Company: WELPM
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000107815-25-000207
Chunk: 14

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 2
Chunk 14
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.8 $2,716.3 $295.5 Natural gas revenues380.0 303.8 76.2 Operating revenues3,391.8 3,020.1 371.7 Operating expensesFuel and purchased power(941.0)(845.2)(95.8)Cost of natural gas sold(186.1)(140.8)(45.3)Other operation and maintenance (1)(582.9)(561.2)(21.7)Depreciation and amortization(467.6)(427.1)(40.5)Property and revenue taxes(90.2)(77.1)(13.1)Gross margin (GAAP)1,124.0 968.7 155.3 Other operation and maintenance (1)582.9 561.2 21.7 Depreciation and amortization467.6 427.1 40.5 Property and revenue taxes90.2 77.1 13.1 Utility margin (non-GAAP)$2,264.7 $2,034.1 $230.6 

(1)    Operating and maintenance expenses deemed to be directly attributable to our revenue-producing activities include plant operating and maintenance expenses related to our generating units; costs associated with the We Power generating units; and transmission, distribution and customer service expenses. These expenses are included in the above table to calculate gross margin as defined under GAAP. 

Gross margin (GAAP) at the utility segment increased $155.3 million during the nine months ended September 30, 2025, compared with the same period in 2024, and utility margin (non-GAAP) increased $230.6 million during the nine months ended September 30, 2025, compared with the same period in 2024. Both measures were driven by:

•A $191.0 million increase in margins driven by the impact of our rate order approved by the PSCW, effective January 1, 2025.

•A $44.3 million increase in margins related to higher retail sales volumes driven by the impact of colder weather during the nine months ended September 30, 2025, compared with the same period in 2024. As measured by heating degree days, the nine months ended September 30, 2025 were 29.9% colder than the same period in 2024. 

These increases in margins were