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WEC · Wec Energy Group

50 filings

10-Q

WEC 10-Q Quarterly Reports

Wec Energy Group - 50 quarterly reports

Filing record · 2016–202610-K1110-Q338-K260

WEC filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 260 current reports (8-K) between 2016 and 2026.

  1. FY2018 annual report10-K · Feb ’19Feb ’19
  2. Leadership change8-K · Jan ’22Jan ’22
  3. Leadership change8-K · Dec ’25Dec ’25
  1. 2026-Q3

    Wec Energy Group Quarterly Report for Q3 Ended Sep 30, 2026

    WEC Energy Group, Inc. reported third-quarter 2026 net income attributed to common shareholders of $389.3 million, or $1.18 diluted EPS, compared with $271.3 million, or $0.83 diluted EPS, in the third quarter of 2025. Operating revenues rose to $2,290.6 million from $2,104.0 million. For the nine months ended September 30, 2026, net income attributed to common shareholders was $1,492.9 million, or $4.54 diluted EPS, versus $1,240.9 million, or $3.85 diluted EPS a year earlier. The Wisconsin segment drove most of the increase, citing the Wisconsin rate orders effective January 1, 2026, higher retail sales from very large customers, and higher AFUDC-Equity. The company continues an aggressive capital plan. Capital expenditures including AFUDC-Debt were $3,318.7 million for the nine months ended September 30, 2026, and the company estimates total capital expenditures of $5,286.0 million for 2026, $8,408.0 million for 2027, and $9,078.0 million for 2028. Regulated utility capital expenditures are expected to be about $42.2 billion from 2027 to 2031. Long-term debt rose to $19,717.2 million noncurrent, and total debt was $22,756.0 million, or 60.9% of total capitalization on a GAAP basis (59.1% on the company's adjusted basis that treats certain junior notes as equity). Common equity issuances under the at-the-market program provided $382.5 million of net cash in the nine months. Key pending items include rate requests at WE, WPS and WG with decisions expected in the fourth quarter of 2026, PGL and NSG rate requests with an ICC decision anticipated in the fourth quarter of 2026, and the proposed Weston Unit 4 and Whitetail Wind acquisitions. The company also reported a $130.0 million PGL impairment recorded in the fourth quarter of 2025 tied to a QIP rider settlement, and continued storm-related impairments at its solar facilities.

    Oct 30, 2026
  2. 2026-Q2

    Wec Energy Group Quarterly Report for Q2 Ended Jun 30, 2026

    WEC Energy Group, Inc. reported net income attributed to common shareholders of $299.2 million, or $0.91 diluted EPS, for the three months ended June 30, 2026, compared with $245.4 million, or $0.76 diluted EPS, a year earlier. For the six months, net income attributed to common shareholders was $1,103.6 million, or $3.36 diluted EPS, versus $969.6 million, or $3.02 diluted EPS. The Wisconsin segment drove much of the increase, citing higher margins from Wisconsin rate orders effective January 1, 2026, while the non-utility energy infrastructure segment also improved on higher WECI operating income. Capital spending rose sharply, with capital expenditures of $2,079.9 million in the first six months of 2026 versus $1,530.5 million a year earlier. The company's capital plan now totals $37.5 billion, with $33.4 billion of regulated utility capital expenditures forecast from 2026 to 2030. Total debt was $22,563.9 million at June 30, 2026, a debt-to-total-capitalization ratio of 61.4% on an actual basis, and the company issued $1,804.2 million of long-term debt in the first half. Current liabilities exceeded current assets by $2,426.6 million. Key pending items include Wisconsin electric and gas rate requests for 2027 and 2028, with a PSCW decision expected in the fourth quarter of 2026, and a PGL/NSG natural gas rate request with an ICC decision anticipated in the fourth quarter of 2026. The Very Large Customer and Bespoke Resources tariffs were approved by the PSCW on May 21, 2026, and the filing notes a peak collateral requirement of approximately $7 billion for the related customer contracts.

    Aug 4, 2026
  3. 2026-Q1

    Wec Energy Group Quarterly Report for Q1 Ended Mar 31, 2026

    WEC Energy Group, Inc. reported net income attributed to common shareholders of $804.4 million, or $2.45 diluted EPS, for the three months ended March 31, 2026, up from $724.2 million, or $2.27 diluted EPS, a year earlier. Operating revenues rose to $3,434.2 million from $3,149.5 million. The filing attributes the $80.2 million earnings increase mainly to higher margins at the Wisconsin segment from rate orders effective January 1, 2026, along with gains at the non-utility energy infrastructure and Illinois segments. The company is pursuing a large capital plan. It expects total capital expenditures for its regulated utilities of approximately $33.4 billion from 2026 to 2030, and about $4.1 billion for its share of ATC's capital expenditures over the same period. The filing also cites expected load growth from data centers, including up to 2.6 GWs in the Milwaukee-to-Chicago corridor through 2030, and the PSCW's verbal approval on April 24, 2026 of new Very Large Customer and Bespoke Resources tariffs, with a final written order expected by the end of May 2026. Pending regulatory matters include Wisconsin 2027 and 2028 rate requests and a PGL/NSG Illinois rate request filed in January 2026. Balance sheet leverage is notable. Total debt was $21,947.4 million at March 31, 2026, a 60.8% ratio of debt to total capitalization on an actual basis, or 58.9% on the company's adjusted basis that treats certain Junior Notes partly as equity. Current liabilities exceeded current assets by $1,408.4 million. The company also disclosed an April 1, 2026 decision to extend the operating lives of Oak Creek Units 7 and 8 through 2027.

    May 7, 2026
  4. 2025-Q3

    Wec Energy Group Quarterly Report for Q3 Ended Sep 30, 2025

    WEC Energy Group, Inc. reported third-quarter 2025 net income attributed to common shareholders of $271.3 million, or $0.83 diluted EPS, up from $240.1 million and $0.76 a year earlier. For the nine months ended September 30, 2025, net income attributed to common shareholders was $1,240.9 million, or $3.85 diluted EPS, compared with $1,073.7 million, or $3.40, in the prior-year period. Operating revenues were $7.26 billion for the nine months, versus $6.32 billion, and the Wisconsin segment drove most of the earnings improvement, with higher margins from the Wisconsin rate orders effective January 1, 2025, higher retail sales volumes, and increased income tax benefits. Capital spending accelerated sharply, with capital expenditures of $3.10 billion for the nine months versus $1.93 billion a year earlier, and the company's capital plan targets approximately $32.4 billion of regulated utility capital expenditures from 2026 to 2030. Operating cash flow rose to $2.95 billion from $2.63 billion. Total long-term debt including current portion reached $19.56 billion at September 30, 2025, and the company issued common stock under an at-the-market program, with net proceeds of $797.3 million from the EDA as of September 30, 2025. Current liabilities exceeded current assets by $2.54 billion. Investors should note several open regulatory and legal items: the ICC could disallow costs in PGL's QIP reconciliations (approximately $2.9 billion of aggregate capital costs under review), the UMERC and PGL rate and rider matters remain pending, and WE has proposed Very Large Customer and Bespoke Resources tariffs tied to large data center load, with a PSCW decision expected in the second quarter of 2026. The company also reconsidered its near-term CO2 emission reduction goals in the third quarter of 2025 while keeping its 2050 net carbon neutral electric generation goal.

    Oct 31, 2025
  5. 2025-Q2

    Wec Energy Group Quarterly Report for Q2 Ended Jun 30, 2025

    WEC Energy Group, Inc. reported second-quarter 2025 net income attributed to common shareholders of $245.4 million, or $0.76 per diluted share, compared with $211.3 million, or $0.67 per diluted share, in the second quarter of 2024. Operating revenues rose to $2,009.5 million from $1,772.0 million. For the six months ended June 30, 2025, net income attributed to common shareholders was $969.6 million, or $3.02 per diluted share, versus $833.6 million, or $2.64 per diluted share, a year earlier. The Wisconsin segment drove the increase, with net income attributed to common shareholders of $182.4 million in the quarter, up $50.3 million, which the filing attributes primarily to Wisconsin rate orders effective January 1, 2025 and higher retail sales volumes. The Illinois and non-utility energy infrastructure segments declined in the quarter. Cash flow from operations was $2,015.9 million for the first six months of 2025, up from $1,901.0 million. Capital expenditures increased to $1,530.5 million from $1,138.4 million, and the company acquired a 90% interest in the 250 MW Hardin III solar facility for $406.1 million. The company issued $900.0 million of 3.375% convertible senior notes due 2028 and raised $466.0 million in net proceeds under its at-the-market equity program. At June 30, 2025, current liabilities exceeded current assets by $2,098.5 million, and the debt-to-total-capitalization ratio was 60.3%, or 59.2% on the adjusted basis that treats the 2024 Junior Notes partly as equity. The company's capital plan calls for $24.4 billion of regulated utility capital expenditures from 2025 to 2029. The filing also highlights regulatory and policy developments. The company announced plans to extend the lives of Oak Creek Power Plant Units 7 and 8 through the end of 2026, and it stated that it would reconsider its near-term CO2 emission reduction goals in the third quarter of 2025 while keeping its long-term goal of net carbon neutral electric generation by 2050. In Illinois, the ICC issued an order in February 2025 setting expectations for PGL's gas infrastructure replacement, and ICC staff and intervenors have recommended significant disallowances in a pending QIP reconciliation covering open-year capital costs of approximately $2.9 billion.

    Aug 1, 2025
  6. 2025-Q1

    Wec Energy Group Quarterly Report for Q1 Ended Mar 31, 2025

    WEC Energy Group, Inc. reported net income attributed to common shareholders of $724.2 million, or $2.27 diluted EPS, for the three months ended March 31, 2025, compared with $622.3 million, or $1.97 diluted EPS, in the same period of 2024. Operating revenues rose to $3,149.5 million from $2,680.2 million, and the filing attributes the $101.9 million earnings increase mainly to the Wisconsin segment, which grew $93.5 million on higher margins from Wisconsin rate orders effective January 1, 2025 and higher retail sales volumes from colder weather. The non-utility energy infrastructure segment added $14.5 million, driven by production tax credits, while the Illinois segment declined $9.4 million on higher operating expenses. Cash flow from operations was $1,162.6 million, up from $863.6 million, while investing outflows rose to $1,101.8 million, including $406.1 million for the February 2025 acquisition of a 90% interest in the 250 MW Hardin III solar facility in Ohio and capital expenditures of $701.1 million. Long-term debt fell to $16,161.8 million from $17,178.1 million as current maturities rose to $2,729.9 million, and short-term debt increased to $1,327.1 million. The company's capital plan calls for approximately $24.4 billion of regulated utility capital expenditures from 2025 to 2029, and the filing reports a debt-to-total-capitalization ratio of 60.9% on an actual basis. The filing also highlights regulatory and litigation developments, including a February 2025 Illinois Commerce Commission order requiring PGL to replace cast and ductile iron pipe under 36 inches by January 1, 2035, a pending Wisconsin application for a Very Large Customer tariff filed March 31, 2025, and continued appeals related to ATC's return on equity. Management stated that its current liabilities exceeded current assets by $2,919.6 million, which it does not expect to affect liquidity.

