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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.
WEC Energy Group (NYSE: WEC) has scheduled the release of its 2024 fourth-quarter and full-year earnings report before market opening on Tuesday, February 4. The company will host a conference call for investors and analysts at 1 p.m. Central time on the same day. Detailed financial information will be available on the company's website at 6:30 a.m. Central time.
WEC Energy Group serves 4.7 million customers across Wisconsin, Illinois, Michigan, and Minnesota through its principal utilities including We Energies, Wisconsin Public Service, Peoples Gas, and others. The Fortune 500 company has approximately 34,000 stockholders, 7,000 employees, and assets exceeding $47 billion. Its subsidiary WEC Infrastructure manages renewable generation facilities across multiple states.
Wisconsin Electric, a subsidiary of WEC Energy Group (NYSE: WEC), has announced its quarterly dividend declarations. The company's board of directors declared a quarterly cash dividend of 90 cents per share on the Preferred Stock, 3.60% Series, payable March 1, 2025, to stockholders of record on February 14, 2025.
Additionally, a quarterly cash dividend of $1.50 per share on the Six Per Cent Preferred Stock will be paid on April 30, 2025, to stockholders of record on April 14, 2025. The company, operating as We Energies, serves over 1.1 million electric customers and 490,000 natural gas customers in Wisconsin.
WEC Energy Group (NYSE: WEC) has announced a 6.9% increase in its quarterly cash dividend to 89.25 cents per share, up from the current 83.50 cents. This raises the annual dividend rate to $3.57 per share. The dividend will be payable on March 1, 2025, to stockholders of record as of February 14, 2025.
This marks the company's 330th consecutive quarterly dividend payment since 1942 and the 22nd consecutive year of dividend increases. The company maintains a target dividend payout ratio of 65-70% of earnings. WEC Energy Group serves 4.7 million customers across Wisconsin, Illinois, Michigan, and Minnesota through its principal utilities and maintains over $47 billion in assets with 7,000 employees.
WEC Energy Group (NYSE: WEC) has announced pricing terms for its upsized cash tender offer of $400 million in aggregate principal amount of outstanding senior notes. The offer includes three series of notes: $250 million of 5.60% Senior Notes due 2026, $150 million of 1.80% Senior Notes due 2030, and $0 of 2.20% Senior Notes due 2028. The tender offer will expire on January 6, 2025, but no further tenders are expected as the maximum amount has been reached.
Holders who tendered before December 18, 2024, are eligible to receive the Total Consideration, including a $30 per $1,000 Early Tender Payment. Settlement is expected on December 23, 2024. The company expects the tender offer to be accretive to earnings per share by approximately $0.04 in 2024.
WEC Energy Group (NYSE: WEC) announced the early results of its cash tender offer for outstanding senior notes, with $866,697,000 in aggregate principal amount tendered by December 18, 2024. The company increased the aggregate maximum principal amount to $400,000,000 and raised the Acceptance Sublimit for the 5.60% Senior Notes due 2026 to $250,000,000.
The tender offer includes three series of notes with different acceptance priority levels. The 5.60% Senior Notes due 2026 and 1.80% Senior Notes due 2030 will be accepted with proration factors of 58.3% and 65.8% respectively, while no 2.20% Senior Notes due 2028 will be accepted. The settlement date is expected to be December 23, 2024.
WEC Energy Group (NYSE: WEC) has appointed Maria Bocanegra as president of Peoples Gas and North Shore Gas, effective January 2, 2025. Bocanegra, previously chief legal and government relations officer at the Port of Cleveland, will oversee daily operations, strategy, and administrative activities for the two Illinois utilities serving nearly 1 million customers in Chicago and 54 northern suburban communities.
Prior to her Port of Cleveland role, Bocanegra served as a commissioner with the Illinois Commerce Commission, regulating utilities and engaging in energy and water issues. She holds a bachelor's degree in political science from Quincy University and a juris doctor from DePaul University College of Law.
WEC Energy Group (NYSE: WEC) has announced a cash tender offer for up to $350 million of its outstanding senior notes. The offer targets three series of notes:
- 5.60% Senior Notes due 2026 (up to $125 million) - 1.80% Senior Notes due 2030 (up to $150 million) - 2.20% Senior Notes due 2028 (up to $100 million)
Holders who tender before the Early Tender Date of December 18, 2024, will receive the Total Consideration, including a $30 per $1,000 Early Tender Payment. The offer expires on January 6, 2025. Early Settlement Date is expected to be December 23, 2024, with Final Settlement Date on January 8, 2025.
WEC Energy Group (NYSE: WEC) announced plans to increase its quarterly dividend by 6.9% to 89.25 cents per share in Q1 2025, representing a 5.75 cents per share increase. The dividend, equivalent to an annual rate of $3.57 per share, would be payable March 1, 2025, to stockholders of record on February 14, 2025.
The company maintains a target dividend payout ratio of 65-70% of earnings and projects earnings growth of 6.5-7% compound annual growth rate. For 2025, WEC introduced earnings guidance of $5.17-$5.27 per share, with a midpoint of $5.22, representing 7.6% growth from the 2024 adjusted guidance midpoint of $4.85 per share.
ComEd, Nicor Gas, Peoples Gas, and North Shore Gas have joined the Better Business Bureau (BBB) of Chicago and Northern Illinois to warn customers about increased utility scams during the holiday season. Scammers are using new tactics, including QR codes, mobile banking apps, and posing as bill-management companies. They often threaten service disconnection and demand immediate payments. The companies emphasize that they never use aggressive tactics, demand immediate payment, or request personal information like Social Security numbers. Customers are advised to verify representative identities and contact utilities through official channels if suspicious.
Wisconsin Public Service (WPS) has been recognized as one of the top performing midsize utilities in PA Consulting's 2024 ReliabilityOne® Awards. The company earned this distinction for its exceptional reliability performance in 2023, particularly in maintaining power supply across northeast and north central Wisconsin.
WPS has enhanced its power grid through equipment upgrades, new technologies, and underground power line installations. These improvements have significantly boosted service reliability for their customers. The award acknowledges WPS's dedication to providing affordable, reliable, and clean energy, as well as their commitment to customer service.
The award category was open to all utilities operating in less dense electric delivery networks across North America.