Wisconsin Electric Power WELPM
Wisconsin Electric Power reports $1.36 billion revenue
- Form
- 10-Q
- Filed
- Importance
- Major
- Accession
- 0000107815-26-000023
- Revenue: $1.36 billion for the three months ended Sep 30, 2026
- Net income: $251.8 million for the three months ended Sep 30, 2026
- Cash and equivalents: $2 million at Sep 30, 2026
Written from the 10-Q on EDGAR. AI can make mistakes. Check the filing.
What changed
13 changes since the June 2026 10-Q
Compared with the 10-Q 0000107815-26-000020, filed Aug 4, 2026.
New legal mention
The case is being held in abeyance and Southeast Wisconsin is currently under a "moderate" reclassification status pending a further court order.
From the filings
Now
The case is being held in abeyance and Southeast Wisconsin is currently under a "moderate" reclassification status pending a further court order.New legal mention
In July 2026, the Northern District Court of California ordered the EPA to publish final designations for all areas of the country no later than February 6, 2027.
From the filings
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In July 2026, the Northern District Court of California ordered the EPA to publish final designations for all areas of the country no later than February 6, 2027.Net income up 68% from Jun 30
$252M, was $150M.
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$150MNow
$252MRevenue up 29% from Jun 30
$1.4B, was $1.1B.
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$1.1BNow
$1.4BCash down 23% from Jun 30
$2M, was $2.6M.
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$2.6MNow
$2MThese increases were partially offset by an $18.2 million decrease in benefit expenses, driven by various…
New paragraph in MD&A.
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These increases were partially offset by an $18.2 million decrease in benefit expenses, driven by various employee compensation plans.(4) Represents operation and maintenance associated with the earnings mechanism we have in place, both the…
New paragraph in MD&A.
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(4) Represents operation and maintenance associated with the earnings mechanism we have in place, both the current year sharing estimate and the amortization of prior year amounts.A $16.5 million decrease in benefit expenses, driven by various employee compensation plans.
New paragraph in MD&A.
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A $16.5 million decrease in benefit expenses, driven by various employee compensation plans.A $126.2 million refundable payment for exclusive rights to purchase certain generation projects during the…
New paragraph in MD&A.
From the filings
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A $126.2 million refundable payment for exclusive rights to purchase certain generation projects during the nine months ended September 30, 2026. See Note 17, Intangible Assets, for more information.Capital expenditures, including AFUDC-Debt, for the nine months ended September 30 were as follows:
New paragraph in MD&A.
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Capital expenditures, including AFUDC-Debt, for the nine months ended September 30 were as follows:In September 2026 the DOC set AD/CVD duties on imports of solar cells and panels from India, Indonesia and…
New paragraph in MD&A.
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In September 2026 the DOC set AD/CVD duties on imports of solar cells and panels from India, Indonesia and Laos based on findings that producers in those countries are benefiting from illegal subsidies and selling solar products below cost in the United States. The USITC is expected to make a final determination this fall. If the USITC votes affirmatively, final rates will then be issued and take effect. Further, the DOC recently began an investigation into solar panels from Ethiopia and a petition was filed requesting investigation into solar panels from South Korea, both based on similar claims that solar panels from those countries are being made with Chinese-made components in violation of AD/CVD laws.On August 26, 2026, President Trump issued Executive Order 14421, declaring a national emergency to protect…
New paragraph in MD&A.
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On August 26, 2026, President Trump issued Executive Order 14421, declaring a national emergency to protect the United States bulk-power system from security threats associated with foreign-supplied electric equipment and technology. The order authorizes the United States Secretary of Energy to restrict, evaluate, and mitigate transactions involving the installation of foreign-sourced bulk-power system components that pose certain security threats initiated after the order and to establish a framework for identifying and monitoring the same foreign-sourced components already in the domestic power infrastructure prior to this order. This order covers facilities and control systems necessary for operating an interconnected transmission network and electric generation facilities but excludes local distribution. The Executive Order requires the United States Department of Energy to publish rules or regulations implementing this order no later than 120 days from August 26, 2026, or December 24, 2026. We are currently evaluating the potential operational and financial implications of this order.Capital Resources Market Risks and Other Significant Risks in our 2025 Annual Report on Form 10-K for a…
Drops "We are exposed to market and other significant risks as a result of the nature of our…".
From the filings
Before
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 risks described below. In addition, the war with Iran and increasing tensions between the United States and other countries, as well as other new, protracted or escalating regional and international conflicts have had, and are expected to have a continuing, impact 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 2025 Annual Report on Form 10-K for a discussion of market and other significant risks applicable to us.Now
Capital Resources Market Risks and Other Significant Risks in our 2025 Annual Report on Form 10-K for a discussion of market and other significant risks applicable to us.
Show the redline
Section by section. Added words and removed words against the earlier filing.
