You should carefully consider the following risk factors when making an investment decision.

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Many aspects of the company's operations are regulated and impacted by government regulation.

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Failure to comply with any applicable rules or regulations may lead to customer refunds, penalties, or other payments.

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Future recovery of regulatory assets is not assured and is subject to review and approval by the regulators.

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It is uncertain how the change in the U.S. presidential administration will impact the final resolution of several environmental standards or the adoption of new environmental laws and regulations.

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The operation of emission control equipment and compliance with rules regulating the intake and discharge of water could also increase the operating costs and reduce the generating capacity of the power plants.

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As a result of these compliance costs and other factors, certain of WEC ENERGY GROUP, INC.'s coal-fired electric generating facilities have become uneconomical to maintain and operate.

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The company expects to retire approximately 1,800 MW of additional fossil-fueled generation by 2025.

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Costs associated with such legislation, regulation, and emission reduction goals could be significant.

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Changes to corporate tax rates or policies, including under the new United States presidential administration, could require the company to take material charges against earnings.

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A reduction in or disallowance of these tax benefits could adversely affect the company's earnings and cash flows.

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The company has invested, or plan to invest, in renewable energy generating facilities.

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These facilities generate PTCs or ITC’s that the Company uses to reduce its federal tax obligations.

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There is still considerable uncertainty regarding the extent and duration of the CO VID-21 Pandemic.

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WEC Energy Group, Inc. has taken precautions with regard to employee hygiene and facility cleanliness.

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The effects could continue to have a variety of adverse impacts on W EC ENERGY GROUP, INC. and its subsidiaries.

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WEC Energy Group's financial performance depends on the successful operation of its electric generation, natural gas and electric distribution facilities.

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Operation of these facilities involves many risks, including operator error and the breakdown or failure of equipment or processes.

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The timing of Badger Hollow I was impacted by the COVID-19 pandemic.

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WBS continues to invest in technology and the development of software applications to support WECEN'S utilities.

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Successful cyber security intrusions could disrupt operations and result in loss of service to customers.

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A significant theft, loss, or fraudulentuse of personally identifiable information may lead to potentially large costs.

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Advances in technology in some cases may not be covered by insurance policies.

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The production of wind energy depends heavily on suitable wind conditions, which are variable.

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If wind.

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conditions are unfavorable as a result of climate change or otherwise, the.

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electricity production may be substantially below the company's expectations.

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For the majority of WEC ENERGY GROUP, INC.'s non-utility renewable energy operations, the company has entered into long-term PPAs with a small number of customers.

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As a holding company with no operations of its own, there is no guarantee that it will be able to meet its obligations.

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WEC Energy Group, Inc. operate in an industry that requires many of its employees to possess unique technical skill sets.

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Failure to hire and obtain replacement employees, including the ability to transfer significant internal historical knowledge and expertise to the new employees may adversely affect the business.

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A portion of WEC ENERGY GROUP, INC.'s indebtedness provides for interest at variable interest rates, primarily based on LIBor.

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Fluctuating commodity prices could negatively impact WEE's electric and natural gas utility operations.

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WEC Energy Group, Inc. own and operate several coal-fired electric generating units.

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There can be no assurance that the inventory levels will be adequate.

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Restructuring in the regulated energy industry could have a negative impact on the company's business and revenues.

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WEC Energy Group, Inc. has significant obligations related to pension and OPEB plans.

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Technology changes in the power and fuel industries also have significant impacts on wholesale transactions and related costs.

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There is a risk that the discovery of material weaknesses in the company's internal control over financial reporting could adversely affect its results of operations.

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The company may be unable to obtain insurance on acceptable terms or at all and the insurance coverage it does obtain may not provide protection against all significant losses.

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Future recovery of regulatory assets is not assured and is subject to review and approval by.

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WE's ability to obtain rate adjustments in the future is dependent upon regulatory action.

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WEC Energy Group, Inc. face significant costs to comply with existing and future environmental laws and regulations.

