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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2020
OR
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 |
For the transition period from ________________ to
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Commission
File Number |
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Registrant; State of Incorporation;
Address; and Telephone Number |
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IRS Employer
Identification No. |
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001-09057 |
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WEC ENERGY GROUP, INC. |
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39-1391525 |
(A Wisconsin Corporation)
231 West Michigan Street
P.O. Box 1331
Milwaukee, WI 53201
(414) 221-2345
Securities registered pursuant to Section 12(b) of the
Act:
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Title of Each Class |
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Trading Symbol(s) |
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Name of Each Exchange on Which Registered |
Common Stock, $.01 Par Value |
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WEC |
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New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes
☒ No
☐
Indicate by check mark whether the registrant has submitted
electronically every Interactive Data File required to be submitted
pursuant to Rule 405 of Regulation S-T (§ 232.405 of this
chapter) during the preceding 12 months (or for such shorter period
that the registrant was required to submit such
files).
Yes
☒ No
☐
Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, a
smaller reporting company, or an emerging growth company. See the
definitions of "large accelerated filer," "accelerated filer,"
"smaller reporting company," and "emerging growth company" in Rule
12b-2 of the Exchange Act.
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Large accelerated filer |
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
☐ |
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange
Act.
☐
Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act).
Yes
☐ No
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Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date
(September 30, 2020):
Common Stock, $.01 Par Value, 315,434,531 shares
outstanding
WEC ENERGY GROUP, INC.
QUARTERLY REPORT ON FORM 10-Q
For the Quarter Ended September 30, 2020
TABLE OF CONTENTS
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09/30/2020 Form 10-Q |
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WEC Energy Group, Inc. |
GLOSSARY OF TERMS AND ABBREVIATIONS
The abbreviations and terms set forth below are used throughout
this report and have the meanings assigned to them
below:
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Subsidiaries and Affiliates |
ATC |
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American Transmission Company LLC |
ATC Holdco |
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ATC Holdco LLC |
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Bishop Hill III |
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Bishop Hill Energy III LLC |
Bluewater |
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Bluewater Natural Gas Holding, LLC |
Coyote Ridge |
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Coyote Ridge Wind, LLC |
Integrys |
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Integrys Holding, Inc. |
MERC |
|
Minnesota Energy Resources Corporation |
MGU |
|
Michigan Gas Utilities Corporation |
NSG |
|
North Shore Gas Company |
PDL |
|
WPS Power Development, LLC |
PGL |
|
The Peoples Gas Light and Coke Company |
UMERC |
|
Upper Michigan Energy Resources Corporation |
|
|
|
Upstream |
|
Upstream Wind Energy LLC |
WE |
|
Wisconsin Electric Power Company |
We Power |
|
W.E. Power, LLC |
WEC Energy Group |
|
WEC Energy Group, Inc. |
WECI |
|
WEC Infrastructure LLC |
WG |
|
Wisconsin Gas LLC |
WPS |
|
Wisconsin Public Service Corporation |
|
|
|
Federal and State Regulatory Agencies |
EPA |
|
United States Environmental Protection Agency |
FERC |
|
Federal Energy Regulatory Commission |
ICC |
|
Illinois Commerce Commission |
IEPA |
|
Illinois Environmental Protection Agency |
|
|
|
MPSC |
|
Michigan Public Service Commission |
MPUC |
|
Minnesota Public Utilities Commission |
PSCW |
|
Public Service Commission of Wisconsin |
SEC |
|
United States Securities and Exchange Commission |
|
|
|
|
|
|
Accounting Terms |
AFUDC |
|
Allowance for Funds Used During Construction |
ASU |
|
Accounting Standards Update |
FASB |
|
Financial Accounting Standards Board |
GAAP |
|
United States Generally Accepted Accounting Principles |
LIFO |
|
Last-In, First-Out |
OPEB |
|
Other Postretirement Employee Benefits |
|
|
|
Environmental Terms |
ACE |
|
Affordable Clean Energy |
BATW |
|
Bottom Ash Transport Water |
BSER |
|
Best System of Emission Reduction |
BTA |
|
Best Technology Available |
CAA |
|
Clean Air Act |
CO2
|
|
Carbon Dioxide |
ELG |
|
Steam Electric Effluent Limitation Guidelines |
FGD |
|
Flue Gas Desulfurization |
GHG |
|
Greenhouse Gas |
GMZ |
|
Groundwater Management Zone |
|
|
|
|
|
|
|
|
|
09/30/2020 Form 10-Q |
ii
|
WEC Energy Group, Inc. |
|
|
|
|
|
|
|
|
|
MATS |
|
Mercury and Air Toxics Standards |
|
|
|
NOV |
|
Notice of Violation |
|
|
|
RTR |
|
Risk and Technology Review |
The Combustion Turbine Rule |
|
National Emission Standards for Hazardous Air Pollutants for
Stationary Combustion Turbines |
VN |
|
Violation Notice |
|
|
|
|
|
|
|
|
|
|
|
|
Measurements |
Dth |
|
Dekatherm |
MW |
|
Megawatt |
MWh |
|
Megawatt-hour |
|
|
|
Other Terms and Abbreviations |
2007 Junior Notes |
|
WEC Energy Group, Inc.'s 2007 Junior Subordinated Notes Due
2067 |
AG |
|
Attorney General |
AMI |
|
Advanced Metering Infrastructure |
Badger Hollow I |
|
Badger Hollow Solar Park I |
Badger Hollow II |
|
Badger Hollow Solar Park II |
Blooming Grove |
|
Blooming Grove Wind Energy Center LLC |
CDC |
|
Centers for Disease Control and Prevention |
COVID-19 |
|
Coronavirus Disease – 2019 |
D.C. Circuit Court of Appeals |
|
United States Court of Appeals for the District of Columbia
Circuit |
ERGS |
|
Elm Road Generating Station |
Exchange Act |
|
Securities Exchange Act of 1934, as amended |
FTR |
|
Financial Transmission Right |
GUIC |
|
Gas Utility Infrastructure Cost |
LIBOR |
|
London Interbank Offered Rate |
LNG |
|
Liquefied Natural Gas |
MISO |
|
Midcontinent Independent System Operator, Inc. |
|
|
|
OCPP |
|
Oak Creek Power Plant |
OC 5 |
|
Oak Creek Power Plant Unit 5 |
OC 6 |
|
Oak Creek Power Plant Unit 6 |
OC 7 |
|
Oak Creek Power Plant Unit 7 |
OC 8 |
|
Oak Creek Power Plant Unit 8 |
PIPP |
|
Presque Isle Power Plant |
QIP |
|
Qualifying Infrastructure Plant |
ROE |
|
Return on Equity |
SMP |
|
Natural Gas System Modernization Program |
|
|
|
SPC |
|
COVID-19 Special Purpose Charge |
SSR |
|
System Support Resource
|
|
|
|
Tatanka Ridge |
|
Tatanka Ridge Wind LLC |
Tax Legislation |
|
Tax Cuts and Jobs Act of 2017
|
Thunderhead |
|
Thunderhead Wind Energy LLC
|
Tilden |
|
Tilden Mining Company
|
Two Creeks |
|
Two Creeks Solar Park
|
|
|
|
|
|
|
WHO |
|
World Health Organization |
|
|
|
|
|
|
|
|
|
09/30/2020 Form 10-Q |
iii
|
WEC Energy Group, Inc. |
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION
In this report, we make statements concerning our expectations,
beliefs, plans, objectives, goals, strategies, and future events or
performance. These statements are "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Exchange Act. Readers are cautioned
not to place undue reliance on these forward-looking statements.