Cover page 3 changes
3 unchanged paragraphs
For the quarterly period ended June September 30, 2026
8 unchanged paragraphs
c/o Corporate Secretary
15 unchanged paragraphs
For the Quarter Ended June September 30, 2026
2 unchanged paragraphs
Exhibits 13 changes
06/30/2026 09/30/2026 Form 10-Q i
7 unchanged paragraphs
WG Wisconsin Gas LLC
31 unchanged paragraphs
06/30/2026 09/30/2026 Form 10-Q ii
1 unchanged paragraph
Bespoke Resources All or a portion of generation facilities and PPAs allocated to VLCs
24 unchanged paragraphs
06/30/2026 09/30/2026 Form 10-Q iii
8 unchanged paragraphs
The impact of federal, state, and local legislative and/or regulatory changes, including changes in rate-setting policies or procedures, the results of rate orders, deregulation and restructuring of the electric and/or natural gas utility industries, transmission or distribution system operation, changes to address energy affordability concerns and grid reliability, 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;
4 unchanged paragraphs
06/30/2026 09/30/2026 Form 10-Q 1
5 unchanged paragraphs
Factors affecting the achievement of WEC Energy Group's CO 2 emission reduction goal and related opportunities and actions, including related regulatory decisions, the cost of materials, supplies, and labor, technology advances, significant increases in demand, the feasibility of competing generation projects, reliability, and the ability to execute the WEC Energy Group capital plan;
3 unchanged paragraphs
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;
7 unchanged paragraphs
Risks involved in developing and implementing AI, including data privacy concerns or other legal liability, new or enhanced governmental or regulatory scrutiny or regulations governing the use of AI, the ability to meet expectations or requirements relating to adoption or implementation of AI technology, or other complications related to the use of AI;
06/30/2026 09/30/2026 Form 10-Q 2
1 unchanged paragraph
Risks involved in developing and implementing AI, including data privacy concerns or other legal liability, new or enhanced governmental or regulatory scrutiny or regulations governing the use of AI, the ability to meet expectations or requirements relating to adoption or implementation of AI technology, or other complications related to the use of AI;
6 unchanged paragraphs
06/30/2026 09/30/2026 Form 10-Q 3
2 unchanged paragraphs
Financial statements 127 changes
1 unchanged paragraph
Operating revenues $ 1,057.1 $ 1,010.8 $ 2,380.6 $ 2,189.9
Cost of sales 320.3 326.3 801.9 725.9
Other operation and maintenance 286.4 249.8 570.6 501.9
Depreciation and amortization 167.4 156.3 332.8 307.2
Total operating expenses 805.9 762.0 1,771.1 1,595.5
Operating income 251.2 248.8 609.5 594.4
Other income, net 40.6 12.3 71.9 23.1
Interest expense 122.5 121.3 246.2 246.0
Other expense ( 81.9 ) ( 109.0 ) ( 174.3 ) ( 222.9 )
Income before income taxes 169.3 139.8 435.2 371.5
Income tax expense 19.2 21.0 49.6 56.3
Net income 150.1 118.8 385.6 315.2
Net income attributed to common shareholder $ 149.8 $ 118.5 $ 385.0 $ 314.6
CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited) Three Months Ended Six Nine Months Ended (in millions) 2026 2025 2026 2025
Operating revenues $ 1,364.8 $ 1,201.9 $ 3,745.4 $ 3,391.8
Cost of sales 453.5 401.2 1,255.4 1,127.1
Other operation and maintenance 312.5 271.2 883.1 773.1
Depreciation and amortization 169.8 160.4 502.6 467.6
Property and revenue taxes 31.8 29.6 65.8 60.5 29.7 97.6 90.2
Total operating expenses 967.6 862.5 2,738.7 2,458.0
Operating income 397.2 339.4 1,006.7 933.8
Other income, net 33.0 15.5 104.9 38.6
Interest expense 134.0 121.3 380.2 367.3
Other expense ( 101.0 ) ( 105.8 ) ( 275.3 ) ( 328.7 )
Income before income taxes 296.2 233.6 731.4 605.1
Income tax expense 44.1 36.2 93.7 92.5
Net income 252.1 197.4 637.7 512.6
Preferred stock dividend requirements 0.3 0.3 0.6 0.6 0.9 0.9
Net income attributed to common shareholder $ 251.8 $ 197.1 $ 636.8 $ 511.7
1 unchanged paragraph
06/30/2026 09/30/2026 Form 10-Q 4
4 unchanged paragraphs
Prepaid taxes 124.1 115.8
Other prepayments 15.3 30.1
Total assets $ 20,923.0 $ 19,696.4
June September 30, 2026 December 31, 2025
Cash and cash equivalents $ 2.6 2.0 $
Accounts receivable and unbilled revenues, net of reserves of $ 37.7 35.0 and $ 39.7 , respectively
Accounts receivable from related parties 109.0 115.3 120.5
Materials, supplies, and inventories 332.8 338.5 322.7
Prepaid taxes 90.5 115.8
Other prepayments 16.4 30.1
Current assets 1,308.0 1,288.6 1,355.6
Property, plant, and equipment, net of accumulated depreciation and amortization of $ 6,542.5 6,655.7 and $ 6,373.9 , respectively
Regulatory assets (June (September 30, 2026 and December 31, 2025 include $ 63.6 60.9 and $ 67.5 , respectively, related to WEPCo Environmental Trust)
Intangible assets 138.6 12.4
Pension and OPEB assets 108.5 109.7 105.8
Long-term assets 19,615.0 20,496.6 18,340.8
Total assets $ 21,785.2 $ 19,696.4
1 unchanged paragraph
Accounts payable 530.9 530.8
Accrued payroll and benefits 47.9 54.5
Short-term debt $ 216.0 68.5 $ 680.6
Current portion of long-term debt (June (September 30, 2026 and December 31, 2025 include $ 9.4 and $ 9.3 , respectively, related to WEPCo Environmental Trust)
Current portion of finance lease obligations 122.0 126.1 113.4
Accounts payable 618.4 530.8
Accounts payable to related parties 199.8 199.7 214.7
Accrued interest 71.2 31.9
Current liabilities 1,277.6 1,282.2 1,781.1
1 unchanged paragraph
Long-term debt (June (September 30, 2026 and December 31, 2025 include $ 62.8 and $ 67.4 , respectively, related to WEPCo Environmental Trust)
Finance lease obligations 2,728.0 2,705.0 2,715.4
Deferred income taxes 1,739.6 1,833.9 1,666.6
Regulatory liabilities 1,824.8 1,872.5 1,759.0
Long-term liabilities 12,390.4 12,806.1 11,135.7
Commitments and contingencies (Note 19) 20)
2 unchanged paragraphs
Additional paid in capital 4,384.0 4,634.1 3,948.6
Retained earnings 2,507.7 2,699.5 2,467.7
Common shareholder's equity 7,224.6 7,666.5 6,749.2
1 unchanged paragraph
Total liabilities and equity $ 20,923.0 21,785.2 $ 19,696.4
1 unchanged paragraph
06/30/2026 09/30/2026 Form 10-Q 5
2 unchanged paragraphs
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Six Nine Months Ended (in millions) 2026 2025
1 unchanged paragraph
Net income $ 385.6 $ 315.2
Net income $ 637.7 $ 512.6
1 unchanged paragraph
Depreciation and amortization 332.8 307.2
AFUDC-Equity ( 81.1 ) ( 30.0 )
Materials, supplies, and inventories ( 10.1 ) 35.7
Prepaid taxes ( 8.3 ) 30.1
Other prepayments 14.8 10.2
Collateral on deposit ( 19.2 ) ( 0.9 )
Other current assets 1.9 1.9
Accounts payable ( 4.3 ) ( 122.0 )
Accrued taxes ( 12.8 ) 12.7
Other current liabilities ( 11.8 ) ( 19.1 )
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and 47 more changes in the filing
Note 1: GENERAL INFORMATION 1 change
3 unchanged paragraphs
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, 2025. 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 six nine months ended June September 30, 2026, are not necessarily indicative of expected results for 2026 due to seasonal variations and other factors.
