MILWAUKEE, Dec. 13,
2022 /PRNewswire/ -- The board of directors of WEC
Energy Group (NYSE: WEC) today announced that it is planning to
raise the quarterly dividend on the company's common stock to
78 cents per share in the first
quarter of 2023. This would represent an increase of 5.25 cents per share, or 7.2 percent.
The directors expect to declare the new dividend at their
regularly scheduled meeting in January. The dividend — which would
be equivalent to an annual rate of $3.12 per share — would be payable March 1, 2023, to stockholders of record on
Feb. 14, 2023.
"The board's review today is consistent with our ongoing plan
targeting a dividend payout ratio of 65 to 70 percent of earnings,"
said Gale Klappa, executive
chairman.
In addition, the company introduced earnings guidance for 2023.
Calendar year 2023 earnings are expected to be in a range of
$4.58 to $4.62 per share. The midpoint of the range is
$4.60 per share, which represents
growth of 6.7 percent from the midpoint of the company's original
guidance for 2022.
WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation's premier
energy companies, serving 4.6 million customers in Wisconsin, Illinois, Michigan and Minnesota.
The company's principal utilities are We Energies, Wisconsin
Public Service, Peoples Gas, North Shore Gas, Michigan Gas
Utilities, Minnesota Energy Resources and Upper Michigan Energy
Resources. Another major subsidiary, We Power, designs, builds
and owns electric generating plants. In addition, WEC
Infrastructure LLC owns a growing fleet of renewable generation
facilities in the Midwest.
WEC Energy Group (wecenergygroup.com) is a Fortune 500
company and a component of the S&P 500. The company has
approximately 38,000 stockholders of record, 7,000 employees and
more than $40 billion of
assets.
Forward-looking statements
Certain statements contained in this press release are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These statements are based upon management's
current expectations and are subject to risks and uncertainties
that could cause our actual results to differ materially from those
contemplated in the statements. Readers are cautioned not to place
undue reliance on these statements. Forward-looking statements
include, among other things, statements concerning management's
expectations and projections regarding earnings, earnings growth
rates, dividend payments and future results. In some cases,
forward-looking statements may be identified by reference to a
future period or periods or by the use of forward-looking
terminology such as "anticipates," "believes," "estimates,"
"expects," "forecasts," "guidance," "intends," "may," "objectives,"
"plans," "possible," "potential," "projects," "should," "targets,"
"will" or similar terms or variations of these terms.
Factors that could cause actual results to differ materially
from those contemplated in any forward-looking statements include,
but are not limited to: general economic conditions, including
business and competitive conditions in the company's service
territories; timing, resolution and impact of rate cases and other
regulatory decisions; the company's ability to continue to
successfully integrate the operations of its subsidiaries;
availability of the company's generating facilities and/or
distribution systems; unanticipated changes in fuel and purchased
power costs; key personnel changes; varying, adverse or unusually
severe weather conditions; continued industry restructuring and
consolidation; continued advances in, and adoption of, new
technologies that produce power or reduce power consumption; energy
and environmental conservation efforts; electrification initiatives
or mandates; the company's ability to successfully acquire and/or
dispose of assets and projects and to execute on its capital plan;
cyber-security threats and data security breaches; construction
risks; equity and bond market fluctuations; changes in the
company's and its subsidiaries' ability to access the capital
markets; changes in tax legislation or our ability to use certain
tax benefits and carryforwards; federal, state, and local
legislative and regulatory changes, including changes to
environmental standards, the enforcement of these laws and
regulations and changes in the interpretation of regulations by
regulatory agencies; supply chain disruptions; inflation; political
and geopolitical developments, including impacts on the global
economy, supply chain and fuel prices, generally, from the ongoing
conflict between Russia and
Ukraine; the impact from any new
developments relating to the COVID-19 pandemic or any future health
pandemics; current and future litigation and regulatory
investigations, proceedings or inquiries; changes in accounting
standards; the financial performance of American Transmission
Company as well as projects in which the company's energy
infrastructure business invests; the ability of the company to
obtain additional generating capacity at competitive prices;
goodwill and its possible impairment; and other factors described
under the heading "Factors Affecting Results, Liquidity and Capital
Resources" in Management's Discussion and Analysis of Financial
Condition and Results of Operations and under the headings
"Cautionary Statement Regarding Forward-Looking Information" and
"Risk Factors" contained in the company's Form 10-K for the year
ended December 31, 2021, and in
subsequent reports filed with the Securities and Exchange
Commission. Except as may be required by law, the company expressly
disclaims any obligation to publicly update or revise any
forward-looking information.
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SOURCE WEC Energy Group