MILWAUKEE, May 6, 2021 /PRNewswire/ -- At WEC Energy
Group's (NYSE: WEC) virtual annual meeting of stockholders today,
Executive Chairman Gale Klappa and
President and CEO Kevin Fletcher
highlighted how the company's focus on affordable, reliable and
clean energy turned resilience into results for stockholders,
customers and communities. They also emphasized the company's
commitment to diversity and inclusion while pointing to
achievements in financial performance, network reliability and
infrastructure upgrades.
2020 company highlights:
- Named one of America's most responsible companies by Newsweek
Magazine.
- We Energies, the company's largest utility, was named the most
reliable in the Midwest for the 10th year in a row.
- Invested nearly $2.2 billion in
the company's core business to maintain reliability and improve
customer service.
- Began commercial operation of Wisconsin's first large-scale solar energy
center.
- Announced new goals to reduce carbon dioxide emissions from its
electric generation fleet, including net carbon neutrality by
2050.
- Announced a new $16.1 billion
capital investment plan for efficiency, sustainability and growth,
referred to as the ESG Progress Plan. The plan is designed to cut
emissions, maintain superior reliability, deliver significant
savings for customers and grow investment in the future of
energy.
- Achieved the highest spending with diverse suppliers in company
history.
- Recorded fourteen all-time trading highs for WEC Energy Group
common stock.
- Returned approximately $798
million to WEC Energy Group stockholders through
dividends.
- Increased dividends in January
2021 by 7.1% to an annual rate of $2.71 per share. This marks the 18th
consecutive year of higher dividends.
Stockholder actions
During the meeting, stockholders elected the following directors
to terms expiring at the 2022 annual meeting: Curt S. Culver, Danny L.
Cunningham, William M. Farrow
III, J. Kevin Fletcher,
Cristina A. Garcia-Thomas,
Maria C. Green, Gale E. Klappa, Thomas
K. Lane, Ulice Payne, Jr. and
Mary Ellen Stanek.
As recommended by the board of directors, stockholders also
voted to:
- Ratify Deloitte & Touche LLP as independent auditors for
2021.
- Approve the amendment and restatement of the company's Omnibus
Stock Incentive Plan.
- Approve the compensation of WEC Energy Group's named executive
officers (say-on-pay).
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 42,000 stockholders of record, 7,200 employees and
more than $37 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 emission reduction goals and
the ESG Progress Plan. 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; the extent, duration and impact of the COVID-19
pandemic or any future health pandemics; 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; the
company's ability to successfully acquire and/or dispose of assets
and projects; cybersecurity 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; the impact of legislative and
regulatory changes, including changes to environmental standards
and greenhouse gas regulations; political developments; 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 Dec. 31,
2020, 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.
View original
content:http://www.prnewswire.com/news-releases/klappa-fletcher-review-a-challenging-year--turning-resilience-into-results-301286053.html
SOURCE WEC Energy Group