WEC Energy Group is a regulated electric and natural gas utility serving customers across Wisconsin and Michigan, delivering energy under rates approved by state utility regulators in both states. As a regulated utility, its earnings are tied to a rate of return approved by regulators on the capital it invests in its electric grid and gas distribution infrastructure, providing predictable earnings in exchange for accepting limits on customer rates. The company has invested significantly in transitioning its electric generation portfolio toward renewable energy sources, part of a broader shift among Midwest utilities away from coal-fired generation. WEC Energy's growth is tied to the rate base expansion it can achieve through regulator-approved infrastructure investment, including its renewable generation transition, along with regional economic and population growth across its Wisconsin and Michigan service territories.