Overview Key strengths Key risks Largely regulated electric and natural gas utility operations. Heightened exposure to commercial and industrial customers Regulatory and geographic diversity. Elevated capital spending. Highly constructive regulatory frameworks. Nonutility acquisitions increase business risk. In April 2024, Wisconsin Gas LLC (WG), Wisconsin Electric Power Co. (WEPCo), and Wisconsin Public Service Corp. (WPS) each requested that the Public Service Commission of Wisconsin increase their electric, natural gas, and steam rates by about $500 million in 2025 and about $320 million in 2026 to recover ongoing reliability spending along with generation-related spending for electric. Our base case assumes constructive rate outcomes for each subsidiary in line with historical precedent based on a forward-looking test period. Proposed rate increases WG WEPCo
