WEC Energy Group Reports Strong Q1 2025 Financial Performance with $3.15 Billion in Revenues

WEC Energy Group, Inc. reported a significant increase in financial performance for the first quarter of 2025, with operating revenues reaching $3.15 billion, up from $2.68 billion in the same period last year. The company’s net income attributed to common shareholders also rose to $724.2 million, compared to $622.3 million in the first quarter of 2024, resulting in a diluted earnings per share of $2.27, an increase from $1.97. This growth was primarily driven by higher margins from recent rate orders in Wisconsin and increased retail sales volumes due to colder weather.

The company experienced a notable increase in operating expenses, which rose to $2.21 billion from $1.87 billion year-over-year. The rise in costs was attributed to higher sales costs, operational maintenance, and depreciation expenses. Despite these increases, the overall operating income improved to $937.5 million, up from $813.4 million in the previous year. The increase in revenues and operating income reflects WEC's strategic focus on enhancing its utility operations and expanding its renewable energy portfolio.

In terms of strategic developments, WEC Energy Group completed the acquisition of a 90% ownership interest in the Hardin III solar generating facility in Ohio for $406.1 million in February 2025. This facility is expected to contribute to the company’s non-utility energy infrastructure segment and aligns with its commitment to renewable energy. The company serves approximately 1.7 million electric customers and 3.0 million natural gas customers, with a continued focus on expanding its renewable energy capabilities.

Operationally, WEC Energy Group reported a total of 319.1 million shares outstanding as of March 31, 2025. The company’s capital expenditures for the quarter were $701.1 million, significantly higher than the $444.5 million spent in the same quarter of 2024, reflecting ongoing investments in infrastructure and renewable energy projects. The company anticipates investing approximately $9.1 billion in regulated renewable energy from 2025 to 2029, which includes plans for substantial solar and battery storage projects.

Looking ahead, WEC Energy Group expects to maintain its growth trajectory, with a focus on achieving a 60% reduction in carbon emissions from its electric generation fleet by the end of 2025 and an 80% reduction by 2030. The company is also committed to achieving net carbon neutrality by 2050. The outlook remains positive, supported by strategic investments in renewable energy and infrastructure improvements, although the company acknowledges potential risks related to regulatory changes and market conditions.