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The operation of emission control equipment and compliance with rules regulating the intake and discharge of water could also increase the operating costs and reduce the generating capacity of the power plants.

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As a result of these compliance costs and other factors, certain of WEC ENERGY GROUP, INC.'s coal-fired electric generating facilities have become uneconomical to maintain and operate.

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The company expects to retire approximately 1,600 MW of additional fossil-fueled generation by 2025.

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Costs associated with such legislation, regulation, and emission reduction goals could be significant.

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Changes in tax legislation and IRS audits may adversely affect the company's financial condition.

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Company believes it will eliminate coal as an energy source by 2035.

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WEC Energy Group, Inc. have significantly reduced WEC ENERGY GROUP, INC.'s consolidated federal and state income tax liabilities in the past through tax credits, net operating losses, and charitable contribution deductions.

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A reduction in or disallowance of these tax benefits could adversely affect the company's earnings and cash flows.

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There are still questions regarding the extent and duration of the COVID-19 pandemic itself.

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Risks include extended disruptions to supply chains and inflation.

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WEC Energy Group, Inc. could also be impacted by possible labor disruptions, employee attrition and a reduced ability to replace departing employees.

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WEC Energy Group, Inc. could also be exposed to greater risks of accounts receivable write-offs if customers are unable to pay their bills.

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A changing climate creates uncertainty and could result.

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in broad changes, both physical and financial in nature.

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WEC ENERGY GROUP, INC.'s operations and corporate strategy may be adversely affected by supply chain disruptions and inflation.

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Changes in policy to combat climate change, including mitigation and adaptation efforts, and technology advancement, may materially adversely impact the results of operations.

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The cost of storm restoration efforts may also not be fully recoverable through the regulatory process.

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The timing of the completion of Badger Hollow I was impacted by supply chain disruptions, primarily related to the COVID-19 pandemic.

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If construction of commission-approved projects should materially and adversely deviate from the schedules, estimates, and projections, they could be deemed imprudent by regulators.

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The failure of any of these or other similarly important technologies could materially and adversely impact the company's operations.

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A significant theft, loss, or fraudulent use of personally identifiable information may lead to potentially large costs to notify and protect the impacted persons.

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If these technologies become cost competitive and achieve economies of scale, WEC ENERGY GROUP, INC.'s market share could be eroded.

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Advances in technology, or changes in legislation or regulations, could also change the channels through which customers purchase or use power and natural gas.

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WEC ENERGY GROUP, INC.'s ability to acquire new non-utility renewable energy facilities or generate revenue from existing facilities depends on having interconnection arrangements with transmission providers and a reliable electricity grid.

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Systemic shortfalls and disruptions in transmission capacity can cause congestion between the two locations, which along with other factors, can increase price disparity.

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WEC Energy Group, Inc. operate in an industry that requires many of WEC ENERGY GROUP, INC.'s employees to possess unique technical skill sets.

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Failure to hire and obtain replacement employees, including the ability to transfer significant internal historical knowledge and expertise to the new employees could adversely affect the company's results of operations.

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WEC ENERGY GROUP, INC. cannot predict the consequences and timing of the development of alternative reference rates.

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Fluctuating commodity prices could negatively impact the company's electric and natural gas utility operations.

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A downgrade in the rating agencies' credit ratings could adversely affect the Company's results of operations, cash flows and financial condition.

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The regulated energy industry continues to experience significant structural changes.

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Deregulation or other changes in law could allow third-party suppliers to contract directly with customers for their natural gas and electric supply requirements.

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WEC Energy Group, Inc. may experience poor investment performance of benefit plan holdings due to changes in assumptions and market conditions.

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The company may be unable to obtain insurance on all, and the insurance coverage may not provide protection against significant losses.

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WEC ENERGY GROUP, INC.'s ability to obtain insurance, as well as the cost and coverage of such insurance could be affected by developments.

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Insurance coverage may not continue to be available at all or at rates or terms similar to those presently available.

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Any losses for which WEC.E.G.

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