    May 7, 2025
  7. 2024-Q3

    Wec Energy Group Quarterly Report for Q3 Ended Sep 30, 2024

    WEC Energy Group, Inc. reported net income attributed to common shareholders of $240.1 million for the third quarter of 2024, compared with $316.0 million in the third quarter of 2023, and diluted earnings per share of $0.76 versus $1.00. For the nine months ended September 30, 2024, net income attributed to common shareholders was $1,073.7 million, or $3.40 diluted EPS, compared with $1,113.2 million and $3.52 a year earlier. Operating revenues were $1,863.5 million for the quarter, down from $1,957.4 million, and $6,315.7 million for the nine months, down from $6,675.5 million. The filing attributes the quarterly earnings decline primarily to a $73.3 million decrease at the Illinois segment, tied to the ICC rate orders for PGL and NSG and a $25.3 million pre-tax charge from the ICC's disallowance of certain PGL capital costs, along with a $19.2 million increase in the corporate and other net loss driven by higher interest expense. The balance sheet shows total assets of $45,196.5 million at September 30, 2024, and long-term debt including current portion of $18,712.9 million, against common shareholders' equity of $12,082.0 million. Short-term debt fell to $597.0 million from $2,020.9 million at year-end 2023, while cash and cash equivalents rose to $322.5 million. Capital expenditures for the nine months were $1,934.7 million, and management's 2025 to 2029 plan targets approximately $24.4 billion of capital expenditures for regulated utilities. The company also entered into an equity distribution agreement for up to $1.5 billion of common stock and issued $862.5 million each of 4.375% convertible senior notes due 2027 and 2029. The filing also notes pending matters that could affect future results, including Wisconsin rate requests for 2025 and 2026 with a decision expected in the fourth quarter of 2024, the PGL and NSG rate-order litigation, and a pending ICC proceeding on the pause in PGL's SMP spending. Management states the company had $2,705.3 million of available revolving credit capacity at September 30, 2024, and that a $1,390.2 million excess of current liabilities over current assets does not impact liquidity.

    Nov 1, 2024
  8. 2024-Q2

    Wec Energy Group Quarterly Report for Q2 Ended Jun 30, 2024

    WEC Energy Group, Inc. reported second-quarter 2024 net income attributed to common shareholders of $211.3 million, or $0.67 per diluted share, compared with $289.7 million, or $0.92 per diluted share, in the second quarter of 2023. For the six months ended June 30, 2024, net income attributed to common shareholders was $833.6 million, or $2.64 per diluted share, versus $797.2 million, or $2.52 per diluted share, a year earlier. The Wisconsin segment drove the quarterly decline, with higher operating expenses, depreciation, storm restoration costs, and interest expense, while the Illinois segment's year-to-date earnings rose on the PGL and NSG rate orders. Capital investment remains heavy. Capital expenditures were $1.14 billion for the six months ended June 30, 2024, and the company's 2024 through 2026 capital expenditure forecast totals $4.16 billion, $3.95 billion, and $4.23 billion, respectively. The filing also describes the ESG Progress Plan, which includes retiring about 1,200 MWs of additional fossil-fueled generation by the end of 2031, and the company expects to invest approximately $19.5 billion in regulated utility businesses from 2024 to 2028. Balance sheet activity was significant. Long-term debt rose to $16.91 billion from $15.51 billion at year-end 2023, driven by the issuance of $1.725 billion of convertible senior notes and a $350.0 million WE debenture, while short-term debt fell to $761.3 million from $2.02 billion. Cash from operations was $1.90 billion for the six months, boosted by $172.8 million of cash received for income taxes related to tax credits sold to third parties. Pending rate cases include WE, WPS, and WG requests for 2025 and 2026 increases, with decisions expected in the fourth quarter of 2024.

    Jul 31, 2024
  9. 2024-Q1

    Wec Energy Group Quarterly Report for Q1 Ended Mar 31, 2024

    WEC Energy Group, Inc. reported net income attributed to common shareholders of $622.3 million, or $1.97 per diluted share, for the three months ended March 31, 2024, compared with $507.5 million, or $1.61 per diluted share, in the same period of 2023. Operating revenues were $2,680.2 million versus $2,888.1 million a year earlier, with lower natural gas costs passed through to customers driving the decline. The increase in earnings was driven mainly by the Illinois segment, where net income attributed to common shareholders rose $74.4 million to $187.5 million following the PGL and NSG rate orders effective December 1, 2023 and February 1, 2024. The company's ESG Progress Plan for 2024-2028 totals $23.7 billion, including about $19.5 billion of regulated utility capital expenditures and roughly $1.2 billion in non-utility energy infrastructure investment. Cash provided by operating activities was $863.6 million, and total capital expenditures were $444.5 million for the quarter. Short-term debt rose to $2,574.2 million, with commercial paper outstanding of $2,570.0 million, and the debt-to-total-capitalization ratio was 60.5% on an actual basis. Several regulatory matters remain pending. The ICC has paused PGL's SMP spending pending a proceeding that began January 31, 2024, and a limited-scope rehearing decision is expected by June 1, 2024. Wisconsin utilities filed 2025 and 2026 rate increase requests, and PGL's and NSG's UEA and QIP rider reconciliations remain open, with disallowances, if any, potentially material.

    May 3, 2024
  10. 2023-Q3

    Wec Energy Group Quarterly Report for Q3 Ended Sep 30, 2023

    WEC Energy Group, Inc. reported net income attributed to common shareholders of $316.0 million, or $1.00 diluted earnings per share, for the third quarter of 2023, compared with $302.0 million, or $0.96 per diluted share, in the third quarter of 2022. For the nine months ended September 30, 2023, net income attributed to common shareholders was $1,113.2 million, or $3.52 per diluted share, versus $1,155.4 million, or $3.65 per diluted share, a year earlier. Operating revenues were $1,957.4 million for the quarter, down from $2,003.0 million, while the Wisconsin segment drove the quarterly improvement with a $48.2 million increase in net income, reflecting the Wisconsin rate orders effective January 1, 2023. Interest expense rose to $182.5 million in the quarter from $127.5 million, mainly from long-term debt issuances and higher short-term rates, and corporate and other segment losses widened. The company continued its capital deployment, with nine-month capital expenditures of $1,729.5 million and acquisitions of Whitewater, Sapphire Sky, Samson I, Red Barn and West Riverside totaling several hundred million dollars. Operating cash flow increased to $2,538.4 million for the nine months from $2,059.5 million, while long-term debt rose to $15,956.5 million on the balance sheet. The company reaffirmed a quarterly dividend of $0.78 per share, declared on October 19, 2023, and disclosed a $3.1 billion revolving credit capacity with $1,545.3 million of commercial paper outstanding. Management also noted that S&P revised WEC Energy Group's outlook to negative from stable on May 2, 2023, while the utilities' outlooks remain stable. The filing also flags regulatory and environmental items relevant to investors, including pending rate cases at PGL, NSG and MERC, an ICC decision expected in the fourth quarter of 2023, and EPA proposals on coal ash, wastewater and GHG standards that could require additional compliance spending. The ESG Progress Plan contemplates approximately $23.4 billion of investment from 2024 to 2028.

    Nov 2, 2023
  11. 2023-Q2

    Wec Energy Group Quarterly Report for Q2 Ended Jun 30, 2023

    WEC Energy Group, Inc. reported net income attributed to common shareholders of $289.7 million for the second quarter of 2023, compared with $287.5 million in the second quarter of 2022, and diluted earnings per share of $0.92 versus $0.91. For the six months ended June 30, 2023, net income attributed to common shareholders was $797.2 million, down from $853.4 million, with diluted EPS of $2.52 versus $2.70. Operating revenues were $1.83 billion for the quarter and $4.72 billion for the six months. The decline in the six-month results was driven mainly by higher corporate and other interest expense, which rose $70.4 million, and a $26.6 million decrease at the Illinois segment, partly offset by higher Wisconsin earnings from the 2023 rate orders effective January 1, 2023. The balance sheet shows total assets of $43.02 billion at June 30, 2023, with long-term debt of $15.61 billion plus a current portion of $1.38 billion. Short-term debt was $1.09 billion, and commercial paper carried a weighted-average rate of 5.29%. In the first half of 2023 the company issued $1.45 billion of long-term debt, acquired several renewable and generation assets (Sapphire Sky, Samson I, Red Barn, Whitewater, and a West Riverside interest) totaling several hundred million dollars, and reported capital expenditures of $1.07 billion. The company expects capital expenditures of approximately $18.1 billion for its regulated utility and non-utility energy infrastructure businesses from 2023 to 2027, and it said its current liabilities exceeded current assets by $1,639.3 million. The filing also highlights pending regulatory proceedings, including rate case re-openers and requests for 2024 rate increases, and an S&P outlook revision on WEC Energy Group to negative from stable on May 2, 2023. The company stated that the change in outlook is not expected to have a material impact on its ability to access capital markets.

    Aug 3, 2023
  12. 2023-Q1

    Wec Energy Group Quarterly Report for Q1 Ended Mar 31, 2023

    WEC Energy Group, Inc. reported first-quarter 2023 net income attributed to common shareholders of $507.5 million, or $1.61 per diluted share, compared with $565.9 million, or $1.79 per diluted share, in the first quarter of 2022. Operating revenues were $2,888.1 million versus $2,908.1 million, and the company attributed the $58.4 million earnings decline mainly to a $30.9 million decrease at the Wisconsin segment, driven by higher operating expenses and lower sales volumes from warmer weather, and a $27.4 million swing at the corporate and other segment, driven by higher interest expense. Interest expense rose to $172.2 million from $117.6 million. The company continued executing its ESG Progress Plan, completing several generation acquisitions in the first quarter and in April 2023, including Whitewater ($76.0 million), Samson I ($249.4 million net of cash), and Sapphire Sky ($442.6 million net of cash), and it expects capital expenditures of approximately $18.1 billion for its regulated utility and non-utility energy infrastructure businesses from 2023 to 2027. Capital expenditures were $499.4 million in the quarter, and operating cash flow was $796.1 million, down from $1,076.8 million. Long-term debt rose to $15,827.3 million in long-term liabilities, and the company issued $1.1 billion of long-term debt in the quarter. Key risks cited include pending rate cases at Peoples Gas and North Shore Gas and at Minnesota Energy Resources, uncertainty around EPA environmental rules, and a May 2, 2023 S&P outlook revision to negative for WEC Energy Group, which the company does not expect to materially affect its market access.

    May 4, 2023
  13. 2022-Q3

    Wec Energy Group Quarterly Report for Q3 Ended Sep 30, 2022

    WEC Energy Group, Inc. reported net income attributed to common shareholders of $302.0 million, or $0.96 diluted earnings per share, for the three months ended September 30, 2022, compared with $290.0 million, or $0.92 per share, a year earlier. For the nine months, net income attributed to common shareholders was $1,155.4 million, or $3.65 diluted earnings per share, versus $1,076.1 million, or $3.40 per share, in 2021. Operating revenues were $7,039.0 million for the nine months, up from $6,114.1 million, with cost of sales rising to $3,123.5 million from $2,352.2 million. Earnings growth was driven mainly by the non-utility energy infrastructure segment (up $38.2 million for the nine months), the Wisconsin segment (up $31.1 million), and the electric transmission segment (up $18.5 million, primarily from the August 2022 D.C. Circuit Court of Appeals opinion on ATC's allowed return on equity), partly offset by a $22.0 million larger loss at the corporate and other segment. Capital spending and acquisitions were significant. Capital expenditures were $1,700.7 million for the nine months, and the company completed the September 2022 acquisition of a 90% interest in Thunderhead, a 300 MW wind facility, for $381.9 million. Total long-term debt rose to $14,910.7 million on the balance sheet from $13,523.7 million at December 31, 2021, after new senior notes and a WE debenture were issued in September 2022. Short-term debt fell to $1,259.5 million from $1,897.0 million. The company's capitalization table shows a debt-to-total-capitalization ratio of 58.9% on an actual basis. Management expects to invest $18.1 billion in regulated utility and non-utility energy infrastructure from 2023 to 2027 under its ESG Progress Plan, and the filing describes pending rate requests for 2023 in Wisconsin and Minnesota. The filing notes that the company has no material changes to risk factors from its 2021 Form 10-K. Key open items include pending regulatory decisions on Wisconsin 2023 rates (decision expected in the fourth quarter of 2022), a possible FERC response to the ROE remand, and an ongoing putative class action relating to the employee retirement savings plan, which management is not yet able to assess.

