MEDIUMBuilt-inRegulatory
PSCW (Wisconsin)
“10-K Item 1: 'Our retail electric rates in Wisconsin are established by the PSCW'”
WEC · Concentration risk · 10-K extracted
WEC Energy Group (WEC) concentration risks
Updated
The most significant concentration WEC Energy Group discloses is PSCW (Wisconsin), classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
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Source: WEC Energy Group’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH0
MEDIUM2
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMOutside partyCounterparty
Bluewater natural gas storage
“10-K Item 1: 'Bluewater owns natural gas storage facilities in Michigan and provides approximately one-third of the current storage needs for our Wisconsin natural gas utilities'”
LOWOutside partyCounterparty
Point Beach nuclear PPA
“10-K Item 1: '1,033 MWs per year related to a long-term PPA for electricity generated by Point Beach'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-03The company's concentration profile is defined by two medium-share structural exposures and one small-share counterparty dependency, all reflecting the regulated utility and infrastructure character of the business. Retail electric rates in Wisconsin are established by the PSCW — a medium-share regulatory concentration that is structural in nature, meaning the revenue and margin framework for the core Wisconsin electric utility business is set through a public rate-case process rather than by competitive market dynamics. Rate regulation provides revenue predictability but also limits the company's ability to respond unilaterally to cost increases. The second medium-share exposure is a natural gas storage dependency: Bluewater owns storage facilities in Michigan and provides approximately one-third of the current storage needs for the Wisconsin natural gas utilities — a dependency exposure, since the storage relationship relies on a specific counterparty's continued operation and contract compliance. A disruption to Bluewater's facilities or a deterioration of the storage agreement would require sourcing alternative storage capacity, which may not be immediately available in the same geography. A long-term power purchase agreement for electricity generated by Point Beach adds a smaller counterparty exposure — low-share and dependency in character. While all three concentrations are well-disclosed and characteristic of a regulated utility, the Bluewater storage dependency is the most idiosyncratic, as it ties a meaningful portion of natural gas supply management to a single third-party infrastructure operator. On balance, regulatory outcomes and key counterparty contract continuity are the primary monitoring variables.
For the engine’s reasoning on WEC’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Utilities - Regulated Electric
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| CNP | CenterPoint Energy, Inc (Holdin | 2 | 2 | 0 | 4 |
| D | Dominion Energy, Inc. | 2 | 1 | 0 | 3 |
| AEE | Ameren Corporation | 2 | 0 | 0 | 2 |
| WEC● | WEC Energy Group, Inc. | 0 | 2 | 1 | 3 |
| AEP | American Electric Power Company | 0 | 2 | 0 | 2 |
| CMS | CMS Energy Corporation | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.