We Energies

What We Energies does

We Energies is the trade name of Wisconsin Electric Power Company and Wisconsin Gas LLC, a regulated utility subsidiary of WEC Energy Group (NYSE: WEC) founded in 1896 and headquartered in Milwaukee. The company delivers electricity to more than 1.1 million customers, natural gas to more than 1.1 million customers across Wisconsin and Upper Michigan, and steam (district energy) to downtown Milwaukee customers. Generation is operated under an "all of the above" strategy that combines fossil-fuel plants (notably the Oak Creek Power Plant with extended-life units 7 and 8), a planned 1,100 MW natural gas facility, solar projects including the 250 MW Darien Solar Energy Center and Wisconsin's largest Badger Hollow Solar Park, and Wisconsin's first large-scale battery storage installation at the Paris Solar-Battery Park.

The company's business model is built on regulated rate recovery administered by the Public Service Commission of Wisconsin, with all customer rates, capital programs, and special tariffs subject to PSC approval. We Energies operates exclusively within assigned franchise territories and supplements regulated revenue with energy-efficiency programs, renewable energy purchase options, smart-thermostat incentives, EV services, and digital platforms (mobile app, Energy Information System web portal, real-time outage management). In 2024 the company secured a $2.5 billion DOE loan to support a $19.3 billion five-year capital plan targeting nearly 3 gigawatts of new generation capacity, driven largely by hyperscale data center demand from Microsoft, Oracle/OpenAI, Meta, and Vantage Data Centers.

The customer base is bifurcated: a stable, geographically dispersed residential and commercial book of more than 2.2 million connections, and a rapidly emerging hyperscale data center segment that could roughly double total energy demand by 2030. Data center customers are served under a first-of-its-kind PSC-approved tariff requiring 100% infrastructure cost coverage, 15-year minimum contracts, and a lowered 100 MW eligibility threshold, with data centers projected to contribute nearly $1.9 billion toward infrastructure costs under the Customer Protection Plan. WEC Energy Group leadership transitioned in 2025 with CEO Scott Lauber assuming the chairman role following Gale Klappa's retirement, marking the first such leadership change in the parent's 125-year history.

Name

We Energies

Legal name

We Energies

Website

https://we-energies.com

Company type

Private

Founded year

1896

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

We Energies, a regulated subsidiary of WEC Energy Group, delivers electricity, natural gas, and steam to over 2.2 million customers in Wisconsin and Upper Michigan. It is committing $19.3 billion over five years to add roughly 3 GW of new generation, primarily to serve hyperscale data center demand.

Ownership category

akta.pro rank

Product category

Regulated Electric and Natural Gas Utility

NAICS

Electric Power Generation, Transmission and Distribution (2211), Fossil Fuel Electric Power Generation (221112), Biomass Electric Power Generation (221117), Steam and Air-Conditioning Supply (22133)

SIC

Electric Services (4911), Natural Gas Transmisison & Distribution (4923), Electric, Gas & Sanitary Services (4900), Steam & Air-Conditioning Supply (4961)

akta.pro primary industry

Regulated Natural Gas Utility (LDC) Customer Acquisition & Switching (EUAAADAA)

Keywords

• Electric utility services
• Natural gas distribution
• District energy
• Renewable energy generation
• Regulated utility

Headquarters

HQ city

Milwaukee

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Operations, Supply Chain, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Electricity distribution: Regulated electricity distribution services to 1.1 million electric customers in Wisconsin. Revenue is approved through rate cases filed with the Public Service Commission of Wisconsin.
2. Natural gas distribution: Natural gas distribution services to 1.1 million natural gas customers in Wisconsin and Upper Michigan.
3. Steam service: Steam distribution to customers in downtown Milwaukee (district energy).
4. LNG peak shaving services: LNG storage and peak shaving facility providing supply reliability during peak energy demand in southeastern Wisconsin.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

We Energies is a regulated utility that generates, transmits, and distributes electricity, natural gas, and district steam to customers in Wisconsin and Upper Michigan. The company serves more than 1.1 million electric customers and 1.1 million natural gas customers, and operates a district energy (steam) system in downtown Milwaukee. It supports residential, commercial/industrial, and hyperscale data center customers through regulated rate structures and complementary programs for energy efficiency, renewable energy, and electric vehicles.

Product overview

We Energies is a utility company offering a multi-service energy platform. The core products include electricity distribution (serving 1.1 million+ electric customers), natural gas delivery (1.1 million+ gas customers), and district steam service for downtown Milwaukee. The company operates various complementary service platforms including the Energy Information System for commercial customers, an Outage Management System with real-time tracking, and a mobile application. Add-on programs include Smart Thermostat Rewards, renewable energy purchase options, energy efficiency rebates, and electric vehicle services. The portfolio is unified under a single utility platform with customer-facing digital tools for account management, energy monitoring, and bill payment, though each service can be subscribed to independently through the company's service programs.

Differentiator

Problem solved

Functional benefit

Products and services

• Electricity Services Regulated electric generation, transmission, and distribution service providing grid power to more than 1.1 million electric customers across Wisconsin. Includes outage management and grid reliability investments for residential, commercial, industrial, and hyperscale data center customers.
• Natural Gas Services

Quantifiable outcome

• ReliabilityOne® Award for outstanding reliability performance in the Upper Midwest (2025)
• +2 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

13 partnerships are on record, tiered core and minor.