    Nov 3, 2022
  14. 2022-Q2

    Wec Energy Group Quarterly Report for Q2 Ended Jun 30, 2022

    WEC Energy Group, Inc. reported net income attributed to common shareholders of $287.5 million, or $0.91 per diluted share, for the three months ended June 30, 2022, compared with $276.0 million, or $0.87 per diluted share, a year earlier. For the six months ended June 30, 2022, net income attributed to common shareholders was $853.4 million, or $2.70 per diluted share, versus $786.1 million, or $2.49 per diluted share, in the prior-year period. Operating revenues were $2,127.9 million for the quarter and $5,036.0 million for the six months. Management attributed the year-to-date increase in earnings mainly to higher natural gas margins from higher retail sales volumes and colder weather in Wisconsin, a $54.5 million pre-tax gain on the sale of Chicago real estate at The Peoples Gas Light and Coke Company, and higher production tax credits at the non-utility energy infrastructure segment. Partially offsetting these were net losses on investments held in the Integrys rabbi trust and lower earnings from equity method investments in technology and energy-focused investment funds. Cash flow from operations rose to $1,762.6 million for the six months, compared with $1,226.2 million a year earlier, while capital expenditures were $1,028.8 million. At June 30, 2022, short-term debt was $1,629.1 million, commercial paper outstanding was $1,626.8 million, and available capacity under existing revolving credit agreements was $1,470.9 million. The company reported current liabilities exceeding current assets by $1,175.3 million. The debt-to-total-capitalization ratio was 57.5% on an actual basis and 56.6% on the adjusted basis, which treats $250.0 million of the 2007 Junior Notes as equity. The company declared a quarterly dividend of $0.7275 per share on July 21, 2022. Looking ahead, the filing describes an ESG Progress Plan with total capital expenditures for regulated utility and non-utility energy infrastructure businesses of approximately $16.4 billion from 2022 to 2026, with the broader plan totaling $17.7 billion. The company also expects to retire approximately 1,600 MW of additional fossil-fueled generation by the end of 2026. In July 2022, Wisconsin utilities updated their 2023 rate requests, which seek electric increases of $285.6 million for WE and $79.4 million for WPS, with a PSCW decision expected in the fourth quarter of 2022.

    Aug 4, 2022
  15. 2022-Q1

    Wec Energy Group Quarterly Report for Q1 Ended Mar 31, 2022

    WEC Energy Group, Inc. reported net income attributed to common shareholders of $565.9 million, or $1.79 per diluted share, for the three months ended March 31, 2022, compared with $510.1 million, or $1.61 per diluted share, in the same period of 2021. Operating revenues were $2,908.1 million versus $2,691.4 million a year earlier. The filing attributes the earnings increase of $55.8 million mainly to the Wisconsin segment (up $31.8 million, driven by higher natural gas margins from colder weather and the amortization of regulatory liabilities that let Wisconsin utilities forgo a 2022 base rate increase) and the non-utility energy infrastructure segment (up $20.1 million, largely from revenue recognized on Upstream market settlements after a FERC order). Cash flow from operations rose to $1,076.8 million from $395.2 million, while capital expenditures were $383.5 million. Short-term debt fell to $1,450.0 million from $1,897.0 million, and commercial paper outstanding was $1,448.3 million. Available capacity under existing revolving credit agreements was $1,649.4 million. Total capital expenditures for 2022 through 2026 for the regulated utility and non-utility businesses are expected to be approximately $16.4 billion, as part of the ESG Progress Plan. The company disclosed pending regulatory and transaction items, including a 2023 Wisconsin rate request (WE electric increase of $260.5 million, WPS of $73.9 million), the planned acquisition of Whitewater for $72.7 million, the Sapphire Sky acquisition for approximately $412 million, and the ongoing Thunderhead wind project, now expected to begin commercial operation in the fall of 2022. The filing also notes the WRO on silica-based solar components and a DOC investigation of solar panel imports as risks to solar project timing and cost.

    May 5, 2022
  16. 2021-Q3

    Wec Energy Group Quarterly Report for Q3 Ended Sep 30, 2021

    WEC Energy Group, Inc. reported net income attributed to common shareholders of $290.0 million for the third quarter of 2021, up from $266.8 million in the prior-year quarter, and diluted earnings per share of $0.92 versus $0.84. For the nine months ended September 30, 2021, net income attributed to common shareholders was $1,076.1 million ($3.40 diluted EPS), compared with $960.9 million ($3.04) a year earlier. The Wisconsin segment ($600.3 million for the nine months) and the Illinois segment ($174.8 million) were the main contributors to the increase, with higher retail sales volumes, rate orders, and increased PGL infrastructure investment under its QIP rider cited as drivers. Capital investment remains the central theme. Capital expenditures were $1,627.9 million for the nine months, and management estimates total capital expenditures of approximately $16.4 billion for its regulated utility and non-utility energy infrastructure businesses from 2022 to 2026, within a $17.7 billion ESG Progress Plan. During the period the company acquired a 90% interest in Jayhawk for $119.8 million, agreed to acquire a 90% interest in Sapphire Sky for approximately $412 million, and issued $600.0 million of 0.80% Senior Notes. Total debt was $14,683.7 million at September 30, 2021, a debt-to-total-capitalization ratio of 57.3% on an actual basis. The filing also highlights regulatory and policy items that could affect future results, including the Illinois Climate and Equitable Jobs Act, a pending FERC proposal that could reduce after-tax equity earnings from ATC by approximately $7 million annually, a pending U.S. Department of Commerce solar tariff petition, and a Supreme Court review of the EPA's ACE rule. The company also reported that current liabilities exceeded current assets by $1.3 billion at quarter-end, which management does not expect to affect liquidity given its back-up credit lines.

    Nov 4, 2021
  17. 2021-Q2

    Wec Energy Group Quarterly Report for Q2 Ended Jun 30, 2021

    WEC Energy Group, Inc. reported net income attributed to common shareholders of $276.0 million for the second quarter of 2021, up from $241.6 million a year earlier, and diluted EPS of $0.87 versus $0.76. For the six months ended June 30, 2021, net income attributed to common shareholders was $786.1 million, or $2.49 diluted EPS, compared with $694.1 million and $2.19 a year earlier. Operating revenues were $1,676.2 million for the quarter and $4,367.6 million for the six months, with the six-month increase driven in part by natural gas costs that rose sharply during February 2021 extreme winter weather. Management states it expects to recover the majority of these higher gas costs by the end of 2021 through existing recovery mechanisms, and the company reported that cash from operations fell to $1,226.2 million for the six months from $1,379.6 million. The Wisconsin segment was the largest contributor, with second-quarter net income of $146.5 million, up $16.7 million, driven by higher electric margins from increased retail sales volumes and higher late payment charges. Capital expenditures for the six months were $1,010.1 million, and the company completed the Jayhawk wind acquisition for $119.7 million and issued $600.0 million of 0.80% Senior Notes due 2024. Total capital expenditures for regulated utility and non-utility energy infrastructure businesses are expected to be approximately $15.0 billion from 2021 to 2025 under the ESG Progress Plan, which targets a 60% reduction in carbon emissions from the electric generation fleet by 2025 and an 80% reduction by 2030, both from a 2005 baseline. The company's balance sheet showed total debt of $14,613.8 million and a ratio of debt to total capitalization of 57.4% on an actual basis, or 56.4% on the adjusted basis that treats half of the 2007 Junior Notes as equity. Current liabilities exceeded current assets by $1.1 billion, which management says it does not expect to affect liquidity given available back-up credit lines. The quarterly dividend was declared at $0.6775 per share on July 15, 2021.

    Aug 5, 2021
  18. 2021-Q1

    Wec Energy Group Quarterly Report for Q1 Ended Mar 31, 2021

    WEC Energy Group, Inc. reported first-quarter 2021 net income attributed to common shareholders of $510.1 million, or $1.61 per diluted share, compared with $452.5 million, or $1.43 per diluted share, in the first quarter of 2020. Operating revenues rose to $2,691.4 million from $2,108.6 million, driven largely by higher cost of sales of $1,265.6 million versus $734.7 million, reflecting extreme February 2021 winter weather that raised natural gas costs. The company attributes the $57.6 million earnings increase mainly to a $35.9 million improvement in the corporate and other segment, a $9.6 million increase at the Wisconsin segment on higher retail sales volumes, and a $5.9 million gain at the non-utility energy infrastructure segment from production tax credits. Cash flow from operations fell to $395.2 million from $690.5 million, primarily because of higher natural gas payments; the company expects to recover most of the increased gas costs by the end of 2021 through existing mechanisms. At March 31, 2021, current liabilities exceeded current assets by $1.4 billion, and the debt-to-total-capitalization ratio was 57.6% on an actual basis. The company issued $600.0 million of 0.80% Senior Notes due 2024 and used proceeds to repay a $340.0 million term loan. Management also outlined its ESG Progress Plan for 2021-2025, with expected capital expenditures of approximately $15.0 billion for its regulated utility and non-utility businesses over that period, and announced new goals of a 60% reduction in electric generation carbon emissions by 2025 and 80% by 2030, both from a 2005 baseline. Regulatory developments include a Wisconsin application to hold base rates flat through 2022, the Jayhawk wind acquisition for $119.4 million, and a pending FERC proposal that would reduce after-tax equity earnings from ATC by approximately $7 million annually.

    May 6, 2021
  19. 2020-Q3

    Wec Energy Group Quarterly Report for Q3 Ended Sep 30, 2020

    WEC Energy Group, Inc. reported third-quarter 2020 net income attributed to common shareholders of $266.8 million, or $0.84 diluted earnings per share, compared with $234.3 million, or $0.74 per share, in the third quarter of 2019. For the nine months ended September 30, 2020, net income attributed to common shareholders was $960.9 million, or $3.04 diluted EPS, versus $890.1 million, or $2.81, a year earlier. Operating income rose to $370.2 million for the quarter and $1,335.6 million for the nine months, driven mainly by the Wisconsin segment, where the filing cites the impact of Wisconsin rate orders effective January 1, 2020, the flow-through of 2019 tax repairs, and favorable weather. Income tax expense was lower in the nine-month period relative to the prior-year tax repair flow-through benefit, and the filing states the company expects a 2020 annual effective tax rate between 16% and 17%. Liquidity appears adequate according to the filing, with cash flow from operations of $1,949.7 million for the nine months, capital expenditures of $1,618.7 million, and approximately $2.4 billion available under credit facilities as of September 30, 2020. Total debt was $13,019.7 million, a debt-to-total-capitalization ratio of 55.4%. The company issued $700.0 million of 0.55% senior notes in September 2020 and, in October 2020, issued $950.0 million of new senior notes and announced redemptions of $950.0 million of higher-coupon notes, recognizing a $27.9 million loss on early extinguishment. The filing also details COVID-19 effects, including a $30.2 million net reduction in Wisconsin electric margins from lower retail sales volumes and deferrals and moratoria granted by state regulators, and describes ongoing wind project acquisitions by WECI, including Tatanka Ridge, Thunderhead, and Blooming Grove.

