WEC Energy Group has reported net income based on generally accepted accounting principles of $1.3 billion, or $4.22 per share, for 2023. This compares to earnings of $1.4 billion, or $4.45 per share, for 2022. Full-year 2023 earnings include a non-cash charge of 41 cents per share related to previous capital investments that were disallowed by the Illinois Commerce Commission.
Excluding this charge, WEC Energy Group's adjusted earnings for 2023 rose to $4.63 per share – an increase of four percent over earnings in 2022. For the fourth quarter of 2023, WEC Energy Group recorded net income based on GAAP of $218.5 million, or sixty-nine cents per share. This compares to earnings of $252.7 million, or 80 cents per share, for the fourth quarter of 2022. Excluding the non-cash charge, WEC Energy Group's adjusted earnings for the fourth quarter of 2023 totaled $1.10 per share. Consolidated revenues for the full year were $8.9 billion, down $704.4 million from revenues in 2022. “We delivered another year of strong results in 2023, despite an historically warm start to the year and a disappointing regulatory decision in Illinois,” said Gale Klappa, Executive Chairman. “We have significant growth opportunities ahead. And we will continue to compound value with our focus on the fundamentals — reliability, customer satisfaction, financial discipline, and environmental stewardship.”
For the full year, retail deliveries of electricity – excluding the iron ore mine in Michigan’s Upper Peninsula – were down by 2.6 percent. Electricity consumption by small commercial and industrial customers was 1.1 percent lower during 2023. Electricity use by large commercial and industrial customers – excluding the iron ore mine – declined by 3.2 percent. Residential electricity use decreased by 3.6 percent. On a weather-normal basis, retail deliveries of electricity during 2023 – excluding the iron ore mine – were down by 1.0 percent. Natural gas deliveries in Wisconsin, excluding natural gas used for power generation, decreased by 9.1 percent during 2023. On a weather-normal basis, natural gas deliveries were 2.4 percent lower during the year. On January 18, the Board of Directors declared a quarterly cash dividend of 83.5 cents per share on the company's common stock, an increase of 7 percent over the previous dividend rate. This marks the 21st consecutive year that the company will reward its shareholders with higher dividends.
