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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 reported Q3 2024 net income of $240.1 million ($0.76 per share), down from $316.0 million ($1.00 per share) in Q3 2023. Adjusted earnings were $0.82 per share, excluding a $0.06 per share charge related to disallowed capital expenditures. For the first nine months of 2024, net income was $1.07 billion ($3.40 per share) compared to $1.11 billion ($3.52 per share) in 2023. Consolidated revenues decreased by $359.8 million to $6.3 billion. Retail electricity deliveries increased 0.7% in Q3 2024. The company affirmed its 2024 earnings guidance of $4.74-$4.84 per share on a GAAP basis and $4.80-$4.90 per share adjusted.
WEC Energy Group (NYSE: WEC) will release its 2024 third-quarter earnings before market open on Thursday, October 31, followed by a conference call at 1 p.m. Central time. The company serves 4.7 million customers across Wisconsin, Illinois, Michigan and Minnesota through its principal utilities including We Energies and Wisconsin Public Service. WEC Energy Group operates as a Fortune 500 company with 7,000 employees, 34,000 stockholders, and assets exceeding $45 billion. Their subsidiary WEC Infrastructure manages renewable generation facilities from South Dakota to Texas.
WEC Energy Group (NYSE: WEC) has announced the appointment of Warner Baxter and John Lange to its board of directors, effective January 1, 2025. Baxter, the retired executive chairman and CEO of Ameren Corp., brings over 28 years of experience in the energy sector. Lange, formerly the global head of Energy and Industrials Groups at Barclays PLC, has more than 28 years of investment banking experience.
Baxter's extensive career at Ameren Corp. included roles as chairman, president, CEO, and CFO. He serves on several boards and has held leadership positions in industry organizations. Lange has worked on numerous strategic advisory, M&A, and financing assignments across utility, natural resources, and industrial sectors. Both appointees bring significant expertise to WEC Energy Group's board, enhancing its depth and effectiveness in the energy industry.
Wisconsin Electric, a subsidiary of WEC Energy Group (NYSE: WEC), has declared quarterly cash dividends for its preferred stockholders. The board announced:
1. A dividend of 90 cents per share on the company's Preferred Stock, 3.60% Series, payable on Dec. 1, 2024, to stockholders of record on Nov. 14, 2024.
2. A dividend of $1.50 per share on the company's Six Per Cent Preferred Stock, payable on Jan. 31, 2025, to stockholders of record on Jan. 14, 2025.
Wisconsin Electric Power Co., 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 declared a quarterly cash dividend of 83.50 cents per share on its common stock. The dividend is payable on Dec. 1, 2024, to stockholders of record on Nov. 14, 2024. This marks the 329th consecutive quarter that the company has paid a dividend to its stockholders, dating back to 1942.
WEC Energy Group is a major energy company serving 4.7 million customers across Wisconsin, Illinois, Michigan, and Minnesota. The company operates several utilities and has a subsidiary focused on renewable energy generation. WEC Energy Group is a Fortune 500 company and a component of the S&P 500, with approximately 34,000 stockholders of record, 7,000 employees, and over $45 billion in assets.
Wisconsin Public Service (WPS) has been recognized by J.D. Power as the best electric utility in the Midwest for customer satisfaction and trust in the 2024 U.S. Electric Utility Brand Appeal Index Study. WPS scored nearly 30 points higher than the average Midwest electric utility. The company's focus on world-class customer service includes:
- Adding renewable energy facilities
- Upgrading equipment
- Strengthening distribution networks
- Providing real-time outage alerts
- Sharing energy efficiency tips
- Offering convenient billing options
WPS also actively supports community initiatives through its Foundation. This marks the third time in four years that WPS has been honored by J.D. Power for its customer service excellence.
WEC Energy Group (NYSE: WEC) has released its 2023 Corporate Responsibility Report, highlighting progress in environmental, social, and governance (ESG) performance. Key achievements include:
- 54% reduction in carbon emissions from generation below 2005 levels by end of 2023
- Targeting 60% reduction by 2025 and 80% reduction by 2030
- Plan to eliminate coal as an energy source by 2032
- Aim for carbon-neutral electric generation by 2050
- Goal to achieve net-zero methane emissions in natural gas distribution by 2030
The company's $23.7 billion capital plan includes $7 billion for renewable energy capacity, aiming to quadruple carbon-free generation. WEC Energy Group received awards for its hydrogen pilot project and veteran support, spent $333 million with diverse suppliers, and provided $20.7 million in charitable contributions in 2023.
WEC Energy Group (NYSE: WEC) reported net income of $211.3 million, or $0.67 per share, for Q2 2024, down from $289.7 million, or $0.92 per share, in Q2 2023. For H1 2024, net income was $833.6 million, or $2.64 per share, up from $797.2 million, or $2.52 per share, in H1 2023. Consolidated revenues totaled $4.5 billion, down $265.9 million from H1 2023. Retail electricity deliveries increased by 0.5% in Q2 2024, with residential use up 1.4%. The company reaffirmed its 2024 earnings guidance of $4.80 to $4.90 per share, assuming normal weather for the rest of the year.
WEC Energy Group (NYSE: WEC) will release its 2024 second-quarter earnings report on July 31, 2024, before the stock market opens. The company has scheduled a conference call for investors and security analysts at 1 p.m. Central time on the same day. Detailed financial information will be available on the WEC Energy Group website by 6:30 a.m. Central time.
WEC Energy Group is a Fortune 500 company and a component of the S&P 500, serving 4.7 million customers across Wisconsin, Illinois, Michigan, and Minnesota. The company operates several principal utilities and has a growing fleet of renewable generation facilities. With approximately 35,000 stockholders of record, 7,000 employees, and over $44 billion in assets, WEC Energy Group is positioned as one of the nation's premier energy companies.
Wisconsin Electric, a subsidiary of WEC Energy Group (NYSE: WEC), has declared quarterly cash dividends for its preferred stockholders. The board announced a 90 cents per share dividend on the 3.60% Series Preferred Stock, payable on Sept. 1, 2024, to stockholders of record as of Aug. 14, 2024. Additionally, a $1.50 per share dividend was declared on the Six Per Cent Preferred Stock, payable on Oct. 31, 2024, to stockholders of record as of Oct. 11, 2024.
Wisconsin Electric Power Co., operating as We Energies, serves over 1.1 million electric customers and 490,000 natural gas customers in Wisconsin. This dividend declaration demonstrates the company's commitment to providing returns to its preferred shareholders.