Exhibit 99
From: Rick James (media)
414-221-4444
Colleen F. Henderson, CFA (analysts)
414-221-2592
colleen.henderson@wisconsinenergy.com
Feb. 3, 2009
Wisconsin Energy Corporation posts fourth quarter
and full-year results for 2008
MILWAUKEE - Wisconsin Energy (NYSE: WEC) today reported earnings from continuing operations of $100 million or 85 cents per share for the fourth quarter of 2008. This compares with earnings from continuing operations of $95 million or 80 cents per share for the final quarter of 2007.
Fourth quarter revenues were $1.20 billion in 2008, compared with $1.15 billion in the same period last year. For the full year 2008, revenues were $4.43 billion, compared with $4.24 billion in 2007.
Wisconsin Energy's 2008 earnings from continuing operations totaled $359 million or $3.03 per share. In 2007, earnings from continuing operations were $336 million or $2.84 per share.
Retail sales of electricity in 2008 decreased by 2.2 percent as compared with the previous year. Use of electricity by residential customers was down by 1.6 percent in 2008 - in large part because of cool summer weather. Commercial and industrial electric sales declined by 2.5 percent as compared with the prior year - a reflection of the slowdown in the economy.
Positive factors contributing to the company's 2008 earnings were effective cost controls, strong customer demand for natural gas driven by the cold winter weather and income stemming from the commercial operation of the newest generating unit at Port Washington.
"I'm very pleased with our overall performance," said Gale Klappa, chairman, president and chief executive officer. "From customer satisfaction to network reliability to progress on our Power the Future plan, the company made great strides during the year. And in a tough economy, we posted solid financial results."
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, Feb. 3, 2009. The presentation will review 2008 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 877-856-1955 up to 15 minutes before the call begins. International callers may dial 719-325-4774. The confirmation code is 5613449. Access also may be gained through the company's Web site (www.wisconsinenergy.com). Click on the icon for the "Year-end 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 fourth quarter and year-end performance. The materials will be available at 7:30 a.m. Central time on Feb. 3. 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 will be accessible through Feb. 10, 20 09. Domestic callers should dial 888-203-1112. International callers should dial 719-457-0820. The replay confirmation code is 5613449.
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), a component of the S&P 500, has more than $11 billion of assets, approximately 5,000 employees and more than 50,000 stockholders of record.
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