WEC Energy Group, Inc.

I remind you that all statements in the presentation, other than historical facts, are forward-looking statements that involve risks and uncertainties that are subject to change at any time. Such statements are based on management's expectations at the time they are made. In addition to the assumptions and other factors referred to in connection with the statements, factors described in WEC Energy Group's latest Forum 10-K and subsequent reports filed with the Securities and Exchange Commission could cause actual results to differ materially from those contemplated. During the discussions, referenced earnings per share will be based on diluted earnings per share, unless otherwise noted. After the presentation, the conference will be open to analysts for questions and answers. In conjunction with this call, a package of detailed financial information is posted at A replay will be available approximately two hours after the conclusion of this call. And now it's my pleasure to introduce Gail Klapa, Executive Chairman of WEC Energy Group.

Gail Klapa From America's Heartland, good afternoon everyone. Thank you for joining us today as we review our results for the third quarter of 2023. First, I'd like to introduce the members of our management team who are here with me today. We have Scott Lauber, our President and Chief Executive, Shalu, our Chief Financial Officer, and Beth Straka, Senior Vice President of Corporate Communications and Investor Relations. As you saw from our news release this morning, we reported third quarter 2023 earnings of $1 a share. We delivered another solid quarter of growth, and we remain on track for a strong 2023. Our focus on executing the fundamentals of our business is creating real value for our customers and our stockholders. Today, we're also reaffirming our earnings guidance for the year. The range is $4.56 to $4.58 to $4.62 a share with an expectation of completing the year in the upper half of the range. As always, this assumes normal weather through the final quarter of 2023. Switching gears now, our big news for the day is the rollout of our ESG progress plan for the period 2024 through 2028. As you may have seen from our announcement this morning, we expect to invest $23.4 billion with an ongoing focus on efficiency, sustainability, and growth. This is the largest capital plan in our history, an increase of $3.3 billion above our previous five-year plan. That's more than a 16% increase. Several factors are driving the investment outline in our updated ESG progress plan. The first of these factors is the economic growth we're seeing in the Milwaukee region, particularly in what we call the I-94 corridor in the southeastern part of the state between Milwaukee and the Illinois state line. From data centers to pharmaceuticals to microinverters for solar panels, from even more gummy bears to massive new distribution and fulfillment centers. And this growth is also spanning new commercial and residential development in the region. In our new five-year plan, we expect our asset base to grow at an average rate of 8.1% a year. And as we fund this growth with an appropriate financing package, we project our earnings per share will continue to rise at a compound annual rate of 6.5% to 7% a year. As we've been discussing with you, our plan will include growth equity in the form of programmatic equity, including our dividend reinvestment plan, employee benefit plans, and at-the-market plans. There is no need for block equity in the five-year plan. And we'll start in 2024 by issuing $100 million to $200 million of new equity. Shaw will provide you with more details on the financing plan in just a few minutes. I'd also like to point out a few other quick highlights for you. Over the next five years, we'll continue to make great progress in transforming our power generation fleet and reducing carbon dioxide emissions. In the plan, for example, we're making a significant commitment to new solar, wind, and battery storage, as well as modern efficient natural gas generation and LNG storage. In addition, we'll be adapting to the new seasonal capacity rules being put in place by MISO, mid-continent independent system operator. American Transmission Company will be adding needed transmission capability, and to help assure energy security for our customers, will continue to harden our distribution networks. On the environmental front, our plan still calls for reducing CO2 emissions from our power generation fleet by 80% by the end of 2030. And I'm pleased to report that assuming timely regulatory approvals, We now project a complete exit from coal three years earlier by the end of 2032. So the future is bright. The investment opportunity is long, strong, and highly executable. And Scott will provide you with some specifics in just a few minutes. And now a brief look at the regional economy. The unemployment rate in Wisconsin stands at 3.1%, continuing a long-running trend below the national average. As we look inside the numbers, we see an encouraging upward trend in Wisconsin's labor force participation this year. As I mentioned, growing companies are investing and expanding in our region. Microsoft is now moving dirt and moving full speed ahead to develop its new data center complex in that I-94 corridor we mentioned south of Milwaukee. And Haribo officially opened the doors of its new confectionery plant in July. Fast forward to today, and Haribo is already planning to double the size of its production capability, adding more capacity for gummy bears, new technology, and additional employees. And also south of Milwaukee, Uline plans to open a one million square foot facility this year. Uline, in case you're not familiar with the name, is the leading distributor of shipping, industrial, and packaging materials for businesses throughout North America. And even more expansion is planned by Uline for 2025. These developments highlight the strength and the potential of the Wisconsin economy and underscore the need for the investments we're outlining in our five-year plan. With that, I'll turn the call over to Scott for more specifics on our capital projects, our regulatory calendar, and our operational highlights. Scott, all yours. Thank you, Gail.

I'd like to start with some of the specifics on our capital plans. As Gail noted, we have identified $3.3 billion of additional investments compared to our last five-year plan. I'll walk you through the changes. Between 2024 and 2028, we plan to increase our investment in renewables by $1.4 billion. With that, we expect to invest in 3,800 megawatts of new renewable capacity. In the plan is a billion-dollar increase in transmission investment. This is our share of the ATC plan. Renewable projects and regional growth are among the driving factors. To support reliable service for our customers, we expect to spend an additional $1.3 billion on natural gas generation over the five-year plan. This includes both combustion turbines and reciprocating internal combustion engines or RICE units. We also have planned to invest an additional $800 million in liquefied natural gas capacity, which will be used for electric generation and for our natural gas operations on the coldest days of the year. With these important investments for our utilities, we have reduced our planned investment in our energy infrastructure segment. We'll be happy to share more details with you at the upcoming EEI conference. Now moving on to the regulatory front, As you recall, we expect a decision from the Wisconsin Commission before the end of the year on our limited re-opener filings. We also have an update on our freight filings under review in Illinois for Peoples Gas and North Shore Gas. Recently, the Administrative Law Judge on the case issued a proposed order largely consistent with staff's recommendation. The order recommends a 9.83% return on equity at both utilities, and we expect a final decision by the end of November. And moving to the other states, I'm pleased to report that both the Minnesota and Michigan Commissions have recently approved settlements on our rate reviews. Meanwhile, we're making progress on a number of regulated capital projects. As you recall, we closed on our first option at the West Riverside Energy Center earlier this year, adding 100 megawatts of efficient combined cycle natural gas generation to our portfolio. Since our last call, we filed our request to purchase another 100 megawatts of Riverside capacity under our remaining option. Pending regulatory approval, we expect to invest $100 million to add this capacity in 2024. Elsewhere in the state, Work continues on the Badger Hollow 2 solar facility and the Paris and Darien solar battery parks. You may recall we had solar panels waiting on final release from a bonded warehouse in Chicago. I'm happy to report that those panels are being cleared. The first 100 megawatts have been released and the trucks are rolling to our Badger Hollow 2 site. We expect all of our panels to be released and in our possession by the end of this year. We are on track for Badger Hollow 2 to go into service late this year or early next year, with the Paris Solar Park to follow. In addition, work is underway on the Darien Solar Facility, which is planned to go into service by the end of 2024. We'll keep you updated on any future developments. With that, I'll turn things back to Gail.