1 unchanged paragraph
Note 2: ACQUISITIONS 2 changes
1 unchanged paragraph
We filed for PSCW approval to purchase a 30 % ownership interest in Weston Generating Station Unit 4, an approximately 500 MW supercritical pulverized coal base load electric generating facility located in the Villages of Kronenwetter and Rothschild, Wisconsin and the Town of Knowlton, Wisconsin. WPS currently owns a 70 % interest in this facility. Pursuant to the asset purchase agreement, we would purchase the remaining 30 % interest currently owned by an unrelated third-party for its book value at the closing date, currently estimated at $ 150 million. If approved, it is anticipated that the transaction would close by in the end first half of 2026. 2027.
1 unchanged paragraph
06/30/2026 09/30/2026 Form 10-Q 8
1 unchanged paragraph
Note 3: OPERATING REVENUES 57 changes
3 unchanged paragraphs
Three Months Ended June 30 Six Months Ended June 30
Three Months Ended September 30 Nine Months Ended September 30 (in millions) 2026 2025 2026 2025
1 unchanged paragraph
Electric utility $ 963.8 $ 921.3 $ 1,979.5 $ 1,856.6
Natural gas utility 79.1 84.8 377.2 325.6
Total revenues from contracts with customers 1,042.9 1,006.1 2,356.7 2,182.2
Other operating revenues 14.2 4.7 23.9 7.7
Total operating revenues $ 1,057.1 $ 1,010.8 $ 2,380.6 $ 2,189.9
Electric utility $ 1,275.5 $ 1,146.7 $ 3,255.0 $ 3,003.3
Natural gas utility 48.8 53.2 426.0 378.8
Total revenues from contracts with customers 1,324.3 1,199.9 3,681.0 3,382.1
Other operating revenues 40.5 2.0 64.4 9.7
Total operating revenues $ 1,364.8 $ 1,201.9 $ 3,745.4 $ 3,391.8
3 unchanged paragraphs
Three Months Ended June 30 Six Months Ended June 30
Residential $ 394.6 $ 382.4 $ 815.1 $ 784.3
Small commercial and industrial 325.0 306.3 654.0 613.2
Large commercial and industrial 188.1 159.7 355.7 304.7
Other 4.8 4.9 10.4 10.6
Total retail revenues 912.5 853.3 1,835.2 1,712.8
Wholesale 11.8 10.9 26.2 25.0
Resale 32.2 49.9 95.8 98.5
Steam 5.4 5.2 19.2 17.7
Other utility revenues 1.9 2.0 3.1 2.6
Total electric utility operating revenues $ 963.8 $ 921.3 $ 1,979.5 $ 1,856.6
Three Months Ended September 30 Nine Months Ended September 30 (in millions) 2026 2025 2026 2025
Residential $ 540.4 $ 501.3 $ 1,355.5 $ 1,285.6
Small commercial and industrial 379.4 357.8 1,033.4 971.0
Large commercial and industrial (1)
Other 4.8 5.1 15.2 15.7
Total retail revenues 1,167.5 1,066.5 3,002.7 2,779.3
Wholesale 11.1 13.4 37.3 38.4
Resale 90.0 61.1 185.8 159.6
Steam 3.4 2.9 22.6 20.6
Other utility revenues 3.5 2.8 6.6 5.4
Total electric utility operating revenues $ 1,275.5 $ 1,146.7 $ 3,255.0 $ 3,003.3 (1) Includes the revenues from VLCs.
09/30/2026 Form 10-Q 9
Wisconsin Electric Power Company
2 unchanged paragraphs
Three Months Ended June 30 Six Months Ended June 30
Residential $ 57.3 $ 53.1 $ 247.4 $ 222.2
Commercial and industrial 24.5 22.9 109.9 100.8
Total retail revenues 81.8 76.0 357.3 323.0
Transportation 5.6 5.1 14.2 13.1
Three Months Ended September 30 Nine Months Ended September 30 (in millions) 2026 2025 2026 2025
Residential $ 28.3 $ 26.6 $ 275.7 $ 248.8
Commercial and industrial 11.0 10.7 120.9 111.5
Total retail revenues 39.3 37.3 396.6 360.3
Transportation 4.8 4.5 19.0 17.6
1 unchanged paragraph
06/30/2026 Form 10-Q 9
Wisconsin Electric Power Company
Total natural gas utility operating revenues $ 79.1 48.8 $ 84.8 53.2 $ 377.2 426.0 $ 325.6 378.8 (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 included in rates.
1 unchanged paragraph
Three Months Ended June 30 Six Months Ended June 30
Other operating revenues consist primarily of the following:
Three Months Ended September 30 Nine Months Ended September 30 (in millions) 2026 2025 2026 2025
1 unchanged paragraph
Late payment charges 3.3 2.9 $ 7.0 $ 6.2
Late payment charges 2.8 2.3 $ 9.8 $ 8.5
Rental revenues 0.3 1.5 1.6 1.8 0.3 1.9 2.1
1 unchanged paragraph
Total other operating revenues $ 14.2 $ 4.7 $ 23.9 $ 7.7
Total other operating revenues $ 40.5 $ 2.0 $ 64.4 $ 9.7
2 unchanged paragraphs
Note 4: CREDIT LOSSES 30 changes
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 June September 30, 2026 and December 31, 2025.
1 unchanged paragraph
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, including VLCs, to mitigate credit risk. See Note 21, Regulatory Environment, for more information about the Very Large Customer and Bespoke Resources Tariffs.
09/30/2026 Form 10-Q 10
Wisconsin Electric Power Company
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, including VLCs, to mitigate credit risk. See Note 22, Regulatory Environment, for more information about the VLC and Bespoke Resources tariffs.
1 unchanged paragraph
(in millions) June September 30, 2026 December 31, 2025
1 unchanged paragraph
Allowance for credit losses 37.7 35.0 39.7
3 unchanged paragraphs
06/30/2026 Form 10-Q 10
Wisconsin Electric Power Company
uncollectible write-offs and the amounts recovered in rates. As a result, at June 30, 2026, $ 358.8 million, or 53.2 %, of our net accounts receivable and unbilled revenues balance had regulatory protections in place to mitigate the exposure to credit losses.
(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, 2026, $ 377.9 million, or 55.8 %, of our net accounts receivable and unbilled revenues balance had regulatory protections in place to mitigate the exposure to credit losses.
