WEC Energy Group, Inc. has recently released its 10-Q report, providing a detailed insight into its operations and financial performance. The company, through its subsidiaries, offers regulated natural gas and electricity, as well as renewable and nonregulated renewable energy services in the United States. It operates across various segments, including Wisconsin, Illinois, Other States, Electric Transmission, and Non-Utility Energy Infrastructure. The company's focus is on environmental stewardship, reliability, operating efficiency, financial discipline, exceptional customer care, and safety.
In the recently reported three months ended March 31, 2024, WEC Energy Group, Inc. demonstrated robust financial performance. The net income attributed to common shareholders increased by $114.8 million compared to the same period in 2023, reaching $622.3 million. This substantial growth was primarily driven by a $74.4 million increase in net income attributed to common shareholders in the Illinois segment, propelled by an increase in natural gas margins related to the impacts of the PGL and NSG rate orders issued by the ICC. Additionally, the company reported diluted earnings per share of $1.97, marking a significant improvement from $1.61 in the first quarter of 2023.
WEC Energy Group, Inc. has also laid out a comprehensive ESG Progress Plan, aiming to achieve significant milestones in reducing carbon emissions and transitioning towards zero-carbon-emitting renewables and clean natural gas-fired generation. The company has announced goals to achieve reductions in carbon emissions from its electric generation fleet by 60% by the end of 2025 and by 80% by the end of 2030, both from a 2005 baseline. It plans to invest approximately $7.0 billion from 2024-2028 in regulated renewable energy in Wisconsin, which includes building and owning zero-carbon-emitting renewable generation facilities such as utility-scale solar, wind, and battery storage.
Moreover, WEC Energy Group, Inc. is committed to enhancing reliability and system hardening, with plans to spend approximately $3.8 billion from 2024 to 2028 on reliability-related projects, along with continued investment over the next decade. The company is also focused on optimizing its operating efficiency, maintaining financial discipline, delivering exceptional customer care, and upholding a strong commitment to safety.
Following these announcements, the company's shares moved -0.2%, and are now trading at a price of $82.89. For the full picture, make sure to review WEC Energy's 10-Q report.
