WEC Energy posts higher profit as commercial power demand grows

WEC Energy

29/07/2026 12:33

July 29 (Reuters) - WEC Energy Group WEC.N reported a nearly 22% 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% 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% in the quarter.
WEC's second-quarter operating revenue rose 2.6% to $2.06 billion, compared with analysts' average estimate of $2.05 billion, according to data compiled by LSEG.
Total operating expense also rose about 1.5% to $1.63 billion, while interest expense was up 3.7% at $228 million.
The Milwaukee-based company's net income grew to $299.2 million, or 91 cents per share, from $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 $5.51 to $5.61 per share. The midpoint of the range, $5.56, was below analysts' estimate of $5.60

 (Reporting by Sumit Saha in Bengaluru; Editing by Joyjeet Das)
 ((Sumit.Saha@thomsonreuters.com;))