MILWAUKEE, May 9, 2024
/PRNewswire/ -- At WEC Energy Group's (NYSE: WEC) annual
meeting of stockholders today, Gale
Klappa, executive chairman, and Scott Lauber, president and CEO, highlighted
another strong year on virtually every meaningful measure — from
customer satisfaction, to financial performance, to steady
execution of the company's capital plan. They also emphasized that
it was a year of growth and dedication to the company's mission of
delivering affordable, reliable and clean energy to millions of
customers across the Midwest.
Company highlights
- Developed the largest five-year capital plan in company history
— including nearly 3,800 megawatts of new renewable capacity to
serve the customers of We Energies and Wisconsin Public
Service.
- Completed the largest solar project in Wisconsin history as the final panels at the
Badger Hollow Solar Park in southwestern Wisconsin went in service at the end of
2023.
- Brought 128 megawatts of new highly efficient and flexible
natural gas generation online.
- Completed the construction of two liquefied natural gas
facilities to support the company's power generation and gas
distribution systems.
- Introduced renewable natural gas (RNG) into the company's
distribution network. The RNG replaces a portion of the
conventional natural gas that would have entered the system. This
effort contributes to WEC Energy Group's methane reduction goal and
benefits the land and water of America's heartland.
- Spent a record $333.7 million
with certified minority-, women-, veteran- and
service-disabled-owned businesses.
- Returned a record $984 million to
WEC Energy Group stockholders through dividends.
- Increased the dividend level in January
2024 by 7% to an annual rate of $3.34 per share. This marks the 21st
consecutive year of higher dividends.
- Also in 2024, selected by Standard and Poor's for inclusion in
the High Yield Dividend Aristocrats Index.
Stockholder actions
During the meeting, stockholders elected the following directors
to terms expiring at the 2025 annual meeting: Ave M. Bie,
Curt S. Culver, Danny L. Cunningham, William M. Farrow III, Cristina A. Garcia-Thomas, Maria C. Green, Gale E.
Klappa, Thomas K. Lane,
Scott J. Lauber, Ulice Payne Jr., Mary
Ellen Stanek and Glen E.
Tellock.
As recommended by the board of directors, stockholders also
voted to:
- Ratify Deloitte & Touche LLP as independent auditors
for 2024.
- Approve the compensation of WEC Energy Group's named executive
officers (say-on-pay).
- Amend the Restated Articles of Incorporation to increase the
number of authorized shares of common stock.
Finally, stockholders voted in favor of an advisory proposal
regarding simple majority vote.
WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation's premier
energy companies, serving 4.7 million customers in Wisconsin, Illinois, Michigan and Minnesota.
The company's principal utilities are We Energies, Wisconsin
Public Service, Peoples Gas, North Shore Gas, Michigan Gas
Utilities, Minnesota Energy Resources and Upper Michigan Energy
Resources. Another major subsidiary, We Power, designs, builds
and owns electric generating plants. In addition, WEC
Infrastructure LLC owns a growing fleet of renewable generation
facilities in states ranging from South
Dakota to Texas.
WEC Energy Group (wecenergygroup.com) is a Fortune 500
company and a component of the S&P 500. The company has
approximately 35,000 stockholders of record, 7,000 employees and
more than $43 billion of
assets.
Forward-looking statements
Certain statements contained in this press release are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These statements are based upon management's
current expectations and are subject to risks and uncertainties
that could cause our actual results to differ materially from those
contemplated in the statements. Readers are cautioned not to place
undue reliance on these statements. Forward-looking statements
include, among other things, statements concerning management's
expectations and projections regarding capital plans, construction
plans, emission reduction goals, and dividend payouts. In some
cases, forward-looking statements may be identified by reference to
a future period or periods or by the use of forward-looking
terminology such as "anticipates," "believes," "estimates,"
"expects," "forecasts," "guidance," "intends," "may," "objectives,"
"plans," "possible," "potential," "projects," "should," "targets,"
"will" or similar terms or variations of these terms.
Factors that could cause actual results to differ materially
from those contemplated in any forward-looking statements include,
but are not limited to: general economic conditions, including
business and competitive conditions in the company's service
territories; timing, resolution and impact of rate cases and other
regulatory decisions, including rider reconciliations; the
company's ability to continue to successfully integrate the
operations of its subsidiaries; availability of the company's
generating facilities and/or distribution systems; unanticipated
changes in fuel and purchased power costs; key personnel changes;
unusual, varying or severe weather conditions; continued industry
restructuring and consolidation; continued advances in, and
adoption of, new technologies that produce power or reduce power
consumption; energy and environmental conservation efforts;
electrification initiatives, mandates and other efforts to reduce
the use of natural gas; the company's ability to successfully
acquire and/or dispose of assets and projects and to execute on its
capital plan; terrorist, physical or cyber-security threats or
attacks and data security breaches; construction risks; labor
disruptions; equity and bond market fluctuations; changes in the
company's and its subsidiaries' ability to access the capital
markets and shareholder approval of related proposals; changes
in tax legislation or our ability to use certain tax benefits and
carryforwards; federal, state, and local legislative and regulatory
changes, including changes in rate-setting policies or procedures
and environmental standards, the enforcement of these laws and
regulations or permit conditions and changes in the interpretation
of regulations by regulatory agencies; supply chain disruptions;
inflation; political or geopolitical developments, including
impacts on the global economy, supply chain and fuel prices,
generally, from ongoing, escalating, or expanding regional
conflicts; the impact from any health crises, including epidemics
and pandemics; current and future litigation and regulatory
investigations, proceedings or inquiries; changes in accounting
standards; the financial performance of American Transmission
Company as well as projects in which the company's energy
infrastructure business invests; the ability of the company to
obtain additional generating capacity at competitive prices;
goodwill and its possible impairment; and other factors described
under the heading "Factors Affecting Results, Liquidity and Capital
Resources" in Management's Discussion and Analysis of Financial
Condition and Results of Operations and under the headings
"Cautionary Statement Regarding Forward-Looking Information" and
"Risk Factors" contained in the company's Form 10-K for the year
ended December 31, 2023, and in
subsequent reports filed with the Securities and Exchange
Commission. Except as may be required by law, the company expressly
disclaims any obligation to publicly update or revise any
forward-looking information.
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SOURCE WEC Energy Group