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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.
The board of directors of WEC Energy Group has declared a quarterly cash dividend of 72.75 cents per share, marking a 7.4 percent increase from the previous dividend of 67.75 cents. This adjustment raises the annual dividend rate to $2.91 per share, with payment scheduled for March 1, 2022, to stockholders recorded by February 14, 2022. This dividend marks the 318th consecutive quarter of payments and continues the trend of dividend increases for 19 years.
WEC Energy Group (NYSE: WEC) announced the commercial operation of its 190-megawatt Jayhawk Wind Farm in Kansas, which is generating renewable energy under a long-term contract with Meta. The investment for the project totals $302 million, with WEC owning 90% and the remaining 10% operated by Invenergy. This initiative aligns with WEC's ESG Progress Plan, aimed at enhancing sustainability and growth. The wind farm consists of 70 GE turbines and furthers WEC's commitment to a sustainable energy future.
WEC Energy Group (NYSE: WEC) announced a planned increase in its quarterly dividend to 72.75 cents per share, marking a 7.4% rise from the current dividend. This new rate is set for the first quarter of 2022, with the dividend payable on March 1, 2022, to stockholders of record on February 14, 2022. The company also provided earnings guidance for 2022, anticipating earnings in the range of $4.29 to $4.33 per share, representing a 7.5% growth from the previous year.
This holiday season, a collaboration between the Better Business Bureau and utility companies aims to raise awareness about increasing scam attempts targeting consumers. Steve Bernas, CEO of the BBB of Chicago, indicates a rise in imposters posing as utility workers. In 2020, Americans lost over $3.3 billion to fraud, with nearly $1.2 billion due to impersonation scams. The initiative coincides with Utility Scam Awareness Week (Nov. 14-20) to educate customers on protective measures, including verifying identification and never disclosing personal information to unsolicited contacts.
WEC Energy Group (NYSE: WEC) reported a net income of $290 million for Q3 2021, reflecting an increase from $266.8 million in Q3 2020. For the first nine months, net income reached $1.08 billion, up from $960.9 million in the previous year. Consolidated revenues totaled $6.1 billion, a rise of $805.8 million year-over-year. Retail electricity deliveries increased by 2.4% in Q3. The company raised its earnings guidance for 2021 to $4.05 - $4.07 per share, assuming normal weather conditions.
Integrys Holding, a subsidiary of WEC Energy Group (NYSE: WEC), announced results for its cash Tender Offer to purchase up to $150 million of its 6.00% Junior Subordinated Notes due 2073. The Maximum Acceptance Amount has been increased to $178,556,650, with $178,556,650 in Notes tendered by the Early Tender Time of October 26, 2021. Settlement for accepted Notes is expected on October 28, 2021. The tender offer will expire on November 9, 2021. The Total Consideration for the Notes is set at $27.50 per $25 principal amount.
WEC Energy Group Inc. (NYSE: WEC) will announce its third-quarter earnings on November 2, 2021, before the market opens. A conference call for analysts is scheduled for the same day at 1 p.m. Central time. Financial details will be accessible on the company's website by 6:30 a.m. Central time on November 2. Serving approximately 4.6 million customers across four states, WEC is a major player in the energy sector, comprising several utilities and a strong renewable energy portfolio.
The board of directors of WEC Energy Group (NYSE: WEC) has announced key leadership changes aimed at ensuring continued growth and stability. Scott Lauber, previously COO, will become president and CEO effective February 1, 2022. He succeeds Kevin Fletcher, who will assist in the transition until his retirement in June 2022. Gale Klappa remains executive chairman until May 2024. The company, serving 4.6 million customers across several states, has a strong asset base of over $37 billion.
Glen E. Tellock has been elected to the board of directors of WEC Energy Group (NYSE: WEC) effective January 1, 2022. Tellock brings extensive experience, having recently retired as president and CEO of Lakeside Foods Inc., and spent 24 years at Manitowoc Co. in various leadership roles. His background in audit oversight and financial management is expected to strengthen the board. WEC Energy Group serves 4.6 million customers across four states and has about $37 billion in assets.
Wisconsin Electric's board declared a quarterly cash dividend of 90 cents per share on its Preferred Stock, 3.60% Series, payable on Dec. 1, 2021. The dividend is for stockholders of record as of Nov. 12, 2021. Additionally, a quarterly cash dividend of $1.50 per share on the Six Per Cent Preferred Stock was announced, payable on Jan. 31, 2022, for shareholders recorded by Jan. 14, 2022. We Energies, a subsidiary of WEC Energy Group (NYSE: WEC), serves over 1.1 million electric and 490,000 natural gas customers in Wisconsin.
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