Forward-looking statements may be identified by reference to a
future period or periods or by the use of terms such as
"anticipates," "believes," "could," "estimates," "expects,"
"forecasts," "goals," "guidance," "intends," "may," "objectives,"
"plans," "possible," "potential," "projects," "seeks," "should,"
"targets," "will," or variations of these terms.
Forward-looking statements include, among other things, statements
concerning management's expectations and projections regarding
earnings, completion of capital projects, sales and customer
growth, rate actions and related filings with regulatory
authorities, environmental and other regulations and associated
compliance costs, legal proceedings, dividend payout ratios,
effective tax rates, pension and OPEB plans, fuel costs, sources of
electric energy supply, coal and natural gas deliveries,
remediation costs, environmental matters, liquidity and capital
resources, and other matters.
Forward-looking statements are subject to a number of risks and
uncertainties that could cause our actual results to differ
materially from those expressed or implied in the statements. These
risks and uncertainties include those described in risk factors as
set forth in this report and our 2019 Annual Report on Form 10-K,
and those identified below:
•Factors
affecting utility operations such as catastrophic weather-related
damage, environmental incidents, unplanned facility outages and
repairs and maintenance, and electric transmission or natural gas
pipeline system constraints;
•Factors
affecting the demand for electricity and natural gas, including
political developments, unusual weather, changes in economic
conditions, customer growth and declines, commodity prices, energy
conservation efforts, and continued adoption of distributed
generation by customers;
•The
timing, resolution, and impact of rate cases and negotiations,
including recovery of deferred and current costs and the ability to
earn a reasonable return on investment, and other regulatory
decisions impacting our regulated operations;
•The
impact of the COVID-19 pandemic on our business functions,
financial condition, liquidity, and results of
operations;
•The
impact of recent and future federal, state, and local legislative
and/or regulatory changes, including changes in rate-setting
policies or procedures, deregulation and restructuring of the
electric and/or natural gas utility industries, transmission or
distribution system operation, the approval process for new
construction, reliability standards, pipeline integrity and safety
standards, allocation of energy assistance, energy efficiency
mandates, and tax laws, including the Tax Legislation as well as
those that affect our ability to use production tax credits and
investment tax credits;
•Federal
and state legislative and regulatory changes relating to the
environment, including climate change and other environmental
regulations impacting generation facilities and renewable energy
standards, the enforcement of these laws and regulations, changes
in the interpretation of regulations or permit conditions by
regulatory agencies, and the recovery of associated remediation and
compliance costs;
•The
ability to obtain and retain customers, including wholesale
customers, due to increased competition in our electric and natural
gas markets from retail choice and alternative electric suppliers,
and continued industry consolidation;
•The
timely completion of capital projects within budgets and the
ability to recover the related costs through rates;
•Factors
affecting the implementation of our CO2
emission and/or methane emission reduction goals, and opportunities
and actions related to those goals, including related regulatory
decisions, the cost of materials, supplies, and labor, technology
advances, and the feasibility of competing generation
projects;
•The
financial and operational feasibility of taking more aggressive
action to further reduce GHG emissions in order to limit future
global temperature increases;
•The
risks associated with changing commodity prices, particularly
natural gas and electricity, and the availability of sources of
natural gas and other fossil fuels, purchased power, materials
needed to operate environmental controls at our
electric
|
|
|
|
|
|
|
|
|
09/30/2020 Form 10-Q |
1
|
WEC Energy Group, Inc. |
generating facilities, or water supply due to high demand,
shortages, transportation problems, nonperformance by electric
energy or natural gas suppliers under existing power purchase or
natural gas supply contracts, or other developments;
•Changes
in credit ratings, interest rates, and our ability to access the
capital markets, caused by volatility in the global credit markets,
our capitalization structure, and market perceptions of the utility
industry, us, or any of our subsidiaries;
•Changes
in the method of determining LIBOR or the replacement of LIBOR with
an alternative reference rate;
•Costs
and effects of litigation, administrative proceedings,
investigations, settlements, claims, and inquiries;
•The
direct or indirect effect on our business resulting from terrorist
attacks and cyber security intrusions, as well as the threat of
such incidents, including the failure to maintain the security of
personally identifiable information, the associated costs to
protect our utility assets, technology systems, and personal
information, and the costs to notify affected persons to mitigate
their information security concerns and to comply with state
notification laws;
•Restrictions
imposed by various financing arrangements and regulatory
requirements on the ability of our subsidiaries to transfer funds
to us in the form of cash dividends, loans or advances, that could
prevent us from paying our common stock dividends, taxes, and other
expenses, and meeting our debt obligations;
•The
risk of financial loss, including increases in bad debt expense,
associated with the inability of our customers, counterparties, and
affiliates to meet their obligations;
•Changes
in the creditworthiness of the counterparties with whom we have
contractual arrangements, including participants in the energy
trading markets and fuel suppliers and transporters;
•The
financial performance of ATC and its corresponding contribution to
our earnings;
•The
investment performance of our employee benefit plan assets, as well
as unanticipated changes in related actuarial assumptions, which
could impact future funding requirements;
•Factors
affecting the employee workforce, including loss of key personnel,
internal restructuring, work stoppages, and collective bargaining
agreements and negotiations with union employees;
•Advances
in technology, and related legislation or regulation supporting the
use of that technology, that result in competitive disadvantages
and create the potential for impairment of existing
assets;
•The
risk associated with the values of goodwill and other intangible
assets and their possible impairment;
•Potential
business strategies to acquire and dispose of assets or businesses,
which cannot be assured to be completed timely or within budgets,
and legislative or regulatory restrictions or caps on non-utility
acquisitions, investments or projects, including the State of
Wisconsin's public utility holding company law;
•The
timing and outcome of any audits, disputes, and other proceedings
related to taxes;
•The
ability to maintain effective internal controls in accordance with
Section 404 of the Sarbanes-Oxley Act, while both integrating and
continuing to consolidate our enterprise systems;
•The
effect of accounting pronouncements issued periodically by
standard-setting bodies; and
•Other
considerations disclosed elsewhere herein and in other reports we
file with the SEC or in other publicly disseminated written
documents.