1 unchanged paragraph
Three Months Ended June September 30
1 unchanged paragraph
Balance at April 1 $ 38.8 $ 37.9
Six Months Ended June 30
Balance at July 1 $ 37.7 $ 32.9
Provision for credit losses 46.6 17.0 46.4 17.5
Provision for credit losses deferred for future recovery or refund ( 24.9 ) ( 2.0 29.3 ) 1.8
Write-offs charged against the allowance ( 31.2 27.0 ) ( 28.8 27.5 )
Recoveries of amounts previously written off 8.4 8.8 7.2 7.0
Balance at September 30
Nine Months Ended September 30
2 unchanged paragraphs
Provision for credit losses 90.9 29.7
Provision for credit losses 137.3 47.2
Provision for credit losses deferred for future recovery or refund ( 52.5 81.8 ) ( 8.0 6.2 )
Write-offs charged against the allowance ( 57.7 84.7 ) ( 52.0 79.5 )
Recoveries of amounts previously written off 17.3 16.3 24.5 23.3
Balance at September 30
There was a $ 14.0 15.2 million decrease in the allowance for credit losses at June September 30, 2025, compared to January 1, 2025. The decrease was largely driven by customer write-offs, in addition to a decrease in past due account balances that we believe was related to a continued focus on collection efforts and the lower energy bills typically seen in the spring and summer months, enabling customers to pay down their arrears. After a customer is disconnected for a period of time without payment on their account, we will write off that customer balance.
09/30/2026 Form 10-Q 11
Wisconsin Electric Power Company
Note 5: REGULATORY ASSETS AND LIABILITIES 42 changes
Uncollectible expense 71.1 114.7
Securitization 63.6 67.5
Derivatives 14.1 9.0
Other, net 58.5 47.9
06/30/2026 Form 10-Q 11
Wisconsin Electric Power Company
The following regulatory assets and liabilities were reflected on our balance sheets at June September 30, 2026 and December 31, 2025. For more information on our regulatory assets and liabilities, see Note 7, Regulatory Assets and Liabilities, in our 2025 Annual Report on Form 10-K.
(in millions) June September 30, 2026 December 31, 2025
We Power finance leases $ 1,164.5 1,166.3 $ 1,158.6
Plant retirement related items 612.2 601.1 634.3
Income tax related items 448.2 465.2 413.3
Pension and OPEB costs 271.4 262.6 289.0
System support resource 87.5 85.0 92.6
Electric transmission costs 50.0 71.0 15.3
Asset retirement obligations 65.0 67.6 59.7
Securitization 60.9 67.5
Uncollectible expense 49.3 114.7
Other finance and operating leases 31.6 34.9 25.2
Derivatives 19.5 9.0
Revenue requirements of generation facilities (1)
Bluewater Natural Gas Holding, LLC 10.5 8.3 13.9
Other, net 52.9 44.3
Total regulatory assets $ 2,948.2 2,961.2 $ 2,941.0
(1) These amounts primarily represent the deferral of the incremental revenue requirement of incurred costs from the delayed retirement of OCPP Units 7 and 8. See Note 6, Property, Plant, and Equipment, for more information.
(in millions) June September 30, 2026 December 31, 2025
1 unchanged paragraph
Removal costs $ 892.9 906.9 $ 862.1
Income tax related items 652.8 649.1 663.5
Pension and OPEB benefits 112.5 111.2 114.6
Energy costs refundable through rate adjustments 71.9 69.2 47.2
Earnings sharing mechanism 27.7 41.9 29.3
1 unchanged paragraph
Derivatives 14.7 6.8
Other, net 46.4 36.0
Uncollectible expense 16.4
VLC transmission service charge (2)
Other, net 48.8 42.8
Total regulatory liabilities $ 1,835.4 1,878.3 $ 1,774.6
1 unchanged paragraph
Other current liabilities $ 10.6 5.8 $ 15.6
Regulatory liabilities 1,824.8 1,872.5 1,759.0
Total regulatory liabilities $ 1,835.4 1,878.3 $ 1,774.6
1 unchanged paragraph
(2) For the transmission service charge associated with our VLCs, we defer as a regulatory liability the amount by which the actual transmission charge billed to us is less than the minimum billing level set in the VLC tariff until refund is authorized in a future rate proceeding. See Note 22, Regulatory Environment, for more information on the VLC tariff.
09/30/2026 Form 10-Q 12
Wisconsin Electric Power Company
Note 6: PROPERTY, PLANT, AND EQUIPMENT 1 change
2 unchanged paragraphs
The total net book value of OCPP Units 7 and 8 was $ 604.6 595.7 million at June September 30, 2026, 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 7: COMMON EQUITY 2 changes
2 unchanged paragraphs
06/30/2026 Form 10-Q 12
Wisconsin Electric Power Company
Note 8: SHORT-TERM DEBT AND LINES OF CREDIT 10 changes
1 unchanged paragraph
Amount outstanding $ 216.0 $ 680.6
(in millions, except percentages) June September 30, 2026 December 31, 2025
Amount outstanding $ 68.5 $ 680.6
Weighted-average interest rate on amounts outstanding 3.88 4.09 % 3.88 %
Our average amount of commercial paper borrowings based on daily outstanding balances during the six nine months ended June September 30, 2026 was $ 367.6 297.7 million with a weighted-average interest rate during the period of 3.88 %.
1 unchanged paragraph
(in millions) Maturity June September 30, 2026
2 unchanged paragraphs
Commercial paper outstanding 216.0 68.5
Available capacity under existing credit facility $ 583.0 730.5
09/30/2026 Form 10-Q 13
Wisconsin Electric Power Company
Note 9: LONG-TERM DEBT 1 change
2 unchanged paragraphs
In August 2026, we issued an additional $ 300.0 million of our 5.10 % Debentures, due June 15, 2036, and used the net proceeds to repay short-term debt and for other general corporate purposes.
Note 10: LEASES 11 changes
06/30/2026 Form 10-Q 13
Wisconsin Electric Power Company
Less: Interest ( 116.7 )
During the second quarter of 2026, we and WPS, along with an unaffiliated utility, acquired various land leases related to our investments in utility solar generation. Each lease has an initial term and one or more optional extensions. We expect the optional extensions to be exercised, and, as a result, all of the land leases are being amortized over an extended term. The weighted-average remaining lease term for these land leases was 49.3 50.1 years at June September 30, 2026. Once a solar project achieves commercial operation, the lease liability will be remeasured to reflect the final total acres being leased.
