WEC Energy Group, Inc. stock outlook. (WEC)

summary

WEC Energy Group, headquartered in Milwaukee, is a 98% regulated energy company that serves 4.6 million utility customers in Wisconsin (63% of customers), Illinois (17%), Minnesota (5%) and Michigan (5%). The company generates and distributes electricity and delivers natural gas. The Company’s principal subsidiaries are We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources, and Upper Michigan Energy Resources. The company’s other major subsidiary, We Power, designs, builds and owns power plants. WEC’s revenue by business is approximately 43% organized electricity generation and distribution and 55% natural gas distribution. WEC relies heavily on Wisconsin’s economy and dairy industry. The company’s 2022 fuel mix for electricity generation was 32% coal, 37% natural gas, 22% nuclear, and 8% renewables. It plans to reduce carbon emissions by 80% by 2030, in line with many peers, and to eliminate methane emissions by 2030.