Klappa, Lauber highlight exceptional year for WEC Energy Group

Rhea-AI Summary

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.

Positive

• Developed the largest five-year capital plan in company history with new renewable capacity.

• Completed the largest solar project in Wisconsin history.

• Introduced renewable natural gas into the distribution network for methane reduction.

• Returned a record $984 million to stockholders through dividends.

• Increased the dividend level by 7% in 2024.

• Selected for inclusion in the High Yield Dividend Aristocrats Index.

Negative

• None.

MILWAUKEE, May 9, 2024 /PRNewswire/ -- At WEC Energy Group's (NYSE: WEC) annual meeting of stockholders today, Gale Klappa, executive chairman, and Scott Lauber, president and CEO, highlighted another strong year on virtually every meaningful measure — from customer satisfaction, to financial performance, to steady execution of the company's capital plan. They also emphasized that it was a year of growth and dedication to the company's mission of delivering affordable, reliable and clean energy to millions of customers across the Midwest.

Company highlights

• Developed the largest five-year capital plan in company history — including nearly 3,800 megawatts of new renewable capacity to serve the customers of We Energies and Wisconsin Public Service.
• Completed the largest solar project in Wisconsin history as the final panels at the Badger Hollow Solar Park in southwestern Wisconsin went in service at the end of 2023.
• Brought 128 megawatts of new highly efficient and flexible natural gas generation online.
• Completed the construction of two liquefied natural gas facilities to support the company's power generation and gas distribution systems.
• Introduced renewable natural gas (RNG) into the company's distribution network. The RNG replaces a portion of the conventional natural gas that would have entered the system. This effort contributes to WEC Energy Group's methane reduction goal and benefits the land and water of America's heartland.
• Spent a record $333.7 million with certified minority-, women-, veteran- and service-disabled-owned businesses.
• Returned a record $984 million to WEC Energy Group stockholders through dividends.
• Increased the dividend level in January 2024 by 7% to an annual rate of $3.34 per share. This marks the 21^st consecutive year of higher dividends.
• Also in 2024, selected by Standard and Poor's for inclusion in the High Yield Dividend Aristocrats Index.

Stockholder actions

During the meeting, stockholders elected the following directors to terms expiring at the 2025 annual meeting: Ave M. Bie, Curt S. Culver, Danny L. Cunningham, William M. Farrow III, Cristina A. Garcia-Thomas, Maria C. Green, Gale E. Klappa, Thomas K. Lane, Scott J. Lauber, Ulice Payne Jr., Mary Ellen Stanek and Glen E. Tellock.

As recommended by the board of directors, stockholders also voted to:

• Ratify Deloitte & Touche LLP as independent auditors for 2024.
• Approve the compensation of WEC Energy Group's named executive officers (say-on-pay).
• Amend the Restated Articles of Incorporation to increase the number of authorized shares of common stock.

Finally, stockholders voted in favor of an advisory proposal regarding simple majority vote.

WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation's premier energy companies, serving 4.7 million customers in Wisconsin, Illinois, Michigan and Minnesota.

The company's principal utilities are We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources and Upper Michigan Energy Resources. Another major subsidiary, We Power, designs, builds and owns electric generating plants. In addition, WEC Infrastructure LLC owns a growing fleet of renewable generation facilities in states ranging from South Dakota to Texas.

WEC Energy Group (wecenergygroup.com) is a Fortune 500 company and a component of the S&P 500. The company has approximately 35,000 stockholders of record, 7,000 employees and more than $43 billion of assets.

Forward-looking statements

Certain statements contained in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based upon management's current expectations and are subject to risks and uncertainties that could cause our actual results to differ materially from those contemplated in the statements. Readers are cautioned not to place undue reliance on these statements. Forward-looking statements include, among other things, statements concerning management's expectations and projections regarding capital plans, construction plans, emission reduction goals, and dividend payouts. In some cases, forward-looking statements may be identified by reference to a future period or periods or by the use of forward-looking terminology such as "anticipates," "believes," "estimates," "expects," "forecasts," "guidance," "intends," "may," "objectives," "plans," "possible," "potential," "projects," "should," "targets," "will" or similar terms or variations of these terms.

Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements include, but are not limited to: general economic conditions, including business and competitive conditions in the company's service territories; timing, resolution and impact of rate cases and other regulatory decisions, including rider reconciliations; the company's ability to continue to successfully integrate the operations of its subsidiaries; availability of the company's generating facilities and/or distribution systems; unanticipated changes in fuel and purchased power costs; key personnel changes; unusual, varying or severe weather conditions; continued industry restructuring and consolidation; continued advances in, and adoption of, new technologies that produce power or reduce power consumption; energy and environmental conservation efforts; electrification initiatives, mandates and other efforts to reduce the use of natural gas; the company's ability to successfully acquire and/or dispose of assets and projects and to execute on its capital plan; terrorist, physical or cyber-security threats or attacks and data security breaches; construction risks; labor disruptions; equity and bond market fluctuations; changes in the company's and its subsidiaries' ability to access the capital markets and shareholder approval of related proposals; changes in tax legislation or our ability to use certain tax benefits and carryforwards; federal, state, and local legislative and regulatory changes, including changes in rate-setting policies or procedures and environmental standards, the enforcement of these laws and regulations or permit conditions and changes in the interpretation of regulations by regulatory agencies; supply chain disruptions; inflation; political or geopolitical developments, including impacts on the global economy, supply chain and fuel prices, generally, from ongoing, escalating, or expanding regional conflicts; the impact from any health crises, including epidemics and pandemics; current and future litigation and regulatory investigations, proceedings or inquiries; changes in accounting standards; the financial performance of American Transmission Company as well as projects in which the company's energy infrastructure business invests; the ability of the company to obtain additional generating capacity at competitive prices; goodwill and its possible impairment; and other factors described under the heading "Factors Affecting Results, Liquidity and Capital Resources" in Management's Discussion and Analysis of Financial Condition and Results of Operations and under the headings "Cautionary Statement Regarding Forward-Looking Information" and "Risk Factors" contained in the company's Form 10-K for the year ended December 31, 2023, and in subsequent reports filed with the Securities and Exchange Commission. Except as may be required by law, the company expressly disclaims any obligation to publicly update or revise any forward-looking information.

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SOURCE WEC Energy Group

FAQ

What highlights were mentioned by Gale Klappa and Scott Lauber at WEC Energy Group's annual meeting?

They highlighted a strong year in customer satisfaction, financial performance, and capital plan execution.

What was the record dividend amount returned to WEC Energy Group stockholders?

The company returned a record $984 million to stockholders.

What was the percentage increase in the dividend level in 2024?

The dividend level was increased by 7% to an annual rate of $3.34 per share.

What is the inclusion of WEC Energy Group in the High Yield Dividend Aristocrats Index?

WEC Energy Group was selected for inclusion in the High Yield Dividend Aristocrats Index in 2024.

What is the principal focus of WEC Energy Group's mission?

WEC Energy Group's mission is to deliver affordable, reliable, and clean energy to millions of customers across the Midwest.