    Nov 6, 2020
  20. 2020-Q2

    Wec Energy Group Quarterly Report for Q2 Ended Jun 30, 2020

    WEC Energy Group, Inc. reported second-quarter 2020 operating revenues of $1,548.7 million, down from $1,590.2 million a year earlier, and net income attributed to common shareholders of $241.6 million, up from $235.7 million. Diluted EPS was $0.76 versus $0.74. For the six months ended June 30, 2020, operating revenues were $3,657.3 million (versus $3,967.6 million) and net income attributed to common shareholders was $694.1 million (versus $655.8 million), with diluted EPS of $2.19. The filing attributes the quarter's earnings gain largely to a $16.0 million increase in transmission affiliate earnings from a FERC ROE order, a $16.9 million rise in Illinois segment operating income, and a $5.0 million increase in other income, partly offset by a $34.3 million remaining decrease in Wisconsin operating income tied to lower COVID-19-related sales volumes and rate orders. The company's cash flow from operations was $1,379.6 million for the six months, versus $1,291.2 million, while capital expenditures rose to $1,037.2 million from $855.2 million. Short-term debt increased to $1,211.5 million, including a $340.0 million 364-day term loan taken in March 2020 to bolster liquidity during the pandemic. Cash and cash equivalents fell to $13.3 million at June 30, 2020, and current liabilities exceeded current assets by $1.8 billion. The company also agreed in July 2020 to acquire an 85% interest in Tatanka Ridge, a 155 MW wind facility, for an expected total investment of approximately $235 million, and it expects to take a Thunderhead and Blooming Grove wind investment as well. Management reports that it expects its 2020 annual effective tax rate to be between 16% and 17%, including an estimated 4% benefit from amortization of unprotected excess deferred taxes. The filing also states that the company's ability to fully assess the continuing COVID-19 impact remains limited, and that its Wisconsin, Illinois, and Michigan utilities have deferral mechanisms in place for certain pandemic-related costs and uncollectible expense.

    Aug 6, 2020
  21. 2020-Q1

    Wec Energy Group Quarterly Report for Q1 Ended Mar 31, 2020

    WEC Energy Group, Inc. reported first-quarter 2020 net income attributed to common shareholders of $452.5 million, or $1.43 per diluted share, compared with $420.1 million, or $1.33 per diluted share, in the first quarter of 2019. Operating revenues fell to $2,108.6 million from $2,377.4 million, while operating income rose to $626.6 million from $542.8 million. The company attributes the earnings increase mainly to higher Wisconsin margins under rate orders effective January 1, 2020, lower operating expenses in Wisconsin and Illinois, and a lower effective tax rate of 16.6% versus 13.4%, partially offset by a $25.3 million decline in other income, net, tied to losses on rabbi trust investments. The filing highlights significant COVID-19 effects. The company entered into a $340 million 364-day term loan in March 2020 to bolster liquidity and repay commercial paper, and it reported $2.3 billion of available credit facilities at March 31, 2020. Management noted that the decline in pension and OPEB plan assets of approximately $397 million in the quarter could increase future pension expense and funding requirements. Regulators in Wisconsin, Illinois, and Michigan have ordered utilities to suspend disconnections and late fees, with deferral authority for certain uncollectible expenses. Warmer weather reduced sales volumes, and the Tilden mine temporarily idled production at the end of April. Capital investment continues to drive the business. Estimated capital expenditures for 2020 total $3,255.5 million, and the company expects regulated utility and non-utility capital spending of approximately $13.7 billion from 2020 to 2024. Pending wind acquisitions in Nebraska and Illinois, Thunderhead and Blooming Grove, are expected to close at the end of 2020 once commercial operation begins. Total long-term debt including current portion was $11,889.0 million, and the debt-to-total-capitalization ratio was 55.1% on a GAAP basis.

    May 7, 2020
  22. 2019-Q3

    Wec Energy Group Quarterly Report for Q3 Ended Sep 30, 2019

    WEC Energy Group, Inc. reported third-quarter 2019 net income attributed to common shareholders of $234.3 million, or $0.74 per diluted share, up slightly from $233.2 million in the same quarter of 2018. For the nine months ended September 30, 2019, net income attributed to common shareholders was $890.1 million, or $2.81 per diluted share, compared with $854.3 million, or $2.70 per diluted share, a year earlier. Operating revenues were $5.58 billion for the nine months, roughly flat with $5.60 billion in the prior-year period, while interest expense rose to $374.3 million from $327.2 million, primarily reflecting higher long-term debt balances tied to capital investment. The company's capital program remains large. Capital expenditures were $1.51 billion for the nine months ended September 30, 2019, and management expects capital expenditures for its regulated utility and non-utility energy infrastructure businesses of almost $13.7 billion from 2020 to 2024. The company completed the acquisition of an 80% interest in the Upstream wind facility for $268.2 million in January 2019 and agreed in August 2019 to acquire an 80% interest in the Thunderhead wind project for approximately $338 million, subject to FERC approval. At September 30, 2019, the balance sheet showed $686.4 million of short-term debt and $11.59 billion of long-term debt including current portion, and the debt-to-total-capitalization ratio was 54.9% on an actual basis and 53.8% on an adjusted basis that treats $250.0 million of the 2007 Junior Notes as equity. Regulatory developments were a focus of the period. The Public Service Commission of Wisconsin approved settlement agreements on October 31, 2019, for the 2020 rates of Wisconsin Electric Power Company, Wisconsin Gas LLC, and Wisconsin Public Service Corporation, with proposed ROEs of 10.0% to 10.2% and a common equity component of 52.5%. The company also reported that its effective tax rate was 9.3% for the nine months ended September 30, 2019, and expects a 2019 annual effective tax rate between 10.5% and 11.5%, benefiting from the flow through of tax repairs.

    Nov 7, 2019
  23. 2019-Q2

    Wec Energy Group Quarterly Report for Q2 Ended Jun 30, 2019

    WEC Energy Group, Inc. reported second-quarter 2019 operating income of $314.6 million, down from $330.8 million in the prior-year quarter, while net income attributed to common shareholders rose to $235.7 million from $231.0 million. Diluted EPS was $0.74 versus $0.73. Growth in equity earnings from transmission affiliates ($36.9 million versus $28.7 million), lower income tax expense ($15.2 million versus $51.1 million), and higher other income supported earnings, offset by higher interest expense ($124.1 million versus $108.5 million). For the six months ended June 30, 2019, net income attributed to common shareholders was $655.8 million, compared with $621.1 million a year earlier. The effective tax rate fell to 10.9% for the six months, and management expects a 2019 annual effective tax rate between 10.5% and 11.5%, which includes the flow-through of tax repairs tied to the Wisconsin rate settlement. Cash flow and balance sheet trends merit attention. Net cash provided by operating activities fell to $1,291.2 million from $1,513.4 million, while capital expenditures were $855.2 million for the six months. Total debt was $11.95 billion, and the ratio of debt to total capitalization was 54.3% on a GAAP basis (53.2% adjusted for rating-agency treatment of the 2007 Junior Notes). Short-term commercial paper outstanding was $1,262.7 million, and current liabilities exceeded current assets by $1,523.3 million. The company is pursuing significant growth and regulatory actions. It expects capital expenditures of almost $12.7 billion for its regulated utility and non-utility energy infrastructure businesses from 2019 to 2023. It acquired an 80% interest in the 202.5 MW Upstream wind facility for $268.2 million, and it filed rate applications with the PSCW seeking effective 2020 electric rate increases of approximately $83 million at WE and $49 million at WPS. The company also declared a quarterly dividend of $0.59 per share.

    Aug 6, 2019
  24. 2019-Q1

    Wec Energy Group Quarterly Report for Q1 Ended Mar 31, 2019

    WEC Energy Group, Inc. reported first-quarter 2019 net income attributed to common shareholders of $420.1 million, or $1.33 per diluted share, up from $390.1 million, or $1.23 per diluted share, in the first quarter of 2018. Operating revenues were $2,377.4 million versus $2,286.5 million a year earlier. The company attributed the $30.0 million earnings increase mainly to a $23.4 million increase in other income, net, largely from rabbi trust investment gains, and a $17.7 million decrease in income tax expense driven by wind production tax credits and excess stock option tax benefits. Partially offsetting these were a $16.8 million increase in interest expense and a $9.7 million decrease in Illinois segment operating income. The effective tax rate was 13.4% versus 18.4% in the prior-year quarter. Balance sheet and cash flow items show total assets of $33,737.1 million at March 31, 2019. Cash from operations fell to $735.7 million from $894.0 million, while investing outflows rose to $606.6 million, including the $268.2 million acquisition of an 80% interest in the Upstream wind facility in Nebraska. The company issued $350.0 million of 3.10% Senior Notes due 2022 and reported a debt-to-total-capitalization ratio of 54.2%, or 53.0% on the adjusted basis that treats the 2007 Junior Notes as partly equity. Current liabilities exceeded current assets by $881.6 million. Regulatory activity is significant. Wisconsin electric and gas utilities filed March 2019 rate proposals targeting effective 2020 increases, including approximately $83 million (2.9%) for WE electric and $49 million (4.9%) for WPS electric. The Presque Isle Power Plant was retired March 31, 2019, and the replacement UMERC natural gas generation began commercial operation the same day. The company expects 2019 capital expenditures for its regulated utility and non-utility energy infrastructure businesses to be almost $12.7 billion over 2019 to 2023.

    May 3, 2019
  25. 2018-Q3

    Wec Energy Group Quarterly Report for Q3 Ended Sep 30, 2018

    WEC Energy Group, Inc. reported third-quarter 2018 net income attributed to common shareholders of $233.2 million, or $0.74 per diluted share, up from $215.4 million, or $0.68 per diluted share, in the third quarter of 2017. For the nine months ended September 30, 2018, net income attributed to common shareholders was $854.3 million, or $2.70 per diluted share, compared with $771.1 million, or $2.43 per diluted share, a year earlier. Operating revenues for the nine months were $5.60 billion, essentially flat with the prior-year period, while operating income fell to $1,178.6 million from $1,369.1 million, with management attributing much of the decline to the flow-through of tax repairs and the Tax Cuts and Jobs Act of 2017, which reduced income tax expense by a comparable amount so that the effect on net income was small. Capital investment and financing drove the balance sheet. Capital expenditures were $1,490.5 million for the nine months, and management expects roughly $12.7 billion of capital expenditures for its regulated utility and non-utility energy infrastructure businesses from 2019 to 2023. The company acquired an 80% interest in the Bishop Hill III wind facility for $143.5 million, bought an interest in Forward Wind Energy Center, and agreed to acquire an 80% interest in Upstream Wind Energy Center. Short-term debt rose to $1,788.3 million, and the company issued $600.0 million of 3.375% Senior Notes. The ratio of debt to total capitalization was 53.5% on an actual basis. The filing also notes a July 2018 Moody's downgrade of WEC Energy Group's senior unsecured ratings to Baa1 from A3, which Moody's attributed in part to reduced cash flow from the Tax Legislation. Other items include the planned retirement of the Presque Isle power plant by May 31, 2019, the retirement of several older coal units under the company's generation reshaping plan, and a quarterly dividend of $0.5525 per share declared in October 2018.

