Executive Summary#

Capital Plan Inflection and Data Center Demand#

WEC Energy Group delivered a robust Q3 2025 earnings beat and, more significantly, unveiled an ambitious five-year capital plan that represents a transformational shift in the company's strategic posture. The October 30 earnings call revealed a $36.5 billion capital expenditure program for 2026-2030, representing an $8.5 billion, or 30 percent, increase from the company's prior capital guidance. This capex acceleration will drive asset base growth at an 11.3 percent compound annual rate—translating into earnings growth of 7 to 8 percent through 2030 on a compound basis. The plan reflects management's conviction that the Midwest has become the epicenter of artificial intelligence infrastructure development, with Microsoft expanding its Mount Pleasant facility by an additional $4 billion, Oracle and Vantage anchoring a 1.3-gigawatt "Lighthouse" data center campus north of Milwaukee, and regulatory support from Wisconsin and Illinois commissions accelerating the cost recovery timeline.