WEC Energy Group, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>WEC Energy Group, Inc. has submitted its quarterly report (10-Q) for the period ending March 31, 2024, detailing financial performance and operational updates.</b>

AI Summary

WEC ENERGY GROUP, INC. (WEC) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. WEC Energy Group, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of the fiscal year 2024. The company's principal business is electric and other services. The filing includes financial data and operational details for the specified period. The report was filed on May 3, 2024.

Why It Matters

For investors and stakeholders tracking WEC ENERGY GROUP, INC., this filing contains several important signals. This 10-Q filing provides investors and analysts with crucial, up-to-date financial information for WEC Energy Group, Inc., enabling informed investment decisions. The detailed financial statements and disclosures within the 10-Q are essential for understanding the company's performance, risks, and strategic direction in the current fiscal quarter.

Risk Assessment

Risk Level: medium — WEC ENERGY GROUP, INC. shows moderate risk based on this filing. The filing is a standard 10-Q, which provides a snapshot of financial health and operational status. Specific risks are detailed within the full report, but the filing itself does not indicate immediate, severe threats.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-Q to assess WEC Energy Group's performance and outlook for the remainder of 2024.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q filing)
• 2024-05-03 — Filing Date (10-Q filing)
• 4931 — Standard Industrial Classification (Electric & Other Services Combined)

Key Players & Entities

• WEC ENERGY GROUP, INC. (company) — Filer of the 10-Q report
• 2024-03-31 (date) — End of the reporting period
• 2024-05-03 (date) — Filing date of the report
• 414-221-2345 (phone_number) — Business phone number for WEC Energy Group, Inc.
• MILWAUKEE (location) — City for business and mail address
• WI (location) — State for business and mail address

FAQ

Industry Context

WEC Energy Group operates within the regulated utility sector, providing essential electric and natural gas services to customers.

Regulatory Implications

As a regulated utility, WEC Energy Group is subject to oversight from various state and federal regulatory bodies concerning rates, service quality, and environmental compliance.

What Investors Should Do

1. Analyze the revenue and expense details for Q1 2024.
2. Examine any new or updated risk factors disclosed in the filing.
3. Compare key financial metrics to previous periods to identify trends.

Key Dates

• 2024-03-31: Quarterly Period End — End date for the financial data presented in the 10-Q.
• 2024-05-03: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the first quarter of 2024, following the 10-K annual report and previous 10-Q filings from 2023.

Filing Documents

• wec-20240331.htm (10-Q) — 2569KB
• a2024q1wec10qexhibit311.htm (EX-31.1) — 11KB
• a2024q1wec10qexhibit312.htm (EX-31.2) — 11KB
• a2024q1wec10qexhibit321.htm (EX-32.1) — 4KB
• a2024q1wec10qexhibit322.htm (EX-32.2) — 4KB
• wec-20240331_g1.jpg (GRAPHIC) — 40KB
• 0000107815-24-000155.txt (&nbsp;) — 13655KB
• wec-20240331.xsd (EX-101.SCH) — 88KB
• wec-20240331_cal.xml (EX-101.CAL) — 87KB
• wec-20240331_def.xml (EX-101.DEF) — 530KB
• wec-20240331_lab.xml (EX-101.LAB) — 917KB
• wec-20240331_pre.xml (EX-101.PRE) — 785KB
• wec-20240331_htm.xml (XML) — 2577KB

FINANCIAL STATEMENTS (UNAUDITED)

FINANCIAL STATEMENTS (UNAUDITED) 4 Condensed Consolidated Income Statements 4 Condensed Consolidated Statements of Comprehensive Income 5 Condensed Consolidated Balance Sheets 6 Condensed Consolidated Statements of Cash Flows 7 Condensed Consolidated Statements of Equity 8 Notes to Condensed Consolidated Financial Statements 9 Page Note 1 General Information 9 Note 2 Acquisitions 9 Note 3 Operating Revenues 11 Note 4 Credit Losses 13 Note 5 Regulatory Assets and Liabilities 15 Note 6 Property, Plant, and Equipment 16 Note 7 Common Equity 17 Note 8 Short-Term Debt and Lines of Credit 18 Note 9 Long-Term Debt 18 Note 10 Materials, Supplies, and Inventories 18 Note 11 Income Taxes 19 Note 12 Fair Value Measurements 19 Note 13 Derivative Instruments 22 Note 14 Guarantees 23 Note 15 Employee Benefits 24 Note 16 Goodwill and Intangibles 24 Note 17 Investment in Transmission Affiliates 25 Note 18 Segment Information 26 Note 19 Variable Interest Entities 28 Note 20 Commitments and Contingencies 29 Note 21 Supplemental Cash Flow Information 34 Note 22 Regulatory Environment 35 Note 23 New Accounting Pronouncements 37 ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 39 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 64 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 64 PART II. OTHER INFORMATION 65 ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 65 ITEM 1A.

