Utilities have been treading water and WEC has said they are trying to move the payout ratio closer to 60%, similar to other utes. Based on 2013 consensus estimate of $2.41, $1.36 dividend works out to 56% for 2013. People are also spooked by the threat of higher taxes on dividends next year. Still it does not really effect that many WEC holders. 69% of shares are in funds, employees may hold a lot taxed deferred (I own shares in a self directed IRA). Also, I would think a lot of retired investors in low brackets are owners. But people do get spooked and do dumb things. Personally I think this is a great investment.