The right of use assets obtained in exchange for these finance lease liabilities was $ 38.5 38.4 million. Our total obligation under these land-related leases was $ 38.7 39.1 million at June September 30, 2026, and was included in finance lease obligations on our balance sheet. Our finance lease right of use asset related to these leases was $ 38.5 38.2 million as of June September 30, 2026, and was included in property, plant, and equipment on our balance sheet. Our weighted-average discount rate for these leases was 6.35 6.39 %. 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 these land-related leases as of June September 30, 2026, were as follows:
Six Three Months Ended December 31, 2026 $ 0.8
Total minimum lease payments 155.4 157.3
Less: Interest ( 118.2 )
Present value of minimum lease payments 38.7 39.1
1 unchanged paragraph
Long-term lease liabilities $ 38.7 39.1
Note 11: MATERIALS, SUPPLIES, AND INVENTORIES 8 changes
1 unchanged paragraph
Total $ 332.8 $ 322.7
(in millions) June September 30, 2026 December 31, 2025
Materials and supplies $ 244.1 242.2 $ 225.2
Natural gas in storage 29.5 51.1 44.2
Fossil fuel 59.2 45.2 53.3
Total $ 338.5 $ 322.7
Substantially all materials and supplies, fossil fuel, and natural gas in storage, and fossil fuel inventories are recorded using the weighted-average cost method of accounting.
06/30/2026 09/30/2026 Form 10-Q 14
1 unchanged paragraph
Note 12: INCOME TAXES 29 changes
2 unchanged paragraphs
Three Months Ended June September 30, 2026 Three Months Ended June September 30, 2025 (in millions) Amount Effective Tax Rate Amount Effective Tax Rate
1 unchanged paragraph
United States federal statutory income tax rate $ 35.5 62.1 21.0 % $ 29.3 49.0 21.0 %
1 unchanged paragraph
Other ( 1.1 1.5 ) ( 0.6 0.5 ) % ( 0.8 1.1 ) ( 0.5 ) %
1 unchanged paragraph
Other 1.4 0.8 0.4 % 1.5 1.1 1.8 0.8 %
1 unchanged paragraph
Other, net ( 1.2 ) ( 0.7 ) % 1.3 0.8 %
Total income tax expense $ 19.2 11.3 % $ 21.0 15.0 %
Other, net ( 2.6 ) ( 0.9 ) % 1.0 0.5 %
Total income tax expense $ 44.1 14.9 % $ 36.2 15.5 %
Six Nine Months Ended June September 30, 2026 Six Nine Months Ended June September 30, 2025 (in millions) Amount Effective Tax Rate Amount Effective Tax Rate
1 unchanged paragraph
United States federal statutory income tax rate $ 91.3 153.4 21.0 % $ 77.9 126.9 21.0 %
1 unchanged paragraph
Other ( 2.7 ) ( 0.6 ) % ( 1.9 ) ( 0.5 ) %
Other ( 4.2 ) ( 0.6 ) % ( 3.0 ) ( 0.5 ) %
1 unchanged paragraph
Other 3.5 0.8 % 2.6 0.7 %
Other 4.9 0.7 % 4.4 0.7 %
1 unchanged paragraph
Other, net ( 2.2 ) ( 0.5 ) % 4.1 1.1 %
Total income tax expense $ 49.6 11.4 % $ 56.3 15.2 %
Other, net ( 4.8 ) ( 0.6 ) % 5.1 0.8 %
Total income tax expense $ 93.7 12.8 % $ 92.5 15.3 %
5 unchanged paragraphs
06/30/2026 09/30/2026 Form 10-Q 15
1 unchanged paragraph
The IRA contains a tax credit transferability provision that allows us to sell PTCs and ITCs produced after December 31, 2022, to third parties. Under this transferability provision, WEC Energy Group entered into agreements to sell substantially all the PTCs and ITCs we generated in 2025 to third parties. WEC Energy Group has also entered into an agreement agreements to sell the majority of PTCs that we expect to generate in 2026 and a portion of the PTCs that we expect to generate in 2027 and 2028 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 and ITCs. 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.
1 unchanged paragraph
Six Months Ended June 30
The table below is a summary of income taxes paid (received) by jurisdiction:
Nine Months Ended September 30
1 unchanged paragraph
(1) Amount is net of $ 13.7 million of cash received, related to 2026 and 2025 PTCs that were sold to third parties.
Total income taxes paid, net $ 53.8 11.3 $ 8.2 26.3
(1) Amount includes $ 17.0 million of cash received related to third party sales of both 2026 and 2025 PTCs, and $ 68.0 million of cash received related to third party sales of 2025 ITCs.
(2) Amount is net of includes $ 8.9 29.1 million of cash received related to third party sales of both 2025 and 2024 PTCs. that were sold to third parties.
1 unchanged paragraph
Six Months Ended June 30
Nine Months Ended September 30
1 unchanged paragraph
Note 13: FAIR VALUE MEASUREMENTS 22 changes
6 unchanged paragraphs
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
06/30/2026 09/30/2026 Form 10-Q 16
1 unchanged paragraph
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.