We expressly disclaim any obligation to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events, or otherwise.
|
|
|
|
|
|
|
|
|
09/30/2020 Form 10-Q |
2
|
WEC Energy Group, Inc. |
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
WEC ENERGY GROUP, INC.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited) |
|
Three Months Ended |
|
Nine Months Ended |
|
September 30 |
|
September 30 |
(in millions, except per share amounts) |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Operating revenues |
|
$ |
1,651.0 |
|
|
$ |
1,608.0 |
|
|
$ |
5,308.3 |
|
|
$ |
5,575.6 |
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
Cost of sales |
|
482.8 |
|
|
484.3 |
|
|
1,662.0 |
|
|
1,985.8 |
|
Other operation and maintenance |
|
498.7 |
|
|
529.2 |
|
|
1,427.5 |
|
|
1,583.4 |
|
Depreciation and amortization |
|
245.0 |
|
|
233.8 |
|
|
726.6 |
|
|
690.1 |
|
Property and revenue taxes |
|
54.3 |
|
|
49.8 |
|
|
156.6 |
|
|
148.0 |
|
Total operating expenses |
|
1,280.8 |
|
|
1,297.1 |
|
|
3,972.7 |
|
|
4,407.3 |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
370.2 |
|
|
310.9 |
|
|
1,335.6 |
|
|
1,168.3 |
|
|
|
|
|
|
|
|
|
|
Equity in earnings of transmission affiliates |
|
40.1 |
|
|
38.7 |
|
|
132.8 |
|
|
111.7 |
|
Other income, net |
|
25.7 |
|
|
21.8 |
|
|
59.9 |
|
|
76.3 |
|
Interest expense |
|
122.0 |
|
|
125.8 |
|
|
375.8 |
|
|
374.3 |
|
Other expense |
|
(56.2) |
|
|
(65.3) |
|
|
(183.1) |
|
|
(186.3) |
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
314.0 |
|
|
245.6 |
|
|
1,152.5 |
|
|
982.0 |
|
Income tax expense |
|
46.9 |
|
|
11.3 |
|
|
190.7 |
|
|
91.5 |
|
Net income |
|
267.1 |
|
|
234.3 |
|
|
961.8 |
|
|
890.5 |
|
|
|
|
|
|
|
|
|
|
Preferred stock dividends of subsidiary |
|
0.3 |
|
|
0.3 |
|
|
0.9 |
|
|
0.9 |
|
Net loss attributed to noncontrolling interests |
|
— |
|
|
0.3 |
|
|
— |
|
|
0.5 |
|
Net income attributed to common shareholders |
|
$ |
266.8 |
|
|
$ |
234.3 |
|
|
$ |
960.9 |
|
|
$ |
890.1 |
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.85 |
|
|
$ |
0.74 |
|
|
$ |
3.05 |
|
|
$ |
2.82 |
|
Diluted |
|
$ |
0.84 |
|
|
$ |
0.74 |
|
|
$ |
3.04 |
|
|
$ |
2.81 |
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
Basic |
|
315.4 |
|
315.4 |
|
315.4 |
|
315.4 |
Diluted |
|
316.5 |
|
316.8 |
|
316.6 |
|
316.7 |
The accompanying Notes to Condensed Consolidated Financial
Statements are an integral part of these financial
statements.
|
|
|
|
|
|
|
|
|
09/30/2020 Form 10-Q |
3
|
WEC Energy Group, Inc. |
WEC ENERGY GROUP, INC.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited) |
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30 |
|
September 30 |
(in millions) |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net income |
|
$ |
267.1 |
|
|
$ |
234.3 |
|
|
$ |
961.8 |
|
|
$ |
890.5 |
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss), net of tax |
|
|
|
|
|
|
|
|
Derivatives accounted for as cash flow hedges |
|
|
|
|
|
|
|
|
Net derivative losses, net of tax benefits of $0.0, $(0.2), $(1.6),
and $(1.5), respectively
|
|
— |
|
|
(0.3) |
|
|
(4.2) |
|
|
(3.8) |
|
Reclassification of net loss (gains) to net income, net of
tax |
|
0.9 |
|
|
(0.2) |
|
|
1.4 |
|
|
(0.8) |
|
Cash flow hedges, net |
|
0.9 |
|
|
(0.5) |
|
|
(2.8) |
|
|
(4.6) |
|
|
|
|
|
|
|
|
|
|
Defined benefit plans |
|
|
|
|
|
|
|
|
Amortization of pension and OPEB costs included in net periodic
benefit cost, net of tax |
|
— |
|
|
— |
|
|
0.5 |
|
|
0.1 |
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss), net of tax |
|
0.9 |
|
|
(0.5) |
|
|
(2.3) |
|
|
(4.5) |
|
|
|
|
|
|
|
|
|
|
Comprehensive income |
|
268.0 |
|
|
233.8 |
|
|
959.5 |
|
|
886.0 |
|
|
|
|
|
|
|
|
|
|
Preferred stock dividends of subsidiary |
|
0.3 |
|
|
0.3 |
|
|
0.9 |
|
|
0.9 |
|
Comprehensive loss attributed to noncontrolling
interests |
|
— |
|
|
0.3 |
|
|
— |
|
|
0.5 |
|
Comprehensive income attributed to common shareholders |
|
$ |
267.7 |
|
|
$ |
233.8 |
|
|
$ |
958.6 |
|
|
$ |
885.6 |
|
The accompanying Notes to Condensed Consolidated Financial
Statements are an integral part of these financial
statements.
|
|
|
|
|
|
|
|
|
09/30/2020 Form 10-Q |
4
|
WEC Energy Group, Inc. |
WEC ENERGY GROUP, INC.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in millions, except share and per share amounts)
|
|
September 30, 2020 |
|
December 31, 2019 |
Assets |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
|
$ |
13.1 |
|
|
$ |
37.5 |
|
Accounts receivable and unbilled revenues, net of reserves of
$173.3 and $140.0, respectively
|
|
911.8 |
|
|
1,176.5 |
|
Materials, supplies, and inventories |
|
573.4 |
|
|
549.8 |
|
|
|
|
|
|
Prepayments |
|
169.5 |
|
|
261.8 |
|
Other |
|
59.4 |
|
|
68.0 |
|
Current assets |
|
1,727.2 |
|
|
2,093.6 |
|
|
|
|
|
|
Long-term assets |
|
|
|
|
Property, plant, and equipment, net of accumulated depreciation and
amortization of $9,308.6 and $8,878.7, respectively
|
|
24,551.7 |
|
|
23,620.1 |
|
Regulatory assets |
|
3,462.2 |
|
|
3,506.7 |
|
Equity investment in transmission affiliates |
|
1,750.4 |
|
|
1,720.8 |
|
Goodwill |
|
3,052.8 |
|
|
3,052.8 |
|
Other |
|
877.7 |
|
|
957.8 |
|
Long-term assets |
|
33,694.8 |
|
|
32,858.2 |
|
Total assets |
|
$ |
35,422.0 |
|
|
$ |
34,951.8 |
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
Current liabilities |
|
|
|
|
Short-term debt |
|
$ |
771.0 |
|
|
$ |
830.8 |
|
Current portion of long-term debt |
|
596.2 |
|
|
693.2 |
|
Accounts payable |
|
751.3 |
|
|
908.1 |
|
Accrued payroll and benefits |
|
173.9 |
|
|
199.8 |
|
|
|
|
|
|
Other |
|
547.6 |
|
|
550.8 |
|
Current liabilities |
|
2,840.0 |
|
|
3,182.7 |
|
|
|
|
|
|
Long-term liabilities |
|
|
|
|
Long-term debt |
|
11,652.5 |
|
|
11,211.0 |
|
Deferred income taxes |
|
3,974.7 |
|
|
3,769.3 |
|
Deferred revenue, net |
|
417.8 |
|
|
497.1 |
|
Regulatory liabilities |
|
3,939.3 |
|
|
3,992.8 |
|
Environmental remediation liabilities |
|
589.4 |
|
|
589.2 |
|
Pension and OPEB obligations |
|
320.6 |
|
|
326.2 |
|
Other |
|
1,128.6 |
|
|
1,128.9 |
|
Long-term liabilities |
|
22,022.9 |
|
|
21,514.5 |
|
|
|
|
|
|
Commitments and contingencies (Note 22) |
|
|
|
|
|
|
|
|
|
Common shareholders' equity |
|
|
|
|
Common stock – $0.01 par value; 325,000,000 shares authorized;
315,434,531 shares outstanding
|
|
3.2 |
|
|
3.2 |
|
Additional paid in capital |
|
4,163.8 |
|
|
4,186.6 |
|
Retained earnings |
|
6,290.1 |
|
|
5,927.7 |
|
Accumulated other comprehensive loss |
|
(6.4) |
|
|
(4.1) |
|
Common shareholders' equity |
|
10,450.7 |
|
|
10,113.4 |
|
|
|
|
|
|
Preferred stock of subsidiary |
|
30.4 |
|
|
30.4 |
|
Noncontrolling interests |
|
78.0 |
|
|
110.8 |
|
Total liabilities and equity |
|
$ |
35,422.0 |
|
|
$ |
34,951.8 |
|
The accompanying Notes to Condensed Consolidated Financial
Statements are an integral part of these financial
statements.
