WEC Energy Raises Investment to $47.5 Billion, Targets Earnings Growth of Up to 9%
Key Facts
WEC Energy raised its five-year investment plan by $10 billion to $47.5 billion for 2027–2031, with management saying on its third-quarter earnings call that the plan responds to expected demand growth from very large customers, including data center projects. The company targets compound annual earnings-per-share growth of 7% to 9% or more over the same period. The expanded plan provides a framework for expected spending as the company’s asset base grows. But it puts financing at the center of the picture, as the company combines operating cash, debt and share issuance. The long-term targets come alongside an update to current-year earnings guidance and positive results for the first nine months.
The company raised and narrowed its 2026 earnings-per-share guidance to $5.60–$5.64, from the previous range of $5.51–$5.61, according to the official results statement. The guidance assumes normal weather for the rest of the year. For the nine months ended September 30, 2026, net income was $1.49 billion and earnings per share were $4.54. In the same period of 2025, the company posted net income of $1.24 billion and earnings per share of $3.85. The results put the annual guidance update in the context of the company’s performance through the end of September, before fourth-quarter results are included.
Company data showed retail electricity deliveries grew 3.3% in the third quarter of 2026 from the same period in 2025. The measure excluded the iron ore mine and very large customers in Wisconsin, according to the results statement. That exclusion means the figure does not include some sources of demand management cited when presenting the drivers of the new plan. Management said the increased spending is tied to expectations for very large customers, with data centers part of those expectations. The stated drivers of the plan therefore extend beyond data centers alone.
WEC expects to finance the plan with $26 billion to $27 billion in cash from operations over five years, alongside $19 billion of additional debt, including hybrid instruments. It also expects to raise $5 billion to $5.5 billion through common stock issuance, according to the earnings call transcript. On the same call, the company estimated compound annual asset growth of 13.4% under its 2027–2031 plan. These figures put the financing mix alongside the announced spending and show the program’s reliance on internal sources, external financing and share issuance. They also link the targeted expansion of assets to capital spending over the plan period.
The new plan replaces an overlapping time frame in which the company had previously announced a $37.5 billion investment plan for 2026–2030, according to its 2025 corporate responsibility report. The new plan covers a different period, running from 2027 to 2031, while the previous plan began in 2026 and ended in 2030. In trading, WEC shares closed at $116.07 on October 30, 2026, according to EL7 data. On the same day, BTIG raised its price target on the stock to $130 from $127 while maintaining a Buy rating, Investing.com reported. This reflects an update to the analyst’s estimate on the announcement date, while the closing price remains a separate figure from the price target.
Management is scheduled to present its 2027 dividend plan and annual earnings guidance in December, according to the call transcript published by Earnings Whispers. The company expects dividend growth of 6.5% to 7%, with a payout ratio of 60% to 70%. The expected disclosure follows the announcement of the long-term investment plan and the update to 2026 guidance. The next annual plan will provide more recent details on the dividend policy the company intends to follow. Management will also set earnings guidance for next year when it makes the announcement in December.