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Certain statements contained herein are "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-Looking Statements include, among other things, statements regarding management's expectations and projections regarding the results of corporate transactions and other matters. Also, Forward-Looking Statements may be identified by reference to a future period or periods or by the use of forward-looking terminology such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "may," "objectives," "plans," "possible," "potential," "projects" or similar terms or variations of these terms. Actual results may differ materially from those set forth in Forward-Looking Statements as a result of certain risks and uncertainties described under the headings "Factors Affecting Results, Liquidity and Capital Resources" and "Cautionary Factors" in Management's Discussion and Analysis of Financial Condition and Results of Operations contained in Wisconsin Energy Corporation's Report on Form 10-K for the year ended December 31, 2004 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2005 filed with the Securities and Exchange Commission.

Effective May 31, 2005, Wisvest Corporation ("Wisvest"), a wholly owned subsidiary of Wisconsin Energy Corporation ("Wisconsin Energy"), sold its 308 megawatt natural gas-fired peaking power facility in Chicago, Illinois and related operating contracts (collectively, the "Purchased Assets") to Tenaska Power Fund, L.P. ("Tenaska") for approximately $37 million in cash. Tenaska purchased all of the issued and outstanding membership interests of Calumet Energy Team, LLC ("Calumet") and CET One, LLC ("CET One"), the sole assets of which are the Purchased Assets, from CET Two, LLC ("CET Two"), a wholly owned subsidiary of Wisvest. As previously reported, CET Two entered into an agreement to sell all of the issued and outstanding membership interests of Calumet and CET One to Tenaska on March 24, 2005.

Wisconsin Energy expects to record a modest gain in the second quarter as a result of this transaction.