Good afternoon, everyone, and thank you for joining us today as we discuss our results for the first quarter of 2026. Here with me are Xia Liu, our Chief Financial Officer, and Beth Straka, Senior Vice President of Corporate Communications and Investor Relations.

As you saw from our news release this morning, we reported first-quarter 2026 earnings of $2.45 a share. We're off to a solid start to the year.

Our results reflect our continued focus on execution, financial discipline, and operating efficiency. Just a couple of weeks ago, we received an oral decision from the Wisconsin Commission on the tariff we proposed for very large customers, or VLCs.

We believe this decision solidifies our future growth and protects all customers and shareholders by making sure data centers pay their full share. I'll provide more information on that shortly.

We're on track to deliver results in line with our 2026 earnings guidance of $5.51 to $5.61 a share. This, of course, assumes normal weather for the remainder of the year.

In a few minutes, Xia will walk through our financial results and outlook in more detail. First, let me highlight the strong economic growth in our region that's the foundation of our robust capital plan.

We continue to see significant economic development in Wisconsin. Just last month, Microsoft brought its first data center online in Mount Pleasant ahead of schedule, and construction continues at the site.

As a reminder, Microsoft has purchased more than 2,200 acres to date in the I-94 corridor south of Milwaukee. We are preparing to serve forecasted demand of 2.6 gigawatts in this region through 2030, with opportunity for further expansion.

To the north of Milwaukee, you'll recall that Vantage Data Centers has signed on to develop facilities for Oracle on approximately 1,900 acres. Vantage continues to work on the initial phase of its data center project, which is planned for 670 acres.

Vantage has stated that it is expected to invest $15 billion to complete this phase in 2028. Construction continues, and the first facility could come online late in 2027.

We currently have 1.3 gigawatts of demand for this Vantage site in our forecast over the next 5 years. Looking to the future, this site has the potential to reach 3.5 gigawatts of demand over time.

There's other notable growth in the state. As a recent example, Milwaukee Tool has announced plans to further expand its campus in our territory, including a new research and development facility.

Waukesha Engine also announced plans to expand upon its local operation and employee base. In addition, we're starting to see good housing development.

In fact, Realtor.com recognized Racine County, home of the Microsoft site, as one of the nation's hottest housing markets. We're committed to meeting the growing demand across our service areas as we invest in our system for increased capacity and reliability.

Our 5-year capital plan includes $37.5 billion of projected investments. It's based on projects that are low risk and highly executable, with a good portion dedicated to the very large customers.

In total, by the end of 2030, we expect approximately 15% of our asset base to be attributable to these very large customers. As you recall, we project long-term earnings per share growth of 7% to 8% a year on a compound annual basis between 2026 and 2030.

This is based on the midpoint of our 2025 adjusted guidance. We expect that growth rate to accelerate to the upper half of the range starting in 2028.

Now let me give you an update on our capital projects. This March, we had a solar facility go into service with total capital of about $225 million.

The Wisconsin Commission has approved the purchase of three additional solar projects and a battery storage project. In total, we plan to invest approximately $730 million in these newly approved projects.

Construction continues on the new natural gas facilities in Paris and Oak Creek, Wisconsin. We have our labor force and supply chain lined up to bring these projects online according to schedule.

We expect the Paris RICE units and the Oak Creek combustion turbines to start coming online in late 2027. Also at our Oak Creek site, we recently announced plans to extend the operating lives of Units 7 and 8.

We expect to have the units available to meet high energy demand periods through 2027, rather than retiring them at the end of this year. The decision is based on two critical factors: reliability and affordability for our customers.

Overall, we have a high level of confidence in our ability to execute on our capital plan and continue our growth trajectory. Now turning to the regulatory front.

First, let's update you on Wisconsin and our VLC tariff. After completing its review, the Public Service Commission verbally approved the tariff structure on April 24th.

