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Wisconsin Energy posts 2013 third quarter and nine month results

       Wisconsin Energy posts 2013 third quarter and nine month results

PR Newswire

MILWAUKEE, Oct. 30, 2013

MILWAUKEE, Oct. 30, 2013 /PRNewswire/ -- Wisconsin Energy (NYSE: WEC) today
reported net income of $137.5 million or 60 cents a share for the third
quarter of 2013. This compares with net income of $156.1 million or 67cents
a share for the third quarter of 2012.

Third quarter 2013 revenues were $1.05billion. Revenues totaled $1.04
billion in the same quarter last year. This year's third quarter earnings
were affected by a return to normal weather compared to a much warmer than
normal summer last year, and by bill credits to customers in anticipation of a
federal grant the company expects to receive for building a biomass-fueled
power plant in northern Wisconsin.

For the first nine months of 2013, the company recorded net income of $433.1
million or $1.88 a share – down from $447.5 million or $1.92 a share in the
corresponding nine months a year ago.

"Strong operating performance and the impact of the company's share repurchase
program were positive factors underlying our third quarter results. Milder
weather was the major negative factor," said Gale Klappa, chairman and chief
executive officer.

"Of course, last summer the region experienced record heat. But with a return
to more typical summer temperatures, customer demand for air conditioning
dropped significantly in this year's third quarter," Klappa added.

Residential use of electricity in the July through September period was down
by 8.9percent. Consumption of electricity by small commercial and industrial
customers declined by 3percent. Electricity use by large commercial and
industrial customers – excluding the iron ore mines in Michigan's Upper
Peninsula – was 3.5 percent lower.

On a weather-normalized basis, retail consumption of electricity – excluding
the iron ore mines – was down by 1.8 percent.

At the end of September, the company was serving approximately 2,700 more
electric customers and 5,000 more natural gas customers than a year ago.

"Operationally, the company continues to perform at a high level. Cash
generation remains strong, and our financial performance is on track through
the first nine months of the year," said Klappa.

Earnings per share listed in this news release are on a fully diluted basis.

Conference call
A conference call is scheduled for 1 p.m. Central time on Oct. 30, 2013. The
presentation will review 2013 third quarter earnings and will discuss the
company's outlook for the future.

All interested parties, including stockholders, news media and the general
public, are invited to listen to the presentation. The conference call may be
accessed by dialing 866-439-9410 up to 15 minutes before the call begins.
International callers may dial 706-643-5658. The conference ID is 80350976.
Access also may be gained through the company's website
(wisconsinenergy.com). Click 'Third Quarter Earnings Release and Conference
Call' and then click 'Go to webcast.' In conjunction with this earnings
announcement, Wisconsin Energy will post on its website a package of detailed
financial information on its third quarter performance. The materials will be
available at 6:30 a.m. Central time on Oct. 30, 2013.

Replay
A replay will be available on the website and by phone after the
presentation. Access to the webcast replay will be available on the website
about two hours after the presentation. Access to a phone replay also will be
available approximately two hours after the presentation and remain accessible
through Nov. 13, 2013. Domestic callers should dial855-859-2056.
International callers should dial 404-537-3406. The replay conference ID is
80350976.

Wisconsin Energy Corporation (NYSE: WEC), based in Milwaukee, is one of the
nation's premier energy companies, serving more than 1.1 million electric
customers in Wisconsin and Michigan's Upper Peninsula and 1.1 million natural
gas customers in Wisconsin.

The company's principal utility is We Energies. The company's other major
subsidiary, We Power, designs, builds and owns electric generating plants.

Wisconsin Energy (wisconsinenergy.com), a component of the S&P 500, has more
than $14billion of assets, approximately 4,500 employees and more than 41,000
stockholders of record.

Tables follow



WISCONSIN ENERGY CORPORATION
CONSOLIDATED CONDENSED INCOME STATEMENTS
(Unaudited)
                               Three Months Ended       Nine Months Ended
                               September30             September30
                               2013         2012        2013        2012
                               (Millions of Dollars, Except Per Share Amounts)
Operating Revenues             $  1,053.2   $ 1,039.3   $ 3,340.7   $ 3,175.2
Operating Expenses
Fuel and purchased power       339.1        336.4       886.2       848.9
Cost of gas sold               61.6         55.5        446.9       368.0
Other operation and            268.1        244.6       821.6       798.8
maintenance
Depreciation and amortization  96.9         91.8        289.1       269.7
Property and revenue taxes     29.5         30.4        88.4        90.9
Total Operating Expenses       795.2        758.7       2,532.2     2,376.3
Operating Income               258.0        280.6       808.5       798.9
Equity in Earnings of          17.1         17.1        51.0        48.9
Transmission Affiliate
Other Income, net              5.1          9.0         15.3        33.6
Interest Expense, net          62.0         60.9        190.3       181.3
Income Before Income Taxes     218.2        245.8       684.5       700.1
Income Tax Expense             80.7         89.7        251.4       252.6
Net Income                     $  137.5     $ 156.1     $ 433.1     $ 447.5
Earnings Per Share
Basic                          $  0.61      $ 0.68      $ 1.90      $ 1.94
Diluted                        $  0.60      $ 0.67      $ 1.88      $ 1.92
Weighted Average Common Shares
Outstanding (Millions)
Basic                          226.8        230.4       228.0       230.4
Diluted                        228.8        232.9       230.2       233.1
Dividends Per Share of Common  $  0.3825    $ 0.30      $ 1.0625    $ 0.90
Stock



