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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) reported net income of $1.4 billion or $4.45 per share for 2022, an 8.3% increase from the previous year. For Q4 2022, net income was $252.7 million, or 80 cents per share, up from $224.2 million or 71 cents per share in Q4 2021. Consolidated revenues rose to $9.6 billion, a $1.3 billion increase year-over-year. Natural gas deliveries grew by 10.2% in 2022, while electricity retail deliveries saw slight declines. The company reaffirmed its 2023 earnings guidance at $4.58 to $4.62 per share, marking a projected 6.7% growth. Additionally, a quarterly cash dividend of 78 cents per share was declared, reflecting a 7.2% increase from the prior year.
WEC Energy Group (NYSE: WEC) announced its acquisition of an 80% ownership stake in the 250 MW Samson I Solar Energy Center, located in northeast Texas, for approximately $250 million. Developed by Invenergy, the center began operations in May 2022 and generates renewable energy under a power purchase agreement with AT&T. This acquisition is part of the broader Samson solar portfolio, which aims for a total capacity of 1,300 MW. The investment aligns with WEC's strategy of expanding its renewable energy infrastructure and is eligible for tax credits under the Inflation Reduction Act. The deal is pending regulatory approvals.
WEC Energy Group Inc. (NYSE: WEC) will release its 2022 fourth-quarter and full-year earnings on February 2, before the stock market opens. A conference call for analysts and investors is scheduled for the same day at 1 p.m. Central time. Detailed financial information will be accessible on the company's website starting at 6:30 a.m. Central time. Serving 4.6 million customers across Wisconsin, Illinois, Michigan, and Minnesota, WEC is a major energy provider with approximately $41 billion in assets and around 37,000 stockholders of record.
We Energies workers recently assisted in a dramatic rescue after a driver lost control of her SUV near Livingston, California. The utility crew, who were in the area restoring power following severe storms, acted quickly to save the driver from a 75-foot embankment. They utilized their first aid training to provide immediate assistance. The crew, part of a larger team sent to restore power for hundreds of thousands affected by the storms, completed their mission sooner than planned due to favorable conditions. We Energies serves over 1.1 million electric and natural gas customers in Wisconsin.
The Wisconsin Electric board has declared a quarterly cash dividend of 90 cents per share on the 3.60% Series Preferred Stock, payable on March 1, 2023, to stockholders of record by February 14, 2023. Additionally, a dividend of $1.50 per share on the Six Per Cent Preferred Stock will be paid on April 30, 2023, to stockholders recorded by April 14, 2023. Wisconsin Electric Power Co., operating as We Energies, is a subsidiary of WEC Energy Group (NYSE: WEC), serving over 1.1 million electric and 490,000 natural gas customers in Wisconsin.
On January 19, 2023, WEC Energy Group (NYSE: WEC) announced a quarterly cash dividend increase to 78 cents per share, up 7.2% from the previous 72.75 cents. This raises the annual dividend rate to $3.12 and marks the 322nd consecutive quarter of dividends, dating back to 1942. The dividend is payable on March 1, 2023, to stockholders of record as of February 14, 2023. Executive Chairman Gale Klappa stated that 2023 will mark the twentieth consecutive year of dividend increases, targeting a payout ratio of 65 to 70% of earnings.
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.
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