We expect the written order in the next few weeks. As a reminder, this tariff provides a balanced approach: reliable electric service for our very large customers with a predictable cost profile, protection of other customers from bearing any costs to serve these very large customers, protection of the company's financial health, and support for economic development and growth in the region.

The Commission approved the return on equity in the range of 10.48% to 10.98% and an equity ratio of 57%. For our non-VLC customers, on April 1st, we filed rate requests with the Wisconsin Commission for forward-looking test years 2027 and 2028.

Our proposed plans would help us continue to strengthen key infrastructure and deliver the energy our customers depend on, while remaining focused on affordability for our customers. We expect final orders by the end of the year with new rates effective in January 2027 and 2028.

In Illinois, just last week, we filed a proposed settlement with the Illinois Commerce Commission. If approved, these agreements will resolve all open proceedings related to the customer uncollectible and QIP riders.

As you recall, we filed a rate request for our Illinois utilities in January for test year 2027. A key driver of this request is to support the pipe retirement program in Chicago.

The Illinois Commerce Commission continues to review our filing. We expect a decision by the end of the year.

In summary, we remain focused on executing our capital investment plan. Now I'll turn things over to Xia.

Thank you, Scott. Our first-quarter 2026 earnings of $2.45 per share reflect an 18-cent increase compared to the first quarter of 2025.

Our earnings packet includes a comparison of first-quarter results on page 12. I'll walk through the significant drivers.

Starting with our utility operations, earnings were 17 cents higher versus the first quarter of 2025. Let me highlight a couple of key drivers.

Weather negatively impacted quarter-over-quarter earnings by approximately 2 cents. Compared to normal conditions, we estimate that weather had a 1-cent negative impact in the first quarter of 2026 versus a 1-cent positive impact for the same period in 2025.

Rate base growth contributed 17 cents to earnings, including 9 cents of incremental AFUDC equity from projects under construction. Day-to-day O&M was 5 cents favorable in the first quarter.

This includes a 2-cent gain from a planned asset sale in Illinois during first quarter this year. The rest of the favorability was largely due to the timing of certain maintenance and benefits costs, which we expect to reverse throughout the rest of the year.

For 2026, we continue to expect day-to-day O&M to increase 3% to 5% when compared to 2025 actuals. Next, let me give you some color on our weather-normalized retail electric deliveries, excluding the iron ore mine.

Compared to Q1 last year, we saw 1.3% growth this quarter, led by the large commercial and industrials class, which grew 3%. This is in line with our forecast.

For the year, we still expect electric sales to grow around 1.5%. At American Transmission Company, earnings increased a penny compared to the first quarter of 2025 as a result of continued capital investment.

Turning to our Energy Infrastructure segment, earnings were 4 cents higher in the first quarter of 2026 compared to the same period in 2025, driven largely by higher operating income from WEC Infrastructure. WECI also benefited from a full quarter of operations from the Heartland 3 solar project acquired in February 2025.

Next, you'll see that earnings from the Corporate and Other segment increased 3 cents, driven by favorable tax timing. In terms of common equity, we locked in about $455 million in Q1 this year.

This includes $25 million issued under our employee benefit plans and $430 million via the ATM program under forward contracts that we will settle in the future. Remember, we expect to issue up to $1.1 billion of common equity this year.

Through the first quarter, we have accounted for almost half of our expected equity needs for 2026. Going forward, as a reminder, any incremental capital beyond the current plan is expected to be funded with 50% equity content.

Now let me comment on guidance. As Scott mentioned earlier, we are reaffirming our 2026 earnings guidance of $5.51 to $5.61 per share, assuming normal weather for the rest of the year.

For the second quarter, we're expecting a range of 76 to 82 cents per share. This accounts for April weather and assumes normal weather for the rest of the quarter.

With that, I'll turn it back to Scott.

Thank you, Xia. Now as you may recall, our board at its January meeting increased the dividend by 6.7%.

This marks the 23rd consecutive year that our shareholders will be rewarded with higher dividends. The increase is consistent with our plan to grow the dividend rate at the 6.5% to 7%.

