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-----BEGIN PRIVACY-ENHANCED MESSAGE-----Proc-Type: 2001,MIC-CLEAROriginator-Name: [email protected]: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQABMIC-Info: RSA-MD5,RSA, TTBKISpm4IrlZOJwCiFZUhgQ9pNgmKhBCoTT6j04ylCwiNB7oAblBVKwdqjdiRAh dvFtVh7RUgwu+C3+PryaUA==
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
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