    Nov 2, 2018
  26. 2018-Q2

    Wec Energy Group Quarterly Report for Q2 Ended Jun 30, 2018

    WEC Energy Group, Inc. reported second-quarter 2018 net income attributed to common shareholders of $231.0 million, or $0.73 per diluted share, up from $199.1 million, or $0.63 per diluted share, in the second quarter of 2017. For the six months ended June 30, 2018, net income attributed to common shareholders was $621.1 million, or $1.96 per diluted share, compared with $555.7 million, or $1.75 per diluted share, a year earlier. The company attributes the earnings increase largely to higher retail sales volumes from favorable weather in Wisconsin, higher other income, and the inclusion of Bluewater, which was acquired June 30, 2017. Operating income for the quarter declined to $330.8 million from $362.2 million, reflecting the effects of the Tax Cuts and Jobs Act, which the company says did not significantly change net income because the impacts were largely offset in income taxes or deferred for return to ratepayers. During the first half of 2018, the company acquired an 80% interest in Forward Wind Energy Center for $77.1 million, signed agreements to acquire 80% interests in the Upstream and Bishop Hill III wind projects for $276.0 million and $148.0 million, and advanced its generation reshaping plan, including the retirement of Pleasant Prairie power plant in April 2018. Capital expenditures for the six months were $915.5 million, and the company expects total capital expenditures of almost $12 billion for 2018 through 2022. Long-term debt rose to $9,209.3 million noncurrent, and short-term debt was $1,370.0 million at June 30, 2018. Moody's downgraded several WEC senior unsecured ratings to Baa1 from A3 in July 2018, citing reduced cash flow from the Tax Legislation. The company declared a quarterly dividend of $0.5525 per share, payable September 1, 2018, and reported that its current liabilities exceeded current assets by $1,242.8 million as of June 30, 2018, which management does not expect to affect liquidity given its available credit facilities.

    Aug 3, 2018
  27. 2018-Q1

    Wec Energy Group Quarterly Report for Q1 Ended Mar 31, 2018

    WEC Energy Group, Inc. reported first-quarter 2018 net income attributed to common shareholders of $390.1 million, or $1.23 diluted earnings per share, compared with $356.6 million, or $1.12 per diluted share, in the first quarter of 2017. Operating revenues were $2,286.5 million versus $2,304.5 million, while operating income fell to $545.1 million from $614.7 million. The filing attributes the earnings increase to the Tax Cuts and Jobs Act, which lowered income tax expense by a net amount that is largely offset by lower margins and revenues, and to colder winter weather that raised sales volumes at the Wisconsin, other states and Illinois segments. Management states that the tax-related changes did not significantly affect net income, because amounts are being deferred for return to ratepayers. The company's effective tax rate was 18.4% for the quarter, versus 37.4% a year earlier, and management expects a 2018 annual effective rate between 13% and 14%. Cash provided by operating activities rose to $894.0 million from $714.6 million, while capital expenditures increased to $439.6 million from $329.7 million. Total capital expenditures for the regulated utility and non-utility energy infrastructure businesses are expected to be almost $12 billion from 2018 to 2022. Subsequent events include the April 2, 2018 purchase of a 44.6% share of the Forward Wind Energy Center by WPS for $77.6 million, the retirement of the Pleasant Prairie power plant effective April 10, 2018, and a May 2018 quarterly dividend declaration of $0.5525 per share. The company also agreed on April 30, 2018 to acquire an 80% interest in the 202.5 MW Upstream Wind Energy Center for $276.0 million, with closing expected in the first quarter of 2019.

    May 4, 2018
  28. 2017-Q3

    Wec Energy Group Quarterly Report for Q3 Ended Sep 30, 2017

    WEC Energy Group, Inc. reported third-quarter 2017 net income attributed to common shareholders of $215.4 million, or $0.68 diluted EPS, compared with $217.0 million, or $0.68 diluted EPS, in the third quarter of 2016. For the nine months ended September 30, 2017, net income attributed to common shareholders was $771.1 million, or $2.43 diluted EPS, up from $744.6 million, or $2.35, a year earlier. Operating revenues for the nine months were $5,593.5 million versus $5,509.3 million, and operating income rose to $1,373.1 million from $1,320.4 million. The Illinois segment (up $38.0 million in operating income), the non-utility energy infrastructure segment (up $18.4 million, including the Bluewater acquisition), and higher equity earnings from ATC drove the nine-month improvement, partially offset by lower other income and higher interest expense. The quarter was weaker: Wisconsin segment operating income fell $19.4 million on lower electric margins tied to cooler summer weather and lower sales volumes. Cash provided by operating activities for the nine months was $1,746.7 million, while capital expenditures were $1,309.2 million, and the company completed the $226.0 million acquisition of Bluewater natural gas storage facilities in Michigan on June 30, 2017. Total debt was $10,488.6 million, a debt-to-total-capitalization ratio of 53.2% on an actual basis, and the company disclosed that Moody's downgraded several utility subsidiaries' senior unsecured ratings to A2 from A1 in July 2017. Looking forward, the company disclosed a capital expenditure plan of $2,207.1 million for 2017, $2,465.2 million for 2018 and $1,971.1 million for 2019, and an October 2017 agreement to purchase the Forward Wind Energy Center for approximately $174 million in aggregate, with WPS's share about $78 million. The Wisconsin utilities' base rates are frozen through 2019 under a PSCW-approved settlement. Chief Executive Officer Allen L. Leverett was hospitalized after a stroke, and Gale E. Klappa continues as Chairman and Interim Chief Executive Officer.

    Nov 3, 2017
  29. 2017-Q2

    Wec Energy Group Quarterly Report for Q2 Ended Jun 30, 2017

    WEC Energy Group, Inc. reported net income attributed to common shareholders of $199.1 million for the second quarter of 2017, compared with $181.4 million in the second quarter of 2016, and diluted EPS of $0.63 versus $0.57. For the six months ended June 30, 2017, net income attributed to common shareholders was $555.7 million, or $1.75 diluted EPS, versus $527.6 million and $1.66 a year earlier. Operating revenues were $1,631.5 million for the quarter and $3,936.0 million for the six months. The quarterly increase was driven mainly by higher operating income at the Illinois segment (PGL's QIP-related investment), a higher equity return from ATC, and higher Wisconsin operating income from lower operating expenses, partly offset by lower other income, net, which fell $19.3 million because of a 2016 Wisvest asset sale gain. Cash flow from operations was $1,268.0 million for the six months, up from $1,224.1 million. Investing outflows rose to $1,023.9 million, driven by the $226.0 million acquisition of Bluewater natural gas storage facilities in Michigan completed June 30, 2017, and higher capital expenditures of $790.0 million. Total capital expenditures for the next three years are estimated at $2,182.2 million for 2017, $1,956.8 million for 2018 and $1,899.3 million for 2019. The company's debt-to-total-capitalization ratio was 52.8% on a GAAP basis (51.5% on the adjusted basis that treats $250.0 million of 2007 Junior Notes as equity). Current liabilities exceeded current assets by $1,007.6 million. Regulatory and credit developments include a pending PSCW order on a 2018-2019 base rate freeze settlement expected in the third quarter of 2017, and a July 2017 Moody's downgrade of WE, WPS, WG and Elm Road Generating Station Supercritical senior unsecured ratings to A2 from A1, with WEC Energy Group's rating affirmed at A3 but outlook changed to negative. The company also continues to face pending FERC proceedings on ATC's allowed return on equity, which management says will reduce future equity earnings and distributions from ATC.

    Aug 4, 2017
  30. 2017-Q1

    Wec Energy Group Quarterly Report for Q1 Ended Mar 31, 2017

    WEC Energy Group, Inc. reported first-quarter 2017 net income attributed to common shareholders of $356.6 million, or $1.12 per diluted share, compared with $346.2 million, or $1.09 per diluted share, in the first quarter of 2016. Operating income rose to $617.3 million from $589.3 million, led by the Illinois segment (up $18.4 million, driven by PGL's QIP rider investment) and the Wisconsin segment (up $4.8 million, as lower operating expenses offset a $16.1 million decline in electric margins). Lower other income, net, which fell $17.0 million because of a 2016 gain on repurchase of Integrys's 6.11% Junior Notes, partly offset these gains. Cash flow from operations was $714.6 million, up from $695.9 million, while capital expenditures totaled $329.7 million. At March 31, 2017, short-term debt was $670.4 million, long-term debt was $9,143.6 million, and the debt-to-total-capitalization ratio was 52.1%, or 50.8% on the company's adjusted basis that treats $250.0 million of its 6.25% Junior Notes as equity. The company estimates 2017 capital expenditures of $2,182.2 million and expects to spend $9.5 billion to $10.0 billion on regulated utility capital over five years, excluding ATC. Key pending matters include a $225 million agreement to acquire a Michigan natural gas storage facility, which requires PSCW approval and is expected to close by the third quarter of 2017, and a proposed 2018-2019 rate freeze settlement filed with the PSCW in April 2017. The company also flagged ongoing uncertainty around the Clean Power Plan, after a March 2017 executive order directing the EPA to review it, and a FERC order that reduced ATC's allowed return on equity going forward, which will weigh on equity earnings.

    May 5, 2017
  31. 2016-Q3

    Wec Energy Group Quarterly Report for Q3 Ended Sep 30, 2016

    WEC Energy Group, Inc. reported third-quarter 2016 net income attributed to common shareholders of $217.0 million, or $0.68 diluted earnings per share, compared with $182.5 million, or $0.58 per diluted share, in the third quarter of 2015. Operating income rose to $399.0 million from $345.7 million, driven mainly by a $47.7 million pre-tax increase in Wisconsin electric margins from higher sales volumes due to warmer weather. For the nine months ended September 30, 2016, net income attributed to common shareholders was $744.6 million, or $2.35 per diluted share, versus $459.2 million, or $1.78 per diluted share, in the prior-year period. The prior-year nine-month comparison reflects only a partial period of Integrys, which was acquired on June 29, 2015, so year-over-year growth is largely acquisition-driven. Balance sheet and cash flow items show net cash provided by operating activities of $1,721.9 million for the nine months, up from $1,074.4 million, and capital expenditures of $1,000.1 million. Total capitalization was $18,888.8 million, with a debt-to-total-capitalization ratio of 52.8% on an actual GAAP basis and 51.4% on the company's adjusted basis that gives equity credit to its 6.25% Junior Notes. Short-term commercial paper outstanding was $789.4 million against $2,500.0 million of total short-term credit capacity. The company also declared a quarterly dividend of $0.4950 per share on October 20, 2016. Regulatory and strategic developments include a settled Upper Michigan Energy Resources Corporation proposal expected to become operational January 1, 2017 if approved, a 20-year agreement with Tilden Mining Company for approximately 170 MW of new generation at an estimated cost of $255 million, and a FERC final order in September 2016 requiring American Transmission Company to provide refunds with interest for a 15-month period. That order reduces the company's earnings from its approximately 60% ATC stake going forward. Moody's changed the outlook on several subsidiaries from stable to negative in June 2016, citing the absence of certain automatic recovery mechanisms in Wisconsin.

