WEC Energy Group Inc.

This report does not constitute a rating action. Overview Key strengths Key risks Lower-risk, rate-regulated utility operations. Increasing customer concentration. Highly constructive ratemaking in Wisconsin. Consistent discretionary cash flow deficits require constant access to capital markets. Large data center projects expected to significantly increase growth. Regulatory uncertainty in Illinois. . In February 2026, PGLC and NSG reached an agreement on the terms of a proposed settlement with the Illinois Attorney General and other stakeholders that will resolve all outstanding proceedings related to the Uncollectible Expense Adjustment (UEA) and Qualified Infrastructure Plant (QIP) riders. Under the terms of the agreement, PGL and NSG will refund $49 million and $1 million, respectively, to customers as bill credits in 2026, 2027, and 2028

...We believe WEC Energy Group Inc.'s (WEC) financial measures will hold up, despite disallowances at the subsidiaries, The Peoples Gas Light and Coke Co. (PGLC) and North Shore Gas Co. (NSG). In February 2026, PGLC and NSG reached an agreement on the terms of a proposed settlement with the Illinois Attorney General and other stakeholders that will resolve all outstanding proceedings related to the Uncollectible Expense Adjustment (UEA) and Qualified Infrastructure Plant (QIP) riders. Under the terms of the agreement, PGL and NSG will refund $49 million and $1 million, respectively, to customers as bill credits in 2026, 2027, and 2028 to settle the open UEA proceedings. Regarding the open QIP proceedings, PGL has committed to...

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