Pure Great Lakes Stocks, Part 2

Part 2: Regional Energy.

If you are a water sector investor, you will be interested in companies that enjoy the economic advantages of abundant freshwater resources, and the general prosperity that flows therefrom.

A “pure Great Lakes stock” is a public company that has headquarters in the Great Lake Basin and whose operations and markets are primarily regional. If you look for pure Great Lakes investments, you’ll find two kinds of businesses predominantly: energy and community banks. In this article, we’ll list the Great Lakes regional energy (electric, gas, coal, and renewable) utilities with market caps of $200 million or more as of 10/25/25. These six companies are in three states: Michigan, Wisconsin, and Minnesota.

Note that "renewable energy" is not the same as clean energy. The former includes renewal natural gas (RNG), which is identical to fossil fuel in its effect on climate change. The latter produces little or no pollution or greenhouse gases.

Part 1 of this series lists Great Lakes regional bank stocks.

MICHIGAN

CMS Energy Corporation (NYSE:CMS)

Company website https://www.cmsenergy.com/

Yahoo Finance chart https://finance.yahoo.com/quote/CMS/

Market cap = $22.36 billion

HQ: Jackson, MI

Summary: Electricity, natural gas, and renewable energy in Michigan.

DTE Energy Company (NYSE:DTE)

Company website https://www.dteenergy.com/

Yahoo Finance chart https://finance.yahoo.com/quote/DTE/

Market cap: $29.4 billion

HQ: Detroit, MI

Summary: Electric and gas utilities, energy-related services, and wastewater treatment services in MI.

E. WISCONSIN

WEC Energy Group, Inc. (NYSE:WEC)

Company website https://www.wecenergygroup.com/

Yahoo Finance chart https://finance.yahoo.com/quote/WEC/

Market cap = $37.3 billion

HQ: Milwaukee, WI

Summary: Generation and distribution of electricity, natural gas, and renewable energy in WI, IL, and other states.

Alliant Energy Corp. (Nasdaq:LNT)

Company website https://www.alliantenergy.com/

Yahoo Finance chart https://finance.yahoo.com/quote/LNT/

Market cap = $17.7 billion

HQ: Madison, WI

Summary: Provides regulated electricity & natural gas service to customers in MN, IA, and IL. through two public utility subsidiaries.

MGE Energy (Nasdaq:MGEE)

Company website https://www.mge.com/

Yahoo Finance chart https://finance.yahoo.com/quote/MGEE/

Market cap: $3.17 billion

HQ: Madison, WI

Summary: Provides natural gas, electric, and renewable energy service, primarily in south-central and western Wisconsin.

MINNESOTA

ALLETE, Inc. (NYSE:ALE)

Company website https://www.allete.com/

Yahoo Finance chart https://finance.yahoo.com/quote/ALE/

Market cap = $3.9 billion

HQ: Duluth, MN

Summary: Diversified energy company (including coal, gas, and renewable) serving northeast MN and northwest WI. Also electric in MI and IL.