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WEC Energy Group, Inc. (NYSE: WEC) stands as one of the nation’s premier electric and natural gas delivery companies, offering its vital services to nearly 4.7 million customers across Wisconsin, Illinois, Michigan, and Minnesota. Headquartered in Milwaukee, WEC Energy Group operates through its regulated utility subsidiaries, including We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources, and Upper Michigan Energy Resources.
The company boasts a robust infrastructure, managing 70,000 miles of electric distribution lines, 44,000 miles of natural gas distribution and transmission lines, and 8,800 megawatts of reliable power plant capacity. WEC Energy Group's asset mix includes 48% electric generation and distribution, 36% gas distribution, 10% electric transmission, and 6% unregulated renewable energy. Notably, the company holds a 60% stake in American Transmission Co.
WEC Energy Group is committed to delivering world-class reliability and exceptional customer care. It has a strong emphasis on reliability, customer satisfaction, and shareholder value. The company's financial condition remains solid with significant growth opportunities, as evidenced by its recent investments in renewable energy projects, including a 90% ownership interest in the Delilah I Solar Energy Center in Texas, and ongoing involvement in the Samson & Delilah solar portfolio.
For the fiscal year 2023, WEC Energy Group reported a net income of $1.3 billion or $4.22 per share under GAAP, with adjusted earnings rising to $4.63 per share, marking a 4% increase over the previous year. The company's financial stability is further underscored by its $43 billion in assets and its consistent dividend growth, highlighted by a recent 7% increase in its quarterly cash dividend.
WEC Energy Group remains focused on its strategic objectives and operates under a framework that aims to incorporate sustainability and efficiency. The company's infrastructure segment has invested in 11 solar and wind projects totaling more than 2 gigawatts of capacity, securing long-term off-take agreements and contributing to the clean energy transition.
Latest News: WEC Energy Group has recently announced the commencement of an offer to purchase up to $300,000,000 aggregate principal amount of its 2007 Series A Junior Subordinated Notes. Additionally, WEC Energy Group reported net income of $622.3 million for the first quarter of 2024 and disclosed plans for a private offering of $1.5 billion in convertible senior notes due 2027 and 2029.
WEC Energy Group continues to leverage its scale and operational expertise to meet future energy needs while maintaining a strong focus on delivering value to its customers and shareholders.
The board of directors of WEC Energy Group has declared a quarterly cash dividend of 67.75 cents per share on its common stock. The dividend is payable on Dec. 1, 2021, to stockholders of record on Nov. 12, 2021. This announcement marks the 317th consecutive quarter that the company has paid a dividend, highlighting its commitment to returning value to shareholders. WEC Energy Group serves 4.6 million customers across multiple states, boasting over $37 billion in assets and being a prominent component of the S&P 500.
Integrys Holding, a subsidiary of WEC Energy Group (NYSE: WEC), has increased the tender offer consideration for its 6.00% Junior Subordinated Notes due 2073 to $150 million. The new total consideration is set at $27.50 per $25.00 principal amount, with a revised tender offer consideration of $26.25. Holders must tender their Notes by 5:00 p.m. NYC time on October 26, 2021, to qualify for the new total consideration. The tender offer will expire on November 4, 2021, unless extended. Valid tendered Notes may be subject to proration based on the maximum acceptance amount.
Integrys Holding, a subsidiary of WEC Energy Group (NYSE: WEC), has initiated a cash tender offer to purchase up to $150 million of its 6.00% Junior Subordinated Notes due 2073. The offer, effective from October 7, 2021, will expire on November 4, 2021, unless extended. Holders who tender their notes before October 21, 2021, can receive an additional early tender premium of $1.25 per $25 principal amount. This initiative is significant for managing debt and enhancing financial flexibility for Integrys and WEC Energy Group.
WEC Energy Group (NYSE: WEC) is collaborating with 12 utilities across the Midwest to enhance electric vehicle (EV) charging infrastructure. This initiative aims to ease access to EV charging options within its service areas, supporting over 2 million EVs currently in the U.S. and anticipating a tenfold increase by 2030. The company is also investing significantly in its own EV charging network, with 50 public charging ports already operational and pilot programs approved for residential and business installations. This aligns with WEC's carbon reduction goals and commitment to a sustainable future.
WEC Energy Group reported a strong second quarter in 2021, with net income of $276 million (87 cents per share), up from $241.6 million (76 cents) in 2020. For the first half of 2021, net income rose to $786.1 million ($2.49 per share) from $694.1 million ($2.19). Revenues reached $4.4 billion, up $710.3 million year-over-year. Key drivers included a recovering economy and increased electricity deliveries, with small commercial consumption up 10.4% and large commercial up 14.8%. The company raised its earnings guidance for 2021 to $4.02 to $4.05 per share.
WEC Energy Group Inc. (NYSE: WEC) will release its second-quarter earnings on August 3, 2021, prior to the market opening. A conference call for analysts is scheduled at 1 p.m. Central time the same day. Financial details will be accessible on the company's website by 6:30 a.m. Central time on August 3.
WEC serves 4.6 million customers across the Midwest, with major utilities including We Energies and Wisconsin Public Service. The company, part of the S&P 500, has assets exceeding $37 billion and approximately 41,000 stockholders.
WEC Energy Group (NYSE: WEC) has agreed to acquire a 90% ownership interest in the Sapphire Sky Wind Energy Center located in McLean County, Illinois, for $412 million. The project, developed by Invenergy, will encompass 64 wind turbines with a total capacity of 250 megawatts, expected to begin commercial operations by the end of 2022. Renewable energy generated will be sold to a Fortune 100 high-tech company under a long-term agreement. This acquisition is part of WEC's strategy to expand its renewable energy portfolio, which includes investments in eight wind farms totaling over 1.5 gigawatts of capacity.
WEC Energy Group (NYSE: WEC) released its 2020 Corporate Responsibility Report, detailing progress on environmental, social, and governance (ESG) performance. The company aims for a 60% reduction in carbon emissions by 2025 and 80% by 2030, with a goal of net-zero emissions by 2050. In 2020, WEC invested nearly $2.2 billion to enhance reliability and was recognized for its sustainability efforts, including achieving record diversity spending of $303.4 million. The report highlights WEC's commitment to affordable, reliable energy and its adaptation to 2020 challenges.
The Wisconsin Electric board has declared a quarterly cash dividend of 90 cents per share on its Preferred Stock, 3.60% Series, payable on Sept. 1, 2021. Stockholders of record as of Aug. 13, 2021 will be eligible. Additionally, a quarterly cash dividend of $1.50 per share on the Six Per Cent Preferred Stock will be paid on Oct. 31, 2021, to stockholders of record on Oct. 14, 2021. We Energies, a subsidiary of WEC Energy Group (NYSE: WEC), serves over 1.1 million electric and 490,000 natural gas customers in Wisconsin.
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