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) 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.
WEC Energy Group Inc. (NYSE: WEC) will release its third-quarter earnings for 2020 on November 3, before market opening. A conference call for analysts will follow at 1 p.m. Central time. Interested parties can access the call by dialing 877-683-2228, with international callers dialing 647-689-5446. A replay will be available after the call and remain accessible until November 17. WEC, based in Milwaukee, serves 4.5 million customers across multiple states and boasts approximately 45,000 stockholders and $35 billion in assets.
Wisconsin Electric announced a quarterly cash dividend of 90 cents per share on its Preferred Stock, 3.60% Series, payable on Dec. 1, 2020. Shareholders on record as of Nov. 13, 2020 will qualify. Additionally, a $1.50 per share dividend on the Six Per Cent Preferred Stock will be paid on Jan. 31, 2021, to those on record by Jan. 14, 2021. This reflects the company's commitment to returning value to its shareholders amidst serving over 1.1 million electric and 490,000 gas customers in Wisconsin.
WEC Energy Group (NYSE: WEC) declared a quarterly cash dividend of 63.25 cents per share, marking its 313th consecutive quarter of dividend payments since 1942. The dividend is payable on Dec. 1, 2020, to shareholders of record on Nov. 13, 2020. Serving 4.5 million customers across Wisconsin, Illinois, Michigan, and Minnesota, WEC operates under various utilities, including We Energies and Wisconsin Public Service. The company is a component of the S&P 500, with $35 billion in assets and approximately 45,000 stockholders.
Peoples Gas announced that the Illinois Commerce Commission (ICC) has approved an independent study confirming the urgent need for its System Modernization Program (SMP) to replace aging natural gas pipes. The study revealed over 80% of the pipes have less than 15 years of life remaining, with the replacement program expected to enhance safety and reliability while reducing methane emissions. The project, initiated in 2011, involves replacing 2,000 miles of aging infrastructure. The SMP is 30% complete and aims for full completion by 2040.
WEC Energy Group (NYSE: WEC) reported a net income of $241.6 million, or 76 cents per share, for Q2 2020, showing growth from $235.7 million, or 74 cents per share, year-over-year. For the first half of 2020, net income reached $694.1 million, or $2.19 per share, up from $655.8 million, or $2.07 per share, in 2019. Consolidated revenues totaled $3.7 billion, a decline of $310.3 million year-over-year. Despite challenges posed by COVID-19, the company reaffirmed its earnings guidance for 2020, aiming for $3.71 to $3.75 per share.
WEC Energy Group (NYSE: WEC) announced ambitious environmental goals, aiming for net carbon neutrality in its electric generation fleet by 2050 and a 70% reduction in carbon dioxide emissions by 2030. These targets were highlighted in its latest Corporate Responsibility Report. The company has made significant strides in renewable energy, committing to three large-scale solar parks providing 300 megawatts. In 2019, WEC spent a record $282.6 million with diverse suppliers and helped customers save over 433 gigawatt-hours via efficiency programs.
WEC Energy Group Inc. (NYSE: WEC) will release its 2020 second-quarter earnings before the market opens on August 4. A conference call for analysts is scheduled for the same day at 1 p.m. Central time, which will be accessible via webcast at the company’s website. Detailed financial data will be available online by 6:30 a.m. Central time on August 4. Stakeholders can also listen to the call by dialing in, and a replay will be available on the website and by phone until August 18. The company serves 4.5 million customers across multiple states.
The Wisconsin Electric board has declared a quarterly cash dividend of 90 cents per share on its 3.60% Series Preferred Stock, payable on Sept. 1, 2020, for stockholders of record by Aug. 14, 2020. Additionally, a $1.50 per share dividend on the Six Per Cent Preferred Stock will be paid on Oct. 31, 2020, to stockholders of record by Oct. 14, 2020. Wisconsin Electric, operating as We Energies, is a subsidiary of WEC Energy Group, serving over 1.1 million electric and 490,000 natural gas customers in Wisconsin.
WEC Energy Group (NYSE: WEC) has announced a quarterly cash dividend of 63.25 cents per share, payable on Sept. 1, 2020, to stockholders of record on Aug. 14, 2020. This marks the 312th consecutive quarter of dividend payments since 1942, showcasing the company's consistent commitment to returning value to its shareholders. WEC serves approximately 4.5 million customers across Wisconsin, Illinois, Michigan, and Minnesota, and holds around $35 billion in assets.