Wisconsin Electric Power Co. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Wisconsin Electric Power Co. has submitted its quarterly report (10-Q) for the period ending March 31, 2024, detailing financial performance and operational data.</b>

AI Summary

WISCONSIN ELECTRIC POWER CO (WELPM) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Wisconsin Electric Power Co. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's SIC code is ELECTRIC SERVICES [4911]. The filing includes data related to common stock, additional paid-in capital, and retained earnings for various periods. Specific assets and liabilities, including current and non-current, are referenced.

Why It Matters

For investors and stakeholders tracking WISCONSIN ELECTRIC POWER CO, this filing contains several important signals. This 10-Q filing provides investors and analysts with a detailed look at the company's financial health and operational status during the first quarter of 2024. Understanding the specifics of assets, liabilities, and equity presented in this report is crucial for assessing the company's financial stability and future prospects.

Risk Assessment

Risk Level: low — WISCONSIN ELECTRIC POWER CO shows low risk based on this filing. The filing is a standard 10-Q, which is a routine financial disclosure for publicly traded companies, indicating no immediate or unusual risks are highlighted within the provided header information.

Analyst Insight

Review the detailed financial statements and segment information within the full 10-Q to understand revenue drivers and cost structures for Q1 2024.

Key Numbers

• 90 — Public Document Count (Total number of documents in the filing)
• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-03 — Filing Date (Date the report was filed)
• 4911 — SIC Code (Standard Industrial Classification for Electric Services)

Key Players & Entities

• WISCONSIN ELECTRIC POWER CO (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-03 (date) — Filed as of date
• 4911 (industry_code) — Standard Industrial Classification
• MILWAUKEE (location) — Business address city
• WI (location) — Business address state
• 414-221-2345 (phone_number) — Business phone

FAQ

Industry Context

Wisconsin Electric Power Co. operates within the Electric Services industry, a sector characterized by regulated utility operations and significant infrastructure investment.

Regulatory Implications

As a regulated electric utility, the company is subject to oversight from state and federal regulatory bodies concerning rates, service quality, and environmental compliance.

What Investors Should Do

1. Analyze the balance sheet for changes in assets, liabilities, and equity compared to the previous quarter and year.
2. Examine any disclosed notes regarding revenue streams, operating expenses, and capital expenditures.
3. Identify any forward-looking statements or management discussions that provide insight into future performance.

Key Dates

• 2024-03-31: Quarterly Report End Date — Marks the end of the reporting period for the 10-Q filing.
• 2024-05-03: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing data provided for the 10-Q period ending March 31, 2024. Comparative data from previous filings would be needed for a full analysis.

Key Financial Figures

• $10 — atest practicable date: Common Stock, $10 Par Value, 33,289,327 shares outstandi
• $85.4 — 31, 2024 and December 31, 2023 include $85.4 and $85.3, respectively, related to WEP
• $85 — and December 31, 2023 include $85.4 and $85.3, respectively, related to WEPCo Envir

Filing Documents

• wep-20240331.htm (10-Q) — 1233KB
• a2024q1we10qexhibit311.htm (EX-31.1) — 11KB
• a2024q1we10qexhibit312.htm (EX-31.2) — 11KB
• a2024q1we10qexhibit321.htm (EX-32.1) — 4KB
• a2024q1we10qexhibit322.htm (EX-32.2) — 4KB
• 0000107815-24-000157.txt (&nbsp;) — 7203KB
• wep-20240331.xsd (EX-101.SCH) — 57KB
• wep-20240331_cal.xml (EX-101.CAL) — 74KB
• wep-20240331_def.xml (EX-101.DEF) — 252KB
• wep-20240331_lab.xml (EX-101.LAB) — 646KB
• wep-20240331_pre.xml (EX-101.PRE) — 464KB
• wep-20240331_htm.xml (XML) — 1114KB

FINANCIAL STATEMENTS (UNAUDITED)

FINANCIAL STATEMENTS (UNAUDITED) 3 Condensed Consolidated Income Statements 3 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Cash Flows 5 Condensed Consolidated Statements of Equity 6 Notes to Condensed Consolidated Financial Statements 7 Page Note 1 General Information 7 Note 2 Acquisitions 7 Note 3 Operating Revenues 8 Note 4 Credit Losses 9 Note 5 Regulatory Assets and Liabilities 10 Note 6 Property, Plant, and Equipment 11 Note 7 Common Equity 11 Note 8 Short-Term Debt and Lines of Credit 11 Note 9 Materials, Supplies, and Inventories 12 Note 10 Income Taxes 12 Note 11 Fair Value Measurements 12 Note 12 Derivative Instruments 14 Note 13 Guarantees 15 Note 14 Employee Benefits 15 Note 15 Segment Information 16 Note 16 Variable Interest Entities 16 Note 17 Commitments and Contingencies 17 Note 18 Supplemental Cash Flow Information 21 Note 19 Regulatory Environment 22 Note 20 New Accounting Pronouncements 22 ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 24 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 37 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 38 PART II. OTHER INFORMATION 39 ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 39 ITEM 1A.