We're optimistic about continued growth in the region and our company's future. Operator, we are now ready for the question-and-answer portion of the call.

Now we will take your questions. The question-and-answer session will be conducted electronically.

To ask a question, please press the star key followed by the digit 1 on your phone. If you're using a speakerphone, turn off your mute function to allow your signal to reach our equipment.

We will take as many questions as time permits. Once again, press star and then 1 on your phone to ask a question.

Hey, good afternoon, everyone. It's actually Alex on for Shar.

Thanks for taking our questions.

Sounds good, Alex.

Just, obviously, you're seeing a lot of growth on the data center front. You have Microsoft and Vantage projects, and you kind of highlighted some upsides there.

Can you maybe talk a little bit more to the extent that you can, are you seeing additional interest from other hyperscaler customers in the state? Just to add on, there's been, obviously, a lot of local opposition in some parts of the state.

Can you just talk about, your strategy and overall confidence level around attracting new customers despite some of the headlines we've seen? Thanks.

Sure, let me kind of phrase this and look at it in total. When you think about, we've got Microsoft and the Southeastern Wisconsin region, and then north in the Vantage site, when you look at that, we have about 3.9 gigawatts in our 5-year plan.

If you just look at the acreage and do some back-of-the-envelope math, you can see how these sites, which have already been approved and have the ability to put data centers on, could add another 4 to 5 gigawatts of capacity on those sites alone. We see tremendous growth on already the available sites that we have in the works, and construction is starting on a good portion of them.

Then you think of the other data centers. We are in discussions with a few others.

I think, very optimistic now that we have the final VLC tariff, and we'll see that final order come out in the next few weeks, a little more clarity. I expect to have more information on our third-quarter call, and anticipate we hopefully will have another announcement to be made on that third-quarter call.

Got it. That's very helpful.

I guess just switching gears here, just want to touch on Point Beach. You've obviously mentioned is in discussions there.

Just if you were to go ahead with building sort of incremental generation, can you maybe provide some sort of sensitivity around the CapEx opportunity there and just maybe any sense on possible timing? Thanks.

Sure. We're going through the planning process right now.

We always go through the summer and go through our generation planning process and working with our very large customers to factor in the additional growth along with what we need on the generation side to serve our native load. As we talked about on the last call, that Point Beach PPA, the prices are pretty high.

We're going to look at affordability for our customers. At this time, we're planning that we're going to have to replace that, and we'll put that in our 5-year plan this fall, most likely replace it with some gas, perhaps a combined cycle.

Remember, that PPA ends—the first unit ends in 2030, and the second unit ends in 2033. We have some time, but it'll start working into our planning cycle.

As just a rule of thumb, about a gigawatt, is about $2 to $2.5 billion. This is, over those two units, it's about 500 for each, so that's about a gigawatt.

When we look at our planning assumptions, it's about $2 to $2.5 billion for every gigawatt we add. You think about that as we also think about the very large customers.

Hope that helps.

Great. I'll leave it there.

Definitely. Thank you.

I'll leave it there.

Thank you.

Hey, good afternoon. Thanks for the time today.

Absolutely, Richard.

Picking up some of the commentary on the VLC tariff. I think the revisions from the Commission saw the threshold move down to a lower level, maybe 100 megawatts, if I'm recalling correctly.

Curious if that captures more load than you were expecting to run through the VLC tariff, and any ramifications on your plan, as a result of that. Then sounds like sort of customer interest overall, now that you've gotten to the other side of a VLC outcome, is sort of firming up, but again, just curious more broadly in the context of that, load-side revision, how you're thinking about the tariff impacting economic development going forward.

Sure. A great question.

When you think about it, we proposed 500 megawatts, which is smaller than the two data centers that we have going right now. The load going down to the 100 megawatts, we don't have any current customers that fall into that range, it doesn't affect any of our current customers.

