• Is the principal subsidiary of Wisconsin Energy Corporation (WEC), accounting for 89% of its consolidated operating revenues.
• Has electric, gas and steam operations as summarized on the preceding table.

• Is a utility subsidiary of WEC which generates, transmits, distributes and sells electric energy.
• Provides electric service in a territory of approximately 2,000 square miles in the eastern Upper Peninsula of Michigan to approximately 21,800 customers.

• Invests in energy-related entities and develops, owns and operates energy-related projects.
• Has current operations and investments including: Wisvest-Connecticut, LLC, which owns and operates two fossil-fueled power plants; Griffin Energy Marketing, LLC, which markets energy-related services and trades electricity; and a chilled water production and distribution facility.

• Develops and markets proprietary technologies designed to convert high-volume industrial and municipal wastes into value-added products.
• Has current operations including: a facility that recycles paper sludge and a subsidiary which will recycle Detroit, Michigan's wastewater solids into a glass aggregate product used in construction materials.

• Develops and invests in real estate including: business parks, industrial buildings and mixed-use projects.
• Is developing business parks in Wisconsin, Illinois and Michigan and has developed more than 6.7 million square feet of buildings for build-to-suit and other uses.

• Engages in investing and financing activities including: advances to affiliated companies, investments in financial instruments, and partnerships developing low- and moderate-income housing projects.

• Has an ownership interest in Nuclear Management Company, LLC, which is expected to begin providing services in 2000 to WE in conjunction with the Point Beach Nuclear Plant.

• Is WEC's international investment vehicle with joint ventures in the Netherlands involving waste treatment and by-product utilization activities.

• Is a venture capital company operating in Wisconsin.

• Engages in tree trimming in Michigan's eastern Upper Peninsula.

• Holds coal rights in Indiana.

  Annual Report 1999