Welcome to our dedicated page for WEC Energy news (Ticker: WEC), a resource for investors and traders seeking the latest updates and insights on WEC Energy stock.
WEC Energy Group reports developments in its regulated electric and natural gas utility businesses across Wisconsin, Illinois, Michigan and Minnesota. The company’s principal utilities include We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources and Upper Michigan Energy Resources, while We Power owns electric generating plants and WEC Infrastructure owns renewable generation facilities.
Recurring news covers earnings, electric and natural gas deliveries, capital-plan execution, dividends, reliability performance, safety, utility regulatory matters and generation projects such as solar, natural gas and battery storage. Company updates also address board governance and stockholder actions tied to its annual meeting.
WEC Energy Group (NYSE: WEC) and EPRI have successfully demonstrated hydrogen blending in a natural gas generator, marking a world first for utility-scale, grid-connected reciprocating engine generators. The test, conducted mid-October, involved a blend of hydrogen and natural gas in ratios up to 25/75 percent by volume, utilizing an 18-megawatt reciprocating internal combustion engine. This project aligns with WEC's ambitious goal of achieving net-zero carbon emissions by 2050. EPRI will provide a comprehensive analysis of the findings in early 2023.
WEC Energy Group (NYSE: WEC) reported a net income of $302 million, or 96 cents per share, for Q3 2022, up from $290 million, or 92 cents per share, in Q3 2021. For the first nine months of 2022, net income reached $1.16 billion, or $3.65 per share, compared to $1.08 billion, or $3.40 per share, a year prior. Consolidated revenues totaled $7.0 billion, marking an increase of $924.9 million over the previous year. The company narrowed its 2022 earnings guidance to $4.38 to $4.40 per share.
WEC Energy Group (NYSE: WEC) announced its agreement to acquire an 80% stake in the Maple Flats Solar Energy Center, a 250-megawatt project in Clay County, Illinois. Developed by Invenergy, the project will feature 800,000 solar panels across 1,500 acres, with commercial operations expected by early 2024. The investment totals approximately $360 million and supports a long-term power purchase agreement with a Fortune 100 company. This acquisition marks WEC's first solar investment in its Infrastructure segment. The project may qualify for Production Tax Credits under the Inflation Reduction Act.
The Illinois Commerce Commission has approved a collaboration between Peoples Gas and North Shore Gas to transmit natural gas meter data through ComEd's smart grid. This innovation will enhance efficiency, save gas customers approximately $5.5 million annually, and reduce carbon emissions by 626 tons per year. The project will eliminate over 580,000 vehicle miles driven for meter readings and provide customers with access to energy usage analytics. The implementation of the Advanced Metering Infrastructure (AMI) is expected to be completed by the end of 2024 for Peoples Gas.
WEC Energy Group will announce its 2022 third-quarter earnings before the market opens on November 1. Following the release, a conference call for investors is set for 1 p.m. Central time on the same day. Detailed financials will be accessible on the company's website by 6:30 a.m. Central time. WEC Energy serves approximately 4.6 million customers across multiple states and is a component of the S&P 500, boasting over $40 billion in assets.
WEC Energy Group announced the appointment of Ave M. Bie to its board of directors, effective January 1, 2023. Bie, a seasoned attorney with over 25 years of experience in the utility sector, is currently a partner at Milwaukee-based Quarles & Brady. She has held significant positions, including vice chair of the New York Independent System Operator and chair of the Wisconsin Public Service Commission. Her addition is expected to enhance the board's expertise, particularly in regulatory and legal matters relevant to WEC's operations.
The board of Wisconsin Electric has declared a quarterly cash dividend of 90 cents per share on the 3.60% Series Preferred Stock, payable on December 1, 2022, to shareholders of record on November 14, 2022.
Additionally, a quarterly cash dividend of $1.50 per share on the Six Per Cent Preferred Stock will be paid on January 31, 2023, for shareholders of record on January 13, 2023.
WEC Energy Group declared a quarterly cash dividend of 72.75 cents per share on October 20, 2022, payable on December 1, 2022. This will be the 321st consecutive quarter the company has paid dividends, demonstrating its long-standing commitment to returning value to shareholders. WEC serves approximately 4.6 million customers across several states and operates various utilities and renewable generation facilities, holding over $40 billion in assets.
WEC Energy Group (NYSE: WEC) released its 2021 Corporate Responsibility and Climate Reports, showcasing progress in environmental, social, and governance (ESG) initiatives. The reports outline the company's targets of a 60% reduction in carbon emissions by 2025 and 80% reduction by 2030, along with a carbon-neutral electric generation fleet by 2050. With a $17.7 billion ESG Progress Plan, WEC is investing significantly in renewable energy and infrastructure. The company also emphasizes diversity and inclusion, achieving notable advancements in leadership demographics.
WEC Energy Group (NYSE: WEC) reported a net income of $287.5 million, or 91 cents per share for Q2 2022, up from $276.0 million, or 87 cents per share in Q2 2021. Year-to-date, net income reached $853.4 million, or $2.70 per share, compared to $786.1 million, or $2.49 per share last year. Consolidated revenues for the first half of 2022 totaled $5.0 billion, an increase of $668.4 million year-over-year. In response to strong performance, the company raised its 2022 earnings guidance to between $4.36 and $4.40 per share.