RISK FACTORS

RISK FACTORS 39 ITEM 5. OTHER INFORMATION 39 ITEM 6. EXHIBITS 40 SIGNATURE 41 03/31/2024 Form 10-Q i Wisconsin Electric Power Company Table of Contents GLOSSARY OF TERMS AND ABBREVIATIONS The abbreviations and terms set forth below are used throughout this report and have the meanings assigned to them below: Affiliates ATC American Transmission Company LLC We Power W.E. Power, LLC WEC Energy Group WEC Energy Group, Inc. WEPCo Environmental Trust WEPCo Environmental Trust Finance I, LLC WPS Wisconsin Public Service Corporation Federal and State Regulatory Agencies CBP United States Customs and Border Protection Agency DOC United States Department of Commerce EPA United States Environmental Protection Agency IRS United States Internal Revenue Service PSCW Public Service Commission of Wisconsin SEC United States Securities and Exchange Commission WDNR Wisconsin Department of Natural Resources Accounting Terms AFUDC Allowance for Funds Used During Construction ASU Accounting Standards Update FASB Financial Accounting Standards Board GAAP United States Generally Accepted Accounting Principles OPEB Other Postretirement Employee Benefits VIE Variable Interest Entity Environmental Terms BATW Bottom Ash Transport Water BTA Best Technology Available CASAC Clean Air Scientific Advisory Committee CCR Coal Combustion Residuals CO 2 Carbon Dioxide CWA Clean Water Act ELG Steam Electric Effluent Limitation Guidelines FGD Flue Gas Desulfurization GHG Greenhouse Gas MATS Mercury and Air Toxics Standards NAAQS National Ambient Air Quality Standards NOx Nitrogen Oxide PM Particulate Matter WPDES Wisconsin Pollutant Discharge Elimination System ZLD Zero Liquid Discharge Measurements Bcf Billion Cubic Feet Dth Dekatherm lb/MMBtu Pound Per Million British Thermal Unit MW Megawatt MWh Megawatt-hours g/m3 Micrograms Per Cubic Meter Other Terms and Abbreviations AMI Advanced Metering Infrastructure Chicago, IL-IN-WI

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS WISCONSIN ELECTRIC POWER COMPANY CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited) Three Months Ended March 31 (in millions) 2024 2023 Operating revenues $ 1,038.8 $ 1,091.9 Operating expenses Cost of sales 352.2 444.5 Other operation and maintenance 241.6 232.3 Depreciation and amortization 139.6 127.8 Property and revenue taxes 30.8 29.9 Total operating expenses 764.2 834.5 Operating income 274.6 257.4 Other income, net 16.3 15.1 Interest expense 120.8 117.8 Other expense ( 104.5 ) ( 102.7 ) Income before income taxes 170.1 154.7 Income tax expense 35.8 32.7 Net income 134.3 122.0 Preferred stock dividend requirements 0.3 0.3 Net income attributed to common shareholder $ 134.0 $ 121.7 The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements. 03/31/2024 Form 10-Q 3 Wisconsin Electric Power Company Table of Contents WISCONSIN ELECTRIC POWER COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in millions, except share and per share amounts) March 31, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 10.9 $ 6.1 Accounts receivable and unbilled revenues, net of reserves of $ 48.9 and $ 44.5 , respectively 572.0 573.0 Accounts receivable from related parties 104.6 143.9 Materials, supplies, and inventories 288.2 310.6 Prepaid taxes 84.0 112.7 Other prepayments 27.7 26.7 Other 28.4 32.3 Current assets 1,115.8 1,205.3 Long-term assets Property, plant, and equipment, net of accumulated depreciation and amortization of $ 5,876.2 and $ 5,779.2 , respectively 11,675.6 11,585.5 Regulatory assets (March 31, 2024 and December 31, 2023 include $ 84.1 and $ 85.9 , respectively, related to WEPCo Environmental Trust) 2,859.4 2,860.7 Pension and OPEB assets 71.8 71.0 Other 123.7 118.9 Long-term assets 14,730.5 14,636.1 Total assets $ 15,846.3 $ 15,841.4 Liabilities and Equity Current liabilities

View Full Filing

View this 10-Q filing on SEC EDGAR