RISK FACTORS

RISK FACTORS 65 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 65 ITEM 5. OTHER INFORMATION 65 ITEM 6. EXHIBITS 66 SIGNATURE 67 03/31/2024 Form 10-Q i WEC Energy Group, Inc. Table of Contents GLOSSARY OF TERMS AND ABBREVIATIONS The abbreviations and terms set forth below are used throughout this report and have the meanings assigned to them below: Subsidiaries and Affiliates ATC American Transmission Company LLC ATC Holdco ATC Holdco LLC Bluewater Bluewater Natural Gas Holding, LLC Integrys Integrys Holding, Inc. Jayhawk Jayhawk Wind, LLC MERC Minnesota Energy Resources Corporation MGU Michigan Gas Utilities Corporation NSG North Shore Gas Company PGL The Peoples Gas Light and Coke Company Samson I Samson I Solar Energy Center LLC Sapphire Sky Sapphire Sky Wind Energy LLC Tatanka Ridge Tatanka Ridge Wind LLC UMERC Upper Michigan Energy Resources Corporation WE Wisconsin Electric Power Company We Power W.E. Power, LLC WEC Energy Group WEC Energy Group, Inc. WECI WEC Infrastructure LLC WEPCo Environmental Trust WEPCo Environmental Trust Finance I, LLC WG Wisconsin Gas LLC WPS Wisconsin Public Service Corporation Federal and State Regulatory Agencies CBP United States Customs and Border Protection Agency DOC United States Department of Commerce EPA United States Environmental Protection Agency FERC Federal Energy Regulatory Commission ICC Illinois Commerce Commission IRS United States Internal Revenue Service MPSC Michigan Public Service Commission MPUC Minnesota Public Utilities Commission PSCW Public Service Commission of Wisconsin SEC United States Securities and Exchange Commission WDNR Wisconsin Department of Natural Resources Accounting Terms ARO Asset Retirement Obligation ASC Accounting Standards Codification ASU Accounting Standards Update FASB Financial Accounting Standards Board GAAP United States Generally Accepted Accounting Principles LIFO Last-In, First-Out

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS WEC ENERGY GROUP, INC. CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited) Three Months Ended March 31 (in millions, except per share amounts) 2024 2023 Operating revenues $ 2,680.2 $ 2,888.1 Operating expenses Cost of sales 927.1 1,309.7 Other operation and maintenance 530.8 534.0 Depreciation and amortization 333.4 305.5 Property and revenue taxes 75.5 69.6 Total operating expenses 1,866.8 2,218.8 Operating income 813.4 669.3 Equity in earnings of transmission affiliates 44.8 43.8 Other income, net 44.1 40.8 Interest expense 192.0 172.2 Other expense ( 103.1 ) ( 87.6 ) Income before income taxes 710.3 581.7 Income tax expense 87.7 74.1 Net income 622.6 507.6 Preferred stock dividends of subsidiary 0.3 0.3 Net loss attributed to noncontrolling interests — 0.2 Net income attributed to common shareholders $ 622.3 $ 507.5 Earnings per share Basic $ 1.97 $ 1.61 Diluted $ 1.97 $ 1.61 Weighted average common shares outstanding Basic 315.6 315.4 Diluted 315.9 315.9 The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements. 03/31/2024 Form 10-Q 4 WEC Energy Group, Inc. Table of Contents WEC ENERGY GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Three Months Ended March 31 (in millions) 2024 2023 Net income $ 622.6 $ 507.6 Other comprehensive loss, net of tax Derivatives accounted for as cash flow hedges Reclassification of realized derivative gains to net income, net of tax ( 0.1 ) ( 0.1 ) Comprehensive income 622.5 507.5 Preferred stock dividends of subsidiary 0.3 0.3 Comprehensive loss attributed to noncontrolling interests — 0.2 Comprehensive income attributed to common shareholders $ 622.2 $ 507.4 The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements. 03/31/2024 Form 10-Q 5 WEC Energy Group, Inc. Table of Conte

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