News

The Board of Directors of WEC Energy Group will raise the quarterly dividend on the company's common stock to 89.25 cents per share in the first quarter of 2025. This would represent an increase of 5.75 cents per share, or 6.9 percent.

The directors expect to declare the new dividend at their regularly scheduled meeting in January. The dividend — which would be equivalent to an annual rate of $3.57 per share — would be payable March 1, 2025, to stockholders of record on February. 14, 2025.

"The board's review today is consistent with our ongoing plan targeting a dividend payout ratio of 65 to 70 percent of earnings," said Scott Lauber, president and CEO. "The projected dividend for 2025 is in line with the company's longer-term objective to grow earnings per share at a 6.5 to 7 percent compound annual growth rate."

In addition, the company introduced earnings guidance for 2025. Calendar year 2025 earnings are expected to be in a range of $5.17 to $5.27 per share. The midpoint of the range is $5.22 per share. This represents growth of 7.6 percent from the midpoint of the company's 2024 adjusted guidance of $4.85 per share.

The Board of Directors of Xcel Energy has declared a quarterly dividend on its common stock of 54.75 cents per share. The dividends are payable January 20, 2025, to shareholders of record on January 6, 2025.

WEC Energy Group has announced that Maria Bocanegra, previously the Chief Legal and Government Relations Officer at the Port of Cleveland, has been named President — Peoples Gas and North Shore Gas, effective January 2, 2025.

"Maria has an impressive list of accomplishments in utility regulation and creating successful engagement strategies within the government, private and public sectors," according to Scott Lauber, President and Chief Executive Officer — WEC Energy Group. "I know her broad experience, along with her strong leadership, will be instrumental in helping us achieve our goals in Illinois."

Bocanegra will have primary responsibility for managing the daily operations, strategy and administrative activities of the two Illinois utilities, which together provide safe, reliable natural gas service to nearly 1 million customers in Chicago and 54 communities in its northern suburbs. She will report to Lauber.

Bocanegra holds a bachelor's degree in political science from Quincy University and a juris doctor from DePaul University College of Law.

The Burns & McDonnell company has completed construction of two solar energy projects for Alliant Energy in Iowa — the 150-MW Wever solar project and the 50-MW Creston solar project.

“These projects stand as a testament to Alliant Energy’s commitment to sustainability and our dedication to safety and resilience ”according to Jami Stone, construction project manager at Burns & McDonnell. “With more than 326,000 hours worked and over 420 craft workers at peak construction, we’ve demonstrated that sustainability is about protecting both people and the planet.”

A significant portion of the craftspeople came from local unions, underscoring the commitment of Burns & McDonnell to supporting the communities where it works. Through apprenticeships and other on-the-job training, the projects narrowed the gap in skilled tradespeople that had been identified in Iowa in recent years.

Xcel Energy employees, contractors and retirees, supported by the company’s Foundation, provided over $12 million and tens of thousands of volunteer hours in 2024 to support charitable organizations and causes.

Throughout the year, they embraced opportunities to donate their time and act on a shared commitment to making a difference in their communities, volunteering more than 60,000 hours. The Foundation expanded its giving impact this year by investing $4.6 million in grant funding to 390 nonprofit organizations across its eight-state service area.

The company’s 2024 Day of Service engaged 2,200 volunteers who committed over 7,900 hours to support 110 nonprofit projects. Among the many other impacts of these projects, volunteers packed 130,000 meals, assembled 4,300 kits for teachers and distributed 4,000 dental kits. The Power Your Purpose Giving Campaign raised $2.4 million to support over 1,500 organizations. Including the Foundation match, the campaign raised a total of $4.8 million.

In Wisconsin and Michigan, the Foundation granted $362,000 to 63 local nonprofits that align with the focus areas. As a result, 11,000 trees will be planted, offsetting 7.7 tons of carbon emissions, along with many other positive community impacts from the work of the nonprofits. Employees in Wisconsin and Michigan also gave their time to causes that matter to them throughout the year. During Day of Service, 180 employees and contractors volunteered over 700 hours, conducting environmental clean-up and supporting a range of nonprofits in their work.

