, retiring less efficient generating units, and executing its capital plan. Over the longer term, the target for its generation fleet is to be net carbon neutral by 2050.
As part of the path toward these goals, we have started co-firing with natural gas at the ERGS coal-fired units. By the end of 2030, WEC Energy Group expects to use coal as a backup fuel only, and believes it will be in a position to eliminate coal as an energy source by the end of 2032.
WEC Energy Group has already retired nearly 2,500 MWs of fossil-fueled generation since the beginning of 2018, which includes the retirement of OCPP Units 5 and 6 in May 2024, the 2019 retirement of the Presque Isle power plant, and the 2018 retirement of the Pleasant Prairie power plant. WEC Energy Group expects to retire approximately 1,200 MWs of additional fossil-fueled generation by the end of 2031, which includes the planned retirement of OCPP Units 7 and 8. For more information on the retirement of OCPP Units 5 and 6, see Note 6, Regulatory Assets and Liabilities. See Note 7, Property, Plant, and Equipment, for more information related to the planned retirement of OCPP Units 7 and 8.
In addition to retiring these older, fossil-fueled plants, WEC Energy Group expects to invest approximately $9.1 billion from 2025-2029 in regulated renewable energy in Wisconsin. WEC Energy Group's plan is to replace a portion of the retired capacity by building and owning zero-carbon-emitting renewable generation facilities that are anticipated to include the following new investments made by either us or WPS based on specific customer needs:
•2,900 MWs of utility-scale solar;
•900 MWs of wind; and
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•565 MWs of battery storage.
As part of WEC Energy Group's ESG progress Plan, we also plan on investing in a combination of natural gas-fired generation, including:
•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
•An additional 114 MWs of RICE natural gas-fueled generation planned.
In May 2024, we completed the acquisition of an additional 100 MWs of capacity in West Riverside, a combined cycle natural gas plant operated by an unaffiliated utility. See Note 2, Acquisitions, for more information.
For more details on the projects discussed above, see Liquidity and Capital Resources – Cash Requirements – Significant Capital Projects.
In December 2018, we received approval from the PSCW for two renewable energy pilot programs. The Solar Now pilot is expected to add a total of 35 MWs of solar generation to our portfolio, allowing non-profit and governmental entities, as well as commercial and industrial customers, to site utility owned solar arrays on their property. Under this program, we have energized 28 Solar Now projects and currently have another two under construction, together totaling more than 30 MWs. The second program, the DRER pilot, is 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 our portfolio. In July 2023, the PSCW approved the Renewable Pathway Pilot, the third renewable energy program. This program allows our commercial and industrial customers to subscribe to a portion of a utility-scale, Wisconsin-based renewable energy generating facility for up to 125 MWs. Under this program, we have signed up five customers for a total of 44 MWs of generation capacity.
In August 2021, the PSCW approved pilot programs for us 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, WEC Energy Group pledged to expand the EV charging network within its utilities' electric service territories. In doing so, WEC Energy Group joined a coalition of utility companies in a unified effort to make EV charging convenient and widely available throughout the Midwest. The coalition WEC Energy Group joined is planning to help build and grow EV charging corridors, enabling the general public to safely and efficiently charge their vehicles.
WEC Energy Group also continues to reduce methane emissions by improving its natural gas distribution system, and has set a target across its natural gas distribution operations to achieve net-zero methane emissions by the end of 2030. WEC Energy Group plans to achieve its net-zero goal through an effort that includes continuous operational improvements and equipment upgrades, as well as the use of RNG throughout its natural gas utility systems. In 2022, we received approval from the PSCW for an RNG pilot associated with our natural gas distribution system. In addition, subject to regulatory approval, WEC Energy Group may procure RTCs.
In December 2023, WEC Energy Group started a pilot program with the Electric Power Research Institute and CMBlu Energy, a Germany-based designer and manufacturer of an organic solid flow battery, to test a new form of long-duration energy storage on the U.S. electric grid at our Valley power plant. The program will test battery system performance, including the ability to store and discharge energy for up to twice as long as the typical lithium-ion batteries in use today. WEC Energy Group expects the pilot activities to continue into 2025.
Reliability
We have made significant reliability-related investments in recent years, and in accordance with the ESG Progress Plan, expect to continue strengthening and modernizing our generation fleet, as well as our electric and natural gas distribution networks to further improve reliability.
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We constructed an LNG facility that was placed into commercial operation in November 2023. The facility will provide approximately one Bcf of natural gas supply to meet anticipated peak demand without requiring the construction of additional interstate pipeline capacity.
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, which includes us. The facilities would provide another approximately four Bcf of natural gas supply (of which our portion is expected to be approximately two Bcf) and are expected to reduce the likelihood of constraints on our natural gas distribution system during the highest demand days of winter.
We continue to upgrade our electric and natural gas distribution systems to enhance reliability and system hardening. WEC Energy Group expects to spend approximately $4.5 billion from 2025 to 2029 on reliability related projects at its regulated utilities, which includes us, with continued investment over the next decade.
For more details, see Liquidity and Capital Resources – Cash Requirements – Significant Capital Projects.
Operating Efficiency
We continually look for ways to optimize the operating efficiency of our company and will continue to do so under the ESG Progress Plan. For example, we are making progress on our AMI program, replacing aging meter-reading equipment on both our network and customer property. An integrated system of smart meters, communication networks, and data management programs enables two-way communication between us and our customers. This program reduces the manual effort for disconnects and reconnects and enhances outage management capabilities.
WEC Energy Group continues to focus on integrating the resources of its businesses and finding the best and most efficient processes.
Financial Discipline
A strong adherence to financial discipline is essential to meeting our earnings projections and maintaining a strong balance sheet, stable cash flows, and quality credit ratings.
We follow an asset management strategy that focuses on investing in and acquiring assets consistent with our strategic plans, as well as disposing of assets, including property, plants, and equipment, that are no longer strategic to operations, are not performing as intended, or have an unacceptable risk profile. See Note 2, Acquisitions, for more information on our acquisitions of Whitewater and West Riverside.
Exceptional Customer Care
Our approach is driven by an intense focus on delivering exceptional customer care every day. We strive to provide the best value for our customers by demonstrating personal responsibility for results, leveraging our capabilities and expertise, and using creative solutions to meet or exceed our customers’ expectations.
A multiyear effort is driving a standardized, seamless approach to digital customer service across all of the WEC Energy Group companies. It has moved all utilities, including us, to a common platform for all customer-facing self-service options. Using common systems and processes reduces costs, provides greater flexibility and enhances the consistent delivery of exceptional service to customers.
Safety
Safety is one of our core values and a critical component of our culture. We are committed to keeping our employees and the public safe through a comprehensive corporate safety program that focuses on employee engagement and elimination of at-risk behaviors.
Under our "Target Zero" mission, we have an ultimate goal of zero incidents, accidents, and injuries. Management and union leadership work together to reinforce the Target Zero culture. We set annual goals for safety results as well as measurable leading indicators, in order to raise awareness of at-risk behaviors and situations and guide injury-prevention activities. All employees are
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encouraged to report unsafe conditions or incidents that could have led to an injury. Injuries and tasks with high levels of risk are assessed, and findings and best practices are shared across the WEC Energy Group companies.
Our corporate safety program provides a forum for addressing employee concerns, training employees and contractors on current safety standards, and recognizing those who demonstrate a safety focus.
RESULTS OF OPERATIONS
THREE MONTHS ENDED SEPTEMBER 30, 2024
Earnings
Our earnings for the third quarter of 2024 were $169.4 million, compared with $163.5 million for the same quarter in 2023. See below for information on the $5.9 million increase in earnings.
Non-GAAP Financial Measures
The discussion below addresses the contribution of our utility segment to net income attributed to common shareholder. The discussion includes financial information prepared in accordance with GAAP, as well as utility margin, which is not a measure of financial performance under GAAP. Utility margin (operating revenues less fuel and purchased power costs and cost of natural gas sold) is a non-GAAP financial measure because it excludes certain operation and maintenance expenses applicable to revenues, as well as depreciation and amortization and property and revenue taxes.
We believe that utility margin provides a useful basis for evaluating utility operations since the majority of prudently incurred fuel and purchased power costs, as well as prudently incurred natural gas costs, are passed through to customers in current rates. As a result, management uses utility margin internally when assessing the operating performance of our utility segment as this measure excludes the majority of revenue fluctuations caused by changes in these expenses. Similarly, the presentation of utility margin herein is intended to provide supplemental information for investors regarding our operating performance.
Our utility margin may not be comparable to similar measures presented by other companies. Furthermore, this measure is not intended to replace gross margin as determined in accordance with GAAP as an indicator of operating performance. Our utility segment discussion below includes 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.
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Utility Segment Contribution to Net Income Attributed to Common Shareholder
The following table compares our utility segment's contribution to net income for the third quarter of 2024, with the same quarter in 2023, including favorable or better, "B", and unfavorable or worse, "W", variances.
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| | Three Months Ended September 30 |
| (in millions) | | 2024 | | 2023 | | B (W) |
| Operating revenues | | $ | 1,079.3 | | | $ | 1,103.1 | | | $ | (23.8) | |
| | | | | | |
| Operating expenses | | | | | | |
Cost of sales (1) | | 353.9 | | | 394.3 | | | 40.4 | |
| Other operation and maintenance | | 241.6 | | | 236.6 | | | (5.0) | |
| Depreciation and amortization | | 145.5 | | | 132.8 | | | (12.7) | |
| Property and revenue taxes | | 17.0 | | | 28.5 | | | 11.5 | |
| Operating income | | 321.3 | | | 310.9 | | | 10.4 | |
| | | | | | |
| Other income, net | | 19.5 | | | 17.9 | | | 1.6 | |
| Interest expense | | 123.3 | | | 115.3 | | | (8.0) | |
| Income before income taxes | | 217.5 | | | 213.5 | | | 4.0 | |
| | | | | | |
| Income tax expense | | 47.8 | | | 49.7 | | | 1.9 | |
| Preferred stock dividend requirements | | 0.3 | | | 0.3 | | | — | |
| Net income attributed to common shareholder | | $ | 169.4 | | | $ | 163.5 | | | $ | 5.9 | |
(1) Cost of sales includes fuel and purchased power and cost of natural gas sold.
The following table shows a breakdown of other operation and maintenance:
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30 |
| (in millions) | | 2024 | | 2023 | | B (W) |
| Operation and maintenance not included in line items below | | $ | 95.9 | | | $ | 90.6 | | | $ | (5.3) | |
Transmission (1) | | 89.4 | | | 89.4 | | | — | |
We Power (2) | | 32.5 | | | 35.8 | | | 3.3 | |
Regulatory amortizations and other pass through expenses (3) | | 24.0 | | | 21.0 | | | (3.0) | |
| Earnings sharing mechanism | | (0.2) | | | (0.2) | | | — | |
| Total other operation and maintenance | | $ | 241.6 | | | $ | 236.6 | | | $ | (5.0) | |
(1)Represents transmission expense that we are authorized to collect in rates. The PSCW has approved escrow accounting for ATC and MISO network transmission expenses. As a result, we defer as a regulatory asset or liability, the difference between actual transmission costs and those included in rates until recovery or refund is authorized in a future rate proceeding. During the third quarter of 2024 and 2023, $96.5 million and $90.1 million, respectively, of costs were billed to us by transmission providers.
(2)Represents costs associated with the We Power generation units, including operating and maintenance costs we recognized. During the third quarter of 2024 and 2023, $27.8 million and $26.7 million, respectively, of costs were billed to or incurred by us related to the We Power generation units, with the difference in costs billed or incurred and expenses recognized, either deferred or deducted from the regulatory asset.
(3)Regulatory amortizations and other pass through expenses are substantially offset in margins and therefore do not have a significant impact on net income.
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| 09/30/2024 Form 10-Q | 30 | Wisconsin Electric Power Company |
The following tables provide information on delivered sales volumes by customer class and weather statistics:
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30 |
| | MWh (in thousands) |
| Electric Sales Volumes | | 2024 | | 2023 | | B (W) |
| Customer Class | | | | |
| Residential | | 2,363.1 | | | 2,345.2 | | | 17.9 | |
| Small commercial and industrial | | 2,357.4 | | | 2,327.8 | | | 29.6 | |
| Large commercial and industrial | | 1,763.5 | | | 1,758.5 | | | 5.0 | |
| Other | | 21.8 | | | 22.0 | | | (0.2) | |
| Total retail | | 6,505.8 | | | 6,453.5 | | | 52.3 | |
| Wholesale | | 143.0 | | | 125.2 | | | 17.8 | |
| Resale | | 1,315.8 | | | 2,078.8 | | | (763.0) | |
| Total sales in MWh | | 7,964.6 | | | 8,657.5 | | | (692.9) | |
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30 |
| | Therms (in millions) |
| Natural Gas Sales Volumes | | 2024 | | 2023 | | B (W) |
| Customer Class | | | | |
| Residential | | 20.7 | | | 20.5 | | | 0.2 | |
| Commercial and industrial | | 14.6 | | | 13.3 | | | 1.3 | |
| Total retail | | 35.3 | | | 33.8 | | | 1.5 | |
| Transportation | | 48.3 | | | 41.8 | | | 6.5 | |
| Total sales in therms | | 83.6 | | | 75.6 | | | 8.0 | |
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30 |
| | Degree Days |
Weather (1) | | 2024 | | 2023 | | B (W) |
Heating (94 Normal) | | 28 | | | 32 | | | (12.5) | % |
Cooling (599 Normal) | | 600 | | | 676 | | | (11.2) | % |
(1)Normal degree days are based on a 20-year moving average of monthly temperatures from Mitchell International Airport in Milwaukee, Wisconsin.
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| 09/30/2024 Form 10-Q | 31 | Wisconsin Electric Power Company |
Gross Margin GAAP and Utility Margin Non-GAAP
The following table summarizes our utility segment gross margin (GAAP) and reconciles gross margin (GAAP) to utility margin (non-GAAP). See Non-GAAP Financial Measures above for additional information regarding gross margin (GAAP) and utility margin (non-GAAP).
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30 |
| (in millions) | | 2024 | | 2023 | | B (W) |
| Electric revenues | | $ | 1,030.8 | | | $ | 1,055.1 | | | $ | (24.3) | |
| Natural gas revenues | | 48.5 | | | 48.0 | | | 0.5 | |
| Operating revenues | | 1,079.3 | | | 1,103.1 | | | (23.8) | |
| | | | | | |
| Operating expenses | | | | | | |
| Fuel and purchased power | | (336.6) | | | (376.7) | | | 40.1 | |
| Cost of natural gas sold | | (17.3) | | | (17.6) | | | 0.3 | |
Other operation and maintenance (1) | | (184.4) | | | (190.5) | | | 6.1 | |
| Depreciation and amortization | | (145.5) | | | (132.8) | | | (12.7) | |
| Property and revenue taxes | | (17.0) | | | (28.5) | | | 11.5 | |
| Gross margin (GAAP) | | 378.5 | | | 357.0 | | | 21.5 | |
| | | | | | |
Other operation and maintenance (1) | | 184.4 | | | 190.5 | | | (6.1) | |
| Depreciation and amortization | | 145.5 | | | 132.8 | | | 12.7 | |
| Property and revenue taxes | | 17.0 | | | 28.5 | | | (11.5) | |
| Utility margin (non-GAAP) | | $ | 725.4 | | | $ | 708.8 | | | $ | 16.6 | |
(1) Operating and maintenance expenses deemed to be directly attributable to our revenue-producing activities include plant operating and maintenance expenses related to our generating units; costs associated with the We Power generating units; and transmission, distribution and customer service expenses. These expenses are included in the above table to calculate gross margin as defined under GAAP.
Gross margin (GAAP) at the utility segment increased $21.5 million during the third quarter of 2024, compared with the same quarter in 2023, and utility margin (non-GAAP) increased $16.6 million during the third quarter of 2024, compared with the same quarter in 2023. Both measures were driven by:
•A $10.6 million increase in margins related to higher overall retail sales volumes driven by our electric residential and commercial and industrial customers during the third quarter of 2024, compared with the same quarter in 2023.
•A $4.8 million quarter-over-quarter positive impact from collections of fuel and purchased power costs. Under the Wisconsin fuel rules, our margins are impacted by under- or over-collections of certain fuel and purchased power costs that are within a 2% price variance from the costs included in rates, and the remaining variance above or below the 2% is generally deferred for either future recovery from or refund to customers.
Additionally, the larger increase in gross margin (GAAP) as compared with the increase in utility margin (non-GAAP), was driven by the following items that are further described in Other Operating Expenses below:
•An $11.5 million decrease in property and revenue taxes; and
•A $3.3 million decrease in other operation and maintenance expense related to the We Power leases; partially offset by
•A $12.7 million increase in depreciation and amortization expense.
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| 09/30/2024 Form 10-Q | 32 | Wisconsin Electric Power Company |
Other Operating Expenses (includes other operation and maintenance, depreciation and amortization, and property and revenue taxes)
Other operating expenses at the utility segment increased $6.2 million during the third quarter of 2024, compared with the same quarter in 2023. The significant factors impacting the increase in other operating expenses were:
•A $12.7 million increase in depreciation and amortization expense, driven by assets being placed into service as we continue to execute on our capital plan.
•A $7.4 million increase in benefit costs, primarily driven by higher stock-based compensation and deferred compensation expense.
These increases in other operating expenses were partially offset by:
•An $11.5 million decrease in property and revenue taxes driven by a favorable adjustment related to a sales tax audit.
•A $3.3 million decrease in other operation and maintenance expense related to the We Power leases, as discussed in the notes under the other operation and maintenance table above.
Interest Expense
Interest expense at the utility segment increased $8.0 million during the third quarter of 2024, compared with the same quarter in 2023, driven by the impact of our long-term debt issuances in May 2024 and September 2024. See Note 11, Long-Term Debt, for more information.
Income Tax Expense
Income tax expense at the utility segment decreased $1.9 million during the third quarter of 2024, compared with the same quarter in 2023, primarily due to a $3.4 million increase in PTCs, partially offset by higher pre-tax income.
NINE MONTHS ENDED SEPTEMBER 30, 2024
Earnings
Our earnings for the nine months ended September 30, 2024 were $388.7 million, compared to $396.8 million for the same period in 2023. See below for information on the $8.1 million decrease in earnings.
Expected 2024 Annual Effective Tax Rate
We expect our 2024 annual effective tax rate to be between 21% and 22%. Our effective tax rate calculations are revised every quarter based on the best available year-end tax assumptions, adjusted in the following year after returns are filed. Tax accrual estimates are trued-up to the actual amounts claimed on the tax returns and further adjusted after examinations by taxing authorities, as needed.
Non-GAAP Financial Measures
The discussion below addresses the contribution of our utility segment to net income attributed to common shareholder. The discussion includes financial information prepared in accordance with GAAP, as well as utility margin, which is not a measure of financial performance under GAAP. Utility margin (operating revenues less fuel and purchased power costs and cost of natural gas sold) is a non-GAAP financial measure because it excludes certain operation and maintenance expenses applicable to revenues, as well as depreciation and amortization and property and revenue taxes.
We believe that utility margin provides a useful basis for evaluating utility operations since the majority of prudently incurred fuel and purchased power costs, as well as prudently incurred natural gas costs, are passed through to customers in current rates. As a result, management uses utility margin internally when assessing the operating performance of our utility segment as this measure
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| 09/30/2024 Form 10-Q | 33 | Wisconsin Electric Power Company |
excludes the majority of revenue fluctuations caused by changes in these expenses. Similarly, the presentation of utility margin herein is intended to provide supplemental information for investors regarding our operating performance.
Our utility margin may not be comparable to similar measures presented by other companies. Furthermore, this measure is not intended to replace gross margin as determined in accordance with GAAP as an indicator of operating performance. Our utility segment discussion below includes 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.
Utility Segment Contribution to Net Income Attributed to Common Shareholder
| | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30 |
| (in millions) | | 2024 | | 2023 | | B (W) |
| Operating revenues | | $ | 3,020.1 | | | $ | 3,095.3 | | | $ | (75.2) | |
| | | | | | |
| Operating expenses | | | | | | |
Cost of sales (1) | | 986.0 | | | 1,131.3 | | | 145.3 | |
| Other operation and maintenance | | 720.6 | | | 674.9 | | | (45.7) | |
| Depreciation and amortization | | 427.1 | | | 389.9 | | | (37.2) | |
| Property and revenue taxes | | 77.1 | | | 86.8 | | | 9.7 | |
| Operating income | | 809.3 | | | 812.4 | | | (3.1) | |
| | | | | | |
| Other income, net | | 52.0 | | | 52.0 | | | — | |
| Interest expense | | 364.5 | | | 350.0 | | | (14.5) | |
| Income before income taxes | | 496.8 | | | 514.4 | | | (17.6) | |
| | | | | | |
| Income tax expense | | 107.2 | | | 116.7 | | | 9.5 | |
| Preferred stock dividend requirements | | 0.9 | | | 0.9 | | | — | |
| Net income attributed to common shareholder | | $ | 388.7 | | | $ | 396.8 | | | $ | (8.1) | |
(1) Cost of sales includes fuel and purchased power and cost of natural gas sold.
The following table shows a breakdown of other operation and maintenance:
| | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30 |
| (in millions) | | 2024 | | 2023 | | B (W) |
| Operation and maintenance not included in line items below | | $ | 277.8 | | | $ | 229.4 | | | $ | (48.4) | |
Transmission (1) | | 268.3 | | | 267.9 | | | (0.4) | |
We Power (2) | | 99.2 | | | 106.8 | | | 7.6 | |
Regulatory amortizations and other pass through expenses (3) | | 75.9 | | | 71.4 | | | (4.5) | |
| Earnings sharing mechanism | | (0.6) | | | (0.6) | | | — | |
| Total other operation and maintenance | | $ | 720.6 | | | $ | 674.9 | | | $ | (45.7) | |
(1)Represents transmission expense that we are authorized to collect in rates. The PSCW has approved escrow accounting for ATC and MISO network transmission expenses. As a result, we defer as a regulatory asset or liability, the difference between actual transmission costs and those included in rates until recovery or refund is authorized in a future rate proceeding. During the nine months ended September 30, 2024 and 2023, $276.5 million and $255.7 million, respectively, of costs were billed to us by transmission providers.
(2)Represents costs associated with the We Power generation units, including operating and maintenance costs we recognized. During the nine months ended September 30, 2024 and 2023, $86.7 million and $89.1 million, respectively, of costs were billed to or incurred by us related to the We Power generation units, with the difference in costs billed or incurred and expenses recognized, either deferred or deducted from the regulatory asset.
(3)Regulatory amortizations and other pass through expenses are substantially offset in margins and therefore do not have a significant impact on net income.
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| 09/30/2024 Form 10-Q | 34 | Wisconsin Electric Power Company |
The following tables provide information on delivered sales volumes by customer class and weather statistics:
| | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30 |
| | MWh (in thousands) |
| Electric Sales Volumes | | 2024 | | 2023 | | B (W) |
| Customer Class | | | | |
| Residential | | 6,047.4 | | | 5,979.4 | | | 68.0 | |
| Small commercial and industrial | | 6,569.9 | | | 6,491.7 | | | 78.2 | |
| Large commercial and industrial | | 4,925.0 | | | 4,912.0 | | | 13.0 | |
| Other | | 72.7 | | | 72.9 | | | (0.2) | |
| Total retail | | 17,615.0 | | | 17,456.0 | | | 159.0 | |
| Wholesale | | 432.4 | | | 395.3 | | | 37.1 | |
| Resale | | 3,734.1 | | | 4,164.4 | | | (430.3) | |
| Total sales in MWh | | 21,781.5 | | | 22,015.7 | | | (234.2) | |
| | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30 |
| | Therms (in millions) |
| Natural Gas Sales Volumes | | 2024 | | 2023 | | B (W) |
| Customer Class | | | | |
| Residential | | 219.0 | | | 239.0 | | | (20.0) | |
| Commercial and industrial | | 127.6 | | | 138.5 | | | (10.9) | |
| Total retail | | 346.6 | | | 377.5 | | | (30.9) | |
| Transportation | | 179.6 | | | 165.8 | | | 13.8 | |
| Total sales in therms | | 526.2 | | | 543.3 | | | (17.1) | |
| | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30 |
| | Degree Days |
Weather (1) | | 2024 | | 2023 | | B (W) |
Heating (4,267 Normal) | | 3,360 | | | 3,623 | | | (7.3) | % |
Cooling (775 Normal) | | 802 | | | 834 | | | (3.8) | % |
(1)Normal degree days are based on a 20-year moving average of monthly temperatures from Mitchell International Airport in Milwaukee, Wisconsin.