|
|
|
|
|
|
|
|
|
09/30/2020 Form 10-Q |
5
|
WEC Energy Group, Inc. |
WEC ENERGY GROUP, INC.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) |
|
Nine Months Ended |
|
|
September 30 |
(in millions) |
|
2020 |
|
2019 |
Operating activities |
|
|
|
|
Net income |
|
$ |
961.8 |
|
|
$ |
890.5 |
|
Reconciliation to cash provided by operating activities |
|
|
|
|
Depreciation and amortization |
|
726.6 |
|
|
690.1 |
|
Deferred income taxes and investment tax credits, net |
|
152.5 |
|
|
58.8 |
|
Contributions and payments related to pension and OPEB
plans |
|
(10.1) |
|
|
(12.1) |
|
Equity income in transmission affiliates, net of
distributions |
|
(20.3) |
|
|
(17.8) |
|
Change in – |
|
|
|
|
Accounts receivable and unbilled revenues, net |
|
262.3 |
|
|
360.2 |
|
Materials, supplies, and inventories |
|
(23.6) |
|
|
(44.9) |
|
Prepayments |
|
92.3 |
|
|
90.7 |
|
Other current assets |
|
37.2 |
|
|
19.7 |
|
Accounts payable |
|
(178.9) |
|
|
(192.3) |
|
Other current liabilities |
|
(23.3) |
|
|
(1.8) |
|
Other, net |
|
(26.8) |
|
|
(0.4) |
|
Net cash provided by operating activities |
|
1,949.7 |
|
|
1,840.7 |
|
|
|
|
|
|
Investing activities |
|
|
|
|
Capital expenditures |
|
(1,618.7) |
|
|
(1,511.5) |
|
Acquisition of Upstream, net of cash and restricted cash acquired
of $9.2
|
|
— |
|
|
(268.2) |
|
Capital contributions to transmission affiliates |
|
(15.2) |
|
|
(37.3) |
|
Proceeds from the sale of assets and businesses |
|
9.8 |
|
|
32.2 |
|
Proceeds from the sale of investments held in rabbi
trust |
|
17.1 |
|
|
0.2 |
|
Reimbursement for ATC's construction costs |
|
— |
|
|
32.4 |
|
Insurance proceeds received for property damage |
|
22.2 |
|
|
— |
|
Proceeds from cash surrender value of life insurance |
|
8.3 |
|
|
9.2 |
|
Other, net |
|
13.4 |
|
|
8.5 |
|
Net cash used in investing activities |
|
(1,563.1) |
|
|
(1,734.5) |
|
|
|
|
|
|
Financing activities |
|
|
|
|
Exercise of stock options |
|
23.3 |
|
|
66.1 |
|
Purchase of common stock |
|
(56.7) |
|
|
(138.2) |
|
Dividends paid on common stock |
|
(598.5) |
|
|
(558.4) |
|
Issuance of long-term debt |
|
810.0 |
|
|
1,320.0 |
|
Retirement of long-term debt |
|
(482.6) |
|
|
(106.0) |
|
Issuance of short-term loan |
|
340.0 |
|
|
— |
|
Change in other short-term debt |
|
(399.8) |
|
|
(753.7) |
|
Purchase of additional ownership interest in Upstream from
noncontrolling interest |
|
(31.0) |
|
|
— |
|
Other, net |
|
(12.4) |
|
|
(15.5) |
|
Net cash used in financing activities |
|
(407.7) |
|
|
(185.7) |
|
|
|
|
|
|
Net change in cash, cash equivalents, and restricted
cash |
|
(21.1) |
|
|
(79.5) |
|
Cash, cash equivalents, and restricted cash at beginning of
period |
|
82.3 |
|
|
146.1 |
|
Cash, cash equivalents, and restricted cash at end of
period |
|
$ |
61.2 |
|
|
$ |
66.6 |
|
The accompanying Notes to Condensed Consolidated Financial
Statements are an integral part of these financial
statements.
|
|
|
|
|
|
|
|
|
09/30/2020 Form 10-Q |
6
|
WEC Energy Group, Inc. |
WEC ENERGY GROUP, INC.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEC Energy Group Common Shareholders' Equity |
|
|
|
|
|
|
(in millions, except per share amounts) |
|
Common Stock |
|
Additional Paid In Capital |
|
Retained Earnings |
|
Accumulated Other Comprehensive Loss |
|
Total Common Shareholders' Equity |
|
Preferred Stock of Subsidiary |
|
Non-controlling Interests |
|
Total Equity |
Balance at December 31, 2019 |
|
$ |
3.2 |
|
|
$ |
4,186.6 |
|
|
$ |
5,927.7 |
|
|
$ |
(4.1) |
|
|
$ |
10,113.4 |
|
|
$ |
30.4 |
|
|
$ |
110.8 |
|
|
$ |
10,254.6 |
|
Net income attributed to common shareholders
|
|
— |
|
|
— |
|
|
452.5 |
|
|
— |
|
|
452.5 |
|
|
— |
|
|
— |
|
|
452.5 |
|
Net loss attributed to noncontrolling interests
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.2) |
|
|
(0.2) |
|
Other comprehensive loss
|
|
— |
|
|
— |
|
|
— |
|
|
(3.0) |
|
|
(3.0) |
|
|
— |
|
|
— |
|
|
(3.0) |
|
Common stock dividends of $0.6325 per share
|
|
— |
|
|
— |
|
|
(199.5) |
|
|
— |
|
|
(199.5) |
|
|
— |
|
|
— |
|
|
(199.5) |
|
Exercise of stock options |
|
— |
|
|
16.0 |
|
|
— |
|
|
— |
|
|
16.0 |
|
|
— |
|
|
— |
|
|
16.0 |
|
Purchase of common stock |
|
— |
|
|
(40.4) |
|
|
— |
|
|
— |
|
|
(40.4) |
|
|
— |
|
|
— |
|
|
(40.4) |
|
Distributions to noncontrolling interests
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.5) |
|
|
(0.5) |
|
Stock-based compensation and other
|
|
— |
|
|
5.1 |
|
|
— |
|
|
— |
|
|
5.1 |
|
|
— |
|
|
— |
|
|
5.1 |
|
Balance at March 31, 2020 |
|
$ |
3.2 |
|
|
$ |
4,167.3 |
|
|
$ |
6,180.7 |
|
|
$ |
(7.1) |
|
|
$ |
10,344.1 |
|
|
$ |
30.4 |
|
|
$ |
110.1 |
|
|
$ |
10,484.6 |
|
Net income attributed to common shareholders
|
|
— |
|
|
— |
|
|
241.6 |
|
|
— |
|
|
241.6 |
|
|
— |
|
|
— |
|
|
241.6 |
|
Net income attributed to noncontrolling interests
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.2 |
|
|
0.2 |
|
Other comprehensive loss
|
|
— |
|
|
— |
|
|
— |
|
|
(0.2) |
|
|
(0.2) |
|
|
— |
|
|
— |
|
|
(0.2) |
|
Common stock dividends of $0.6325 per share
|
|
— |
|
|
— |
|
|
(199.5) |
|
|
— |
|
|
(199.5) |
|
|
— |
|
|
— |
|
|
(199.5) |
|
Exercise of stock options |
|
— |
|
|
4.3 |
|
|
— |
|
|
— |
|
|
4.3 |
|
|
— |
|
|
— |
|
|
4.3 |
|
Purchase of common stock |
|
— |
|
|
(9.9) |
|
|
— |
|
|
— |
|
|
(9.9) |
|
|
— |
|
|
— |
|
|
(9.9) |
|
Purchase of additional ownership interest in Upstream from
noncontrolling interest
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(31.0) |
|
|
(31.0) |
|
Distributions to noncontrolling interests