Columbia Energy Center co-owners – Alliant Energy, Madison Gas and Electric Company and Wisconsin Public Service Corporation – have detailed plans to shift the suspension of coal operations to the end of 2029. This shift from the previous date of 2026 provides the companies time to explore converting at least one of Columbia’s units to natural gas before the end of 2029 while also furthering reliability, supporting customer growth, maintaining affordability and continuing to advance their sustainability goals. This plan allows the companies to continue leveraging current generation assets to enhance system reliability while addressing changing market conditions.

Multiple reports have documented the industry is facing unprecedented circumstances, including changes implemented by the Midcontinent Independent System Operator (MISO), the regional system operator. Recently, MISO changed the accreditation levels for different generation resources and made the direct recommendation that there’s a “need to accelerate resource additions, monitor large load additions, and delay resource retirements to reliably manage the anticipated growth in electricity demand” to support reliability and load growth.

Natural gas plays an important role in enabling the ongoing transition toward greater use of renewable resources by providing a flexible, dispatchable resource to serve customers reliably and affordably when necessary. A potential conversion, if sought by the co-owners and approved by regulators, would satisfy future capacity needs while also complementing the co-owners’ renewable resources. On behalf of customers and communities across Wisconsin, the plant’s co-owners’ commitment to carbon reduction goals remains unwavering. The co-owners are continuously analyzing market conditions and projected energy demands. Based on this data, they determined this is the best path forward to ensure continued reliability, affordability for all, and future growth preparedness. Each also reaffirmed their commitments to eliminating coal as a generation source and to pursuing their carbon reduction goals, thereby paving the way for cleaner, more sustainable energy solutions in the most cost-effective and responsible manner possible

WPS serves approximately 466,000 electric customers and 344,000 natural gas customers in northeast and central Wisconsin.

Wisconsin Public Service (WPS) is once again earning national recognition for its commitment to world-class reliability and customer service. The company has been named one of the top-performing midsize utilities as part of PA Consulting's 2024 ReliabilityOne® Awards.

"This award reflects the commitment we make to our customers every day— to ensure they have affordable, reliable and clean energy," said Mike Hooper, president — WPS. "This honor demonstrates the tireless efforts of our employees to provide customers across our region with the industry-leading service and reliability they depend on."

WPS is receiving the award from PA Consulting based on its strong reliability performance in 2023. The company has worked to strengthen the power grid by upgrading equipment, adding new technologies and moving overhead power lines underground. These innovative techniques have significantly improved reliability for homes and businesses throughout northeast and north central Wisconsin.

PA Consulting also honored WPS for its dedication to customer service and commitment to delivering reliable power to its customers.

Alliant Energy Corporation has announced U.S. generally accepted accounting principles (GAAP) and non-GAAP consolidated unaudited earnings per share (EPS) for the three months ended September 30.

“We continue to deliver solid financial and operational results while executing our customer-focused strategy,” said Lisa Barton, Alliant Energy President and CEO. “We anticipate we will be able to offset a majority of the 2024 negative temperature impacts on earnings, as reflected in our 2024 revised earnings guidance. The introduction of our 2025 earnings guidance, and reiteration of our long-term earnings growth range of five percent to seven percent reinforces the consistent performance and predictable long-term growth of the company."

MGE Energy's GAAP earnings for the third quarter of 2024 were $40.9 million, or $1.13 per share, compared to $37.9 million, or $1.05 per share, for the same period in the prior year. In the third quarter of 2024, electric net income increased $3.9 million compared to the third quarter of 2023. An increase in electric investments included in rate base and lower fuel costs contributed to increased electric earnings for the third quarter of 2024. Fuel costs during the third quarter of 2024 were lower than the 2024 fuel cost plan approved by the PSCW. Gas net income in the third quarter of 2024 remained relatively flat compared to the third quarter of 2023.

