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0000950123-10-098394.txt : 201011010000950123-10-098394.hdr.sgml : 2010110120101101060201ACCESSION NUMBER:0000950123-10-098394CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:20CONFORMED PERIOD OF REPORT:20101101ITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20101101DATE AS OF CHANGE:20101101

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:101153363

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-K1c61011e8vk.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):
November1, 2010

Commission
File Number

Registrant; State of Incorporation
Address; and Telephone Number

IRSEmployer
IdentificationNo.

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 throughNovember30, 2010. Attached as Exhibit99.1 are the presentation slides to be used at suchmeetings.

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: November 1, 2010 Stephen P. Dickson Vice President and Controller

3

EX-99.12c61011exv99w1.htmEX-99.1

exv99w1

November 2010

November 2010

November 2010

Exhibit 99

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, dividend payouts and dividend payoutratios, construction costs and capital expenditures, customer and economic growth, electric sales, rate base and thecapital structure. Readers are cautioned not to place undue reliance on this forward-looking information. Forward-lookinginformation is not a guarantee of future performance and actual results may differ materially from those set forth in theforward-looking information. In addition to the assumptions and other factors referred to in connection with the forward-looking information, including, without limitation, rate recovery of any costs above the PSCW approved amount for theOak Creek expansion; PSCW approval of utility construction projects; and continued growth in earnings from ATC, factorsthat could cause Wisconsin Energy's actual results to differ materially from those contemplated in any forward-lookinginformation or otherwise affect our future results of operations and financial condition include, among others, the following:general economic conditions; business, competitive and regulatory conditions in the deregulating and consolidatingenergy industry, in general, and, in particular, in the company's service territories; timing, resolution and impact of pendingand future rate cases and other regulatory decisions, including the impact of any new fuel rules adopted by the PSCW andthe PSCW's final review of its 2008 and 2009 fuel orders; availability of the company's generating facilities; unanticipatedchanges in purchased power costs; unanticipated changes in coal or natural gas prices and supply and transportationavailability; key personnel changes; the ability to recover fuel and purchased power costs; varying weather conditions;catastrophic weather-related or terrorism-related damage; construction risks, including those associated with theconstruction of Unit 2 at the Oak Creek expansion; obtaining necessary investment capital to implement the company'sPower the Future program; adverse interpretation or enforcement of permit conditions by permitting agencies; equity andbond market fluctuations; the investment performance of the company's pension and other post-retirement benefit plans;the impact of recent and future federal, state and local legislative and regulatory changes; current and future litigation,regulatory investigations, proceedings or inquiries, including the pending lawsuit against the company's pension plan,FERC matters, and IRS audits and other tax matters; the effect of accounting pronouncements issued periodically bystandard setting bodies, including any requirement for U.S. registrants to follow International Financial ReportingStandards instead of GAAP; foreign, governmental, economic, political and currency risks; and other factors describedunder the heading "Factors Affecting Results, Liquidity and Capital Resources" in Management's Discussion and Analysisof Financial Condition and Results of Operations and under the headings "Cautionary Statement Regarding Forward-Looking Information" and "Risk Factors" contained in Wisconsin Energy's Form 10-K for the year ended December 31,2009 and in subsequent reports filed with the Securities and Exchange Commission. Wisconsin Energy expresslydisclaims any obligation to publicly update or revise any forward-looking information.

Key Areas to be Covered

Overview of Wisconsin Energy

Retail Electric and Gas Utilities

Power the Future

Wholesale Electric Transmission

Earnings Outlook

Overview of Wisconsin Energy

Estimated Rate Base and Power the Future Investment at 12/31/10

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.

$9.1 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 2009A 2010E 2011E 2012E Base 341 369 404 446 Renewable 8 97 385 179 Environmental 201 229 194 81 Depreciation 310 250 260 300

*Total depreciation expense was $310 million in 2009, and is expected to be $250, $260 and $300million in 2010, 2011, and 2012 respectively for utilities on a combined basis. The expected reductionin depreciation expense in 2010 is driven by a change in the depreciation rates.

$550

$695

$983

$706

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$367 million

Wisconsin Electric has executed75 MW of Power PurchaseAgreements

Renewable Energy Opportunity

Biomass and Solar Projects

Biomass

Filed application for a 50MW project with PSCW on

March 15

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 early 2011

12.5 MW of solar

Expected investment of $85 to $90 million

Targeting 2013 in-service date for initial projects

We expect to need additional renewablecapacity to meet the 2015 requirement

If all of this came from wind projects, it would requirealmost 500MW

All projects are subject to PSCW review andapproval

Electric Fuel Cost Recovery

Wisconsin Jurisdiction

Electric fuel case for 2010 was filed on February 19

Interim relief was granted on March 25

Wisconsin jurisdictional increase of $60.5 million, subject torefund

Final decision expected in December

Limited reopening of fuel rates for 2011 filed on September 3

Additional $38.4 million increase

New proposed fuel rules sent to legislature on August 30

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

Escrow costs outside the deadband

The rules were sent back to the PSCW for further considerationby a committee of the state senate on October 20

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, 2005Unit 2 - May 23, 2008 Unit 1 - February 2, 2010Unit 2 - 4th Quarter 2010 Consolidated Net Income 2011 Estimate $38 million 2 $ 119 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 Port Washington #1 & #2 32 32 32 Oak Creek #1 10 62 70 Oak Creek #2 10 31

Key Assumptions

Oak Creek Unit 2 in serviceNovember 28, 2010 - onemonth change results in +/-2 cents per share in 2010

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

Free cash flow of $209 millionin 2011 - after capex and debtrepayment at We Power level

Earnings contributionexpected to grow somewhatover time as debt repaymentoccurs

Earnings per Share ContributionConsolidated Basis

$0.98

$1.33

$0.42

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

Wholesale Electric Transmission

Wisconsin Energy owns 26.2% of American TransmissionCompany (ATC)

ATC is projected to contribute approximately 32 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 2010 is projected to be about$2.5 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 2010E 2011E 2012E ATC 220 273 261 WEC portion (26.2%) 58 72 68

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 2010 to2012

Expect a $0.33 and $0.34contribution 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 2010 2011 2012 Electric and Gas Utilities $2.58 to $2.63 $2.71 to $2.81 $7 billion rate base Power the Future (1) $0.98 $1.33 $1.33 Wholesale Electric Transmission (2) $0.32 $0.33 $0.34 Unallocated holding company debt ($0.13) ($0.27) ($0.17) $3.75 to $3.80 $4.10 to $4.20

(1)Includes allocation of approximately $375 millionof 6.25% rate holding company debt

(2)26.2% Investment in ATC

Financing and Dividend Policy

Capital Structure Goals

Reach and maintain 55% debt to capital by theend of 2013

Assumes half of hybrid securities are treated ascommon equity

Current Dividend Policy

Target a dividend payout ratio of 40-45 percent ofearnings this year as well as 2011

Target 45-50 percent of earnings starting in 2012

Do not expect to issue any additional shares

2009 2010 2011 1.35 1.6 1.64

$1.64 to$1.89*

Projected Growth in Earnings and Dividends 2009 2010 2011 3.2 3.65 4.1

Earnings per Share

Dividends per Share

$3.75 to$3.80

$4.10 to$4.20

*Projected dividend is based on 40% payout on $4.10 of earnings atlow end and 45% payout on $4.20 of earnings at high end.

Power the Future program almost 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

GRAPHIC3c61011c61011z0001.gifGRAPHIC

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