Investor Update: May 2023 Our “ESG” Progress Plan Update Investing in Efficiency, Sustainability and Growth Best in the U.S. in Large Customer Satisfaction ESource We Energies Named #1 Energy Company in America by Business Customers Escalent Finalist for the S&P Global Energy Award in Corporate Social Responsibility S&P Global Platts

2 Cautionary Statement Regarding Forward-Looking Information Much of the information contained in this presentation is forward-looking information based upon management’s current expectations and projections that involve risks and uncertainties. Forward-looking information includes, among other things, information concerning earnings per share, rate case activity, earnings per share growth, cash flow, sources of revenue, dividend growth and dividend payout ratios, sales volumes, capital plans, credit ratings, credit metrics, debt-financings, construction costs, investment opportunities, corporate initiatives (including the ESG Progress Plan), rate base, and environmental matters (including emission reductions). Readers are cautioned not to place undue reliance on this forward-looking information. Forward-looking information is not a guarantee of future performance and actual results may differ materially from those set forth in the forward-looking information. 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; varying and 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; 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; terrorist, physical or cyber-security threats or attacks 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 the 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 WEC Energy Group’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, WEC Energy Group expressly disclaims any obligation to publicly update or revise any forward-looking information.

3 The Premier Energy Company in America’s Heartland  $30.3 billion market cap*  4.6 million retail customers  60% ownership of American Transmission Company  $42.8 billion of assets * As of Apr. 30, 2023

4 A History of Quality Earnings Growth $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 $5.00 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 GAAP Adjusted** 2023 Guidance * Estimated based on 2023 guidance midpoint of $4.60 per share. ** See Appendix for reconciliation of adjusted amounts to GAAP amounts. $4.58-$4.62

5 Consistent Performance Over Time EPS Guidance 2022 Exceeded  2021 Exceeded  2020 Exceeded  2019 Exceeded  2018 Exceeded  2017 Exceeded  2016 Exceeded  2015 Exceeded  2014 Exceeded  2013 Exceeded  2012 Exceeded  2011 Exceeded  2010 Exceeded  2009 Exceeded  2008 Exceeded  2007 Exceeded  2006 Exceeded  2005 Exceeded  2004 Exceeded  The only utility to beat guidance every year for 19 years running.

6  In January, raised the dividend by 7.2% to a new annual rate of $3.12 per share*  Top decile dividend growth in industry**  Marks the 20th consecutive year of rewarding shareholders with higher dividends Strong Dividend Growth Continues ** Reflects current and expected dividends declared in 2023 *Annualized based on 1st quarter 2023 dividend of 78 cents per share

8 Wisconsin Utilities - Rate Review Scope for 2024 Limited Re-Opener  Addresses the recovery of capital investments that achieve commercial operation in 2023 and 2024 and projected O&M savings from the planned retirement of two older coal-fueled units  Filing made on May 15th  Return on equity and equity layer will not be considered Order expected in Q4 2023 for new rates effective January 1, 2024 Proposed Base Revenue Increases Wisconsin Electric 2024 Electric* 1.3% $45.0M Natural Gas 4.5% $23.9M Wisconsin Public Service Electric* 0.5% $8.6M Wisconsin Gas Natural Gas 2.9% $22.2M * Fuel cost will also be updated as part of the limited reopener

9 Project Approved Investment1 Darien Solar-Battery Park $400 million West Riverside Energy Center First Option $102 million Koshkonong Solar-Battery Park $585 million 1 Reflects amounts approved by the Wisconsin Commission. Project estimates and final costs may vary. The Wisconsin Commission has approved more than $1 billion of capital investment since early December Advancing our renewable/reliability goals

10  Peoples Gas will not seek an extension of the automatic bill adjustment rider QIP.  With natural gas prices expected to decline this year and next year, we project customer bills to stay largely flat as new rates take effect in 2024.  Chicago home heating bills are below other major U.S. cities. That is expected to continue with this filing. In January, Peoples Gas and North Shore Gas filed applications with the Illinois Commerce Commission: Illinois Rate Reviews Peoples Gas North Shore Gas Current ROE 9.05% 9.67% Current Equity Ratio 50.33% 51.58% Proposed ROE 9.90% 9.90% Proposed Equity Ratio 54.0% 54.0% Forecasted 2024 Rate Base (in millions) $ 4,782 $ 445 Bill Impacts of the Proposed Adjustments in Base Rates 13.0% 7.8% Order expected in Q4 2023 for new rates effective January 1, 2024