WEC Energy Group has reported net income of $240.1 million, or 76 cents per share, for the third quarter of 2024. This compares to earnings of $316.0 million, or $1.00 per share, for last year's third quarter. Third-quarter 2024 earnings include a charge of 6 cents per share related to certain capital expenditures under the Qualifying Infrastructure Plant rider that were disallowed by the Illinois Commerce Commission. Excluding this charge, WEC Energy Group's adjusted earnings for the third quarter of 2024 were 82 cents per share — a decrease of 18 cents per share compared to third-quarter 2023 earnings. For the first nine months of 2024, WEC Energy Group recorded net income based on GAAP of $1.07 billion, or $3.40 per share. This compares to earnings of $1.11 billion, or 3.52 per share, for the same period in 2023. Excluding the charge described above, WEC Energy Group's adjusted earnings for the first nine months of 2024 totaled $3.45 per share. Consolidated revenues totaled $6.3 billion for the first nine months of 2024, down $359.8 million from revenues for the first nine months of 2023. 

"We delivered another solid quarter, and we remain firmly on track for a strong 2024," said Scott Lauber, president and CEO. "Our focus remains on the fundamentals of our business - financial discipline, customer satisfaction and operating efficiency — enhancing value for our customers and stockholders."

Xcel Energy has reported 2024 third quarter earnings of $682 million, or $1.21 per share, compared with $656 million, or $1.19 per share in the same period in 2023 and ongoing earnings of $707 million, or $1.25 compared with $682 million, or $1.23 per share in the same period in 2023. Third quarter ongoing earnings reflect recovery of increased infrastructure investments, partially offset by increased depreciation and interest charges.

“The U.S. energy industry is on the cusp of its biggest transition in a century,” said Bob Frenzel, chairman, president and CEO of Xcel Energy. “The unprecedented energy demand to power new technologies, grow U.S.-based manufacturing and support the electrification of our daily lives requires a fundamental shift in how our industry generates and delivers energy, while ensuring our infrastructure is designed to withstand severe weather events and other risks.”

“Xcel Energy has introduced its new five-year, $45 billion investment plan. The plan builds on Xcel Energy’s proactive efforts to meet this historic moment to make our grid cleaner, more efficient and more resilient while safely and affordably meeting the needs of our customers “

Since September of 2005, Roger Cole has been an impressive and exemplary Chairman of the Wisconsin Utility Investors (WUI). Under his leadership, WUI has successfully navigated numerous challenges, and his steady and thoughtful guidance has been invaluable to our organization. The Board of Directors at WUI deeply appreciates his unwavering commitment and dedication to our mission. We honor his 19 years of leadership and the significant contributions Roger has made during his tenure.

A new excise tax effective January 1, 2025, establishes an electric vehicle (EV) charging tax and requires certain persons to register for the new tax. As stipulated by 2023 Wisconsin Act 121, an excise tax of 3 cents per kilowatt-hour is due on the electricity delivered or placed into the battery or other energy storage device of an EV by a Level 3 charger, or a Level 1 or Level 2 charger installed on or after March 22, 2024, of an EV charging station.

An owner, operator, manager, or lessee of an EV charging station must register with the Wisconsin Department of Revenue using the Online Business Tax Registration prior to delivery or placement of electricity from an EV charging station that is subject to the excise tax. The registration and excise tax applies regardless of whether the charging station is available for public use and whether there is a charge to the consumer for the electricity from the EV charging station. Excise tax does not apply and registration is not required for residential EV charging stations, except for hotels.

"The excise tax represents a crucial source of revenue for maintaining Wisconsin's roadways and infrastructure," said Department of Revenue Secretary Designee David Casey. "It will help ensure continued funding for road repairs and construction as Wisconsin drivers increasingly make the switch to electric vehicles, while creating a more equitable system in which all drivers contribute to road maintenance costs."