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| 09/30/2024 Form 10-Q | 35 | Wisconsin Electric Power Company |
Gross Margin GAAP and Utility Margin Non-GAAP
The following table summarizes our utility segment gross margin (GAAP) and reconciles gross margin (GAAP) to utility margin (non-GAAP). See Non-GAAP Financial Measures above for additional information regarding gross margin (GAAP) and utility margin (non-GAAP).
| | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30 |
| (in millions) | | 2024 | | 2023 | | B (W) |
| Electric revenues | | $ | 2,716.3 | | | $ | 2,731.7 | | | $ | (15.4) | |
| Natural gas revenues | | 303.8 | | | 363.6 | | | (59.8) | |
| Operating revenues | | 3,020.1 | | | 3,095.3 | | | (75.2) | |
| | | | | | |
| Operating expenses | | | | | | |
| Fuel and purchased power | | (845.2) | | | (925.0) | | | 79.8 | |
| Cost of natural gas sold | | (140.8) | | | (206.3) | | | 65.5 | |
Other operation and maintenance (1) | | (561.2) | | | (556.8) | | | (4.4) | |
| Depreciation and amortization | | (427.1) | | | (389.9) | | | (37.2) | |
| Property and revenue taxes | | (77.1) | | | (86.8) | | | 9.7 | |
| Gross margin (GAAP) | | 968.7 | | | 930.5 | | | 38.2 | |
| | | | | | |
Other operation and maintenance (1) | | 561.2 | | | 556.8 | | | 4.4 | |
| Depreciation and amortization | | 427.1 | | | 389.9 | | | 37.2 | |
| Property and revenue taxes | | 77.1 | | | 86.8 | | | (9.7) | |
| Utility margin (non-GAAP) | | $ | 2,034.1 | | | $ | 1,964.0 | | | $ | 70.1 | |
(1) Operating and maintenance expenses deemed to be directly attributable to our revenue-producing activities include plant operating and maintenance expenses related to our generating units; costs associated with the We Power generating units; and transmission, distribution and customer service expenses. These expenses are included in the above table to calculate gross margin as defined under GAAP.
Gross margin (GAAP) at the utility segment increased $38.2 million during the nine months ended September 30, 2024, compared with the same period in 2023, and utility margin (non-GAAP) increased $70.1 million during the nine months ended September 30, 2024, compared with the same period in 2023. Both measures were driven by:
•A $38.2 million period-over-period positive impact from collections of fuel and purchased power costs. Under the Wisconsin fuel rules, our margins are impacted by under- or over-collections of certain fuel and purchased power costs that are within a 2% price variance from the costs included in rates, and the remaining variance above or below the 2% is generally deferred for either future recovery from or refund to customers.
•An $11.6 million increase in margins related to higher retail sales volumes, driven by our electric residential and commercial and industrial customers during the nine months ended September 30, 2024, compared with the same period in 2023.
•A $10.3 million increase in margins driven by the impact of our limited rate case re-opener approved by the PSCW, effective January 1, 2024.
•Higher margins of $3.4 million related to wholesale sales volumes.
Additionally, the smaller increase in gross margin (GAAP) as compared with the increase in utility margin (non-GAAP), was driven by the following items that are further described in Other Operating Expenses below:
•A $37.2 million increase in depreciation and amortization expense; and
•A $9.3 million increase in electric and natural gas distribution expenses.
These increases were partially offset by:
•A $9.7 million decrease in property and revenue taxes; and
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| 09/30/2024 Form 10-Q | 36 | Wisconsin Electric Power Company |
•A $7.6 million decrease in other operation and maintenance expense related to the We Power leases.
Other Operating Expenses (includes other operation and maintenance, depreciation and amortization, and property and revenue taxes)
Other operating expenses at the utility segment increased $73.2 million during the nine months ended September 30, 2024, compared with the same period in 2023. The significant factors impacting the increase in other operating expenses were:
•A $37.2 million increase in depreciation and amortization expense, driven by assets being placed into service as we continue to execute on our capital plan.
•A $22.0 million decrease in pre-tax gains on the sales of land, primarily related to the land sale at the site of our former Pleasant Prairie power plant in 2023. See Note 3, Disposition, for more information
•A $9.3 million increase in electric and natural gas distribution expenses, primarily driven by storm restoration and higher costs to maintain the distribution systems during the nine months ended September 30, 2024, compared with the same period in 2023.
•A $7.8 million increase in benefit costs, primarily driven by higher stock-based compensation and deferred compensation expense.
•A $4.5 million increase in regulatory amortizations and other pass through expenses, as discussed in the notes under the other operation and maintenance table above.
•A $4.4 million increase in expenses associated with legal claims.
•A $3.7 million increase in expense related to environmental remediation and related studies.
These increases in other operating expenses were partially offset by:
•A $9.7 million decrease in property and revenue taxes driven by a favorable adjustment related to a sales tax audit.
•A $7.6 million decrease in other operation and maintenance expense related to the We Power leases, as discussed in the notes under the other operation and maintenance table above.
Interest Expense
Interest expense at the utility segment increased $14.5 million during the nine months ended September 30, 2024, compared with the same period in 2023, driven by the impact of our long-term debt issuances in May 2024 and September 2024. See Note 11, Long-Term Debt, for more information.
Income Tax Expense
Income tax expense at the utility segment decreased $9.5 million during the nine months ended September 30, 2024, compared with the same period in 2023, driven by lower pre-tax income and a $4.7 million increase in PTCs.
LIQUIDITY AND CAPITAL RESOURCES
Overview
We expect to maintain adequate liquidity to meet our cash requirements for the operation of our business and implementation of our corporate strategy through the internal generation of cash from operations and access to the capital markets.
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| 09/30/2024 Form 10-Q | 37 | Wisconsin Electric Power Company |
Cash Flows
The following table summarizes our cash flows during the nine months ended September 30:
| | | | | | | | | | | | | | | | | | | | |
| (in millions) | | 2024 | | 2023 | | Change in 2024 Over 2023 |
| Cash provided by (used in): | | | | | | |
| Operating activities | | $ | 1,004.1 | | | $ | 809.0 | | | $ | 195.1 | |
| Investing activities | | (1,081.8) | | | (873.9) | | | (207.9) | |
| Financing activities | | 327.2 | | | 28.2 | | | 299.0 | |
Operating Activities
Net cash provided by operating activities increased $195.1 million during the nine months ended September 30, 2024, compared with the same period in 2023, driven by:
•A $73.7 million increase in cash from lower payments for fuel and purchased power at our generation plants during the nine months ended September 30, 2024, compared with the same period in 2023, primarily driven by a decrease in the price of natural gas.
•A $50.6 million increase in cash driven by lower amounts of collateral paid to counterparties during the nine months ended September 30, 2024, compared with same period in 2023, as well as lower realized losses on derivative instruments recognized during the nine months ended September 30, 2024, compared with the same period in 2023.
•A $36.2 million increase in cash related to lower cash paid for income taxes during the nine months ended September 30, 2024, compared with the same period in 2023, driven by proceeds received during the nine months ended September 30, 2024, related to 2023 and 2024 PTCs sold to third parties.
•A $33.0 million increase in cash related to lower payments for other operation and maintenance expenses. During the nine months ended September 30, 2024, our payments were lower associated with charitable projects, as well as due to the timing of payments for accounts payable.
Investing Activities
Net cash used in investing activities increased $207.9 million during the nine months ended September 30, 2024, compared with the same period in 2023, driven by:
•A $246.7 million increase in cash paid for capital expenditures during the nine months ended September 30, 2024, which is discussed in more detail below.
•A $23.1 million decrease in proceeds received from the sale of assets during the nine months ended September 30, 2024, compared with the same period in 2023, driven by the sale of land at the site of our former Pleasant Prairie power plant in 2023. See Note 3, Disposition, for more information.
These increases in net cash used in investing activities were partially offset by:
•The acquisition of a 50% ownership interest in Whitewater in January 2023 for $38.0 million. See Note 2, Acquisitions, for more information.
•A $15.6 million decrease in cash paid for ATC's construction costs during the nine months ended September 30, 2024, compared with the same period in 2023. These construction costs are reimbursable by ATC.
•Proceeds of $6.2 million received for the reimbursement of ATC's construction costs during the nine months ended September 30, 2024. There were no proceeds received for reimbursement of ATC's construction costs during the same period in 2023.
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| 09/30/2024 Form 10-Q | 38 | Wisconsin Electric Power Company |
Capital Expenditures
Capital expenditures for the nine months ended September 30 were as follows:
| | | | | | | | | | | | | | | | | | | | |
| (in millions) | | 2024 | | 2023 | | Change in 2024 Over 2023 |
| Capital expenditures | | $ | 988.0 | | | $ | 741.3 | | | $ | 246.7 | |
The increase in cash paid for capital expenditures during the nine months ended September 30, 2024, compared with the same period in 2023, was driven by higher payments for our electric distribution system, increased capital expenditures for combustion turbines at OCPP, and higher capital expenditures for renewable energy projects. These increases in capital expenditures were partially offset by decreased payments for natural gas-fired generation constructed at WPS's existing Weston power plant site that we partially own and construction of our LNG facility, which were completed in November 2023 and February 2024, respectively.
See Capital Resources and Requirements – Capital Requirements – Significant Capital Projects for more information.
Financing Activities
Net cash provided by financing activities increased $299.0 million during the nine months ended September 30, 2024, compared with the same period in 2023, driven by:
•A $947.4 million increase in cash due to the issuance of long-term debt during the nine months ended September 30, 2024. We did not issue any long-term debt during the same period in 2023.
•An $80.0 million increase in cash due to lower dividends paid to our parent during the nine months ended September 30, 2024, compared with the same period in 2023, to balance our capital structure.
•A $63.9 million increase in cash due to lower net repayments of commercial paper during the nine months ended September 30, 2024, compared with the same period in 2023.
These increases in cash were partially offset by equity contributions of $775.0 million received from our parent during the nine months ended September 30, 2023, to balance our capital structure. There were no equity contributions received from our parent during the nine months ended September 30, 2024.
Other Significant Financing Activities
For more information on our other significant financing activities, see Note 10, Short-Term Debt and Lines of Credit, and Note 11, Long-Term Debt.
Cash Requirements
We require funds to support and grow our business. Our significant cash requirements primarily consist of capital and investment expenditures, payments to retire and pay interest on long-term debt, the payment of common stock dividends to our parent, and the funding of our ongoing operations. See the discussion below and Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources – Cash Requirements in our 2023 Annual Report on Form 10-K for additional information regarding our significant cash requirements.
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| 09/30/2024 Form 10-Q | 39 | Wisconsin Electric Power Company |
Significant Capital Projects
We have several capital projects that will require significant capital expenditures over the next three years and beyond. All projected capital requirements are subject to periodic review and may vary significantly from estimates, depending on a number of factors. These factors include environmental requirements, regulatory restraints and requirements, changes in tax laws and regulations, acquisition and development opportunities, market volatility, economic trends, supply chain disruptions, inflation, and interest rates. Our estimated capital expenditures and acquisitions for the next three years are reflected below. These amounts include anticipated expenditures for environmental compliance and certain remediation issues. For a discussion of certain environmental matters affecting us, see Note 21, Commitments and Contingencies.
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| (in millions) | | | |
| 2024 | | $ | 1,792.7 | | (1) |
| 2025 | | 3,047.3 | | |
| 2026 | | 3,281.2 | | |
| Total | | $ | 8,121.2 | | |
(1)This includes actual capital expenditures incurred through September 30, 2024, as well as estimated capital expenditures for the remainder of the year.
We continue to upgrade our electric and natural gas distribution systems to enhance reliability. These upgrades include addressing our aging infrastructure, system hardening, and the AMI program. AMI is an integrated system of smart meters, communication networks, and data management systems that enable two-way communication between utilities and customers.
WEC Energy Group is committed to investing in solar, wind, battery storage, and clean natural gas-fired generation. Below are examples of projects that are proposed or currently underway.
•We, along with WPS and an unaffiliated utility, received PSCW approval to acquire and construct Paris, a utility-scale solar-powered electric generating facility with a battery energy storage system. The project will be located in Kenosha County, Wisconsin and once fully constructed, we will own 150 MWs of solar generation and 82 MWs of battery storage of this project. Our share of the cost of this project is estimated to be approximately $452 million, with construction of the solar portion and battery storage expected to be completed in 2024 and 2025, respectively.
•We, along with WPS and an unaffiliated utility, received PSCW approval to acquire and construct Darien, a utility-scale solar-powered electric generating facility with a battery energy storage system. The project will be located in Rock and Walworth counties, Wisconsin and once fully constructed, we will own 188 MWs of solar generation and 56 MWs of battery storage of this project. Our share of the cost of this project is estimated to be approximately $473 million, with construction of the solar portion and battery storage expected to be completed in 2025 and 2026, respectively.
•We, along with WPS and an unaffiliated utility, received PSCW approval to acquire Koshkonong, a utility-scale solar-powered electric generating facility with a battery energy storage system. The project will be located in Dane County, Wisconsin and once fully constructed, we will own 225 MWs of solar generation and 124 MWs of battery storage of this project. Our share of the cost of this project is estimated to be approximately $775 million, with construction of the solar portion and battery storage expected to be completed in 2026 and 2027, respectively.
•In May 2024, we completed the acquisition of an additional 100 MWs of capacity in West Riverside, a combined cycle natural gas plant operated by an unaffiliated utility in Rock County, Wisconsin, for $97.9 million.
•We plan to enhance fuel flexibility at the coal-fired ERGS units.
•In February 2024, we, along with WPS and an unaffiliated utility, filed a request with the PSCW to acquire and construct High Noon Solar Energy Center, a utility-scale solar-powered electric generating facility with a battery energy storage system. If approved, the project will be located in Columbia County, Wisconsin and once fully constructed, we will own 225 MWs of solar generation and 124 MWs of battery storage of this project. If approved, our share of the cost of this project is estimated to be approximately $736 million, with construction of the solar portion and battery storage expected to be completed in 2027.
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| 09/30/2024 Form 10-Q | 40 | Wisconsin Electric Power Company |
•In April 2024, we filed a request with the PSCW to build five natural gas fired combustion turbines capable of producing approximately 1,100 MWs which would be located at the existing OCPP site. If approved, the cost of this project is estimated to be approximately $1.2 billion.
•In April 2024, we filed a request with the PSCW to add 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. If approved, the cost of this project is estimated to be approximately $280 million.
•In April 2024, we filed a request with the PSCW to construct the Rochester Lateral, which would supply additional natural gas service to the OCPP site. The natural gas lateral would be built in Kenosha, Racine, and Milwaukee counties. If approved, the cost of this project is estimated to be approximately $200 million.
•In April 2024, we filed a request with the PSCW to construct an LNG facility which would be located on the OCPP site. If approved, the facility would have a storage capacity of two Bcf and the cost of this project is estimated to be approximately $456 million.
•In September 2024, we, along with WPS and an unaffiliated utility, filed a request with the PSCW to acquire Dawn Harvest Solar Energy Center, a utility-scale solar-powered electric generating facility with a battery energy storage system. If approved, the project will be located in Rock County, Wisconsin and once fully constructed, we will own 120 MWs of solar generation and 50 MWs of battery storage of this project. If approved, our share of the cost of this project is estimated to be approximately $375 million, with construction expected to be completed in 2028.
•In September 2024, we, along with WPS and 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. Once fully constructed, we will own 120 MWs of solar generation and 40 MWs of battery storage of Saratoga and 160 MWs of solar generation of Ursa. If approved, our share of the cost of Ursa is estimated to be approximately $361 million, with construction expected to be completed in 2027. If approved, our share of the cost of Saratoga is estimated to be approximately $361 million, with construction expected to be completed in 2028.
•In September 2024, we, along with WPS and an unaffiliated utility, filed a request with the PSCW to acquire and construct Badger Hollow and to acquire Whitetail, two utility-scale wind-powered electric generating facilities. If approved, Badger Hollow will be located in Iowa and Grant counties, Wisconsin and Whitetail will be located in Grant County, Wisconsin. Once fully constructed, we will own 89 MWs of wind generation of Badger Hollow and 53 MWs of wind generation of Whitetail. If approved, our share of the cost of Badger Hollow is estimated to be $284 million, with construction expected to be completed in 2027. If approved, our share of the cost of Whitetail is estimated to be approximately $178 million, with construction expected to be completed in 2027.
•In October 2024, we, along with WPS and an unaffiliated utility, filed a request with the PSCW to acquire and construct Good Oak and Gristmill, two utility-scale solar electric generating facilities. If approved, both Good Oak and Gristmill will be located in Columbia County, Wisconsin. Once fully constructed, we will own 78 MWs of solar generation of Good Oak and 53 MWs of solar generation of Gristmill. If approved, our share of the cost of Good Oak is estimated to be $172 million and the cost of Gristmill is estimated to be approximately $116 million, with construction for both projects expected to be completed in 2028.
The construction of additional LNG facilities in Wisconsin has been proposed as part of WEC Energy Group's 2025-2029 capital plan, which includes us. The facilities would provide another approximately four Bcf of natural gas supply (of which our portion is expected to be approximately two Bcf) and are expected to reduce the likelihood of constraints on our natural gas distribution system during the highest demand days of winter.
In August 2023, the DOC issued a ruling in its investigation into whether new tariffs should be imposed on solar panels and cells imported from four southeast Asian countries. In response to a new petition in April 2024, the DOC and USITC are conducting additional investigations into the solar panels and cells from the same four southeast Asian countries. See Factors Affecting Results, Liquidity, and Capital Resources – Regulatory, Legislative, and Legal Matters – United States Department of Commerce Complaint and Factors Affecting Results, Liquidity, and Capital Resources – Regulatory, Legislative, and Legal Matters – Uyghur Forced Labor Prevention Act for information on the potential impacts to our solar projects as a result of the DOC ruling and related USITC investigation, and CBP actions, related to solar panels, respectively. The expected in-service dates and costs identified above already reflect some of these impacts.
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| 09/30/2024 Form 10-Q | 41 | Wisconsin Electric Power Company |
Long-Term Debt
See Note 11, Long-Term Debt, for information regarding the changes in our outstanding long-term debt during the nine months ended September 30, 2024.
Common Stock Dividends
During the nine months ended September 30, 2024, we paid common stock dividends of $180.0 million to the sole holder of our common stock, WEC Energy Group.
Other Significant Cash Requirements
See Note 21, Commitments and Contingencies, for information regarding our minimum future commitments related to purchase obligations for the procurement of fuel, power, and natural gas supply, as well as the related storage and transportation. There were no material changes to our other significant commitments outside the ordinary course of business during the nine months ended September 30, 2024.
Off-Balance Sheet Arrangements
We are a party to various financial instruments with off-balance sheet risk as a part of our normal course of business, including letters of credit that primarily support our commodity contracts. We believe that these agreements do not have, and are not reasonably likely to have, a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources. For additional information, see Note 10, Short-Term Debt and Lines of Credit, Note 17, Guarantees, and Note 20, Variable Interest Entities.
Sources of Cash
Liquidity
We anticipate meeting our short-term and long-term cash requirements to operate our business and implement our corporate strategy through internal generation of cash from operations, equity contributions from our parent, and access to the capital markets, which allows us to obtain external short-term borrowings, including commercial paper, and intermediate or long-term debt securities. Cash generated from operations is primarily driven by sales of electricity and natural gas to our utility customers, reduced by costs of operations. Our access to the capital markets is critical to our overall strategic plan and allows us to supplement cash flows from operations with external borrowings to manage seasonal variations, working capital needs, commodity price fluctuations, unplanned expenses, and unanticipated events.
We maintain a bank back-up credit facility, which provides liquidity support for our obligations with respect to commercial paper and for general corporate purposes. We review our bank back-up credit facility needs on an ongoing basis and expect to be able to maintain adequate credit facilities to support our operations.
The amount, type, and timing of any financings for the remainder of 2024, as well as in subsequent years, will be contingent on investment opportunities and our cash requirements and will depend upon prevailing market conditions, regulatory approvals, and other factors. We plan to maintain a capital structure consistent with that approved by the PSCW. For more information on our approved capital structure, see Item 1. Business – C. Regulation in our 2023 Annual Report on Form 10-K.
The issuance of our securities is subject to the approval of the PSCW. Additionally, with respect to the public offering of securities, we file registration statements with the SEC under the Securities Act of 1933, as amended (1933 Act). The amounts of securities authorized by the PSCW, as well as the securities registered under the 1933 Act, are closely monitored and appropriate filings are made to ensure flexibility in the capital markets.
At September 30, 2024, our current liabilities exceeded our current assets by $46.4 million. We do not expect this to have an impact on our liquidity, as we currently believe that our cash and cash equivalents, our available capacity of $499.0 million under our existing revolving credit facility, cash generated from ongoing operations, and access to the capital markets are adequate to meet our short-term and long-term cash requirements.
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| 09/30/2024 Form 10-Q | 42 | Wisconsin Electric Power Company |
See Note 10, Short-Term Debt and Lines of Credit, and Note 11, Long-Term Debt, for more information about our credit facility, commercial paper, and debt securities.
Investments in Outside Trusts
We maintain investments in outside trusts to fund the obligation to provide pension and certain OPEB benefits to current and future retirees. These trusts have investments consisting of fixed income and equity securities that are subject to the volatility of the stock market and interest rates. For more information, see Investments in Outside Trusts in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources – Sources of Cash in our 2023 Annual Report on Form 10-K.
Debt Covenants
Our credit facility contains financial covenants that we must satisfy, including a debt to capitalization ratio. At September 30, 2024, we were in compliance with all such covenants. We expect to be in compliance with all such debt covenants for the foreseeable future. See Note 13, Short-Term Debt and Lines of Credit, and Note 14, Long-Term Debt, in our 2023 Annual Report on Form 10-K for more information regarding our debt covenants.
Credit Rating Risk
Cash collateral postings and prepayments made with external parties, including postings related to exchange-traded contracts, and cash collateral posted by external parties were immaterial as of September 30, 2024. From time to time, we may enter into commodity contracts that could require collateral or a termination payment in the event of a credit rating change to below BBB- at S&P Global Ratings, a division of S&P Global Inc., and/or Baa3 at Moody’s Investors Service, Inc. If we had a sub-investment grade credit rating at September 30, 2024, we could have been required to post $103 million of additional collateral or other assurances pursuant to the terms of a PPA. We also have other commodity contracts that, in the event of a credit rating downgrade, could result in a reduction of our unsecured credit granted by counterparties.
In addition, access to capital markets at a reasonable cost is determined in large part by credit quality. Any credit ratings downgrade could impact our ability to access capital markets.
Subject to other factors affecting the credit markets as a whole, we believe our current ratings should provide a significant degree of flexibility in obtaining funds on competitive terms. However, these security ratings reflect the views of the rating agency only. An explanation of the significance of these ratings may be obtained from the rating agency. Such ratings are not a recommendation to buy, sell, or hold securities. Any rating can be revised upward or downward or withdrawn at any time by a rating agency.
FACTORS AFFECTING RESULTS, LIQUIDITY, AND CAPITAL RESOURCES
The following is a discussion of certain factors that may affect our results of operations, liquidity, and capital resources. This discussion should be read together with the information in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations – Factors Affecting Results, Liquidity, and Capital Resources in our 2023 Annual Report on Form 10-K, which provides a more complete discussion of factors affecting us, including market risks and other significant risks, competitive markets, environmental matters, critical accounting policies and estimates, and other matters.
