WEC ENERGY GROUP, INC.

Red flags

• WEC has $9.525 billion of total purchase commitments as of December 31, 2025, including $5.046 billion for nuclear, $2.921 billion for natural-gas supply and transportation, and $720.7 million of non-utility purchased power.
• WE is constructing bespoke resources for a small number of AI and technology customers; if customers weaken, cancel, or terminate service, early-termination payments may not fully protect WEC from unrecovered investment or write-offs.
• The capital plan is exposed to project delays, supply-chain disruptions, cost overruns, and cancellation risk across major generation, renewable, storage, and distribution projects.
• No customer accounted for more than 10% of 2025 revenue, but the filing separately identifies concentration risk in large-scale data-center customers and their ability to meet reimbursement obligations.
• PGL must focus on retiring cast- and ductile-iron pipe under 36 inches by January 1, 2035, while the Illinois regulatory framework has already paused or constrained spending on portions of the replacement program.