WISCONSIN ELECTRIC POWER Business Summary

Wisconsin Electric Power Company (WELPP), operating under the trade name We Energies, is a major regulated utility subsidiary of WEC Energy Group. The company generates revenue through the generation, distribution, and sale of electricity and the purchase, distribution, and sale of natural gas to approximately 1.2 million electric and 500,000 gas customers across southeastern, east-central, and northern Wisconsin. Its primary business segments are Electric Utility and Natural Gas Utility, supported by a massive $37.5 billion five-year capital plan (2026–2030) focused on modernizing grid infrastructure and transitioning to renewable energy sources like utility-scale solar and battery storage. Within the competitive landscape, WELPP faces direct regional competition from Alliant Energy, Xcel Energy, and American Electric Power (AEP). As the largest utility in Wisconsin, it maintains a dominant market position characterized by high regulatory stability and a strategic focus on meeting surging power demands from large-scale data center developments. Leadership is currently spearheaded by Chairman and CEO Scott J. Lauber, a veteran executive who joined the company in 1990 and has held various senior roles, including CFO and COO, before assuming the top position in 2022. The executive team includes Xia Liu as Executive Vice President and Chief Financial Officer, and Michael W. Hooper as Executive Vice President and Chief Operating Officer, who also serves as President of Wisconsin Utilities. Legal and corporate governance are managed by Margaret C. Kelsey, Executive Vice President and General Counsel. The company’s historical pedigree dates back to its 1896 founding as The Milwaukee Electric Railway and Light Company, with early leadership from figures like William Nelson Cromwell and Henry Villard. Today, the company is 99% owned by WEC Energy Group, which is backed by major institutional investors including The Vanguard Group, BlackRock, and State Street Global Advisors.