WEC Energy Group Inc: Watt’s the Q2’26 number for WEC?

Research evidence excerpt

WEC Energy Group Inc: Watt’s the Q2’26 number for WEC?

as much as 3.5 GW over time,

although only 1.3 GW is currently reflected in WEC’s five-year outlook.

Additional Wisconsin opportunities

We do not expect WEC to announce another major data-center project on the Q2 call,

but management could reiterate that it remains in discussions with additional

prospective customers. The company has previously indicated that the existing

Microsoft and Vantage sites alone could accommodate another 4-5 GW of demand

based on their available acreage, beyond the 3.9 GW currently forecast. WEC may also

continue to identify the Oak Creek generation site as a potentially attractive location for

future large-load development given its access to power supply and limited incremental

transmission requirements, though no additional customer or load has been incorporated

into guidance.

Very large customer tariff:

The Wisconsin PSC approved WEC’s Very Large Customer Tariff, establishing dedicated

terms for customers with at least 100 MW of new load and requiring participating

customers to bear the costs of the generation and infrastructure needed to serve them.

However, the final order imposed more stringent credit-support requirements than WEC

originally proposed, including collateral requirements for customers rated below A-.

WEC, Vantage and Cloverleaf sought reconsideration of this provision, but the PSC

allowed the petition to expire without action, effectively denying the request. Oracle has

separately filed a judicial challenge focused on the credit requirements, with no schedule

established for the proceeding.

Despite the dispute, development of Oracle’s Port Washington campus continues, and

the project is not expected to begin taking service under the tariff until late 2027 or