WEC Energy posts higher profit as commercial power demand grows

WEC Energy Group reported a nearly 22 per cent rise in second-quarter profit on Wednesday, as higher electricity sales to commercial and industrial customers boosted revenue and offset rising costs.

The utility said quarterly usage by large commercial and industrial customers, excluding an iron ore mine in Michigan’s Upper Peninsula and very large customers, increased 0.9 per cent compared to last year.

• U.S. power consumption, which hit a second straight annual record high in 2025, is expected to rise further in 2026 and 2027 as data-center expansion and electrification drive demand. Commercial-sector growth is expected to outpace residential demand this year.
• Residential electricity use decreased 1.1 per cent in the quarter.
• WEC’s second-quarter operating revenue rose 2.6 per cent to US$2.06 billion, compared with analysts’ average estimate of US$2.05 billion, according to data compiled by LSEG.
• Total operating expense also rose about 1.5 per cent to US$1.63 billion, while interest expense was up 3.7 per cent at US$228 million.
• The Milwaukee-based company’s net income grew to US$299.2 million, or 91 cents per share, from US$245.4 million, or 76 cents per share, a year earlier.
• WEC provides electricity and gas to nearly 4.8 million customers in Wisconsin, Illinois, Michigan and Minnesota.
• The company reaffirmed its 2026 earnings forecast of US$5.51 to US$5.61 per share. The midpoint of the range, US$5.56, was below analysts’ estimate of US$5.60

(Reporting by Sumit Saha in Bengaluru; Editing by Joyjeet Das)