Coal, Gas, New Projects

We Power breaks ground on Port Washington Generating Station

MILWAUKEE, June 26, 2003 — Wisconsin Energy Corp. and its subsidiaries took a significant step forward Wednesday with the Power the Future plan, breaking ground on the Port Washington Generating Station (PWGS).

We Power is the Wisconsin Energy subsidiary charged with constructing the new plant. We Generation will operate and maintain the plant. The 1,000 megawatt natural gas-fueled facility will replace the plant that currently sits on the site.

“Electric demand in Wisconsin is growing every year and the Port Washington Generating Station will play a key role in meeting our customers’ needs,” said Richard Grigg, president and chief executive officer of We Generation. “If we are going to continue to provide reliable, affordable energy we have to put some shovels in the ground and get the plants constructed.”

The $640 million project is part of the company’s Power the Future plan. PWGS will be an intermediate load plant, providing electricity during periods of heavy demand. The plant will have two, 500 megawatt units. The first unit will be ready for service in 2005 and the second in 2008.

The south portion of the existing Port Washington Power Plant has already been demolished to make room for the new facility. Demolition on the north side of the plant will begin in fall 2004.

The company broke ground on the original plant on May 26, 1930. The first generating unit was put into service Sept. 1, 1935 as the city of Port Washington was celebrating its centennial. From 1935 to 1948, the plant held the record as the most efficient electric generating plant in the world.

“The old plant played an important role in the company’s history and the new plant will play an even more important role in our company’s future,” said Grigg. “It will help us maintain our standards for reliable, affordable energy. This construction project will provide hundreds of high-paying, union jobs and pump millions of dollars into Wisconsin’s economy.”

More information about the Power the Future plan is available at www.powerthefuture.net .
We Energies serves more than one million electric customers in Wisconsin and Michigan’s Upper Peninsula and more than 980,000 natural gas customers in Wisconsin.

We Energies is the trade name of Wisconsin Electric Power Company and Wisconsin Gas Company, the principal utility subsidiaries of Wisconsin Energy Corporation (NYSE: WEC – News). Visit the We Energies Web site at www.we-energies.com . Learn more about Wisconsin Energy Corporation by visiting www.WisconsinEnergy.com .

We Power is a Milwaukee-based subsidiary of Wisconsin Energy Corporation (NYSE: WEC – News) established as part of the corporation’s Power the Future plan to help address Wisconsin’s growing need for electrical energy in an environmentally responsible manner.
Under the Power the Future plan, We Power will design, permit, build and own 2,800 megawatts of new gas- and coal-fueled electric generation to help ensure a reliable and affordable electric supply for the next decade. For more information about Power the Future or We Power, visit the company’s Web site at www.wepowerthefuture.com

We Generation is the trade name of the electric generation operations of Wisconsin Energy Corporation (NYSE: WEC – News) and includes the We Energies’ regulated electric generation facilities and the non-utility subsidiaries We Power, Wisvest and Minergy.

We Generation facilities produce electricity that serves more than one million electric customers in Wisconsin and Michigan’s Upper Peninsula. Under the Power the Future plan, the business will also oversee the construction of 2,800 megawatts of new gas- and coal-fueled electric generation to help ensure a reliable and affordable electric supply for the next decade.

We Energies is the trade name of Wisconsin Electric Power Company and Wisconsin Gas Company, the principal utility subsidiaries of Wisconsin Energy Corporation.
For more information about We Energies or Power the Future, visit www.we-energies.com or www.wepowerthefuture.com