WEC Energy Group Inc

Strong Q3 results + raised guidance (good momentum) - Reported Q3 2026 EPS of $1.18, up from $0.83 in Q3 2025 (≈ +$0.35 YoY). - Management attributed the improvement mainly to warmer-than-normal weather, execution of the capital plan, and operating efficiency. - Guidance raised and narrowed: 2026 EPS guidance increased to $5.60–$5.64 (vs prior $5.51–$5.61). - Assumption: normal weather for the remainder of 2026. - Implied growth: ~7.7% EPS growth vs 2025 guidance midpoint.

Five-year plan upgrade: big capex step-up tied to hyperscaler load growth (opportunity) - New five-year capital plan (2027–2031): $47.5B, up $10B (+26%+) from the previous plan. - Forecast electric demand growth of +4.9 GW between 2026–2031, up +1.0 GW vs prior plan. - Drivers include expansion by Microsoft and demand from large data center customers. - Management expects asset-based growth at 13.4% CAGR and EPS CAGR of 7% to 9%+ (based on original 2026 guidance midpoint). - Notable customer-driven economics: the plan relies heavily on the very large customer tariff (VLCs) to ensure these customers pay full cost and provide credit/support, reducing cross-subsidization risk.

Customer pipeline details (surprising upside / key assumption risk) - Microsoft (Mount Pleasant, WI): - First facility operating; construction underway for additional facilities. - Microsoft has purchased 2,200+ acres in the I-94 corridor south of Milwaukee and added another 70 acres recently. - Company preparing for 3.2 GW of demand through 2031, up +600 MW vs prior plan (management believes potential further upside to ~4.5–5 GW with continued land purchases and higher rack power density). - Oracle via Vantage Data Centers (north of Milwaukee): - Vantage developing facilities for Oracle on ~1,900 acres; initial phase on 670 acres. - Management’s forecast: 1.3 GW demand through 2031, potential up to 3.5 GW over time. - Incremental 400 MW “next” customer opportunity: included in plan, with more details to come; management suggested it’s likely all one customer.