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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-K

(Mark One)

☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2023

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.

001-09057

WEC ENERGY GROUP, INC.

39-1391525

(A Wisconsin Corporation)

231 West Michigan Street

P.O. Box 1331

Milwaukee, WI 53201

(414) 221-2345

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, $.01 Par Value

WEC

New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:

None

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☒    No ☐

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes ☐    No ☒

---

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 has filed a report on and attestation to its management’s assessment of

the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.

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

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.     ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).  ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐    No ☒

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

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date (January 31, 2024):

Common Stock, $.01 par value, 315,561,510 shares outstanding

Documents incorporated by reference:

Portions of WEC Energy Group, Inc.'s Definitive Proxy Statement on Schedule 14A for its Annual Meeting of Shareholders, to be held on May 9, 2024, are incorporated by reference into Part III hereof.

---

Table of Contents

WEC ENERGY GROUP, INC.

ANNUAL REPORT ON FORM 10-K

For the Year Ended December 31, 2023

TABLE OF CONTENTS

Page

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

1

PART I

4

ITEM 1.

BUSINESS

4

A.

INTRODUCTION

4

B.

UTILITY ENERGY OPERATIONS

4

C.

ELECTRIC TRANSMISSION SEGMENT

16

D.

NON-UTILITY OPERATIONS

16

E.

REGULATION

18

F.

ENVIRONMENTAL COMPLIANCE

22

G.

HUMAN CAPITAL

22

ITEM 1A.

RISK FACTORS

24

ITEM 1B.

UNRESOLVED STAFF COMMENTS

38

ITEM 1C.

CYBERSECURITY

39

ITEM 2.

PROPERTIES

41

ITEM 3.

LEGAL PROCEEDINGS

44

ITEM 4.

MINE SAFETY DISCLOSURES

44

INFORMATION ABOUT OUR EXECUTIVE OFFICERS

45

PART II

47

ITEM 5.

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

47

ITEM 6.

RESERVED

47

ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

48

ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

83

ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

84

A.

Reports of Independent Registered Public Accounting Firm

84

B.

Consolidated Income Statements

87

C.

Consolidated Statements of Comprehensive Income

88

D.

Consolidated Balance Sheets

89

E.

Consolidated Statements of Cash Flows

90

F.

Consolidated Statements of Equity

91

G.

Notes to Consolidated Financial Statements

92

Note 1

Summary of Significant Accounting Policies

92

Note 2

Acquisitions

103

Note 3

Dispositions

105

Note 4

Operating Revenues

106

Note 5

Credit Losses

109

Note 6

Regulatory Assets and Liabilities

111

Note 7

Property, Plant, and Equipment

114

Note 8

Jointly Owned Utility Facilities

115

Note 9

Asset Retirement Obligations

116

Note 10

Goodwill and Intangibles

117

Note 11

Common Equity

118

Note 12

Preferred Stock

121

Note 13

Short-Term Debt and Lines of Credit

121

Note 14

Long-Term Debt

123

Note 15

Leases

125

Note 16

Income Taxes

129

2023 Form 10-K			i			WEC Energy Group, Inc.

---

Table of Contents

Note 17

Fair Value Measurements

131

Note 18

Derivative Instruments

133

Note 19

Guarantees

134

Note 20

Employee Benefits

134

Note 21

Investment in Transmission Affiliates

139

Note 22

Segment Information

140

Note 23

Variable Interest Entities

143

Note 24

Commitments and Contingencies

144

Note 25

Supplemental Cash Flow Information

151

Note 26

Regulatory Environment

151

Note 27

Other Income, Net

157

Note 28

New Accounting Pronouncements

157

ITEM 9.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

159

ITEM 9A.

CONTROLS AND PROCEDURES

159

ITEM 9B.

OTHER INFORMATION

159

ITEM 9C.

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

159

PART III

160

ITEM 10.

DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE OF THE REGISTRANT

160

ITEM 11.

EXECUTIVE COMPENSATION

160

ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

160

ITEM 13.

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

161

ITEM 14.

PRINCIPAL ACCOUNTING FEES AND SERVICES

161

PART IV

162

ITEM 15.

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

162

ITEM 16.

FORM 10-K SUMMARY

167

SCHEDULE I — CONDENSED PARENT COMPANY FINANCIAL STATEMENTS

168

A.

Income Statements

168

B.

Statements of Comprehensive Income

169

C.

Balance Sheets

170

D.

Statements of Cash Flows

171

E.

