The Millionaires of We Energies

Oak Creek Power Plant. Photo taken November 13, 2021 by Dave Reid.

At a rally in Milwaukee last week, community organizers, local leaders and environmental activists voiced their opposition to We Energies’ plan to raise rates by $13.35 per month in 2027 and another $8.69 per month in 2028, adding up to about $22 more per month after two years.

This would bring the total number of rate hikes since 2020 to six, they noted.

Most of the speakers complained that the utility has continued to reap massive profits and returns to shareholders — and paid its CEO $12 million in 2025 — while many Milwaukee families are struggling to make ends meet.

They might have been more outraged if they knew just how much money has gone to the company’s top executives since 2020. A check of the company’s annual reports shows these payments:

– President and CEO Scott Lauber received $11.8 million in 2025 and a total of $48.3 million for the six years from 2020 through 2025.

– Executive Vice President and CFO Xia Liu received $5.1 million in 2025 and a total of $26.7 million from 2020 through 2025.

-Executive VP, General Counsel and Corporate Secretary Margaret C. Kelsey was paid $2.98 million in 2025 and $16.4 million from 2020-2025.

– Executive VP for external affairs Robert M. Garvin was paid $2.68 million in 2025 and $16.2 million from 2023 to 2025.

– Executive VP and COO Michael Hooper is listed for just two years, earning $3.6 million in 2025 and a total of $6.3 million for 2024 and 2025.

– In addition, there were substantial payments to retired president and CEO J. Kevin Fletcher totaling $2.6 million from 2020 through 2022, and to executive chairman Gale Klappa during those same two years, paying him $3.3 million.

All told, over a six-year period, seven top executives received $119.8 million.

“It is beyond disgusting that these executives are getting these kinds of salaries while overcharging people for electricity and shutting off power for the people who need it the most,” said state Sen. Chris Larson (D-Milwaukee) in comments to Urban Milwaukee.

“They are putting profits over people,” said Antonio Butts, executive director of the local non-profit Walnut Way Conservation Corp, who was one of the speakers at last week’s rally.

“Currently, one in 10 We Energies customers is disconnected on an annual basis. In the 53206 [ZIP code], one in four customers are disconnected by a monopoly whose responsibility is to provide reliable service to customers,” Butts told Urban Milwaukee.

“There are stories of people having to rely on candlelight because they can’t afford electricity,” Larson added.

But Brendan Conway, spokesperson for We Energies, via email said that less than seven cents per month is included in the average energy bill for those employees and incentive compensation (a big part of executive pay) is paid using stockholder dollars.

And where do the stockholders get the money? “Everything that We Energies uses to operate is paid for by southeast Wisconsin consumers,” Butts responds. “So when an attorney fights to get the company higher rates, it’s paid for by the ratepayers.”

Are there other top employees at We Energies earning million-dollar salaries? The company doesn’t disclose this. “Like all publicly traded companies, we provide the compensation of the CEO, CFO and other named executive officers,” Conway said.

But We Energies is not like other publicly traded companies. It is a publicly regulated monopoly subject to state oversight. Does the Public Service Commission request detailed information on, say, the top 10 paid employees? “There is no PSC requirement to publicly list compensation beyond SEC requirements,” Conway said.

Over his 22 years as the top executive at We Energies, Klappa was paid $188.4 million, as Urban Milwaukee has previously reported. When he retired, the company board of directors offered a laudatory statement about his record of driving profits. “Under his leadership, the company has achieved record financial performance — delivering 23 consecutive years of dividend increases, consistent earnings growth and unprecedented capital investments,” the statement noted.

Not a word was offered about ratepayer shut-offs or making electricity more affordable.