e8vk - u.s. securities and exchange commission name and address of the registrant has not changed...
TRANSCRIPT
-----BEGIN PRIVACY-ENHANCED MESSAGE-----Proc-Type: 2001,MIC-CLEAROriginator-Name: [email protected]: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQABMIC-Info: RSA-MD5,RSA, EeUEx3EzmVhe+l4LS6AOvWRksl7owSaVNVY0XhwN9PvPeaHBajb+nuIlkiK+ilyO 3achVEPKTHkdvWmfXTGS2A==
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
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