Exhibit 99
From: Rick James (media)
414-221-4444
Colleen F. Henderson, CFA (analysts)
414-221-2592
colleen.henderson@wisconsinenergy.com
Oct. 29, 2008
Wisconsin Energy posts third quarter and nine-month results
MILWAUKEE - Wisconsin Energy (NYSE:WEC) today reported net income from continuing operations of $77 million or 65 cents a share for the third quarter of 2008. This compares with net income from continuing operations of $83 million or 70 cents a share in the third quarter last year.
For the first nine months of 2008, net income from continuing operations reached $259 million or $2.19 a share. On a comparable basis, earnings for the first nine months last year were $242 million or $2.04 a share.
Total sales of electricity declined by nearly 3.8 percent in this year's third quarter - the result of cool summer weather and minimal demand for air conditioning.
Residential use of electricity fell by 5 percent in this year's third quarter. Usage by residential customers fell 2.2 percent in the first nine months of 2008.
Consumption of electricity by small commercial and industrial customers fell by 1.4 percent and 1 percent, respectively, in the third quarter and first nine months of 2008.
Electricity use by large commercial and industrial customers fell by 3.5 percent in the third quarter and 1 percent compared to the first nine months of 2007.
Third quarter 2008 revenues from continuing operations were $852 million. In the corresponding period last year, revenues from continuing operations were $882 million.
"We posted solid financial results in the first nine months of this year," said Gale Klappa, Wisconsin Energy's chairman, president and chief executive officer. "And our focus remains on delivering world-class reliability for our customers at prices that are below the national average."
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 Wednesday, October 29, 2008. The presentation will review 2008 third 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 877-795-3610 up to 15 minutes before the call begins. International callers may dial 719-325-4834. The confirmation code is 1178834. Access also may be gained through the company's Web site (www.wisconsinenergy.com). Click on the icon for the "Third Quarter 2008 Earnings Release and 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 third quarter performance. The materials will be available at 7:30 a.m. Central time on October 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 Nov. 5, 2008. Domestic cal lers should dial 888-203-1112. International callers should dial 719-457-0820. The replay confirmation code is 1178834.
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.