2 unchanged paragraphs
Natural gas contracts $ 0.4 $ 2.2 $ $ 2.6
Total derivative assets $ 0.4 $ 2.2 $ 12.3 $ 14.9
Natural gas contracts $ 0.5 $ 1.3 $ $ 1.8
Total derivative assets $ 0.5 $ 1.3 $ 6.8 $ 8.6
1 unchanged paragraph
Natural gas contracts $ 10.2 $ 1.8 $ $ 12.0
Natural gas contracts $ 14.9 $ 1.7 $ $ 16.6
7 unchanged paragraphs
Three Months Ended June 30 Six Months Ended June 30
Purchases 14.7 12.1 14.7 12.1
Settlements ( 3.5 ) ( 3.3 ) ( 5.2 ) ( 5.1 )
Three Months Ended September 30 Nine Months Ended September 30 (in millions) 2026 2025 2026 2025
Balance at the beginning of the period $ 1.1 12.3 $ 1.1 9.9 $ 2.9 $ 2.9
Purchases 0.2 14.9 12.1
Sales ( 0.1 ) ( 0.2 )
Settlements ( 5.6 ) ( 5.0 ) ( 10.8 ) ( 10.1 )
Balance at the end of the period $ 12.3 6.8 $ 9.9 4.9 $ 12.3 6.8 $ 9.9 4.9
2 unchanged paragraphs
June September 30, 2026 December 31, 2025
1 unchanged paragraph
Preferred stock $ 30.4 $ 21.3 21.1 $ 30.4 $ 21.2
Long-term debt, including current portion 5,611.5 5,456.6 5,902.8 5,448.0 4,525.3 4,434.6
1 unchanged paragraph
06/30/2026 09/30/2026 Form 10-Q 17
1 unchanged paragraph
Note 14: DERIVATIVE INSTRUMENTS 22 changes
3 unchanged paragraphs
June September 30, 2026 December 31, 2025
2 unchanged paragraphs
Total current 14.9 11.7 6.2 7.4
Total $ 14.9 $ 12.0 $ 6.2 $ 7.7
Natural gas contracts $ 2.6 1.8 $ 11.7 16.2 $ 3.3 $ 7.4
Total current 8.6 16.2 6.2 7.4
Natural gas contracts 0.3 0.4 0.3
Total $ 8.6 $ 16.6 $ 6.2 $ 7.7
1 unchanged paragraph
Natural gas contracts 17.7 Dth
Total $ ( 1.6 ) $ 5.9
Natural gas contracts 36.6 Dth
Three Months Ended June September 30, 2026 Three Months Ended June September 30, 2025 (in millions) Volumes Gains (Losses) Volumes Gains (Losses)
Natural gas contracts 15.2 Dth
Total $ 10.8 $ ( 2.7 )
Six Nine Months Ended June September 30, 2026 Six Nine Months Ended June September 30, 2025 (in millions) Volumes Gains (Losses) Volumes Gains
Natural gas contracts 51.8 Dth
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 June September 30, 2026 and December 31, 2025, we had posted cash collateral of $ 31.4 34.6 million and $ 12.2 million, respectively. These amounts were recorded on our balance sheets in other current assets.
06/30/2026 09/30/2026 Form 10-Q 18
2 unchanged paragraphs
June September 30, 2026 December 31, 2025
2 unchanged paragraphs
Gross amount recognized on the balance sheet $ 14.9 8.6 $ 12.0 16.6 $ 6.2 $ 7.7
Gross amount not offset on the balance sheet ( 0.6 0.8 ) ( 10.4 15.3 ) (1)
Net amount $ 14.3 7.8 $ 1.6 1.3 $ 5.9 $ 1.6
(1) Includes cash collateral posted of $ 9.8 14.5 million.
1 unchanged paragraph
Note 15: GUARANTEES 1 change
As of June September 30, 2026, we had $ 29.7 million of standby letters of credit issued by financial institutions for the benefit of third parties that have extended credit to us, of which $ 29.6 million automatically renews each year unless proper termination notice is given and $ 0.1 million expires in less than one year. These amounts are not reflected on our balance sheets.
Note 16: EMPLOYEE BENEFITS 28 changes
1 unchanged paragraph
Three Months Ended June 30 Six Months Ended June 30
Service cost $ 2.1 $ 2.4 $ 4.8 $ 5.0
Interest cost 10.9 11.1 21.8 22.8
Amortization of net actuarial loss 4.9 3.7 9.5 8.0
Net periodic benefit cost $ 3.6 $ 2.4 $ 7.6 $ 6.2
Three Months Ended June 30 Six Months Ended June 30
Service cost $ 1.0 $ 0.9 $ 2.0 $ 1.8
Interest cost 2.3 2.3 4.8 4.7
Amortization of net actuarial gain ( 1.0 ) ( 1.2 ) ( 1.6 ) ( 2.0 )
Three Months Ended September 30 Nine Months Ended September 30 (in millions) 2026 2025 2026 2025
Service cost $ 2.5 $ 2.5 $ 7.3 $ 7.5
Interest cost 11.0 11.4 32.8 34.2
Expected return on plan assets ( 14.3 ) ( 14.8 14.6 ) ( 28.5 42.8 ) ( 29.6 44.2 )
Amortization of prior service credit ( 0.3 0.1 ) ( 0.1 ) ( 0.4 0.1 ) ( 0.1 )
Amortization of net actuarial loss 4.8 4.0 14.3 12.0
Net periodic benefit cost $ 3.9 $ 3.2 $ 11.5 $ 9.4
Three Months Ended September 30 Nine Months Ended September 30 (in millions) 2026 2025 2026 2025
Service cost $ 1.0 $ 0.8 $ 3.0 $ 2.6
Interest cost 2.5 2.3 7.3 7.0
Expected return on plan assets ( 2.9 2.8 ) ( 2.7 ) ( 5.6 8.4 ) ( 5.4 8.1 )
Amortization of prior service credit ( 0.1 ) ( 0.5 ) ( 0.1 )
Amortization of net actuarial gain ( 0.8 ) ( 0.9 ) ( 2.4 ) ( 2.9 )
Net periodic benefit credit $ ( 0.9 0.2 ) $ ( 0.8 0.5 ) $ ( 0.8 1.0 ) $ ( 1.0 1.5 )
During the six nine months ended June September 30, 2026, we made contributions and payments of $ 1.6 2.5 million related to our pension plans and an insignificant amount related to our OPEB plans. During the remainder of 2026, we expect to make contributions and payments of $ 1.6 0.8 million related to our pension plans and $ 0.2 million related to our OPEB plans, dependent upon various factors affecting us, including our liquidity position and possible tax law changes.
During July 2026, we received PSCW approval to transfer $ 75.0 million in OPEB assets from WG to us in exchange for cash.
We utilize escrow accounting for our current pension and OPEB costs, as approved by the PSCW. As of June September 30, 2026 and December 31, 2025, our balance sheets included regulatory liabilities of $ 13.2 17.0 million and $ 9.8 million, respectively, for pension costs and regulatory assets of $ 4.7 2.5 million and $ 1.0 million, respectively, for OPEB costs. In accordance with our PSCW rate orders, we amortize the related regulatory assets and liabilities. The above tables do not reflect any adjustments for the creation or amortization of these regulatory assets and liabilities.
06/30/2026 09/30/2026 Form 10-Q 19
1 unchanged paragraph
we amortize the related regulatory assets and liabilities. The above tables do not reflect any adjustments for the creation or amortization of these regulatory assets and liabilities.
Note 18: SEGMENT INFORMATION 11 changes
3 unchanged paragraphs
At June September 30, 2026, we reported two segments, our utility segment and our other segment, which are described below. All of our operations are located within the United States.
3 unchanged paragraphs
No significant items were reported in the other segment during the three and six nine months ended June September 30, 2026 and 2025.
