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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 declared a quarterly cash dividend of 83.50 cents per share on its common stock. The dividend is payable on Sept. 1, 2024, to stockholders of record on Aug. 14, 2024. This marks the 328th consecutive quarter of dividend payments, 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 growing fleet of renewable generation facilities. With 7,000 employees and over $44 billion in assets, WEC Energy Group is a Fortune 500 company and a component of the S&P 500.
WEC Energy Group announced the pricing of $750 million in 4.375% convertible senior notes due 2027 and another $750 million in 4.375% convertible senior notes due 2029. The offering is aimed at qualified institutional buyers under Rule 144A.
The notes are expected to close on May 28, 2024, with interest paid semiannually. The 2027 notes mature on June 1, 2027, and the 2029 notes mature on June 1, 2029. Conversion rates are set at 10.1243 shares per $1,000, translating to a conversion price of approximately $98.77 per share, a 20% premium over the last sale price on May 22, 2024. WEC intends to use the proceeds for corporate purposes, including debt repayment.
WEC Energy Group announced the offering of $750 million in convertible senior notes due 2027 and $750 million in convertible senior notes due 2029. The total offering could reach $1.725 billion if additional purchase options are exercised. The notes will be offered privately to qualified institutional buyers, with interest paid semiannually. The 2027 notes mature on June 1, 2027, and the 2029 notes on June 1, 2029. Conversion rights are until March 2027 and March 2029, respectively. Upon conversion, WEC Energy can pay in cash, stock, or a combination. Proceeds will be used for general corporate purposes, including debt repayment.
WEC Energy Group had a remarkable year with significant achievements in renewable energy, financial performance, and customer satisfaction. The company invested heavily in new renewable capacity, completed major solar projects, and introduced renewable natural gas. Additionally, WEC Energy Group returned record dividends to stockholders and increased the dividend level by 7%. The company was also recognized for its inclusion in the High Yield Dividend Aristocrats Index. Stockholders approved key decisions and elected directors for the upcoming term.
WEC Energy Group reported strong first-quarter results with net income of $622.3 million, or $1.97 per share, up from last year. Consolidated revenues totaled $2.7 billion, down slightly from the previous year. The company focused on financial discipline, operating efficiency, and customer satisfaction amidst a warm winter in Wisconsin. Natural gas and electricity deliveries showed variations, with the company reaffirming its 2024 earnings guidance of $4.80 to $4.90 per share.
WEC Energy Group has announced the acquisition of a 90% ownership interest in the Delilah I Solar Energy Center, a 300-megawatt project near Dallas, Texas, developed by Invenergy. The project will generate renewable energy for a global automaker under a long-term power purchase agreement. WEC's investment is expected to total $459 million. This acquisition is part of WEC's commitment to investing in clean energy solutions and marks the company's continued expansion in the renewable energy sector.
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