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.7) |
|
|
(0.7) |
|
Stock-based compensation and other
|
|
— |
|
|
3.3 |
|
|
— |
|
|
— |
|
|
3.3 |
|
|
— |
|
|
— |
|
|
3.3 |
|
Balance at June 30, 2020 |
|
$ |
3.2 |
|
|
$ |
4,165.0 |
|
|
$ |
6,222.8 |
|
|
$ |
(7.3) |
|
|
$ |
10,383.7 |
|
|
$ |
30.4 |
|
|
$ |
78.6 |
|
|
$ |
10,492.7 |
|
Net income attributed to common shareholders
|
|
— |
|
|
— |
|
|
266.8 |
|
|
— |
|
|
266.8 |
|
|
— |
|
|
— |
|
|
266.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income |
|
— |
|
|
— |
|
|
— |
|
|
0.9 |
|
|
0.9 |
|
|
— |
|
|
— |
|
|
0.9 |
|
Common stock dividends of $0.6325 per share
|
|
— |
|
|
— |
|
|
(199.5) |
|
|
— |
|
|
(199.5) |
|
|
— |
|
|
— |
|
|
(199.5) |
|
Exercise of stock options |
|
— |
|
|
3.0 |
|
|
— |
|
|
— |
|
|
3.0 |
|
|
— |
|
|
— |
|
|
3.0 |
|
Purchase of common stock |
|
— |
|
|
(6.4) |
|
|
— |
|
|
— |
|
|
(6.4) |
|
|
— |
|
|
— |
|
|
(6.4) |
|
Distributions to noncontrolling interests
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.6) |
|
|
(0.6) |
|
Stock-based compensation and other
|
|
— |
|
|
2.2 |
|
|
— |
|
|
— |
|
|
2.2 |
|
|
— |
|
|
— |
|
|
2.2 |
|
Balance at September 30, 2020 |
|
$ |
3.2 |
|
|
$ |
4,163.8 |
|
|
$ |
6,290.1 |
|
|
$ |
(6.4) |
|
|
$ |
10,450.7 |
|
|
$ |
30.4 |
|
|
$ |
78.0 |
|
|
$ |
10,559.1 |
|
|
|
|
|
|
|
|
|
|
09/30/2020 Form 10-Q |
7
|
WEC Energy Group, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEC Energy Group Common Shareholders' Equity |
|
|
|
|
|
|
(in millions, except per share amounts) |
|
Common Stock |
|
Additional Paid In Capital |
|
Retained Earnings |
|
Accumulated Other Comprehensive Loss |
|
Total Common Shareholders' Equity |
|
Preferred Stock of Subsidiary |
|
Non-controlling Interests |
|
Total Equity |
Balance at December 31, 2018 |
|
$ |
3.2 |
|
|
$ |
4,250.1 |
|
|
$ |
5,538.2 |
|
|
$ |
(2.6) |
|
|
$ |
9,788.9 |
|
|
$ |
30.4 |
|
|
$ |
23.4 |
|
|
$ |
9,842.7 |
|
Net income attributed to common shareholders
|
|
— |
|
|
— |
|
|
420.1 |
|
|
— |
|
|
420.1 |
|
|
— |
|
|
— |
|
|
420.1 |
|
Other comprehensive loss
|
|
— |
|
|
— |
|
|
— |
|
|
(1.4) |
|
|
(1.4) |
|
|
— |
|
|
— |
|
|
(1.4) |
|
Common stock dividends of $0.59 per share
|
|
— |
|
|
— |
|
|
(186.2) |
|
|
— |
|
|
(186.2) |
|
|
— |
|
|
— |
|
|
(186.2) |
|
Exercise of stock options |
|
— |
|
|
32.6 |
|
|
— |
|
|
— |
|
|
32.6 |
|
|
— |
|
|
— |
|
|
32.6 |
|
Purchase of common stock |
|
— |
|
|
(70.7) |
|
|
— |
|
|
— |
|
|
(70.7) |
|
|
— |
|
|
— |
|
|
(70.7) |
|
Acquisition of a noncontrolling interest
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
69.0 |
|
|
69.0 |
|
Capital contributions from noncontrolling interest
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4.8 |
|
|
4.8 |
|
Stock-based compensation and other
|
|
— |
|
|
1.2 |
|
|
— |
|
|
— |
|
|
1.2 |
|
|
— |
|
|
— |
|
|
1.2 |
|
Balance at March 31, 2019 |
|
$ |
3.2 |
|
|
$ |
4,213.2 |
|
|
$ |
5,772.1 |
|
|
$ |
(4.0) |
|
|
$ |
9,984.5 |
|
|
$ |
30.4 |
|
|
$ |
97.2 |
|
|
$ |
10,112.1 |
|
Net income attributed to common shareholders
|
|
— |
|
|
— |
|
|
235.7 |
|
|
— |
|
|
235.7 |
|
|
— |
|
|
— |
|
|
235.7 |
|
Net loss attributed to noncontrolling interests
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.2) |
|
|
(0.2) |
|
Other comprehensive loss
|
|
— |
|
|
— |
|
|
— |
|
|
(2.6) |
|
|
(2.6) |
|
|
— |
|
|
— |
|
|
(2.6) |
|
Common stock dividends of $0.59 per share
|
|
— |
|
|
— |
|
|
(186.1) |
|
|
— |
|
|
(186.1) |
|
|
— |
|
|
— |
|
|
(186.1) |
|
Exercise of stock options |
|
— |
|
|
17.5 |
|
|
— |
|
|
— |
|
|
17.5 |
|
|
— |
|
|
— |
|
|
17.5 |
|
Purchase of common stock |
|
— |
|
|
(35.6) |
|
|
— |
|
|
— |
|
|
(35.6) |
|
|
— |
|
|
— |
|
|
(35.6) |
|
Capital contributions from noncontrolling interest
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
5.5 |
|
|
5.5 |
|
Distributions to noncontrolling interests
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.9) |
|
|
(0.9) |
|
Stock-based compensation and other
|
|
— |
|
|
2.8 |
|
|
— |
|
|
— |
|
|
2.8 |
|
|
— |
|
|
0.1 |
|
|
2.9 |
|
Balance at June 30, 2019 |
|
$ |
3.2 |
|
|
$ |
4,197.9 |
|
|
$ |
5,821.7 |
|
|
$ |
(6.6) |
|
|
$ |
10,016.2 |
|
|
$ |
30.4 |
|
|
$ |
101.7 |
|
|
$ |
10,148.3 |
|
Net income attributed to common shareholders
|
|
— |
|
|
— |
|
|
234.3 |
|
|
— |
|
|
234.3 |
|
|
— |
|
|
— |
|
|
234.3 |
|
Net loss attributed to noncontrolling interests
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.3) |
|
|
(0.3) |
|
Other comprehensive loss
|
|
— |
|
|
— |
|
|
— |
|
|
(0.5) |
|
|
(0.5) |
|
|
— |
|
|
— |
|
|
(0.5) |
|
Common stock dividends of $0.59 per share
|
|
— |
|
|
— |
|
|
(186.1) |
|
|
— |
|
|
(186.1) |
|
|
— |
|
|
— |
|
|
(186.1) |
|
Exercise of stock options |
|
— |
|
|
16.0 |
|
|
— |
|
|
— |
|
|
16.0 |
|
|
— |
|
|
— |
|
|
16.0 |
|
Purchase of common stock |
|
— |
|
|
(31.9) |
|
|
— |
|
|
— |
|
|
(31.9) |
|
|
— |
|
|
— |
|
|
(31.9) |
|
Capital contributions from noncontrolling interest
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4.3 |
|
|
4.3 |
|
Distributions to noncontrolling interests
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.6) |
|
|
(0.6) |
|
Stock-based compensation and other
|
|
— |
|
|
3.0 |
|
|
— |
|
|
— |
|
|
3.0 |
|
|
— |
|
|
(0.1) |
|
|
2.9 |
|
Balance at September 30, 2019 |
|
$ |
3.2 |
|
|
$ |
4,185.0 |
|
|
$ |
5,869.9 |
|
|
$ |
(7.1) |
|
|
$ |
10,051.0 |
|
|
$ |
30.4 |
|
|
$ |
105.0 |
|
|
$ |
10,186.4 |
|
The accompanying Notes to Condensed Consolidated Financial
Statements are an integral part of these financial
statements.
