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 (NYSE: WEC) is a leading provider of regulated electric and natural gas services across the Midwest, serving millions of residential and commercial customers through its extensive infrastructure network. This page aggregates official company announcements, financial disclosures, and operational updates to serve as a comprehensive resource for stakeholders.
Key Features: Track press releases on rate approvals, infrastructure investments, and sustainability initiatives alongside quarterly earnings reports and regulatory filings. Content is curated to highlight material developments affecting WEC's operations as a low-risk, regulated utility with a growing renewable energy portfolio.
Investor Relevance: Stay informed on capital expenditure plans, dividend declarations, and strategic acquisitions within WEC's service territories. Updates reflect the company's focus on grid modernization, emission reduction targets, and compliance with state-level energy policies.
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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%.
Peoples Gas has been recognized as the most improved brand in customer satisfaction among natural gas utilities, according to the J.D. Power 2020 Gas Utility Business Customer Satisfaction Study. The company achieved an overall satisfaction score of 822 in the Midwest, reflecting a 53-point increase from 2019. This improvement spans all categories surveyed, particularly in corporate citizenship and communications. The Peoples Gas Energy Efficiency Program has assisted over 4,000 businesses, providing $35 million in incentives and saving more than 29 million therms of natural gas.
WEC Energy Group (NYSE: WEC) will release its 2020 fourth-quarter and year-end earnings on Feb. 4, 2021, before market open. The company will hold a conference call for analysts at 1 p.m. Central time the same day. Financial details will be available on their website by 6:30 a.m. Central time. WEC Energy serves approximately 4.5 million customers across four states, boasting about $35 billion in assets and being a component of the S&P 500.
On January 21, 2021, the board of Wisconsin Electric declared a quarterly cash dividend of 90 cents per share on its 3.60% Series Preferred Stock, payable on March 1, 2021, to stockholders of record on February 14, 2021. Additionally, a $1.50 per share dividend on the Six Per Cent Preferred Stock was declared, payable on April 30, 2021, for stockholders of record on April 14, 2021. Wisconsin Electric, a subsidiary of WEC Energy Group (NYSE: WEC), serves over 1.1 million electric and 490,000 natural gas customers in Wisconsin.
WEC Energy Group (NYSE: WEC) has announced a quarterly cash dividend increase of 67.75 cents per share, marking a 7.1% rise from the previous dividend of 63.25 cents. This raises the annual dividend rate to $2.71. The dividend is payable on March 1, 2021, to stockholders of record by February 14, 2021. This marks the 314th consecutive quarter of dividend payments, with 2021 being the 18th consecutive year of increases. The company aims for a payout ratio of 65% to 70% of earnings.
Avangrid Renewables has successfully commissioned the Tatanka Ridge Wind Farm, with a capacity of 154.8 MW, on January 5, 2021. Located in Deuel County, S.D., this facility features 56 wind turbines and is jointly owned by Avangrid (15%) and WEC Energy Group (85%). The power purchase agreement with Dairyland Power Cooperative will provide 51.6 MW of renewable energy, enough to power approximately 16,000 homes. The project is set to generate $1.7 million in local economic benefits annually.
WEC Energy Group has elected Cristy Garcia-Thomas to its board of directors, effective January 1. Garcia-Thomas has extensive leadership experience in the healthcare sector, previously serving as the chief external affairs officer for Advocate Aurora Health. She brings over 25 years of experience, including roles as president and CEO of the United Performing Arts Fund. Her background in diversity, inclusion, and customer care is expected to enhance the board's effectiveness. WEC serves approximately 4.5 million customers across multiple states with significant assets valued at $35 billion.
WEC Energy Group (NYSE: WEC) announced plans to raise its quarterly dividend to 67.75 cents per share, representing a 4.5 cents increase. The new dividend, set for declaration in January, will be payable on March 1, 2021, to stockholders of record on February 14, 2021. This increase aligns with the company's target dividend payout ratio of 65 to 70% of earnings and supports its goal of achieving a 5 to 7% annual earnings per share growth. Additionally, the company provided earnings guidance for 2021, estimating earnings between $3.99 and $4.03 per share.
WEC Energy Group (NYSE: WEC) reported a net income of $266.8 million for Q3 2020, up from $234.3 million in Q3 2019. This translates to 84 cents per share, compared to 74 cents per share a year earlier. Year-to-date net income reached $960.9 million, or $3.04 per share, up from $890.1 million in the same period last year. The company raised its 2020 earnings guidance to $3.74-$3.76 per share. Despite a decrease in electricity deliveries by 0.3%, residential use surged by 7.1%. WEC serves 4.5 million customers across several states.