Regulatory, Legislative, and Legal Matters
Petition Before PSCW Regarding Third-Party Financed Distributed Energy Resources
In May 2022, a petition was filed with the PSCW requesting a declaratory ruling that the owner of a third-party financed DER is not a "public utility" as defined under Wisconsin law and, therefore, is not subject to the PSCW’s jurisdiction under any statute or rule regulating public utilities. The party that filed the petition provides financing to its customers for installation of DERs (including solar panels and energy storage) on the customer’s property. A DER is connected to the host customer’s utility meter and is used for the customer’s energy needs. It may also be connected to the grid for distribution.
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| 09/30/2024 Form 10-Q | 43 | Wisconsin Electric Power Company |
In December 2022, the PSCW granted the petitioner’s request for a declaratory ruling in part, finding that the owner of the third-party financed DER at issue in the petitioner’s brief is not a public utility under Wisconsin law. The ruling was limited to the facts and circumstances of the specific project lease presented in that petition. The PSCW declined to issue the petitioner’s request for a broader declaratory ruling that the petitioner would not be regulated as a "public utility". Upon appeal, in April 2024, the Dane County Circuit Court reversed the PSCW’s decision, finding that the PSCW erroneously interpreted the definition of "public utility," and the evidence did not support its determination that the lease at issue in the petition did not involve the sale of electricity to the "public" under Wisconsin law. The case was remanded to the PSCW for further review. In June 2024, the PSCW issued an order to reopen the docket to consider modifications based upon the circuit court’s remand. On October 3, 2024, the PSCW issued an order declining to issue any declaratory ruling because the project lease originally at issue was no longer going forward. At this time we do not expect any material impact on our business operations.
Uyghur Forced Labor Prevention Act
The CBP issued a WRO in June 2021, applicable to certain silica-based products originating from the Xinjiang Uyghur Autonomous Region of China (Xinjiang), such as polysilicon, included in the manufacturing of solar panels. In June 2022, the WRO was superseded by the implementation of the UFLPA. The UFLPA establishes a rebuttable presumption that any imports wholly or partially manufactured in Xinjiang are prohibited from entering the United States. While our suppliers were able to provide the CBP sufficient documentation to meet WRO and UFLPA compliance requirements, and we expect the same will be true for subsequent projects, we cannot currently predict what, if any, long-term impact the UFLPA will have on the overall supply of solar panels into the United States and whether we will experience any further impacts to the timing and cost of our solar projects included in WEC Energy Group's long-term capital plan.
United States Department of Commerce Complaints
The solar panel industry continues to experience uncertainty resulting from AD and CVD investigations involving four southeast Asian countries including Malaysia, Vietnam, Thailand, and Cambodia.
In August 2023, the DOC issued a final decision regarding an AD/CVD petition filed by a California-based company alleging that Chinese manufacturers were shifting products to the four southeast Asian countries to avoid tariffs required on products imported from China and requesting that the DOC conduct a country-wide inquiry into each country. In its final decision, the DOC determined that circumvention was occurring in each of the four southeast Asian countries noted above. Duties began to be applied to certain imports of solar cells from Malaysia, Vietnam, Thailand and Cambodia after expiration of the Biden Administration’s 24-month tariff moratorium on June 6, 2024. In addition, in response to its findings, the DOC promulgated new regulations that imposed enhanced duties in certain circumstances, including when the USITC determines there is a reasonable indication the domestic solar industry is materially or potentially injured because of imported products that violate certain fair trade laws.
In April 2024, a coalition of several U.S. producers of solar panels filed a petition with the DOC requesting new tariffs on imports from the same four southeast Asian countries. The group alleged that some Chinese companies had moved their solar operations to avoid penalties implemented after the expiration of the moratorium. In May 2024, in response to the petition, the DOC initiated a new AD/CVD investigation of solar panels from the four southeast Asian countries.
In April 2024, the USITC began a preliminary investigation and, in June 2024, issued a preliminary determination that there is a reasonable indication imports of solar panels from the four southeast Asian countries have caused injury to the U.S. solar industry. Based on the USITC’s preliminary decision, the DOC began an investigation and, on October 1, 2024 announced a preliminary affirmative determination in its CVD investigation and set preliminary duties on imports from the four southeast Asian countries. Its AD investigation is proceeding and a preliminary determination is scheduled for late 2024. If the DOC and USITC make final affirmative determinations in their investigations, the DOC may impose enhanced duties, including retroactive duties in certain circumstances. Final determinations are scheduled for early 2025.
The Biden Administration invoked the Defense Production Act to accelerate the production of solar panels in the U.S.; however, final determinations by the DOC and/or USITC may have an adverse impact on the solar industry overall. Additionally, the Biden Administration's actions did not address whether WROs applied to panels under previous complaints would be affected.
We are continuing to monitor these investigations as they progress to determine the potential impact on our business and results of operations.
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| 09/30/2024 Form 10-Q | 44 | Wisconsin Electric Power Company |
Infrastructure Investment and Jobs Act
In November 2021, President Biden signed into law the Infrastructure Investment and Jobs Act, which provides for approximately $1.2 trillion of federal spending over a five year period, including approximately $85 billion for investments in power, utilities, and renewables infrastructure across the United States. We expect funding from this Act will support the work we are doing to reduce GHG emissions, increase EV charging, and strengthen and protect the energy grid. Funding in the Act should also help to expand emerging technologies, like hydrogen and carbon management, as we continue the transition to a clean energy future. We believe the Infrastructure Investment and Jobs Act will accelerate investment in projects that will help us meet our net zero emission goals to the benefit of our customers, the communities we serve, and our company.
Inflation Reduction Act
In August 2022, President Biden signed into law the IRA, which provides for $258 billion in energy-related provisions over a 10-year period. The provisions of the IRA are intended to, among other things, lower gasoline and electricity prices, incentivize domestic clean energy investment, manufacturing, and production, and promote reductions in carbon emissions. We believe that we and our customers can benefit from the IRA’s provisions that extend tax benefits for renewable technologies, increase or restore higher rates for PTCs, add an option to claim PTCs for solar projects, expand qualified ITC facilities to include standalone energy storage, and its provision to allow companies to transfer tax credits generated from renewable projects. Under the IRA transferability option, we entered into a sales agreement in May 2024 to sell substantially all of our 2024 PTCs to a third party. See Note 14, Income Taxes, for more information about the impact of these sales. The IRA also implements a 15% corporate alternative minimum tax and a 1% excise tax on stock repurchases. Although significant regulatory guidance is expected on the tax provisions in the IRA, we currently believe the provisions on alternative minimum tax and stock repurchases will not have a material impact on us. Overall, we believe the IRA will help reduce our cost of investing in projects that will support our commitment to reduce emissions and provide customers affordable, reliable, and clean energy over the longer term.
Environmental Matters
See Note 21, Commitments and Contingencies, for a discussion of certain environmental matters affecting us, including rules and regulations relating to air quality, water quality, land quality, and climate change.
Market Risks and Other Significant Risks
We are exposed to market and other significant risks as a result of the nature of our business and the environment in which we operate. These risks include, but are not limited to, the inflation and supply chain disruptions described below. In addition, there is continuing uncertainty over the impact that the ongoing regional conflicts, including those in Ukraine, Israel and in other parts of the Middle East, will have on the global economy, supply chains, and fuel prices. See Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations – Factors Affecting Results, Liquidity, and Capital Resources – Market Risks and Other Significant Risks in our 2023 Annual Report on Form 10-K for a discussion of market and other significant risks applicable to us.
Inflation and Supply Chain Disruptions
We continue to monitor the impact of inflation and supply chain disruptions. We monitor the costs of medical plans, fuel, transmission access, construction costs, regulatory and environmental compliance costs, and other costs in order to minimize inflationary effects in future years, to the extent possible, through pricing strategies, productivity improvements, and cost reductions. We monitor the global supply chain, and related disruptions, in order to ensure we are able to procure the necessary materials and other resources necessary to both maintain our energy services in a safe and reliable manner and to grow our infrastructure in accordance with WEC Energy Group's capital plan. For additional information concerning risks related to inflation and supply chain disruptions, see the four risk factors below that are disclosed in Part I of our 2023 Annual Report on Form 10-K.
•Item 1A. Risk Factors – Risks Related to the Operation of Our Business – Public health crises, including epidemics and pandemics, could adversely affect our business functions, financial condition, liquidity, and results of operations.
•Item 1A. Risk Factors – Risks Related to the Operation of Our Business – Our operations and corporate strategy may be adversely affected by supply chain disruptions and inflation.
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| 09/30/2024 Form 10-Q | 45 | Wisconsin Electric Power Company |
•Item 1A. Risk Factors – Risks Related to the Operation of Our Business – We are actively involved with multiple significant capital projects, which are subject to a number of risks and uncertainties that could adversely affect project costs and completion of construction projects.
•Item 1A. Risk Factors – Risks Related to Economic and Market Volatility – Fluctuating commodity prices could negatively impact our operations.
For additional information concerning risk factors, including market risks, see the Cautionary Statement Regarding Forward-Looking Information at the beginning of this report.
Weather
Our utility rates are based upon estimated normal temperatures. Our electric utility margins are unfavorably sensitive to below normal temperatures during the summer cooling season and, to some extent, to above normal temperatures during the winter heating season. Our natural gas utility margins are unfavorably sensitive to above normal temperatures during the winter heating season. A summary of actual weather information in our service territory during the three and nine months ended September 30, 2024 and 2023, as measured by degree days, may be found in Results of Operations.
Our operations, primarily our electric operations, can be negatively impacted from storms. High wind conditions, lightning, hail, and flooding from storms can result in downed wires and poles, as well as damage to wind and solar generation facilities and other operating equipment. This can result in us incurring significant restoration costs and lost revenue to our customers. Our rates include a fixed amount for expected storm restoration costs. To the extent actual storm restoration costs are above what is included in these rates, our earnings are negatively impacted and it becomes more difficult to achieve our authorized ROE.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There have been no material changes related to market risk from the disclosures presented in our 2023 Annual Report on Form 10-K. In addition to the Form 10-K disclosures, see Management's Discussion and Analysis of Financial Condition and Results of Operations – Factors Affecting Results, Liquidity, and Capital Resources – Market Risks and Other Significant Risks in Item 2 of Part I of this report, as well as Note 15, Fair Value Measurements, Note 16, Derivative Instruments, and Note 17, Guarantees, in this report for information concerning our market risk exposures.
ITEM 4. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
Our management, with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this report. Based upon such evaluation, our principal executive officer and principal financial officer have concluded that, as of the end of such period, our disclosure controls and procedures are effective: (i) in recording, processing, summarizing, and reporting, on a timely basis, information required to be disclosed by us in the reports that we file or submit under the Exchange Act; and (ii) to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure.
Changes in Internal Control Over Financial Reporting
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 third quarter of 2024 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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| 09/30/2024 Form 10-Q | 46 | Wisconsin Electric Power Company |
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The following should be read in conjunction with Item 3. Legal Proceedings in Part I of our 2023 Annual Report on Form 10-K. See Note 21, Commitments and Contingencies, and Note 23, Regulatory Environment, in this report for additional information on material legal proceedings and matters related to us.
In addition to those legal proceedings discussed in Note 21, Commitments and Contingencies, and Note 23, Regulatory Environment, we are currently, and from time to time, subject to claims and suits arising in the ordinary course of business. Although the results of these additional legal proceedings cannot be predicted with certainty, management believes, after consultation with legal counsel, that the ultimate resolution of these proceedings will not have a material impact on our financial statements.
ITEM 1A. RISK FACTORS
There were no material changes from the risk factors disclosed in Item 1A. Risk Factors in Part I of our 2023 Annual Report on Form 10-K.
ITEM 5. OTHER INFORMATION
During the three months ended September 30, 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).
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| 09/30/2024 Form 10-Q | 47 | Wisconsin Electric Power Company |
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| ITEM 6. EXHIBITS |
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| The following exhibits are filed or furnished with or incorporated by reference in the report with respect to Wisconsin Electric Power Company (File No. 001-01245). An asterisk (*) indicates that the exhibit has previously been filed with the SEC and is incorporated herein by reference. |
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| 4 | | Instruments Defining the Rights of Security Holders, Including Indentures |
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| 31 | | Rule 13a-14(a) / 15d-14(a) Certifications |
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| 32 | | Section 1350 Certifications |
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| 101 | | Interactive Data Files |
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| | 101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
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| | 101.SCH | Inline XBRL Taxonomy Extension Schema |
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| | 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase |
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| | 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase |
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| | 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase |
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| | 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase |
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| 104 | | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
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| 09/30/2024 Form 10-Q | 48 | Wisconsin Electric Power Company |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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| | WISCONSIN ELECTRIC POWER COMPANY |
| | (Registrant) |
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| | /s/ WILLIAM J. GUC |
| Date: | November 1, 2024 | William J. Guc |
| | Vice President, Controller, and Assistant Corporate Secretary |
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| | (Duly Authorized Officer and Chief Accounting Officer) |
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| 09/30/2024 Form 10-Q | 49 | Wisconsin Electric Power Company |
Certification Pursuant to
Rule 13a-14(a) or 15d-14(a),
as Adopted Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
I, Scott J. Lauber, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Wisconsin Electric Power Company;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
| | | | | | | | |
| Date: | November 1, 2024 |
| | |
| /s/ SCOTT J. LAUBER |
| Scott J. Lauber |
| Chairman of the Board and Chief Executive Officer |
| (Principal Executive Officer) |
Certification Pursuant to
Rule 13a-14(a) or 15d-14(a),
as Adopted Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
I, Xia Liu, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Wisconsin Electric Power Company;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
| | | | | | | | |
| Date: | November 1, 2024 |
| | |
| /s/ XIA LIU |
| Xia Liu |
| Executive Vice President and Chief Financial Officer |
| (Principal Financial Officer) |
Certification Pursuant to
18 U.S.C. Section 1350,
As Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
In connection with the Quarterly Report of Wisconsin Electric Power Company (the "Company") on Form 10-Q for the quarter ended September 30, 2024, as filed with the Securities and Exchange Commission on November 1, 2024 (the "Report"), I, Scott J. Lauber, Chairman of the Board and Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:
(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | |
| /s/ SCOTT J. LAUBER |
| Scott J. Lauber |
| Chairman of the Board and Chief Executive Officer |
| November 1, 2024 |
Certification Pursuant to
18 U.S.C. Section 1350,
As Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
In connection with the Quarterly Report of Wisconsin Electric Power Company (the "Company") on Form 10-Q for the quarter ended September 30, 2024, as filed with the Securities and Exchange Commission on November 1, 2024 (the "Report"), I, Xia Liu, Executive Vice President and Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:
(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | |
| /s/ XIA LIU |
| Xia Liu |
| Executive Vice President and Chief Financial Officer |
| November 1, 2024 |
v3.24.3
COVER PAGE
|
9 Months Ended |
|
Sep. 30, 2024
shares
|
|---|
| Cover [Abstract] |
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10-Q
|
| Document Quarterly Report |
true
|
| Document period end date |
Sep. 30, 2024
|
| Document Transition Report |
false
|
| Entity File Number |
001-01245
|
| Entity registrant name |
WISCONSIN ELECTRIC POWER COMPANY
|
| Entity Tax Identification Number |
39-0476280
|
| Entity Incorporation, State or Country Code |
WI
|
| Entity Address, Address Line One |
231 West Michigan Street
|
| Entity Address, Address Line Two |
P.O. Box 2046
|
| Entity Address, City or Town |
Milwaukee
|
| Entity Address, State or Province |
WI
|
| Entity Address, Postal Zip Code |
53201
|
| City Area Code |
414
|
| Local Phone Number |
221-2345
|
| Entity Current Reporting Status |
Yes
|
| Entity Interactive Data Current |
Yes
|
| Entity filer category |
Non-accelerated Filer
|
| Smaller reporting company |
false
|
| Emerging growth company |
false
|
| Entity Shell Company |
false
|
| Entity common stock, shares outstanding |
33,289,327
|
| Entity central index key |
0000107815
|
| Current fiscal year end date |
--12-31
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| Document fiscal year focus |
2024
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Q3
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v3.24.3
CONDENSED CONSOLIDATED INCOME STATEMENTS - USD ($)
$ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Income Statement [Abstract] |
|
|
|
|
| Operating revenues |
$ 1,079.3
|
$ 1,103.1
|
$ 3,020.1
|
$ 3,095.3
|
| Operating expenses |
|
|
|
|
| Cost of sales |
353.9
|
394.3
|
986.0
|
1,131.3
|
| Other operation and maintenance |
241.6
|
236.6
|
720.6
|
674.9
|
| Depreciation and amortization |
145.5
|
132.8
|
427.1
|
389.9
|
| Property and revenue taxes |
17.0
|
28.5
|
77.1
|
86.8
|
| Total operating expenses |
758.0
|
792.2
|
2,210.8
|
2,282.9
|
| Operating income |
321.3
|
310.9
|
809.3
|
812.4
|
| Other income, net |
19.5
|
17.9
|
52.0
|
52.0
|
| Interest expense |
123.3
|
115.3
|
364.5
|
350.0
|
| Other expense |
(103.8)
|
(97.4)
|
(312.5)
|
(298.0)
|
| Income before income taxes |
217.5
|
213.5
|
496.8
|
514.4
|
| Income tax expense |
47.8
|
49.7
|
107.2
|
116.7
|
| Net income |
169.7
|
163.8
|
389.6
|
397.7
|
| Preferred stock dividend requirements |
0.3
|
0.3
|
0.9
|
0.9
|
| Net income attributed to common shareholder |
$ 169.4
|
$ 163.5
|
$ 388.7
|
$ 396.8
|
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v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Current assets |
|
|
| Cash and cash equivalents |
$ 253.4
|
$ 6.1
|
| Materials, supplies, and inventories |
313.8
|
310.6
|
| Prepaid taxes |
82.0
|
112.7
|
| Other prepayments |
16.0
|
26.7
|
| Other |
25.4
|
32.3
|
| Current assets |
1,349.9
|
1,205.3
|
| Long-term assets |
|
|
| Property, plant, and equipment, net of accumulated depreciation and amortization of $5,857.6 and $5,779.2, respectively |
12,385.8
|
11,585.5
|
| Regulatory assets (September 30, 2024 and December 31, 2023 include $79.1 and $85.9, respectively, related to WEPCo Environmental Trust) |
2,945.2
|
2,860.7
|
| Pension and OPEB assets |
74.7
|
71.0
|
| Other |
91.6
|
118.9
|
| Long-term assets |
15,497.3
|
14,636.1
|
| Total assets |
16,847.2
|
15,841.4
|
| Current liabilities |
|
|
| Short-term debt |
0.0
|
360.8
|
| Current portion of long-term debt (September 30, 2024 and December 31, 2023 include $9.1 and $9.0, respectively, related to WEPCo Environmental Trust) |
559.1
|
309.0
|
| Current portion of finance lease obligations |
96.4
|
87.8
|
| Other |
201.7
|
201.4
|
| Current liabilities |
1,396.3
|
1,484.9
|
| Long-term liabilities |
|
|
| Long-term debt (September 30, 2024 and December 31, 2023 include $80.9 and $85.3, respectively, related to WEPCo Environmental Trust) |
3,732.1
|
3,045.4
|
| Finance lease obligations |
2,776.0
|
2,752.2
|
| Deferred income taxes |
1,592.4
|
1,513.5
|
| Regulatory liabilities |
1,703.0
|
1,631.4
|
| Other |
354.7
|
330.5
|
| Long-term liabilities |
10,158.2
|
9,273.0
|
| Commitments and contingencies (Note 21) |
|
|
| Common shareholder's equity |
|
|
| Common stock – $10 par value; 65,000,000 shares authorized; 33,289,327 shares outstanding |
332.9
|
332.9
|
| Additional paid in capital |
2,552.9
|
2,552.4
|
| Retained earnings |
2,376.5
|
2,167.8
|
| Common shareholder's equity |
5,262.3
|
5,053.1
|
| Preferred stock |
30.4
|
30.4
|
| Total liabilities and equity |
16,847.2
|
15,841.4
|
| Nonrelated party |
|
|
| Current assets |
|
|
| Accounts receivable |
558.0
|
573.0
|
| Current liabilities |
|
|
| Accounts payable |
349.9
|
332.1
|
| Related party |
|
|
| Current assets |
|
|
| Accounts receivable |
101.3
|
143.9
|
| Current liabilities |
|
|
| Accounts payable |
$ 189.2
|
$ 193.8
|
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v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICALS) - USD ($)
$ in Millions |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Statement of Financial Position [Abstract] |
|
|
| Accounts receivable and unbilled revenues, reserves |
$ 40.8
|
$ 44.5
|
| Property, plant, and equipment, accumulated depreciation and amortization |
$ 5,857.6
|
$ 5,779.2
|
| Common stock, par value (in dollars per share) |
$ 10
|
$ 10
|
| Common stock, shares authorized |
65,000,000
|
65,000,000
|
| Common stock, shares outstanding |
33,289,327
|
33,289,327
|
| Regulatory assets (September 30, 2024 and December 31, 2023 include $79.1 and $85.9, respectively, related to WEPCo Environmental Trust) |
$ 2,945.2
|
$ 2,860.7
|
| Long-term debt (September 30, 2024 and December 31, 2023 include $80.9 and $85.3, respectively, related to WEPCo Environmental Trust) |
3,732.1
|
3,045.4
|
| Current portion of long-term debt (September 30, 2024 and December 31, 2023 include $9.1 and $9.0, respectively, related to WEPCo Environmental Trust) |
559.1
|
309.0
|
| WEPCo Environmental Trust |
|
|
| Regulatory assets (September 30, 2024 and December 31, 2023 include $79.1 and $85.9, respectively, related to WEPCo Environmental Trust) |
79.1
|
85.9
|
| Long-term debt (September 30, 2024 and December 31, 2023 include $80.9 and $85.3, respectively, related to WEPCo Environmental Trust) |
80.9
|
85.3
|
| Current portion of long-term debt (September 30, 2024 and December 31, 2023 include $9.1 and $9.0, respectively, related to WEPCo Environmental Trust) |
$ 9.1
|
$ 9.0
|
| X |
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v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Operating activities |
|
|
| Net income |
$ 389.6
|
$ 397.7
|
| Reconciliation to cash provided by operating activities |
|
|
| Depreciation and amortization |
427.1
|
389.9
|
| Deferred income taxes and ITCs, net |
60.7
|
22.7
|
| Change in – |
|
|
| Accounts receivable and unbilled revenues, net |
52.1
|
52.3
|
| Materials, supplies, and inventories |
(3.2)
|
22.7
|
| Prepaid taxes |
30.7
|
32.7
|
| Other current assets |
22.1
|
12.2
|
| Accounts payable |
(22.1)
|
(77.3)
|
| Accrued interest |
31.3
|
34.5
|
| Other current liabilities |
(5.4)
|
(25.3)
|
| Other, net |
21.2
|
(53.1)
|
| Net cash provided by operating activities |
1,004.1
|
809.0
|
| Investing activities |
|
|
| Capital expenditures |
(988.0)
|
(741.3)
|
| Acquisition of West Riverside |
(97.9)
|
(95.3)
|
| Acquisition of Whitewater |
0.0
|
(38.0)
|
| Proceeds from the sale of assets |
1.2
|
24.3
|
| Reimbursement for ATC's construction costs |
6.2
|
0.0
|
| Payments for ATC's construction costs that will be reimbursed |
(0.6)
|
(16.2)
|
| Other, net |
(2.7)
|
(7.4)
|
| Net cash used in investing activities |
(1,081.8)
|
(873.9)
|
| Financing activities |
|
|
| Change in short-term debt |
(360.8)
|
(424.7)
|
| Issuance of long-term debt |
947.4
|
0.0
|
| Retirement of long-term debt |
(4.5)
|
(4.4)
|
| Payments for finance lease obligations |
(64.9)
|
(56.8)
|
| Equity contribution from parent |
0.0
|
775.0
|
| Payment of dividends to parent |
(180.0)
|
(260.0)
|
| Other, net |
(10.0)
|
(0.9)
|
| Net cash provided by financing activities |
327.2
|
28.2
|
| Net change in cash, cash equivalents, and restricted cash |
249.5
|
(36.7)
|
| Cash, cash equivalents, and restricted cash at beginning of period |
7.5
|
47.7
|
| Cash, cash equivalents, and restricted cash at end of period |
$ 257.0
|
$ 11.0
|
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v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Millions |
Total |
Total common shareholder's equity |
Common stock |
Additional paid in capital |
Retained earnings |
Preferred stock |
| Balance at Dec. 31, 2022 |
$ 4,167.2
|
$ 4,136.8
|
$ 332.9
|
$ 1,746.8
|
$ 2,057.1
|
$ 30.4
|
| Statements of equity |
|
|
|
|
|
|
| Net income attributed to common shareholder |
121.7
|
121.7
|
0.0
|
0.0
|
121.7
|
0.0
|
| Payment of dividends to parent |
(60.0)
|
(60.0)
|
0.0
|
0.0
|
(60.0)
|
0.0
|
| Equity contribution from parent |
415.0
|
415.0
|
0.0
|
415.0
|
0.0
|
0.0
|
| Stock-based compensation and other |
0.6
|
0.6
|
0.0
|
0.5
|
0.1
|
0.0
|
| Balance at Mar. 31, 2023 |
4,644.5
|
4,614.1
|
332.9
|
2,162.3
|
2,118.9
|
30.4
|
| Balance at Dec. 31, 2022 |
4,167.2
|
4,136.8
|
332.9
|
1,746.8
|
2,057.1
|
30.4
|
| Statements of equity |
|
|
|
|
|
|
| Net income attributed to common shareholder |
396.8
|
|
|
|
|
|
| Payment of dividends to parent |
(260.0)
|
|
|
|
|
|
| Equity contribution from parent |
775.0
|
|
|
|
|
|
| Balance at Sep. 30, 2023 |
5,079.6
|
5,049.2
|
332.9
|
2,522.4
|
2,193.9
|
30.4
|
| Balance at Mar. 31, 2023 |
4,644.5
|
4,614.1
|
332.9
|
2,162.3
|
2,118.9
|
30.4
|
| Statements of equity |
|
|
|
|
|
|
| Net income attributed to common shareholder |
111.6
|
111.6
|
0.0
|
0.0
|
111.6
|
0.0
|
| Payment of dividends to parent |
(60.0)
|
(60.0)
|
0.0
|
0.0
|
(60.0)
|
0.0
|
| Equity contribution from parent |
290.0
|
290.0
|
0.0
|
290.0
|
0.0
|
0.0
|
| Balance at Jun. 30, 2023 |
4,986.1
|
4,955.7
|
332.9
|
2,452.3
|
2,170.5
|
30.4
|
| Statements of equity |
|
|
|
|
|
|
| Net income attributed to common shareholder |
163.5
|
163.5
|
0.0
|
0.0
|
163.5
|
0.0
|
| Payment of dividends to parent |
(140.0)
|
(140.0)
|
0.0
|
0.0
|
(140.0)
|
0.0
|
| Equity contribution from parent |
70.0
|
70.0
|
0.0
|
70.0
|
0.0
|
0.0
|
| Stock-based compensation and other |
0.0
|
0.0
|
0.0
|
0.1
|
(0.1)
|
0.0
|
| Balance at Sep. 30, 2023 |
5,079.6
|
5,049.2
|
332.9
|
2,522.4
|
2,193.9
|
30.4
|
| Balance at Dec. 31, 2023 |
5,083.5
|
5,053.1
|
332.9
|
2,552.4
|
2,167.8
|
30.4
|
| Statements of equity |
|
|
|
|
|
|
| Net income attributed to common shareholder |
134.0
|
134.0
|
0.0
|
0.0
|
134.0
|
0.0
|
| Payment of dividends to parent |
(60.0)
|
(60.0)
|
0.0
|
0.0
|
(60.0)
|
0.0
|
| Stock-based compensation and other |
0.4
|
0.4
|
0.0
|
0.5
|
(0.1)
|
0.0
|
| Balance at Mar. 31, 2024 |
5,157.9
|
5,127.5
|
332.9
|
2,552.9
|
2,241.7
|
30.4
|
| Balance at Dec. 31, 2023 |
5,083.5
|
5,053.1
|
332.9
|
2,552.4
|
2,167.8
|
30.4
|
| Statements of equity |
|
|
|
|
|
|
| Net income attributed to common shareholder |
388.7
|
|
|
|
|
|
| Payment of dividends to parent |
(180.0)
|
|
|
|
|
|
| Equity contribution from parent |
0.0
|
|
|
|
|
|
| Balance at Sep. 30, 2024 |
5,292.7
|
5,262.3
|
332.9
|
2,552.9
|
2,376.5
|
30.4
|
| Balance at Mar. 31, 2024 |
5,157.9
|
5,127.5
|
332.9
|
2,552.9
|
2,241.7
|
30.4
|
| Statements of equity |
|
|
|
|
|
|
| Net income attributed to common shareholder |
85.3
|
85.3
|
0.0
|
0.0
|
85.3
|
0.0
|
| Payment of dividends to parent |
(60.0)
|
(60.0)
|
0.0
|
0.0
|
(60.0)
|
0.0
|
| Stock-based compensation and other |
0.1
|
0.1
|
0.0
|
0.0
|
0.1
|
0.0
|
| Balance at Jun. 30, 2024 |
5,183.3
|
5,152.9
|
332.9
|
2,552.9
|
2,267.1
|
30.4
|
| Statements of equity |
|
|
|
|
|
|
| Net income attributed to common shareholder |
169.4
|
169.4
|
0.0
|
0.0
|
169.4
|
0.0
|
| Payment of dividends to parent |
(60.0)
|
(60.0)
|
0.0
|
0.0
|
(60.0)
|
0.0
|
| Balance at Sep. 30, 2024 |
$ 5,292.7
|
$ 5,262.3
|
$ 332.9
|
$ 2,552.9
|
$ 2,376.5
|
$ 30.4
|
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v3.24.3
GENERAL INFORMATION
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| GENERAL INFORMATION |
GENERAL INFORMATION Wisconsin Electric Power Company serves approximately 1.2 million electric customers and 0.5 million natural gas customers.