|
|
|
|
|
|
|
|
|
09/30/2020 Form 10-Q |
8
|
WEC Energy Group, Inc. |
WEC ENERGY GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
September 30, 2020
NOTE 1—GENERAL INFORMATION
WEC Energy Group serves approximately 1.6 million electric
customers and 2.9 million natural gas customers, owns approximately
60% of ATC, and owns majority interests in multiple wind generating
facilities as part of its non-utility energy infrastructure
business.
As used in these notes, the term "financial statements" refers to
the condensed consolidated financial statements. This includes the
income statements, statements of comprehensive income, balance
sheets, statements of cash flows, and statements of equity, unless
otherwise noted. In this report, when we refer to "the Company,"
"us," "we," "our," or "ours," we are referring to WEC Energy Group
and all of its subsidiaries.
On our financial statements, we consolidate our majority-owned
subsidiaries and reflect noncontrolling interests for the portion
of entities that we do not own as a component of consolidated
equity separate from the equity attributable to our shareholders.
The noncontrolling interests that we reported as equity on our
balance sheets related to the minority interests at Bishop Hill
III, Coyote Ridge, and Upstream held by third parties.
See Note 2, Acquisitions, for more information on
Upstream.
We use the equity method to account for investments in companies we
do not control but over which we exercise significant influence
regarding their operating and financial policies. As a result of
our limited voting rights, we account for ATC and ATC Holdco as
equity method investments. See Note 19, Investment in
Transmission Affiliates, for more information.
We have prepared the unaudited interim financial statements
presented in this Form 10-Q pursuant to the rules and
regulations of the SEC and GAAP. Accordingly, these financial
statements do not include all of the information and footnotes
required by GAAP for annual financial statements. These financial
statements should be read in conjunction with the consolidated
financial statements and footnotes in our Annual Report on
Form 10-K for the year ended December 31, 2019. Financial
results for an interim period may not give a true indication of
results for the year. In particular, the results of operations for
the three and nine months ended September 30, 2020, are not
necessarily indicative of expected results for 2020 due to seasonal
variations and other factors, including any continuing financial
impacts from the COVID-19 pandemic.
In management's opinion, we have included all adjustments, normal
and recurring in nature, necessary for a fair presentation of our
financial results.
NOTE 2—ACQUISITIONS
On January 1, 2018, we adopted ASU 2017-01, Business Combinations
(Topic 805): Clarifying the Definition of a Business
(ASU 2017-01). The amendments in this update clarify the
definition of a business and provide guidance on evaluating whether
transactions should be accounted for as acquisitions (or disposals)
of assets or businesses. ASU 2017-01 also clarifies that
transaction costs are capitalized in an asset acquisition but
expensed in a business combination.
Acquisition of a Wind Energy Generation Facility in South
Dakota
In July 2020, WECI signed an agreement to acquire an 85% ownership
interest in Tatanka Ridge, a 155 MW wind generating facility under
construction in Deuel County, South Dakota. We expect WECI's total
investment to be approximately $235 million. Tatanka Ridge has
long-term offtake agreements for all the energy produced with an
affiliate of an investment grade multinational company and a
well-established electric cooperative that serves utilities in
multiple states. Under the Tax Legislation, WECI's investment in
Tatanka Ridge is expected to qualify for production tax credits.
The transaction was approved by FERC in October 2020 and is
expected to close during the fourth quarter of 2020, with
commercial operation expected to begin by early 2021. WECI will
provide guarantees for certain construction obligations during the
period between closing and commercial operation. Tatanka Ridge will
be included in the non-utility energy infrastructure
segment.
|
|
|
|
|
|
|
|
|
09/30/2020 Form 10-Q |
9
|
WEC Energy Group, Inc. |
Acquisition of Wind Generation Facilities in Nebraska
In August 2019, WECI signed an agreement to acquire an 80%
ownership interest in Thunderhead, a 300 MW wind generating
facility under construction in Antelope and Wheeler counties in
Nebraska, for a total investment of approximately $338 million. In
February 2020, WECI agreed to acquire an additional 10% ownership
interest in Thunderhead for $43 million. The project has an offtake
agreement with an unaffiliated third party for all of the energy to
be produced by the facility for 12 years. Under the Tax
Legislation, WECI's investment in Thunderhead is expected to
qualify for production tax credits . The transaction was approved
by FERC in April 2020, and commercial operation was initially
expected to begin by the end of 2020. However, due to a court
ruling suspending a key permit and the subsequent decision by the
local utility to suspend construction of the required substation,
the commercial operation of Thunderhead could be delayed until as
late as the summer of 2021. The transaction is expected to close
upon commercial operation. Thunderhead will be included in the
non-utility energy infrastructure segment.
In January 2019, WECI completed the acquisition of an 80% ownership
interest in Upstream, a commercially operational 202.5 MW wind
generating facility, for $268.2 million, which included transaction
costs and is net of cash and restricted cash acquired of
$9.2 million. In April 2020, WECI completed the
acquisition of an additional 10% ownership interest in Upstream for
approximately $31.0 million. Upstream is located in Antelope
County, Nebraska and supplies energy to the Southwest Power Pool.
Upstream's revenue will be substantially fixed over 10 years
through an agreement with an unaffiliated third party. Under the
Tax Legislation, WECI's investment in Upstream qualifies for
production tax credits. Upstream is included in the non-utility
energy infrastructure segment.
