In January 2026, our $1,000.0 million of 4.75% Senior Notes due January 9, 2026, matured, and principal and accrued interest were paid with proceeds received from issuing commercial paper.

In February 2026, we issued an additional $400.0 million of our 4.75% Senior Notes due January 15, 2028, and used the net proceeds to repay short-term debt and for other general corporate purposes.

As of June 30, 2026, the conditions allowing holders to convert their notes were not met. In accordance with the guidance in ASC Subtopic 470-20, Debt – Debt with Conversion and Other Options, the 2027 Notes, 2028 Notes, and 2029 Notes were accounted for in their entirety as a liability on our balance sheet. The following is a summary of our convertible debt instruments as of June 30, 2026:


(in millions)	Principal Amount		Unamortized Debt Issuance Costs		Net Carrying Amount		Fair Value Amount (1)
2027 Notes	$	862.5	$	(3.0)	$	859.5	$	1,044.2
2028 Notes	900.0		(6.8)		893.2		936.0
2029 Notes	862.5		(5.8)		856.7		1,069.2

(1) The fair values are categorized in Level 2 of the fair value hierarchy. See Note 14, Fair Value Measurements, for more information on the levels of the fair value hierarchy.


	Three Months Ended June 30				Six Months Ended June 30
(in millions)	2026		2025		2026		2025
2027 Notes
Contractual interest expense	$	9.5	$	9.5	$	18.9	$	18.9
Amortization of debt issuance costs	0.9		0.9		1.7		1.7
Total interest expense – 2027 Notes	10.4		10.4		20.6		20.6

2028 Notes
Contractual interest expense	7.6		1.8		15.2		1.8
Amortization of debt issuance costs	0.9		0.3		1.8		0.3
Total interest expense – 2028 Notes	$	8.5	$	2.1	$	17.0	$	2.1

2029 Notes
Contractual interest expense	9.5		9.5		18.9		18.9
Amortization of debt issuance costs	0.5		0.5		1.0		1.0
Total interest expense – 2029 Notes	$	10.0	$	10.0	$	19.9	$	19.9

In March 2026, WE issued $300.0 million of 5.65% Debentures, due March 15, 2056, and used the net proceeds to repay short-term debt and for other general corporate purposes.

In June 2026, WE issued $400.0 million of 4.65% Debentures, due June 15, 2031, and $400.0 million of 5.10% Debentures, due June 15, 2036, and used the net proceeds to repay short-term debt and for other general corporate purposes.

In January 2026, WPS issued $300.0 million of 4.25% Senior Notes, due January 15, 2031, and used the net proceeds to repay short-term debt and for other general corporate purposes.

PGL has used certain First Mortgage Bonds to secure tax exempt interest rates. The Illinois Finance Authority has issued tax exempt bonds, and the proceeds from the sale of these bonds were loaned to PGL. In return, PGL issued $100.0 million of collateralized First Mortgage Bonds. In February 2026, PGL provided notice of its intent to redeem in full all $50.0 million of its First and Refunding Mortgage Bonds, Series VV and all of its $50.0 million First and Refunding Mortgage Bonds, Series ZZ. In addition, notices of redemption for all $50.0 million of the related 3.90% Illinois Finance Authority Gas Supply Refunding Revenue Bonds, Series 2010 due March 1, 2030 and all $50.0 million of the 4.00% Illinois Finance Authority Gas Supply Refunding Revenue Bonds, Series 2013A due February 1, 2033 were issued. In March 2026, all redemptions were made.