Notes to Parent Company Financial Statements

172

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS

175

SIGNATURES

176

2023 Form 10-K			ii			WEC Energy Group, Inc.

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Table of Contents

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:

Subsidiaries and Affiliates
ATC						American Transmission Company LLC
ATC Holdco						ATC Holdco LLC
ATC Holding						ATC Holding LLC
Bishop Hill III						Bishop Hill Energy III LLC
Blooming Grove						Blooming Grove Wind Energy Center LLC
Bluewater						Bluewater Natural Gas Holding, LLC
Bluewater Gas Storage						Bluewater Gas Storage, LLC
Coyote Ridge						Coyote Ridge Wind, LLC
Integrys						Integrys Holding, Inc.
Jayhawk						Jayhawk Wind, LLC
MERC						Minnesota Energy Resources Corporation
MGU						Michigan Gas Utilities Corporation
NSG						North Shore Gas Company
PDL						WPS Power Development, LLC
PELLC						Peoples Energy, LLC
PGL						The Peoples Gas Light and Coke Company
Samson I						Samson I Solar Energy Center LLC
Sapphire Sky						Sapphire Sky Wind Energy LLC
Tatanka Ridge						Tatanka Ridge Wind, LLC
Thunderhead						Thunderhead Wind Energy LLC
UMERC						Upper Michigan Energy Resources Corporation
Upstream						Upstream Wind Energy LLC
WBS						WEC Business Services LLC
WE						Wisconsin Electric Power Company
We Power						W.E. Power, LLC
WEC Energy Group						WEC Energy Group, Inc.
WECC						Wisconsin Energy Capital Corporation
WECI						WEC Infrastructure LLC
WECI Wind Holding I						WEC Infrastructure Wind Holding I LLC
WECI Wind Holding II						WEC Infrastructure Wind Holding II LLC
WEPCo Environmental Trust						WEPCo Environmental Trust Finance I, LLC
WG						Wisconsin Gas LLC
Wispark						Wispark LLC
Wisvest						Wisvest LLC
WPS						Wisconsin Public Service Corporation
WRPC						Wisconsin River Power Company
Federal and State Regulatory Agencies
Army Corps						United States Army Corps of Engineers
CBP						United States Customs and Border Protection Agency
DOC						United States Department of Commerce
EPA						United States Environmental Protection Agency
FERC						Federal Energy Regulatory Commission
ICC						Illinois Commerce Commission
IRS						United States Internal Revenue Service
MPSC						Michigan Public Service Commission
MPUC						Minnesota Public Utilities Commission
PSCW						Public Service Commission of Wisconsin
SEC						Securities and Exchange Commission
WDNR						Wisconsin Department of Natural Resources

2023 Form 10-K			iii			WEC Energy Group, Inc.

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Accounting Terms
AFUDC						Allowance for Funds Used During Construction
ARO						Asset Retirement Obligation
ASC						Accounting Standards Codification
ASU						Accounting Standards Update
CWIP						Construction Work in Progress
FASB						Financial Accounting Standards Board
GAAP						Generally Accepted Accounting Principles
LIFO						Last-In, First-Out
OPEB						Other Postretirement Employee Benefits
VIE						Variable Interest Entity
Environmental Terms
Act 141						2005 Wisconsin Act 141
BATW						Bottom Ash Transport Water
BTA						Best Technology Available
CAA						Clean Air Act
CASAC						Clean Air Scientific Advisory Committee
CCR						Coal Combustion Residual
CO2						Carbon Dioxide
CWA						Clean Water Act
ELG						Steam Electric Effluent Limitation Guidelines
FGD						Flue Gas Desulfurization
GHG						Greenhouse Gas
LDC						Local Natural Gas Distribution Company
MATS						Mercury and Air Toxics Standards
NAAQS						National Ambient Air Quality Standards
NOV						Notice of Violation
NOx						Nitrogen Oxide
NSPS						New Source Performance Standards
PCB						Polychlorinated Biphenyl
PM						Particulate Matter
SO2						Sulfur Dioxide
WOTUS						Waters of the United States
WPDES						Wisconsin Pollutant Discharge Elimination System
ZLD						Zero Liquid Discharge
Measurements
Bcf						Billion Cubic Feet
Dth						Dekatherm
lb/MMBtu						Pound Per Million British Thermal Unit
MDth						One Thousand Dekatherms
MW						Megawatt
MWh						Megawatt-hour
µg/m3						Micrograms Per Cubic Meter
Other Terms and Abbreviations
2007 Junior Notes						WEC Energy Group, Inc.'s 2007 Junior Subordinated Notes Due 2067
AMI						Advanced Metering Infrastructure
AOC						Audit and Oversight Committee of the Board of Directors
ARR						Auction Revenue Right
Badger Hollow I						Badger Hollow Solar Park I
Badger Hollow II						Badger Hollow Solar Park II
CABO						Clean and Affordable Buildings Ordinance
CAO						Chief Administrative Officer
CEO						Chief Executive Officer
CFR						Code of Federal Regulations

