WEC Energy Group J.P. Morgan Natural Resources Conference Takeaways

Research evidence excerpt

WEC Energy Group J.P. Morgan Natural Resources Conference Takeaways

J P M O R G A N North America Equity Research

23 June 2026

WEC Energy Group Neutral

WEC, WEC US

J.P. Morgan Natural Resources Conference Takeaways Price (23 Jun 26):$114.14

WEC CEO, Scott Lauber, presented at the J.P. Morgan Natural Resources

Conference. Please see below for some quick takeaways.

Net Takeaway: All eyes focus on the 3Q plan update, where WEC appears

Head of North America Power,

positioned to strengthen and lengthen EPS growth. Here, we await VLC updates Utilities, Midstream, LNG, and

and notable capex opportunities, including competitive transmission and replacing Nuclear

Point Beach PPAs expiring in 2030 and 2033. While an agreement on Point Beach AC Jeremy Tonet, CFA

PPAs could arrive as late as the eleventh hour, WEC’s description of alternative (1-212) 622-4915

resources potentially providing relief to customers compared to final year PPA jeremy.b.tonet@jpmorgan.com

pricing makes an affordability case for replacement. Reopening the VLC/bespoke Diana Niles

resources tariffs drew some attention, though WEC does not see the tariffs (1-212) 622-3328

presenting an insurmountable hurdle, noting that construction at the Vantage Port diana.niles@jpmorgan.com

Washington site has maintained a steady clip. Aidan C Kelly

(1-212) 622-4912

• Summer planning cycle underway to inform 3Q plan upate, Point Beach aidan.x.kelly@jpmchase.com

in focus. WEC continues to speak to the summer planning cycle informing its Eli Jossen, CFA

capital investment plan and 3Q plan refresh. Replacing the Point Beach PPA (1-212) 622-4113

presents a capital upside opportunity for WEC, where we anticipate replacing eli.jossen@jpmchase.com

the first 500MW would fall within the current five-year plan period, with some J.P.