01—Abstract
Summary
Summary of the 8-K filed September 25, 2024. Cited figures are marked; the original filing is the authoritative source.
WEC Energy Group, Inc. furnished a Form 8-K under Item 7.01 (Regulation FD Disclosure) on September 25, 2024, attaching as Exhibit 99.1 presentation slides for an October 2024 investor update.
The filing states that company representatives will participate in upcoming investor meetings using these slides. No new financial results or transactions are reported in the filing body itself. The presentation highlights a 2024-2028 capital plan of $23.7 billiona, described as the largest five-year plan in company history, with projected cash from operations of $16.5 to $17.5 billion and expected compound annual EPS growth of 6.5% to 7.0%.
It also sets 2024 EPS guidance of $4.74 to $4.84b on a GAAP basis and $4.80 to $4.90 on an adjusted basis, and notes a dividend increase of 7.0% to an annual rate of $3.34 per share in January 2024. Regulatory items cited include pending Wisconsin rate reviews with proposed 2025 electric and gas revenue increases, and an Illinois Commerce Commission order directing Peoples Gas to pause Safety Modernization Program spending pending an order expected in the first quarter of 2025.
The slides also outline a coal exit plan (Oak Creek Units 5-6 retired May 31, 2024, with full coal exit planned by end of 2032), a $7.0 billionc regulated renewables investment program covering 3,830 MW, and forecasted Wisconsin sales growth. Investors would weigh these growth and capital commitments against the pending regulatory decisions and the Illinois spending pause.
02—Key points
Key Highlights
- Exhibit 99.1 contains October 2024 investor update slides for upcoming investor meetings, furnished under Item 7.01 (Regulation FD Disclosure)
- 2024-2028 capital plan of $23.7 billion, described as the largest five-year plan in company history
- 2024 EPS guidance of $4.74 to $4.84 (GAAP) and $4.80 to $4.90 (adjusted); expected compound annual EPS growth of 6.5% to 7.0%
- Dividend raised 7.0% in January 2024 to a new annual rate of $3.34 per share, the 21st consecutive year of increases
- Wisconsin rate reviews filed in April 2024 with proposed 2025 electric and gas revenue increases; new rates expected effective January 1, 2025
- Illinois Commerce Commission ordered Peoples Gas to pause Safety Modernization Program spending; ICC order expected in Q1 2025
- Plan to build and own 3,800 MW of regulated renewables, with $7.0 billion of investment, and exit coal by end of 2032
03—Questions
Frequently Asked Questions
What is the purpose of this 8-K filing?
The filing furnishes presentation slides under Item 7.01 (Regulation FD Disclosure) for use by WEC Energy Group representatives at upcoming investor meetings. The filing itself reports no new financial results or transactions.
What is WEC Energy Group's earnings guidance for 2024?
The presentation gives 2024 EPS guidance of $4.74 to $4.84 on a GAAP basis and $4.80 to $4.90 on an adjusted basis. It also states the company expects compound annual EPS growth of 6.5% to 7.0%.
What is the size of the company's 2024-2028 capital plan?
The presentation describes a $23.7 billion capital plan for 2024-2028, which it calls the largest five-year plan in company history. Projected cash from operations over the period is $16.5 to $17.5 billion.
What regulatory matters could affect investors soon?
Wisconsin utilities have pending rate applications with a Commission decision expected in Q4 2024 for new rates effective January 1, 2025. In Illinois, the ICC ordered Peoples Gas to pause Safety Modernization Program spending, with an order expected in Q1 2025.
What is WEC's plan for coal and renewable generation?
The company plans to eliminate coal as an energy source by end of 2032, with coal used only as a backup fuel by end of 2030. It plans to build and own 3,800 MW of regulated renewables, representing $7.0 billion of investment over 2024-2028.
04—Continue