MILWAUKEE, May 5, 2022 /PRNewswire/ -- At WEC Energy Group's
(NYSE: WEC) virtual annual meeting of stockholders today, Executive
Chairman Gale Klappa and President
and CEO Scott Lauber highlighted how
the company is building a bridge to the future with aggressive
environmental goals and a focus on affordable, reliable and clean
energy. They also emphasized how the company's focus on efficiency
and financial discipline — along with favorable weather and a solid
economic recovery in the region — resulted in record net income and
earnings per share.
2021 company highlights:
- Named one of America's most responsible companies by Newsweek
Magazine.
- Developed the largest five-year capital plan in company history
— including nearly 2,400 megawatts of new renewable capacity to
serve customers of We Energies and Wisconsin Public Service.
- Announced industry leading environmental goals with an
operating plan to achieve them.
- 60 percent reduction in CO2 emissions from electric generation
by the end of 2025.
- 80 percent reduction in CO2 emissions from electric generation
by the end of 2030.
- Net methane neutral in natural gas distribution operations by
the end of 2030.
- Announced a plan to exit from coal for power generation by the
end of 2035, with minimal use by the end of 2030.
- Strengthened the diversity of company leadership — 36 percent
of senior vice president and above positions filled by women or
minorities compared to 29 percent at year-end 2020.
- Achieved $270 million in spending
with diverse suppliers.
- Returned $855 million to WEC
Energy Group stockholders through dividends.
- Increased dividends in January
2022 by 7.4% to an annual rate of $2.91 per share. This
marks the 19th 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, Cristina A.
Garcia-Thomas, Maria C.
Green, Gale E. Klappa,
Thomas K. Lane, Scott J. Lauber, Ulice
Payne, Jr., Mary Ellen Stanek
and Glen E. Tellock.
As recommended by the board of directors, stockholders also
voted to:
- Ratify Deloitte & Touche LLP as independent auditors for
2022.
- 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 38,000
stockholders of record, 7,000 employees and $39 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 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, 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; the 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 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 to execute on its
capital plan; cyber-security 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 the company's ability to use
certain tax benefits and carryforwards; federal, state and/or local
legislative and regulatory changes, including changes to
environmental standards and greenhouse gas regulations, the
enforcement of these laws and the regulations and changes in the
interpretation by regulatory agencies; supply chain disruptions;
inflation; political and geopolitical developments; the impact from
new developments relating to the COVID-19 pandemic or any future
health pandemics; the impact on the global economy, supply chains
and fuel prices from the ongoing conflict between Russia and Ukraine; 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 December 31, 2021, 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