Sector: Utilities|Industry: Utilities - Regulated Electric|Market Cap: $29.40B|Employees: 7K
WEC Energy Group is a diversified holding company focused on regulated natural gas and electricity, as well as non-regulated renewable energy. The company operates primarily in Wisconsin, Illinois, Michigan, and Minnesota, with a significant market position in the Midwest. WEC Energy Group has a competitive advantage through its diverse generation portfolio and its ability to provide reliable and affordable energy to its customers.
Operating revenues decreased from $1,957.4 million to $1,863.5 million for the three months ended September 30, 2024, primarily due to lower natural gas sales volumes as a result of warmer weather.
Net income decreased from $315.6 million to $238.6 million for the three months ended September 30, 2024, primarily due to lower operating revenues and a $25.3 million pre-tax charge to income related to the ICC's disallowance of certain capital costs.
Capital expenditures increased $205.2 million for the nine months ended September 30, 2024, compared to the same period in 2023, as the company continues to execute on its ESG Progress Plan.