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0000950123-11-018477.txt : 201102250000950123-11-018477.hdr.sgml : 2011022520110225133534ACCESSION NUMBER:0000950123-11-018477CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:22CONFORMED PERIOD OF REPORT:20110225ITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20110225DATE AS OF CHANGE:20110225

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:WISCONSIN ENERGY CORPCENTRAL INDEX KEY:0000783325STANDARD INDUSTRIAL CLASSIFICATION:ELECTRIC & OTHER SERVICES COMBINED [4931]IRS NUMBER:391391525STATE OF INCORPORATION:WIFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-09057FILM NUMBER:11639918

BUSINESS ADDRESS:STREET 1:231 W MICHIGAN STSTREET 2:P O BOX 1331CITY:MILWAUKEESTATE:WIZIP:53201BUSINESS PHONE:414-221-2345

MAIL ADDRESS:STREET 1:231 WEST MICHIGAN STREETSTREET 2:P O BOX 1331CITY:MILWAUKEESTATE:WIZIP:53201

8-K1c63285e8vk.htmFORM 8-K

e8vk

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported):
February25, 2011

Commission
File Number

Registrant; State of Incorporation
Address; and Telephone Number

IRS Employer
Identification No.

001-09057

WISCONSIN ENERGY CORPORATION

39-1391525

(A Wisconsin Corporation)

231 West Michigan Street

P.O. Box 1331

Milwaukee, WI 53201

(414)221-2345

The name and address of the registrant has not changed since the last report.

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy thefiling obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

WISCONSIN ENERGY CORPORATION

ITEM 7.01 REGULATION FD DISCLOSURE.

Representatives of Wisconsin Energy Corporation will be conducting meetings with investors throughMarch31, 2011. Attached as Exhibit99.1 are the presentation slides to be used at such meetings.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d)Exhibits

99 Additional Exhibits

99.1 Presentation slides

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant hasduly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

WISCONSIN ENERGY CORPORATION
(Registrant)

/s/ STEPHEN P. DICKSON

Date: February 25, 2011 Stephen P. Dickson -- Vice President and Controller

3

EX-99.12c63285exv99w1.htmEX-99.1

exv99w1

Exhibit 99.1

March 2011

Cautionary Statement Regarding Forward-Looking Information

Much of the information contained in this presentation is forward-looking information based upon management's currentexpectations and projections that involve risks and uncertainties. Forward-looking information includes, among otherthings, information concerning earnings per share, earnings per share growth, cash flow, dividend payouts and dividendpayout ratios, debt repayment, construction costs and capital expenditures, rate base and the capital structure. Readersare cautioned not to place undue reliance on this forward-looking information. Forward-looking information is not aguarantee of future performance and actual results may differ materially from those set forth in the forward-lookinginformation. In addition to the assumptions and other factors referred to in connection with the forward-lookinginformation, including, without limitation, rate recovery of any costs above the PSCW approved amount for the Oak Creekexpansion; PSCW approval of utility construction projects, including the biomass facility; and continued growth in earningsfrom ATC, factors that could cause Wisconsin Energy's actual results to differ materially from those contemplated in anyforward-looking information or otherwise affect our future results of operations and financial condition include, amongothers, the following: general economic conditions; business, competitive and regulatory conditions in the deregulatingand consolidating energy industry, in general, and, in particular, in the company's service territories; timing, resolution andimpact of pending and future rate cases and other regulatory decisions; availability of the company's generating facilities;unanticipated changes in purchased power costs; unanticipated changes in coal or natural gas prices and supply andtransportation availability; key personnel changes; the ability to recover fuel and purchased power costs; varying weatherconditions; catastrophic weather-related or terrorism-related damage; construction risks, including those associated withthe construction of new environmental controls and renewable generation; adverse interpretation or enforcement of permitconditions by permitting agencies; equity and bond market fluctuations; the investment performance of the company'spension and other post-retirement benefit plans; the impact of recent and future federal, state and local legislative andregulatory changes; current and future litigation, regulatory investigations, proceedings or inquiries, including the pendinglawsuit against the company's pension plan, FERC matters, and IRS audits and other tax matters; the effect of accountingpronouncements issued periodically by standard setting bodies, including any requirement for U.S. registrants to followInternational Financial Reporting Standards instead of GAAP; foreign, governmental, economic, political and currencyrisks; and other factors described under the heading "Factors Affecting Results, Liquidity and Capital Resources" inManagement's Discussion and Analysis of Financial Condition and Results of Operations and under the headings"Cautionary Statement Regarding Forward-Looking Information" and "Risk Factors" contained in Wisconsin Energy's Form10-K for the year ended December 31, 2010 and in subsequent reports filed with the Securities and ExchangeCommission. Wisconsin Energy expressly disclaims any obligation to publicly update or revise any forward-lookinginformation.