As used in these notes, the term "financial statements" refers to the condensed consolidated financial statements. This includes the income statements, balance sheets, statements of cash flows, and statements of equity, unless otherwise noted. In this report, when we refer to "the Company," "us," "we," "our," or "ours," we are referring to Wisconsin Electric Power Company and its subsidiary.
On our financial statements, we consolidate VIEs of which we are the primary beneficiary.
We have prepared the unaudited interim financial statements presented in this Form 10-Q pursuant to the rules and regulations of the SEC and GAAP. Accordingly, these financial statements do not include all of the information and footnotes required by GAAP for annual financial statements. These financial statements should be read in conjunction with the consolidated financial statements and footnotes in our Annual Report on Form 10-K for the year ended December 31, 2023. Financial results for an interim period may not give a true indication of results for the year. In particular, the results of operations for the three and nine months ended September 30, 2024, are not necessarily indicative of expected results for 2024 due to seasonal variations and other factors.
In management's opinion, we have included all adjustments, normal and recurring in nature, necessary for a fair presentation of our financial results.
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v3.24.3
ACQUISITIONS
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Asset Acquisition [Abstract] |
|
| ACQUISITIONS |
ACQUISITIONS In accordance with Topic 805: Clarifying the Definition of a Business (ASU 2017-01), transactions are evaluated and are accounted for as acquisitions of assets or businesses, and transaction costs are capitalized in asset acquisitions. It was determined that all of the below acquisitions met the criteria of asset acquisitions.
Acquisitions of Electric Generation Facilities in Wisconsin
In May 2024, we completed the acquisition of 100 MWs of West Riverside's nameplate capacity for $97.9 million. West Riverside is a commercially operational dual fueled combined cycle generation facility in Beloit, Wisconsin. Prior to the acquisition, WPS received approval to transfer its ownership interest rights to us. Including this acquisition, we own 200 MWs, or 27.5%, of West Riverside at a total cost of $193.2 million.
In January 2023, we, along with WPS, completed the acquisition of Whitewater, a commercially operational 236.5 MW dual fueled (natural gas and low sulfur fuel oil) combined cycle electric generation facility in Whitewater, Wisconsin. Our share of the cost of this facility was $38.0 million for 50% of the capacity.
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v3.24.3
DISPOSITION
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Discontinued Operations and Disposal Groups [Abstract] |
|
| DISPOSITION |
DISPOSITION Sale of Real Estate
In June 2023, we sold approximately 192 acres of real estate at our former Pleasant Prairie power plant site that was no longer being utilized in our operations, for $23.0 million, which is net of closing costs. As a result of the sale, a pre-tax gain in the amount of $22.2 million was recorded within other operation and maintenance expense on our income statement. The book value of the real estate included in the sale was not material and, therefore, was not presented as held for sale.
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v3.24.3
OPERATING REVENUES
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| OPERATING REVENUES |
OPERATING REVENUES For more information about our operating revenues, see Note 1(d), Operating Revenues, in our 2023 Annual Report on Form 10-K.
Disaggregation of Operating Revenues
The following tables present our operating revenues disaggregated by revenue source for our utility segment. We do not have any revenues associated with our other segment. We disaggregate revenues into categories that depict how the nature, amount, timing, and uncertainty of revenues and cash flows are affected by economic factors. Revenues are further disaggregated by electric and natural gas operations and then by customer class. Each customer class within our electric and natural gas operations has different expectations of service, energy and demand requirements, and can be impacted differently by regulatory activities within their jurisdictions. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30 | | Nine Months Ended September 30 | | (in millions) | | 2024 | | 2023 | | 2024 | | 2023 | | Wisconsin Electric Power Company | | | | | | | | | | Electric utility | | $ | 1,028.6 | | | $ | 1,052.5 | | | $ | 2,706.2 | | | $ | 2,721.3 | | | Natural gas utility | | 48.2 | | | 47.8 | | | 302.6 | | | 362.1 | | | Total revenues from contracts with customers | | 1,076.8 | | | 1,100.3 | | | 3,008.8 | | | 3,083.4 | | | Other operating revenues | | 2.5 | | | 2.8 | | | 11.3 | | | 11.9 | | | Total operating revenues | | $ | 1,079.3 | | | $ | 1,103.1 | | | $ | 3,020.1 | | | $ | 3,095.3 | | | | | | | | | | |
Revenues from Contracts with Customers
Electric Utility Operating Revenues
The following table disaggregates electric utility operating revenues into customer class: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30 | | Nine Months Ended September 30 | | (in millions) | | 2024 | | 2023 | | 2024 | | 2023 | | Residential | | $ | 454.7 | | | $ | 445.9 | | | $ | 1,162.6 | | | $ | 1,141.6 | | | Small commercial and industrial | | 331.2 | | | 327.7 | | | 900.9 | | | 899.8 | | | Large commercial and industrial | | 186.8 | | | 189.5 | | | 466.2 | | | 480.2 | | | Other | | 4.9 | | | 4.9 | | | 15.4 | | | 15.4 | | | Total retail revenues | | 977.6 | | | 968.0 | | | 2,545.1 | | | 2,537.0 | | | Wholesale | | 11.1 | | | 10.4 | | | 35.8 | | | 32.4 | | | Resale | | 35.8 | | | 70.0 | | | 104.6 | | | 130.0 | | | Steam | | 2.5 | | | 2.5 | | | 17.3 | | | 18.2 | | | Other utility revenues | | 1.6 | | | 1.6 | | | 3.4 | | | 3.7 | | | Total electric utility operating revenues | | $ | 1,028.6 | | | $ | 1,052.5 | | | $ | 2,706.2 | | | $ | 2,721.3 | | | | | | | | | | |
Natural Gas Utility Operating Revenues
The following table disaggregates natural gas utility operating revenues into customer class: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30 | | Nine Months Ended September 30 | | (in millions) | | 2024 | | 2023 | | 2024 | | 2023 | | Residential | | $ | 24.4 | | | $ | 26.9 | | | $ | 198.3 | | | $ | 241.2 | | | Commercial and industrial | | 7.9 | | | 9.2 | | | 82.9 | | | 110.1 | | | Total retail revenues | | 32.3 | | | 36.1 | | | 281.2 | | | 351.3 | | | Transportation | | 4.8 | | | 4.2 | | | 17.5 | | | 15.6 | | Other utility revenues (1) | | 11.1 | | | 7.5 | | | 3.9 | | | (4.8) | | | Total natural gas utility operating revenues | | $ | 48.2 | | | $ | 47.8 | | | $ | 302.6 | | | $ | 362.1 | |
(1)Includes the revenues subject to our purchased gas recovery mechanism, which fluctuate based on actual natural gas costs incurred, compared with the recovery of natural gas costs that were anticipated in rates. Other Operating Revenues
Other operating revenues consist primarily of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30 | | Nine Months Ended September 30 | | (in millions) | | 2024 | | 2023 | | 2024 | | 2023 | | Late payment charges | | $ | 2.4 | | | $ | 2.6 | | | $ | 8.8 | | | $ | 9.6 | | | Rental revenues | | 0.2 | | | 0.5 | | | 2.3 | | | 2.2 | | Alternative revenues (1) | | (0.1) | | | (0.3) | | | 0.2 | | | 0.1 | | | Total other operating revenues | | $ | 2.5 | | | $ | 2.8 | | | $ | 11.3 | | | $ | 11.9 | |
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v3.24.3
CREDIT LOSSES
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Credit Loss [Abstract] |
|
| CREDIT LOSSES |
CREDIT LOSSES Our exposure to credit losses is related to our accounts receivable and unbilled revenue balances, which are generated from the sale of electricity and natural gas by our regulated utility operations. Our regulated utility operations are included in our utility segment. No accounts receivable and unbilled revenue balances were reported in the other segment at September 30, 2024 and December 31, 2023.
We evaluate the collectability of our accounts receivable and unbilled revenue balances considering a combination of factors. For some of our larger customers and also in circumstances where we become aware of a specific customer's inability to meet its financial obligations to us, we record a specific allowance for credit losses against amounts due in order to reduce the net recognized receivable to the amount we reasonably believe will be collected. For all other customers, we use the accounts receivable aging method to calculate an allowance for credit losses. Using this method, we classify accounts receivable into different aging buckets and calculate a reserve percentage for each aging bucket based upon historical loss rates. The calculated reserve percentages are updated on at least an annual basis, in order to ensure recent macroeconomic, political, and regulatory trends are captured in the calculation, to the extent possible. Risks identified that we do not believe are reflected in the calculated reserve percentages, are assessed on a quarterly basis to determine whether further adjustments are required.
We monitor our ongoing credit exposure through active review of counterparty accounts receivable balances against contract terms and due dates. Our activities include timely account reconciliation, dispute resolution and payment confirmation. To the extent possible, we work with customers with past due balances to negotiate payment plans, but will disconnect customers for non-payment as allowed by the PSCW, if necessary, and employ collection agencies and legal counsel to pursue recovery of defaulted receivables. For our larger customers, detailed credit review procedures may be performed in advance of any sales being made. We sometimes require letters of credit, parental guarantees, prepayments or other forms of credit assurance from our larger customers to mitigate credit risk.
We have included a table below that shows our gross third-party receivable balances and related allowance for credit losses. | | | | | | | | | | | | | | | | (in millions) | | September 30, 2024 | | December 31, 2023 | | Accounts receivable and unbilled revenues | | $ | 598.8 | | | $ | 617.5 | | | Allowance for credit losses | | 40.8 | | | 44.5 | | Accounts receivable and unbilled revenues, net (1) | | $ | 558.0 | | | $ | 573.0 | | | | | | | Total accounts receivable, net – past due greater than 90 days (1) | | $ | 32.2 | | | $ | 37.2 | | Past due greater than 90 days – collection risk mitigated by regulatory mechanisms (1) | | 94.0 | % | | 94.1 | % |
(1)Our exposure to credit losses for certain regulated utility customers is mitigated by a regulatory mechanism we have in place. Specifically, our residential tariffs include a mechanism for cost recovery or refund of uncollectible expense based on the difference between actual uncollectible write-offs and the amounts recovered in rates. As a result, at September 30, 2024, $306.3 million, or 54.9%, of our net accounts receivable and unbilled revenues balance had regulatory protections in place to mitigate the exposure to credit losses. A rollforward of the allowance for credit losses is included below: | | | | | | | | | | | | | | | | | Three Months Ended September 30 | | (in millions) | | 2024 | | 2023 | | Balance at July 1 | | $ | 42.0 | | | $ | 45.1 | | | Provision for credit losses | | 8.4 | | | 5.4 | | | Provision for credit losses deferred for future recovery or refund | | 7.9 | | | 11.5 | | | Write-offs charged against the allowance | | (23.7) | | | (24.1) | | | Recoveries of amounts previously written off | | 6.2 | | | 4.4 | | | Balance at September 30 | | $ | 40.8 | | | $ | 42.3 | |
| | | | | | | | | | | | | | | | | Nine Months Ended September 30 | | (in millions) | | 2024 | | 2023 | | Balance at January 1 | | $ | 44.5 | | | $ | 49.7 | | | Provision for credit losses | | 23.6 | | | 16.7 | | | Provision for credit losses deferred for future recovery or refund | | 28.6 | | | 27.0 | | | Write-offs charged against the allowance | | (75.2) | | | (65.7) | | | Recoveries of amounts previously written off | | 19.3 | | | 14.6 | | | Balance at September 30 | | $ | 40.8 | | | $ | 42.3 | |
There was a $3.7 million decrease in the allowance for credit losses at September 30, 2024, compared to January 1, 2024, largely driven by customer write-offs related to the winter moratorium months ending. After a customer is disconnected for a period of time without payment on their account, we will write off that customer balance. The winter moratorium begins on November 1 and ends on April 15. Also contributing to the decrease in the allowance for credit losses, we have seen lower required reserve percentages as a result of an improvement in loss rates. We also believe that the lower energy costs that customers were seeing, which were driven by warmer than normal weather conditions in the first half of 2024 and low average natural gas prices, contributed to a reduction in past due accounts receivable balances and a related decrease in the allowance for credit losses.
There was a $7.4 million decrease in the allowance for credit losses at September 30, 2023, compared to January 1, 2023, driven by customer write-offs related to the end of the winter moratorium. In addition, lower energy costs driven by lower natural gas prices contributed to a reduction in past due accounts receivable balances and a related decrease in the allowance for credit losses.
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-Topic 310
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-Paragraph 21
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-URI https://asc.fasb.org/1943274/2147479319/326-20-50-21
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-Section 50
-Paragraph 4
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-URI https://asc.fasb.org/1943274/2147479106/326-30-50-4
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-Section 50
-Paragraph 11
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-URI https://asc.fasb.org/1943274/2147479319/326-20-50-11
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v3.24.3
REGULATORY ASSETS AND LIABILITIES
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Regulatory Assets and Liabilities Disclosure [Abstract] |
|
| REGULATORY ASSETS AND LIABILITIES |
REGULATORY ASSETS AND LIABILITIES The following regulatory assets and liabilities were reflected on our balance sheets at September 30, 2024 and December 31, 2023. For more information on our regulatory assets and liabilities, see Note 7, Regulatory Assets and Liabilities, in our 2023 Annual Report on Form 10-K. | | | | | | | | | | | | | | | | (in millions) | | September 30, 2024 | | December 31, 2023 | | Regulatory assets | | | | | | We Power finance leases | | $ | 1,132.7 | | | $ | 1,109.7 | | Plant retirement related items (1) | | 666.1 | | | 595.5 | | | Income tax related items | | 364.3 | | | 373.1 | | | Pension and OPEB costs | | 353.7 | | | 348.9 | | | System support resource | | 105.5 | | | 113.2 | | | Uncollectible expense | | 90.9 | | | 62.1 | | | Securitization | | 79.1 | | | 85.9 | | | AROs | | 51.6 | | | 41.2 | | | Bluewater Natural Gas Holding, LLC | | 20.1 | | | 17.2 | | | Energy efficiency programs | | 17.9 | | | 23.3 | | | Environmental remediation costs | | 10.7 | | | 12.2 | | | Derivatives | | 7.4 | | | 45.2 | | | Other, net | | 45.2 | | | 33.2 | | | Total regulatory assets | | $ | 2,945.2 | | | $ | 2,860.7 | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) At September 30, 2024, plant retirement related items included $20.5 million of capitalized retirement costs related to the new EPA CCR Rule that was enacted in April 2024. See Note 21, Commitments and Contingencies, for more information. | | | | | | | | | | | | | | | | (in millions) | | September 30, 2024 | | December 31, 2023 | | Regulatory liabilities | | | | | | Removal costs | | $ | 799.0 | | | $ | 758.9 | | | Income tax related items | | 657.5 | | | 683.5 | | | Pension and OPEB benefits | | 126.0 | | | 124.0 | | | Energy costs refundable through rate adjustments | | 27.0 | | | 5.5 | | Paris (1) | | 26.7 | | | — | | | Electric transmission costs | | 19.4 | | | 23.9 | | | Other, net | | 48.9 | | | 40.9 | | | Total regulatory liabilities | | $ | 1,704.5 | | | $ | 1,636.7 | | | | | | | | Balance sheet presentation | | | | | | Other current liabilities | | $ | 1.5 | | | $ | 5.3 | | | Regulatory liabilities | | 1,703.0 | | | 1,631.4 | | | Total regulatory liabilities | | $ | 1,704.5 | | | $ | 1,636.7 | |
(1)In accordance with our rate order approved by the PSCW in December 2023, we are deferring to a future rate proceeding the incremental revenue requirement impact associated with the change to the in-service date of Paris.
Oak Creek Power Plant Units 5-6 In May 2024, OCPP Units 5 and 6 were retired. Due to the retirement of these units and the determination that recovery was probable, their net book value of $76.8 million at September 30, 2024 was classified as a regulatory asset. In addition, a $43.8 million cost of removal reserve related to the units continued to be classified as a regulatory liability at September 30, 2024. Not included in these amounts was $9.0 million of deferred tax liabilities previously recorded for the retired units. Effective with our rate order issued by the PSCW in December 2022, we received approval to collect a return of and on the entire net book value of OCPP Units 5 and 6 and, as a result, will continue to amortize the regulatory asset on a straight-line basis, using the composite depreciation rates approved by the PSCW before the units were retired. The amortization is included in depreciation and amortization on the income statement. We also intend to request FERC approval to continue to collect the net book value of OCPP Units 5 and 6 using the approved composite depreciation rates, in addition to a return on the remaining net book value.
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v3.24.3
PROPERTY, PLANT, AND EQUIPMENT
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Property, Plant and Equipment [Abstract] |
|
| PROPERTY, PLANT, AND EQUIPMENT |
PROPERTY, PLANT, AND EQUIPMENT Plant to be Retired
Oak Creek Power Plant Units 7-8
As a result of a PSCW approval in December 2022 for the acquisition and construction of Darien, the retirement of OCPP Units 7 and 8 became probable. Subsequently, we have received PSCW approval for Koshkonong, and have also acquired additional projects. See Note 2, Acquisitions, for more information on the acquisitions. OCPP Units 7 and 8 are expected to be retired by late 2025. The total net book value of our ownership share of OCPP Units 7 and 8 was $666.7 million at September 30, 2024, which does not include deferred taxes. This amount was classified as plant to be retired within property, plant, and equipment on our balance sheet. These units are included in rate base, and we continue to depreciate them on a straight-line basis using the composite depreciation rates approved by the PSCW.
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v3.24.3
ASSET RETIREMENT OBLIGATIONS
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Asset Retirement Obligation Disclosure [Abstract] |
|
| ASSET RETIREMENT OBLIGATIONS |
ASSET RETIREMENT OBLIGATIONS We have recorded AROs primarily for asbestos abatement at certain generation and substation facilities; the removal and dismantlement of a biomass generation facility; the dismantling of wind and solar generation projects; and the closure of CCR landfills at certain generation facilities. We establish regulatory assets and liabilities to record the differences between ongoing expense recognition under the ARO accounting rules and the ratemaking practices for retirement costs authorized by the PSCW.