We'll see, as we talk to future load, if there's something in that 200 megawatt, how does that deal and how does that look at the economics with our tariff. We'll address that if we see something at the time.

Right now, moving it to 100 does not affect our economic development in either direction. Maybe a little positive that it actually opened up the door for some smaller data centers and we can show that they're paying their full share.

Not concerned at all about going to the 100 megawatts.

Perfect. Thanks for framing that.

Then turning to Illinois, it sounds like, again, more progress that you've been able to put up in the state, although still more to come on the rate cases as well. Could you speak a little bit more to the data points that are emerging along the way here, how you see conversations trending overall in the state, and what you have an eye to over the balance of the year to get those rate orders?

Sure. A couple of things.

We just filed the settlement, which I think has taken off 12 cases related to uncollectibles and the in the previous QIP riders. An extremely long period.

We filed that just the other day. That had the support of the AG, the ICC staff, and the Citizens Utility Board was involved in that signing.

It's great to see that signed and that in front of the Commission now. We have our rate case in front of the Commission.

Of course, one of the key elements of the there is going to be the pipe retirement plan. As we're ramping that up, that we expect to see the first testimony from our the ICC staff and other intervenors, I think, by the end of the day today.

We'll see where that comes out. Then we're just executing on our plan, starting to ramp up the pipe replacement program that we've talked about.

We're ramping it up this year. It'll get about 200—I think we're about $200 million this year, and it'll ramp up in 2027 and 2028.

We're just going to execute on the program. We're following along all the direction that we received in the order from the pipe retirement program on having workshops and working through those workshops and really have a lot of transparency on our program.

We're hitting the ground running. Feel really good about the progress we're having in our communication with our customers and keeping the ICC informed along with the safety monitor.

Those are kind of three key elements, and they'll evolve during the summer here as we start seeing the testimony and more results of the settlement with Illinois.

Great. Thank you.

Thank you.

Hey, good afternoon. Hope everyone's doing well.

Can you hear me?

Yep, we can hear you fine, Nick.

Hey, great. Thank you.

I just wanted to ask Scott on the you talked about the acreage that you have that is kind of fully permitted and ready to go, and I think you said up to 4 gigawatt potential number, and maybe just acknowledging the fact that the hyperscaler appetites continuing to kind of increase here, and if customers want to kind of maximize that, can you just kind of talk about your ability to execute on that from a supply chain and equipment standpoint? Then just how do we kind of think about how much could actually fall into the plan in the third quarter just based on the conversations you're having, and now that the VLC is finalized and it seems that everyone is happy with that?

Maybe you could just expand on that a little bit more. Thanks.

As we kind of peel back that question, and we've been working with these very large customers, as behind the scenes for years and working with, our developer and our generation and planning team, and we feel very confident we can deliver all that's needed to supply the load growth as we ramp this up. It's a little early before I, talk about what's going to be on that third-quarter call, but feel for sure there'll be increment added in our third quarter.

It's just we're still working with them on this individual amounts, and we'll more to come on third quarter, but feel good about the update we'll have then.

Great. Then just one more thing and just keeping with the megawatts here on Point Beach.

Is it the base idea that you're going to bring in the full replacement, or could you just be kind of targeting half of that to start, and then, on the next plan look at the next, part of the PPA that rolls off, I think, in the mid-2030 time

frame? That's a great question.

When you think about that, first one is in 2030, for sure that first one will be in this plan, and then probably some dollars as it relates to long lead-time equipment for that 2033. You may start to see a little bit tweak in on that last 500 in this plan.

Great. Then maybe if I could just one more.

The GRC, just given all that's been kind of in front of you and you had a successful VLC with this Commission, we're still very early innings of this case, but is this something that you expect to go fully litigated, or do you think there could be an opportunity to settle, depending on where the starting points of testimony are?

Sure. As you look at it, and remember we filed the case at the beginning of April.

