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.
Urbint has announced its partnership with Wisconsin Public Service (WPS), a subsidiary of WEC Energy Group, to implement AI technology for damage prevention in natural gas infrastructure. This initiative aims to reduce the risk of third-party excavations damaging underground gas lines, which accounts for 12% of methane emissions in the sector. By utilizing Urbint Lens, WPS can prioritize high-risk excavation sites, enhancing public safety and reliability while preventing methane leaks and safety incidents.
WEC Energy Group reported a net income of $1.3 billion, or $4.11 per share for 2021, reflecting an 8.4% increase from 2020. The company achieved consolidated revenues of $8.3 billion, up $1.1 billion year-over-year. For Q4 2021, net income was $224.2 million, down from $239 million in Q4 2020. WEC reaffirmed its earnings guidance for 2022 at $4.29 to $4.33 per share. Additionally, a quarterly dividend of 72.75 cents was declared, marking a 7.4% increase over last year. The company aims for coal usage to be immaterial by 2030 and fully exited by 2035.
WEC Energy Group Inc. (NYSE: WEC) will release its 2021 fourth-quarter and full-year earnings on Feb. 3, before the stock market opens. A conference call for investors and analysts is set for the same day at 1 p.m. Central time. Detailed financial information will be available on the company's website by 6:30 a.m. Central time on the same date. WEC, serving 4.6 million customers across several states, is a Fortune 500 company with significant assets totaling $39 billion.
WEC Energy Group (NYSE: WEC) is launching a pilot project in Michigan's Upper Peninsula to test hydrogen co-firing with natural gas as a fuel source for power generation. This initiative aims to support the company's aggressive environmental goals of achieving net-zero carbon emissions by 2050 and net-zero methane emissions by 2030. Partnering with the Electric Power Research Institute, the project will blend hydrogen with a 25/75 ratio of natural gas in modern reciprocating internal combustion engines. The project is significant for advancing clean energy technologies and decarbonizing the economy.
The Wisconsin Electric board of directors declared a quarterly cash dividend of 90 cents per share on the 3.60% Preferred Stock, payable on March 1, 2022, to stockholders of record on February 14, 2022. Additionally, a dividend of $1.50 per share on the Six Per Cent Preferred Stock will be paid on April 30, 2022, to stockholders of record on April 14, 2022. We Energies, a subsidiary of WEC Energy Group (NYSE: WEC), serves over 1.1 million electric and 490,000 gas customers in Wisconsin.
The board of directors of WEC Energy Group has declared a quarterly cash dividend of 72.75 cents per share, marking a 7.4 percent increase from the previous dividend of 67.75 cents. This adjustment raises the annual dividend rate to $2.91 per share, with payment scheduled for March 1, 2022, to stockholders recorded by February 14, 2022. This dividend marks the 318th consecutive quarter of payments and continues the trend of dividend increases for 19 years.
WEC Energy Group (NYSE: WEC) announced the commercial operation of its 190-megawatt Jayhawk Wind Farm in Kansas, which is generating renewable energy under a long-term contract with Meta. The investment for the project totals $302 million, with WEC owning 90% and the remaining 10% operated by Invenergy. This initiative aligns with WEC's ESG Progress Plan, aimed at enhancing sustainability and growth. The wind farm consists of 70 GE turbines and furthers WEC's commitment to a sustainable energy future.
WEC Energy Group (NYSE: WEC) announced a planned increase in its quarterly dividend to 72.75 cents per share, marking a 7.4% rise from the current dividend. This new rate is set for the first quarter of 2022, with the dividend payable on March 1, 2022, to stockholders of record on February 14, 2022. The company also provided earnings guidance for 2022, anticipating earnings in the range of $4.29 to $4.33 per share, representing a 7.5% growth from the previous year.
This holiday season, a collaboration between the Better Business Bureau and utility companies aims to raise awareness about increasing scam attempts targeting consumers. Steve Bernas, CEO of the BBB of Chicago, indicates a rise in imposters posing as utility workers. In 2020, Americans lost over $3.3 billion to fraud, with nearly $1.2 billion due to impersonation scams. The initiative coincides with Utility Scam Awareness Week (Nov. 14-20) to educate customers on protective measures, including verifying identification and never disclosing personal information to unsolicited contacts.
WEC Energy Group (NYSE: WEC) reported a net income of $290 million for Q3 2021, reflecting an increase from $266.8 million in Q3 2020. For the first nine months, net income reached $1.08 billion, up from $960.9 million in the previous year. Consolidated revenues totaled $6.1 billion, a rise of $805.8 million year-over-year. Retail electricity deliveries increased by 2.4% in Q3. The company raised its earnings guidance for 2021 to $4.05 - $4.07 per share, assuming normal weather conditions.