WEC ENERGY GROUP, INC. 8-K

What Happened

• WEC Energy Group (WEC) filed an 8-K on January 5, 2026, announcing a $150 million charge to increase reserves related to recent Illinois Commerce Commission (ICC) orders, intervenor disallowance recommendations, and ongoing QIP and UEA reconciliation matters.
• As a result, WEC’s 2025 GAAP earnings-per-share (EPS) guidance is $4.83 to $4.93. Excluding the charge (a $0.34 per-share impact), WEC’s adjusted (non-GAAP) 2025 EPS guidance remains $5.17 to $5.27, with management expecting to reach the upper end of that range. WEC plans to report full-year 2025 results on its earnings call currently scheduled for February 5, 2026.

Key Details

• $150 million reserve increase (recorded as a charge in 2025), equal to a $0.34 per-share impact.
• 2025 GAAP EPS guidance: $4.83–$4.93 per share.
• 2025 adjusted (non-GAAP) EPS guidance, excluding reserve charge: $5.17–$5.27 per share (unchanged).
• The Peoples Gas Light & Coke Co. and North Shore Gas Co. (WEC utilities) filed rate cases with the ICC to establish new rates beginning in 2027; related slide info is included in Exhibit 99.1 (investor presentation).

Why It Matters

• The $150M reserve charge reduces WEC’s GAAP earnings guidance for 2025 but does not change management’s view of ongoing operating performance, which is reflected by the unchanged adjusted EPS guidance.
• Investors should note the distinction between GAAP and adjusted EPS here: the GAAP range reflects the one-time regulatory-related reserve, while the adjusted range shows management’s operating outlook excluding that charge.
• The Illinois regulatory proceedings (QIP and UEA issues) and the 2027 rate case filings for WEC’s Illinois utilities are material regulatory developments that could affect future revenues and regulatory recoveries.