On our balance sheets, AROs are recorded within other long-term liabilities. The following table shows changes to our AROs: | | | | | | | | | | | | | | | | (in millions) | | 2024 | | 2023 | | Balance at January 1 | | $ | 73.1 | | | $ | 71.7 | | | Accretion | | 2.0 | | | 1.4 | | | Additions | | 34.0 | | (1) | — | | | | | | | | | | | | | Balance at September 30 | | $ | 109.1 | | | $ | 73.1 | |
(1) AROs increased primarily as a result of AROs being recorded related to the new EPA CCR Rule that was enacted in April 2024. See Note 21, Commitments and Contingencies, for more information.
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v3.24.3
COMMON EQUITY
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Equity [Abstract] |
|
| COMMON EQUITY |
COMMON EQUITY Various financing arrangements and regulatory requirements impose certain restrictions on our ability to transfer funds to WEC Energy Group in the form of cash dividends, loans, or advances. In addition, Wisconsin law prohibits us from making loans to or guaranteeing obligations of WEC Energy Group or its subsidiaries. See Note 11, Common Equity, in our 2023 Annual Report on Form 10-K for additional information on these and other restrictions.
We do not believe that these restrictions will materially affect our operations or limit any dividend payments in the foreseeable future.
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v3.24.3
SHORT-TERM DEBT AND LINES OF CREDIT
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Short-Term Debt [Abstract] |
|
| SHORT-TERM DEBT AND LINES OF CREDIT |
SHORT-TERM DEBT AND LINES OF CREDIT The following table shows our short-term borrowings and their corresponding weighted-average interest rates as of December 31, 2023. We did not have any short-term borrowings at September 30, 2024. | | | | | | | | | | | | | | | | (in millions, except percentages) | | September 30, 2024 | | December 31, 2023 | | Commercial paper | | | | | | Amount outstanding | | $ | — | | | $ | 360.8 | | | Weighted-average interest rate on amounts outstanding | | — | % | | 5.48 | % |
Our average amount of commercial paper borrowings based on daily outstanding balances during the nine months ended September 30, 2024 was $210.4 million with a weighted-average interest rate during the period of 5.46%. The information in the table below relates to our revolving credit facility used to support our commercial paper borrowing program, including available capacity under this facility: | | | | | | | | | | | | | | | | (in millions) | | Maturity | | September 30, 2024 | | Revolving credit facility | | September 2026 | | $ | 500.0 | | | | | | | | Less: | | | | | | Letters of credit issued inside credit facility | | | | 1.0 | | | Commercial paper outstanding | | | | — | | | Available capacity under existing credit facility | | | | $ | 499.0 | |
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v3.24.3
LONG-TERM DEBT
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Long-Term Debt, Unclassified [Abstract] |
|
| LONG-TERM DEBT |
LONG-TERM DEBT In May 2024, we issued $350.0 million of 5.00% Debentures, due May 15, 2029, and used the net proceeds to repay short-term debt and for other general corporate purposes.
In September 2024, we issued $300.0 million of 4.60% Debentures due October 1, 2034 and $300.0 million of 5.05% Debentures due October 1, 2054, and used the net proceeds to repay short-term debt and for other general corporate purposes.
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v3.24.3
LEASES
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Lessee Disclosure [Abstract] |
|
| LEASES |
LEASES In July 2024, we, along with WPS, partnered with an unaffiliated utility to acquire and construct Koshkonong, a utility-scale solar-powered electric generating facility located in Dane County, Wisconsin. Commercial operation of the project is targeted at the end of 2026. Related to our investment in Koshkonong, we, WPS, and our unaffiliated utility partner, entered into several land leases that commenced in the third quarter of 2024. Each lease has an initial construction term that ends upon achieving commercial operation, then automatically extends for 25 years with an option for an additional 25-year extension. We expect the optional extension to be exercised, and, as a result, these land leases are being amortized over the extended term of the leases. Once Koshkonong achieves commercial operation, the lease liability will be remeasured to reflect the final total acres being leased. We expect to recover the lease payments through rates.
Our total obligation under the land-related finance leases for Koshkonong was $84.8 million at September 30, 2024, and was included in finance lease obligations on our balance sheet. Our finance lease right of use asset related to Koshkonong was $83.7 million as of September 30, 2024, and was included in property, plant, and equipment on our balance sheet. Our weighted-average discount rate for the Koshkonong finance leases was 6.05%. We used an estimate of the fully collateralized incremental borrowing rate based upon information available for similarly rated companies in determining the present value of lease payments.
Future minimum lease payments and the corresponding present value of our net minimum lease payments under the finance leases for Koshkonong as of September 30, 2024, were as follows: | | | | | | | | | | (in millions) | | | | Three Months Ended December 31, 2024 | | $ | — | | | 2025 | | 1.5 | | | 2026 | | 1.1 | | | 2027 | | 4.4 | | | 2028 | | 4.5 | | | 2029 | | 4.6 | | | Thereafter | | 358.5 | | | Total minimum lease payments | | 374.6 | | | Less: Interest | | (289.8) | | | Present value of minimum lease payments | | 84.8 | | | Less: Short-term lease liabilities | | — | | | Long-term lease liabilities | | $ | 84.8 | |
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v3.24.3
MATERIALS, SUPPLIES, AND INVENTORIES
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Inventory Disclosure [Abstract] |
|
| MATERIALS, SUPPLIES, AND INVENTORIES |
MATERIALS, SUPPLIES, AND INVENTORIES Our inventories consisted of: | | | | | | | | | | | | | | | | (in millions) | | September 30, 2024 | | December 31, 2023 | | Materials and supplies | | $ | 218.2 | | | $ | 186.6 | | | Fossil fuel | | 48.0 | | | 74.5 | | | Natural gas in storage | | 47.6 | | | 49.5 | | | Total | | $ | 313.8 | | | $ | 310.6 | |
Substantially all materials and supplies, fossil fuel, and natural gas in storage inventories are recorded using the weighted-average cost method of accounting.
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v3.24.3
INCOME TAXES
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Income Tax Disclosure [Abstract] |
|
| INCOME TAXES |
INCOME TAXES The provision for income taxes differs from the amount of income tax determined by applying the applicable United States statutory federal income tax rate to income before income taxes as a result of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2024 | | Three Months Ended September 30, 2023 | | (in millions) | | Amount | | Effective Tax Rate | | Amount | | Effective Tax Rate | | Statutory federal income tax | | $ | 45.6 | | | 21.0 | % | | $ | 44.7 | | | 21.0 | % | | State income taxes net of federal tax benefit | | 13.2 | | | 6.1 | % | | 12.8 | | | 6.0 | % | | Federal excess deferred tax amortization | | (6.9) | | | (3.2) | % | | (7.2) | | | (3.4) | % | | PTCs, net | | (6.1) | | | (2.8) | % | | (2.7) | | | (1.3) | % | | AFUDC-Equity | | (2.9) | | | (1.3) | % | | (3.0) | | | (1.4) | % | | Domestic production activities deferral | | 2.1 | | | 1.0 | % | | 2.3 | | | 1.1 | % | | | | | | | | | | | Other, net | | 2.8 | | | 1.2 | % | | 2.8 | | | 1.3 | % | | Total income tax expense | | $ | 47.8 | | | 22.0 | % | | $ | 49.7 | | | 23.3 | % | | | | | | | | | | | | Nine Months Ended September 30, 2024 | | Nine Months Ended September 30, 2023 | | (in millions) | | Amount | | Effective Tax Rate | | Amount | | Effective Tax Rate | | Statutory federal income tax | | $ | 104.1 | | | 21.0 | % | | $ | 107.8 | | | 21.0 | % | | State income taxes net of federal tax benefit | | 29.7 | | | 6.0 | % | | 30.8 | | | 6.0 | % | | | | | | | | | | | Federal excess deferred tax amortization | | (16.1) | | | (3.2) | % | | (17.2) | | | (3.4) | % | | PTCs, net | | (14.3) | | | (2.9) | % | | (9.6) | | | (1.9) | % | | AFUDC-Equity | | (8.0) | | | (1.6) | % | | (7.1) | | | (1.4) | % | | | | | | | | | | | Domestic production activities deferral | | 4.9 | | | 1.0 | % | | 5.3 | | | 1.0 | % | | Other, net | | 6.9 | | | 1.3 | % | | 6.7 | | | 1.4 | % | | Total income tax expense | | $ | 107.2 | | | 21.6 | % | | $ | 116.7 | | | 22.7 | % |
The effective tax rates for the three and nine months ended September 30, 2024, do not materially differ from the United States statutory federal income tax rate of 21%. This is primarily due to the impact of the protected deferred tax benefits associated with the Tax Legislation, as discussed in more detail below, and PTCs, offset by state income taxes.
The effective tax rates for the three and nine months ended September 30, 2023, differ from the United States statutory federal income tax rate of 21%, primarily due to state income taxes. This item was partially offset by the impact of the protected deferred tax benefits associated with the Tax Legislation, as discussed in more detail below.
The Tax Legislation required us to remeasure the deferred income taxes at our utility segment, and we began to amortize the resulting excess protected deferred income taxes beginning in 2018 in accordance with normalization requirements (see federal excess deferred tax amortization lines above). See Note 24, Regulatory Environment, in our 2023 Annual Report on Form 10-K for more information about the impact of the Tax Legislation.
The IRA contains a tax credit transferability provision that allows us to sell PTCs produced after December 31, 2022, to third parties. In September 2023 and May 2024, under this transferability provision, WEC Energy Group entered into agreements to sell substantially all of the PTCs we generated in 2023 and substantially all of the PTCs expected to be generated in 2024 to third parties. We elect to account for tax credits transferred under the scope of Accounting Standards Codification 740. We include the discount from the sale of tax credits as a component of income tax expense. We also include any expected proceeds from the sale of tax credits in the evaluation of the realizability of deferred tax assets related to PTCs. The sale of tax credits is presented in the operating activities section of the statements of cash flows consistent with the presentation of cash taxes paid. In April 2023, the IRS issued Revenue Procedure 2023-15, which provides a safe harbor method of accounting that taxpayers may use to determine whether expenses to repair, maintain, replace, or improve natural gas transmission and distribution property must be capitalized for tax purposes. We adopted the safe harbor method of accounting on our 2023 tax return which increased our deferred tax liabilities.
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v3.24.3
FAIR VALUE MEASUREMENTS
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| FAIR VALUE MEASUREMENTS |
FAIR VALUE MEASUREMENTS Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price).
Fair value accounting rules provide a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are defined as follows:
Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2 – Pricing inputs are observable, either directly or indirectly, but are not quoted prices included within Level 1. Level 2 includes those financial instruments that are valued using external inputs within models or other valuation methods.
Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methods that result in management's best estimate of fair value. Level 3 instruments include those that may be more structured or otherwise tailored to customers' needs.
Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. We use a mid-market pricing convention (the mid-point price between bid and ask prices) as a practical measure for valuing certain derivative assets and liabilities. We primarily use a market approach for recurring fair value measurements and attempt to use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs.
When possible, we base the valuations of our derivative assets and liabilities on quoted prices for identical assets and liabilities in active markets. These valuations are classified in Level 1. The valuations of certain contracts not classified as Level 1 may be based on quoted market prices received from counterparties and/or observable inputs for similar instruments. Transactions valued using these inputs are classified in Level 2. Certain derivatives, such as FTRs, are categorized in Level 3 due to the significance of unobservable or internally-developed inputs. Our FTRs are valued using MISO auction prices.
The following tables summarize our financial assets and liabilities that were accounted for at fair value on a recurring basis, categorized by level within the fair value hierarchy: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | (in millions) | | Level 1 | | Level 2 | | Level 3 | | Total | | Derivative assets | | | | | | | | | | Natural gas contracts | | $ | 2.2 | | | $ | 0.9 | | | $ | — | | | $ | 3.1 | | | FTRs | | — | | | — | | | 4.5 | | | 4.5 | | | | | | | | | | | | Total derivative assets | | $ | 2.2 | | | $ | 0.9 | | | $ | 4.5 | | | $ | 7.6 | | | | | | | | | | | | Derivative liabilities | | | | | | | | | | Natural gas contracts | | $ | 4.9 | | | $ | 1.2 | | | $ | — | | | $ | 6.1 | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | (in millions) | | Level 1 | | Level 2 | | Level 3 | | Total | | Derivative assets | | | | | | | | | | Natural gas contracts | | $ | 0.9 | | | $ | 1.3 | | | $ | — | | | $ | 2.2 | | | FTRs | | — | | | — | | | 2.5 | | | 2.5 | | | | | | | | | | | | Total derivative assets | | $ | 0.9 | | | $ | 1.3 | | | $ | 2.5 | | | $ | 4.7 | | | | | | | | | | | | Derivative liabilities | | | | | | | | | | Natural gas contracts | | $ | 16.1 | | | $ | 3.1 | | | $ | — | | | $ | 19.2 | | | Coal contracts | | — | | | 19.3 | | | — | | | 19.3 | | | Total derivative liabilities | | $ | 16.1 | | | $ | 22.4 | | | $ | — | | | $ | 38.5 | |
The derivative assets and liabilities listed in the tables above include options, futures, physical commodity contracts, and other instruments used to manage market risks related to changes in commodity prices. They also include FTRs, which are used to manage electric transmission congestion costs in the MISO Energy and Operating Reserves Markets.
The following table summarizes the changes to derivatives classified as Level 3 in the fair value hierarchy: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30 | | Nine Months Ended September 30 | | (in millions) | | 2024 | | 2023 | | 2024 | | 2023 | | Balance at the beginning of the period | | $ | 9.7 | | | $ | 6.9 | | | $ | 2.5 | | | $ | 2.0 | | | Purchases | | — | | | — | | | 12.1 | | | 8.1 | | | Settlements | | (5.2) | | | (3.0) | | | (10.1) | | | (6.2) | | | Balance at the end of the period | | $ | 4.5 | | | $ | 3.9 | | | $ | 4.5 | | | $ | 3.9 | |
Fair Value of Financial Instruments
The following table shows the financial instruments included on our balance sheets that were not recorded at fair value: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | (in millions) | | Carrying Amount | | Fair Value | | Carrying Amount | | Fair Value | | Preferred stock | | $ | 30.4 | | | $ | 22.4 | | | $ | 30.4 | | | $ | 21.4 | | | Long-term debt, including current portion | | 4,291.2 | | | 4,288.9 | | | 3,354.4 | | | 3,255.4 | |
The fair values of our long-term debt and preferred stock are categorized within Level 2 of the fair value hierarchy.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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v3.24.3
DERIVATIVE INSTRUMENTS
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
| DERIVATIVE INSTRUMENTS |
DERIVATIVE INSTRUMENTS We use derivatives as part of our risk management program to manage the risks associated with the price volatility of purchased power, generation, and natural gas costs for the benefit of our customers. Our approach is non-speculative and designed to mitigate risk. Our regulated hedging programs are approved by the PSCW.
We record derivative instruments on our balance sheets as an asset or liability measured at fair value unless they qualify for the normal purchases and sales exception and are so designated. We continually assess our contracts designated as normal and will discontinue the treatment of these contracts as normal if the required criteria are no longer met. Changes in the derivative's fair value are recognized currently in earnings unless specific hedge accounting criteria are met or we receive regulatory treatment for the derivative. For most energy-related physical and financial contracts in our regulated operations that qualify as derivatives, the PSCW allows the effects of fair value accounting to be offset to regulatory assets and liabilities. On our balance sheets, we classify derivative assets and liabilities as current or long-term based on the maturities of the underlying contracts. Derivative assets and liabilities are included in the other current and other long-term line items on our balance sheets. The following table shows our derivative assets and derivative liabilities. None of the derivatives shown below are designated as hedging instruments. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | (in millions) | | Derivative
Assets | | Derivative
Liabilities | | Derivative
Assets | | Derivative
Liabilities | | Current | | | | | | | | | | Natural gas contracts | | $ | 2.9 | | | $ | 5.5 | | | $ | 2.2 | | | $ | 18.6 | | | FTRs | | 4.5 | | | — | | | 2.5 | | | — | | | Coal contracts | | — | | | — | | | — | | | 10.2 | | | Total current | | 7.4 | | | 5.5 | | | 4.7 | | | 28.8 | | | | | | | | | | | | Long-term | | | | | | | | | | Natural gas contracts | | 0.2 | | | 0.6 | | | — | | | 0.6 | | | Coal contracts | | — | | | — | | | — | | | 9.1 | | | Total long-term | | 0.2 | | | 0.6 | | | — | | | 9.7 | | | Total | | $ | 7.6 | | | $ | 6.1 | | | $ | 4.7 | | | $ | 38.5 | |
Realized gains and losses on derivatives are primarily recorded in cost of sales upon settlement; however, they may be subsequently deferred for future rate recovery or refund as the gains and losses are included in our fuel and natural gas cost recovery mechanisms. Our estimated notional sales volumes and realized gains and losses were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2024 | | Three Months Ended September 30, 2023 | | (in millions) | | Volumes | | Gains (Losses) | | Volumes | | Gains (Losses) | | Natural gas contracts | | 14.5 Dth | | $ | (7.7) | | | 14.3 Dth | | $ | (22.7) | | | FTRs | | 5.1 MWh | | 2.6 | | | 5.6 MWh | | 12.0 | | | Total | | | | $ | (5.1) | | | | | $ | (10.7) | | | | | | | | | | | | | Nine Months Ended September 30, 2024 | | Nine Months Ended September 30, 2023 | | (in millions) | | Volumes | | Gains (Losses) | | Volumes | | Gains (Losses) | | Natural gas contracts | | 53.7 Dth | | $ | (34.1) | | | 50.2 Dth | | $ | (77.2) | | | FTRs | | 15.1 MWh | | 5.9 | | | 15.7 MWh | | 14.0 | | | Total | | | | $ | (28.2) | | | | | $ | (63.2) | |
On our balance sheets, the amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral are not offset against the fair value amounts recognized for derivative instruments executed with the same counterparty under the same master netting arrangement. At September 30, 2024 and December 31, 2023, we had posted cash collateral of $14.7 million and $26.7 million, respectively. These amounts were recorded on our balance sheets in other current assets.
The following table shows derivative assets and derivative liabilities if derivative instruments by counterparty were presented net on our balance sheets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | | (in millions) | | Derivative
Assets | | Derivative
Liabilities | | Derivative
Assets | | Derivative
Liabilities | | | Gross amount recognized on the balance sheet | | $ | 7.6 | | | $ | 6.1 | | | $ | 4.7 | | | $ | 38.5 | | | | Gross amount not offset on the balance sheet | | (2.4) | | | (5.2) | | (1) | (1.3) | | | (16.5) | | (2) | | Net amount | | $ | 5.2 | | | $ | 0.9 | | | $ | 3.4 | | | $ | 22.0 | | |
(1) Includes cash collateral posted of $2.8 million.
(2) Includes cash collateral posted of $15.2 million.
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v3.24.3
GUARANTEES
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Guarantees [Abstract] |
|
| GUARANTEES |
GUARANTEES As of September 30, 2024, we had $26.0 million of standby letters of credit issued by financial institutions for the benefit of third parties that have extended credit to us, which automatically renew each year unless proper termination notice is given. These amounts are not reflected on our balance sheets.
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v3.24.3
EMPLOYEE BENEFITS
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Retirement Benefits [Abstract] |
|
| EMPLOYEE BENEFITS |
EMPLOYEE BENEFITS The following tables show the components of net periodic benefit cost (credit) (including amounts capitalized to our balance sheets) for our benefit plans. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pension Benefits | | | Three Months Ended September 30 | | Nine Months Ended September 30 | | (in millions) | | 2024 | | 2023 | | 2024 | | 2023 | | Service cost | | $ | 2.6 | | | $ | 2.6 | | | $ | 7.8 | | | $ | 7.7 | | | Interest cost | | 11.1 | | | 11.7 | | | 33.4 | | | 35.3 | | | Expected return on plan assets | | (15.3) | | | (16.0) | | | (46.1) | | | (48.2) | | | | | | | | | | | | Amortization of prior service credit | | (0.1) | | | (0.1) | | | (0.1) | | | (0.1) | | | Amortization of net actuarial loss | | 4.6 | | | 2.3 | | | 13.6 | | | 6.9 | | | Net periodic benefit cost | | $ | 2.9 | | | $ | 0.5 | | | $ | 8.6 | | | $ | 1.6 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | OPEB Benefits | | | Three Months Ended September 30 | | Nine Months Ended September 30 | | (in millions) | | 2024 | | 2023 | | 2024 | | 2023 | | Service cost | | $ | 0.8 | | | $ | 0.6 | | | $ | 2.4 | | | $ | 1.9 | | | Interest cost | | 2.0 | | | 1.9 | | | 6.1 | | | 5.7 | | | Expected return on plan assets | | (2.7) | | | (3.3) | | | (8.2) | | | (10.0) | | | Amortization of prior service credit | | — | | | (0.3) | | | (0.1) | | | (0.7) | | | Amortization of net actuarial gain | | (1.5) | | | (2.1) | | | (4.3) | | | (6.5) | | | Net periodic benefit credit | | $ | (1.4) | | | $ | (3.2) | | | $ | (4.1) | | | $ | (9.6) | |
During the nine months ended September 30, 2024, we made contributions and payments of $4.7 million related to our pension plans and an insignificant amount related to our OPEB plans. During the remainder of 2024, we expect to make contributions and payments of $0.2 million related to our OPEB plans and do not expect to make any additional contributions or payments related to our pension plans, dependent upon various factors affecting us, including our liquidity position and possible tax law changes.
Effective January 1, 2023, the PSCW approved escrow accounting for pension and OPEB costs. As a result, as of September 30, 2024, we recorded a $7.0 million regulatory asset for pension costs and a $14.7 million regulatory asset for OPEB costs. The above tables do not reflect any adjustments for the creation of these regulatory assets.
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v3.24.3
SEGMENT INFORMATION
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Segment Reporting [Abstract] |
|
| SEGMENT INFORMATION |
SEGMENT INFORMATION We use net income attributed to common shareholder to measure segment profitability and to allocate resources to our business. At September 30, 2024, we reported two segments, our utility segment and our other segment, which are described below.
Our utility segment includes our electric utility operations, including steam operations, and our natural gas utility operations.
•Our electric utility operations are engaged in the generation, distribution, and sale of electricity to customers in southeastern Wisconsin (including metropolitan Milwaukee), east central Wisconsin, and northern Wisconsin. In addition, our steam operations produce, distribute, and sell steam to customers in metropolitan Milwaukee.
•Our natural gas utility operations are engaged in the purchase, distribution, and sale of natural gas to retail customers as well as the transportation of customer-owned natural gas in southeastern, east central, and northern Wisconsin.
No significant items were reported in the other segment during the three and nine months ended September 30, 2024 and 2023. All of our operations and assets are located within the United States.
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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v3.24.3
VARIABLE INTEREST ENTITIES
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| VARIABLE INTEREST ENTITIES |
VARIABLE INTEREST ENTITIES The primary beneficiary of a VIE must consolidate the entity's assets and liabilities. In addition, certain disclosures are required for significant interest holders in VIEs.
We assess our relationships with potential VIEs, such as our coal suppliers, natural gas suppliers, coal transporters, natural gas transporters, and other counterparties related to PPAs, investments, and joint ventures. In making this assessment, we consider, along with other factors, the potential that our contracts or other arrangements provide subordinated financial support, the obligation to absorb the entity's losses, the right to receive residual returns of the entity, and the power to direct the activities that most significantly impact the entity's economic performance.
