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Wec Energy Group 8-K Report, Regulation FD Disclosure (Aug 12, 2024)

Reports
Regulation FD·Exhibits & Filings
Filing Date
Filed August 12, 2024
Period End
August 12, 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 August 12, 2024. Cited figures are marked; the original filing is the authoritative source.

WEC Energy Group, Inc. furnished this Form 8-K under Item 7.01 (Regulation FD) on August 12, 2024, attaching presentation slides for its August 2024 Investor Update, to be used in upcoming meetings with investors.

The deck reaffirms the company's focus on earnings growth and a large regulated capital program, stating a 2024-2028 capital plan of $23.7 billiona and expected compound annual EPS growth of 6.5% to 7.0%. It cites 2024 EPS guidance of $4.80-$4.90, a dividend raised 7.0% in January 2024 to a new annual rate of $3.34 per share, and a streak of beating EPS guidance every year for 20 years. Key regulatory items for investors include pending Wisconsin rate reviews, with proposed 2025 electric and natural gas revenue increases for Wisconsin Electric, Wisconsin Gas and Wisconsin Public Service, and a Wisconsin commission order expected in Q4 2024 for new rates effective January 1, 2025.

The presentation also highlights Illinois developments: the Illinois Commerce Commission ordered Peoples Gas to pause spending on its Safety Modernization Program, and the company has appealed ICC decisions in court. Its 2023 results included a non-cash charge of 41 cents per share tied to the Illinois disallowance.

The deck also outlines a clean-energy and coal-exit strategy, including retirement of Oak Creek Units 5-6 (528 MW), a plan to eliminate coal by end of 2032, and roughly 3,830 MW of planned renewable and storage projects totaling $7.0 billionb. Growth drivers cited include 1,400 MW of additional load through 2028 and a Microsoft $3.3 billion investment in Wisconsin.

02—Key points

Key Highlights

  1. Reaffirmed 2024-2028 capital plan of $23.7 billion, described as the largest five-year plan in company history.
  2. Projects expected compound annual EPS growth of 6.5% to 7.0%, with 2024 EPS guidance of $4.80-$4.90.
  3. Dividend increased 7.0% in January 2024 to an annual rate of $3.34 per share, the 21st consecutive year of higher dividends.
  4. Wisconsin rate reviews filed in April 2024 propose 2025 electric revenue increases of 6.9% (Wisconsin Electric) and 8.5% (Wisconsin Public Service), with a commission order expected in Q4 2024.
  5. Illinois Commerce Commission ordered Peoples Gas to pause its Safety Modernization Program spending; the company has appealed ICC decisions in court.
  6. Plans to build approximately 3,830 MW of renewable and storage projects costing $7.0 billion, and to eliminate coal as an energy source by end of 2032.
  7. Projected capital plan funded by cash from operations of $16.5-$17.5 billion and incremental debt of $7.15-$8.15 billion over 2024-2028.

03—Questions

Frequently Asked Questions

  1. Why did WEC Energy Group file this 8-K?

    The company filed under Item 7.01 (Regulation FD Disclosure) to furnish presentation slides, attached as Exhibit 99.1, that representatives will use in upcoming meetings with investors.

  2. What is the company's long-term earnings outlook?

    The presentation expects compound annual EPS growth of 6.5% to 7.0%, supported by a 2024-2028 capital plan of $23.7 billion and an asset base projected to grow from $29.4 billion in 2023 to $43.4 billion in 2028.

  3. What regulatory matters could affect near-term results?

    Pending Wisconsin rate decisions for new base rates effective January 1, 2025, are expected in Q4 2024. In Illinois, the ICC paused Peoples Gas Safety Modernization Program spending pending review, and a Future of Gas docket is expected to be completed in 2025.

  4. How is the company addressing its generation fleet and emissions?

    The company plans to retire Oak Creek Units 5-6 (528 MW) and Oak Creek Units 7-8 (611 MW, late 2025), retire Columbia Units 1-2 by June 1, 2026, and eliminate coal as an energy source by end of 2032, with a 60% carbon reduction target from 2005 levels by end of 2025.

  5. What growth drivers does the company cite for demand?

    The presentation cites 1,400 MW of additional load through 2028 and a Microsoft announcement of a $3.3 billion investment in Wisconsin (2024-2026) for artificial intelligence innovation, along with a longer-term Wisconsin electric sales growth forecast of 4.5% to 5.0% for 2026-2028.

04—Continue

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