Exhibit 99
From: Rick James (media)
414-221-4444
Colleen F. Henderson, CFA (analysts)
414-221-2592
colleen.henderson@wisconsinenergy.com
April 29, 2008
Wisconsin Energy posts first quarter earnings
MILWAUKEE -Wisconsin Energy (NYSE: WEC) today reported net income from continuing operations of $123 million or $1.04 per share for the first quarter of 2008. This compares with earnings of $101 million or 85 cents per share from continuing operations in last year's first quarter.
"A cold, snowy winter drove electric and natural gas usage higher across Wisconsin and the Upper Peninsula of Michigan. Our electric sales were the highest for any winter quarter in our history and our natural gas sales were the second highest for any quarter in our history," said Gale Klappa, Wisconsin Energy's chairman, president and chief executive officer.
Total retail sales of electricity increased by 2.0 percent over the first quarter of 2007. Consumption of electricity by residential customers rose by 2.8 percent - driven by the extended cold weather and customer growth. Electricity use by large commercial and industrial customers was up by 2.1 percent compared with last year's first quarter, while usage by small commercial and industrial customers grew by 1.3 percent.
First quarter 2008 revenues were $1.43 billion compared with $1.30 billion in the first quarter last year. At the end of March, the company was serving 7,200 more electric customers and 7,900 more natural gas customers than a year ago.
"We're pleased with our first quarter results," Klappa added. "Overall, our gas and electricity networks held up well, and we were able to meet the record winter demands for energy in our region.
"During the quarter, we also made progress on our Power the Future plan. This year, we will invest nearly $1.2 billion to upgrade the energy infrastructure of the region," Klappa said. "In fact, two major projects-our Blue Sky Green Field wind farm and the second natural gas-fired unit at Port Washington-are expected to enter commercial service within the next 60 days."
Earnings per share listed in this news release are on a fully diluted basis.
Conference Call
A conference call is scheduled for 1 p.m. Central time on Tuesday, April 29, 2008. The presentation will review 2008 first quarter 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 888-690-2874 up to 15 minutes before the call begins. International callers may dial 913-312-1447. The confirmation code is 1349562. Access also may be gained through the company's Web site www.wisconsinenergy.com. Click on the icon for the "First Quarter 2008 Earnings Release & Conference Call" and select "webcast audio." In conjunction with this earnings announcement, Wisconsin Energy will post on its Web site a package of detailed financial information on its first quarter performance. The materials will be available at 7:30 a.m. Central time on April 29. An archive of the presentation will be available on the Web site 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 May 6, 2008. Domestic caller s should dial 888-203-1112. International callers should dial 719-457-0820. The replay confirmation code is 1349562.
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 utilities are We Energies and Edison Sault Electric. The company's non-utility businesses include renewable energy technology and real estate development.
Wisconsin Energy Corporation (www.wisconsinenergy.com) has more than $11 billion of assets, approximately 5,000 employees and more than 50,000 stockholders of record.
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