• InvenergycoreStrategic or Co-development Partner · 12 March 2026We Energies and other utilities approved to acquire the Dawn Harvest Solar and Battery Energy Storage Facility in Rock County from developer Invenergy for approximately $443 million.
• CB&IminorImplementation/ SI/ Consulting Partner · 13 January 2026CB&I awarded contract by We Energies to design and build a full-containment 2.0 BCF LNG storage tank for a peak shaving facility in Oak Creek, Wisconsin.
• Vantage Data CenterscoreStrategic or Co-development Partner · 7 January 2026Vantage Data Centers is developing a $15 billion hyperscale data center campus in Port Washington, Wisconsin. We Energies is providing electricity infrastructure and special rate arrangements to serve this major data center development.
• EatonminorStrategic or Co-development Partner · 24 July 2025Eaton adding a 4-megawatt solar project in Wisconsin in partnership with We Energies to power regional manufacturing with resilient, sustainable and affordable energy.
• Molson CoorsminorStrategic or Co-development Partner · 5 March 2024Molson Coors became the first company to join We Energies' solar program, partnering on clean energy sourcing for their Milwaukee operations.
• FoxconnminorStrategic or Co-development Partner · 9 March 2023We Energies and Foxconn announced a clean energy project partnership in Wisconsin as part of Foxconn's manufacturing operations.
• OraclecoreStrategic or Co-development PartnerOracle is a tenant in the Vantage Data Centers Port Washington campus (Lighthouse project), with a $15 billion investment. We Energies provides power and has petitioned for modified financial protection requirements for this large customer.
• OpenAIcoreStrategic or Co-development PartnerOpenAI is a tenant in the Vantage Data Centers Port Washington campus as part of the Trump administration's $500 billion Stargate partnership with Oracle.
• MicrosoftcoreStrategic or Co-development PartnerMicrosoft has invested $20 billion in data centers in Wisconsin including Mount Pleasant campuses. We Energies signed agreement to bring 1.2 gigawatts of carbon-free energy projects online for Microsoft by December 2028.
• MetacoreStrategic or Co-development PartnerMeta is developing a $1 billion+ data center campus in Beaver Dam, Wisconsin, with special rate arrangements through Alliant Energy subject to PSC approval.
• Milwaukee Metropolitan Sewerage District (MMSD)minorStrategic or Co-development PartnerCollaboration on Dredged Material Management Facility in Milwaukee's inner harbor as part of EPA Area of Concern remediation efforts.
• Madison Gas and Electric (MGE)coreStrategic or Co-development PartnerMGE co-owns renewable energy projects with We Energies, including the Dawn Harvest Solar and Battery project and Badger Hollow Solar Park.
• Cloverleaf InfrastructureminorStrategic or Co-development PartnerCloverleaf Infrastructure joined We Energies and Vantage Data Centers in petitioning Wisconsin state regulators to loosen financial backing requirements for large data center customers.

Scale indicators10 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Wisconsin Public Service (WPS): Sister operating subsidiary under WEC Energy Group, serving electric and natural gas customers in northeastern Wisconsin and Upper Michigan. Directly comparable as a regulated multi-utility within the same holding company, sharing capital allocation, renewable projects, and hyperscaler data center exposure.
• Madison Gas and Electric (MGE): Sister subsidiary under WEC Energy Group and co-owner of Badger Hollow Solar Park and the Dawn Harvest Solar and Battery project with We Energies. Serves electric and natural gas customers in the Madison, Wisconsin region under similar PSCW regulatory oversight.
• Alliant Energy: Wisconsin-based regulated electric and natural gas utility (IPL and WPL) serving customers across Iowa and Wisconsin. Direct comparable in regulated service territory, customer mix, data center tariff activity (Meta campus in Beaver Dam is on Alliant's side of the deal), and Wisconsin-specific capex programs.
• Xcel Energy: Upper Midwest regulated electric and gas utility serving Wisconsin, Minnesota, and surrounding states. Comparable in scale, multi-state regulated utility model, renewable generation portfolio, and exposure to large industrial/data center loads in the Upper Midwest.
• DTE Energy: Michigan-based regulated electric and natural gas utility with comparable customer base size, fossil generation transition underway, and similar mix of residential, commercial, and industrial customers in the Upper Midwest regulatory environment.
• Consumers Energy: Michigan regulated electric and natural gas utility (CMS Energy subsidiary). Comparable customer mix and Upper Midwest operating context, with overlapping renewable generation buildout and large-load industrial customer programs.

Broad incumbents

• Ameren Corporation: Missouri-based regulated electric and gas utility holding company (Ameren Missouri, Ameren Illinois). Broader incumbent comparable in multi-state regulated utility model, large-capex transition programs, and grid modernization investment thesis.
• Dominion Energy: Large U.S. regulated utility with one of the highest data center load concentrations in the country (Northern Virginia). Broad incumbent comparable for hyperscaler-driven load growth, large-load tariff evolution, and renewable transition strategy at scale.
• Duke Energy: One of the largest U.S. regulated electric utilities with significant data center load growth across the Carolinas and the Southeast. Broad incumbent comparable for hyperscaler demand-driven capex, customer-protection tariff frameworks, and renewable generation pipeline at scale.

Emerging players

• Invenergy: Independent renewable energy developer that sold the Dawn Harvest Solar and Battery project to We Energies, MGE, and WPS for ~$443M. Emerging player comparable as a counterparty in We Energies' renewable buildout pipeline and as a co-developer of utility-scale solar and storage in Wisconsin.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/we_energies
• YouTubeyoutube.com/user/WeEnergiesVideos
• Facebookfacebook.com/WeEnergies
• LinkedInlinkedin.com/company/we-energies

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about We Energies