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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.
We Energies has filed proposals with the Public Service Commission of Wisconsin for rate reviews to set 2023 customer rates for electricity, natural gas, and steam. These proposals aim to support the company's significant clean energy transition and include plans for substantial investments in storm hardening and grid resilience, notably burying 800 miles of power lines over the next decade. If approved, residential electric bills will increase by approximately $5 to $6 monthly, reflecting a 5-6% rise while remaining competitively priced compared to national averages.
Wisconsin Public Service (WPS) announced its proposal for customer rate increases for electricity and natural gas effective in 2023. This comes amid a major clean energy transition, aiming to reduce carbon emissions significantly. The plan includes a monthly electric bill increase of approximately $5 to $6 (5 to 6%), while remaining below regional averages. Key investments focus on renewable energy sources and grid resiliency. The Public Service Commission of Wisconsin will review the proposal, with a decision expected later this year, and new rates anticipated to take effect in January 2023.
WEC Energy Group Inc. (NYSE: WEC) will release its 2022 Q1 earnings on May 2, 2022, before the market opens. A conference call for investors and analysts is scheduled for the same day at 1 p.m. Central time. Detailed financial data will be accessible on their website by 6:30 a.m. Central time on the same date. WEC Energy serves approximately 4.6 million customers across several states, with significant assets totaling $39 billion.
The Wisconsin Electric board of directors has declared a quarterly cash dividend of 90 cents per share on its 3.60% Series Preferred Stock, payable on June 1, 2022, to stockholders of record on May 13, 2022. Additionally, a cash dividend of $1.50 per share on the Six Per Cent Preferred Stock is set for payment on July 31, 2022, to stockholders of record on July 14, 2022. This reflects Wisconsin Electric's ongoing commitment to rewarding its shareholders.
The board of directors of WEC Energy Group (NYSE: WEC) has declared a quarterly cash dividend of 72.75 cents per share. This dividend is payable on June 1, 2022, to stockholders of record as of May 13, 2022. This marks the 319th consecutive quarter of dividend payments since 1942. WEC Energy Group serves approximately 4.6 million customers across Wisconsin, Illinois, Michigan, and Minnesota, with total assets amounting to $39 billion.
Urbint has announced its partnership with Wisconsin Public Service (WPS), a subsidiary of WEC Energy Group, to implement AI technology for damage prevention in natural gas infrastructure. This initiative aims to reduce the risk of third-party excavations damaging underground gas lines, which accounts for 12% of methane emissions in the sector. By utilizing Urbint Lens, WPS can prioritize high-risk excavation sites, enhancing public safety and reliability while preventing methane leaks and safety incidents.
WEC Energy Group reported a net income of $1.3 billion, or $4.11 per share for 2021, reflecting an 8.4% increase from 2020. The company achieved consolidated revenues of $8.3 billion, up $1.1 billion year-over-year. For Q4 2021, net income was $224.2 million, down from $239 million in Q4 2020. WEC reaffirmed its earnings guidance for 2022 at $4.29 to $4.33 per share. Additionally, a quarterly dividend of 72.75 cents was declared, marking a 7.4% increase over last year. The company aims for coal usage to be immaterial by 2030 and fully exited by 2035.
WEC Energy Group Inc. (NYSE: WEC) will release its 2021 fourth-quarter and full-year earnings on Feb. 3, before the stock market opens. A conference call for investors and analysts is set for the same day at 1 p.m. Central time. Detailed financial information will be available on the company's website by 6:30 a.m. Central time on the same date. WEC, serving 4.6 million customers across several states, is a Fortune 500 company with significant assets totaling $39 billion.
WEC Energy Group (NYSE: WEC) is launching a pilot project in Michigan's Upper Peninsula to test hydrogen co-firing with natural gas as a fuel source for power generation. This initiative aims to support the company's aggressive environmental goals of achieving net-zero carbon emissions by 2050 and net-zero methane emissions by 2030. Partnering with the Electric Power Research Institute, the project will blend hydrogen with a 25/75 ratio of natural gas in modern reciprocating internal combustion engines. The project is significant for advancing clean energy technologies and decarbonizing the economy.
The Wisconsin Electric board of directors declared a quarterly cash dividend of 90 cents per share on the 3.60% Preferred Stock, payable on March 1, 2022, to stockholders of record on February 14, 2022. Additionally, a dividend of $1.50 per share on the Six Per Cent Preferred Stock will be paid on April 30, 2022, to stockholders of record on April 14, 2022. We Energies, a subsidiary of WEC Energy Group (NYSE: WEC), serves over 1.1 million electric and 490,000 gas customers in Wisconsin.
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