1 Investing in Efficiency, Sustainability and Growth Investor Update: January 2024

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; 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; 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; labor disruptions; equity and bond market fluctuations; changes in the company’s and its subsidiaries’ ability to access the capital markets and shareholder approval of related proposals; changes in tax legislation or our ability to use certain tax benefits and carryforwards; federal, state, and local legislative and regulatory changes, including changes in rate-setting policies or procedures and environmental standards, the enforcement of these laws and regulations or permit conditions 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 ongoing global conflicts; 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 * As of December 31, 2023 $26.6 billion market cap* 4.6 million retail customers 60% ownership of American Transmission Company $43.4 billion of assets

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 2023 Adjusted Guidance** * Estimated based on 2023 adjusted guidance midpoint of $4.60 per share. ** See Appendix for reconciliation of adjusted amounts to GAAP amounts. 2023 Guidance (GAAP) $4.17-$4.21 2023 Adjusted Guidance $4.58-$4.62

5 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. Consistent Performance Over Time

6  The board of directors announced its plan to raise the dividend by 7.0% to a new annual rate of $3.34 per share*  Marks the 21st consecutive year of rewarding shareholders with higher dividends  Top decile dividend growth in industry** Strong Dividend Growth Continues * The board of directors announced Dec. 20, 2023 that it is planning to raise the quarterly dividend on the company's common stock to 83.5 cents per share for the first quarter of 2024, which would be equivalent to an annual rate of $3.34 per share ** Reflects dividends declared in 2023.

8  The company will book a non-cash charge of 41 cents per share related to the disallowance of construction costs for modern service centers and facilities.  ICC ordered Peoples Gas (PGL) to pause all spending on the Safety Modernization Program until it determines ‘the optimal method’ of pipe replacement and investment level.  ICC Staff to initiate this proceeding no later than February 1, 2024.  On January 3, 2024, the ICC granted PGL’s request for a limited rehearing seeking to restore $134 million of costs related to unfinished and emergency work under the Safety Modernization Program. Illinois Rate Review Peoples Gas North Shore Gas Authorized ROE 9.38% 9.38% Authorized Equity Ratio 50.79% 52.38%

9 Progress on Efficiency, Sustainability and Growth Natural Gas Safety Modernization  Increasing capacity and reliability of natural gas service in our territories Illinois  37% complete*  Program under ICC review Taking Steps to Maintain Reliable and Affordable Service for Our Customers Systematic Neighborhood Upgrades $160 System Improvement / Reliability $60 Public Improvement (Third Party Driven), $30 Emergency Work $30 Historical Annual Average Spend (in millions) *As of Dec. 31, 2023

10 Capital Plan Flexibility Options and Opportunities:  Illinois gas delivery: - $700 to $900 million Energy infrastructure: + $700 to $900 million Wisconsin operations: + $200 to $400 million

11 $9.3 $1.0 $3.7 $6.0 $3.0 $0.4 $23.4 2024-2028 Energy Infrastructure ATC* Gas Delivery** WI/MI Electric Delivery WI LNG Capacity WI/MI Generation $ In billions *ATC is accounted for using the equity method; this represents WEC Energy Group’s portion of the investment. ** Includes all gas utilities and Bluewater. Current 2024-2028 Capital Plan Before potential adjustments Revised Capital Plan to be presented during 2023 earnings call.

12 $29.4 billion $43.3 billion 2023E* 2028E* Robust Growth in Asset Base *Estimated year-end average asset base. Expect compound annual EPS growth of 6.5% to 7.0% 8.1% Growth

13 Business Portfolio Growing in Electric Transmission and Generation 2028E*2023E* Electric generation and distribution 48% Natural gas distribution 35% WECI 7% Electric transmission** 10% ** ATC is accounted for using the equity method; this represents WEC Energy Group’s portion of the asset base. Electric generation and distribution 52% Natural gas distribution 32% WECI 4% Electric transmission** 12% * Based on estimated year-end average asset base. Revised Capital Plan to be presented during 2023 earnings call.

14 We now plan to eliminate coal as an energy source three years earlier - by end of 2032.  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)  Weston Unit 3: 328 MW (end of 2031)  Enhancing fuel flexibility (gas blending) at Oak Creek Power the Future units and Weston Unit 4.  By end of 2030, we expect to use coal only as a backup fuel. Exiting Coal

15 Target Project Utility WEC Ownership1 WEC Investment ($M) WEC Capacity (MW) In-Service Badger Hollow II Solar Park WEPCO 66.7% 172E 100 S: 2024/B: 2025 Paris Solar-Battery Park WEPCO and WPS 90% 542E 279 2024 Darien Solar Park2 405E 225 2026 Koshkonong Solar Park2 486E 270 1. Madison Gas & Electric will own a minority interest at each site. 2. Parks have approval for 200 MWs of battery capacity that is not included in the 2024-2028 plan. Evaluating timing and final implementation of batteries. Solar Total 2,700 MW $4.5 billion Battery Storage Total 250 MW $0.4 billion Wind Total 880 MW $1.9 billion Grand Total 3,830 MW $6.8 billion 2024-2028 Plan includes: Plan to build and own 3,800 MW – more than quadrupling our carbon-free generation. Announced Projects: Investing $6.8 Billion in Regulated Renewables

16 Modern, efficient natural gas generation will serve as a critical resource in our energy transformation. Modernizing Our Gas-Fueled Generation Fleet West Riverside Energy Center Combined-Cycle  Additional 100 MW option*  Expected investment: $100 million  Target: 2024 Combustion Turbines  1,125 MW planned  Expected investment: $1.2 billion RICE generation  132 MW planned  Expected investment: $211 million 2024-2028 Capital Plan * Filed and pending regulatory approval. Weston RICE