Wisconsin Energy to review accounting relationship

MILWAUKEE, April 29, 2002 — Wisconsin Energy Corp. reported that it is reviewing its relationship with its accountants and has initiated a process to select an independent public accountant for the audit of the 2002 financial statements.

The company’s Audit and Oversight Committee will hold formal discussions with several major accounting firms. Arthur Andersen LLP served as the company’s accountants for the 2001 audit.

“We have been very satisfied with the professional conduct and services provided by the local Andersen audit team,” said Barbara Bowles, chair of the Audit and Oversight Committee. “However, questions concerning the long-term viability of the firm in light of developments elsewhere have prompted the audit committee to review the relationship. We believe that it is in the best interest of our shareholders to begin an orderly process to consider the selection of a new accounting firm.”

Wisconsin Energy Corporation is a Milwaukee-based holding company with utility and non-utility subsidiaries. The company serves more than one million electric customers in Wisconsin and Michigan’s Upper Peninsula and 970,000 natural gas customers in Wisconsin through its utility subsidiaries — We Energies and Edison Sault Electric. Its non-utility businesses include energy development, pump manufacturing, recycling and renewable energy, and real estate. Visit the Web site at http://www.WisconsinEnergy.com

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