This report does not constitute a rating action. Overview Key strengths Key risks Fully regulated, vertically integrated electricity and natural gas utility. Limited scale and diversity. Constructive regulatory framework in Wisconsin. Elevated capital spending requires balanced funding. Steady operating cash flow. Negative discretionary cash flow leads to external funding needs. In April 2024, WPSC filed for its latest rate case with the Public Service Commission of Wisconsin (PSCW). In December 2024, the PSCW authorized the utility to increase its electric rates by $55.1 million and $30 million, and natural gas rates by $14.9 million and $13.5 million effective Jan. 1, 2025, and Jan.1, 2026, respectively. WPSC?s forecast test period illustrates the clarity afforded by its forward-looking plan that provides for