I think we have a real modest increase out there on our base rates in the electric side of 4.7% and 4.5% in each of the in 2027 and 2028. We'll we don't even have a procedural schedule out, but I think we'll get through the staff audit sometime this summer, and when we see that audit and probably the first round of testimony, that'll be an opportunity for us to take a step and see if there's an opportunity to settle.

You notice last year this Commission did settle cases with a couple other utilities in the state. Optimistic that we're going to have a reasonable audit and then we can make progress later in the year, but a little early before we can make any decisions on that.

Absolutely. Absolutely.

Thank you so much. Appreciate it.

Thank you.

Hey, good afternoon, team. Thank you guys very much.

Appreciate the time. Nicely done again.

I've got to hand it to you on the ICC backdrop here with the QIP resolution.

Excellent. Thanks, Julien.

Absolutely. Hey, just a couple things if I can come back to.

The VLC tariff, with that approved here, at least verbally, are you having other discussions with other data center developers? I know this was asked a little bit earlier in a different permutation, but how is this enabling, catalyzing developments?

Can you speak to the expansion opportunity a little bit more specifically? Again, just if I can link this to another subject, how do you think about Point Beach enabling data centers as well?

I just want to ask that explicitly here if I can.

Sure. The VLC and when we see the final order, I think that's just going to be a lot more transparency for everyone.

We wanted to make sure we filed the VLC as a tariff to make sure it's transparent not only for other VLC customers, but also for the public and the community to see that they're paying their full share. Very happy about that.

It good. I think all the people we've been talking to are well aware of what the VLC filing was and what the tariff and the discussion from the Commission.

A lot of people are watching that decision to see what was going on on that. As you think about, Point Beach, there's that's in 2030, 2033.

We'll see what opportunities are there, but potentially right now, we're looking at it: how do we serve our native load and actually provide a capital investment and probably some bill headroom as you think about affordability in that 2030 and '33 time frame?

Yep. Absolutely.

I hear you here. Then just to ask it explicitly, I know it was brought up a little bit earlier, but given this rate case, it seems fairly benign in many respects, my words.

How do you think about settlement and any specific items that might stand out here in the filing, right? Mid-single-digit increase.

It seems fairly down the fairway.

It's too early. We want to see what the final audit is.

When you think about our rate case filing, it's really balanced. There's a little bit of new generation, there's a little bit of transmission, there's a little bit of reliability that we put in on the distribution system, some general inflation, some trueing up for sales.

It's sprinkled throughout. It's not like we are having any one big initiative here.

Remember, when we filed our case now, we laid out that those very large customers are paying a significant amount of our capital additions that we're putting into our plan. You're not seeing it come through to these individual non-VLC customers.

It's all being paid for by the large customers. Too early to talk about that.

Excellent, guys.

Thank you.

I totally get it. Cheers.

Cheers.

Hi. Good morning.

Good afternoon. Thank you for taking my question.

Sure.

I wanted to ask you guys Yeah, not to beat this horse to death, but I wanted to ask about Point Beach. It sounds like since you are thinking about replacing that power, that you're contemplating a scenario where it won't be available to serve your retail customers.

I just kind of Can you give us some reminder of what other options the owners of this asset would even have under Wisconsin law, which I don't think they are able to sell serve retail directly themselves? What kind of an outcome is actually contemplated here with respect to Point Beach?

I can't speak with NextEra for NextEra, you'd have to ask them that question. You could all they could always enter into a financial transaction or something like that, but you'll have to run that by NextEra and see what their thoughts are.

All right. Then I guess on the VLC, what kind of a feedback, if any, have you heard so far from the existing hyperscale customers and potential others, just given the modifications that were made at the Commission?

We've been talking, and you could kind of see it through the testimony where those potential adjustments would be made. The initial indication is, they're there's nothing major right now, but of course we all want to see the written order to see what's really in that final written order, but nothing surprising at this time.

All right. Thank you.

Thank you.

Hi, let's try it again. Can you hear me now?

Yep, we can hear you.

Terrific. I don't know what happened there, but thanks for giving it a second try.

