Overview Key strengths Key risks Largely regulated electric and natural gas utility operations. Heavy reliance on debt leverage. Regulatory and geographic diversity. Elevated capital spending. Highly constructive regulatory frameworks. Nonutility acquisitions increase business risk. WEC?s latest capital plan incorporates $12.4 billion of investments through 2025, which includes about $1.6 billion of capital at its unregulated power business, WEC Infrastructure LLC. We expect WEC will disproportionately fund its negative operating cash flow with debt, which will weaken consolidated financial measures. Should the company revise its funding plan, we would reassess its financial cushion. Our existing base case incorporates immaterial equity issuance through 2025. WEC has been growing its unregulated power business under WEC Infrastructure by acquiring ownership interests in completed renewables
