Operating Revenues

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

OPERATING REVENUES

OPERATING REVENUES

For more information about our significant accounting policies related to operating revenues, see Note 1(d), Operating Revenues.

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
Year ended December 31, 2023
Electric	$	4,994.6	$	—	$	—	$	4,994.6	$	—	$	—	$	—		$	4,994.6
Natural gas	1,606.7		1,480.5		493.7		3,580.9		61.9		—		(60.2)			3,582.6
Total regulated revenues	6,601.3		1,480.5		493.7		8,575.5		61.9		—		(60.2)			8,577.2
Other non-utility revenues	—		—		19.6		19.6		197.5		0.1		(9.1)			208.1
Total revenues from contracts with customers	6,601.3		1,480.5		513.3		8,595.1		259.4		0.1		(69.3)			8,785.3
Other operating revenues	24.6		77.3		5.8		107.7		407.1		—		(407.1)		(1)	107.7
Total operating revenues	$	6,625.9	$	1,557.8	$	519.1	$	8,702.8	$	666.5	$	0.1	$	(476.4)		$	8,893.0

(in millions)	Wisconsin		Illinois		Other States		Total Utility Operations		Non-Utility Energy Infrastructure		Corporate and Other		Reconciling Eliminations			WEC Energy Group Consolidated
Year ended December 31, 2022
Electric	$	4,956.2	$	—	$	—	$	4,956.2	$	—	$	—	$	—		$	4,956.2
Natural gas	1,980.7		1,883.7		601.8		4,466.2		54.3		—		(51.8)			4,468.7
Total regulated revenues	6,936.9		1,883.7		601.8		9,422.4		54.3		—		(51.8)			9,424.9
Other non-utility revenues	—		—		18.7		18.7		133.6		—		(9.1)			143.2
Total revenues from contracts with customers	6,936.9		1,883.7		620.5		9,441.1		187.9		—		(60.9)			9,568.1
Other operating revenues	23.6		7.2		(2.0)		28.8		402.1		0.5		(402.1)		(1)	29.3
Total operating revenues	$	6,960.5	$	1,890.9	$	618.5	$	9,469.9	$	590.0	$	0.5	$	(463.0)		$	9,597.4

(in millions)	Wisconsin		Illinois		Other States		Total Utility Operations		Non-Utility Energy Infrastructure		Corporate and Other		Reconciling Eliminations			WEC Energy Group Consolidated
Year Ended December 31, 2021
Electric	$	4,516.6	$	—	$	—	$	4,516.6	$	—	$	—	$	—		$	4,516.6
Natural gas	1,490.3		1,630.3		494.0		3,614.6		46.8		—		(43.8)			3,617.6
Total regulated revenues	6,006.9		1,630.3		494.0		8,131.2		46.8		—		(43.8)			8,134.2
Other non-utility revenues	—		—		17.8		17.8		92.8		—		(9.1)			101.5
Total revenues from contracts with customers	6,006.9		1,630.3		511.8		8,149.0		139.6		—		(52.9)			8,235.7
Other operating revenues	30.1		42.5		7.2		79.8		399.9		0.5		(399.9)		(1)	80.3
Total operating revenues	$	6,037.0	$	1,672.8	$	519.0	$	8,228.8	$	539.5	$	0.5	$	(452.8)		$	8,316.0

(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:

	Year Ended December 31
(in millions)	2023		2022		2021
Residential	$	1,992.3	$	1,879.1	$	1,768.0
Small commercial and industrial	1,641.1		1,530.4		1,415.7
Large commercial and industrial	978.4		1,042.2		931.9
Other	30.5		29.9		29.3
Total retail revenues	4,642.3		4,481.6		4,144.9
Wholesale	120.4		153.9		157.7
Resale	195.4		256.7		161.9
Steam	25.2		28.4		28.7
Other utility revenues	11.3		35.6		23.4
Total electric utility operating revenues	$	4,994.6	$	4,956.2	$	4,516.6

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
Year ended December 31, 2023
Residential	$	1,012.0	$	966.0	$	324.4	$	2,302.4
Commercial and industrial	506.7		267.1		175.3		949.1
Total retail revenues	1,518.7		1,233.1		499.7		3,251.5
Transportation	93.0		231.9		32.5		357.4
Other utility revenues (1)	(5.0)		15.5		(38.5)		(28.0)
Total natural gas utility operating revenues	$	1,606.7	$	1,480.5	$	493.7	$	3,580.9

(in millions)	Wisconsin		Illinois		Other States		Total Natural Gas Utility Operating Revenues
Year ended December 31, 2022
Residential	$	1,234.0	$	1,297.4	$	391.3	$	2,922.7
Commercial and industrial	672.7		408.8		218.7		1,300.2
Total retail revenues	1,906.7		1,706.2		610.0		4,222.9
Transportation	81.8		259.8		34.5		376.1
Other utility revenues (1) (2)	(7.8)		(82.3)		(42.7)		(132.8)
Total natural gas utility operating revenues	$	1,980.7	$	1,883.7	$	601.8	$	4,466.2

(in millions)	Wisconsin		Illinois		Other States		Total Natural Gas Utility Operating Revenues
Year Ended December 31, 2021
Residential	$	928.9	$	1,017.9	$	241.2	$	2,188.0
Commercial and industrial	472.1		302.1		129.9		904.1
Total retail revenues	1,401.0		1,320.0		371.1		3,092.1
Transportation	80.0		231.2		31.8		343.0
Other utility revenues (1) (3)	9.3		79.1		91.1		179.5
Total natural gas utility operating revenues	$	1,490.3	$	1,630.3	$	494.0	$	3,614.6

(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 at our utilities, compared with the recovery of natural gas costs that were anticipated in rates.

(2)    During 2022, we continued to recover natural gas costs we under-collected from our customers in 2021 related to the extreme weather experienced in February 2021, as well as higher natural gas costs incurred at the majority of our segments during 2022. As these amounts are billed to customers, they are reflected in retail revenues with an offsetting decrease in other utility revenues.

(3)    During 2021, in addition to costs related to the extreme weather event experienced in February 2021, we incurred higher natural gas costs as a result of an increase in the price of natural gas.

See Note 26, Regulatory Environment, for more information.

Other Non-Utility Operating Revenues

Other non-utility operating revenues consist primarily of the following:

	Year Ended December 31
(in millions)	2023		2022		2021
Renewable generation revenues	$	164.9	$	101.0	$	60.3
We Power revenues	23.5		23.4		23.3
Appliance service revenues	19.6		18.7		17.8
Other	0.1		0.1		0.1
Total other non-utility operating revenues	$	208.1	$	143.2	$	101.5

Other Operating Revenues

Other operating revenues consist primarily of the following:

	Year Ended December 31
(in millions)	2023		2022		2021
Late payment charges	$	56.5	$	55.6	$	54.9
Alternative revenues (1)	47.0		(30.3)		21.2
Other	4.2		4.0		4.2
Total other operating revenues	$	107.7	$	29.3	$	80.3

(1)    Negative amounts can result from alternative revenues being reversed to revenues from contracts with customers as the customer is billed for these alternative revenues. Negative amounts can also result from revenues to be refunded to customers subject to decoupling mechanisms, wholesale true-ups, and conservation improvement rider true-ups.