ITEM 8.01 OTHER EVENTS
On March 30, 2021, Wisconsin Electric Power Company (“WE”), Wisconsin Gas LLC (“WG”), and Wisconsin Public Service Corporation (“WPS”), utility subsidiaries of WEC Energy Group, Inc. (collectively, the “WEC Utilities”), filed a request with the Public Service Commission of Wisconsin (the “PSCW”) to allow the WEC Utilities to forego requests to increase electric, natural gas and steam base rates effective January 1, 2022 (the “Application”).
In connection with the Application, which can be viewed on the PSCW’s website, the WEC Utilities entered into an Agreement with Wisconsin Industrial Energy Group, Citizens Utility Board, Inc. and Clean Wisconsin, Inc. (collectively, the “Stakeholder Groups”), dated March 23, 2021 (the “Agreement”). Pursuant to the terms of the Agreement, the Stakeholder Groups fully support the Application.
Based upon the terms of the Agreement, the WEC Utilities expect to file full test year 2023-2024 base rate cases by no later than May 1, 2022.
We expect the PSCW to review and consider the Application over the next two to three months.
The material and information contained on the PSCW’s website is not intended to be a part of, or incorporated by reference into, this Current Report on Form 8-K.
Certain statements contained in this Current Report on Form 8-K are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based upon management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in the statements. Readers are cautioned not to place undue reliance on these statements. Forward-looking statements include, among other things, statements concerning management's expectations and projections regarding regulatory actions and decisions and expected rate case filings. The following factors, in addition to those discussed in each of WEC Energy Group, Inc.’s, WE’s, and WPS’s Annual Report on Form 10-K for the year ended December 31, 2020 and in subsequent reports filed with the Securities and Exchange Commission, could cause actual results to differ materially from those contemplated in any forward-looking statements: the possibility that the PSCW’s order will differ from the terms of the Application; the timing, resolution and impact of rate cases and other regulatory decisions; any future amendments to the Agreement; general economic conditions, including business and competitive conditions in WEC Energy Group, Inc.’s service territories; the extent, duration and impact of the COVID-19 pandemic or any future health pandemics; availability of generating facilities and/or distribution systems; unanticipated changes in fuel and purchased power costs; key personnel changes; varying, adverse or unusually severe weather conditions; continued industry restructuring and consolidation; continued advances in, and adoption of, new technologies that produce power or reduce power consumption; energy and environmental conservation efforts; cyber-security threats and data security breaches; equity and bond market fluctuations; changes in WEC Energy Group, Inc.’s and its subsidiaries’ ability to access the capital markets; changes in tax legislation or WEC Energy Group, Inc.’s and its subsidiaries' ability to use certain tax benefits and carryforwards; the impact of legislative and regulatory changes, including changes to environmental standards and greenhouse gas regulations; political developments; current and future litigation and regulatory investigations, proceedings or inquiries; changes in accounting standards; and the ability of WEC Energy Group, Inc. or its subsidiaries to obtain additional generating capacity at competitive prices. Except as may be required by law, WEC Energy Group, Inc., WE, and WPS expressly disclaim any obligation to publicly update or revise any forward-looking information.