Key Areas to be Covered

Overview of Wisconsin Energy

Retail Electric and Gas Utilities

Power the Future

Wholesale Electric Transmission

Earnings Outlook

All per share values reflect two-for-one sharesplit effective March 1, 2011

Overview of Wisconsin Energy

Estimated Rate Base and Power the Future Investment at 12/31/11

Retail Electric and Gas Utilities

Wisconsin, Michigan, and FERCjurisdictions

48.5% to 53.5% equity for WisconsinElectric

10.4% allowed ROE

45% to 50% equity for Wisconsin Gas

10.5% allowed ROE

Power the Future

53% to 55% equity levels in leaseagreements

12.7% ROE fixed in lease agreements

Wholesale Electric Transmission

FERC jurisdictional

50% equity level for rates

12.2% ROE with true-up

$2.7

$5.7

Note: Value for retail electric and gas utilities represents rate base.

Power the Future value is book value of investment.

Wholesale electric transmission is 26.2% of ATC's rate base.

$9.7 Billion

Largest electric andgas company inWisconsin

1.1 million electriccustomers

1.0 million naturalgas customers

Retail Electric and Gas Utilities

Retail Electric and Gas Utilities

Expected Levels of Investment and Depreciation 2010A 2011E 2012E 2013E Base 329 415 425 412 Renewable 146 333 132 10 Environmental 212 166 68 71 Depreciation 250 260 310 320

*Total depreciation expense was $250 million in 2010, and is expected to be $260, $310 and $320million in 2011, 2012, and 2013 respectively for utilities on a combined basis.

$687

$914

$625

$493

Retail Electric and Gas Utilities

Projected Rate Base 2010A 2011E 2012E 2013E PPE 4.9 5.1 6.4 6.7 CWIP 0.6 1 0.4 0.3 All Other* 0 0.2 -0.1 -0.3 5.5 6.3 6.7 6.7

*All other is comprised of customer advances, def. taxes,inventory and implied working capital.

Renewable Energy Opportunity

Renewable Portfolio Standard in Wisconsin 2001-03 Baseline 2010 2015 0.0227 0.0427 0.0827

Required Percentage forWisconsin Electric Retail Sales

*Requirements at a Wisconsin state level are 5% and 10%in 2010 and 2015 respectively. In terms of energy this isestimated to be 1.4 TWh in 2010 and 2.5 TWh in 2015.

*

*

Renewable Energy Opportunity

Wind Projects

Blue Sky Green Field

Completed May 2008

145 MW

$295 million investment

Glacier Hills

Construction began May 2010

160 MW

Estimated investment of $367million

Wisconsin Electric has executed165MW of renewable energytransactions to help achievecompliance with the WisconsinRenewable Portfolio Standard

Renewable Energy Opportunity

Biomass Project

Biomass

Filed application for a 50MW project with PSCW on

March 15, 2010

Estimated investment of $255 million with a target

in-service date of 2013

All local permits have been obtained

Decision by the PSCW is expected in the first quarter of2011

If an "off ramp" is not granted we expect to needadditional renewable capacity to meet therequirements post 2015

All projects are subject to PSCW review andapproval

Electric Fuel Cost Recovery

Wisconsin Jurisdiction

Electric fuel case for 2010 was filed on February 19, 2010

Interim relief was granted on March 25, 2010

Wisconsin jurisdictional increase of $60.5 million, subject torefund

Final decision expected in early 2011

Limited reopening of fuel rates for 2011 filed on September 3

Additional increase of approximately $32.0 million

New fuel rules have been adopted by the PSCW

+/- 2% deadband, or approximately +/- $16 million in 2011

Escrow costs outside the deadband

Power the Future Plan Natural Gas Coal Capacity 1,090 MW 1 1,030 MW 1 Investment $664 million $2.0 billion ROE 12.7% 12.7% Equity 53% 55% Initial Lease Term 25 Years 30 Years Actual & TargetedIn-service Dates Unit 1 - July 16, 2005 Unit 2 - May 23, 2008 Unit 1 - February 2, 2010Unit 2 - January 12, 2011 Consolidated Net Income 2012 Estimate $38 million 2 $ 121 million 2

1All capacity and investment amounts reflect WEC ownership only. Demonstrated capacity for thenatural gas units is 1,150MW - value shown in table is amount guaranteed in lease agreement.

