MILWAUKEE, Jan. 18,
2024 /PRNewswire/ -- The board of directors of WEC
Energy Group (NYSE: WEC) today declared a quarterly cash dividend
of 83.50 cents per share on the company's common stock, an
increase of 7 percent over the current quarterly dividend of
78 cents per share. This raises the
annual dividend rate to $3.34 per
share.
The higher dividend is payable March 1,
2024, to stockholders of record on Feb. 14, 2024. This marks the
326th consecutive quarter — dating back to 1942 —
that the company will have paid a dividend to its stockholders.
"With today's action by our board, 2024 will be the twenty-first
consecutive year of dividend increases for our stockholders," said
Gale Klappa, executive chairman. "We
continue to target a dividend payout of 65 to 70 percent of
earnings."
WEC Energy Group (NYSE: WEC), based in
Milwaukee, is one of the nation's
premier energy companies, serving nearly 4.7 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 states ranging from South Dakota to Texas.
WEC Energy Group (wecenergygroup.com) is a Fortune 500
company and a component of the S&P 500. The company has
approximately 35,000 stockholders of record, 7,000 employees and
more than $43 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; unusual, varying or 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, mandates and other efforts to reduce the use of
natural gas; the company's ability to successfully acquire and/or
dispose of assets and projects and to execute on its capital plan;
terrorist, physical or cyber-security threats or attacks and data
security breaches; construction risks; labor disruptions; equity
and bond market fluctuations; changes in the company's and its
subsidiaries' ability to access the capital markets and shareholder
approval of related proposals; changes in tax legislation or our
ability to use certain tax benefits and carryforwards; federal,
state, and local legislative and regulatory changes, including
changes in rate-setting policies or procedures and environmental
standards, the enforcement of these laws and regulations or permit
conditions and changes in the interpretation of regulations by
regulatory agencies; supply chain disruptions; inflation; political
or geopolitical developments, including impacts on the global
economy, supply chain and fuel prices, generally, from ongoing
global conflicts; the impact from any health crises, including
epidemics and pandemics; current and future litigation and
regulatory investigations, proceedings or inquiries; changes in
accounting standards; the financial performance of the 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, 2022, 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