MILWAUKEE - WEC Energy Group (NYSE: WEC) today reported net income of $1.3 billion, or $4.11 per share, for 2021.

This compares to earnings of $1.2 billion, or $3.79 per share, for 2020 - a year-over-year increase of 8.4 percent.

For the fourth quarter of 2021, WEC Energy Group recorded net income of $224.2 million, or 71 cents per share. This compares to earnings of $239.0 million, or 76 cents per share, for the fourth quarter of 2020.

Consolidated revenues totaled $8.3 billion for 2021, up $1.1 billion compared to 2020 revenues.

'Across the board - from operational efficiency to customer care to financial performance - the company continues to deliver exceptional results,' said Gale Klappa, executive chairman. 'And during 2021, our plan to invest in the future of clean energy continued to gain momentum,' Klappa added. 'We now expect our use of coal for power generation to be immaterial by the end of 2030, with a complete exit from coal by 2035.'

WEC Energy Group was again recognized in 2021 as one of America's Most Responsible Companies by Newsweek. WEC Energy also ranked number one in the nation for customer satisfaction in an independent survey of large commercial and industrial energy users. The company's largest utility, We Energies, received an Edison Electric Institute Emergency Response Award for restoring power to more than 210,000 customers after a severe storm hit Wisconsin in August.

For the full year, retail deliveries of electricity - excluding the iron ore mine in Michigan's Upper Peninsula - were up by 3.0 percent.

Electricity consumption by small commercial and industrial customers was 4.4 percent higher during 2021. Electricity use by large commercial and industrial customers - excluding the iron ore mine - rose by 5.3 percent.

Residential electricity use was down by 0.6 percent.

On a weather-normal basis, retail deliveries of electricity during 2021 - excluding the iron ore mine - increased by 2.6 percent.

Natural gas deliveries in Wisconsin, excluding natural gas used for power generation, decreased by 1.3 percent during 2021. On a weather-normal basis, natural gas deliveries were 0.3 percent lower during the year.

The company reaffirmed its earnings guidance for 2022. Calendar year 2022 earnings are expected to be in a range of $4.29 to $4.33 per share. The midpoint of the range is $4.31 per share, which represents growth of 7.5 percent from the midpoint of the company's original guidance for 2021.

On Jan. 20, the board of directors declared a quarterly cash dividend of 72.75 cents per share on the company's common stock, an increase of 7.4 percent over the previous year's quarterly dividend.

Earnings per share listed in this news release are on a fully diluted basis.

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 earnings and future results. 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; 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 our ability to use certain tax benefits and carryforwards; federal and state legislative and regulatory changes, including changes to environmental standards, the enforcement of these laws and regulations and changes in the interpretation of regulations by regulatory agencies; supply chain disruptions; 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 December 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.

Contact:

Tel: 414-221-4444

Email: media@wecenergygroup.com

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