2Includes allocation of holding company debt.

Power the Future

Expected Earnings 2009 2010 2011 2012 Port Washington #1 & #2 32 32 32 32 Oak Creek #1 10 62 70 70 Oak Creek #2 0 31 33

Key Assumptions

Oak Creek Unit 2 in serviceJanuary 12, 2011

Cost estimate of $2 billion forWEC's ownership of the coalunits

Free cash flow of $225 millionin 2011 - after capex and debtrepayment at We Power level

Earnings contributionexpected to grow somewhatover time as debt repaymentoccurs

Earnings per Share ContributionConsolidated Basis

$0.48

$0.66

$0.21

*Includes allocation of holding company interest.Capitalized interest benefit not included.

$0.67

Wholesale Electric Transmission

Wisconsin Energy owns 26.2% of American TransmissionCompany (ATC)

ATC is projected to contribute approximately 16 cents to ourEPS this year

Represents almost 9% of consolidated earnings

ATC's projected capital investment over the next ten years is$3.4 billion

ATC rate base at year end 2011 is projected to be about$2.6 billion

Regulated by the FERC for purposes of rates and returns

12.2% return on equity with true-up mechanism

Transmission siting is under state jurisdiction

Wholesale Electric Transmission

Expected Earnings 2011E 2012E 2013E ATC 252 271 252 WEC portion (26.2%) 66 71 66

Key Assumptions

In its latest 10-yearassessment ATC projects aneed for $3.4 billion oftransmission improvements inits footprint from 2010 to 2019

Implies average $30 millioneffective annual rate basegrowth for WEC from 2011 to2013

Expect a $0.16 and $0.17contribution to EPS in 2011and 2012 respectively

Excludes potentialtransmission projects outsideATC's traditional footprint

Projected Capital Expenditures

(Millions of Dollars)

Projected Earnings Base for 2010 - 2012 2010A 2011E 2012E Electric and Gas Utilities $1.34 $1.36 to $1.41 $6.7 billion rate base Power the Future (1) $0.48 $0.66 $0.67 Wholesale Electric Transmission (2) $0.15 $0.16 $0.17 Unallocated holding company debt(3) ($0.05) ($0.13) ($0.09) $1.92 $2.05 to $2.10

(1)Includes allocation of approximately $375 million of 6.25% rate holdingcompany debt

(2)26.2% Investment in ATC

(3)Reflects repayment of $450 million of senior notes on April 1, 2011 withapproximately $175 million of available cash and $275 million ofcommercial paper issuance. The commercial paper is expected to berepaid by the end of 2012.

Financing and Dividend Policy

Capital Structure Goals

Maintain debt to capital below 55% by the end of 2013

Actual ratio was 54.1% at the end of 2010

Assumes half of hybrid securities are treated as commonequity

Dividend Policy

Target a dividend payout ratio of 50-55 percent ofearnings starting in 2011

With the exception of the stock split this year wedo not expect to issue any additional shares

Free Cash Flow Generation

Base Assumptions

50% dividend payout ratio

$450 million April 1, 2011 WEC debt maturity repaid

$3.4 billion capital budget over 2011 to 2015 period

After funding requirements listed above we estimate additional freecash flow of about $600 million from 2011 to 2015

This positions us to ...

Fund additional growth,

Provide more dividend increases,

Repay more holding company debt, and/or repurchase shares

.... all with internally generated cash

2009A 2010A 2011E 0.675 0.8 1.04

$1.04

Projected Growth in Earnings and Dividends 2009A 2010A 2011E 1.6 1.92 2.05

Earnings per Share

Dividends per Share

$1.92

$2.05 to$2.10

Power the Future program now complete

Highly visible earnings and strong cash flow

Solid utility franchises with rate base growth

Driven by environmental upgrades, renewableenergy projects and network improvements

Investment in American Transmission Companyprovides an additional regulated growth opportunity

Positioned to deliver among the best risk-adjustedreturns in the industry

Key Takeaways on Wisconsin Energy

GRAPHIC3c63285c63285z0001.gifGRAPHIC

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