WEC Energy Group Establishes $4.0 Billion At-The-Market Equity Offering Program

Overview

On November 4, 2026, WEC Energy Group, Inc. filed a Form 8-K reporting under Item 8.01 that it entered into an Equity Distribution Agreement to establish an At-The-Market (ATM) equity offering program with aggregate sales capacity of up to $4.0 billion.

Key Terms of the Offering

• Maximum Aggregate Amount: Up to $4,000,000,000 of common stock ($0.01 par value).
• Mechanisms: Shares may be offered and sold from time to time through sales agents acting as agents or principals, or through forward sale agreements (both Initially Priced Forward Transactions and Collared Forward Transactions).
• Commissions: Sales agents will receive a commission not to exceed 1.00% of the gross sales price per share sold.
• Sales Agents & Forward Purchasers: The syndicate includes Barclays Capital Inc., BMO Capital Markets Corp., BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., RBC Capital Markets, LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC, and Wells Fargo Securities, LLC, alongside forward purchasers.

Strategic and Trading Significance

• Capital Flexibility: The establishment of a $4.0 billion ATM facility provides WEC Energy Group substantial flexibility to fund ongoing capital expenditure plans, grid infrastructure modernizations, and clean energy transition investments over time without the pricing friction of a lump-sum block secondary offering.
• Market Impact: While ATM facilities permit opportunistic issuance with minimal market disruption, the potential issuance of up to $4.0 billion introduces gradual dilution risk depending on market conditions and the pacing of sales.