WEC Energy Stock Price, News & Analysis

The Wisconsin Electric board has declared two quarterly cash dividends: 90 cents per share on the 3.60% Series Preferred Stock, payable on Sept. 1, 2022, to stockholders of record on Aug. 12, 2022; and $1.50 per share on the Six Per Cent Preferred Stock, payable on Oct. 31, 2022, to stockholders of record on Oct. 14, 2022. Wisconsin Electric, a subsidiary of WEC Energy Group, serves over 1.1 million electric and 490,000 natural gas customers in Wisconsin.

The board of directors of WEC Energy Group (NYSE: WEC) declared a quarterly cash dividend of 72.75 cents per share, payable on Sept. 1, 2022. This marks an impressive 80 years of consecutive dividend payments, totaling 320 quarters since 1942. WEC Energy serves 4.6 million customers across several states, including Wisconsin and Illinois, with significant assets exceeding $39 billion. The company, part of the S&P 500, is committed to maintaining its dividend track record while managing a diverse portfolio of utility and renewable energy assets.

ALLETE Inc. (NYSE: ALE) has appointed Charles Matthews to its board of directors, effective July 6, 2022. Matthews brings over 40 years of experience in the energy sector, notably serving as president and CEO of Peoples Gas and North Shore Gas where he improved financial performance and customer satisfaction. ALLETE's leadership believes Matthews' background in strategic planning and risk management will enhance their sustainability strategy. His previous roles include senior vice president at WE Energies and leadership positions at Mirant Corp. and Southern Company.

We Energies announced the extension of the operating lives of its Oak Creek site's four older coal-fueled units. Retirement of Units 5 and 6 is postponed until May 2024, while Units 7 and 8 will remain operational until late 2025. This decision is due to tight energy supply in the Midwest and delays in renewable energy projects. The company aims for a 60% reduction in CO2 emissions by 2025 and 80% by 2030, compared to 2005 levels. We Energies serves over 1.1 million customers in Wisconsin.

Peoples Gas announced it will clear all past-due balances for qualifying low-income customers, preventing disconnection due to unpaid heating bills. This initiative follows a substantial increase in federal and state funding, totaling $46 million in assistance over the past year. The balances will be settled by the end of June. CEO Charles Matthews emphasized the company's commitment to supporting customers amid rising natural gas prices. In addition to financial aid, Peoples Gas offers flexible payment plans and energy efficiency programs.

WEC Energy Group (NYSE: WEC) held its annual stockholders meeting, where executives highlighted the company's commitment to environmental goals and financial discipline, resulting in record net income and earnings per share. Key achievements include a significant five-year capital plan for renewable energy, a 60% reduction in CO2 emissions by 2025, and an 80% reduction by 2030. The company also returned $855 million to shareholders via dividends and increased its dividend by 7.4%, marking the 19th consecutive year of increases.

WEC Energy Group (NYSE: WEC) reported a net income of $565.9 million, or $1.79 per share, for Q1 2022, an increase from $510.1 million, or $1.61 per share, in Q1 2021. Consolidated revenues rose to $2.9 billion, up $216.7 million year-over-year. Key drivers included a colder winter and strong economic performance, with natural gas deliveries up 9.3% and electricity retail deliveries up 2.2%. The company has raised its 2022 earnings guidance to a range of $4.34 to $4.38 per share. A conference call is scheduled for May 2, 2022.

We Energies has filed proposals with the Public Service Commission of Wisconsin for rate reviews to set 2023 customer rates for electricity, natural gas, and steam. These proposals aim to support the company's significant clean energy transition and include plans for substantial investments in storm hardening and grid resilience, notably burying 800 miles of power lines over the next decade. If approved, residential electric bills will increase by approximately $5 to $6 monthly, reflecting a 5-6% rise while remaining competitively priced compared to national averages.

Wisconsin Public Service (WPS) announced its proposal for customer rate increases for electricity and natural gas effective in 2023. This comes amid a major clean energy transition, aiming to reduce carbon emissions significantly. The plan includes a monthly electric bill increase of approximately $5 to $6 (5 to 6%), while remaining below regional averages. Key investments focus on renewable energy sources and grid resiliency. The Public Service Commission of Wisconsin will review the proposal, with a decision expected later this year, and new rates anticipated to take effect in January 2023.