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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) announced a planned increase in its quarterly dividend to 78 cents per share, effective March 1, 2023. This marks a rise of 5.25 cents, or 7.2 percent. The anticipated annual rate will be $3.12 per share, with a record date of February 14, 2023. Additionally, the company provided 2023 earnings guidance of $4.58 to $4.62 per share, reflecting a growth of 6.7 percent compared to the prior year’s midpoint.
WEC Energy Group (NYSE: WEC) and EPRI have successfully demonstrated hydrogen blending in a natural gas generator, marking a world first for utility-scale, grid-connected reciprocating engine generators. The test, conducted mid-October, involved a blend of hydrogen and natural gas in ratios up to 25/75 percent by volume, utilizing an 18-megawatt reciprocating internal combustion engine. This project aligns with WEC's ambitious goal of achieving net-zero carbon emissions by 2050. EPRI will provide a comprehensive analysis of the findings in early 2023.
WEC Energy Group (NYSE: WEC) reported a net income of $302 million, or 96 cents per share, for Q3 2022, up from $290 million, or 92 cents per share, in Q3 2021. For the first nine months of 2022, net income reached $1.16 billion, or $3.65 per share, compared to $1.08 billion, or $3.40 per share, a year prior. Consolidated revenues totaled $7.0 billion, marking an increase of $924.9 million over the previous year. The company narrowed its 2022 earnings guidance to $4.38 to $4.40 per share.
WEC Energy Group (NYSE: WEC) announced its agreement to acquire an 80% stake in the Maple Flats Solar Energy Center, a 250-megawatt project in Clay County, Illinois. Developed by Invenergy, the project will feature 800,000 solar panels across 1,500 acres, with commercial operations expected by early 2024. The investment totals approximately $360 million and supports a long-term power purchase agreement with a Fortune 100 company. This acquisition marks WEC's first solar investment in its Infrastructure segment. The project may qualify for Production Tax Credits under the Inflation Reduction Act.
The Illinois Commerce Commission has approved a collaboration between Peoples Gas and North Shore Gas to transmit natural gas meter data through ComEd's smart grid. This innovation will enhance efficiency, save gas customers approximately
WEC Energy Group will announce its 2022 third-quarter earnings before the market opens on November 1. Following the release, a conference call for investors is set for 1 p.m. Central time on the same day. Detailed financials will be accessible on the company's website by 6:30 a.m. Central time. WEC Energy serves approximately 4.6 million customers across multiple states and is a component of the S&P 500, boasting over $40 billion in assets.
WEC Energy Group announced the appointment of Ave M. Bie to its board of directors, effective January 1, 2023. Bie, a seasoned attorney with over 25 years of experience in the utility sector, is currently a partner at Milwaukee-based Quarles & Brady. She has held significant positions, including vice chair of the New York Independent System Operator and chair of the Wisconsin Public Service Commission. Her addition is expected to enhance the board's expertise, particularly in regulatory and legal matters relevant to WEC's operations.
The board of Wisconsin Electric has declared a quarterly cash dividend of 90 cents per share on the 3.60% Series Preferred Stock, payable on December 1, 2022, to shareholders of record on November 14, 2022.
Additionally, a quarterly cash dividend of $1.50 per share on the Six Per Cent Preferred Stock will be paid on January 31, 2023, for shareholders of record on January 13, 2023.
WEC Energy Group declared a quarterly cash dividend of 72.75 cents per share on October 20, 2022, payable on December 1, 2022. This will be the 321st consecutive quarter the company has paid dividends, demonstrating its long-standing commitment to returning value to shareholders. WEC serves approximately 4.6 million customers across several states and operates various utilities and renewable generation facilities, holding over $40 billion in assets.
WEC Energy Group (NYSE: WEC) released its 2021 Corporate Responsibility and Climate Reports, showcasing progress in environmental, social, and governance (ESG) initiatives. The reports outline the company's targets of a 60% reduction in carbon emissions by 2025 and 80% reduction by 2030, along with a carbon-neutral electric generation fleet by 2050. With a $17.7 billion ESG Progress Plan, WEC is investing significantly in renewable energy and infrastructure. The company also emphasizes diversity and inclusion, achieving notable advancements in leadership demographics.
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