WEC utilities reach settlement for $507.2M (8.7%) base rate increase for 2023

WISCONSIN ELECTRIC POWER CO

WE electric rates +$257.9M, gas +$53.3M; WG gas +$57.1M; WPS electric +$104.3M, gas +$31.3M.
Settlement includes earnings sharing mechanism: 100% of first 15 bps above ROE retained, 50% of next 60 bps refunded, 100% thereafter refunded.
WE seeks PSCW financing order to securitize $100M of Oak Creek environmental control book value by 2024.
Monthly residential and small commercial fixed charges reduced by $1 and $2, respectively, from current rates.
Utilities collectively contribute $4M to Keep Wisconsin Warm Fund; settlement subject to PSCW approval.

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