Majority of consolidated cash flow from more-predictable, regulated lower-risk electric and gas businesses; Utility operations benefit from mostly constructive regulatory frameworks; Lack of higher-risk, non-utility activities; and Solid operational performance. The company's funds from operations (FFO) to debt and debt to EBITDA ratios are both around the midpoints of the financial risk profile category of significant; Annual capital spending over $1.7 billion; Ongoing dividend payments; and Negative discretionary cash flow resulting in external funding needs. The stable rating outlook on WEC Energy Group Inc. (WEC) over the next two years reflects S&P Global Ratings' expectation that management will continue to focus on its core utility operations and reach constructive regulatory outcomes to avoid any meaningful rise in business risk. The
