From:    Brendan Conway (news media)

414-221-4444

brendan.conway@wecenergygroup.com

    Beth Straka (investment community)

414-221-4639

beth.straka@wecenergygroup.com

    May 1, 2023            

MILWAUKEE – WEC Energy Group (NYSE: WEC) today reported net income of $507.5 million, or $1.61 per share, for the first quarter of 2023 – down from $565.9 million, or $1.79 per share, in last year's first quarter.

Consolidated revenues totaled $2.9 billion, down $20.0 million from the first quarter a year ago.

“We experienced one of the mildest winters in history. For example, this was the second-warmest first quarter in Milwaukee since 1891,” said Gale Klappa, executive chairman. “We continue to focus on the fundamentals of our business — financial discipline, operating efficiency, and customer satisfaction. And we’re confident that we can deliver another year of strong results, in line with our original guidance for 2023.”

For the quarter, natural gas deliveries in Wisconsin — excluding natural gas used for power generation — fell by 10.5 percent compared to the first quarter of 2022. On a weather-normal basis, natural gas deliveries were 1.0 percent lower.

Retail deliveries of electricity – excluding the iron ore mine in Michigan’s Upper Peninsula – were down by 4.4 percent in the first quarter of 2023, compared to the first quarter last year.

Electricity consumption by small commercial and industrial customers was 3.4 percent lower. Electricity use by large commercial and industrial customers – excluding the iron ore mine – declined by 3.9 percent.

Residential electricity use fell by 5.8 percent.

On a weather-normal basis, retail deliveries of electricity – excluding the iron ore mine – decreased by 1.9 percent.

The company is reaffirming its 2023 annual earnings guidance of $4.58 to $4.62 per share, assuming normal weather for the remainder of the year.

Earnings per share listed in this news release are on a fully diluted basis.

A conference call is scheduled for 1 p.m. Central time, Monday, May 1. The call will review 2023 first-quarter earnings and the company’s outlook for the future.

All interested parties, including stockholders, news media and the general public, are invited to listen. Access the call at 888-330-2443 up to 15 minutes before it begins. The number for international callers is 240-789-2728. The conference ID is 3088105.

Conference call access also is available at wecenergygroup.com. Under 'Webcasts,' select 'Q1 Earnings.' In conjunction with this earnings announcement, WEC Energy Group will post on its website a package of detailed financial information on its first-quarter performance. The materials will be available at 6:30 a.m. Central time, Monday, May 1.

A replay will be available on the website and by phone. Access to the webcast replay will be available on the website about two hours after the call. Access to a phone replay also will be available approximately two hours after the call and remain accessible through May 15, 2023. Domestic callers should dial 800-770-2030. International callers should dial 647-362-9199. The replay conference ID is 3088105.

WEC Energy Group (wecenergygroup.com) is a Fortune 500 company and a component of the S&P 500. The company has approximately 37,000 stockholders of record, 7,000 employees and more than $42 billion of assets.

Certain statements contained in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based upon management’s current expectations and are subject to risks and uncertainties that could cause our actual results to differ materially from those contemplated in the statements. Readers are cautioned not to place undue reliance on these statements.

Forward-looking statements include, among other things, statements concerning management’s expectations and projections regarding earnings and future results. In some cases, forward-looking statements may be identified by reference to a future period or periods or by the use of forward-looking terminology such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “guidance,” “intends,” “may,” “objectives,” “plans,” “possible,” “potential,” “projects,” “should,” “targets,” “will” or similar terms or variations of these terms.

Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements include, but are not limited to: general economic conditions, including business and competitive conditions in the company’s service territories; timing, resolution and impact of rate cases and other regulatory decisions; the company’s ability to continue to successfully integrate the operations of its subsidiaries; availability of the company’s generating facilities and/or distribution systems; unanticipated changes in fuel and purchased power costs; key personnel changes; unusual, varying or severe weather conditions; continued industry restructuring and consolidation; continued advances in, and adoption of, new technologies that produce power or reduce power consumption; energy and environmental conservation efforts; natural gas reduction or electrification initiatives, mandates and other efforts to reduce the use of natural gas; the company’s ability to successfully acquire and/or dispose of assets and projects and to execute on its capital plan; cyber-security threats and data security breaches; construction risks; equity and bond market fluctuations; changes in the company’s and its subsidiaries’ ability to access the capital markets; changes in tax legislation or our ability to use certain tax benefits and carryforwards; federal, state, and local legislative and regulatory changes, including changes to environmental standards, the enforcement of these laws and regulations and changes in the interpretation of regulations by regulatory agencies; supply chain disruptions; inflation; political or geopolitical developments, including impacts on the global economy, supply chain and fuel prices, generally, from the ongoing conflict between Russia and Ukraine; the impact from any health crises, including epidemics and pandemics; current and future litigation and regulatory investigations, proceedings or inquiries; changes in accounting standards; the financial performance of American Transmission Company as well as projects in which the company’s energy infrastructure business invests; the ability of the company to obtain additional generating capacity at competitive prices; goodwill and its possible impairment; and other factors described under the heading “Factors Affecting Results, Liquidity and Capital Resources” in Management’s Discussion and Analysis of Financial Condition and Results of Operations and under the headings “Cautionary Statement Regarding Forward-Looking Information” and “Risk Factors” contained in the company’s Form 10-K for the year ended December 31, 2022, and in subsequent reports filed with the Securities and Exchange Commission. Except as may be required by law, the company expressly disclaims any obligation to publicly update or revise any forward-looking information.