The table below shows the allocation of the purchase price to the
assets acquired and liabilities assumed at the date of the
acquisition of the initial 80% ownership interest in
Upstream.
|
|
|
|
|
|
|
|
|
(in millions) |
|
|
Current assets |
|
$ |
0.4 |
|
Net property, plant, and equipment |
|
341.6 |
|
Other long-term assets |
|
14.8 |
|
Current liabilities |
|
(4.6) |
|
Long-term liabilities |
|
(15.0) |
|
Noncontrolling interest |
|
(69.0) |
|
Total purchase price |
|
$ |
268.2 |
|
Acquisition of a Wind Energy Generation Facility in
Illinois
In January 2020, WECI signed an agreement to acquire an 80%
ownership interest in Blooming Grove, a 250 MW wind generating
facility under construction in McLean County, Illinois, for a total
investment of approximately $345 million. In February 2020, WECI
agreed to acquire an additional 10% ownership interest in Blooming
Grove for $44 million. Blooming Grove has long-term offtake
agreements for all the energy produced with affiliates of two
investment grade multinational companies. Under the Tax
Legislation, WECI's investment in Blooming Grove is expected to
qualify for production tax credits. The transaction was approved by
FERC in October 2020 and commercial operation is expected to begin
by the end of 2020, at which time the transaction is expected to
close. Blooming Grove will be included in the non-utility energy
infrastructure segment.
NOTE 3—DISPOSITION
Corporate and Other Segment – Sale of Certain WPS Power
Development, LLC Solar Power Generation Facilities
In June 2019, we sold three solar power generation facilities owned
by PDL for $20.0 million. These solar facilities were located in
Massachusetts. During the second quarter of 2019, we recorded an
after-tax gain on the sale of $4.9 million primarily related to the
recognition of deferred investment tax credits, which were included
as a reduction of income tax expense on our income statements. The
assets included in the sale were not material and, therefore, were
not presented as held for sale. The results of operations of these
facilities remained in continuing operations through the sale date
as the sale did not represent a shift in our corporate strategy and
did not have a major effect on our operations and financial
results.
|
|
|
|
|
|
|
|
|
09/30/2020 Form 10-Q |
10
|
WEC Energy Group, Inc. |
NOTE 4—OPERATING REVENUES
For more information about our operating revenues, see Note 1(d),
Operating Revenues, in our 2019 Annual Report on Form
10-K.
Disaggregation of Operating Revenues
The following tables present our operating revenues disaggregated
by revenue source. We do not have any revenues associated with our
electric transmission segment, which includes investments accounted
for using the equity method. We disaggregate revenues into
categories that depict how the nature, amount, timing, and
uncertainty of revenues and cash flows are affected by economic
factors. For our segments, revenues are further disaggregated by
electric and natural gas operations and then by customer class.
Each customer class within our electric and natural gas operations
have different expectations of service, energy and demand
requirements, and can be impacted differently by regulatory
activities within their jurisdictions.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
Wisconsin |
|
Illinois |
|
Other States |
|
Total Utility
Operations |
|
Non-Utility Energy Infrastructure |
|
Corporate
and Other |
|
Reconciling
Eliminations |
|
WEC Energy Group Consolidated |
Three Months Ended September 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric |
|
$ |
1,212.9 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,212.9 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,212.9 |
|
Natural gas |
|
150.5 |
|
|
213.4 |
|
|
43.1 |
|
|
407.0 |
|
|
9.1 |
|
|
— |
|
|
(8.3) |
|
|
407.8 |
|
Total regulated revenues |
|
1,363.4 |
|
|
213.4 |
|
|
43.1 |
|
|
1,619.9 |
|
|
9.1 |
|
|
— |
|
|
(8.3) |
|
|
1,620.7 |
|
Other non-utility revenues |
|
— |
|
|
0.1 |
|
|
4.2 |
|
|
4.3 |
|
|
14.7 |
|
|
0.5 |
|
|
(1.6) |
|
|
17.9 |
|
Total revenues from contracts with customers |
|
1,363.4 |
|
|
213.5 |
|
|
47.3 |
|
|
1,624.2 |
|
|
23.8 |
|
|
0.5 |
|
|
(9.9) |
|
|
1,638.6 |
|
Other operating revenues |
|
2.9 |
|
|
8.4 |
|
|
1.0 |
|
|
12.3 |
|
|
99.7 |
|
|
0.1 |
|
|
(99.7) |
|
|
12.4 |
|
Total operating revenues |
|
$ |
1,366.3 |
|
|
$ |
221.9 |
|
|
$ |
48.3 |
|
|
$ |
1,636.5 |
|
|
$ |
123.5 |
|
|
$ |
0.6 |
|
|
$ |
(109.6) |
|
|
$ |
1,651.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
Wisconsin |
|
Illinois |
|
Other States |
|
Total Utility
Operations |
|
Non-Utility Energy Infrastructure |
|
Corporate
and Other |
|
Reconciling
Eliminations |
|
WEC Energy Group Consolidated |
Three Months Ended September 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric |
|
$ |
1,185.4 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,185.4 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,185.4 |
|
Natural gas |
|
151.1 |
|
|
190.0 |
|
|
43.8 |
|
|
384.9 |
|
|
8.9 |
|
|
— |
|
|
(8.4) |
|
|
385.4 |
|
Total regulated revenues |
|
1,336.5 |
|
|
190.0 |
|
|
43.8 |
|
|
1,570.3 |
|
|
8.9 |
|
|
— |
|
|
(8.4) |
|
|
1,570.8 |
|
Other non-utility revenues |
|
— |
|
|
— |
|
|
4.2 |
|
|
4.2 |
|
|
12.0 |
|
|
1.3 |
|
|
(0.7) |
|
|
16.8 |
|
Total revenues from contracts with customers |
|
1,336.5 |
|
|
190.0 |
|
|
48.0 |
|
|
1,574.5 |
|
|
20.9 |
|
|
1.3 |
|
|
(9.1) |
|
|
1,587.6 |
|
Other operating revenues |
|
2.8 |
|
|
8.0 |
|
|
0.9 |
|
|
11.7 |
|
|
98.5 |
|
|
— |
|
|
(89.8) |
|
|
20.4 |
|
Total operating revenues |
|
$ |
1,339.3 |
|
|
$ |
198.0 |
|
|
$ |
48.9 |
|
|
$ |
1,586.2 |
|
|
$ |
119.4 |
|
|
$ |
1.3 |
|
|
$ |
(98.9) |
|
|
$ |
