| OPERATING REVENUES |
OPERATING REVENUES For more information about our operating revenues, see Note 1(d), Operating Revenues, in our 2025 Annual Report on Form 10-K.
Disaggregation of Operating Revenues
The following tables present our operating revenues disaggregated by revenue source. We do not have any revenues associated with our electric transmission segment, which includes investments accounted for using the equity method. We disaggregate revenues into categories that depict how the nature, amount, timing, and uncertainty of revenues and cash flows are affected by economic factors. For our segments, revenues are further disaggregated by electric and natural gas operations and then by customer class. Each customer class within our electric and natural gas operations has different expectations of service, energy and demand requirements, and can be impacted differently by regulatory activities within their jurisdictions. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in millions) | | Wisconsin | | Illinois | | Other States | | Total Utility Operations | | Non-Utility Energy Infrastructure | | Corporate and Other | | Reconciling Eliminations | | WEC Energy Group Consolidated | | Three Months Ended September 30, 2026 | | | | | | | | | | | | | | | | | | Electric | | $ | 1,767.6 | | | $ | — | | | $ | — | | | $ | 1,767.6 | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,767.6 | | | Natural gas | | 155.0 | | | 177.9 | | | 54.9 | | | 387.8 | | | 10.0 | | | — | | | (9.7) | | | 388.1 | | | Total regulated revenues | | 1,922.6 | | | 177.9 | | | 54.9 | | | 2,155.4 | | | 10.0 | | | — | | | (9.7) | | | 2,155.7 | | | Other non-utility revenues | | — | | | — | | | 5.8 | | | 5.8 | | | 68.4 | | | — | | | (1.6) | | | 72.6 | | | Total revenues from contracts with customers | | 1,922.6 | | | 177.9 | | | 60.7 | | | 2,161.2 | | | 78.4 | | | — | | | (11.3) | | | 2,228.3 | | | Other operating revenues | | 42.1 | | | 5.3 | | | 0.2 | | | 47.6 | | | 122.5 | | | — | | | (107.8) | | (1) | 62.3 | | | Total operating revenues | | $ | 1,964.7 | | | $ | 183.2 | | | $ | 60.9 | | | $ | 2,208.8 | | | $ | 200.9 | | | $ | — | | | $ | (119.1) | | | $ | 2,290.6 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in millions) | | Wisconsin | | Illinois | | Other States | | Total Utility Operations | | Non-Utility Energy Infrastructure | | Corporate and Other | | Reconciling Eliminations | | WEC Energy Group Consolidated | | Three Months Ended September 30, 2025 | | | | | | | | | | | | | | | | | | Electric | | $ | 1,608.6 | | | $ | — | | | $ | — | | | $ | 1,608.6 | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,608.6 | | | Natural gas | | 179.5 | | | 185.2 | | | 47.9 | | | 412.6 | | | 10.4 | | | — | | | (9.7) | | | 413.3 | | | Total regulated revenues | | 1,788.1 | | | 185.2 | | | 47.9 | | | 2,021.2 | | | 10.4 | | | — | | | (9.7) | | | 2,021.9 | | | Other non-utility revenues | | — | | | — | | | 5.5 | | | 5.5 | | | 62.5 | | | — | | | (1.6) | | | 66.4 | | | Total revenues from contracts with customers | | 1,788.1 | | | 185.2 | | | 53.4 | | | 2,026.7 | | | 72.9 | | | — | | | (11.3) | | | 2,088.3 | | | Other operating revenues | | 3.5 | | | (1.7) | | | (0.4) | | | 1.4 | | | 120.4 | | | — | | | (106.1) | | (1) | 15.7 | | | Total operating revenues | | $ | 1,791.6 | | | $ | 183.5 | | | $ | 53.0 | | | $ | 2,028.1 | | | $ | 193.3 | | | $ | — | | | $ | (117.4) | | | $ | 2,104.0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in millions) | | Wisconsin | | Illinois | | Other States | | Total Utility Operations | | Non-Utility Energy Infrastructure | | Corporate and Other | | Reconciling Eliminations | | WEC Energy Group Consolidated | | Nine Months Ended September 30, 2026 | | | | | | | | | | | | | | | | | | Electric | | $ | 4,546.8 | | | $ | — | | | $ | — | | | $ | 4,546.8 | | | $ | — | | | $ | — | | | $ | — | | | $ | 4,546.8 | | | Natural gas | | 1,306.0 | | | 1,133.3 | | | 386.3 | | | 2,825.6 | | | 33.7 | | | — | | | (32.8) | | | 2,826.5 | | | Total regulated revenues | | 5,852.8 | | | 1,133.3 | | | 386.3 | | | 7,372.4 | | | 33.7 | | | — | | | (32.8) | | | 7,373.3 | | | Other non-utility revenues | | — | | | — | | | 16.8 | | | 16.8 | | | 227.0 | | | — | | | (7.1) | | | 236.7 | | | Total revenues from contracts with customers | | 5,852.8 | | | 1,133.3 | | | 403.1 | | | 7,389.2 | | | 260.7 | | | — | | | (39.9) | | | 7,610.0 | | | Other operating revenues | | 71.7 | | | 61.8 | | | (0.6) | | | 132.9 | | | 366.5 | | | — | | | (322.5) | | (1) | 176.9 | | | Total operating revenues | | $ | 5,924.5 | | | $ | 1,195.1 | | | $ | 402.5 | | | $ | 7,522.1 | | | $ | 627.2 | | | $ | — | | | $ | (362.4) | | | $ | 7,786.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in millions) | | Wisconsin | | Illinois | | Other States | | Total Utility Operations | | Non-Utility Energy Infrastructure | | Corporate and Other | | Reconciling Eliminations | | WEC Energy Group Consolidated | | Nine Months Ended September 30, 2025 | | | | | | | | | | | | | | | | | | Electric | | $ | 4,231.7 | | | $ | — | | | $ | — | | | $ | 4,231.7 | | | $ | — | | | $ | — | | | $ | — | | | $ | 4,231.7 | | | Natural gas | | 1,190.7 | | | 1,225.0 | | | 348.1 | | | 2,763.8 | | | 35.9 | | | — | | | (33.7) | | | 2,766.0 | | | Total regulated revenues | | 5,422.4 | | | 1,225.0 | | | 348.1 | | | 6,995.5 | | | 35.9 | | | — | | | (33.7) | | | 6,997.7 | | | Other non-utility revenues | | — | | | — | | | 16.4 | | | 16.4 | | | 182.1 | | | — | | | (7.1) | | | 191.4 | | | Total revenues from contracts with customers | | 5,422.4 | | | 1,225.0 | | | 364.5 | | | 7,011.9 | | | 218.0 | | | — | | | (40.8) | | | 7,189.1 | | | Other operating revenues | | 16.3 | | | 17.4 | | | (2.1) | | | 31.6 | | | 359.0 | | | — | | | (316.7) | | (1) | 73.9 | | | Total operating revenues | | $ | 5,438.7 | | | $ | 1,242.4 | | | $ | 362.4 | | | $ | 7,043.5 | | | $ | 577.0 | | | $ | — | | | $ | (357.5) | | | $ | 7,263.0 | |
(1) Amounts eliminated represent lease revenues related to certain plants that We Power leases to WE to supply electricity to its customers. Lease payments are billed from We Power to WE and then recovered in WE's rates as authorized by the PSCW and the FERC. WE operates the plants and is authorized by the PSCW and Wisconsin state law to fully recover prudently incurred operating and maintenance costs in electric rates. Revenues from Contracts with Customers
Electric Utility Operating Revenues
The following table disaggregates electric utility operating revenues into customer class: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30 | | Nine Months Ended September 30 | | (in millions) | | 2026 | | 2025 | | 2026 | | 2025 | | Residential | | $ | 712.1 | | | $ | 658.1 | | | $ | 1,814.4 | | | $ | 1,715.0 | | | Small commercial and industrial | | 531.8 | | | 498.8 | | | 1,428.7 | | | 1,343.2 | | Large commercial and industrial (1) | | 363.6 | | | 318.8 | | | 924.2 | | | 814.9 | | | Other | | 7.2 | | | 7.5 | | | 22.6 | | | 22.9 | | | Total retail revenues | | 1,614.7 | | | 1,483.2 | | | 4,189.9 | | | 3,896.0 | | | Wholesale | | 29.1 | | | 30.7 | | | 86.6 | | | 84.2 | | | Resale | | 111.0 | | | 84.3 | | | 228.1 | | | 212.8 | | | Steam | | 3.3 | | | 2.2 | | | 22.5 | | | 20.6 | | | Other utility revenues | | 9.5 | | | 8.2 | | | 19.7 | | | 18.1 | | | Total electric utility operating revenues | | $ | 1,767.6 | | | $ | 1,608.6 | | | $ | 4,546.8 | | | $ | 4,231.7 | |
(1) Includes the revenues from VLCs.
