We Energies plans to continue purchasing energy from a nuclear plant in Manitowoc County through 2053.
This week, the utility’s parent company told the U.S. Securities and Exchange Commission that We Energies entered into a power purchase agreement with NextEra Energy to buy 86 percent of the energy from Units One and Two of the Point Beach Nuclear Plant.
The plan comes as We Energies is working to meet an expected spike in energy demand associated with data centers. A recent draft report from state utility regulators showed electricity demand in Wisconsin could increase by more than 40 percent by 2032, driven by hyperscale data centers.
The agreement still needs to be approved by the Public Service Commission of Wisconsin, and there were no financial details available in the SEC filing.
We Energies’ existing agreement to purchase power from the two units is set to expire in 2030 and 2033. But under the new agreement, the utility will purchase energy from Unit One through 2050 and Unit Two through 2053.
In a statement, We Energies spokesperson Brendan Conway said the agreement supports “around-the-clock reliability for customers” and will “provide customers with fuel savings” compared to the current deal with Point Beach.
“The agreement also provides long-term price certainty,” he stated. “The companies plan to file the agreement for approval with state regulators this fall.”
Conway added that more information would be released as part of the public regulatory process.
We Energies has said its current agreement to buy nuclear power from Point Beach is driving around 20 percent of its total requested rate increase for 2027.