    Nov 4, 2016
  32. 2016-Q2

    Wec Energy Group Quarterly Report for Q2 Ended Jun 30, 2016

    WEC Energy Group, Inc. reported a strong second quarter of 2016, with operating revenues of $1,602.0 million, up from $991.2 million a year earlier, and net income attributed to common shareholders of $181.4 million, compared with $80.9 million in the second quarter of 2015. Diluted earnings per share were $0.57, versus $0.35. The filing attributes most of the increase to the inclusion of Integrys's results following the June 29, 2015 acquisition. For the six months, revenues were $3,796.8 million and net income attributed to common shareholders was $527.6 million, with diluted EPS of $1.66. Operating cash flow for the six months was $1,224.1 million, compared with $716.5 million in the prior-year period. The filing states that results for interim periods may not indicate full-year results because of seasonal variations. The balance sheet shows total assets of $29,175.3 million and total debt of $9,925.7 million, or a debt-to-total-capitalization ratio of 52.8% on a GAAP basis, falling to 50.1% on an adjusted basis that gives partial equity credit to Junior Notes. Current liabilities exceeded current assets by about $371.2 million. Capital expenditures were $618.7 million in the first six months, and the company estimates capital expenditures of $1,560.3 million for 2016, $1,909.9 million for 2017 and $1,550.0 million for 2018. In June 2016, Moody's affirmed the ratings of WE, WPS and WG and changed their outlook from stable to negative, citing the absence of certain automatic recovery mechanisms in Wisconsin. Key regulatory and legal items include a 10.0% ROE and 51.0% common equity component in the 2016 Wisconsin rate order for WPS, the ICC and Illinois Attorney General settlements under which PGL agreed to payments totaling $18.5 million, and pending FERC proceedings on ATC's allowed return on equity that reduced the company's equity earnings from ATC in the first half of 2016. The filing also reports that the EPA's Clean Power Plan is stayed by the Supreme Court pending litigation, and that the company is evaluating potentially significant compliance costs under the rule.

    Aug 5, 2016
  33. 2016-Q1

    Wec Energy Group Quarterly Report for Q1 Ended Mar 31, 2016

    WEC Energy Group, Inc. reported first-quarter 2016 net income attributed to common shareholders of $346.2 million, up from $195.8 million in the first quarter of 2015, and diluted earnings per share of $1.09 versus $0.86. Operating revenues rose to $2,194.8 million from $1,387.9 million, and operating income increased to $589.3 million from $358.8 million. The filing attributes the earnings increase mainly to the inclusion of Integrys's results, which contributed $158.2 million of net income and $983.1 million of revenue after the June 29, 2015 acquisition. Partly offsetting this, warmer weather reduced WE and WG margins by $29.2 million pre-tax, and interest expense rose to $100.9 million from $59.4 million. Other income of $32.7 million included a $23.6 million gain on the repurchase of Integrys's 6.11% Junior Notes. Cash flow from operations was $695.9 million, compared with $330.0 million a year earlier, while capital expenditures were $312.0 million. The company's GAAP debt-to-total-capitalization ratio was 53.1%, or 50.4% on the adjusted basis that treats Junior Notes with rating-agency equity credit. Current liabilities exceeded current assets by $333.4 million, and the company reported $1,585.6 million of available capacity under its credit facilities after commercial paper outstanding of $896.4 million. The quarterly common dividend was increased to $0.4950 per share, an 8.2% increase, equating to $1.98 annually. The filing highlights several regulatory and environmental items that investors should monitor. These include the EPA's Clean Power Plan, which is stayed pending litigation and could require significant additional compliance costs; ongoing ICC investigations related to PGL's AMRP gas main replacement program; pending FERC proceedings on ATC's allowed return on equity; and projected 2016 capital expenditures of $1,560.3 million. The company also reported minimum future energy-related purchase commitments of $12,494.4 million.

    May 6, 2016
  34. 2015-Q3

    Wec Energy Group Quarterly Report for Q3 Ended Sep 30, 2015

    WEC Energy Group, Inc. (filed as WEC Energy Group, Inc., formerly Wisconsin Energy Corporation's holding company structure) reported its third-quarter 2015 Form 10-Q following the June 29, 2015 acquisition of Integrys Holding, Inc. Operating revenues for the three months ended September 30, 2015 were $1,698.7 million, up from $1,033.3 million a year earlier, and net income rose to $182.5 million from $126.3 million. Diluted EPS was $0.58 versus $0.56. For the nine months, net income was $459.2 million, compared with $466.9 million in 2014, and diluted EPS was $1.78 versus $2.05, reflecting higher interest expense of $225.6 million, $80.2 million of acquisition costs in the nine-month period, and a one-time $10.4 million state deferred tax remeasurement charge in the second quarter. The balance sheet changed substantially with the acquisition. Total assets rose to $28,769.6 million at September 30, 2015 from $15,163.4 million at December 31, 2014, goodwill increased to $3,389.1 million, and long-term debt reached $8,727.0 million (with current portion $606.0 million). Net cash provided by operating activities was $1,073.2 million for the nine months, while capital expenditures were $765.1 million and the Integrys purchase used $1,329.9 million net of cash acquired. The company also reported its ownership of American Transmission Company LLC (ATC) increased to approximately 60%, and it is marketing Integrys Transportation Fuels, LLC for sale. The quarterly dividend rate was raised to $0.4575 per share. Key risks flagged in the filing include pending FERC complaints that could lower ATC's authorized return on equity, the ongoing Illinois Commerce Commission investigation of the Accelerated Natural Gas Main Replacement Program, the EPA Clean Power Plan and related litigation, and the possibility of goodwill impairment. Management stated it believes the outcome of ordinary-course legal proceedings will not have a material effect on the financial statements.

    Nov 6, 2015
  35. 2015-Q2

    Wec Energy Group Quarterly Report for Q2 Ended Jun 30, 2015

    WEC Energy Group, Inc. (filed as Wisconsin Energy Corporation, renamed WEC Energy Group on June 29, 2015 after acquiring Integrys) reported second-quarter 2015 net income of $80.9 million, or $0.35 diluted EPS, down from $133.0 million, or $0.58 diluted EPS, in the second quarter of 2014. Six-month net income was $276.7 million, or $1.21 diluted EPS, compared with $340.6 million, or $1.50 diluted EPS, a year earlier. The results exclude Integrys, which closed on June 29, 2015, one day before period end. Acquisition-related costs were $66.7 million for the quarter and $75.5 million for the six months, and the filing states that external acquisition costs reduced earnings by $0.24 per share in the quarter and $0.28 per share for the six months. Operating revenues were $991.2 million for the quarter, down from $1,043.7 million. The balance sheet changed substantially because of the acquisition. Total assets rose to $28,614.5 million from $15,163.4 million at December 31, 2014, and goodwill increased to $3,386.5 million, of which $2,944.6 million came from Integrys. The company issued approximately 90.2 million shares and paid $1.5 billion in cash (including $1,486.2 million for Integrys shares) to complete the transaction. Long-term debt, including current maturities, was $9,118.4 million (carrying amount) at June 30, 2015, and the filing reports a debt-to-total-capitalization ratio of 53.9% on an actual basis and 50.7% on an adjusted basis that treats junior subordinated notes as partly equity. Board-declared dividends were $0.8629 per share for the quarter, and the quarterly rate will increase to $0.4575 per share, an 8.3% increase, effective September 1, 2015. The filing also flags several open items. The Illinois Commerce Commission has until August 13, 2015 to respond to a rehearing request on the Integrys acquisition order. Shareholder class actions over the acquisition were in settlement, with a preliminary approval hearing scheduled for September 8, 2015. The EPA issued final greenhouse gas guidelines for existing generating units on August 3, 2015, and the company said these could result in significant additional compliance costs and could have a material adverse impact on operating costs. Moody's and Fitch downgraded certain WEC ratings in 2015, with Moody's lowering WEC Energy Group's senior unsecured rating from A2 to A3.

    Aug 5, 2015
  36. 2015-Q1

    Wec Energy Group Quarterly Report for Q1 Ended Mar 31, 2015

    Wisconsin Energy Corporation's first-quarter 2015 Form 10-Q shows operating revenues of $1,387.9 million, down from $1,695.0 million in the first quarter of 2014, while net income fell to $195.8 million from $207.6 million. Diluted EPS was $0.86 versus $0.91 a year earlier. The decline was driven mainly by the utility energy segment, whose operating income dropped $16.2 million to $276.5 million, largely due to lower gas revenues and cost of gas sold tied to milder pricing and weather. The non-utility energy segment's operating income rose slightly to $91.6 million, while corporate and other losses widened to $9.3 million, primarily from external costs related to the proposed Integrys acquisition and the proposed sale of Michigan assets. The dominant corporate development is the pending acquisition of Integrys, under which Integrys shareholders will receive 1.128 Wisconsin Energy shares and $18.58 in cash per share. The company expects to issue approximately 91 million shares and about $1.5 billion of debt, and to assume Integrys' outstanding debt. The combined company will be named WEC Energy Group, Inc. Regulatory approvals are advancing: FERC approved the acquisition on April 7, 2015, the MPSC approved it on April 23, 2015, and the PSCW verbally approved it on April 30, 2015, with a final written order expected by the end of May 2015. The company anticipates closing by the end of summer 2015. Moody's placed Wisconsin Energy's ratings on review for downgrade on May 4, 2015, citing the expected acquisition's effect on its credit profile. Liquidity remained adequate, with cash used in financing activities of $170.1 million and cash from operations of $329.7 million, which included a $100.0 million qualified pension contribution. Management reported approximately $1.2 billion of undrawn bank back-up credit lines and $563.0 million of commercial paper outstanding. The quarterly dividend was increased 8.3% to $0.4225 per share, and the company expects to raise the dividend a further 7-8% upon closing the acquisition.

    May 7, 2015
  37. 2014-Q3

    Wec Energy Group Quarterly Report for Q3 Ended Sep 30, 2014

    Wisconsin Energy Corporation (now WEC Energy Group, Inc.) reported net income of $126.3 million, or $0.56 per diluted share, for the third quarter of 2014, down from $137.5 million, or $0.60 per diluted share, in the third quarter of 2013. For the nine months ended September 30, 2014, net income was $466.9 million, or $2.05 per diluted share, compared with $433.1 million, or $1.88 per diluted share, a year earlier. Operating revenues for the nine months rose to $3.77 billion from $3.34 billion, driven largely by higher gas revenues from colder weather and higher natural gas prices, while the quarter's results were weighed down by cooler summer weather and about $3.6 million in external acquisition costs. The dominant strategic development is the pending acquisition of Integrys. Under the June 22, 2014 merger agreement, Integrys shareholders will receive 1.128 shares of Wisconsin Energy common stock and $18.58 in cash per share, with total consideration valued at approximately $5.4 billion, financed partly by about $1.5 billion of holding-company debt. The company anticipates closing in the second half of 2015, and shareholder meetings are scheduled for November 21, 2014. The Board terminated the $300 million share repurchase program in connection with the deal, and the filing notes ongoing class action lawsuits against Integrys and Wisconsin Energy, which the company says lack merit. Balance sheet and liquidity remained stable, with cash provided by operating activities of $1.03 billion for the nine months and capital expenditures of $513.0 million. Credit rating outlooks for Wisconsin Energy were revised to negative by S&P and Moody's, which the filing attributes to the Integrys acquisition. Key regulatory items include a 2015 Wisconsin rate case settlement and ongoing MISO System Support Resource arrangements for the Presque Isle plant in Michigan.

