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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 Inc. (NYSE: WEC) will announce its 2023 first-quarter earnings before the stock market opens on May 1. An investor conference call is scheduled for the same day at 1 p.m. Central time. Detailed financial information will be accessible on the company's website by 6:30 a.m. Central time. The company serves nearly 4.7 million customers across Wisconsin, Illinois, Michigan, and Minnesota, with principal utilities including We Energies and Wisconsin Public Service. WEC Energy Group, a Fortune 500 company, operates a fleet of renewable generation facilities and has over $42 billion in assets.
The Wisconsin Electric board of directors has declared a quarterly cash dividend of 90 cents per share on the 3.60% Series Preferred Stock, payable on June 1, 2023, to stockholders of record by May 12, 2023. Additionally, a quarterly cash dividend of $1.50 per share on the Six Per Cent Preferred Stock will be paid on July 31, 2023, to stockholders of record by July 14, 2023. Wisconsin Electric Power Co., operating as We Energies, serves over 1.1 million electric and 490,000 natural gas customers in Wisconsin. This consistent dividend payment reflects the company's strong financial health and commitment to returning value to shareholders.
On April 20, 2023, WEC Energy Group (NYSE: WEC) announced a quarterly cash dividend of 78 cents per share, payable on June 1, 2023, to stockholders of record by May 12, 2023. This marks the 323rd consecutive quarter that the company has distributed dividends, a streak going back to 1942. WEC Energy Group serves approximately 4.6 million customers across Wisconsin, Illinois, Michigan, and Minnesota through its principal utilities, including We Energies and Wisconsin Public Service. With about $42 billion in assets and around 37,000 stockholders of record, WEC Energy Group is a Fortune 500 company and part of the S&P 500.
WEC Energy Group (NYSE: WEC) announced a pilot project at its Valley Power Plant in Milwaukee to test a new form of long-duration energy storage. This collaboration with EPRI and CMBlu Energy aims to evaluate a battery system that can discharge for five to ten hours, potentially doubling the duration of current lithium-ion batteries. The project, set for testing in Q4 2023, signifies a commitment to clean energy innovations, with findings to be shared with the utility industry in early 2024. The initiative reflects WEC's goals to enhance resilience and support the energy transition.
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