WEPCo Environmental Trust Finance I, LLC
In November 2020, the PSCW issued a financing order approving the securitization of $100 million of undepreciated environmental control costs related to our retired Pleasant Prairie power plant, the carrying costs accrued on the $100 million during the securitization process, and the related financing fees. The financing order also authorized us to form WEPCo Environmental Trust, a bankruptcy-remote special purpose entity, for the sole purpose of issuing ETBs to recover the costs approved in the financing order. WEPCo Environmental Trust is our wholly owned subsidiary.
In May 2021, WEPCo Environmental Trust issued ETBs and used the proceeds to acquire environmental control property from us. The environmental control property is recorded as a regulatory asset on our balance sheets and includes the right to impose, collect, and receive a non-bypassable environmental control charge from our retail electric distribution customers until the ETBs are paid in full and all financing costs have been recovered. The ETBs are secured by the environmental control property. Cash collections from the environmental control charge and funds on deposit in trust accounts are the sole sources of funds to satisfy the debt obligation. The bondholders do not have any recourse to us or any of our affiliates.
We act as the servicer of the environmental control property on behalf of WEPCo Environmental Trust and are responsible for metering, calculating, billing, and collecting the environmental control charge. As necessary, we are authorized to implement periodic adjustments of the environmental control charge. The adjustments are designed to ensure the timely payment of principal, interest, and other ongoing financing costs. We remit all collections of the environmental control charge to WEPCo Environmental Trust's indenture trustee.
WEPCo Environmental Trust is a VIE primarily because its equity capitalization is insufficient to support its operations. As described above, we have the power to direct the activities that most significantly impact WEPCo Environmental Trust's economic performance. Therefore, we are considered the primary beneficiary of WEPCo Environmental Trust, and consolidation is required.
The following table summarizes the impact of WEPCo Environmental Trust on our balance sheets: | | | | | | | | | | | | | | | | | | (in millions) | | September 30, 2024 | | December 31, 2023 | | | | Assets | | | | | | | | Other current assets (restricted cash) | | $ | 3.3 | | | $ | 0.8 | | | | | Regulatory assets | | 79.1 | | | 85.9 | | | | | Other long-term assets (restricted cash) | | 0.3 | | | 0.6 | | | | | | | | | | | | Liabilities | | | | | | | | Current portion of long-term debt | | 9.1 | | | 9.0 | | | | | | | | | | | | Other current liabilities (accrued interest) | | 0.4 | | | 0.1 | | | | | Long-term debt | | 80.9 | | | 85.3 | | | |
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v3.24.3
COMMITMENTS AND CONTINGENCIES
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| COMMITMENTS AND CONTINGENCIES |
COMMITMENTS AND CONTINGENCIES We have significant commitments and contingencies arising from our operations, including those related to unconditional purchase obligations, environmental matters, and enforcement and litigation matters.
Unconditional Purchase Obligations
We have obligations to distribute and sell electricity and natural gas to our customers and expect to recover costs related to these obligations in future customer rates. In order to meet these obligations, we routinely enter into long-term purchase and sale commitments for various quantities and lengths of time. Our minimum future commitments related to these purchase obligations as of September 30, 2024, were approximately $6.9 billion.
Environmental Matters
Consistent with other companies in the energy industry, we face significant ongoing environmental compliance and remediation obligations related to current and past operations. Specific environmental issues affecting us include, but are not limited to, current and future regulation of air emissions such as sulfur dioxide, NOx, fine particulates, mercury, and GHGs; water intake and discharges; management of coal combustion products such as fly ash; and remediation of impacted properties, including former manufactured gas plant sites.
Air Quality
Cross State Air Pollution Rule – Good Neighbor Rule
In March 2023, the EPA issued its final Good Neighbor Rule, which became effective in August 2023 and requires significant reductions in ozone-forming emissions of NOx from power plants and industrial facilities. After review of the final rule, we are well positioned to meet the requirements.
Our RICE units are not currently subject to the final rule as each unit is less than 25 MWs. To the extent we use RICE engines for natural gas distribution operations, those engines not part of an LDC are subject to the emission limits and operational requirements of the rule beginning in 2026. The EPA has exempted LDCs from the final rule.
In February 2024, the Supreme Court heard oral arguments regarding stay applications related to the EPA's Good Neighbor Rule. In June 2024, the Supreme Court granted a stay of the Good Neighbor Rule pending disposition of the applicants' petitions for review at the D.C. Circuit Court of Appeals. We will continue to monitor this case as arguments at the D.C. Circuit Court of Appeals move forward.
Mercury and Air Toxics Standards
In 2012, the EPA issued the MATS to limit emissions of mercury, acid gases, and other hazardous air pollutants. In April 2023, the EPA issued the pre-publication version of a proposed rule to strengthen and update MATS to reflect recent developments in control technologies and performance of coal and oil-fired units. In May 2024, the EPA published a final rule in the Federal Register lowering the PM limit from 0.03 lb/MMBtu to 0.01 lb/MMBtu. After review of the final rule, we believe we are well positioned to meet its requirements.
National Ambient Air Quality Standards
Ozone
After completing its review of the 2008 ozone standard, the EPA released a final rule in October 2015, creating a more stringent standard than the 2008 NAAQS. The 2015 ozone standard lowered the 8-hour limit for ground-level ozone. In November 2022, the EPA's 2022 CASAC Ozone Review Panel issued a draft report supporting reconsideration of the 2015 standard. The EPA staff initially issued a draft Policy Assessment in March 2023 that also supported the reconsideration; however, in August 2023, the EPA announced that it was instead restarting its ozone standard evaluation. The EPA has indicated it plans to release its Integrated Review Plan in fall 2024. This new review is anticipated to take 3 to 5 years to complete. In February 2022, revisions to the Wisconsin Administrative Code to adopt the 2015 standard were finalized. The amended regulations incorporated by reference the federal air pollution monitoring requirements related to the standard. The WDNR submitted the rule updates as a SIP revision to the EPA, which the EPA approved in February 2023.
The effective date for the initial nonattainment area designation was August 2018 and the attainment status is evaluated every 3 years thereafter until attainment is achieved. The Milwaukee, Sheboygan, and Chicago, IL-IN-WI nonattainment areas did not meet the marginal attainment deadline of August 2021, so in April 2022 the EPA proposed "moderate" nonattainment status for the 2015 standard. In October 2022, the EPA published its final reclassifications from "marginal" to "moderate" for these areas, effective November 7, 2022. Accordingly, the WDNR submitted a SIP revision to the EPA in December 2022 to address the moderate nonattainment status.
In October 2023, the EPA found that 11 states, including Wisconsin, failed to submit adequate SIP revisions to address nonattainment areas classified as "moderate" for the 2015 standard. This action triggered a May 2025 deadline for states to get their SIP approved or the EPA will issue a federal implementation plan. Additionally, offset sanctions will take effect 18 months from the May 2025 deadline if the state's SIP is not approved. The offset sanctions impact volatile organic compound and NOx emissions from new or modified sources in the nonattainment areas. The WDNR has indicated it intends to submit a SIP revision by the May 2025 deadline.
The most recent attainment evaluation date was in August 2024. The moderate attainment deadline was not met, so the EPA will propose the nonattainment areas in Wisconsin be redesignated as serious nonattainment based on 2021-2023 data. The EPA must reclassify the nonattainment areas by February 2025. We continue to evaluate the impacts the nonattainment redesignation will have on our operations.
Particulate Matter
All counties within our service territory are in attainment with current 2012 standards for fine PM2.5. Under the Biden Administration's policy review, the EPA concluded that the scientific evidence and information from a December 2020 review of the 2012 standards supported revising the level of the annual standard for the PM2.5 NAAQS to below the current level of 12 µg/m3, while retaining the 24-hour standard of 35 µg/m3. In February 2024, the EPA finalized a rule which lowered the primary (health-based) annual PM2.5 NAAQS to 9 µg/m3. The secondary (welfare-based) PM2.5 standard and 24-hour standards (both primary and secondary) remain unchanged. The EPA has until May 2026 to designate areas as attainment and nonattainment with the new standard. The WDNR will need to draft and submit a SIP for the EPA's approval. A designation of nonattainment status could impact future permitting activities for facilities in applicable locations, including the potential need for improved or new air pollution control equipment. With our planned transition from coal-fired plants to natural gas-fired plants and renewable generating facilities, we do not expect this new standard to have a material impact on our units.
Climate Change
In May 2023, the EPA proposed GHG performance standards for fossil-fired steam generating and natural gas combustion units and also proposed to repeal the Affordable Clean Energy rule, which had replaced the Clean Power Plan. The final rule, known as the Greenhouse Gas Power Plant Rule, was published in May 2024. Pursuant to the final rule, there are no applicable standards for coal plants until the end of 2031 and after 2031, the applicable standard is dependent upon the unit's retirement date. Coal-fired units that are planned to refuel to natural gas-fired units must convert to natural gas and no longer retain the capability to burn coal by the end of 2029. For new combined cycle natural gas plants above a 40% capacity factor, the rule is dependent upon the implementation of carbon capture by the end of 2031. For new simple cycle natural gas-fired combustion turbines, there are no applicable limits as long as the capacity factor is less than 20%. Our new Weston RICE units are not affected under the rule because the rule excludes RICE units that are less than 25 MWs. Numerous parties have challenged the Greenhouse Gas Power Plant Rule through litigation pending in the D.C. Circuit Court of Appeals.
In March 2024, the EPA announced it had removed regulations on existing natural gas combustion turbines from the rule. The EPA indicated that it intends to draft a new rule for existing natural gas-fired units and opened a non-regulatory docket for this new rulemaking. The EPA has stated it anticipates a proposed rule by the end of 2024.
In April 2024, the EPA issued its final Mandatory Greenhouse Gas Reporting Rule, 40 Code of Federal Regulations Part 98, which includes updates to the global warming potentials to determine CO2 equivalency for threshold reporting and the addition of a new section regarding energy consumption. The revisions will impact the reporting required for our electric generation facilities, LDCs, and underground natural gas storage facilities. In May 2024, the EPA also issued its final rule to amend reporting requirements for petroleum and natural gas systems. Under the final rule, new leak emission factors and reporting requirements for large release events will impact the reporting required for our LDCs and underground natural gas storage facilities.
The ESG Progress Plan includes the retirement of older, fossil-fueled generation, to be replaced with zero-carbon-emitting renewables and clean natural gas-fueled generation. We have already retired nearly 2,100 MWs of fossil-fueled generation since the beginning of 2018, which includes the retirement of OCPP Units 5 and 6 in May 2024, the 2019 retirement of the Presque Isle power plant, and the 2018 retirement of the Pleasant Prairie power plant. WEC Energy Group expects to retire approximately 1,200 MWs of additional fossil-fueled generation by the end of 2031, which includes the planned retirements of OCPP Units 7 and 8. See Note 7, Property, Plant, and Equipment, for more information related to planned power plant retirements. In May 2021, WEC Energy Group announced goals to achieve reductions in carbon emissions from its electric generation fleet by 60% by the end of 2025 and by 80% by the end of 2030, both from a 2005 baseline. WEC Energy Group expects to achieve these goals by continuing to make operating refinements, retiring less efficient generating units, and executing its capital plan. Over the longer term, the target for WEC Energy Group's generation fleet is to be net carbon neutral by 2050.
WEC Energy Group also continues to reduce methane emissions by improving its natural gas distribution systems, and has set a target across its natural gas distribution operations to achieve net-zero methane emissions by the end of 2030. WEC Energy Group plans to achieve its net-zero goal through an effort that includes continuous operational improvements and equipment upgrades, as well as the use of RNG throughout its natural gas utility distribution systems. In addition, subject to regulatory approval, WEC Energy Group may procure RTCs.
Water Quality
Clean Water Act Cooling Water Intake Structure Rule
Section 316(b) of the CWA became effective in October 2014 and requires the location, design, construction, and capacity of cooling water intake structures at existing power plants reflect the BTA for minimizing adverse environmental impacts. The rule applies to all of our existing generating facilities with cooling water intake structures, except for the ERGS units, which were permitted and received a final BTA determination under the rules governing new facilities.
Effective in June 2020, the requirements of federal Section 316(b) of the CWA were incorporated into the Wisconsin Administrative Code. The WDNR applies this rule when establishing BTA requirements for cooling water intake structures at existing facilities. These BTA requirements are incorporated into WPDES permits for our facilities.
We have received interim BTA determinations for all generation facilities where Section 316(b) is applicable. With respect to OCPP Units 7 and 8, we believe the WDNR will determine that existing technology (wet cooling towers) installed at the units represents BTA for minimizing adverse environmental impacts in accordance with the requirements in the CWA when the WPDES permit for those units is reissued, which is expected in 2025.
Steam Electric Effluent Limitation Guidelines
The EPA's 2015 final ELG rule, which took effect in January 2016 (2015 ELG rule), was modified in 2020 (2020 ELG rule), and again in 2024 with the May 2024 publication of the Supplemental ELG Rule. These rules establish federal technology-based requirements for several types of power plant wastewaters. The three requirements that affect us relate to discharge limits for BATW, FGD wastewater, and CRL (landfill leachate). Although our coal-fueled facilities were constructed with advanced wastewater treatment technologies that meet many of the discharge limits established by the 2015 rule, facility modifications were still necessary at OCPP and ERGS to meet all of the 2015 ELG requirements and the additional ones established by the 2020 ELG rule. Through 2023, compliance costs associated with the 2015 and 2020 ELG rules required $97 million in capital investment.
The 2024 Supplemental ELG rule established zero discharge requirements for BATW, FGD, and CRL wastewaters at coal-fueled units with no planned retirement date. The Supplemental ELG Rule also kept one existing and created one new “permanent cessation of coal” subcategory. Those electing to cease coal combustion by either retiring or repowering a unit by December 31, 2028 or December 31, 2034 can limit ELG-related capital investments to what was required by either the 2015 or the 2020 ELG Rule, respectively. For units where cessation of coal is planned to occur no later than December 31, 2034, facility owners must complete all 2020 ELG rule required capital investments by December 31, 2025. All of our coal-fueled units fully meet the 2020 ELG rule requirements. Based on current electrical generation resource planning, we plan to file a Notice of Planned Participation by December 31, 2025 to opt into the "cessation of coal by December 31, 2034" subcategory for the ERGS coal-fueled facility. The final Supplemental ELG Rule allows owners of coal-fueled units who opted into a cessation of coal subcategory to operate beyond the end of 2028 or 2034, required by either the 2015 or the 2020 ELG Rule, respectively, if needed for reliability concerns (i.e., energy emergencies, reliability must run agreements, etc.) as determined by the United States Department of Energy, a public utility commission, or independent system operator.
We are still evaluating the Supplemental ELG Rule CRL provisions to determine the applicability and potential compliance costs for inactive/closed landfills. Numerous parties have challenged the rule through litigation pending in the U.S. Court of Appeals for the 8th Circuit.
Land Quality
Manufactured Gas Plant Remediation
We have identified sites at which we or a predecessor company owned or operated a manufactured gas plant or stored manufactured gas. We have also identified other sites that may have been impacted by historical manufactured gas plant activities. We are responsible for the environmental remediation of these sites. We are also working with the state of Wisconsin in our investigation and remediation planning. These sites are at various stages of investigation, monitoring, remediation, and closure.
The future costs for detailed site investigation, future remediation, and monitoring are dependent upon several variables including, among other things, the extent of remediation, changes in technology, and changes in regulation. Historically, our regulators have allowed us to recover incurred costs, net of insurance recoveries and recoveries from potentially responsible parties, associated with the remediation of manufactured gas plant sites. Accordingly, we have established regulatory assets for costs associated with these sites.
We have established the following regulatory assets and reserves for manufactured gas plant sites: | | | | | | | | | | | | | | | | (in millions) | | September 30, 2024 | | December 31, 2023 | | Regulatory assets | | $ | 10.7 | | | $ | 12.2 | | Reserves for future environmental remediation (1) | | 10.3 | | | 10.3 | |
(1)Recorded within other long-term liabilities on our balance sheets.
Coal Combustion Residuals Rule
The EPA finalized a rule for CCR in April 2024 that would apply to landfills, historic fill sites, and projects where CCR was placed at a power plant site. The rule will regulate previously exempt closed landfills.
We expect the final rule, which will become effective in November 2024, to have an impact on some of our coal ash landfills, requiring additional remediation that is not currently required under the state programs. The rule is being challenged through litigation pending in the D.C. Circuit Court of Appeals. We expect the cost of the additional remediation would be recovered through future rates. See Note 8, Asset Retirement Obligations, for more information on the estimated cost of the additional remediation.
Enforcement and Litigation Matters
We are involved in legal and administrative proceedings before various courts and agencies with respect to matters arising in the ordinary course of business. Although we are unable to predict the outcome of these matters, management believes that appropriate reserves have been established and that final settlement of these actions will not have a material impact on our financial condition or results of operations.
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v3.24.3
SUPPLEMENTAL CASH FLOW INFORMATION
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Sep. 30, 2024 |
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| Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] |
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| SUPPLEMENTAL CASH FLOW INFORMATION |
SUPPLEMENTAL CASH FLOW INFORMATION Non-Cash Transactions | | | | | | | | | | | | | | | | | Nine Months Ended September 30 | | (in millions) | | 2024 | | 2023 | | Cash paid for interest, net of amount capitalized | | $ | 330.3 | | | $ | 312.7 | | Cash paid for income taxes, net (1) | | 48.6 | | | 84.8 | | | Significant non-cash investing and financing transactions: | | | | | | Accounts payable related to construction costs | | 96.6 | | | 133.3 | | | Receivable for the transfer of assets to WPS | | — | | | 2.4 | | | | | | |
(1) Cash paid for income taxes in 2024 was net of $14.9 million related to 2023 and 2024 PTCs that were sold to third parties.
Restricted Cash
The statements of cash flows include our activity related to cash, cash equivalents, and restricted cash. The following table reconciles the cash, cash equivalents, and restricted cash amounts reported within the balance sheets to the total of these amounts shown on the statements of cash flows: | | | | | | | | | | | | | | | | (in millions) | | September 30, 2024 | | December 31, 2023 | | Cash and cash equivalents | | $ | 253.4 | | | $ | 6.1 | | | Restricted cash included in other current assets | | 3.3 | | | 0.8 | | | Restricted cash included in other long-term assets | | 0.3 | | | 0.6 | | | Cash, cash equivalents, and restricted cash | | $ | 257.0 | | | $ | 7.5 | |
Our restricted cash consisted of cash on deposit in a financial institution that is restricted to satisfy the requirements of a debt agreement at WEPCo Environmental Trust. See Note 20, Variable Interest Entities, for more information.
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v3.24.3
REGULATORY ENVIRONMENT
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Sep. 30, 2024 |
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| Regulated Operations [Abstract] |
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| REGULATORY ENVIRONMENT |
REGULATORY ENVIRONMENT 2025 and 2026 Rate Case
On April 12, 2024, we filed a request with the PSCW to increase our retail electric, natural gas, and steam rates, effective January 1, 2025 and January 1, 2026, as applicable. The request reflected the following: | | | | | | | | | | | | | | | | Proposed 2025 rate increase | | | | | | Electric | | $ | 240.7 | million | / | 6.9% | | Gas | | $ | 57.5 | million | / | 10.0% | | Steam | | $ | 2.5 | million | / | 8.4% | Proposed 2026 rate increase (1) | | | | | | Electric | | $ | 177.9 | million | / | 4.6% | | Gas | | $ | 31.0 | million | / | 4.6% | | Proposed ROE | | 10.0% | | Proposed common equity component average on a financial basis | | 53.5% |
(1) The proposed 2026 rate increases are incremental to the currently authorized revenue plus the requested rate increases for 2025.
The primary drivers of the requested increases in electric rates are continued capital investments to transition our generation fleet from coal to renewables and natural gas-fueled generation, increased costs driven by higher inflation and interest rates, and the recovery of regulatory assets previously approved by the PSCW.
The requested increases in natural gas rates are driven by our ongoing capital investments in reliability and safety projects, including LNG storage facilities, as well as the impacts from higher inflation and increased interest rates.
We also proposed retaining our current earnings sharing mechanism. Under the current earnings sharing mechanism, if we earn above our authorized ROE: (i) we retain 100.0% of earnings for the first 15 basis points above the authorized ROE; (ii) 50.0% of the next 60 basis points is required to be refunded to ratepayers; and (iii) 100.0% of any remaining excess earnings is required to be refunded to ratepayers.
A decision is expected in the fourth quarter of 2024, with any rate adjustments expected to be effective January 1, 2025 and 2026.
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v3.24.3
NEW ACCOUNTING PRONOUNCEMENTS
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9 Months Ended |
Sep. 30, 2024 |
|---|
| Accounting Changes and Error Corrections [Abstract] |
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| NEW ACCOUNTING PRONOUNCEMENTS |
NEW ACCOUNTING PRONOUNCEMENTS Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments require additional disclosures, primarily related to income taxes paid and the rate reconciliation table. The amendments require disclosures on specific categories in the rate reconciliation table, as well as additional information for reconciling items that meet a quantitative threshold. For income taxes paid, additional disclosures are required to disaggregate federal, state, and foreign income taxes paid, with additional disclosures for income taxes paid that meet a quantitative threshold. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. We plan to adopt these amendments beginning with our fiscal year ending on December 31, 2025, and are currently evaluating the impact this guidance may have on our financial statements and related disclosures.
Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments require additional disclosures about reportable segments on an annual and interim basis. The amendments require disclosure of significant segment expenses that are (1) regularly provided to the chief operating decision maker and (2) included in the reported measure of segment profit or loss. The amendments also require disclosure of an amount for other segment items and a description of its composition. The new standard also allows companies to disclose multiple measures of segment profit or loss if those measures are used to assess performance and allocate resources. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We plan to adopt these amendments beginning with our fiscal year ending on December 31, 2024, and are currently evaluating the impact this guidance may have on our financial statements and related disclosures.
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v3.24.3
GENERAL INFORMATION (Policies)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Accounting policies |
|
| Consolidation |
As used in these notes, the term "financial statements" refers to the condensed consolidated financial statements. This includes the income statements, balance sheets, statements of cash flows, and statements of equity, unless otherwise noted. In this report, when we refer to "the Company," "us," "we," "our," or "ours," we are referring to Wisconsin Electric Power Company and its subsidiary.
On our financial statements, we consolidate VIEs of which we are the primary beneficiary.
|
| Basis of accounting |
We have prepared the unaudited interim financial statements presented in this Form 10-Q pursuant to the rules and regulations of the SEC and GAAP. Accordingly, these financial statements do not include all of the information and footnotes required by GAAP for annual financial statements. These financial statements should be read in conjunction with the consolidated financial statements and footnotes in our Annual Report on Form 10-K for the year ended December 31, 2023. Financial results for an interim period may not give a true indication of results for the year. In particular, the results of operations for the three and nine months ended September 30, 2024, are not necessarily indicative of expected results for 2024 due to seasonal variations and other factors.
In management's opinion, we have included all adjustments, normal and recurring in nature, necessary for a fair presentation of our financial results.
|
| Credit losses |
Our exposure to credit losses is related to our accounts receivable and unbilled revenue balances, which are generated from the sale of electricity and natural gas by our regulated utility operations. Our regulated utility operations are included in our utility segment. No accounts receivable and unbilled revenue balances were reported in the other segment at September 30, 2024 and December 31, 2023.