    Oct 31, 2014
  38. 2014-Q2

    Wec Energy Group Quarterly Report for Q2 Ended Jun 30, 2014

    Wisconsin Energy Corporation (now WEC Energy Group, Inc.) reported second-quarter 2014 net income of $133.0 million, or $0.58 diluted EPS, up from $119.0 million, or $0.52 diluted EPS, in the second quarter of 2013. For the six months ended June 30, 2014, net income was $340.6 million, or $1.50 diluted EPS, compared with $295.6 million, or $1.28 diluted EPS, a year earlier. Operating revenues for the six months were $2,738.7 million versus $2,287.5 million, with the utility energy segment contributing $447.9 million of operating income, up $78.4 million, driven by colder weather, higher gas volumes and Michigan-related sales for resale. Cash provided by operating activities was $721.3 million, including $76.2 million of Treasury Grant proceeds. The dominant event in the filing is the June 22, 2014 merger agreement to acquire Integrys for approximately $5.8 billion, consisting of 1.128 Wisconsin Energy shares and $18.58 in cash per Integrys share, with about $1.5 billion of holding company debt to fund the cash portion. The company expects closing in the second half of 2015, subject to shareholder, HSR Act and multiple regulatory approvals. During the quarter the share repurchase program was terminated, and Moody's and S&P revised the outlook for Wisconsin Energy to negative, with Fitch placing ratings on Rating Watch Negative. Six purported shareholder class actions have been filed against Integrys and Wisconsin Energy, which the company says lack merit. Other items include a 2015 Wisconsin rate case filing requesting a $41.5 million (1.43%) excluding-fuel electric increase for 2015, a biennial review of costs and rates, and the Presque Isle plant remaining designated as an SSR unit by MISO despite a retirement request. Total debt to total capitalization was 53.4% on an actual GAAP basis.

    Aug 1, 2014
  39. 2014-Q1

    Wec Energy Group Quarterly Report for Q1 Ended Mar 31, 2014

    Wisconsin Energy Corporation reported first-quarter 2014 net income of $207.6 million, or $0.91 diluted earnings per share, up from $176.6 million, or $0.76 per diluted share, in the first quarter of 2013. Operating revenues rose to $1,695.0 million from $1,275.2 million, driven largely by colder weather and higher natural gas prices. The filing attributes the increase in the utility energy segment's operating income to $292.7 million, up $62.1 million, with electric revenues up $73.5 million and gas revenues up $344.0 million. Cost of gas sold rose $321.4 million, and fuel and purchased power rose $47.6 million. Cash provided by operating activities was $385.1 million, compared with $330.3 million a year earlier. Capital expenditures were $129.2 million for the quarter, and the company estimates consolidated 2014 capital expenditures of approximately $711.0 million. The board authorized a share repurchase program of up to $300 million for 2014 through 2017, and $18.6 million had been repurchased under it through March 31, 2014. Quarterly dividends were raised to $0.39 per share from $0.3825, and the company reported $422.2 million of commercial paper outstanding alongside approximately $1.2 billion of undrawn bank credit lines. The filing also flags several matters affecting future results. Michigan retail load losses to an alternative supplier are being mitigated through a MISO System Support Resource agreement for the Presque Isle plant, and the company has asked MISO to retire that plant effective October 15, 2014. Paris Generating Station Units 1 and 4 remain out of service under a WDNR administrative order, and a Notice of Violation has been issued. The company also expects to file a rate case in the second quarter of 2014 for rates effective January 2015.

    May 2, 2014
  40. 2013-Q3

    Wec Energy Group Quarterly Report for Q3 Ended Sep 30, 2013

    Wisconsin Energy Corporation reported third-quarter 2013 net income of $137.5 million, or $0.60 diluted earnings per share, down from $156.1 million, or $0.67 per diluted share, in the third quarter of 2012. Operating revenues rose to $1,053.2 million from $1,039.3 million, but operating income fell to $258.0 million from $280.6 million, driven by a $24.4 million decline in the utility energy segment, where other operation and maintenance expense rose $25.4 million. For the first nine months of 2013, net income was $433.1 million ($1.88 diluted EPS) versus $447.5 million ($1.92) a year earlier, with cash provided by operating activities increasing to $1,050.3 million from $992.4 million, primarily due to lower benefit plan contributions. The company's balance sheet showed total assets of $14,372.8 million at September 30, 2013, and long-term debt including current portion of $4,659.7 million. Management highlighted the 2013 Wisconsin Rate Case, the Rothschild biomass plant (expected to be completed in the fourth quarter of 2013), and the loss of two iron ore mines and other customers to alternative suppliers in Michigan effective September 1, 2013, which management estimates could reduce 2014 pre-tax income by approximately $50 million to $54 million before mitigation. The board also accelerated a quarterly dividend increase to $0.3825 per share, and the company repurchased $254.8 million of stock under its $300 million program through September 30, 2013. The filing also discloses regulatory and environmental developments, including a Presque Isle Power Plant SSR payment opportunity that could range from $35 million to $82 million annually, and an administrative order keeping Paris Generating Station Units 1 and 4 out of service until at least 2014.

    Nov 1, 2013
  41. 2013-Q2

    Wec Energy Group Quarterly Report for Q2 Ended Jun 30, 2013

    Wisconsin Energy Corporation (now WEC Energy Group, Inc.) reported second-quarter 2013 net income of $119.0 million, or $0.52 per diluted share, compared with $119.3 million, or $0.51 per diluted share, in the second quarter of 2012. Operating revenues rose to $1,012.3 million from $944.7 million, driven by net retail pricing increases tied to the 2013 Wisconsin Rate Case, higher gas revenues from cooler weather and higher natural gas commodity costs, and increased wholesale sales into the MISO Energy Markets. For the six months ended June 30, 2013, net income was $295.6 million, or $1.28 diluted EPS, versus $291.4 million, or $1.25 diluted EPS, a year earlier. Operating income for the six months was $550.5 million, up from $518.3 million. The balance sheet shows total assets of $14.32 billion at June 30, 2013, with long-term debt of $4.38 billion and short-term debt of $335.9 million. Cash provided by operating activities for the six months was $681.5 million, versus $608.7 million in the prior-year period, while capital expenditures were $307.3 million. The company issued $250 million of 1.70% debentures through Wisconsin Electric in June 2013 and retired $310.5 million of long-term debt. The filing states that the company expects 2013 consolidated capital expenditures of approximately $690 million. Investors should note several items: the Board declared a quarterly dividend of $0.3825 per share on July 18, 2013, an increase of $0.0425 per share, and the Oak Creek expansion units, Rothschild biomass plant and Section 1603 grant continue to shape near-term earnings timing. The filing also discloses a loss of load from Michigan iron ore mines expected to take effect September 1, 2013, which the company does not expect to have a material impact on 2013 results.

    Aug 1, 2013
  42. 2013-Q1

    Wec Energy Group Quarterly Report for Q1 Ended Mar 31, 2013

    Wisconsin Energy Corporation reported first-quarter 2013 net income of $176.6 million, or $0.76 per diluted share, up from $172.1 million, or $0.74 per diluted share, in the first quarter of 2012. Operating revenues rose to $1,275.2 million from $1,191.2 million, and operating income increased to $321.0 million from $295.7 million. The filing attributes the gain largely to colder winter weather, which lifted electric and gas utility revenues, and to net retail pricing increases tied to the 2013 Wisconsin Rate Case. The utility energy segment contributed $230.6 million of operating income, up $22.0 million, while the non-utility energy segment, which holds the Power the Future units, contributed $91.6 million. Offsetting these gains, other income fell to $4.4 million from $16.0 million, mainly because AFUDC equity declined after the Oak Creek air quality control project went into service, and interest expense, net rose to $65.0 million from $58.9 million. Cash provided by operating activities declined to $330.3 million from $340.5 million, reflecting higher working capital needs. The company repurchased $66.5 million of common stock, including $11.1 million under its May 2011 program, and the quarterly dividend was increased 13.3% to $0.34 per share. Total short-term debt stood at $316.7 million, and the company reported approximately $1.2 billion of undrawn bank back-up credit lines. The filing also covers regulatory and operational developments. The 2013 Wisconsin Rate Case approved rate adjustments effective January 1, 2013, including a net non-fuel electric increase of approximately $70 million, offset by an expected renewable energy cash grant. The company is building a biomass plant in Rothschild, Wisconsin, with completion targeted for the end of 2013, and it expects to spend approximately $690 million on consolidated capital expenditures during 2013. The Wisconsin Department of Natural Resources has ordered Paris Generating Station Units 1 and 4 out of service until at least 2014, and the company may face fines and penalties.

    May 2, 2013
  43. 2012-Q3

    Wec Energy Group Quarterly Report for Q3 Ended Sep 30, 2012

    Wisconsin Energy Corporation's third-quarter 2012 Form 10-Q shows operating revenues of $1,039.3 million for the three months ended September 30, 2012, down from $1,052.8 million in the prior-year quarter, while net income rose to $156.1 million from $129.8 million. Diluted EPS from continuing operations was $0.67 versus $0.55 a year earlier. The improvement was driven mainly by the Utility Energy Segment, whose operating income increased $55.4 million to $191.0 million, largely because other operation and maintenance expense fell $52.9 million, primarily due to the one-year suspension of $148 million of regulatory asset amortization authorized under the 2012 Wisconsin Rate Case. Cost of gas sold and fuel and purchased power also declined, while depreciation rose $10.6 million as Oak Creek AQCS and Glacier Hills Wind Park assets entered service. For the nine months, net income was $447.5 million compared with $410.2 million in 2011, and diluted EPS from continuing operations was $1.92 versus $1.69. Cash provided by operating activities rose to $992.4 million from $827.6 million, while capital expenditures fell to $477.5 million from $612.2 million. Current liabilities exceeded current assets by about $302.2 million, and the company stated it had about $1.2 billion of undrawn bank back-up credit lines and $453.2 million of commercial paper outstanding. Long-term debt including current maturities was $4,621.7 million at September 30, 2012, and the company expects to issue long-term debt in the fourth quarter. Regulatory and environmental matters remain significant. The 2013 Wisconsin Rate Case requests a net bill increase of about $99.3 million (3.6%) for 2013, and the company is converting the Valley Power Plant from coal to natural gas at an estimated cost of $60 to $65 million. The Oak Creek bluff collapse matter is ongoing, with the Wisconsin Department of Justice expected to seek fines or penalties. The company also reported a 0.5% increase in electric revenues for the nine months and an estimate of approximately $740 million for 2012 consolidated capital expenditures.

    Nov 2, 2012
  44. 2012-Q2

    Wec Energy Group Quarterly Report for Q2 Ended Jun 30, 2012

    Wisconsin Energy Corporation's second-quarter 2012 Form 10-Q shows operating revenues of $944.7 million for the three months ended June 30, 2012, down from $991.7 million a year earlier, while operating income rose to $222.6 million from $174.4 million and net income was $119.3 million versus $109.5 million (which included $11.5 million from discontinued operations in 2011). For the six months, net income was $291.4 million compared with $280.4 million, and diluted EPS from continuing operations was $1.25 versus $1.14. The filing attributes the higher earnings largely to the utility segment, where operating income increased $45.5 million for the quarter, while warmer weather reduced gas margins and sales volumes. Other operation and maintenance expense fell, primarily due to the suspension of $148 million of regulatory asset amortization authorized under the 2012 Wisconsin rate case. The balance sheet shows total assets of $13,887.6 million at June 30, 2012, with long-term debt reduced to $4,297.5 million from $4,614.3 million at year-end 2011, and long-term debt due currently rising to $334.8 million. Cash provided by operating activities was $608.7 million for the first six months of 2012, and capital expenditures were $314.0 million. The company repurchased $100.0 million of common stock under its $300 million program through June 30, 2012, and raised its quarterly dividend to $0.30 per share. The company estimates 2012 consolidated capital expenditures of approximately $740 million. The filing also describes pending regulatory and legal matters, including a 2013 Wisconsin rate case requesting a net bill increase of approximately $99.3 million (3.6%) for Wisconsin Electric's retail electric customers, a settled ERISA cash balance pension lawsuit for $45.0 million, and a bluff collapse at the Oak Creek Power Plant for which the Wisconsin Department of Justice is expected to seek fines or penalties. Investors should note the Oak Creek bluff matter and the outcome of the 2013 rate request as key items to monitor.

