GOODWILL AND INTANGIBLES (Tables)

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill balance by segment

The table below shows our goodwill balances by segment at June 30, 2025. We had no changes to the carrying amount of goodwill during the six months ended June 30, 2025.

(in millions)	Wisconsin		Illinois		Other States		Non-Utility Energy Infrastructure		Total
Goodwill balance (1)	$	2,104.3	$	758.7	$	183.2	$	6.6	$	3,052.8

(1)We had no accumulated impairment losses related to our goodwill as of June 30, 2025.

Schedule of intangible liabilities obtained through acquisitions by WECI

The intangible liabilities below were all obtained through acquisitions by WECI.

	June 30, 2025						December 31, 2024
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
PPAs (1)	$	751.2	$	(147.5)	$	603.7	$	679.6	$	(119.3)	$	560.3
Proxy revenue swap (2)	7.2		(4.6)		2.6		7.2		(4.2)		3.0
Interconnection agreements (3)	4.7		(1.3)		3.4		4.7		(1.2)		3.5
Total intangible liabilities	$	763.1	$	(153.4)	$	609.7	$	691.5	$	(124.7)	$	566.8

(1)    Represents PPAs related to the acquisition of Blooming Grove, Tatanka Ridge, Jayhawk, Thunderhead Wind Energy LLC, Samson I, Sapphire Sky Wind Energy LLC, Delilah I, and Hardin III expiring between 2030 and 2040. The weighted-average remaining useful life of the PPAs is 11 years. See Note 2, Acquisitions, for more information on the acquisition of Hardin III in 2025.

(2)    Represents an agreement with a counterparty to swap the market revenue of Upstream Wind Energy LLC's wind generation for fixed quarterly payments over 10 years, which expires in 2029. The remaining useful life of the proxy revenue swap is four years.

(3)    Represents interconnection agreements related to the acquisitions of Tatanka Ridge and Bishop Hill Energy III LLC, expiring in 2040 and 2041, respectively. These agreements relate to payments for connecting our facilities to the infrastructure of another utility to facilitate the movement of power onto the electric grid. The weighted-average remaining useful life of the interconnection agreements is 15 years.

Schedule of amortization over the next five years

Amortization for the next five years, including amounts recorded through June 30, 2025, is estimated to be:

	For the Years Ending December 31
(in millions)	2025		2026		2027		2028		2029
Amortization to be recorded as an increase to operating revenues	$	57.9	$	59.9	$	59.9	$	59.9	$	59.9
Amortization to be recorded as a decrease to other operation and maintenance	0.2		0.2		0.2		0.2		0.2