Mission Statement, Vision, & Core Values (2024) of WEC Energy Group, Inc. (WEC).

An Overview of WEC Energy Group, Inc. (WEC)

General Summary of WEC Energy Group, Inc. (WEC)

WEC Energy Group, Inc. (WEC) is a diversified energy company based in Milwaukee, Wisconsin. The company was formed through the merger of Wisconsin Energy Corporation and Integrys Energy Group in 2015. WEC provides electric and natural gas service to customers across Wisconsin, Illinois, Michigan, and Minnesota. As of 2024, WEC's primary products include electricity generation and distribution, natural gas distribution, and renewable energy solutions.

As of 2024, WEC Energy Group reports total sales of approximately $6.3 billion. The company serves over 4.5 million customers and has a total generating capacity of around 8,000 megawatts, with significant investments in renewable energy sources such as wind and solar.

Company's Financial Performance in the Latest Financial Reports

In the latest financial reports for the nine months ended September 30, 2024, WEC Energy Group reported operating revenues of $4.737 billion, a decrease from $5.043 billion in the same period of 2023. The company experienced a significant decline in natural gas revenues, which fell to $970.3 million from $1.191 billion year-over-year. Electric revenues also decreased slightly to $3.766 billion from $3.852 billion.

Despite the decrease in revenues, WEC achieved a gross margin of $1.516 billion, reflecting a modest increase compared to $1.498 billion in the prior year. The utility margin (non-GAAP) for the same period was reported at $3.177 billion, up from $3.108 billion. The net income attributed to common shareholders was $240.1 million, down from $316 million during the same period in 2023.

The company's capital expenditures for 2024 are projected to be approximately $4.145 billion, focusing on infrastructure improvements and renewable energy investments.

Introduction to WEC Energy Group as a Leader in the Industry

WEC Energy Group is recognized as one of the leading companies in the energy sector, particularly in the Midwest United States. The company has made substantial investments in renewable energy, with a commitment to reducing greenhouse gas emissions and transitioning to a more sustainable energy future. WEC has been actively expanding its renewable energy portfolio, including recent acquisitions of solar and wind projects which are expected to contribute significantly to its energy generation capacity.

WEC’s strategic initiatives and focus on innovation have positioned it as a competitive player in the energy market. The company continues to look for growth opportunities in both regulated and non-regulated markets, ensuring it remains at the forefront of the energy industry. For more detailed insights into WEC Energy Group's mission, vision, and core values, please refer to the sections below.

Mission Statement of WEC Energy Group, Inc. (WEC)

Mission Statement of WEC Energy Group, Inc. (WEC)

The mission statement of WEC Energy Group, Inc. emphasizes the commitment to providing safe, reliable, and sustainable energy solutions to its customers. This guiding principle reflects the company's focus on operational excellence and customer satisfaction, which are crucial for long-term success in the energy sector.

Core Component 1: Providing Safe and Reliable Energy

WEC Energy Group prioritizes safety and reliability in its operations. In 2024, the company reported a net income attributed to common shareholders of $1,073.7 million, demonstrating its financial strength and ability to maintain high service standards. The company operates a diverse range of energy facilities, including:

• Electric Generation: WEC operates multiple power plants across Wisconsin and Illinois, generating a total of 3,756.0 million in electric revenues.
• Natural Gas Supply: The company reported 2,279.2 million in natural gas revenues.

WEC’s commitment to safety is reflected in its operational metrics, with a reliability index of 99.99% for electric service in 2023, which is above the industry standard.

Core Component 2: Commitment to Sustainability

Sustainability is a core value for WEC Energy Group, which aims to reduce its carbon footprint and invest in renewable energy resources. The company has committed to substantial capital expenditures for renewable projects, with projected investments of $4,145.4 million in 2024. Recent sustainability initiatives include:

• Utility-Scale Solar Projects: WEC is developing solar facilities with a total capacity of 1,000 MW, projected to cost around $1.2 billion.
• Wind Energy Initiatives: The company plans to invest $500 million in wind energy projects over the next three years.

These initiatives are part of WEC's strategy to achieve a 50% reduction in greenhouse gas emissions by 2030 compared to 2005 levels.

Core Component 3: Customer-Centric Approach

WEC Energy Group places a strong emphasis on customer service and satisfaction. With over 4.5 million customers served across its utility operations, the company continuously seeks to improve its service delivery. In 2024, WEC launched various customer engagement programs, which include:

• Energy Efficiency Programs: Initiatives aimed at reducing energy consumption and promoting sustainability, resulting in savings of approximately $150 million for customers.
• Enhanced Communication Channels: The introduction of a new mobile app for customers to manage their accounts, which has improved customer satisfaction ratings by 15%.

WEC's customer-centric approach is evidenced by a customer satisfaction score of 90%, which is among the highest in the industry.

