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What were the key takeaways from WEC Energy’s earnings call?

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**Key Takeaways:**
- **$36.5B Capital Plan Expansion**: 30% increase from prior plan, driven by 3.4 GW of new electric demand (1.3 GW from Vantage, 2.1 GW in SE Wisconsin).
- **Data Center Growth**: Vantage's 1.3 GW Port Washington project on track for 2027-2028, with potential 2 GW+ expansion. Microsoft's SE Wisconsin site could add 2 GW load.
- **Financial Strength**: 7-8% EPS CAGR (2026-2030), 65-70% payout ratio, and 6.5-7% dividend growth.
- **Regulatory Momentum**: VLC tariff with 10.48-10.98% ROE and 57% equity ratio expected to be finalized by early 2026.
- **Gas & Renewables Push**: $3.4B in natural gas investments and $2.5B in renewables to support all-of-the-above generation strategy.

**【CEO Opening Remarks】**
- Reported Q3 2025 earnings of $0.83 per share, reaffirming full-year guidance of $5.17 to $5.27 EPS.
- Announced a new 5-year capital plan of $36.5 billion (2026-2030), up $8.5 billion from the prior plan, driven by data center investments and economic growth.
- Highlighted 3.4 GW of incremental electric demand growth (vs. 1.8 GW previously), with 1.3 GW from Vantage Data Centers in Port Washington and 2.1 GW in Southeast Wisconsin.
- Emphasized all-of-the-above generation strategy, including $3.4 billion in natural gas investments and $2.5 billion in renewables.

**【CFO Financial Commentary】**
- Q3 2025 EPS of $0.83, up $0.01 from Q3 2024, with weather contributing $0.03 of incremental benefit.
- Projected 2025 EPS growth of 7% to 8% on a compound annual basis, driven by $21 billion in cash from operations and $14 billion in incremental debt.
- Capital plan funding mix: 50% equity (common + hybrid securities), 50% debt, with $1.5 billion in common equity issuance planned for 2026.
- Target payout ratio of 65-70%, with dividend growth of 6.5-7% annually.

**【Q&A Highlights】**
- **Capital Plan Execution**: CEO Scott Lauber confirmed 2026-2030 capital plan is fully executable, with 14% of rate base tied to large customer tariff by 2030. CFO Xia Liu noted $4 billion incremental equity content ($2B common, $2B hybrid securities).
- **Data Center Growth**: Vantage Data Centers' 1.3 GW Port Washington project on track for 2027-2028 in-service dates, with potential for 2 GW+ expansion. Microsoft's Southeast Wisconsin site could add 2 GW of load.
- **Regulatory Updates**: Wisconsin PSC expected to rule on Very Large Customer (VLC) tariff by early 2026, with ROE range of 10.48-10.98% and 57% equity ratio.
- **Illinois Pipe Replacement**: $1.5 billion annual investment in 2026-2030, targeting 1,000+ miles of cast iron pipe replacement under ICC mandate.
- **Point Beach Extension**: No decision yet on NextEra's 2030-2033 nuclear plant license extension, but alternative gas generation options being evaluated.

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