1 unchanged paragraph
Three Months Ended June 30 Six Months Ended June 30
Fuel and purchased power $ 285.6 $ 286.4 $ 595.4 $ 562.6
Cost of natural gas sold 34.7 39.9 206.5 163.3
09/30/2026 Form 10-Q 20
Wisconsin Electric Power Company
The following table shows additional financial information for our utility segment cost of sales for the three and six nine months ended June September 30, 2026 and 2025.
Three Months Ended September 30 Nine Months Ended September 30 (in millions) 2026 2025 2026 2025
Fuel and purchased power $ 437.0 $ 378.4 $ 1,032.4 $ 941.0
Cost of natural gas sold 16.5 22.8 223.0 186.1
1 unchanged paragraph
Note 19: VARIABLE INTEREST ENTITIES 11 changes
1 unchanged paragraph
06/30/2026 Form 10-Q 20
Wisconsin Electric Power Company
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.
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.
5 unchanged paragraphs
09/30/2026 Form 10-Q 21
Wisconsin Electric Power Company
1 unchanged paragraph
Regulatory assets 63.6 67.5
(in millions) June September 30, 2026 December 31, 2025
Other current assets (restricted cash) $ 1.5 4.6 $ 2.0
Regulatory assets 60.9 67.5
3 unchanged paragraphs
Other current liabilities Accrued interest 0.1 0.3 0.1
1 unchanged paragraph
Note 20: COMMITMENTS AND CONTINGENCIES 35 changes
2 unchanged paragraphs
06/30/2026 Form 10-Q 21
Wisconsin Electric Power Company
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 June September 30, 2026, were approximately $ 7.8 7.2 billion.
4 unchanged paragraphs
In February 2026, the EPA published a final rule rescinding the 2009 declaration that determined that CO 2 and other GHGs endanger public health and welfare. The "endangerment finding" has been the legal underpinning of a host of climate regulations under the CAA. Clean Air Act. Litigation over the rule has been initiated in the D.C. Circuit Court of Appeals.
2 unchanged paragraphs
09/30/2026 Form 10-Q 22
Wisconsin Electric Power Company
5 unchanged paragraphs
06/30/2026 Form 10-Q 22
Wisconsin Electric Power Company
standard. In October 2022, the EPA published its final reclassifications from "marginal" to "moderate" for these areas, effective November 2022.
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. The EPA's initial ozone nonattainment area designation was effective 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 based on the 2015 standard. In October 2022, the EPA published its final reclassifications from "marginal" to "moderate" for these areas, effective November 2022.
1 unchanged paragraph
In February 2025, the State of Wisconsin filed a petition for review of this reclassification in the United States Court of Appeals for the Seventh Circuit Wisconsin subsequently moved for and was granted a stay of the reclassification which was granted in September 2025, pending the Court's review. This means that The case is being held in abeyance and Southeast Wisconsin has returned to is currently under a "moderate" reclassification status while pending a further court order. In August 2026, Clean Wisconsin and Sierra Club filed a motion to intervene and defend the underlying lawsuit proceeds. final rule reclassifying the nonattainment area from "moderate" to "serious".
1 unchanged paragraph
All counties within our service territory are currently in attainment with current 2012 NAAQS for PM2.5. In February 2024, the EPA finalized a rule which lowered the primary (health-based) annual PM2.5 NAAQS from 12 g/m 3 to 9 g/m 3 (the "2024 PM2.5 Standard"). In February 2025, the Wisconsin Department of Natural Resources submitted a State Implementation Plan to the EPA recommending Wisconsin be designated as an attainment area under the 2024 PM2.5 Standard. The EPA has not yet issued its attainment designations. and has indicated it may extend the designation period by 1 year due to A lack of adequate air monitoring data. 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 the 2024 PM2.5 Standard to have a material impact on our units.
In November 2025, the EPA filed a motion in the litigation pending in the D.C. Circuit Court of Appeals to vacate the 2024 PM2.5 Standard. The court issued an order on in June 26, 2026, denying the EPA's motion. The 2024 PM2.5 Standard therefore remains in effect. Previously, in April 2026, the State of Wisconsin signed onto a complaint filed in California that seeks an order directing the EPA to implement the 2024 PM2.5 Standard and make nonattainment designations. In July 2026, the litigation is ongoing. See Northern District Court of California ordered the Federal Deregulatory Actions discussion above EPA to publish final designations for more information regarding potential deregulatory actions regarding this rule. all areas of the country no later than February 6, 2027. The EPA is appealing the
09/30/2026 Form 10-Q 23
Wisconsin Electric Power Company
3 unchanged paragraphs
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and 20 more changes in the filing
Note 21: SUPPLEMENTAL CASH FLOW INFORMATION 12 changes
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
2 unchanged paragraphs
1 unchanged paragraph
and 12 more changes in the filing
Note 22: REGULATORY ENVIRONMENT 10 changes
13 unchanged paragraphs
5 unchanged paragraphs
1 unchanged paragraph
and 10 more changes in the filing
Note 23: OTHER INCOME, NET 12 changes
and 12 more changes in the filing
Note 24: NEW ACCOUNTING PRONOUNCEMENTS 6 changes
5 unchanged paragraphs
2 unchanged paragraphs
and 6 more changes in the filing
MD&A 399 changes
2 unchanged paragraphs
3 unchanged paragraphs
1 unchanged paragraph
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3 unchanged paragraphs
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9 unchanged paragraphs
2 unchanged paragraphs
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4 unchanged paragraphs
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6 unchanged paragraphs
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and 399 more changes in the filing
Market risk 2 changes
1 unchanged paragraph
and 2 more changes in the filing
Controls and procedures 1 change
3 unchanged paragraphs
and 1 more change in the filing
Legal proceedings 2 changes
and 2 more changes in the filing
Other information 3 changes
1 unchanged paragraph
and 3 more changes in the filing
Unchanged: Financial statements (unaudited), Notes to the financial statements, Risk factors
Only in this filing: Note 17: INTANGIBLE ASSETS
Compared by code from the two filings' text and XBRL. Not advice.
The reading, claim by claim
- It also contains a glossary of terms and a cautionary statement about forward-looking information.
- For the quarter ended September 30, 2026, WISCONSIN ELECTRIC POWER CO reported revenue of $1,364.8 million.
- Operating income was $397.2 million, and net income was $252.1 million.
- The company's net income attributed to common shareholders was $251.8 million.
- The company's balance sheet as of September 30, 2026, shows total assets of $21,785.2 million.
- Current assets totaled $1,288.6 million, and long-term assets were $20,496.6 million.
- Total liabilities and equity also amounted to $21,785.2 million.
7 of 9 claims matched the filing text.