    Aug 2, 2012
  45. 2012-Q1

    Wec Energy Group Quarterly Report for Q1 Ended Mar 31, 2012

    Wisconsin Energy Corporation's first-quarter 2012 results show operating income of $295.7 million, essentially flat versus $295.6 million in the first quarter of 2011, and net income of $172.1 million compared with $170.9 million a year earlier. Diluted earnings per share rose to $0.74 from $0.72. The filing attributes the flat operating result to a split between segments: the utility energy segment's operating income fell $4.4 million to $208.6 million, while the non-utility energy segment (primarily the Power the Future units) rose $4.4 million to $88.4 million. Operating revenues declined to $1,191.2 million from $1,328.7 million, driven largely by a 26.0% drop in gas revenues, which the company ties to record warm winter weather. Gas gross margin fell $31.3 million, and the company describes the first quarter of 2012 as the warmest winter in 122 years. Cash flow and balance sheet items were mixed. Cash provided by operating activities fell to $340.5 million from $391.0 million, partly because no qualified benefit plan contributions were made in 2012 versus $122.4 million in 2011. Short-term debt declined to $557.3 million, and no long-term debt was issued in the quarter. The board raised the quarterly common dividend 15.4% to $0.30 per share and adopted a dividend policy targeting a payout ratio trending toward 60% of earnings in 2014. Management expects 2012 capital expenditures of approximately $740 million and a 2012 annual effective tax rate between 35.5% and 36.5%. Investors should also note pending regulatory and legal items. The company has filed a 2013 Wisconsin rate case seeking a net bill increase of approximately $99.3 million (3.6%) for electric customers, offset by a proposed $73.3 million renewable energy cash grant. A $45.0 million cash balance pension plan settlement was approved by the court in April 2012. The filing also describes a Notice of Violation from the Wisconsin Department of Natural Resources related to the October 2011 Oak Creek bluff collapse, with possible fines or penalties, and proposed EPA greenhouse gas standards that the company believes effectively prohibit new conventional coal-fueled plants.

    May 3, 2012
  46. 2011-Q3

    Wec Energy Group Quarterly Report for Q3 Ended Sep 30, 2011

    Wisconsin Energy Corporation's Form 10-Q for the quarter ended September 30, 2011 reports third-quarter net income of $129.8 million, up from $112.2 million a year earlier, and diluted EPS of $0.55 versus $0.47. For the first nine months, net income was $410.2 million ($1.74 diluted EPS) compared with $330.6 million ($1.40) in 2010. Operating revenues were $3.37 billion for the nine months, up from $3.11 billion, and operating income rose to $694.3 million from $594.7 million. The third-quarter operating income increase was muted by the absence of the $55.2 million Point Beach gain amortization that appeared in the prior-year quarter, because all Point Beach bill credits were applied to customers by December 31, 2010. Growth in the non-utility segment, driven by the Power the Future (PTF) units, was a major contributor; the Oak Creek expansion Unit 2 entered service in January 2011. The balance sheet shows total assets of $13.25 billion, long-term debt rising to $4.62 billion from $3.93 billion at year-end 2010, and cash flow from operations of $827.6 million for the nine months, up from $653.7 million. Capital expenditures were $612.2 million for the nine months, and management estimates 2011 consolidated capital expenditures of approximately $900 million. The company raised $720 million in new long-term debt during the period, repaid $464.7 million, and repurchased shares under a $300 million program authorized in May 2011, with about $75.0 million used through September 30, 2011. Dividends per share rose to $0.26 in the quarter from $0.20 and the board approved a 30.0% increase in the 2011 quarterly dividend. Key open items include a pending 2012 Wisconsin rate proposal designed to avoid a 2012 base rate increase, a $50 million 2012 fuel recovery request, and ongoing environmental rulemakings, including proposed MACT and cross-state air pollution rules that could affect the Presque Isle plant. A Cash Balance Pension Plan lawsuit could affect plan funding, with management not expecting a cost above $0.05 per share in 2011.

    Nov 1, 2011
  47. 2011-Q2

    Wec Energy Group Quarterly Report for Q2 Ended Jun 30, 2011

    Wisconsin Energy Corporation reported net income of $109.5 million, or $0.46 per diluted share, for the three months ended June 30, 2011, up from $88.7 million, or $0.37 per diluted share, a year earlier. For the six months, net income was $280.4 million, or $1.19 per diluted share, compared with $218.4 million, or $0.92, in 2010. Operating revenues were $991.7 million for the quarter and $2,320.4 million for the six months. Income from continuing operations rose to $98.0 million for the quarter, helped by higher non-utility segment operating income, which reached $87.9 million versus $66.9 million, while the utility segment's operating income fell to $88.1 million from $97.8 million. The quarter's amortization of gain was zero, compared with $47.2 million a year earlier, because all Point Beach sale bill credits had been applied to customers by December 31, 2010. The company also recorded $11.5 million of discontinued operations income from the favorable resolution of tax positions tied to its previously discontinued manufacturing business. The balance sheet shows total assets of $13,076.3 million at June 30, 2011, with long-term debt of $4,334.6 million and short-term debt of $542.4 million. During the six months, cash provided by operating activities was $648.6 million, and capital expenditures were $347.1 million. The company issued $420 million of long-term debt in January 2011 and retired $450 million of debt in April 2011. Management cites a 2011 consolidated capital expenditure budget of approximately $950 million. The Board authorized a share repurchase program of up to $300 million through 2013, and no shares had been repurchased under it through June 30, 2011. Regulatory matters include a 2012 Wisconsin rate case filed May 26, 2011, under which the company requested an alternative approach that would result in no increase in 2012 base rates, and a 2012 Michigan rate case seeking a $17.5 million increase. The company also disclosed an ERISA lawsuit related to its Cash Balance Pension Plan, whose outcome it describes as currently unpredictable and potentially materially adverse. Management also stated that a new dividend policy starting in 2012 targets a payout ratio trending to 60% of earnings over 2012 to 2015.

    Aug 2, 2011
  48. 2011-Q1

    Wec Energy Group Quarterly Report for Q1 Ended Mar 31, 2011

    Wisconsin Energy Corporation reported first-quarter 2011 net income of $170.9 million, or $0.72 per diluted share, compared with $129.7 million, or $0.55 per diluted share, in the first quarter of 2010. Operating revenues rose to $1,328.7 million from $1,248.6 million. The utility energy segment contributed operating income of $213.0 million, up $34.9 million, or 19.6%, while the non-utility energy segment, made up mainly of the Power the Future (PTF) units, contributed $84.0 million, up from $52.1 million. The prior-year Amortization of Gain of $49.4 million did not recur, as all Point Beach bill credits were applied to customers by December 31, 2010. Cash flow and balance sheet items shaped the quarter. Cash provided by operating activities was $391.0 million, though the company made $122.4 million of contributions to qualified benefit plans. Long-term debt rose to $4,339.1 million from $3,932.0 million after a January 2011 issuance of $420 million in Series B Senior Notes. Cash and cash equivalents were $236.0 million at March 31, 2011. Management expects the 2011 consolidated capital expenditure budget to be approximately $950 million, and the company's annual effective tax rate for 2011 to be between 34% and 35%. Subsequent events disclosed in the filing include the retirement of $450 million of long-term debt on April 1, 2011 and a board authorization on May 5, 2011 for a share repurchase program of up to $300 million through the end of 2013. The board also adopted a dividend policy targeting a payout ratio that trends to 60% of earnings over 2012 to 2015. The filing also notes an unresolved ERISA lawsuit involving the Cash Balance Pension Plan, for which the company says it cannot predict the outcome.

    May 5, 2011
  49. 2010-Q3

    Wec Energy Group Quarterly Report for Q3 Ended Sep 30, 2010

    Wisconsin Energy Corporation (now WEC Energy Group, Inc.) reported third-quarter 2010 net income of $112.2 million, or $0.95 diluted earnings per share, compared with $58.5 million, or $0.50 diluted EPS, in the third quarter of 2009. Operating income rose to $203.0 million from $104.4 million, driven mainly by the Utility Energy segment, which contributed $134.2 million of operating income versus $74.3 million a year earlier. Electric revenues rose $144.5 million, or 21.2%, on favorable weather, net pricing increases from 2010 Wisconsin and Michigan rate orders, and economic growth. Results were partly offset by higher other operation and maintenance expense, up $55.7 million, and net interest expense, up $14.1 million to $52.5 million as capitalized interest ended when Oak Creek expansion Unit 1 entered service in February 2010. For the first nine months of 2010, net income was $330.6 million, or $2.79 diluted EPS, versus $263.7 million, or $2.24 a year earlier. Cash provided by operating activities was $653.7 million, up from $433.7 million, mainly because no benefit plan contributions were required in 2010 after $289.3 million was contributed in 2009. The company paid $140.3 million in dividends and reduced net debt. At September 30, 2010, current liabilities exceeded current assets by $420.8 million, which management expects to improve after long-term debt is issued to replace construction-period short-term debt once Oak Creek Unit 2 begins commercial operation, with a guaranteed in-service date of November 28, 2010. Key risks noted in the filing include a pending 2010 fuel recovery request, an ERISA class action against the Cash Balance Pension Plan that the company says could be material if adversely resolved, proposed EPA coal combustion product and Transport Rule requirements that could require additional expenditures, and a proposed Wisconsin fuel rule overhaul expected to take effect in 2011.

    Oct 27, 2010
  50. 2010-Q2

    Wec Energy Group Quarterly Report for Q2 Ended Jun 30, 2010

    Wisconsin Energy Corporation's Form 10-Q for the quarter ended June 30, 2010 reports second-quarter 2010 net income of $88.7 million ($0.75 diluted EPS), up from $63.7 million ($0.54 diluted EPS) in the second quarter of 2009, on operating revenues of $890.9 million versus $835.7 million. For the six months ended June 30, 2010, net income was $218.4 million ($1.85 diluted EPS) compared with $205.2 million ($1.74 diluted EPS) a year earlier, while operating revenues declined to $2,139.5 million from $2,224.1 million, largely due to lower natural gas prices and milder winter weather. Operating income for the six months fell to $391.7 million from $359.9 million in the prior-year period on a higher figure, and the utility energy segment's operating income declined by $28.3 million, to $275.9 million, primarily due to unfavorable fuel recoveries and milder winter weather, while the non-utility energy segment, driven by the Power the Future units, rose to $119.0 million from $58.7 million. The company's Oak Creek expansion Unit 1 entered commercial operation in February 2010, funded in part by $530 million of Series A Senior Notes issued that month. Oak Creek Unit 2 is expected in service in the fourth quarter of 2010. Long-term debt, including current maturities, totaled $4,435.9 million, and total debt to total capitalization was 57.2% on an actual GAAP basis (54.3% adjusted for rating-agency treatment of $500 million of junior notes). Working capital was negative by approximately $379.7 million, which management expects a planned long-term debt issuance upon Oak Creek Unit 2's commercial operation to significantly improve. Regulatory developments include a Wisconsin rate order effective January 1, 2010, a $60.5 million interim fuel recovery increase approved in March 2010 subject to refund, and a combined Michigan rate increase of $23.5 million (14.2%) subject to appeal. The company also agreed to sell Edison Sault (completed May 4, 2010, for approximately $63.0 million) and expects to sell its 25% interest in Edgewater Generating Unit 5 for $40 million to $45 million by year-end 2010, pending remaining regulatory approvals.

    Jul 30, 2010