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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.
WEC Energy Group's virtual annual meeting highlighted its commitment to affordable, reliable, and clean energy, showcasing significant achievements from 2020. Key accomplishments include $2.2 billion investment in core business, launching Wisconsin's first large-scale solar energy center, and a new $16.1 billion capital investment plan for sustainability. The company aims for net carbon neutrality by 2050 and reported a 7.1% increase in dividends to $2.71 per share, marking 18 consecutive years of higher dividends. WEC also achieved record stock prices and strengthened its diversity spending.
WEC Energy Group (NYSE: WEC) announced ambitious new emissions reduction targets, committing to a 60% reduction in carbon emissions by 2025 and 80% by 2030 from its electric generation fleet. The company aims to achieve net-zero methane emissions from its natural gas distribution by 2030. As part of its $4 billion investment plan for clean energy projects (2021-2025), WEC is transforming its power generation fleet, reducing reliance on coal to below 10% by 2025. These goals support international climate commitments, including the Paris Agreement.
WEC Energy Group reported a net income of $510.1 million for Q1 2021, up from $452.5 million in Q1 2020, translating to $1.61 per share. Revenues rose to $2.7 billion, an increase of $582.8 million. The growth resulted from colder weather and economic recovery, with natural gas deliveries increasing by 3.2%. The company expects to meet its earnings guidance of $3.99 to $4.03 per share for the year. WEC serves about 4.6 million customers across four states and maintains strong operational performance amidst challenging weather conditions.
We Energies and Wisconsin Public Service plan to acquire the Koshkonong Solar Energy Center, a 465-MW solar and battery storage project in Wisconsin, representing a $649 million investment. If approved, it will be Wisconsin's largest renewable energy initiative, featuring 300 MW of solar generation and 165 MW of storage. This is part of WEC Energy Group's strategy to invest nearly $2 billion in renewable projects by 2025. The project aims to enhance energy reliability for customers, with construction expected to start in late 2022 and operations by 2024.
WEC Energy Group Inc. (NYSE: WEC) will release its first-quarter earnings on May 3, 2021, before the market opens. A conference call for analysts is set for the same day at 1 p.m. Central time. Financial results will be accessible on the company’s website by 6:30 a.m. Central time on that date. WEC serves approximately 4.6 million customers across Wisconsin, Illinois, Michigan, and Minnesota and operates several utilities and renewable energy facilities, managing over $37 billion in assets.
On April 15, 2021, Wisconsin Electric's board declared a quarterly cash dividend of 90 cents per share on its 3.60% Series Preferred Stock, payable on June 1, 2021, to shareholders of record on May 14, 2021. Additionally, a quarterly cash dividend of $1.50 per share was announced for the Six Per Cent Preferred Stock, payable on July 31, 2021, with record date on July 14, 2021. Wisconsin Electric serves over 1.1 million electric and 490,000 natural gas customers in Wisconsin.
WEC Energy Group (NYSE: WEC) has declared a quarterly cash dividend of 67.75 cents per share, payable on June 1, 2021 to shareholders of record by May 14, 2021. This dividend marks the 315th consecutive quarter of payouts, a streak dating back to 1942. The company serves approximately 4.6 million customers across several states, including Wisconsin and Illinois, and operates multiple utility subsidiaries and renewable generation facilities, with total assets of around $37 billion.
Peoples Gas is advancing its System Modernization Program (SMP) in Chicago, addressing safety concerns by replacing outdated natural gas pipes. The program aims to enhance the reliability of gas delivery, particularly after recent service interruptions due to high demand and aging infrastructure. Currently, one-third of the project is complete, having upgraded over 185,000 customers and installed more than 1,142 miles of new gas mains. SMP supports local employment and contributes to environmental goals by aiming to reduce methane emissions. The program is overseen by various stakeholders including the Illinois Commerce Commission.
WEC Energy Group's subsidiaries, We Energies and Wisconsin Public Service, propose the $446 million Darien Solar Energy Center, a 325-MW project featuring 250 MW of solar generation and 75 MW of battery storage. This project aims to power 75,000 homes and store solar energy for use after sunset. Along with the earlier announced 310-MW Paris Solar-Battery Park, these initiatives are part of a $2 billion investment in renewable energy by 2025, targeting a 55% reduction in carbon emissions by 2025 and 70% by 2030. Construction of Darien is expected to commence in late 2021.
WEC Energy Group's Executive Chairman, Gale Klappa, will participate in a virtual panel at the Global Listed Infrastructure Organisation (GLIO) conference on March 9, 2021. He will be joined by Tom Fanning, CEO of Southern Co., moderated by Steve Fleishman of Wolfe Research. The discussion will focus on lessons learned from 2020, the 2021 outlook, and the utility sector's role in the energy transition. A live audio webcast will be available at wecenergygroup.com.
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