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Wec Energy Group 8-K Report, Regulation FD Disclosure (Feb 16, 2024)

Reports
Regulation FD·Exhibits & Filings
Filing Date
Filed February 16, 2024
Period End
February 16, 2024
Security
WEC
In the 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. Leadership change8-K · Oct ’20Oct ’20
  2. Leadership change8-K · Oct ’22Oct ’22
  3. Material agreement8-K · Aug ’26Aug ’26

01—Abstract

Summary

Summary of the 8-K filed February 16, 2024. Cited figures are marked; the original filing is the authoritative source.

WEC Energy Group, Inc. filed this Form 8-K under Item 7.01 (Regulation FD Disclosure) on February 16, 2024, attaching Exhibit 99.1, a February 2024 investor update presentation for upcoming meetings with investors.

The filing itself contains no financial statements; its substance is the presentation's disclosures on guidance, capital plans, and regulatory matters. The presentation reports 2024 EPS guidance of $4.80a-$4.90 and a 2024-2028 capital plan of $23.4 billion, which it describes as an increase of $300 million from the November 2023 plan. The company expects compound annual EPS growth of 6.5% to 7.0%, and a 2023 average asset base of $29.4 billion growing to an estimated $43.4 billion in 2028.

In January it raised the dividend by 7.0% to an annual rate of $3.34b per share, the 21st consecutive year of dividend increases. The presentation highlights a regulatory setback in Illinois, where the Illinois Commerce Commission ordered Peoples Gas to pause Safety Modernization Program spending pending review, and the ICC granted a limited rehearing request seeking to restore $145 million of costs.

The company expects a commission order by June 1, 2024, and booked a non-cash charge of 41 cents per share in 2023 related to a disallowance. The company also plans to exit coal earlier, by end of 2032, and projects 3,830 MW of regulated renewable investment totaling $7.0 billionc over 2024-2028.

02—Key points

Key Highlights

  1. 2024 EPS guidance of $4.80-$4.90 per share; the presentation states the company exceeded EPS guidance in each year from 2004 through 2023.
  2. 2024-2028 capital plan of $23.4 billion, increased by $300 million from the November 2023 plan.
  3. Dividend raised 7.0% in January to a new annual rate of $3.34 per share, the 21st consecutive annual increase.
  4. Illinois Commerce Commission ordered Peoples Gas to pause Safety Modernization Program spending; an order on the limited rehearing is expected by June 1, 2024, and the company will appeal the disallowance in court.
  5. Plans to eliminate coal as an energy source by end of 2032, three years earlier than previously planned, with coal to be used only as backup fuel by end of 2030.
  6. Plans to build and own 3,800 MW of regulated renewables, a $7.0 billion investment over 2024-2028.
  7. Projected 2024-2028 financing includes cash from operations of $16.5-$17.5 billion and incremental debt of $7.15-$8.15 billion.

03—Questions

Frequently Asked Questions

  1. What is the company's earnings outlook for 2024?

    The presentation gives 2024 EPS guidance of $4.80-$4.90 per share and projects compound annual EPS growth of 6.5% to 7.0%, supported by a growing asset base from $29.4 billion in 2023 to an estimated $43.4 billion in 2028.

  2. How is the Illinois regulatory matter affecting the company?

    The ICC ordered Peoples Gas to pause all Safety Modernization Program spending until it determines the optimal method of pipe replacement. The ICC granted a limited rehearing seeking to restore $145 million of costs, with an order expected by June 1, 2024. The company booked a non-cash charge of 41 cents per share in 2023 related to a disallowance of construction costs and plans to appeal in court.

  3. What is the company's capital plan and how is it being funded?

    The 2024-2028 capital plan totals $23.4 billion, including $7.0 billion for regulated renewables and $1.2 billion for Oak Creek combustion turbines. Projected sources include cash from operations of $16.5-$17.5 billion, incremental debt of $7.15-$8.15 billion, and common equity of $1.95-$2.35 billion, with 2024 financing planned at $2.1-$2.5 billion for the holding company.

  4. What are the company's dividend plans?

    In January the company raised its dividend 7.0% to an annual rate of $3.34 per share, marking the 21st consecutive year of dividend increases. The presentation states the dividend growth is top decile in the industry.

  5. What is the company's coal and emissions strategy?

    The company plans to exit coal by end of 2032, three years earlier than previously planned, and expects to use coal only as backup fuel by end of 2030. Its goals include a 60% reduction in CO2 from electric generation below 2005 levels by end of 2025 and 80% by end of 2030, and net-zero methane emissions from distribution by end of 2030.

04—Continue

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