WEC Energy Group Plans $47.5 Billion as Power Demand Forecast Grows

WEC Energy Group plans $47.5 billion in capital spending from 2027 through 2031 as it forecasts 4.9 gigawatts of additional electricity demand, led by the 3,200-megawatt “Microsoft/SE WI” and 1,300-megawatt Oracle allocations.

The plan is $10 billion above WEC’s $37.5 billion spending plan for 2026 through 2030. The two five-year plans cover different periods, so the comparison does not represent a $10 billion increase over the same years.

WEC projects compound annual earnings-per-share growth of 7% to 9%+ and a 13.4% compound annual growth rate in its asset base from 2027 through 2031. Its 4.9-gigawatt demand forecast for 2026 through 2031 is 1 gigawatt above its prior estimate.

The company’s demand breakdown assigns 3,200 megawatts to “Microsoft/SE WI,” 1,300 megawatts to Oracle and 400 megawatts to additional growth. WEC defines a “Very Large Customer” as one adding more than 100 megawatts of demand and cites large data centers as an example. Wisconsin tariffs provide for those customers to pay for electricity and customer-specific resources and facilities.

WEC characterized very large customers as driving and paying for most of the spending increase. Compared with the previous plan, the company lists an $8.4 billion increase for generation, $1.2 billion for transmission and $500 million each for electric and gas distribution. Planned spending on liquefied natural gas capacity is $600 million lower.

WEC’s financing outlook for 2027 through 2031 includes $26.1 billion to $27.1 billion in cash from operations, $5.1 billion to $5.5 billion in common equity and $18.7 billion to $19.3 billion in incremental debt.

WEC Chairman, President and CEO Scott Lauber said, “There's a lot of projects that need regulatory approval.”

For the quarter ended Sept. 30, WEC reported diluted earnings of $1.18 per share, up from $0.83 a year earlier. It raised and narrowed its 2026 earnings guidance to $5.60 to $5.64 per share, from $5.51 to $5.61, assuming normal weather for the rest of the year.