WEC Energy Group has reported net income of $289.7 million, or 92 cents per share, for the second quarter of 2023 — up from $287.5 million, or 91 cents per share, in last year's second quarter. For the first six months of 2023, the company recorded net income of $797.2 million, or $2.52 per share — down from $853.4 million, or $2.70 per share, in the corresponding period a year ago. Consolidated revenues totaled $4.7 billion for the first six months of 2023, down $317.9 million from revenues in the first half of 2022.
"After a down first quarter marked by one of the warmest winters on record, we delivered solid results in the second quarter. And we're firmly on track for a strong 2023," said Gale Klappa, executive chairman. "We're focused on the fundamentals of our business — financial discipline, operating efficiency and customer satisfaction."
Retail deliveries of electricity — excluding the iron ore mine in Michigan's Upper Peninsula — were down by 3.0 percent in the second quarter of 2023, compared to the second quarter last year. Electricity consumption by small commercial and industrial customers was 0.1 percent higher. Electricity use by large commercial and industrial customers — excluding the iron ore mine — declined by 3.2 percent. Residential electricity use fell by 6.4 percent. On a weather-normal basis, retail deliveries of electricity during the second quarter of this year — excluding the iron ore mine — decreased by 0.6 percent.
The company reaffirmed its 2023 annual earnings guidance of $4.58 to $4.62 per share, assuming normal weather for the remainder of the year.
