On, August 14, 2026, Wisconsin Electric Power Company ("WEPCO") entered into a Power Purchase Agreement ("PPA") with Nextera Energy Point Beach LLC ("NEPB") to purchase 86% of the capacity, energy, ancillary services and environmental attributes of each of Unit 1 and Unit 2 of the Point Beach Nuclear Power Plant ("Point Beach"). The term of the PPA for each of Unit 1 and Unit 2 is 20 years, commencing October 6, 2030 through October 5, 2050 for Unit 1, and March 9, 2033 through March 8, 2053 for Unit 2.
WEPCO is seeking approval of the PPA by the Public Service Commission of Wisconsin ("PSCW"). The PPA may be terminated by either WEPCO or NEPB if PSCW approval has not been obtained prior to January 1, 2028; however, this date will be automatically extended to July 1, 2028 if, as of January 1, 2028, PSCW approval is capable of being obtained and WEPCO is pursuing approval in good faith.
If approved by the PSCW, this PPA will result in savings for customers as compared to the terms of the current power purchase agreement between NEPB and WEPCO, which expires on October 5, 2030, with respect to Unit 1 and, March 8, 2033, with respect to Unit 2.