WEC Energy Group
WEC Energy Group provides energy services to 4.7 million customers across the Midwest, operates extensive electric and gas distribution networks, and is committed to sustainability and community support.
Company Overview
WEC Energy Group provides energy services to 4.7 million customers in Wisconsin, Illinois, Michigan, and Minnesota. The company operates 72,000 miles of electric distribution lines and 46,400 miles of natural gas distribution and transmission lines. With a reliable power capacity of 8,300 megawatts, WEC Energy Group has established itself as a key player in the energy sector. The company's headquarters are located in Milwaukee, Wisconsin, with additional offices in Chicago, Illinois, and Green Bay, Wisconsin. WEC Energy Group trades its common stock on the New York Stock Exchange (NYSE) under the ticker symbol WEC.
Subsidiaries
WEC Energy Group oversees several subsidiaries, including We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Minnesota Energy Resources, Michigan Gas Utilities, Upper Michigan Energy Resources, Bluewater Gas Storage, WEC Infrastructure, and Wispark. These subsidiaries enhance the company's ability to deliver reliable energy services to its customers across multiple states. WEC Infrastructure is particularly notable for its investments in renewable energy, with agreements for majority ownership interests in wind and solar generating facilities capable of producing more than 2,300 megawatts of energy.
Sustainability and Carbon Goals
WEC Energy Group is committed to sustainability, aiming to make its electric generation fleet net carbon neutral by 2050. The company has set ambitious targets to reduce carbon dioxide emissions by 60% by the end of 2025 and 80% by the end of 2030, compared to 2005 levels. WEC Energy Group participates in initiatives led by the Edison Electric Institute and American Gas Association to promote consistency and transparency in sustainability reporting across the energy utility sector. Additionally, the company discloses information regarding its operations and ESG goals to CDP (formerly the Carbon Disclosure Project).
Community and Employee Programs
WEC Energy Group supports nonprofit, tax-exempt organizations in communities it serves, focusing on community and neighborhood development, arts and culture, health and human services, education, and the environment. The company operates foundations through We Energies and Wisconsin Public Service to support these efforts. WEC Energy Group also runs a Matching Gifts program to encourage charitable giving by matching eligible employee donations to nonprofit organizations. Additionally, the company has a Supplier Diversity Program to support minority, women-owned, veteran-owned, or service-disabled-owned businesses.
Dividend and Financial Commitments
WEC Energy Group has a goal to achieve a dividend payout of 65 to 70 percent of earnings. The company has declared a quarterly cash dividend of 83.50 cents per share, marking the 326th consecutive quarter of dividend payments. This consistent dividend payment record demonstrates WEC Energy Group's financial stability and commitment to providing value to its shareholders.