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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 (NYSE: WEC) has announced a quarterly cash dividend increase of 67.75 cents per share, marking a 7.1% rise from the previous dividend of 63.25 cents. This raises the annual dividend rate to $2.71. The dividend is payable on March 1, 2021, to stockholders of record by February 14, 2021. This marks the 314th consecutive quarter of dividend payments, with 2021 being the 18th consecutive year of increases. The company aims for a payout ratio of 65% to 70% of earnings.
Avangrid Renewables has successfully commissioned the Tatanka Ridge Wind Farm, with a capacity of 154.8 MW, on January 5, 2021. Located in Deuel County, S.D., this facility features 56 wind turbines and is jointly owned by Avangrid (15%) and WEC Energy Group (85%). The power purchase agreement with Dairyland Power Cooperative will provide 51.6 MW of renewable energy, enough to power approximately 16,000 homes. The project is set to generate $1.7 million in local economic benefits annually.
WEC Energy Group has elected Cristy Garcia-Thomas to its board of directors, effective January 1. Garcia-Thomas has extensive leadership experience in the healthcare sector, previously serving as the chief external affairs officer for Advocate Aurora Health. She brings over 25 years of experience, including roles as president and CEO of the United Performing Arts Fund. Her background in diversity, inclusion, and customer care is expected to enhance the board's effectiveness. WEC serves approximately 4.5 million customers across multiple states with significant assets valued at $35 billion.
WEC Energy Group (NYSE: WEC) announced plans to raise its quarterly dividend to 67.75 cents per share, representing a 4.5 cents increase. The new dividend, set for declaration in January, will be payable on March 1, 2021, to stockholders of record on February 14, 2021. This increase aligns with the company's target dividend payout ratio of 65 to 70% of earnings and supports its goal of achieving a 5 to 7% annual earnings per share growth. Additionally, the company provided earnings guidance for 2021, estimating earnings between $3.99 and $4.03 per share.
WEC Energy Group (NYSE: WEC) reported a net income of $266.8 million for Q3 2020, up from $234.3 million in Q3 2019. This translates to 84 cents per share, compared to 74 cents per share a year earlier. Year-to-date net income reached $960.9 million, or $3.04 per share, up from $890.1 million in the same period last year. The company raised its 2020 earnings guidance to $3.74-$3.76 per share. Despite a decrease in electricity deliveries by 0.3%, residential use surged by 7.1%. WEC serves 4.5 million customers across several states.
WEC Energy Group Inc. (NYSE: WEC) will release its third-quarter earnings for 2020 on November 3, before market opening. A conference call for analysts will follow at 1 p.m. Central time. Interested parties can access the call by dialing 877-683-2228, with international callers dialing 647-689-5446. A replay will be available after the call and remain accessible until November 17. WEC, based in Milwaukee, serves 4.5 million customers across multiple states and boasts approximately 45,000 stockholders and $35 billion in assets.
Wisconsin Electric announced a quarterly cash dividend of 90 cents per share on its Preferred Stock, 3.60% Series, payable on Dec. 1, 2020. Shareholders on record as of Nov. 13, 2020 will qualify. Additionally, a $1.50 per share dividend on the Six Per Cent Preferred Stock will be paid on Jan. 31, 2021, to those on record by Jan. 14, 2021. This reflects the company's commitment to returning value to its shareholders amidst serving over 1.1 million electric and 490,000 gas customers in Wisconsin.
WEC Energy Group (NYSE: WEC) declared a quarterly cash dividend of 63.25 cents per share, marking its 313th consecutive quarter of dividend payments since 1942. The dividend is payable on Dec. 1, 2020, to shareholders of record on Nov. 13, 2020. Serving 4.5 million customers across Wisconsin, Illinois, Michigan, and Minnesota, WEC operates under various utilities, including We Energies and Wisconsin Public Service. The company is a component of the S&P 500, with $35 billion in assets and approximately 45,000 stockholders.
Peoples Gas announced that the Illinois Commerce Commission (ICC) has approved an independent study confirming the urgent need for its System Modernization Program (SMP) to replace aging natural gas pipes. The study revealed over 80% of the pipes have less than 15 years of life remaining, with the replacement program expected to enhance safety and reliability while reducing methane emissions. The project, initiated in 2011, involves replacing 2,000 miles of aging infrastructure. The SMP is 30% complete and aims for full completion by 2040.
WEC Energy Group (NYSE: WEC) reported a net income of $241.6 million, or 76 cents per share, for Q2 2020, showing growth from $235.7 million, or 74 cents per share, year-over-year. For the first half of 2020, net income reached $694.1 million, or $2.19 per share, up from $655.8 million, or $2.07 per share, in 2019. Consolidated revenues totaled $3.7 billion, a decline of $310.3 million year-over-year. Despite challenges posed by COVID-19, the company reaffirmed its earnings guidance for 2020, aiming for $3.71 to $3.75 per share.
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