2023 Form 10-K			iv			WEC Energy Group, Inc.

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Chicago, IL-IN-WI						Chicago, Illinois, Indiana, and Wisconsin
Compensation Committee						Compensation Committee of the Board of Directors
CSIRT						Cybersecurity Incident Response Team
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
Enterprise Security Director						Director of Enterprise Security & Compliance
ERGS						Elm Road Generating Station
ER 1						Elm Road Generating Station Unit 1
ER 2						Elm Road Generating Station Unit 2
ERSC						Enterprise Risk Steering Committee
ESG Progress Plan						WEC Energy Group's Capital Investment Plan for Efficiency, Sustainability, and Growth for 2024-2028
ETB						Environmental Trust Bond
EV						Electric Vehicle
Exchange Act						Securities Exchange Act of 1934, as amended
Executive Order 13990						Executive Order 13990 of January 20, 2021 - Protecting Public Health and the Environment and Restoring Science To Tackle the Climate Crisis
Forward Wind						Forward Wind Energy Center
FTR						Financial Transmission Right
GCRM						Gas Cost Recovery Mechanism
High Noon						High Noon Solar Energy Center
Holding Company Act						Wisconsin Utility Holding Company Act
IRA						Inflation Reduction Act
IT/OT						Information Technology and Operational Technology
ITC						Investment Tax Credit
Koshkonong						Koshkonong Solar Park
LIBOR						London Interbank Offered Rate
LMP						Locational Marginal Price
LNG						Liquefied Natural Gas
Maple Flats						Maple Flats Solar Energy Center
MG&E						Madison Gas and Electric Company
MISO						Midcontinent Independent System Operator, Inc.
MISO Energy Markets						MISO Energy and Operating Reserves Market
MRP						Main Replacement Program
NYMEX						New York Mercantile Exchange
OCPP						Oak Creek Power Plant
Omnibus Stock Incentive Plan						WEC Energy Group Omnibus Stock Incentive Plan, Amended and Restated, Effective as of May 6, 2021
Paris						Paris Solar-Battery Park
PHMSA						Pipeline and Hazardous Materials Safety Administration
PIPP						Presque Isle Power Plant
Point Beach						Point Beach Nuclear Power Plant
PPA						Power Purchase Agreement
PSB						Public Service Building
PTC						Production Tax Credit
PUHCA 2005						Public Utility Holding Company Act of 2005
PWGS						Port Washington Generating Station
PWGS 1						Port Washington Generating Station Unit 1
PWGS 2						Port Washington Generating Station Unit 2
QIP						Qualifying Infrastructure Plant
RCC						Replacement Capital Covenant (dated May 11, 2007)
REC						Renewable Energy Certificate
Red Barn						Red Barn Wind Park
Renegade						Renegade Solar Energy Center
RICE						Reciprocating Internal Combustion Engine

2023 Form 10-K			v			WEC Energy Group, Inc.

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RNG						Renewable Natural Gas
ROE						Return on Equity
RTO						Regional Transmission Organization
S&P						Standard & Poor's
SIP						State Implementation Plan
SMP						Safety Modernization Program
SOFR						Secured Overnight Financing Rate
SPP						Southwest Power Pool, Inc.
SSR						System Support Resource
Supreme Court						United States Supreme Court
Tax Legislation						Tax Cuts and Jobs Act of 2017
TCR						Transmission Congestion Right
Tilden						Tilden Mining Company
TPTFA						Third-Party Transaction Fee Adjustment
Two Creeks						Two Creeks Solar Park
UEA						Uncollectible Expense Adjustment
UFLPA						Uyghur Forced Labor Prevention Act
VAPP						Valley Power Plant
West Riverside						West Riverside Energy Center
Whitewater						Whitewater Cogeneration Facility
WPL						Wisconsin Power and Light Company
WRO						Withhold Release Order
WUA						Wisconsin Utilities Association

2023 Form 10-K			vi			WEC Energy Group, Inc.

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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, dividend payout ratios, effective tax rates, pension and OPEB plans, fuel costs, sources of electric energy supply, coal and natural gas deliveries, remediation costs, climate-related matters, our 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 Item 1A. Risk Factors and those identified below:

•Factors affecting utility and non-utility energy infrastructure operations such as catastrophic weather-related damage, environmental incidents, unplanned facility outages and repairs and maintenance, 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 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, and other factors;

2023 Form 10-K			1			WEC Energy Group, Inc.

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•The impact of public health crises, including epidemics and pandemics, on our business functions, financial condition, liquidity, and results of operations;

•Factors affecting the implementation of our 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 our ability to execute our 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 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, us, or any of our subsidiaries;

•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;

•Restrictions imposed by various financing arrangements and regulatory requirements on the ability of our subsidiaries to transfer funds to us in the form of cash dividends, loans or advances, that could prevent us from paying our common stock dividends, taxes, and other expenses, and meeting our debt obligations;

•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 financial performance of ATC and its corresponding contribution to our earnings;

•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;

•Risks related to our non-utility renewable energy facilities, including unfavorable weather, changes in the financial performance and/or creditworthiness of counterparties to the off-take agreements, changes in demand based on lower prices for alternative energy sources, the ability to replace expiring PPAs under acceptable terms, risks of rights related to property on which our projects are located but we do not own, the availability of reliable interconnection and electricity grids, and exposure to the rules and procedures of the power markets in which these facilities are located;

2023 Form 10-K			2			WEC Energy Group, Inc.

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•The risk associated with the values of goodwill and other long-lived assets, including intangible assets, and equity method investments, including the current impairment of capital costs in Illinois; and possible future impairments of other assets;

•Potential business strategies to acquire and dispose of assets or businesses, or portions thereof, which cannot be ass