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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.
Wisconsin Electric, a subsidiary of WEC Energy Group (NYSE: WEC), has declared quarterly cash dividends for its preferred stockholders. The board announced a 90 cents per share dividend on the 3.60% Series Preferred Stock, payable on Sept. 1, 2024, to stockholders of record as of Aug. 14, 2024. Additionally, a $1.50 per share dividend was declared on the Six Per Cent Preferred Stock, payable on Oct. 31, 2024, to stockholders of record as of Oct. 11, 2024.
Wisconsin Electric Power Co., operating as We Energies, serves over 1.1 million electric customers and 490,000 natural gas customers in Wisconsin. This dividend declaration demonstrates the company's commitment to providing returns to its preferred shareholders.
WEC Energy Group (NYSE: WEC) has declared a quarterly cash dividend of 83.50 cents per share on its common stock. The dividend is payable on Sept. 1, 2024, to stockholders of record on Aug. 14, 2024. This marks the 328th consecutive quarter of dividend payments, dating back to 1942. WEC Energy Group is a major energy company serving 4.7 million customers across Wisconsin, Illinois, Michigan, and Minnesota. The company operates several utilities and has a growing fleet of renewable generation facilities. With 7,000 employees and over $44 billion in assets, WEC Energy Group is a Fortune 500 company and a component of the S&P 500.
WEC Energy Group announced the pricing of $750 million in 4.375% convertible senior notes due 2027 and another $750 million in 4.375% convertible senior notes due 2029. The offering is aimed at qualified institutional buyers under Rule 144A.
The notes are expected to close on May 28, 2024, with interest paid semiannually. The 2027 notes mature on June 1, 2027, and the 2029 notes mature on June 1, 2029. Conversion rates are set at 10.1243 shares per $1,000, translating to a conversion price of approximately $98.77 per share, a 20% premium over the last sale price on May 22, 2024. WEC intends to use the proceeds for corporate purposes, including debt repayment.
WEC Energy Group announced the offering of $750 million in convertible senior notes due 2027 and $750 million in convertible senior notes due 2029. The total offering could reach $1.725 billion if additional purchase options are exercised. The notes will be offered privately to qualified institutional buyers, with interest paid semiannually. The 2027 notes mature on June 1, 2027, and the 2029 notes on June 1, 2029. Conversion rights are until March 2027 and March 2029, respectively. Upon conversion, WEC Energy can pay in cash, stock, or a combination. Proceeds will be used for general corporate purposes, including debt repayment.
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.
WEC Energy Group reported strong first-quarter results with net income of $622.3 million, or $1.97 per share, up from last year. Consolidated revenues totaled $2.7 billion, down slightly from the previous year. The company focused on financial discipline, operating efficiency, and customer satisfaction amidst a warm winter in Wisconsin. Natural gas and electricity deliveries showed variations, with the company reaffirming its 2024 earnings guidance of $4.80 to $4.90 per share.
WEC Energy Group has announced the acquisition of a 90% ownership interest in the Delilah I Solar Energy Center, a 300-megawatt project near Dallas, Texas, developed by Invenergy. The project will generate renewable energy for a global automaker under a long-term power purchase agreement. WEC's investment is expected to total $459 million. This acquisition is part of WEC's commitment to investing in clean energy solutions and marks the company's continued expansion in the renewable energy sector.
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