WEC Energy Group now plans to spend $47.5 billion on capital projects between 2027 and 2031, a $10 billion jump over its previous five-year outlook, as the Milwaukee-based utility giant races to keep pace with surging demand from data centers across Wisconsin.
The increase amounts to more than 26% above the company's prior plan, according to a transcript of WEC's third-quarter earnings call published by Benzinga. The updated plan, detailed in a report from BizTimes, replaces a previous five-year plan that had run through 2030.
A Mystery Data Center Fuels the Surge
WEC attributed its capital-plan increase to demand from very large customers, not to a single 400-megawatt project. Separately, the updated plan includes 400 megawatts of demand tied to a new data center developer, the Milwaukee Journal Sentinel reported, as reported by jsonline.com. The company did not reveal who is behind the project, where it would be located, or whether it consists of a single site or many, according to the same report.
For scale, the same account notes the potential project would draw more power than the 220-megawatt Meta data center currently under construction in Beaver Dam. WEC Energy Group CEO Scott Lauber told analysts that very large customers like data centers are largely responsible for footing the bill for the expanded plan, saying, “The majority of this increase is being driven and therefore paid for by our very large customers.”
Demand Climbing Across the I-94 Corridor
WEC now expects its overall electric demand to grow by 4.9 gigawatts between 2026 and 2031, a full gigawatt more than it projected in its prior plan, per the earnings call transcript. Within that total, the company says it is preparing to serve forecasted demand of 3.2 gigawatts in the I-94 region through 2031.
The pressure isn't limited to WEC's service territory. A draft report cited by Wisconsin Public Radio projects statewide peak electricity demand will climb from 14.2 gigawatts to more than 20 gigawatts by 2032. More than 72% of that projected peak load is associated with three active data center developments, according to the same report. The state's Public Service Commission projects natural gas will supply half of Wisconsin's energy generation by 2032, compared with just 3% from coal, WPR reported.
Where the Extra Billions Are Going
The updated plan directs significant new money toward infrastructure beyond data center hookups. Projected transmission investments jumped by $1.2 billion, according to the jsonline.com report. WEC also plans to invest an incremental $6.8 billion in modern, efficient natural gas generation from 2027 through 2031 compared with its prior plan, and it is increasing planned investment in renewable generation and battery storage by $1.1 billion, both figures drawn from the earnings call transcript.
Quarterly Results and Guidance
The capital plan announcement came alongside WEC's third-quarter financial results. The company reported net income of $389.3 million, or $1.18 per share, for the third quarter of 2026, according to a company release distributed via PR Newswire. WEC also raised and narrowed its 2026 earnings guidance to a range of $5.60 to $5.64 per share, per the same release.
Outside of its largest industrial accounts, the utility's core business also showed growth. Retail electricity deliveries, excluding the iron ore mine and so-called Very Large Customers, were up 3.3% in the third quarter of 2026 compared with the same period last year, the release states. With regulators and ratepayers watching how the costs of serving data centers get divided, the identity and location of the mystery 400-megawatt project remains an open question WEC has yet to answer publicly.