1,608.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
Wisconsin |
|
Illinois |
|
Other States |
|
Total Utility Operations |
|
Non-Utility Energy Infrastructure |
|
Corporate and Other |
|
Reconciling Eliminations |
|
WEC Energy Group Consolidated |
Nine Months Ended September 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric |
|
$ |
3,247.1 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,247.1 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,247.1 |
|
Natural gas |
|
817.2 |
|
|
901.5 |
|
|
245.3 |
|
|
1,964.0 |
|
|
32.3 |
|
|
— |
|
|
(30.6) |
|
|
1,965.7 |
|
Total regulated revenues |
|
4,064.3 |
|
|
901.5 |
|
|
245.3 |
|
|
5,211.1 |
|
|
32.3 |
|
|
— |
|
|
(30.6) |
|
|
5,212.8 |
|
Other non-utility revenues |
|
— |
|
|
0.1 |
|
|
12.8 |
|
|
12.9 |
|
|
48.2 |
|
|
1.7 |
|
|
(7.1) |
|
|
55.7 |
|
Total revenues from contracts with customers |
|
4,064.3 |
|
|
901.6 |
|
|
258.1 |
|
|
5,224.0 |
|
|
80.5 |
|
|
1.7 |
|
|
(37.7) |
|
|
5,268.5 |
|
Other operating revenues |
|
7.1 |
|
|
29.1 |
|
|
3.3 |
|
|
39.5 |
|
|
297.9 |
|
|
0.3 |
|
|
(297.9) |
|
|
39.8 |
|
Total operating revenues |
|
$ |
4,071.4 |
|
|
$ |
930.7 |
|
|
$ |
261.4 |
|
|
$ |
5,263.5 |
|
|
$ |
378.4 |
|
|
$ |
2.0 |
|
|
$ |
(335.6) |
|
|
$ |
5,308.3 |
|
|
|
|
|
|
|
|
|
|
09/30/2020 Form 10-Q |
11
|
WEC Energy Group, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
Wisconsin |
|
Illinois |
|
Other States |
|
Total Utility Operations |
|
Non-Utility Energy Infrastructure |
|
Corporate and Other |
|
Reconciling Eliminations |
|
WEC Energy Group Consolidated |
Nine Months Ended September 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric |
|
$ |
3,269.1 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,269.1 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,269.1 |
|
Natural gas |
|
943.3 |
|
|
967.4 |
|
|
293.0 |
|
|
2,203.7 |
|
|
35.1 |
|
|
— |
|
|
(32.2) |
|
|
2,206.6 |
|
Total regulated revenues |
|
4,212.4 |
|
|
967.4 |
|
|
293.0 |
|
|
5,472.8 |
|
|
35.1 |
|
|
— |
|
|
(32.2) |
|
|
5,475.7 |
|
Other non-utility revenues |
|
— |
|
|
0.1 |
|
|
12.5 |
|
|
12.6 |
|
|
40.6 |
|
|
3.6 |
|
|
(4.5) |
|
|
52.3 |
|
Total revenues from contracts with customers |
|
4,212.4 |
|
|
967.5 |
|
|
305.5 |
|
|
5,485.4 |
|
|
75.7 |
|
|
3.6 |
|
|
(36.7) |
|
|
5,528.0 |
|
Other operating revenues |
|
13.6 |
|
|
9.9 |
|
|
(2.6) |
|
|
20.9 |
|
|
294.8 |
|
|
0.3 |
|
|
(268.4) |
|
|
47.6 |
|
Total operating revenues |
|
$ |
4,226.0 |
|
|
$ |
977.4 |
|
|
$ |
302.9 |
|
|
$ |
5,506.3 |
|
|
$ |
370.5 |
|
|
$ |
3.9 |
|
|
$ |
(305.1) |
|
|
$ |
5,575.6 |
|
Revenues from Contracts with Customers
Electric Utility Operating Revenues
The following table disaggregates electric utility operating
revenues into customer class:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric Utility Operating Revenues |
|
|
Three Months Ended September 30 |
|
Nine Months Ended September 30 |
(in millions) |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Residential |
|
$ |
500.8 |
|
|
$ |
454.7 |
|
|
$ |
1,324.4 |
|
|
$ |
1,218.1 |
|
Small commercial and industrial |
|
373.6 |
|
|
385.6 |
|
|
1,004.3 |
|
|
1,050.8 |
|
Large commercial and industrial |
|
244.0 |
|
|
237.9 |
|
|
626.4 |
|
|
668.0 |
|
Other |
|
6.9 |
|
|
6.9 |
|
|
21.1 |
|
|
22.0 |
|
Total retail revenues |
|
1,125.3 |
|
|
1,085.1 |
|
|
2,976.2 |
|
|
2,958.9 |
|
Wholesale |
|
46.5 |
|
|
53.1 |
|
|
129.9 |
|
|
145.4 |
|
Resale |
|
33.7 |
|
|
29.5 |
|
|
107.3 |
|
|
119.7 |
|
Steam |
|
2.5 |
|
|
2.4 |
|
|
15.0 |
|
|
16.8 |
|
Other utility revenues |
|
4.9 |
|
|
15.3 |
|
|
18.7 |
|
|
28.3 |
|
Total electric utility operating revenues |
|
$ |
1,212.9 |
|
|
$ |
1,185.4 |
|
|
$ |
3,247.1 |
|
|
$ |
3,269.1 |
|
Natural Gas Utility Operating Revenues
The following tables disaggregate natural gas utility operating
revenues into customer class:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
Wisconsin |
|
Illinois |
|
Other States |
|
Total Natural Gas Utility Operating Revenues |
Three Months Ended September 30, 2020 |
|
|
|
|
|
|
|
|
Residential |
|
$ |
74.6 |
|
|
$ |
128.6 |
|
|
$ |
18.8 |
|
|
$ |
222.0 |
|
Commercial and industrial |
|
28.3 |
|
|
28.6 |
|
|
10.2 |
|
|
67.1 |
|
Total retail revenues |
|
102.9 |
|
|
157.2 |
|
|
29.0 |
|
|
289.1 |
|
Transport |
|
15.7 |
|
|
40.0 |
|
|
5.3 |
|
|
61.0 |
|
Other utility revenues
(1)
|
|
31.9 |
|
|
16.2 |
|
|
8.8 |
|
|
56.9 |
|
Total natural gas utility operating revenues |
|
$ |
150.5 |
|
|
$ |
213.4 |
|
|
$ |
43.1 |
|
|
$ |
407.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09/30/2020 Form 10-Q |
12
|
WEC Energy Group, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
Wisconsin |
|
Illinois |
|
Other States |
|
Total Natural Gas Utility Operating Revenues |
Three Months Ended September 30, 2019 |
|
|
|
|
|
|
|
|
Residential |
|
$ |
69.3 |
|
|
$ |
117.6 |
|
|
$ |
22.5 |
|
|
$ |
209.4 |
|
Commercial and industrial |
|
30.0 |
|
|
29.3 |
|
|
11.5 |
|
|
70.8 |
|
Total retail revenues |
|
99.3 |
|
|
146.9 |
|
|
34.0 |
|
|
280.2 |
|
Transport |
|
14.4 |
|
|
44.3 |
|
|
5.6 |
|
|
64.3 |
|
Other utility revenues
(1)
|
|
37.4 |
|
|
(1.2) |
|
|
4.2 |
|
|
40.4 |
|
Total natural gas utility operating revenues |
|
$ |
151.1 |
|
|
$ |
190.0 |
|
|
$ |
43.8 |
|
|
$ |
384.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
Wisconsin |
|
Illinois |
|
Other States |
|
Total Natural Gas Utility Operating Revenues |
Nine Months Ended September 30, 2020 |
|
|
|
|
|
|
|
|
Residential |
|
$ |
513.5 |
|
|
$ |
568.9 |
|
|
$ |
154.1 |
|
|
$ |
1,236.5 |
|
Commercial and industrial |
|
226.6 |
|
|
156.5 |
|
|
78.5 |
|
|
461.6 |
|
Total retail revenues |
|
740.1 |
|
|
725.4 |
|
|
232.6 |
|
|
1,698.1 |
|
Transport |
|
56.8 |
|
|
159.0 |
|
|
22.8 |
|
|
238.6 |
|