We evaluate the collectability of our accounts receivable and unbilled revenue balances considering a combination of factors. For some of our larger customers and also in circumstances where we become aware of a specific customer's inability to meet its financial obligations to us, we record a specific allowance for credit losses against amounts due in order to reduce the net recognized receivable to the amount we reasonably believe will be collected. For all other customers, we use the accounts receivable aging method to calculate an allowance for credit losses. Using this method, we classify accounts receivable into different aging buckets and calculate a reserve percentage for each aging bucket based upon historical loss rates. The calculated reserve percentages are updated on at least an annual basis, in order to ensure recent macroeconomic, political, and regulatory trends are captured in the calculation, to the extent possible. Risks identified that we do not believe are reflected in the calculated reserve percentages, are assessed on a quarterly basis to determine whether further adjustments are required. We monitor our ongoing credit exposure through active review of counterparty accounts receivable balances against contract terms and due dates. Our activities include timely account reconciliation, dispute resolution and payment confirmation. To the extent possible, we work with customers with past due balances to negotiate payment plans, but will disconnect customers for non-payment as allowed by the PSCW, if necessary, and employ collection agencies and legal counsel to pursue recovery of defaulted receivables. For our larger customers, detailed credit review procedures may be performed in advance of any sales being made. We sometimes require letters of credit, parental guarantees, prepayments or other forms of credit assurance from our larger customers to mitigate credit risk.
|
| Income taxes |
The IRA contains a tax credit transferability provision that allows us to sell PTCs produced after December 31, 2022, to third parties. In September 2023 and May 2024, under this transferability provision, WEC Energy Group entered into agreements to sell substantially all of the PTCs we generated in 2023 and substantially all of the PTCs expected to be generated in 2024 to third parties. We elect to account for tax credits transferred under the scope of Accounting Standards Codification 740. We include the discount from the sale of tax credits as a component of income tax expense. We also include any expected proceeds from the sale of tax credits in the evaluation of the realizability of deferred tax assets related to PTCs. The sale of tax credits is presented in the operating activities section of the statements of cash flows consistent with the presentation of cash taxes paid. In April 2023, the IRS issued Revenue Procedure 2023-15, which provides a safe harbor method of accounting that taxpayers may use to determine whether expenses to repair, maintain, replace, or improve natural gas transmission and distribution property must be capitalized for tax purposes. We adopted the safe harbor method of accounting on our 2023 tax return which increased our deferred tax liabilities.
|
| Fair value measurements |
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price).
Fair value accounting rules provide a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are defined as follows:
Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2 – Pricing inputs are observable, either directly or indirectly, but are not quoted prices included within Level 1. Level 2 includes those financial instruments that are valued using external inputs within models or other valuation methods.
Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methods that result in management's best estimate of fair value. Level 3 instruments include those that may be more structured or otherwise tailored to customers' needs.
Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. We use a mid-market pricing convention (the mid-point price between bid and ask prices) as a practical measure for valuing certain derivative assets and liabilities. We primarily use a market approach for recurring fair value measurements and attempt to use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. When possible, we base the valuations of our derivative assets and liabilities on quoted prices for identical assets and liabilities in active markets. These valuations are classified in Level 1. The valuations of certain contracts not classified as Level 1 may be based on quoted market prices received from counterparties and/or observable inputs for similar instruments. Transactions valued using these inputs are classified in Level 2. Certain derivatives, such as FTRs, are categorized in Level 3 due to the significance of unobservable or internally-developed inputs. Our FTRs are valued using MISO auction prices.
|
| Derivative instruments |
We use derivatives as part of our risk management program to manage the risks associated with the price volatility of purchased power, generation, and natural gas costs for the benefit of our customers. Our approach is non-speculative and designed to mitigate risk. Our regulated hedging programs are approved by the PSCW.
We record derivative instruments on our balance sheets as an asset or liability measured at fair value unless they qualify for the normal purchases and sales exception and are so designated. We continually assess our contracts designated as normal and will discontinue the treatment of these contracts as normal if the required criteria are no longer met. Changes in the derivative's fair value are recognized currently in earnings unless specific hedge accounting criteria are met or we receive regulatory treatment for the derivative. For most energy-related physical and financial contracts in our regulated operations that qualify as derivatives, the PSCW allows the effects of fair value accounting to be offset to regulatory assets and liabilities. On our balance sheets, we classify derivative assets and liabilities as current or long-term based on the maturities of the underlying contracts. Derivative assets and liabilities are included in the other current and other long-term line items on our balance sheets.
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v3.24.3
OPERATING REVENUES (Tables) - Utility segment
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Disaggregation of Operating Revenues |
|
| Operating revenues disaggregated by revenue source |
The following tables present our operating revenues disaggregated by revenue source for our utility segment. We do not have any revenues associated with our other segment. We disaggregate revenues into categories that depict how the nature, amount, timing, and uncertainty of revenues and cash flows are affected by economic factors. Revenues are further disaggregated by electric and natural gas operations and then by customer class. Each customer class within our electric and natural gas operations has different expectations of service, energy and demand requirements, and can be impacted differently by regulatory activities within their jurisdictions. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30 | | Nine Months Ended September 30 | | (in millions) | | 2024 | | 2023 | | 2024 | | 2023 | | Wisconsin Electric Power Company | | | | | | | | | | Electric utility | | $ | 1,028.6 | | | $ | 1,052.5 | | | $ | 2,706.2 | | | $ | 2,721.3 | | | Natural gas utility | | 48.2 | | | 47.8 | | | 302.6 | | | 362.1 | | | Total revenues from contracts with customers | | 1,076.8 | | | 1,100.3 | | | 3,008.8 | | | 3,083.4 | | | Other operating revenues | | 2.5 | | | 2.8 | | | 11.3 | | | 11.9 | | | Total operating revenues | | $ | 1,079.3 | | | $ | 1,103.1 | | | $ | 3,020.1 | | | $ | 3,095.3 | | | | | | | | | | |
|
| Revenues from contracts with customers | Electric |
|
| Disaggregation of Operating Revenues |
|
| Operating revenues disaggregated by revenue source |
The following table disaggregates electric utility operating revenues into customer class: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30 | | Nine Months Ended September 30 | | (in millions) | | 2024 | | 2023 | | 2024 | | 2023 | | Residential | | $ | 454.7 | | | $ | 445.9 | | | $ | 1,162.6 | | | $ | 1,141.6 | | | Small commercial and industrial | | 331.2 | | | 327.7 | | | 900.9 | | | 899.8 | | | Large commercial and industrial | | 186.8 | | | 189.5 | | | 466.2 | | | 480.2 | | | Other | | 4.9 | | | 4.9 | | | 15.4 | | | 15.4 | | | Total retail revenues | | 977.6 | | | 968.0 | | | 2,545.1 | | | 2,537.0 | | | Wholesale | | 11.1 | | | 10.4 | | | 35.8 | | | 32.4 | | | Resale | | 35.8 | | | 70.0 | | | 104.6 | | | 130.0 | | | Steam | | 2.5 | | | 2.5 | | | 17.3 | | | 18.2 | | | Other utility revenues | | 1.6 | | | 1.6 | | | 3.4 | | | 3.7 | | | Total electric utility operating revenues | | $ | 1,028.6 | | | $ | 1,052.5 | | | $ | 2,706.2 | | | $ | 2,721.3 | | | | | | | | | | |
|
| Revenues from contracts with customers | Natural gas |
|
| Disaggregation of Operating Revenues |
|
| Operating revenues disaggregated by revenue source |
The following table disaggregates natural gas utility operating revenues into customer class: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30 | | Nine Months Ended September 30 | | (in millions) | | 2024 | | 2023 | | 2024 | | 2023 | | Residential | | $ | 24.4 | | | $ | 26.9 | | | $ | 198.3 | | | $ | 241.2 | | | Commercial and industrial | | 7.9 | | | 9.2 | | | 82.9 | | | 110.1 | | | Total retail revenues | | 32.3 | | | 36.1 | | | 281.2 | | | 351.3 | | | Transportation | | 4.8 | | | 4.2 | | | 17.5 | | | 15.6 | | Other utility revenues (1) | | 11.1 | | | 7.5 | | | 3.9 | | | (4.8) | | | Total natural gas utility operating revenues | | $ | 48.2 | | | $ | 47.8 | | | $ | 302.6 | | | $ | 362.1 | |
(1)Includes the revenues subject to our purchased gas recovery mechanism, which fluctuate based on actual natural gas costs incurred, compared with the recovery of natural gas costs that were anticipated in rates.
|
| Other operating revenues |
|
| Disaggregation of Operating Revenues |
|
| Operating revenues disaggregated by revenue source |
Other operating revenues consist primarily of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30 | | Nine Months Ended September 30 | | (in millions) | | 2024 | | 2023 | | 2024 | | 2023 | | Late payment charges | | $ | 2.4 | | | $ | 2.6 | | | $ | 8.8 | | | $ | 9.6 | | | Rental revenues | | 0.2 | | | 0.5 | | | 2.3 | | | 2.2 | | Alternative revenues (1) | | (0.1) | | | (0.3) | | | 0.2 | | | 0.1 | | | Total other operating revenues | | $ | 2.5 | | | $ | 2.8 | | | $ | 11.3 | | | $ | 11.9 | |
|
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v3.24.3
CREDIT LOSSES (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Credit Loss [Abstract] |
|
| Schedule of gross receivables and related allowances for credit losses |
We have included a table below that shows our gross third-party receivable balances and related allowance for credit losses. | | | | | | | | | | | | | | | | (in millions) | | September 30, 2024 | | December 31, 2023 | | Accounts receivable and unbilled revenues | | $ | 598.8 | | | $ | 617.5 | | | Allowance for credit losses | | 40.8 | | | 44.5 | | Accounts receivable and unbilled revenues, net (1) | | $ | 558.0 | | | $ | 573.0 | | | | | | | Total accounts receivable, net – past due greater than 90 days (1) | | $ | 32.2 | | | $ | 37.2 | | Past due greater than 90 days – collection risk mitigated by regulatory mechanisms (1) | | 94.0 | % | | 94.1 | % |
|
| Rollforward of the allowances for credit losses |
A rollforward of the allowance for credit losses is included below: | | | | | | | | | | | | | | | | | Three Months Ended September 30 | | (in millions) | | 2024 | | 2023 | | Balance at July 1 | | $ | 42.0 | | | $ | 45.1 | | | Provision for credit losses | | 8.4 | | | 5.4 | | | Provision for credit losses deferred for future recovery or refund | | 7.9 | | | 11.5 | | | Write-offs charged against the allowance | | (23.7) | | | (24.1) | | | Recoveries of amounts previously written off | | 6.2 | | | 4.4 | | | Balance at September 30 | | $ | 40.8 | | | $ | 42.3 | |
| | | | | | | | | | | | | | | | | Nine Months Ended September 30 | | (in millions) | | 2024 | | 2023 | | Balance at January 1 | | $ | 44.5 | | | $ | 49.7 | | | Provision for credit losses | | 23.6 | | | 16.7 | | | Provision for credit losses deferred for future recovery or refund | | 28.6 | | | 27.0 | | | Write-offs charged against the allowance | | (75.2) | | | (65.7) | | | Recoveries of amounts previously written off | | 19.3 | | | 14.6 | | | Balance at September 30 | | $ | 40.8 | | | $ | 42.3 | |
There was a $3.7 million decrease in the allowance for credit losses at September 30, 2024, compared to January 1, 2024, largely driven by customer write-offs related to the winter moratorium months ending. After a customer is disconnected for a period of time without payment on their account, we will write off that customer balance. The winter moratorium begins on November 1 and ends on April 15. Also contributing to the decrease in the allowance for credit losses, we have seen lower required reserve percentages as a result of an improvement in loss rates. We also believe that the lower energy costs that customers were seeing, which were driven by warmer than normal weather conditions in the first half of 2024 and low average natural gas prices, contributed to a reduction in past due accounts receivable balances and a related decrease in the allowance for credit losses.
There was a $7.4 million decrease in the allowance for credit losses at September 30, 2023, compared to January 1, 2023, driven by customer write-offs related to the end of the winter moratorium. In addition, lower energy costs driven by lower natural gas prices contributed to a reduction in past due accounts receivable balances and a related decrease in the allowance for credit losses.
|
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v3.24.3
REGULATORY ASSETS AND LIABILITIES (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Regulatory Assets and Liabilities Disclosure [Abstract] |
|
| Schedule of regulatory assets |
| | | | | | | | | | | | | | | | (in millions) | | September 30, 2024 | | December 31, 2023 | | Regulatory assets | | | | | | We Power finance leases | | $ | 1,132.7 | | | $ | 1,109.7 | | Plant retirement related items (1) | | 666.1 | | | 595.5 | | | Income tax related items | | 364.3 | | | 373.1 | | | Pension and OPEB costs | | 353.7 | | | 348.9 | | | System support resource | | 105.5 | | | 113.2 | | | Uncollectible expense | | 90.9 | | | 62.1 | | | Securitization | | 79.1 | | | 85.9 | | | AROs | | 51.6 | | | 41.2 | | | Bluewater Natural Gas Holding, LLC | | 20.1 | | | 17.2 | | | Energy efficiency programs | | 17.9 | | | 23.3 | | | Environmental remediation costs | | 10.7 | | | 12.2 | | | Derivatives | | 7.4 | | | 45.2 | | | Other, net | | 45.2 | | | 33.2 | | | Total regulatory assets | | $ | 2,945.2 | | | $ | 2,860.7 | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) At September 30, 2024, plant retirement related items included $20.5 million of capitalized retirement costs related to the new EPA CCR Rule that was enacted in April 2024. See Note 21, Commitments and Contingencies, for more information.
|
| Schedule of regulatory liabilities |
| | | | | | | | | | | | | | | | (in millions) | | September 30, 2024 | | December 31, 2023 | | Regulatory liabilities | | | | | | Removal costs | | $ | 799.0 | | | $ | 758.9 | | | Income tax related items | | 657.5 | | | 683.5 | | | Pension and OPEB benefits | | 126.0 | | | 124.0 | | | Energy costs refundable through rate adjustments | | 27.0 | | | 5.5 | | Paris (1) | | 26.7 | | | — | | | Electric transmission costs | | 19.4 | | | 23.9 | | | Other, net | | 48.9 | | | 40.9 | | | Total regulatory liabilities | | $ | 1,704.5 | | | $ | 1,636.7 | | | | | | | | Balance sheet presentation | | | | | | Other current liabilities | | $ | 1.5 | | | $ | 5.3 | | | Regulatory liabilities | | 1,703.0 | | | 1,631.4 | | | Total regulatory liabilities | | $ | 1,704.5 | | | $ | 1,636.7 | |
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v3.24.3
ASSET RETIREMENT OBLIGATIONS (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Asset Retirement Obligation Disclosure [Abstract] |
|
| Schedule of changes to asset retirement obligations |
On our balance sheets, AROs are recorded within other long-term liabilities. The following table shows changes to our AROs: | | | | | | | | | | | | | | | | (in millions) | | 2024 | | 2023 | | Balance at January 1 | | $ | 73.1 | | | $ | 71.7 | | | Accretion | | 2.0 | | | 1.4 | | | Additions | | 34.0 | | (1) | — | | | | | | | | | | | | | Balance at September 30 | | $ | 109.1 | | | $ | 73.1 | |
(1) AROs increased primarily as a result of AROs being recorded related to the new EPA CCR Rule that was enacted in April 2024. See Note 21, Commitments and Contingencies, for more information.
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v3.24.3
SHORT-TERM DEBT AND LINES OF CREDIT (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Short-Term Debt [Abstract] |
|
| Schedule of short-term borrowings and weighted-average interest rates |
The following table shows our short-term borrowings and their corresponding weighted-average interest rates as of December 31, 2023. We did not have any short-term borrowings at September 30, 2024. | | | | | | | | | | | | | | | | (in millions, except percentages) | | September 30, 2024 | | December 31, 2023 | | Commercial paper | | | | | | Amount outstanding | | $ | — | | | $ | 360.8 | | | Weighted-average interest rate on amounts outstanding | | — | % | | 5.48 | % |
|
| Schedule of revolving credit facility and remaining available capacity |
The information in the table below relates to our revolving credit facility used to support our commercial paper borrowing program, including available capacity under this facility: | | | | | | | | | | | | | | | | (in millions) | | Maturity | | September 30, 2024 | | Revolving credit facility | | September 2026 | | $ | 500.0 | | | | | | | | Less: | | | | | | Letters of credit issued inside credit facility | | | | 1.0 | | | Commercial paper outstanding | | | | — | | | Available capacity under existing credit facility | | | | $ | 499.0 | |
|
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v3.24.3
LEASES (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Leases [Abstract] |
|
| Schedule of minimum lease payments |
Future minimum lease payments and the corresponding present value of our net minimum lease payments under the finance leases for Koshkonong as of September 30, 2024, were as follows: | | | | | | | | | | (in millions) | | | | Three Months Ended December 31, 2024 | | $ | — | | | 2025 | | 1.5 | | | 2026 | | 1.1 | | | 2027 | | 4.4 | | | 2028 | | 4.5 | | | 2029 | | 4.6 | | | Thereafter | | 358.5 | | | Total minimum lease payments | | 374.6 | | | Less: Interest | | (289.8) | | | Present value of minimum lease payments | | 84.8 | | | Less: Short-term lease liabilities | | — | | | Long-term lease liabilities | | $ | 84.8 | |
|
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-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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v3.24.3
MATERIALS, SUPPLIES, AND INVENTORIES (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Inventory Disclosure [Abstract] |
|
| Schedule of inventory |
Our inventories consisted of: | | | | | | | | | | | | | | | | (in millions) | | September 30, 2024 | | December 31, 2023 | | Materials and supplies | | $ | 218.2 | | | $ | 186.6 | | | Fossil fuel | | 48.0 | | | 74.5 | | | Natural gas in storage | | 47.6 | | | 49.5 | | | Total | | $ | 313.8 | | | $ | 310.6 | |
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6)(a))
-Publisher FASB
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v3.24.3
INCOME TAXES (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of effective income tax rate reconciliation |
The provision for income taxes differs from the amount of income tax determined by applying the applicable United States statutory federal income tax rate to income before income taxes as a result of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2024 | | Three Months Ended September 30, 2023 | | (in millions) | | Amount | | Effective Tax Rate | | Amount | | Effective Tax Rate | | Statutory federal income tax | | $ | 45.6 | | | 21.0 | % | | $ | 44.7 | | | 21.0 | % | | State income taxes net of federal tax benefit | | 13.2 | | | 6.1 | % | | 12.8 | | | 6.0 | % | | Federal excess deferred tax amortization | | (6.9) | | | (3.2) | % | | (7.2) | | | (3.4) | % | | PTCs, net | | (6.1) | | | (2.8) | % | | (2.7) | | | (1.3) | % | | AFUDC-Equity | | (2.9) | | | (1.3) | % | | (3.0) | | | (1.4) | % | | Domestic production activities deferral | | 2.1 | | | 1.0 | % | | 2.3 | | | 1.1 | % | | | | | | | | | | | Other, net | | 2.8 | | | 1.2 | % | | 2.8 | | | 1.3 | % | | Total income tax expense | | $ | 47.8 | | | 22.0 | % | | $ | 49.7 | | | 23.3 | % | | | | | | | | | | | | Nine Months Ended September 30, 2024 | | Nine Months Ended September 30, 2023 | | (in millions) | | Amount | | Effective Tax Rate | | Amount | | Effective Tax Rate | | Statutory federal income tax | | $ | 104.1 | | | 21.0 | % | | $ | 107.8 | | | 21.0 | % | | State income taxes net of federal tax benefit | | 29.7 | | | 6.0 | % | | 30.8 | | | 6.0 | % | | | | | | | | | | | Federal excess deferred tax amortization | | (16.1) | | | (3.2) | % | | (17.2) | | | (3.4) | % | | PTCs, net | | (14.3) | | | (2.9) | % | | (9.6) | | | (1.9) | % | | AFUDC-Equity | | (8.0) | | | (1.6) | % | | (7.1) | | | (1.4) | % | | | | | | | | | | | Domestic production activities deferral | | 4.9 | | | 1.0 | % | | 5.3 | | | 1.0 | % | | Other, net | | 6.9 | | | 1.3 | % | | 6.7 | | | 1.4 | % | | Total income tax expense | | $ | 107.2 | | | 21.6 | % | | $ | 116.7 | | | 22.7 | % |
|
| X |
- DefinitionTabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
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-Section 55
-Paragraph 231
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v3.24.3
FAIR VALUE MEASUREMENTS (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Schedule of fair value of assets and liabilities measured on a recurring basis categorized by level within the fair value hierarchy |
The following tables summarize our financial assets and liabilities that were accounted for at fair value on a recurring basis, categorized by level within the fair value hierarchy: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | (in millions) | | Level 1 | | Level 2 | | Level 3 | | Total | | Derivative assets | | | | | | | | | | Natural gas contracts | | $ | 2.2 | | | $ | 0.9 | | | $ | — | | | $ | 3.1 | | | FTRs | | — | | | — | | | 4.5 | | | 4.5 | | | | | | | | | | | | Total derivative assets | | $ | 2.2 | | | $ | 0.9 | | | $ | 4.5 | | | $ | 7.6 | | | | | | | | | | | | Derivative liabilities | | | | | | | | | | Natural gas contracts | | $ | 4.9 | | | $ | 1.2 | | | $ | — | | | $ | 6.1 | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | (in millions) | | Level 1 | | Level 2 | | Level 3 | | Total | | Derivative assets | | | | | | | | | | Natural gas contracts | | $ | 0.9 | | | $ | 1.3 | | | $ | — | | | $ | 2.2 | | | FTRs | | — | | | — | | | 2.5 | | | 2.5 | | | | | | | | | | | | Total derivative assets | | $ | 0.9 | | | $ | 1.3 | | | $ | 2.5 | | | $ | 4.7 | | | | | | | | | | | | Derivative liabilities | | | | | | | | | | Natural gas contracts | | $ | 16.1 | | | $ | 3.1 | | | $ | — | | | $ | 19.2 | | | Coal contracts | | — | | | 19.3 | | | — | | | 19.3 | | | Total derivative liabilities | | $ | 16.1 | | | $ | 22.4 | | | $ | — | | | $ | 38.5 | |
|
| Reconciliation of changes in fair value of items categorized as level 3 measurements |
The following table summarizes the changes to derivatives classified as Level 3 in the fair value hierarchy: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30 | | Nine Months Ended September 30 | | (in millions) | | 2024 | | 2023 | | 2024 | | 2023 | | Balance at the beginning of the period | | $ | 9.7 | | | $ | 6.9 | | | $ | 2.5 | | | $ | 2.0 | | | Purchases | | — | | | — | | | 12.1 | | | 8.1 | | | Settlements | | (5.2) | | | (3.0) | | | (10.1) | | | (6.2) | | | Balance at the end of the period | | $ | 4.5 | | | $ | 3.9 | | | $ | 4.5 | | | $ | 3.9 | |
|
| Schedule of carrying value and fair value of financial instruments not recorded at fair value |
The following table shows the financial instruments included on our balance sheets that were not recorded at fair value: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | (in millions) | | Carrying Amount | | Fair Value | | Carrying Amount | | Fair Value | | Preferred stock | | $ | 30.4 | | | $ | 22.4 | | | $ | 30.4 | | | $ | 21.4 | | | Long-term debt, including current portion | | 4,291.2 | | | 4,288.9 | | | 3,354.4 | | | 3,255.4 | |
|
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-SubTopic 10
-Section 50
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v3.24.3
DERIVATIVE INSTRUMENTS (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
| Schedule of derivative assets and liabilities |
The following table shows our derivative assets and derivative liabilities. None of the derivatives shown below are designated as hedging instruments. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | (in millions) | | Derivative
Assets | | Derivative
Liabilities | | Derivative
Assets | | Derivative
Liabilities | | Current | | | | | | | | | | Natural gas contracts | | $ | 2.9 | | | $ | 5.5 | | | $ | 2.2 | | | $ | 18.6 | | | FTRs | | 4.5 | | | — | | | 2.5 | | | — | | | Coal contracts | | — | | | — | | | — | | | 10.2 | | | Total current | | 7.4 | | | 5.5 | | | 4.7 | | | 28.8 | | | | | | | | | | | | Long-term | | | | | | | | | | Natural gas contracts | | 0.2 | | | 0.6 | | | — | | | 0.6 | | | Coal contracts | | — | | | — | | | — | | | 9.1 | | | Total long-term | | 0.2 | | | 0.6 | | | — | | | 9.7 | | | Total | | $ | 7.6 | | | $ | 6.1 | | | $ | 4.7 | | | $ | 38.5 | |
|
| Schedule of estimated notional volumes and realized gains and losses |
Our estimated notional sales volumes and realized gains and losses were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2024 | | Three Months Ended September 30, 2023 | | (in millions) | | Volumes | | Gains (Losses) | | Volumes | | Gains (Losses) | | Natural gas contracts | | 14.5 Dth | | $ | (7.7) | | | 14.3 Dth | | $ | (22.7) | | | FTRs | | 5.1 MWh | | 2.6 | | | 5.6 MWh | | 12.0 | | | Total | | | | $ | (5.1) | | | | | $ | (10.7) | | | | | | | | | | | | | Nine Months Ended September 30, 2024 | | Nine Months Ended September 30, 2023 | | (in millions) | | Volumes | | Gains (Losses) | | Volumes | | Gains (Losses) | | Natural gas contracts | | 53.7 Dth | | $ | (34.1) | | | 50.2 Dth | | $ | (77.2) | | | FTRs | | 15.1 MWh | | 5.9 | | | 15.7 MWh | | 14.0 | | | Total | | | | $ | (28.2) | | | | | $ | (63.2) | |
|
| Schedule of net derivative instruments |
The following table shows derivative assets and derivative liabilities if derivative instruments by counterparty were presented net on our balance sheets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | | (in millions) | | Derivative
Assets | | Derivative
Liabilities | | Derivative
Assets | | Derivative
Liabilities | | | Gross amount recognized on the balance sheet | | $ | 7.6 | | | $ | 6.1 | | | $ | 4.7 | | | $ | 38.5 | | | | Gross amount not offset on the balance sheet | | (2.4) | | | (5.2) | | (1) | (1.3) | | | (16.5) | | (2) | | Net amount | | $ | 5.2 | | | $ | 0.9 | | | $ | 3.4 | | | $ | 22.0 | | |
(1) Includes cash collateral posted of $2.8 million.
