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WEC Energy reports higher first-quarter profits on strong demand for power

WEC Energy announced a 16.4% increase in its first-quarter profits on Tuesday, thanks to increased electricity consumption from residential, commercial and industrial customers.

According to the U.S. Energy Information Administration, power consumption will reach new highs by 2025 and 26. This is due to AI, data centers, and residential and commercial consumers.

WEC Energy’s natural gas deliveries to Wisconsin, excluding the natgas for power generation, increased by 15.5% during the first quarter.

We Power and Wisconsin Public Service are the company's natural gas units.

WEC Energy reported that residential power consumption increased by 5.5%, and retail sales rose by almost 3%.

LSEG data shows that the company's operating revenue for the first quarter rose by 17.5%, to $3.15 Billion, compared to analysts' expectations of $2.82 Billion.

WEC Energy's operating costs increased 18.5%, to $2.21 Billion. Interest expenses rose 16.1%.

The company that provides electricity and natural gas to almost 4.7 million customers across Wisconsin, Illinois Michigan and Minnesota has reaffirmed their annual profit forecast.

WEC Energy, based in Milwaukee, increased its net income to $724.2 millions, or $2.27 a share, during the first quarter of this year, up from $622.3, or $1.97 a share, one year ago. (Reporting and editing by Shounak dasgupta in Bengaluru)

(source: Reuters)