Power the Future takes step forward with commission action

MILWAUKEE, Wis., Oct. 17, 2001 — Wisconsin Energy Corp. announced today that the Public Service Commission of Wisconsin (PSCW) has approved Wisconsin Electric’s request for a limited Declaratory Ruling on its proposed plan to increase generation in the state of Wisconsin.

While not endorsing any specifics of the proposal, the PSCW concluded that the Power the Future plan is an appropriate option for meeting energy supply and reliability issues.

The ruling allows the company to proceed with advance planning for building 2,800 megawatts (MW) of new, in-state generation, including two 500 MW combined cycle gas-fired units at the company’s existing Port Washington Power Plant site and three 600 MW advanced technology, coal-based units at its Oak Creek Power Plant site. The ruling also allows for the establishment of a Wisconsin Energy Corp. subsidiary for the sole purpose of financing, constructing and owning new power plants and upgrading existing plants owned and operated by Wisconsin Electric.

“We greatly appreciate the Commission’s ruling on the Power the Future proposal,” said Richard A. Abdoo, WEC chairman, president and chief executive officer. “This is a significant first step toward ensuring the growth of new electricity supplies to meet growing demand in our state. A diverse coalition of consumer, industry and labor groups has worked to bring the Power the Future plan to this point, and we are pleased that we can continue to move forward.”

WEC first announced its Power the Future proposal in September 2000, and an enhanced Power the Future plan in Feb. 2001. The $7 billion plan proposes building new generation, making improvements to existing power plants and upgrading the electric distribution system in Wisconsin. At the time Power the Future was first announced, WEC was the only energy company in the country proposing a project to build significant new coal-based generating units.

The Power the Future plan must still receive extensive regulatory review on engineering, cost and environmental issues. The company plans to file the necessary regulatory applications and environmental documentation associated with the electric generation building portion of the Power the Future plan later this year.

Wisconsin Energy Corporation (NYSE: WEC – news) is a Milwaukee-based holding company with subsidiaries in utility and non-utility businesses. The company serves more than one million electric customers in Wisconsin and Michigan’s Upper Peninsula and 960,000 natural gas customers in Wisconsin through its utility subsidiaries – Wisconsin Electric, Wisconsin Gas and Edison Sault Electric. Its non-utility subsidiaries include energy development, pump manufacturing, waste-to-energy and real estate businesses. Visit the company’s Web site at www.WisconsinEnergy.com

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