Klappa, Lauber highlight exceptional year for WEC Energy Group
Company highlights
- Developed the largest five-year capital plan in company history — including nearly 3,800 megawatts of new renewable capacity to serve the customers of
We Energies andWisconsin Public Service . - Completed the largest solar project in
Wisconsin history as the final panels at theBadger Hollow Solar Park in southwesternWisconsin went in service at the end of 2023. - Brought 128 megawatts of new highly efficient and flexible natural gas generation online.
- Completed the construction of two liquefied natural gas facilities to support the company's power generation and gas distribution systems.
- Introduced renewable natural gas (RNG) into the company's distribution network. The RNG replaces a portion of the conventional natural gas that would have entered the system. This effort contributes to
WEC Energy Group's methane reduction goal and benefits the land and water of America's heartland. - Spent a record
$333.7 million with certified minority-, women-, veteran- and service-disabled-owned businesses. - Returned a record
$984 million toWEC Energy Group stockholders through dividends. - Increased the dividend level in
January 2024 by 7% to an annual rate of$3.34 per share. This marks the 21st consecutive year of higher dividends. - Also in 2024, selected by Standard and Poor's for inclusion in the High Yield Dividend Aristocrats Index.
Stockholder actions
During the meeting, stockholders elected the following directors to terms expiring at the 2025 annual meeting:
As recommended by the board of directors, stockholders also voted to:
- Ratify Deloitte & Touche LLP as independent auditors for 2024.
- Approve the compensation of
WEC Energy Group's named executive officers (say-on-pay). - Amend the Restated Articles of Incorporation to increase the number of authorized shares of common stock.
Finally, stockholders voted in favor of an advisory proposal regarding simple majority vote.
The company's principal utilities are
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 capital plans, construction plans, emission reduction goals, and dividend payouts. 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, including rider reconciliations; 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, escalating, or expanding regional 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
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