I first want to ask another try at the Port Washington situation. My question is, to what degree do you see the referendum on data centers, they're either challenging the current 1.3-gigawatt build-out, do you see that at all being at risk?

Or do you think it might make it harder for the customers to expand to the full 3.5 gigawatts? Or, could this potentially defer other customers from looking into opportunities in or around that area or across Wisconsin more broadly?

I think you're referring to the referendum related to the TIF district. When you look at that, it should not affect any of our that site up to the 3.5 gigawatts based on all of our understanding.

It potentially could affect, not just data centers, but any other just economic development in an area that would need a TIF district for that particular county. More of a challenge just in general for economic development, but it should not affect any of the data center growth we had outlined in our script.

Not only the 1.3, but the full 3.5 you think would be safe. Great.

Then do you think it's isolated to that specific area? Do you think other From your conversations with customers, do you think it's isolated or do you think it's more of a broad issue in your conversations?

I, we haven't seen any other issues out there as it relates to a referendum. We have seen a couple areas across the state just put a 1-year moratorium on reviewing data centers just because I think everyone wants to understand a little bit more of the facts on the data centers to get the facts out, but we have not seen any other type of referendum like that.

Great. Thank you.

Very helpful. Just a minor one maybe for Xia.

The weather-adjusted natural gas deliveries were down over 2.1% or were down 2.1% year on year. I know the weather was extremely mild, that always messes with the normalization models, but volumes were also down 0.5% for the full year in 2025.

What are you seeing in terms of trends or patterns? Anything worth calling out, or was the 1Q maybe just a blip with the models?

Andrew, we looked at that. I think we expected some usage decline in the forecast, what played out was a little worse than what we expected, but not by much.

We filed in the test year 2027-2028 the expected decline in the filing, hopefully we catch it up for the future. There's some details about in which metropolitan area you see a little more decline, so as people continue to come back to the office or reduce their residential usage, you may see that naturally happen in the metropolitan area.

Nothing surprising in the first quarter.

Very good.

Thank you.

Hey, good afternoon.

Good afternoon, Michael.

Hey, Scott. Maybe I'll just try in Illinois, and this might be unfair because we're about to get the testimony, but is there any scenario where you think you can settle in that jurisdiction, and maybe just longer term, how you thinking about the future of rate case cadence in that state?

Sure. You're right, we haven't even seen the testimony yet, pretty hard to handicap anything there.

Historically, Illinois has been a hard place to actually settle when you look across other jurisdictions, so, I don't know about the opportunities there. We got to see the testimony, but very happy, as you could see, we actually got a settlement on those old historical riders, so that's a step in the right direction.

Your second question was? Oh,

just the future of rate case cadence

in

the state. Is this going to be every year, every other year?

How you think about that?

I anticipate, especially as we ramp up this rider and we start getting increases in 2027, 2028, and then an ongoing, I expect that it'll be more of an annual rate case kind of cadence as you think of Illinois, specifically as it relates to putting in this pipe retirement program.

Very helpful. Then we saw you I think you mentioned pushing out the retirement dates on some of your coal units.

Just as you think about your remaining coal fleet holistically, what are kind of some of the options there, in terms of conversions, further push-outs? How are you thinking about some of those remaining units holistically?

Sure. We're going to look at conversion of those to natural gas.

For the most part, as you think about the EPA rules, we need to be in compliance with the current EPA rules. We'll see where those EPA rules go.

At this time, the reason we pushed out 7 and 8, we just wanted to make sure we get other dispatchable generation online, and those Paris sites and the new CTs will start to come online at the end of '27. We want to make sure we had, as we retire old dispatchable capacity, we had new capacity online.

We also reviewed this to make sure there was no significant capital investments we had to make to keep these units running another year. Basically, they're only running on days that we really need it, we're really running them on limited basis.

We just want to make sure we have that capacity around to make sure we had that reliability. As you look at the other units, we're still looking at converting to natural gas, and we'll follow the EPA rules as they evolve.

