Wisconsin Energy Corporation Posts Fourth Quarter and Full-Year Results for 2010

MILWAUKEE, Feb. 1, 2011 /PRNewswire/ -- Wisconsin Energy (NYSE: WEC) today reported earnings from continuing operations of $126 million or $1.06 a share for the fourth quarter of 2010. This compares with earnings from continuing operations of $113 million or 96 cents a share for the final quarter of 2009.

Fourth quarter revenues were $1.09 billion in 2010, compared with $1.06 billion in the corresponding quarter a year ago. For the full year 2010, revenues were $4.20 billion, up slightly from $4.10 billion in 2009.

Wisconsin Energy's 2010 earnings from continuing operations totaled $454 million or $3.84 per share. In 2009, earnings from continuing operations were $376 million or $3.19 per share.

Total sales of electricity to retail customers across the region rose by 6 percent during 2010. Residential use of electric energy grew by 6 percent as households responded to warm, humid summer temperatures and electricity usage by commercial and industrial customers increased by 6.1 percent – reflecting a modest recovery in the economy.

At the end of 2010, the company was serving 2,800 more electric customers and 4,300 more natural gas customers than the prior year.

Among the positive factors contributing to the company's 2010 results were effective cost controls, warm summer weather and earnings from the first expansion unit at Oak Creek, which was placed into commercial operation in February 2010. Unit 2 at Oak Creek began commercial service on Jan. 12, 2011.

"During the past year, we completed the largest construction project in Wisconsin history – adding efficient, state of the art capacity that will serve our customers well for decades to come," said Gale Klappa, chairman, president and chief executive officer. "And on virtually every meaningful operating measure, from safety to customer satisfaction to power restoration after major storms, the company made great strides during the year."

Earnings per share listed in this news release are on a fully diluted basis and do not reflect the impact of the previously announced two-for-one stock split, which will be effective March 1, 2011.

Conference Call

A conference call is scheduled for 1 p.m. Central time on Wednesday, Feb. 2, 2011. The presentation will review 2010 fourth quarter and year-end earnings and will discuss the company's outlook for the future.

All interested parties, including stockholders, the news media and the general public, are invited to listen to the presentation. The conference call may be accessed by dialing 866-439-9410 up to 15 minutes before the call begins. International callers may dial 706-643-5658. The confirmation code is 34794048. Access also may be gained through the company's website (www.wisconsinenergy.com). Click the icon for 'Year-end 2010 Earnings Release & Conference Call' and then click 'Webcast Audio.' In conjunction with this earnings announcement, Wisconsin Energy will post on its website a package of detailed financial information on its fourth quarter performance. The materials will be available at 3:35 p.m. Central time on Feb. 1, 2011. An archive of the presentation will be available on the website after the call. A replay of the audio portion of the presentation will be available approximately two hours following the conclusion of the presentation and accessible through Feb. 16, 2011. Domestic callers should dial 800-642-1687. International callers should dial 706-645-9291. The replay confirmation code is 34794048.

Wisconsin Energy Corporation (NYSE: WEC), based in Milwaukee, is one of the nation's premier energy companies, serving more than 1.1 million electric customers in Wisconsin and Michigan's Upper Peninsula and more than 1 million natural gas customers in Wisconsin. The company's principal utility is We Energies. The company's other major subsidiary, We Power, designs, builds and owns electric generating plants.

Wisconsin Energy Corporation (www.wisconsinenergy.com), a component of the S&P 500, has more than $12 billion of assets, approximately 4,700 employees and approximately 43,600 stockholders of record.

Forward-Looking Statements

Certain statements contained in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based upon management's current expectations and are subject to risks and uncertainties that could cause our actual results to differ materially from those contemplated in the statements. Readers are cautioned not to place undue reliance on these statements. Forward-looking statements include, among other things, statements concerning management's expectations regarding the operation of Unit 1 and Unit 2 at Oak Creek. Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements include, but are not limited to: catastrophic weather-related or terrorism-related damage; unscheduled generation outages or unplanned maintenance or repairs; unanticipated events causing scheduled generation outages to last longer than expected; the impact of recent and future federal, state and local legislative and regulatory changes, including any new environmental laws; and other factors described under the heading "Factors Affecting Results, Liquidity and Capital Resources" in Management'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 the company's Form 10-K for the year ended Dec. 31, 2009 and in subsequent reports filed with the Securities and Exchange Commission.  The company expressly disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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SOURCE Wisconsin Energy Corporation

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