Not found in the filing text
- In its 10-Q for the quarter ended September 30, 2026, WISCONSIN ELECTRIC POWER CO reported revenue of $1.4 billion.
- Net income was $251.8 million, with a net margin of 18.4%.
From the filing's financial data, not stated in its text
From this 10-Q's financial data (XBRL) for the quarter ended September 30, 2026
- Revenue increased by 13.6% compared to the same period in 2025.
From the filing
ITEM 6.
ITEM 6.
EXHIBITS
51
SIGNATURE
52
09/30/2026 Form 10-Q i
Wisconsin Electric Power Company
Table of Contents
GLOSSARY OF TERMS AND ABBREVIATIONS1
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
WG Wisconsin Gas 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
Accounting Terms
AFUDC Allowance for Funds Used During Construction
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
BTA Best Technology Available
CCR Coal Combustion Residuals
CO 2
Carbon Dioxide
CRL Combustion Residual Leachate
ELG Steam Electric Effluent Limitation Guidelines
GHG Greenhouse Gas
GHG Power Plant Rule 2024 Greenhouse Gas Power Plant Rule
MATS Mercury and Air Toxics Standards
NAAQS National Ambient Air Quality Standards
NOx Nitrogen Oxide
PCCC Permanent Cessation of Coal Combustion
PM Particulate Matter
PM2.5 Particulates Less Than 2.5 Micrometers in Diameter
ZLD Zero Liquid Discharge
Measurements
Bcf Billion Cubic Feet
Dth Dekatherm
GW Gigawatt lb/MMBtu Pound Per Million British Thermal Unit
MW Megawatt
MWh Megawatt-hours
µg/m3 Micrograms Per Cubic Meter
Other Terms and Abbreviations
AD Antidumping
AI Artificial Intelligence
09/30/2026 Form 10-Q ii
Wisconsin Electric Power Company
Table of Contents
Bespoke Resources All or a portion of generation facilities and PPAs allocated to VLCs
Chicago, IL-IN-WI Chicago, Illinois, Indiana, and Wisconsin
CODM Chief Operating Decision Maker
CT Combustion Turbine
CVD Countervailing Duty
D.C. Circuit Court of Appeals United States Court of Appeals for the District of Columbia Circuit
ERGS Elm Road Generating Station
ETB Environmental Trust Bond
Exchange Act Securities Exchange Act of 1934, as amended
FTR Financial Transmission Right
IRA Inflation Reduction Act
ITC Investment Tax Credit
LDC Local Natural Gas Distribution Company
LNG Liquefied Natural Gas
MISO Midcontinent Independent System Operator, Inc.
OBBBA One Big Beautiful Bill Act
OCPP Oak Creek Power Plant
PPA Power Purchase Agreement
PTC Production Tax Credit
RNG Renewable Natural Gas
ROE Return on Equity
S&P Standard & Poor's
Supreme Court United States Supreme Court
UFLPA Uyghur Forced Labor Prevention Act
VLC Very Large Customer
09/30/2026 Form 10-Q iii
Wisconsin Electric Power Company
Table of Contents
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION1
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 WEC Energy Group capital 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 2025 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, changes in economic conditions, including continued economic growth, customer growth and declines, including our ability to develop and/or acquire new generation to meet demand from data centers and other large customers and uncertainty regarding the projected demand from these customers, commodity prices, energy conservation efforts, and continued adoption of distributed generation by customers or co-location of generation near data centers;
• 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 r
ITEM 1. FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS WISCONSIN ELECTRIC POWER COMPANY
CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited) Three Months Ended Nine Months Ended
Operating expenses
The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements.
09/30/2026 Form 10-Q 4
Wisconsin Electric Power Company
Table of Contents
WISCONSIN ELECTRIC POWER COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in millions, except share and per share amounts)
September 30, 2026 December 31, 2025
Assets
Current assets
Cash and cash equivalents $ 2.0 $ —
Accounts receivable and unbilled revenues, net of reserves of $ 35.0 and $ 39.7 , respectively
677.1 742.2
Accounts receivable from related parties 115.3 120.5
Long-term assets
Property, plant, and equipment, net of accumulated depreciation and amortization of $ 6,655.7 and $ 6,373.9 , respectively
Liabilities and Equity
Current liabilities
Current portion of finance lease obligations 126.1 113.4
Accounts payable 618.4 530.8
Accounts payable to related parties 199.7 214.7
Long-term liabilities
Commitments and contingencies (Note 20)
Common shareholder's equity
The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements.
09/30/2026 Form 10-Q 5
Wisconsin Electric Power Company
Table of Contents
WISCONSIN ELECTRIC POWER COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Nine Months Ended
September 30
(in millions) 2026 2025
Operating activities
Net income $ 637.7 $ 512.6
Reconciliation to cash provided by operating activities
Depreciation and amortization 502.6 467.6
Deferred income taxes and ITCs, net 84.3 24.1
AFUDC-Equity ( 119.1 ) ( 49.7 )
Payment for OPEB assets transferred from WG ( 75.0 ) —
Change in –
Accounts receivable and unbilled revenues, net 69.9 44.2
Net cash provided by operating activities 1,324.7 994.6
Investing activities
Capital expenditures, including AFUDC-Debt ( 2,164.7 ) ( 1,909.8 )
Payment for option to acquire projects ( 126.2 ) —
Reimbursement for ATC's transmission infrastructure upgrades — 33.1
Payments for ATC's transmission infrastructure upgrades that will be reimbursed ( 12.4 ) ( 7.4 )
Other, net 27.9 27.9
Net cash used in investing activities ( 2,275.4 ) ( 1,856.2 )
Financing activities
Change in short-term debt ( 612.1 ) ( 142.9 )
Issuance of long-term debt 1,391.1 499.6
Retirement of long-term debt ( 4.6 ) ( 254.6 )
Payments for finance lease obligations ( 85.9 ) ( 73.9 )
Equity contribution from parent 685.0 1,085.0
Payment of dividends to parent ( 405.0 ) ( 240.0 )
Other, net ( 13.2 ) ( 6.0 )
Net cash provided by financing activities 955.3 867.2
Net change in cash, cash equivalents, and restricted cash 4.6 5.6
Cash, cash equivalents, and restricted cash at beginning of period 2.6 2.5
Cash, cash equivalents, and restricted cash at end of period $ 7.2 $ 8.1
The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements.
09/30/2026 Form 10-Q 6
Wisconsin Electric Power Company
Table of Contents
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 E
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