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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) is set to acquire a 90% stake in the Jayhawk Wind Farm in Kansas for $302 million. The project will feature 70 GE wind turbines with a capacity exceeding 190 megawatts and will provide renewable energy to Facebook under a long-term contract. Developed by Apex Clean Energy, commercial operations are anticipated to begin by the end of 2021. This acquisition aligns with WEC's $16 billion ESG Progress Plan focusing on sustainability and growth, enhancing its portfolio of renewable energy assets.
WEC Energy Group (NYSE: WEC) has proposed the Paris Solar-Battery Park in Kenosha County, which would be Wisconsin's largest solar and battery storage facility. The project features 200 MW of solar energy, powering approximately 60,000 homes, and 110 MW of battery storage. This initiative is part of a $2 billion investment plan in renewable energy by 2025 and aims to reduce carbon emissions by 70% by 2030. If approved by the Public Service Commission of Wisconsin, construction will start in 2022, with operations set for 2023.
WEC Energy Group reported a net income of $1.20 billion, or $3.79 per share, for 2020, an increase from $1.13 billion, or $3.58 per share in 2019. In Q4 2020, net income was $239 million, or 76 cents per share, slightly down from $243.9 million, or 77 cents per share a year prior. Despite a 2.1% decline in overall electricity deliveries, residential use rose by 5.5%. The company reaffirmed its 2021 earnings guidance of $3.99 to $4.03 per share, aiming for annual growth of 5 to 7%.
Peoples Gas has been recognized as the most improved brand in customer satisfaction among natural gas utilities, according to the J.D. Power 2020 Gas Utility Business Customer Satisfaction Study. The company achieved an overall satisfaction score of 822 in the Midwest, reflecting a 53-point increase from 2019. This improvement spans all categories surveyed, particularly in corporate citizenship and communications. The Peoples Gas Energy Efficiency Program has assisted over 4,000 businesses, providing $35 million in incentives and saving more than 29 million therms of natural gas.
WEC Energy Group (NYSE: WEC) will release its 2020 fourth-quarter and year-end earnings on Feb. 4, 2021, before market open. The company will hold a conference call for analysts at 1 p.m. Central time the same day. Financial details will be available on their website by 6:30 a.m. Central time. WEC Energy serves approximately 4.5 million customers across four states, boasting about $35 billion in assets and being a component of the S&P 500.
On January 21, 2021, the board of Wisconsin Electric declared a quarterly cash dividend of 90 cents per share on its 3.60% Series Preferred Stock, payable on March 1, 2021, to stockholders of record on February 14, 2021. Additionally, a $1.50 per share dividend on the Six Per Cent Preferred Stock was declared, payable on April 30, 2021, for stockholders of record on April 14, 2021. Wisconsin Electric, a subsidiary of WEC Energy Group (NYSE: WEC), serves over 1.1 million electric and 490,000 natural gas customers in Wisconsin.
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.
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