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Business Description
Wisconsin Energy Corporation (WEC) is a holding company that operates through its subsidiaries in three segments: a utility energy segment, a non-utility energy segment and a manufacturing segment. The utility energy segment, consisting of Wisconsin Electric Power Company, Wisconsin Gas Company and Edison Sault Electric Company, generates electricity and distributes electricity and natural gas in Wisconsin and the Upper Peninsula of Michigan. The non-utility energy segment primarily consists of W.E. Power, LLC and Wisvest Corporation. W.E. Power is engaged in the engineering, construction and development of electric power generating facilities for long-term lease to Wisconsin Electric and other utilities. Wisvest owns and has investments in electric generating facilities and other energy-related entities and assets. The manufacturing segment, which WEC sold in August 2004, consisted of companies that manufacture pumps, as well as fluid processing and water filtration equipment.

Financial Information
For the nine months ended 9/30/04, revenues rose 1% to $2.48 billion. Net income from continuing operations fell 73% to $37.1 million. Results reflect higher electric revenues due to rate increases, offset by higher operation and maintenance costs.