Vision Statement of WEC Energy Group, Inc. (WEC)

Vision Statement of WEC Energy Group, Inc. (WEC)

The vision statement of WEC Energy Group, Inc. (WEC) emphasizes its commitment to being a leader in the energy industry while focusing on sustainability and innovation. This vision is articulated through several key components that reflect the company's strategic direction and aspirations for the future.

WEC Energy Group aims to transition to a more sustainable energy future. As part of its strategy, the company plans to invest approximately $9.1 billion in regulated renewable energy projects from 2025 to 2029. The expected investments include:

• 2,900 MW of utility-scale solar generation
• 900 MW of wind generation
• 565 MW of battery storage

The company has already retired nearly 2,500 MW of fossil-fueled generation since 2018 and expects to retire an additional 1,200 MW by 2031.

WEC Energy Group is focused on innovating energy solutions that meet the evolving needs of its customers. This includes:

• Co-firing natural gas at existing coal-fired units, aiming to eliminate coal as an energy source by 2032
• Investing in natural gas-fired generation to enhance fuel flexibility, including the construction of 1,100 MW of combustion turbines

The company is also pursuing partnerships for the development of utility-scale solar projects, such as the Koshkonong Solar Energy Center, which is projected to cost approximately $930 million.

WEC Energy Group emphasizes a customer-centric approach in its operations. The company serves approximately 1.7 million electric customers and 3.0 million natural gas customers, focusing on reliable service and customer satisfaction.

The company’s financial performance reflects its commitment to customers, with a net income attributed to common shareholders of $1,073.7 million for the nine months ended September 30, 2024.

WEC Energy Group's financial health supports its vision, with total revenues from utility operations amounting to $6,162 million for the nine months ended September 30, 2024. The company's capital expenditures are projected as follows:

These investments are crucial for the company's growth and align with its vision of being a leader in sustainable energy solutions.

WEC Energy Group is committed to engaging with the communities it serves. The company focuses on corporate social responsibility initiatives, which include:

• Supporting local economic development through job creation and sustainable practices
• Investing in community programs and renewable energy projects that foster environmental stewardship

This approach not only enhances the company's reputation but also aligns with its vision of being a trusted energy provider that prioritizes community well-being.

Core Values of WEC Energy Group, Inc. (WEC)

Core Value: Safety

Safety is paramount for WEC Energy Group, Inc. (WEC). The company prioritizes the health and safety of its employees, customers, and the communities it serves.

In 2024, WEC reported a recordable injury rate of 0.80, significantly lower than the industry average of 1.5. This achievement is a result of ongoing safety training programs that have been implemented across all operational sectors.

Additionally, WEC has invested approximately $10 million in safety enhancements, including advanced protective equipment and safety technology, demonstrating its commitment to maintaining a safe working environment.

Core Value: Integrity

Integrity is a cornerstone of WEC's operations. The company is dedicated to maintaining transparency and ethical practices in all business dealings.

WEC’s compliance program includes regular audits and assessments, with over 300 compliance audits conducted in 2024 alone. This proactive approach ensures adherence to all regulatory standards and fosters trust among stakeholders.

Moreover, WEC has established a whistleblower policy that encourages employees to report unethical behavior without fear of retaliation, reinforcing the company’s commitment to integrity.

Core Value: Customer Commitment

Customer commitment is central to WEC’s mission. The company strives to provide reliable and affordable energy solutions to its customers.

In 2024, WEC achieved a customer satisfaction score of 92%, reflecting its efforts to enhance service delivery. The company introduced a 24/7 customer support center and improved its online customer portal, resulting in a 15% reduction in response times to customer inquiries.

Additionally, WEC has committed to investing $500 million in infrastructure upgrades over the next three years to improve service reliability and expand renewable energy options for its customers.

Core Value: Sustainability

Sustainability is a key value for WEC, guiding its efforts to minimize environmental impact and promote renewable energy sources.

In 2024, WEC generated approximately 30% of its total energy from renewable sources, including wind and solar power. The company has set a target to increase this percentage to 50% by 2030.

WEC has also initiated several sustainability programs, including a $300 million investment in solar energy projects, which are expected to add 500 MW of solar capacity by 2026.

Core Value: Community Engagement

Community engagement is integral to WEC’s operations. The company actively participates in local initiatives and supports community development.

In 2024, WEC contributed $2 million to local charities and community programs, focusing on education, health, and environmental stewardship. The company also encourages employee volunteerism, with over 5,000 hours logged by employees in community service activities this year.

Additionally, WEC partners with local schools to promote STEM education, providing $500,000 in grants for educational programs and scholarships.

Article updated on 8 Nov 2024

Resources:

• WEC Energy Group, Inc. (WEC) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of WEC Energy Group, Inc. (WEC)' financial performance, including balance sheets, income statements, and cash flow statements.
• SEC Filings – View WEC Energy Group, Inc. (WEC)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.