Natural Gas Utility Operating Revenues
The following tables disaggregate natural gas utility operating revenues into customer class: | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in millions) | | Wisconsin | | Illinois | | Other States | | Total Natural Gas Utility Operating Revenues | | Three Months Ended September 30, 2026 | | | | | | | | | | Residential | | $ | 89.7 | | | $ | 101.3 | | | $ | 27.0 | | | $ | 218.0 | | | Commercial and industrial | | 43.9 | | | 31.5 | | | 13.6 | | | 89.0 | | | Total retail revenues | | 133.6 | | | 132.8 | | | 40.6 | | | 307.0 | | | Transportation | | 20.9 | | | 42.0 | | | 7.0 | | | 69.9 | | Other utility revenues (1) | | 0.5 | | | 3.1 | | | 7.3 | | | 10.9 | | | Total natural gas utility operating revenues | | $ | 155.0 | | | $ | 177.9 | | | $ | 54.9 | | | $ | 387.8 | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (in millions) | | Wisconsin | | Illinois | | Other States | | Total Natural Gas Utility Operating Revenues | | Three Months Ended September 30, 2025 | | | | | | | | | | Residential | | $ | 84.4 | | | $ | 115.9 | | | $ | 25.8 | | | $ | 226.1 | | | Commercial and industrial | | 40.9 | | | 32.7 | | | 13.8 | | | 87.4 | | | Total retail revenues | | 125.3 | | | 148.6 | | | 39.6 | | | 313.5 | | | Transportation | | 20.1 | | | 43.5 | | | 6.8 | | | 70.4 | | Other utility revenues (1) | | 34.1 | | | (6.9) | | | 1.5 | | | 28.7 | | | Total natural gas utility operating revenues | | $ | 179.5 | | | $ | 185.2 | | | $ | 47.9 | | | $ | 412.6 | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (in millions) | | Wisconsin | | Illinois | | Other States | | Total Natural Gas Utility Operating Revenues | | Nine Months Ended September 30, 2026 | | | | | | | | | | Residential | | $ | 815.2 | | | $ | 725.4 | | | $ | 223.6 | | | $ | 1,764.2 | | | Commercial and industrial | | 407.4 | | | 211.6 | | | 118.8 | | | 737.8 | | | Total retail revenues | | 1,222.6 | | | 937.0 | | | 342.4 | | | 2,502.0 | | | Transportation | | 79.6 | | | 186.2 | | | 28.5 | | | 294.3 | | Other utility revenues (1) | | 3.8 | | | 10.1 | | | 15.4 | | | 29.3 | | | Total natural gas utility operating revenues | | $ | 1,306.0 | | | $ | 1,133.3 | | | $ | 386.3 | | | $ | 2,825.6 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (in millions) | | Wisconsin | | Illinois | | Other States | | Total Natural Gas Utility Operating Revenues | | Nine Months Ended September 30, 2025 | | | | | | | | | | Residential | | $ | 733.5 | | | $ | 725.4 | | | $ | 214.5 | | | $ | 1,673.4 | | | Commercial and industrial | | 369.2 | | | 211.6 | | | 109.0 | | | 689.8 | | | Total retail revenues | | 1,102.7 | | | 937.0 | | | 323.5 | | | 2,363.2 | | | Transportation | | 76.0 | | | 186.2 | | | 27.9 | | | 290.1 | | Other utility revenues (1) | | 12.0 | | | 10.1 | | | (3.3) | | | 18.8 | | | Total natural gas utility operating revenues | | $ | 1,190.7 | | | $ | 1,133.3 | | | $ | 348.1 | | | $ | 2,672.1 | | | | | | | | | | |
(1) Includes the revenues subject to the purchased gas recovery mechanisms of our utilities, which fluctuate by segment based on actual natural gas costs incurred, compared with the recovery of natural gas costs that were included in rates.