11  Leading a pilot project to test a new form of long-duration energy storage  Partnering with EPRI and CMBlu Energy  This energy storage system uses a proprietary technology that incorporates environmentally friendly materials ‘a green battery.’  The project will test battery system performance, including the ability to store and discharge energy for up to twice as long as the typical lithium-ion batteries in use today.  Pilot planned for the fourth-quarter of 2023. Results will be shared across the industry in early 2024. Organic Flow Battery Storage New Clean Energy Pilot Project

12 $4,693 $6,440 $3,356 $3,556 $2,811 $2,673 $3,053 $3,021 $542 $529 $1,345 $1,953 $1,900 $1,928 $17,700 $20,100 2022-2026 2023-2027 Energy Infrastructure ATC* MERC/MGU Illinois WI Gas Delivery** WI Electric Delivery** WI Generation** N e w P la n F o rm e r P la n ESG Progress Plan Supports 6.5% to 7.0% EPS Growth Increasing Five-Year Capital Plan by $2.4 Billion *ATC is accounted for using the equity method; this represents WEC’s portion of the investment **Includes UMERC $ In millions

13 $26.5 billion $38.4 billion 2022A 2027E* Robust Growth in Asset Base *Estimated year-end average asset base Expect long-term EPS growth of 6.5% to 7.0% per year. 7.7% Growth

14 Solar  505 MW under construction  270 MW received regulatory approval  Planning for additional 1,135 MW  Qualifies for Production Tax Credits Battery  316 MW received regulatory approval  Planning for additional 400 MW  Qualifies for Investment Tax Credits Wind  82 MW in-service Apr. 4, 2023  Planning for additional 585 MW  Qualifies for Production Tax Credits 2023-2027 Capital Plan Investing $5.4 billion in Regulated Renewables Plan to build and own nearly 3,300 MW – quadrupling our carbon-free generation

15 SD IL NE Plan to invest $1.9 Billion (2023-2027) WEC Infrastructure Portfolio – Green and Growing In-service Under development Total Project Capacity (MW) Investment (in millions) Wind ● Upstream 200 $307 ● Bishop Hill III 132 166 ● Coyote Ridge 97 145 ● Blooming Grove 250 389 ● Tatanka Ridge 155 240 ● Jayhawk 190 282 ● Thunderhead 300 381 ● Sapphire Sky1 250 442 Solar ● Samson I1 250 250 ● Maple Flats1 250 360E Subtotal 2,074 $2,962 Additional Investment 876 Total $3,838 1 Investment is part of the 2023-2027 capital plan KS TX

16 Modernizing Our Gas-Fueled Generation Fleet Retiring  Weston 2  74 MW  Retired: Feb. 2023  Additional 126 MW of older, less-efficient gas generation expected to retire in 2023 and 2024 Building Weston RICE units  Received regulatory approval on Mar. 31, 2022  128 MW  Expected investment: $170 million  Target in-service: 2023 * Filed and pending regulatory approval ** Pending due diligence and regulatory approval Investing West Riverside Energy Center combined-cycle First Option: 100 MW*  Received approval from the Wisconsin Commission on Feb. 28, 2023  Expected investment: $102 million  Target: Q2 2023 Additional 100 MW option**  Expected investment: $100 million  Target: 2024 Whitewater combined-cycle  Previously under power purchase agreement  Received regulatory approval on Nov. 10, 2022  Investment: $76 million  Transaction closed Jan. 1, 2023

17  Near-term retirements planned:  Oak Creek Units 5-6: 528 MW (May 2024)  Oak Creek Units 7-8: 611 MW (late in 2025)  Columbia Units 1-2: 300 MW (by June 1, 2026)  Enhancing fuel flexibility (gas blending) at Oak Creek Power the Future units  By the end of 2030, we expect to use coal only as a backup fuel  We plan to eliminate coal as an energy source by the end of 2035 Exiting Coal