Wisconsin Electric Power Company (WEPCO) is a regulated electric and natural gas utility serving roughly 1.2M electric customers and 520K gas customers across Wisconsin, with operations concentrated in the southeastern part of the state including metropolitan Milwaukee. WEPCO is a wholly owned subsidiary of WEC Energy Group. As a regulated utility with exclusive franchise territories set by the state of Wisconsin, WEPCO operates as a monopoly within its service areas — customers have no alternative provider. WEPCO earns revenue by charging regulated rates set by the Wisconsin Public Service Commission (PSCW), which are designed to allow WEPCO to recover all prudently incurred costs plus earn an authorized return on equity (currently 9.80% for standard retail service). Earnings are primarily driven by the size of WEPCO's rate base, the authorized ROE, and the approved capital structure — not by commodity prices, as fuel costs are largely passed through to customers. WEPCO's growth strategy centers on two themes: replacing retiring coal capacity with new natural gas and renewables (WEPCO targets eliminating coal by 2032), and serving a small number of hyperscale data center customers ("very large customers") that are expected to drive nearly all of WEPCO's near-term electric volume growth. For these data center customers, WEPCO is pursuing PSCW approval for a dedicated "bespoke resource" structure with a higher authorized ROE of 10.48%–10.98%, making them more profitable than standard retail customers. Electric utility revenues account for roughly 87% of total revenues, with natural gas making up most of the remainder.