WEC Energy Group Inc.
WEC Energy Group Announces Non-Cash Charge Due to Capital Cost Disallowance
Summary
WEC Energy Group, Inc. announced a non-cash charge of $178.9 million pre-tax ($129.8 million after tax) due to the Illinois Commerce Commission's disallowance of $236.2 million of capital costs related to its utility subsidiaries' construction projects. This charge impacts the company's 2023 earnings guidance, resulting in a GAAP-based guidance of $4.17 to $4.21 per share and an adjusted (non-GAAP) guidance of $4.58 to $4.62 per share. WEC plans to appeal the ICC's decision and will provide 2024 earnings guidance and a revised capital plan during its year-end 2023 earnings call on February 1, 2024.
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About WEC Energy Group Inc.
WEC Energy Group Inc. is a prominent utility holding company engaging in electric and natural gas distribution and energy services across multiple U.S. states, including Wisconsin and Illinois. Established as a leader in the energy sector, its core function is to provide reliable and cost-effective energy solutions to both residential and commercial customers. The company's operations span electric generation, natural gas distribution, and energy infrastructure development, highlighting its commitment to maintaining a secure and efficient energy grid. WEC Energy Group is recognized for its strategic emphasis on sustainable practices, investing heavily in renewable energy sources such as wind and solar power, thus reducing its carbon footprint and enhancing environmental stewardship. In the broader market, WEC Energy Group Inc. plays a critical role by ensuring energy security and sustainability, pivotal in supporting economic growth and quality of life in the regions it serves. Its widespread utilities influence makes it a key player in regional economic frameworks and in the ongoing transition towards cleaner energy productions.
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