Other Natural Gas Operating Revenues
We have other natural gas operating revenues from Bluewater, which is in our non-utility energy infrastructure segment. Bluewater has entered into long-term service agreements for natural gas storage services with WE, WPS, and WG. All amounts associated with the service agreements with WE, WPS, and WG have been eliminated at the consolidated level.
Other Non-Utility Operating Revenues
Other non-utility operating revenues consist primarily of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30 | | Nine Months Ended September 30 | | (in millions) | | 2026 | | 2025 | | 2026 | | 2025 | | Renewable generation revenues | | $ | 60.6 | | | $ | 54.7 | | | $ | 201.3 | | | $ | 156.6 | | We Power revenues (1) | | 6.2 | | | 6.2 | | | 18.6 | | | 18.4 | | | Appliance service revenues | | 5.8 | | | 5.5 | | | 16.8 | | | 16.4 | | | | | | | | | | | | | | | | | | | | | Total other non-utility operating revenues | | $ | 72.6 | | | $ | 66.4 | | | $ | 236.7 | | | $ | 191.4 | |
(1)As part of the construction of the We Power electric utility generating units, we capitalized interest during construction, which is included in property, plant, and equipment. As allowed by the PSCW, we collected these carrying costs from WE's utility customers during construction. The equity portion of these carrying costs was recorded as a contract liability, which is presented as deferred revenue, net on our balance sheets. We continually amortize the deferred carrying costs to revenues over the related lease term that We Power has with WE.
Other Operating Revenues
Other operating revenues consist of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30 | | Nine Months Ended September 30 | | (in millions) | | 2026 | | 2025 | | 2026 | | 2025 | Bespoke Resources current return (1) | | $ | 38.3 | | | $ | — | | | $ | 53.4 | | | $ | — | | Amortization of revenue intangibles (2) | | 14.7 | | | 14.3 | | | 44.0 | | | 42.3 | | | Late payment charges | | 12.3 | | | 10.4 | | | 43.5 | | | 38.1 | | Alternative revenues (3) | | (3.5) | | | (9.6) | | | 33.5 | | | (9.6) | | | Other | | 0.5 | | | 0.6 | | | 2.5 | | | 3.1 | | | Total other operating revenues | | $ | 62.3 | | | $ | 15.7 | | | $ | 176.9 | | | $ | 73.9 | |
(1) Consists of revenues related to carrying costs recognized during the construction of certain Bespoke Resources assigned to WE's VLCs. Consistent with the timing of when we recognize revenue, customer billings for the Bespoke Resources that are subject to current return (as opposed to AFUDC) occur on a monthly basis. For more information about the Bespoke Resources current return, see Note 1(d), Operating Revenues, in our 2025 Annual Report on Form 10-K.
(2) We account for our asset acquisitions by recognizing identifiable intangible assets and liabilities assumed at fair value at the acquisition date. Amortization of these intangible assets and liabilities, which relate to PPAs and a proxy revenue swap, is recognized on a straight-line basis over the remaining contract term as a decrease or increase to operating revenues, respectively. See Note 18, Goodwill and Intangibles, for more information.
(3) Alternative revenues consist of amounts to be recovered or refunded to customers subject to decoupling mechanisms, wholesale true-ups, and conservation improvement rider true-ups. Negative amounts can result from alternative revenues being reversed to revenues from contracts with customers as the customer is billed for these alternative revenues. For more information about our alternative revenues, see Note 1(d), Operating Revenues, in our 2025 Annual Report on Form 10-K.
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