Operating Revenues (Tables)

12 Months Ended

Dec. 31, 2024

Disaggregation of Operating Revenues

Operating revenues disaggregated by revenue source

(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, 2024
Electric	$	4,908.4	$	—	$	—	$	4,908.4	$	—	$	—	$	—		$	4,908.4
Natural gas	1,402.4		1,499.6		419.7		3,321.7		48.4		—		(46.0)			3,324.1
Total regulated revenues	6,310.8		1,499.6		419.7		8,230.1		48.4		—		(46.0)			8,232.5
Other non-utility revenues	—		—		20.4		20.4		223.9		—		(9.1)			235.2
Total revenues from contracts with customers	6,310.8		1,499.6		440.1		8,250.5		272.3		—		(55.1)			8,467.7
Other operating revenues	19.7		102.8		9.7		132.2		419.0		—		(419.0)		(1)	132.2
Total operating revenues	$	6,330.5	$	1,602.4	$	449.8	$	8,382.7	$	691.3	$	—	$	(474.1)		$	8,599.9

(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

(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

Disaggregation of Operating Revenues

Operating revenues disaggregated by revenue source

The following table disaggregates electric utility operating revenues into customer class:

	Year Ended December 31
(in millions)	2024		2023		2022
Residential	$	1,996.3	$	1,992.3	$	1,879.1
Small commercial and industrial	1,613.0		1,641.1		1,530.4
Large commercial and industrial	942.6		978.4		1,042.2
Other	30.2		30.5		29.9
Total retail revenues	4,582.1		4,642.3		4,481.6
Wholesale	102.6		120.4		153.9
Resale	176.7		195.4		256.7
Steam	22.4		25.2		28.4
Other utility revenues	24.6		11.3		35.6
Total electric utility operating revenues	$	4,908.4	$	4,994.6	$	4,956.2

Revenues from contracts with customers | Natural gas

Disaggregation of Operating Revenues

Operating revenues disaggregated by revenue source

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, 2024
Residential	$	893.1	$	945.5	$	250.5	$	2,089.1
Commercial and industrial	416.8		274.5		123.9		815.2
Total retail revenues	1,309.9		1,220.0		374.4		2,904.3
Transportation	96.8		272.2		33.6		402.6
Other utility revenues (1)	(4.3)		7.4		11.7		14.8
Total natural gas utility operating revenues	$	1,402.4	$	1,499.6	$	419.7	$	3,321.7

(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

(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.

See Note 26, Regulatory Environment, for more information.

Revenues from contracts with customers | Other non-utility revenues

Disaggregation of Operating Revenues

Operating revenues disaggregated by revenue source

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

	Year Ended December 31
(in millions)	2024		2023		2022
Renewable generation revenues	$	190.5	$	164.9	$	101.0
We Power revenues	24.3		23.5		23.4
Appliance service revenues	20.4		19.6		18.7
Other	—		0.1		0.1
Total other non-utility operating revenues	$	235.2	$	208.1	$	143.2

Other operating revenues

Disaggregation of Operating Revenues

Operating revenues disaggregated by revenue source

Other operating revenues consist primarily of the following:

	Year Ended December 31
(in millions)	2024		2023		2022
Alternative revenues (1)	$	79.8	$	47.0	$	(30.3)
Late payment charges	48.5		56.5		55.6
Other	3.9		4.2		4.0
Total other operating revenues	$	132.2	$	107.7	$	29.3

(1)    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.