WEC Energy Group is a regulated electric and gas utility holding company based in Milwaukee, Wisconsin, serving roughly 4.7M customers across Wisconsin, Illinois, Minnesota, and Michigan. WEC's core business is generating and distributing electricity through its Wisconsin utilities and distributing natural gas through subsidiaries in all four states, including Peoples Gas and North Shore Gas, which serve about 1.1M customers in Chicago and its northern suburbs. As a regulated utility, WEC earns a state- or federally-authorized return on its rate base — the value of capital assets like power plants, pipelines, and substations — making rate base growth the primary earnings driver. WEC also owns roughly 60% of American Transmission Company, a FERC-regulated regional transmission operator, and holds interests in wind and solar farms through its WECI subsidiary, which generates Production Tax Credits sold to third parties. WEC's growth strategy centers on a $37.5B, five-year capital plan (2026–2030) targeting roughly 11% annual rate base growth, driven largely by electric demand from data center development in Wisconsin — including major projects from Microsoft and Vantage Data Centers — plus industrial expansions from companies like Eli Lilly. The capital plan emphasizes new natural gas generation, renewables and battery storage, and an Illinois gas pipe replacement program. WEC targets 7%–8% EPS growth through 2030, funding its capital program through operating cash flow, incremental debt, and common equity issuances.