WISCONSIN ENERGY CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
                                         September30, 2013  December31, 2012
                                         (Millions of Dollars)
Assets
Property, Plant and Equipment, Net       $    10,805.2       $   10,572.2
Investments
Equity investment in transmission        396.7               378.3
affiliate
Other                                    36.5                35.5
Total Investments                        433.2               413.8
Current Assets
Cash and cash equivalents                18.5                35.6
Accounts receivable, net                 299.0               285.3
Accrued revenues                         161.0               278.1
Materials, supplies and inventories      367.6               360.7
Current deferred tax asset, net          230.8               46.3
Prepayments and other                    161.3               307.9
Total Current Assets                     1,238.2             1,313.9
Deferred Charges and Other Assets
Regulatory assets                        1,267.4             1,339.0
Goodwill                                 441.9               441.9
Other                                    186.9               204.2
Total Deferred Charges and Other Assets  1,896.2             1,985.1
Total Assets                             $    14,372.8       $   14,285.0
Capitalization and Liabilities
Capitalization
Common equity                            $    4,198.1        $   4,135.1
Preferred stock of subsidiary            30.4                30.4
Long-term debt                           4,370.9             4,453.8
Total Capitalization                     8,599.4             8,619.3
Current Liabilities
Long-term debt due currently             371.0               412.1
Short-term debt                          361.8               394.6
Accounts payable                         296.9               368.4
Accrued payroll and benefits             90.8                100.9
Other                                    170.7               167.3
Total Current Liabilities                1,291.2             1,443.3
Deferred Credits and Other Liabilities
Regulatory liabilities                   830.7               866.5
Deferred income taxes - long-term        2,470.3             2,117.0
Deferred revenue, net                    676.8               709.7
Pension and other benefit obligations    214.5               244.0
Other                                    289.9               285.2
Total Deferred Credits and Other         4,482.2             4,222.4
Liabilities
Total Capitalization and Liabilities     $    14,372.8       $   14,285.0



WISCONSIN ENERGY CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
                                                Nine Months Ended September30
                                                2013              2012
                                                (Millions of Dollars)
Operating Activities
Net income                                      $   433.1         $   447.5
Reconciliation to cash
Depreciation and amortization                   297.6             278.2
Contributions to qualified benefit plans        —                 (100.0)
Deferred income taxes and investment tax        219.8             249.6
credits, net
Working capital and other                       99.8              117.1
Cash Provided by Operating Activities           1,050.3           992.4
Investing Activities
Capital expenditures                            (497.7)           (477.5)
Investment in transmission affiliate            (7.9)             (13.1)
Change in restricted cash                       2.7               36.0
Other, net                                      (41.9)            (36.8)
Cash Used in Investing Activities               (544.8)           (491.4)
Financing Activities
Common stock issued (repurchased), net          (145.2)           (59.7)
Dividends paid on common stock                  (242.3)           (207.4)
Change in debt, net                             (146.0)           (235.0)
Other, net                                      10.9              —
Cash Used in Financing Activities               (522.6)           (502.1)
Change in Cash                                  (17.1)            (1.1)
Cash at Beginning of Period                     35.6              14.1
Cash at End of Period                           $   18.5          $   13.0



Wisconsin Energy Corporation
Normalized Retail Electric Sales (a)
                                        Third Quarter
                                                     2013
                                        2013 Actual
                                                     Normalized
                                        vs. 2012
                                                     vs. 2012
                                        Actual
                                                     Normalized
Residential                             (8.9)%       (0.4)%
Small Commercial/Industrial             (3.0)%       (2.5)%
Large Commercial/Industrial (ex. Mines) (3.5)%       (2.7)%
Total Large Commercial/Industrial       (6.4)%       (5.7)%
Total Retail Sales                      (6.1)%       (2.9)%
Retail (Excluding Mines)                (5.2)%       (1.8)%
                                        Nine Months               Annual (b)
                                                     2013         2013
                                        2013 Actual
                                                     Normalized  Budget
                                        vs. 2012
                                                     vs. 2012    vs. 2012
                                        Actual
                                                     Normalized  Normalized
Residential                             (3.9)%       (0.2)%       0.1%
Small Commercial/Industrial             (1.1)%       (0.6)%       0.3%
Large Commercial/Industrial (ex. Mines) (3.7)%       (1.8)%       0.2%
Total Large Commercial/Industrial       (6.2)%       (4.6)%       (2.4)%
Total Retail Sales                      (3.8)%       (1.9)%       (0.7)%
Retail (Excluding Mines)                (2.9)%       (0.8)%       0.2%

(a) Normalized - 20 year average weather adjusted. The nine months has
also been adjusted for leap year in 2012 which caused a decline in normalized
sales of approximately 0.4% relative to 2012.
(b) Actual results may differ materially from these forecasts because of
seasonal, economic and other factors.

SOURCE Wisconsin Energy

Website: http://wisconsinenergy.com
Contact: Brian Manthey (news media), 414-221-4444,
brian.manthey@we-energies.com; or Colleen F. Henderson, CFA (analysts),
414-221-2592, colleen.henderson@wisconsinenergy.com
 
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