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WEC Energy Group's electric and gas utility businesses serve electric and gas customers in Illinois, Michigan, Minnesota, and Wisconsin service territories. The company also owns a 60% stake in American Transmission Co. WEC's asset mix is approximately 48% electric generation and distribution, 36% gas distribution, 10% electric transmission, and 6% unregulated renewable energy.

The emergence of Artificial Intelligence and the growth of the data centers that support the process point toward robust prospects for the power-generation industry. Meanwhile, de-carbonization is a secular global trend, spurred by the goal set in the Paris Agreement for net zero emissions by 2050. These two trends support a bullish outlook for clean sources of power, including solar, wind, hydrogen -- and nuclear. Industry projections call for electricity demand to nearly double from 4.3 trillion terawatt hours in 2020 to 8.1 trillion terawatt hours in 2050, this in order to meet the Paris goals. That's growth of about 2.5% per year, up from the historical trend of 1.5%. It is our view that the electricity fuel mix will change over time as the power base grows. Currently, the mix is 20% coal, 35% natural gas, 20% nuclear, and 25% renewables. By 2050, we think the mix will be closer to 5% coal, 20% natural gas, 50% renewables, and 25% nuclear. That gives nuclear energy a growth rate of around 3%-4% per year. We note that over the next 5-10 years, natural gas likely will grow as a source as it is a structurally easier conversion option for coal plants. But over the long term, nuclear generation ultimately could provide cost savings of as much as 20%-30% over other forms of power generation. Current utility companies in Argus coverage that are leaders in nuclear power generation include NextEra Energy (NEE), Dominion Resources (D), Duke Power (DUK), and Southern Co. (SO), which has the newest facility.

OGE Energy is a holding company for Oklahoma Gas & Electric, a regulated utility with electricity generation, transmission, and distribution to 900,000 customers in Oklahoma and western Arkansas. In December 2021, OGE divested its 25.5% stake in Enable Midstream Partners, an oil and gas services company it created in 2013 through a unit exchange merger with Energy Transfer. OGE sold its 95.4 million limited partner units of Energy Transfer throughout 2022. OGE sold its retail gas business in 1928 and no longer has any gas operations.

NiSource is one of the nation's largest natural gas distribution companies with approximately 3.2 million customers in Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and Virginia. NiSource’s electric utility transmits and distributes electricity in northern Indiana to about 500,000 customers. The regulated electric utility also owns more than 3,000 megawatts of generation capacity, including coal, natural gas, and renewable energy.