Company: WELPM
Filing Date: 2025-03-27
Form Type: DEF 14C
Source: 0000107815-25-000155
Chunk: 24

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-03-27
Form: DEF 14C
Chunk 24
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 Energy Group and our executive officers is consistent with that of general industry. Although we recognize our business is focused on the energy services industry, our goal is to have an executive compensation program that will allow us to be competitive in recruiting the most qualified candidates to serve as executive officers of WEC Energy Group and the Company, including individuals who may be employed outside of the energy services industry. Further, in order to retain top performing executive officers, we believe our compensation practices must be competitive with those of general industry.

To confirm that our annual executive compensation is competitive with the market, FW Cook reviewed general industry executive compensation survey data obtained from WTW and Aon Radford. FW Cook also analyzed the compensation data from a peer group of 20 companies similar to WEC Energy Group in size and business model. The methodology used by FW Cook to determine the peer group of companies is described below.

FW Cook started with U.S. companies in the Standard & Poor’s database, and then limited those companies to the same line of business as WEC Energy Group as indicated by the Global Industry Classification Standards. This list of companies was then further limited to companies with revenues between $3.2 billion and $28.7 billion (approximately one-third to three times the size of WEC Energy Group’s revenues), and that were within a reasonable size range in various other measures such as operating income, total assets, total employees, and market capitalization. From this list, FW Cook selected companies similar in overall size to WEC Energy Group with consideration given to companies that met one or more of the following criteria:

• Diversified, technically sophisticated utility operations (e.g., multiple utilities, electric utilities); and

• Minimal non-regulated business.

These criteria resulted in a comparison group of 20 companies with median revenues and market capitalization of approximately $13.2 billion and $21.8 billion, respectively.

| Wisconsin Electric Power Company |     | 14 |     | 2025 Annual Meeting Information Statement |

The comparison group utilized for purposes of 2024 compensation includes the same 19 companies as the previous year’s comparison group, along with the addition of Exelon Corporation to complete the group of 20 companies. The companies in the comparison group are listed below.

| •    Alliant Energy Corporation      
 •    Ameren Corporation              
 •    American Electric Power Company 
 •    CenterPoint Energy              
 •    CMS Energy Corporation          |     | •    Consolidated Edison, Inc. 
 •    Dominion Energy, Inc.     
 •    DTE Energy