INVESTMENT IN TRANSMISSION AFFILIATES (Tables)

6 Months Ended

Jun. 30, 2025

Transmission Affiliates

Investment in transmission affiliates

Schedule of changes to our investments in transmission affiliates

The following tables provide a reconciliation of the changes in our investments in ATC and ATC Holdco:

	Three Months Ended June 30, 2025
(in millions)	ATC		ATC Holdco		Total
Balance at beginning of period	$	2,121.6	$	27.4	$	2,149.0
Add: Earnings from equity method investment	50.3		1.6		51.9
Add: Capital contributions	45.5		—		45.5
Less: Distributions	39.9		6.4		46.3
Balance at end of period	$	2,177.5	$	22.6	$	2,200.1
	Three Months Ended June 30, 2024
(in millions)	ATC		ATC Holdco		Total
Balance at beginning of period	$	2,001.6	$	25.5	$	2,027.1
Add: Earnings from equity method investment	46.2		0.6		46.8
Add: Capital contributions	18.2		—		18.2
Less: Distributions	36.3		—		36.3
Balance at end of period	$	2,029.7	$	26.1	$	2,055.8
	Six Months Ended June 30, 2025
(in millions)	ATC		ATC Holdco		Total
Balance at beginning of period	$	2,085.1	$	23.8	$	2,108.9
Add: Earnings from equity method investment	100.3		5.2		105.5
Add: Capital contributions	87.8		—		87.8
Less: Distributions	95.7		6.4		102.1
Balance at end of period	$	2,177.5	$	22.6	$	2,200.1
	Six Months Ended June 30, 2024
(in millions)	ATC		ATC Holdco		Total
Balance at beginning of period	$	1,980.8	$	25.1	$	2,005.9
Add: Earnings from equity method investment	90.6		1.0		91.6
Add: Capital contributions	30.3		—		30.3
Less: Distributions	72.0		—		72.0
Balance at end of period	$	2,029.7	$	26.1	$	2,055.8

ATC

Investment in transmission affiliates

Schedule of significant related party transactions with ATC

The following table summarizes our significant related party transactions with ATC:

	Three Months Ended June 30				Six Months Ended June 30
(in millions)	2025		2024		2025		2024
Charges to ATC for services and construction	$	5.0	$	6.3	$	9.5	$	11.0
Charges from ATC for network transmission services	116.7		103.2		233.4		206.5
Refund from ATC related to FERC ROE orders	0.3		—		1.7		—

Schedule of receivables and payables with ATC

Our balance sheets included the following receivables and payables for services provided to or received from ATC:

(in millions)	June 30, 2025		December 31, 2024
Accounts receivable for services provided to ATC	$	1.2	$	1.4
Accounts payable for services received from ATC	39.0		34.4
Amounts due from ATC for transmission infrastructure upgrades (1)	17.1		54.5

(1)These transmission infrastructure upgrades were primarily related to the construction of WE's, WPS's, and UMERC's renewable energy projects.

Schedule of summarized income statement data for ATC

Summarized financial data for ATC is included in the tables below:

	Three Months Ended June 30				Six Months Ended June 30
(in millions)	2025		2024		2025		2024
Income statement data
Operating revenues	$	241.2	$	218.3	$	476.1	$	430.2
Operating expenses	117.6		109.2		234.3		214.0
Other expense, net	42.7		35.8		81.8		71.0
Net income	$	80.9	$	73.3	$	160.0	$	145.2

Schedule of summarized balance sheet data for ATC

(in millions)	June 30, 2025		December 31, 2024
Balance sheet data
Current assets	$	151.6	$	126.6
Noncurrent assets	7,143.3		6,792.6
Total assets	$	7,294.9	$	6,919.2
Current liabilities	$	735.8	$	482.4
Long-term debt	3,033.0		3,083.4
Other noncurrent liabilities	565.0		545.0
Members' equity	2,961.1		2,808.4
Total liabilities and members' equity	$	7,294.9	$	6,919.2