WEC Energy Group announced its largest-ever five-year capital plan, projecting $37.5 billion in investments from 2026 through 2030. This plan is designed to support significant regional economic growth, driven largely by data centers, and is expected to drive long-term earnings per share (EPS) growth of 7.0% to 8.0% annually. The investments will focus on expanding electric generation, renewable energy, and grid infrastructure.
Key Details
- Capital Plan (2026-2030): The $37.5 billion plan allocates $20.3B to electric generation, $7.1B to electric distribution, $4.7B to gas distribution, and $4.1B to transmission (WEC's portion).
- Growth Drivers: The company forecasts adding 3.9 GW (~45%) of electric demand by 2030, driven by major data center projects from customers including Microsoft, OpenAI, and Oracle.
- Strategic Agreements: WEC entered an agreement with NextEra to extend the Point Beach Power Purchase Agreement (PPA) for ~1GW of carbon-free nuclear capacity. Unit 1 is extended to 2050 and Unit 2 to 2053.
- Renewable Investment: The plan includes a $12.6 billion investment in regulated renewables, comprising $7.9B for solar, $2.9B for battery storage, and $1.8B for wind projects.