Skip to content
AnalystLens

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

Reports
Regulation FD·Other Events·Exhibits & Filings
Filing Date
Filed November 8, 2024
Period End
November 7, 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 November 8, 2024. Cited figures are marked; the original filing is the authoritative source.

WEC Energy Group, Inc. filed this Form 8-K on November 8, 2024 to furnish investor presentation slides (Exhibit 99.1) for upcoming investor meetings under Regulation FD, and to report a Wisconsin Public Service Commission (PSCW) decision.

On November 7, 2024, the PSCW approved rate changes in the rate cases filed in April 2024 by Wisconsin Electric Power Company, Wisconsin Gas LLC and Wisconsin Public Service Corporation. The filing states that the authorized return on equity was maintained at 9.80 percent and the equity ratio at 53.0 percent, with an updated earnings sharing mechanism at Wisconsin Electric and a final written order expected before year-end. The slides show 2025 rate increases of $144.0 milliona for Wisconsin Electric's electric business and $39.7 million for its natural gas business, along with 2026 increases of $168.0 million and $30.0 million, respectively.

The presentation reaffirms the company's growth outlook. It cites 2024 GAAP EPS guidance of $4.74 to $4.84b and adjusted guidance of $4.80 to $4.90, a 2025-2029 capital plan that is $4.3 billion larger than the prior five-year plan (reaching $27.6 billion of projected capital spend), and expected compound annual EPS growth of 6.5% to 7.0%.

Key drivers include $9.1 billionc of regulated renewables and a Microsoft-linked data center load expected to add 1,800 MW of electric demand through 2029. The company also reports a plan to exit coal by the end of 2032 and a dividend increased 7.0% in January 2024 to an annual rate of $3.34 per share.

02—Key points

Key Highlights

  1. PSCW approved rate changes on November 7, 2024 for Wisconsin Electric, Wisconsin Gas and Wisconsin Public Service; authorized ROE maintained at 9.80% and equity ratio at 53.0%.
  2. Wisconsin Electric's updated earnings sharing mechanism applies from 2025; final written order is expected before year-end.
  3. Projected 2025 rate increases of $144.0 million (Wisconsin Electric electric, including fuel) and $39.7 million (Wisconsin Electric gas); 2026 increases of $168.0 million and $30.0 million.
  4. 2025-2029 capital plan increased by $4.3 billion versus the prior five-year plan, to $27.6 billion of projected capital spend, with $9.1 billion for regulated renewables.
  5. Expected compound annual EPS growth of 6.5% to 7.0%; 2024 GAAP EPS guidance of $4.74 to $4.84 and adjusted guidance of $4.80 to $4.90.
  6. Projected 1,800 MW of additional electric demand through 2029, including a Microsoft data center in Mount Pleasant, Wisconsin.
  7. Plans to exit coal by end of 2032 and use coal only as a backup fuel by end of 2030; dividend raised 7.0% in January 2024 to $3.34 annual rate.

03—Questions

Frequently Asked Questions

  1. What did the Wisconsin Public Service Commission decide on November 7, 2024?

    The PSCW approved rate changes in the April 2024 rate cases for Wisconsin Electric Power Company, Wisconsin Gas LLC and Wisconsin Public Service Corporation. The authorized return on equity was maintained at 9.80 percent and the equity ratio at 53.0 percent. The filing notes that a final written order is still expected before year-end.

  2. How much will customer rates increase under the Wisconsin decisions?

    The presentation projects 2025 rate increases of $144.0 million for Wisconsin Electric electric (including fuel), $39.7 million for Wisconsin Electric gas, $35.0 million for Wisconsin Gas, $47.2 million for Wisconsin Public Service electric and $14.6 million for Wisconsin Public Service gas. Projected 2026 increases are $168.0 million, $30.0 million, $23.2 million, $34.4 million and $13.5 million, respectively.

  3. How is the capital plan changing?

    The 2025-2029 capital plan totals $27.6 billion, which is $4.3 billion more than the previous five-year plan. The largest increases are $2.1 billion for regulated renewables, $0.9 billion for natural gas generation and $700 million for electric distribution, partially offset by a $800 million decrease in energy infrastructure.

  4. What earnings growth does the company expect?

    The company expects compound annual EPS growth of 6.5% to 7.0%. Its 2024 GAAP EPS guidance is $4.74 to $4.84, and adjusted guidance is $4.80 to $4.90, excluding a non-cash charge of 41 cents per share related to the Illinois disallowance.

  5. What is driving electricity demand growth?

    The presentation cites Microsoft's announced $3.3 billion investment in Wisconsin for 2024-2026, including an AI data center in Mount Pleasant. The company expects 1,800 MW of additional electric demand through 2029 and forecasts Wisconsin electric sales growth of 4.5% to 5.0% for 2027-2029.

04—Continue

← View all 8-K filings