Skip to content
AnalystLens

Wec Energy Group 8-K Report, Regulation FD Disclosure (Dec 6, 2024)

Reports
Regulation FD·Exhibits & Filings
Filing Date
Filed December 6, 2024
Period End
December 6, 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 December 6, 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 December 6, 2024, attaching as Exhibit 99.1 presentation slides for its "Energizing the Future" Investor Update: December 2024, to be used in upcoming meetings with investors.

The presentation highlights a 2025-2029 capital plan increased by $4.3 billiona compared with the previous five-year plan, to a total of $27.6 billion of projected capital spend, and an expected compound annual EPS growth of 6.5% to 7.0%. It also cites 2024 GAAP EPS guidance of $4.74 to $4.84 (adjusted $4.80 to $4.90) and 2025 EPS guidance of $5.17 to $5.27. The company states it plans to raise its quarterly dividend to 89.25 cents per share for the first quarter of 2025, an annual rate of $3.57 per share, which it describes as a 6.9% increase.

Growth drivers cited include about 1,800 MW of additional electric demand through 2029, tied in part to a Microsoft investment of $3.3 billionb in Wisconsin, and the Wisconsin rate review outcomes with a 9.80% authorized ROE and 53.00% authorized equity ratio. The presentation also lays out a plan to exit coal by the end of 2032 and to invest $9.1 billion in regulated renewables over 2025-2029.

The presentation also discloses regulatory risks, including an Illinois Commerce Commission order requiring Peoples Gas to pause its Safety Modernization Program spending, a 2023 non-cash charge of 41 cents per share tied to a $117 millionc disallowance, and a 6 cents per share charge in the third quarter of 2024 related to the Rider QIP decision. These items are shown as excluded from adjusted EPS.

02—Key points

Key Highlights

  1. Capital plan for 2025-2029 is $27.6 billion, which the presentation states is $4.3 billion more than the previous five-year plan.
  2. Projected compound annual EPS growth of 6.5% to 7.0%; 2025 GAAP EPS guidance of $5.17 to $5.27 (midpoint $5.22).
  3. Board plans to raise the quarterly dividend to 89.25 cents per share for Q1 2025, an annual rate of $3.57, a 6.9% increase.
  4. Plans to build and own 4,365 MW of regulated renewables (including 2,900 MW solar, 565 MW battery storage and 900 MW wind) for $9.1 billion over 2025-2029.
  5. Projected electric sales growth of 4.5% to 5.0% for 2027-2029 in the Wisconsin segment, with 1,800 MW of additional demand through 2029, including a Microsoft investment of $3.3 billion in Wisconsin.
  6. Plan to exit coal as an energy source by end of 2032, with coal used only as backup fuel by end of 2030.
  7. Illinois regulatory risk: ICC ordered Peoples Gas to pause Safety Modernization Program spending, with an order expected in Q1 2025; a 41 cents per share non-cash charge was booked in 2023 and a 6 cents per share charge in Q3 2024.

03—Questions

Frequently Asked Questions

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

    The company furnished the filing under Item 7.01 (Regulation FD Disclosure) to attach presentation slides, Exhibit 99.1, for use by representatives at upcoming meetings with investors.

  2. What is the company's capital plan and growth outlook?

    The presentation shows a 2025-2029 capital plan of $27.6 billion, $4.3 billion above the prior five-year plan, and projects compound annual EPS growth of 6.5% to 7.0%.

  3. What dividend change did the board announce?

    The board announced plans to raise the quarterly dividend to 89.25 cents per share for the first quarter of 2025, equivalent to an annual rate of $3.57 per share, which the presentation describes as a 6.9% increase.

  4. What regulatory matters could affect results?

    The presentation cites the Illinois Commerce Commission's order pausing Peoples Gas' Safety Modernization Program spending, an appeal of a 2023 rate order with a $117 million disallowance, and a 2024 Rider QIP disallowance of approximately $14.8 million. It also notes that the company recorded non-cash charges of 41 cents per share in 2023 and 6 cents per share in Q3 2024.

  5. What is driving expected load growth?

    The presentation cites robust demand along the Milwaukee to Chicago corridor, including a Microsoft investment of $3.3 billion in Wisconsin, and projects 1,800 MW of additional electric demand through 2029, with Wisconsin electric sales growth forecast at 4.5% to 5.0% for 2027-2029.

04—Continue

← View all 8-K filings