Great. Very helpful.

Thank you.

Thank you.

Hey, good afternoon. Thanks for taking the questions.

Just one for me. Just wanted to check in kind of on I know you've talked about the construction activity at the Vantage site has sort of started.

Just any color you could provide on how execution is kind of tracking there relative to the timeline, I think end of 2027, that the company's laid out? Perhaps just if you do see any slippage there, maybe can you refresh us kind of on the protections in place on if timing slips there related to the investments that WEC is making?

Sure. We don't see any slippage.

We're in contact with the site. We have a meeting every other week with them on the site.

We don't see any slippage there, and the other significant item is approval of a transmission line to serve that site, which there's data requests and information going around at the Commission right now. We expect to get approval for that in the fall of this year.

We don't think there's any issues and the slippage of that in service at this time. Things are going well there.

If you think about in service, some of the fixes and fine-tuning that happened in the VLC tariff as it relates to transmission will be more on the nominated basis, which will make sure that everyone pays their fair share and full cost as we build this cost and put that in, it's not getting subsidized by anyone else. It should not be a slippage also for any of our generation plans.

We feel good about the tariff and the protections, plus more importantly, we feel really good about the execution of that site and getting it online.

That's great. I'll leave it there.

Thank you for the color.

Thank you.

Thanks for taking my question. When I look at the $2 to $2.5 billion for 1 gigawatt in terms of replacement capacity, should I assume that what you're looking at is a combination of renewables and gas for Point Beach?

I think you got to kind of think about all of the above as we think and we'll look at our entire generation plan. It may be a combination of renewables and CTs, but we also may be looking at a combined cycle as we look at our plan to continue to get more energy, since it also provides a lot of energy.

We're going through that process. We look at it every year, not just as it relates to the Point Beach, but also adding additional load on for our very large customers and other economic development in the region.

We're going through that process right now and what makes sense and cost-effective value for our customers.

Great. Then in terms of the non-regulated renewables, I imagine you're getting to a point where you're reaching sort of the end of the PTCs on some of the units.

For those units, what type of uplift, if any, are you seeing in recontracting those assets? Does that sort of Should we assume that offsets the PTC, or how should we think about that?

Great question. Two things.

One is we're going through the process right now, and in fact last year, we had safe-harbored a lot of the materials to make sure those early PTCs that fall off, we have safe-harbored materials so we could actually repower them to get to another 10 years of PTCs. We're evaluating that right now, and we'll talk about that on our third-quarter conference call, but an opportunity to get another 10 years of PTCs.

Then as those contracts come up, the value of renewable resources today and capacity across the country, it's more valuable than when we initially contracted those. I also see some upside as those contracts come due.

Now they just to remind you, they don't all come due at the same time as the PTCs, there's a different timing there, but I think there's value on both sides of it.

Great. Then I guess last question that I have is it was the Microsoft cancelled plant, was that to be located near where the Oak Creek plant is located, or was that in a different vicinity?

There was a potential option to purchase some land by the Oak Creek plant for a potential Microsoft expansion that is no longer moving forward. Since, in total, they still have about 2,200 acres, and that was by the Oak Creek site.

I guess my question: Has there been any reconsideration by that community of potential benefits for having a data center located in their community?

I haven't talked specifically with them, but I think every community is looking at potential for data centers or the discussion of data centers because there's a lot of discussion in the region, and I think a lot of these communities are looking at Port Washington and Mount Pleasant, look at the value of property taxes and the other value these hyperscalers bring to the community, especially when you're talking about affordability and people talking about property taxes. I think there's opportunities there.

We haven't had direct discussions with them, but there's potential there. I think it's a great site, requires very little transmission, and is right by our power plant, it's a great power supply with very little transmission, an ideal spot for something like that.

Great, that's it for me. Thank you so much.

All right, that concludes our conference call for today. Thank you for participating.

If you have any more questions, please feel free to contact Beth Straka at 414-221-4639. Thanks, everyone.