WEC Energy Stock Price, News & Analysis

WEC Energy Group Inc. (NYSE: WEC) will release its first-quarter earnings on May 3, 2021, before the market opens. A conference call for analysts is set for the same day at 1 p.m. Central time. Financial results will be accessible on the company’s website by 6:30 a.m. Central time on that date. WEC serves approximately 4.6 million customers across Wisconsin, Illinois, Michigan, and Minnesota and operates several utilities and renewable energy facilities, managing over $37 billion in assets.

On April 15, 2021, Wisconsin Electric's board declared a quarterly cash dividend of 90 cents per share on its 3.60% Series Preferred Stock, payable on June 1, 2021, to shareholders of record on May 14, 2021. Additionally, a quarterly cash dividend of $1.50 per share was announced for the Six Per Cent Preferred Stock, payable on July 31, 2021, with record date on July 14, 2021. Wisconsin Electric serves over 1.1 million electric and 490,000 natural gas customers in Wisconsin.

WEC Energy Group (NYSE: WEC) has declared a quarterly cash dividend of 67.75 cents per share, payable on June 1, 2021 to shareholders of record by May 14, 2021. This dividend marks the 315th consecutive quarter of payouts, a streak dating back to 1942. The company serves approximately 4.6 million customers across several states, including Wisconsin and Illinois, and operates multiple utility subsidiaries and renewable generation facilities, with total assets of around $37 billion.

Peoples Gas is advancing its System Modernization Program (SMP) in Chicago, addressing safety concerns by replacing outdated natural gas pipes. The program aims to enhance the reliability of gas delivery, particularly after recent service interruptions due to high demand and aging infrastructure. Currently, one-third of the project is complete, having upgraded over 185,000 customers and installed more than 1,142 miles of new gas mains. SMP supports local employment and contributes to environmental goals by aiming to reduce methane emissions. The program is overseen by various stakeholders including the Illinois Commerce Commission.

WEC Energy Group's subsidiaries, We Energies and Wisconsin Public Service, propose the $446 million Darien Solar Energy Center, a 325-MW project featuring 250 MW of solar generation and 75 MW of battery storage. This project aims to power 75,000 homes and store solar energy for use after sunset. Along with the earlier announced 310-MW Paris Solar-Battery Park, these initiatives are part of a $2 billion investment in renewable energy by 2025, targeting a 55% reduction in carbon emissions by 2025 and 70% by 2030. Construction of Darien is expected to commence in late 2021.

WEC Energy Group's Executive Chairman, Gale Klappa, will participate in a virtual panel at the Global Listed Infrastructure Organisation (GLIO) conference on March 9, 2021. He will be joined by Tom Fanning, CEO of Southern Co., moderated by Steve Fleishman of Wolfe Research. The discussion will focus on lessons learned from 2020, the 2021 outlook, and the utility sector's role in the energy transition. A live audio webcast will be available at wecenergygroup.com.

WEC Energy Group (NYSE: WEC) is set to acquire a 90% stake in the Jayhawk Wind Farm in Kansas for $302 million. The project will feature 70 GE wind turbines with a capacity exceeding 190 megawatts and will provide renewable energy to Facebook under a long-term contract. Developed by Apex Clean Energy, commercial operations are anticipated to begin by the end of 2021. This acquisition aligns with WEC's $16 billion ESG Progress Plan focusing on sustainability and growth, enhancing its portfolio of renewable energy assets.

WEC Energy Group (NYSE: WEC) has proposed the Paris Solar-Battery Park in Kenosha County, which would be Wisconsin's largest solar and battery storage facility. The project features 200 MW of solar energy, powering approximately 60,000 homes, and 110 MW of battery storage. This initiative is part of a $2 billion investment plan in renewable energy by 2025 and aims to reduce carbon emissions by 70% by 2030. If approved by the Public Service Commission of Wisconsin, construction will start in 2022, with operations set for 2023.

WEC Energy Group reported a net income of $1.20 billion, or $3.79 per share, for 2020, an increase from $1.13 billion, or $3.58 per share in 2019. In Q4 2020, net income was $239 million, or 76 cents per share, slightly down from $243.9 million, or 77 cents per share a year prior. Despite a 2.1% decline in overall electricity deliveries, residential use rose by 5.5%. The company reaffirmed its 2021 earnings guidance of $3.99 to $4.03 per share, aiming for annual growth of 5 to 7%.