Utility WEC Energy's first-quarter profit rises on higher power demand

WEC Energy

05/05/2026 13:09

May 5 (Reuters) - Utility firm WEC Energy WEC.N reported a rise in first-quarter profit on Tuesday, supported by an increase in sales of power to residential and industrial customers.

U.S. power consumption is expected to rise further this year, after hitting its second straight annual record high in 2025, mainly driven by Big Techs' race to build energy-intensive data centers to support AI initiatives, and homes and businesses increasingly using electricity for heat and transportation.

Electricity usage from large commercial and industrial customers rose 2.7% during the quarter, while consumption among small commercial and industrial customers increased 0.7%, the company said.

Residential electricity usage edged up 0.2% from a year earlier, lifting total retail electricity deliveries by 1.3%, excluding sales to an iron ore mine.

WEC, which serves nearly 4.7 million electric and natural gas customers across Wisconsin, Illinois, Michigan and Minnesota, however, said natural gas deliveries in Wisconsin fell 2.1% in the first quarter.

The company provides natural gas through its We Power and Wisconsin Public Service units.

"The continued execution of our capital plan and focus on operating efficiencies led to solid first-quarter results," said CEO Scott Lauber.

WEC had said in February it would raise capital spending by $1 billion over the next five years as it increases output to power Microsoft MSFT.O data centers.

        The company's quarterly net income rose to $804.4 million, or $2.45 per share, from $724.2 million, or $2.27 per share, a year ago.

 (Reporting by Dharna Bafna in Bengaluru; Editing by Shilpi Majumdar)

 ((Dharna.Bafna@thomsonreuters.com))