News

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."

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.

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

Warner Baxter, the retired Executive Chairman and Chief Executive Officer of Ameren Corp., and John Lange, the retired global head of the Energy and Industrials Groups for Barclays PLC, have been appointed to the board of directors of WEC Energy Group. Their appointments are effective January 1, 2025.

"We're very pleased that Warner and John have agreed to join our board," said Gale Klappa, chairman. "With their extensive experience in the energy sector, they will add significant depth and expertise to a highly engaged and effective board of directors."

Warner Baxter

Baxter spent more than 28 years at Ameren Corp., a Fortune 500 energy company that serves millions of electric and natural gas customers in Illinois and Missouri. He retired last year as executive chairman. He also served as chairman, president and CEO from 2014 to 2021, and previously served as Ameren's president of Ameren Missouri, executive vice president and chief financial officer, and vice president and controller.

Baxter serves on the boards of directors of U.S. Bancorp, Quanta Services, Inc. and several non-profit organizations. He is past Chair of the Edison Electric Institute (EEI) and currently serves on the Edison Foundation Board. He also served as Chair of the Board and on the Executive Committee of the Electric Power Research Institute (EPRI). He earned a Bachelor of Science degree in accounting from the University of Missouri–St. Louis (UMSL). In 2024, Baxter also received an honorary doctorate in business administration from UMSL.

John Lange

Lange retired earlier this year as global head of the Energy and Industrials Groups for Barclays PLC after more than 28 years in investment banking. During his tenure at Barclays, Lange also served on the Investment Banking Management Committee. Before his role at Barclays, Lange led the Global Power M&A Group at Lehman Brothers.

During his career, Lange worked on numerous strategic advisory, M&A, equity, debt and project financing assignments for domestic and international clients across the utility, natural resources and industrial sectors.

Lange received his Bachelor of Arts degree from Bucknell University and his MBA from the Fuqua School of Business at Duke University. Lange served on the EPRI Advisory Council and was co-chair of the Wall Street Advisory Group for EEI.

MGE Energy Declares Regular Dividend

The Board of Directors of MGE Energy has declared the regular quarterly dividend of 45 cents per share on the outstanding shares of the company's common stock, payable December 15, 2024, to shareholders of record at the close of business December 1, 2024.

MGE Energy has increased its dividend annually for the past 49 years and has paid cash dividends for more than 110 years.

WEC Energy Group declares quarterly dividend

The Board of Directors of WEC Energy Group has declared a quarterly cash dividend of 83.50 cents per share on the company's common stock.

The dividend is payable December 1, 2024, to stockholders of record on November 14, 2024. This marks the 329^th consecutive quarter — dating back to 1942 — that the company will have paid a dividend to its stockholders.

The Midcontinent Independent System Operator has set a solar energy generation record high of 6,887 megawatts thanks in part to Alliant Energy’s recent buildout of over 1,000 MW of solar capacity in Wisconsin and Iowa.

Peaking at 1,050 MW of solar generation, Alliant Energy accounted for approximately fifteen percent of the solar energy production in MISO’s multi-state region. The electricity generated by Alliant Energy’s solar sites was enough to power nearly 400,000 average homes for a day.

Madison Gas and Electric is seeking State regulatory approval for the Commercial EV Charging Allowance (CEVCA) program. The program would provide revenue-based allowances for electric vehicle (EV) charging infrastructure at commercial customer sites.

Commercial customers who install EV charging would receive a revenue-based allowance of $300 per kilowatt paid in two installments. If approved, the program is designed to benefit all MGE customers because the incremental load created through increased EV adoption will expand the base through which utility costs are spread.

A proposed $700 million methane gas plant in Superior hit a new road bump, with the plant’s owners now moving to withdraw requests for an air permit for the facility. If the withdrawal is approved and finalized by the Department of Natural Resources (DNR), the proposed Nemadji Trail Energy Center (NTEC) would be required to go through an entirely new permitting and review process. 

The development has forced companies with a stake in NTEC’s construction to re-evaluate the project. “Due to the extended timeline of the federal permit process, the Nemadji Trail Energy Center partners have requested that the Wisconsin DNR revoke the facility’s air permit” according to  Dairyland Power Cooperative spokesperson Katie Thomson. “This is a timing issue. The window of time to construct and commission the facility allowed in the air permit is no longer achievable. Therefore, NTEC has requested the [Wisconsin DNR] revoke the project’s air permit; the project partners will determine when to re-apply based on project planning and permitting.”

Thomson added that NTEC’s owners will continue to work to ensure the project is in compliance with environmental regulations. “Recently, NTEC received its 15th regulatory agency approval, with a positive Federal Consistency Certification from the [Wisconsin Department of Administration]. We look forward to continuing to work in good faith as the approval process continues.”

Since NTEC’s owners are withdrawing their air permit application, a hearing with public testimony scheduled for December 2 will likely be canceled. Ron Binzley, a permitting manager in the DNR’s Bureau of Air Management, said that processing such a request “would not take long, a matter of days at most.” Binzley said in an email to Wisconsin Examiner that if NTEC’s construction permit were also revoked, then the gas plant would not be able to break ground without first submitting a new construction permit application and receiving that permit from the DNR. 

The Institute for Sustainable Infrastructure (ISI) has awarded nine of Alliant Energy’s solar projects with its highest award level – Envision Platinum – for the sustainable development, construction and operation of the facilities.

The nine Wisconsin solar projects total 664 megawatts (MW) and represent the successful execution of Alliant Energy’s Clean Energy Blueprint, a roadmap to diversify its energy resources. All nine projects were placed into service by the end of 2023 as the energy company delivers on its purpose to serve customers and build stronger communities in a safe, cost-effective and reliable manner.

“As we transition to a more diverse energy mix, the sustainable development, construction, and operation of these solar projects will benefit local communities,” according to  David de Leon, President of Alliant Energy’s Wisconsin energy company. “To have some of the first solar projects in the state recognized under this framework showcases us as a leading energy company as we work to fulfill our commitment to generating cleaner energy and building stronger communities.”