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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.
ALLETE Inc. (NYSE: ALE) has appointed Charles Matthews to its board of directors, effective July 6, 2022. Matthews brings over 40 years of experience in the energy sector, notably serving as president and CEO of Peoples Gas and North Shore Gas where he improved financial performance and customer satisfaction. ALLETE's leadership believes Matthews' background in strategic planning and risk management will enhance their sustainability strategy. His previous roles include senior vice president at WE Energies and leadership positions at Mirant Corp. and Southern Company.
We Energies announced the extension of the operating lives of its Oak Creek site's four older coal-fueled units. Retirement of Units 5 and 6 is postponed until May 2024, while Units 7 and 8 will remain operational until late 2025. This decision is due to tight energy supply in the Midwest and delays in renewable energy projects. The company aims for a 60% reduction in CO2 emissions by 2025 and 80% by 2030, compared to 2005 levels. We Energies serves over 1.1 million customers in Wisconsin.
Peoples Gas announced it will clear all past-due balances for qualifying low-income customers, preventing disconnection due to unpaid heating bills. This initiative follows a substantial increase in federal and state funding, totaling $46 million in assistance over the past year. The balances will be settled by the end of June. CEO Charles Matthews emphasized the company's commitment to supporting customers amid rising natural gas prices. In addition to financial aid, Peoples Gas offers flexible payment plans and energy efficiency programs.
WEC Energy Group (NYSE: WEC) held its annual stockholders meeting, where executives highlighted the company's commitment to environmental goals and financial discipline, resulting in record net income and earnings per share. Key achievements include a significant five-year capital plan for renewable energy, a 60% reduction in CO2 emissions by 2025, and an 80% reduction by 2030. The company also returned $855 million to shareholders via dividends and increased its dividend by 7.4%, marking the 19th consecutive year of increases.
WEC Energy Group (NYSE: WEC) reported a net income of $565.9 million, or $1.79 per share, for Q1 2022, an increase from $510.1 million, or $1.61 per share, in Q1 2021. Consolidated revenues rose to $2.9 billion, up $216.7 million year-over-year. Key drivers included a colder winter and strong economic performance, with natural gas deliveries up 9.3% and electricity retail deliveries up 2.2%. The company has raised its 2022 earnings guidance to a range of $4.34 to $4.38 per share. A conference call is scheduled for May 2, 2022.
We Energies has filed proposals with the Public Service Commission of Wisconsin for rate reviews to set 2023 customer rates for electricity, natural gas, and steam. These proposals aim to support the company's significant clean energy transition and include plans for substantial investments in storm hardening and grid resilience, notably burying 800 miles of power lines over the next decade. If approved, residential electric bills will increase by approximately $5 to $6 monthly, reflecting a 5-6% rise while remaining competitively priced compared to national averages.
Wisconsin Public Service (WPS) announced its proposal for customer rate increases for electricity and natural gas effective in 2023. This comes amid a major clean energy transition, aiming to reduce carbon emissions significantly. The plan includes a monthly electric bill increase of approximately $5 to $6 (5 to 6%), while remaining below regional averages. Key investments focus on renewable energy sources and grid resiliency. The Public Service Commission of Wisconsin will review the proposal, with a decision expected later this year, and new rates anticipated to take effect in January 2023.
WEC Energy Group Inc. (NYSE: WEC) will release its 2022 Q1 earnings on May 2, 2022, before the market opens. A conference call for investors and analysts is scheduled for the same day at 1 p.m. Central time. Detailed financial data will be accessible on their website by 6:30 a.m. Central time on the same date. WEC Energy serves approximately 4.6 million customers across several states, with significant assets totaling $39 billion.
The Wisconsin Electric board of directors has declared a quarterly cash dividend of 90 cents per share on its 3.60% Series Preferred Stock, payable on June 1, 2022, to stockholders of record on May 13, 2022. Additionally, a cash dividend of $1.50 per share on the Six Per Cent Preferred Stock is set for payment on July 31, 2022, to stockholders of record on July 14, 2022. This reflects Wisconsin Electric's ongoing commitment to rewarding its shareholders.
The board of directors of WEC Energy Group (NYSE: WEC) has declared a quarterly cash dividend of 72.75 cents per share. This dividend is payable on June 1, 2022, to stockholders of record as of May 13, 2022. This marks the 319th consecutive quarter of dividend payments since 1942. WEC Energy Group serves approximately 4.6 million customers across Wisconsin, Illinois, Michigan, and Minnesota, with total assets amounting to $39 billion.