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Property, Plant, and Equipment
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT, AND EQUIPMENT
Property, plant, and equipment consisted of the following at December 31:
(in millions)20242023
Electric – generation$6,976.3 $6,190.4 
Electric – distribution9,298.9 8,688.0 
Natural gas – distribution, storage, and transmission15,673.0 14,851.3 
Property, plant, and equipment to be retired, net906.3 1,043.5 
Other2,410.8 2,350.0 
Less: Accumulated depreciation9,411.0 8,907.9 
Net25,854.3 24,215.3 
CWIP1,653.6 1,118.3 
Net utility and non-utility property, plant, and equipment27,507.9 25,333.6 
We Power generation3,284.3 3,295.9 
Renewable generation4,720.8 3,667.7 
Natural gas storage298.6 291.6 
Net non-utility energy infrastructure8,303.7 7,255.2 
Corporate services172.3 169.8 
Other14.1 14.3 
Less: Accumulated depreciation1,393.9 1,227.5 
Net7,096.2 6,211.8 
CWIP41.3 36.1 
Net other property, plant, and equipment7,137.5 6,247.9 
Total property, plant, and equipment$34,645.4 $31,581.5 

Severance Liability for Plant Retirements

We have severance liabilities related to past and future plant retirements recorded in other current and other long-term liabilities on our balance sheets. Activity related to these severance liabilities for the years ended December 31 was as follows:
(in millions)202420232022
Severance liability at January 1$17.8 $16.2 $4.9 
Severance expense(3.9)
(1)
1.6 11.3 
Severance payments(0.5)— — 
Total severance liability at December 31$13.4 $17.8 $16.2 

(1)    The severance accrual was decreased in 2024 due to workforce realignment efforts.

Wisconsin Segment Plant to be Retired

Oak Creek Power Plant Units 7 and 8

As a result of a PSCW approval in December 2022 for the acquisition and construction of Darien, the retirement of OCPP Units 7 and 8 became probable. Subsequently, we have received PSCW approval for several other renewable and other projects and have also acquired additional projects. See Note 2, Acquisitions, for more information on the West Riverside acquisitions. OCPP Units 7 and 8 are expected to be retired by late 2025. The total net book value of WE's ownership share of OCPP Units 7 and 8 was $657.4 million at December 31, 2024, which does not include deferred taxes. This amount was classified as plant to be retired within property,
plant, and equipment on our balance sheet. These units are included in rate base, and WE continues to depreciate them on a straight-line basis using the composite depreciation rates approved by the PSCW.

Columbia Energy Center Units 1 and 2

As a result of a MISO ruling received in June 2021, retirement of the jointly-owned Columbia Units 1 and 2 became probable. Columbia Units 1 and 2 are expected to be retired by the end of 2029, and we are exploring the conversion of at least one unit to natural gas. The total net book value of WPS's ownership share of Columbia Units 1 and 2 was $248.9 million at December 31, 2024, which does not include deferred taxes. This amount was classified as plant to be retired within property, plant, and equipment on our balance sheet. These units are included in rate base, and WPS continues to depreciate them on a straight-line basis using the composite depreciation rates approved by the PSCW.

Samson I Solar Energy Center LLC – Storm Damage

During several storms that occurred in 2023 and 2024, certain sections of our Samson I solar facility incurred damage. As of December 31, 2024, we recognized an impairment of $2.7 million related to storm damage, which was offset by a $2.7 million receivable for future insurance recoveries. Although we may experience differences between periods in the timing of cash flows, we do not currently expect a significant impact to our long-term cash flows from these storms.

The Peoples Gas Light and Coke Company and North Shore Gas Company Impairment

In November 2023, the ICC issued written rate orders that disallowed $177.2 million of previously incurred capital costs related to the construction and improvement of PGL’s service centers and $1.7 million of capital costs related to NSG's construction of a gas infrastructure project. As a result of these disallowances, we recorded a $178.9 million non-cash impairment of our property, plant, and equipment in 2023. In August 2024, the ICC issued a final order on PGL's 2016 QIP annual reconciliation, which included a disallowance of certain capital costs. As a result, PGL recorded a $12.1 million impairment of property, plant, and equipment. See Note 26, Regulatory Environment, for more information.