(2) Includes cash collateral posted of $15.2 million.
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v3.24.3
EMPLOYEE BENEFITS (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Retirement Benefits [Abstract] |
|
| Schedule of net benefit cost (credit) |
The following tables show the components of net periodic benefit cost (credit) (including amounts capitalized to our balance sheets) for our benefit plans. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pension Benefits | | | Three Months Ended September 30 | | Nine Months Ended September 30 | | (in millions) | | 2024 | | 2023 | | 2024 | | 2023 | | Service cost | | $ | 2.6 | | | $ | 2.6 | | | $ | 7.8 | | | $ | 7.7 | | | Interest cost | | 11.1 | | | 11.7 | | | 33.4 | | | 35.3 | | | Expected return on plan assets | | (15.3) | | | (16.0) | | | (46.1) | | | (48.2) | | | | | | | | | | | | Amortization of prior service credit | | (0.1) | | | (0.1) | | | (0.1) | | | (0.1) | | | Amortization of net actuarial loss | | 4.6 | | | 2.3 | | | 13.6 | | | 6.9 | | | Net periodic benefit cost | | $ | 2.9 | | | $ | 0.5 | | | $ | 8.6 | | | $ | 1.6 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | OPEB Benefits | | | Three Months Ended September 30 | | Nine Months Ended September 30 | | (in millions) | | 2024 | | 2023 | | 2024 | | 2023 | | Service cost | | $ | 0.8 | | | $ | 0.6 | | | $ | 2.4 | | | $ | 1.9 | | | Interest cost | | 2.0 | | | 1.9 | | | 6.1 | | | 5.7 | | | Expected return on plan assets | | (2.7) | | | (3.3) | | | (8.2) | | | (10.0) | | | Amortization of prior service credit | | — | | | (0.3) | | | (0.1) | | | (0.7) | | | Amortization of net actuarial gain | | (1.5) | | | (2.1) | | | (4.3) | | | (6.5) | | | Net periodic benefit credit | | $ | (1.4) | | | $ | (3.2) | | | $ | (4.1) | | | $ | (9.6) | |
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v3.24.3
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] |
|
| Schedule of supplemental cash flow information |
| | | | | | | | | | | | | | | | | Nine Months Ended September 30 | | (in millions) | | 2024 | | 2023 | | Cash paid for interest, net of amount capitalized | | $ | 330.3 | | | $ | 312.7 | | Cash paid for income taxes, net (1) | | 48.6 | | | 84.8 | | | Significant non-cash investing and financing transactions: | | | | | | Accounts payable related to construction costs | | 96.6 | | | 133.3 | | | Receivable for the transfer of assets to WPS | | — | | | 2.4 | | | | | | |
(1) Cash paid for income taxes in 2024 was net of $14.9 million related to 2023 and 2024 PTCs that were sold to third parties.
|
| Reconciliation of cash, cash equivalents, and restricted cash |
The following table reconciles the cash, cash equivalents, and restricted cash amounts reported within the balance sheets to the total of these amounts shown on the statements of cash flows: | | | | | | | | | | | | | | | | (in millions) | | September 30, 2024 | | December 31, 2023 | | Cash and cash equivalents | | $ | 253.4 | | | $ | 6.1 | | | Restricted cash included in other current assets | | 3.3 | | | 0.8 | | | Restricted cash included in other long-term assets | | 0.3 | | | 0.6 | | | Cash, cash equivalents, and restricted cash | | $ | 257.0 | | | $ | 7.5 | |
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v3.24.3
REGULATORY ENVIRONMENT (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Regulated Operations [Abstract] |
|
| Schedule of rate requests |
The request reflected the following: | | | | | | | | | | | | | | | | Proposed 2025 rate increase | | | | | | Electric | | $ | 240.7 | million | / | 6.9% | | Gas | | $ | 57.5 | million | / | 10.0% | | Steam | | $ | 2.5 | million | / | 8.4% | Proposed 2026 rate increase (1) | | | | | | Electric | | $ | 177.9 | million | / | 4.6% | | Gas | | $ | 31.0 | million | / | 4.6% | | Proposed ROE | | 10.0% | | Proposed common equity component average on a financial basis | | 53.5% |
(1) The proposed 2026 rate increases are incremental to the currently authorized revenue plus the requested rate increases for 2025.
|
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v3.24.3
OPERATING REVENUES - DISAGGREGATION OF OPERATING REVENUES FOR UTILITY SEGMENT (Details) - USD ($)
$ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Disaggregation of Operating Revenues |
|
|
|
|
| Total operating revenues |
$ 1,079.3
|
$ 1,103.1
|
$ 3,020.1
|
$ 3,095.3
|
| Utility segment |
|
|
|
|
| Disaggregation of Operating Revenues |
|
|
|
|
| Total operating revenues |
1,079.3
|
1,103.1
|
3,020.1
|
3,095.3
|
| Utility segment | Other operating revenues |
|
|
|
|
| Disaggregation of Operating Revenues |
|
|
|
|
| Other operating revenues |
2.5
|
2.8
|
11.3
|
11.9
|
| Utility segment | Transferred over time | Revenues from contracts with customers |
|
|
|
|
| Disaggregation of Operating Revenues |
|
|
|
|
| Revenues from contracts with customers |
1,076.8
|
1,100.3
|
3,008.8
|
3,083.4
|
| Utility segment | Electric | Transferred over time | Revenues from contracts with customers |
|
|
|
|
| Disaggregation of Operating Revenues |
|
|
|
|
| Revenues from contracts with customers |
1,028.6
|
1,052.5
|
2,706.2
|
2,721.3
|
| Utility segment | Natural gas | Transferred over time | Revenues from contracts with customers |
|
|
|
|
| Disaggregation of Operating Revenues |
|
|
|
|
| Revenues from contracts with customers |
$ 48.2
|
$ 47.8
|
$ 302.6
|
$ 362.1
|
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v3.24.3
OPERATING REVENUES - DISAGGREGATION OF ELECTRIC UTILITY OPERATING REVENUES BY CUSTOMER CLASS (Details) - Revenues from contracts with customers - Utility segment - Transferred over time - USD ($)
$ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Disaggregation of Operating Revenues |
|
|
|
|
| Revenues from contracts with customers |
$ 1,076.8
|
$ 1,100.3
|
$ 3,008.8
|
$ 3,083.4
|
| Electric |
|
|
|
|
| Disaggregation of Operating Revenues |
|
|
|
|
| Revenues from contracts with customers |
1,028.6
|
1,052.5
|
2,706.2
|
2,721.3
|
| Electric | Total retail |
|
|
|
|
| Disaggregation of Operating Revenues |
|
|
|
|
| Revenues from contracts with customers |
977.6
|
968.0
|
2,545.1
|
2,537.0
|
| Electric | Residential |
|
|
|
|
| Disaggregation of Operating Revenues |
|
|
|
|
| Revenues from contracts with customers |
454.7
|
445.9
|
1,162.6
|
1,141.6
|
| Electric | Small commercial and industrial |
|
|
|
|
| Disaggregation of Operating Revenues |
|
|
|
|
| Revenues from contracts with customers |
331.2
|
327.7
|
900.9
|
899.8
|
| Electric | Large commercial and industrial |
|
|
|
|
| Disaggregation of Operating Revenues |
|
|
|
|
| Revenues from contracts with customers |
186.8
|
189.5
|
466.2
|
480.2
|
| Electric | Other |
|
|
|
|
| Disaggregation of Operating Revenues |
|
|
|
|
| Revenues from contracts with customers |
4.9
|
4.9
|
15.4
|
15.4
|
| Electric | Wholesale |
|
|
|
|
| Disaggregation of Operating Revenues |
|
|
|
|
| Revenues from contracts with customers |
11.1
|
10.4
|
35.8
|
32.4
|
| Electric | Resale |
|
|
|
|
| Disaggregation of Operating Revenues |
|
|
|
|
| Revenues from contracts with customers |
35.8
|
70.0
|
104.6
|
130.0
|
| Electric | Steam |
|
|
|
|
| Disaggregation of Operating Revenues |
|
|
|
|
| Revenues from contracts with customers |
2.5
|
2.5
|
17.3
|
18.2
|
| Electric | Other utility |
|
|
|
|
| Disaggregation of Operating Revenues |
|
|
|
|
| Revenues from contracts with customers |
$ 1.6
|
$ 1.6
|
$ 3.4
|
$ 3.7
|
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v3.24.3
CREDIT LOSSES - GROSS RECEIVABLES AND RELATED ALLOWANCES (Details) - USD ($)
$ in Millions |
Sep. 30, 2024 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
| Utility segment |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Accounts receivable and unbilled revenues |
$ 598.8
|
|
$ 617.5
|
|
|
|
| Allowance for credit losses |
40.8
|
$ 42.0
|
44.5
|
$ 42.3
|
$ 45.1
|
$ 49.7
|
| Accounts receivable and unbilled revenues, net |
558.0
|
|
573.0
|
|
|
|
| Total accounts receivable, net - past due greater than 90 days |
$ 32.2
|
|
$ 37.2
|
|
|
|
| Past due greater than 90 days - collection risk mitigated by regulatory mechanisms |
94.00%
|
|
94.10%
|
|
|
|
| Amount of net accounts receivable with regulatory protections |
$ 306.3
|
|
|
|
|
|
| Percent of net accounts receivable with regulatory protections |
54.90%
|
|
|
|
|
|
| Other Segment |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Accounts receivable and unbilled revenues |
$ 0.0
|
|
$ 0.0
|
|
|
|
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-Topic 944
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-Section S99
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
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-Section 50
-Paragraph 4
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
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-Section 50
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
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-Topic 326
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-Topic 326
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-Topic 326
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Topic 980
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-Topic 980
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-Topic 740
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-Section 50
-Paragraph 6
-Publisher FASB
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-Topic 980
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-Section 50
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-Publisher FASB
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-Topic 980
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-Name Accounting Standards Codification
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-Topic 842
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-Section 50
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-Topic 410
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-Section 25
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 410
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Topic 410
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-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 410
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-Topic 410
-SubTopic 20
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-Publisher FASB
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-Topic 944
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-Name Accounting Standards Codification
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
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v3.24.3
INCOME TAXES (Details) - USD ($)
$ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Effective Income Tax Rate Reconciliation, Amount |
|
|
|
|
| Statutory federal income tax, amount |
$ 45.6
|
$ 44.7
|
$ 104.1
|
$ 107.8
|
| State income taxes net of federal tax benefit, amount |
13.2
|
12.8
|
29.7
|
30.8
|
| Federal excess deferred tax amortization, amount |
(6.9)
|
(7.2)
|
(16.1)
|
(17.2)
|
| PTCs, amount |
(6.1)
|
(2.7)
|
(14.3)
|
(9.6)
|
| AFUDC-Equity, amount |
(2.9)
|
(3.0)
|
(8.0)
|
(7.1)
|
| Domestic production activities deferral, amount |
2.1
|
2.3
|
4.9
|
5.3
|
| Other, net, amount |
2.8
|
2.8
|
6.9
|
6.7
|
| Total income tax expense, amount |
$ 47.8
|
$ 49.7
|
$ 107.2
|
$ 116.7
|
| Effective Income Tax Rate Reconciliation, Percent |
|
|
|
|
| Statutory federal income tax, percent |
21.00%
|
21.00%
|
21.00%
|
21.00%
|
| State income taxes net of federal tax benefit, percent |
6.10%
|
6.00%
|
6.00%
|
6.00%
|
| Federal excess deferred tax amortization, percent |
(3.20%)
|
(3.40%)
|
(3.20%)
|
(3.40%)
|
| PTCs, percent |
(2.80%)
|
(1.30%)
|
(2.90%)
|
(1.90%)
|
| AFUDC-Equity, percent |
(1.30%)
|
(1.40%)
|
(1.60%)
|
(1.40%)
|
| Domestic production activities deferral, percent |
1.00%
|
1.10%
|
1.00%
|
1.00%
|
| Other, net, percent |
1.20%
|
1.30%
|
1.30%
|
1.40%
|
| Total income tax expense, percent |
22.00%
|
23.30%
|
21.60%
|
22.70%
|
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- DefinitionAmount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt classified as noncurrent. Excludes lease obligation. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
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-Topic 980
-SubTopic 340
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478742/980-340-50-1
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| X |
- DefinitionAmount of cash restricted as to withdrawal or usage, classified as current. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482913/230-10-50-8
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| X |
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(17))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 5
-SubTopic 210
-Topic 954
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477220/954-210-45-5
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482913/230-10-50-8
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| X |
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-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-25
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-25
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (b)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481420/860-30-50-1A
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (b)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481420/860-30-50-1A
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481420/860-30-50-1A
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| X |
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v3.24.3
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v3.24.3
COMMITMENTS AND CONTINGENCIES - ENVIRONMENTAL MATTERS (Details)
$ in Millions |
1 Months Ended |
9 Months Ended |
|
|
May 31, 2024
MMBTU
performance_obligations
|
Feb. 29, 2024
micrograms
|
Oct. 31, 2023
mo
States
|
Aug. 31, 2023 |
Dec. 31, 2020
micrograms
|
Sep. 30, 2024
USD ($)
MW
|
Dec. 31, 2023
USD ($)
|
| Manufactured gas plant remediation |
|
|
|
|
|
|
|
| Regulatory assets | $ |
|
|
|
|
|
$ 2,945.2
|
$ 2,860.7
|
| Environmental remediation costs |
|
|
|
|
|
|
|
| Manufactured gas plant remediation |
|
|
|
|
|
|
|
| Regulatory assets | $ |
|
|
|
|
|
$ 10.7
|
12.2
|
| Cross State Air Pollution Rule - Good Neighbor Rule | Electric | Maximum |
|
|
|
|
|
|
|
| Air quality |
|
|
|
|
|
|
|
| RICE unit megawatts | MW |
|
|
|
|
|
25
|
|
| Mercury and Air Toxics Standards | Electric |
|
|
|
|
|
|
|
| Air quality |
|
|
|
|
|
|
|
| Previous level of particulate matter in pounds per million british thermal unit | MMBTU |
0.03
|
|
|
|
|
|
|
| New limit for particulate matter published in the EPA's final rule | MMBTU |
0.01
|
|
|
|
|
|
|
| National Ambient Air Quality Standards | Electric |
|
|
|
|
|
|
|
| Air quality |
|
|
|
|
|
|
|
| Number of states that failed to submit timely SIP revisions to address nonattainment areas classified as "moderate" for the 2015 standard | States |
|
|
11
|
|
|
|
|
| Number of months after May 2025 deadline for SIP that offset sanctions will take effect if the state SIP revision isn't approved | mo |
|
|
18
|
|
|
|
|
| Current level of micrograms per cubic meter that particulate matter needs to be below | micrograms |
|
|
|
|
12
|
|
|
| Current level of micrograms per cubic under 24-hour standard that fine particulate matter needs to be below | micrograms |
|
|
|
|
35
|
|
|
| National Ambient Air Quality Standards | Electric | Maximum |
|
|
|
|
|
|
|
| Air quality |
|
|
|
|
|
|
|
| Period of time for EPA review of ozone plan |
|
|
|
5 years
|
|
|
|
| New primary annual PM2.5 level | micrograms |
|
9
|
|
|
|
|
|
| National Ambient Air Quality Standards | Electric | Minimum |
|
|
|
|
|
|
|
| Air quality |
|
|
|
|
|
|
|
| Period of time for EPA review of ozone plan |
|
|
|
3 years
|
|
|
|
| Number of years between evaluation of attainment status |
|
|
|
3 years
|
|
|
|
| Climate Change | Electric |
|
|
|
|
|
|
|
| Air quality |
|
|
|
|
|
|
|
| Number of applicable GHG performance standards for coal plants | performance_obligations |
0
|
|
|
|
|
|
|
| Percent capacity factor that if combined cycle natural gas plants are above it causes the rule to be highly dependent on carbon capture |
40.00%
|
|
|
|
|
|
|
| Number of applicable GHG limits for new simple cycle natural gas-fired combustion turbines | performance_obligations |
0
|
|
|
|
|
|
|
| Percent capacity factor for simple cycle natural gas fired combustion turbines that there are no applicable limits if the capacity factor is less than this |
20.00%
|
|
|
|
|
|
|
| Capacity of coal-fired generation retired, in megawatts | MW |
|
|
|
|
|
2,100
|
|
| Capacity of fossil-fueled generation to be retired by the end of 2031, in megawatts | MW |
|
|
|
|
|
1,200
|
|
| Company goal for percent carbon emission reduction below 2005 levels by the end of 2025 |
|
|
|
|
|
60.00%
|
|
| Company goal for percentage of carbon emission reduction below 2005 levels by the end of 2030 |
|
|
|
|
|
80.00%
|
|
| Climate Change | Electric | Maximum |
|
|
|
|
|
|
|
| Air quality |
|
|
|
|
|
|
|
| RICE unit megawatts | MW |
|
|
|
|
|
25
|
|
| Steam Electric Effluent Limitation Guidelines | Electric |
|
|
|
|
|
|
|
| Water quality |
|
|
|
|
|
|
|
| Number of new ELG rule requirements that affect us | performance_obligations |
3
|
|
|
|
|
|
|
| Compliance costs through 2023 associated with the ELG rule that were required to achieve discharge limits | $ |
|
|
|
|
|
|
97.0
|
| Number of existing coal categories that were kept as part of the 2024 supplemental ELG role requirements | performance_obligations |
1
|
|
|
|
|
|
|
| Number of new coal categories that were created as part of the 2024 supplemental ELG rule requirements | performance_obligations |
1
|
|
|
|
|
|
|
| Manufactured Gas Plant Remediation | Natural gas |
|
|
|
|
|
|
|
| Manufactured gas plant remediation |
|
|
|
|
|
|
|
| Reserves for future environmental remediation (1) | $ |
|
|
|
|
|
$ 10.3
|
10.3
|
| Manufactured Gas Plant Remediation | Natural gas | Environmental remediation costs |
|
|
|
|
|
|
|
| Manufactured gas plant remediation |
|
|
|
|
|
|
|
| Regulatory assets | $ |
|
|
|
|
|
$ 10.7
|
$ 12.2
|
| X |
- DefinitionTotal costs accrued as of the balance sheet date for environmental loss contingencies. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1
Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481931/410-30-50-10
Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481931/410-30-50-10
Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481899/410-30-55-16
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.Y.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480102/450-20-S99-1
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481931/410-30-50-7
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| X |
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-Topic 980
-SubTopic 340
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478742/980-340-50-1
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| X |
- DefinitionRepresents the 24-hour standard for the particulate matter NAAQS.
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- DefinitionRepresents the annual standard for the particulate matter NAAQS that needs to be below 12 micrograms per cubic meter, while retaining the 24-hour standard.
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| Namespace Prefix: |
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| Period Type: |
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|
| X |
- DefinitionThe capacity, in megawatts, of coal generation retired since the beginning of 2018
| Name: |
wep_CoalGenerationCapacityRetired |
| Namespace Prefix: |
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| Period Type: |
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|
| X |
- DefinitionThe capital and operating costs needed to achieve the required level of reduction in emissions.
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- Definition-- None. No documentation exists for this element. --
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|
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| Balance Type: |
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| Period Type: |
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|
| X |
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| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Period Type: |
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|
| X |
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| Period Type: |
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|
| X |
- DefinitionRepresents the new primary annual PM2.5 level that the EPA finalized.
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionNumber of Applicable GHG Limits for New Simple Cycle Natural Gas-Fired Combustion Turbines
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionNumber of Existing Coal Categories That Were Kept as Part of the 2024 Supplemental ELG Role Requirements
| Name: |
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| Namespace Prefix: |
wep_ |
| Data Type: |
xbrli:integerItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionNumber of Months after May 2025 Deadline for SIP that offset sanctions will take effect if the state SIP revision isn't approved
| Name: |
wep_NumberOfMonthsAfterMay2025DeadlineForSIPThatOffsetSanctionsWillTakeEffectIfTheStateSIPRevisionIsntApproved |
| Namespace Prefix: |
wep_ |
| Data Type: |
xbrli:integerItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionNumber of New Coal Categories That Were Created as Part of the 2024 Supplemental ELG Rule Requirements
| Name: |
wep_NumberOfNewCoalCategoriesThatWereCreatedAsPartOfThe2024SupplementalELGRuleRequirements |
| Namespace Prefix: |
wep_ |
| Data Type: |
xbrli:integerItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe number of new ELG Requirements that affect us
| Name: |
wep_NumberOfNewELGRequirements |
| Namespace Prefix: |
wep_ |
| Data Type: |
xbrli:integerItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionRepresents the number of states that failed to submit timely SIP revisions to address nonattainment areas classified as "moderate" for the 2015 standard.
| Name: |
wep_NumberOfStatesThatFailedToSubmitTimelySIPRevisions |
| Namespace Prefix: |
wep_ |
| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionNumber of years between evaluation of attainment status until attainment is achieved.
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| Namespace Prefix: |
wep_ |
| Data Type: |
xbrli:durationItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionRepresents the percent capacity factor for combined cycle plants that if they are above this percentage the rule is highly dependent on hydrogen as an alternative fuel, or carbon capture.
| Name: |
wep_PercentCapacityFactorForCombinedCycleNaturalGasPlants |
| Namespace Prefix: |
wep_ |
| Data Type: |
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| Balance Type: |
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| Period Type: |
instant |
|
| X |
- DefinitionRepresents the percent capacity factor for simple cycle natural gas fired combustion turbines that there are no applicable limits if the capacity factor is below.
| Name: |
wep_PercentCapacityFactorForSimpleCycleNaturalGasFiredCombustionTurbines |
| Namespace Prefix: |
wep_ |
| Data Type: |
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| Balance Type: |
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| Period Type: |
instant |
|
| X |
- DefinitionThe percentage by which the company plans to reduce carbon dioxide emissions below 2005 levels by 2030.
| Name: |
wep_PercentCarbonDioxideEmissionReductionFutureGoal |
| Namespace Prefix: |
wep_ |
| Data Type: |
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| Balance Type: |
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| Period Type: |
duration |
|
| X |
- DefinitionThe percentage by which the company plans to reduce carbon dioxide emissions below by 2025
| Name: |
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| Namespace Prefix: |
wep_ |
| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionPeriod of time that the EPA plans to review its new Integrated Review Plan for ozone.
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionPrevious Level of Particulate Matter in Pounds per Million British Thermal Unit
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
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| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
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