MILWAUKEE, Aug. 12,
2024 /PRNewswire/ -- WEC Energy Group (NYSE: WEC)
today released its 2023 Corporate Responsibility Report. The report
provides a comprehensive overview of the company's environmental,
social and governance (ESG) performance. The report outlines the
progress made by WEC Energy Group and its family of companies on
major projects and the company's mission to deliver affordable,
reliable and clean energy across the Midwest.
The report also examines the company's climate strategy and the
research and development of emerging technologies such as renewable
natural gas, hydrogen power and long-duration battery storage.
"We're pleased to report that we continued to make solid
progress on our industry-leading targets for reducing carbon and
methane emissions. We recently retired additional coal generation,
and moved up our timeline for a complete exit from coal — now
planned by the end of 2032 — while adding renewable power and
efficient natural gas to reliably serve our customers," said
Scott Lauber, president and CEO. "We
have served the people of the Midwest for more than a century. The
future is bright, and we are dedicated to powering our communities
now and for many years to come."
Report highlights
The report highlights how WEC Energy Group's investments in
sustainable technology — including zero-carbon energy and renewable
natural gas — are helping the company meet its aggressive carbon
and methane reduction goals.
At the end of 2023, the company reduced carbon emissions from
generation 54 percent below 2005 levels. The company is targeting a
60 percent reduction in carbon emissions from electric generation
by the end of 2025 and an 80 percent reduction by the end of 2030,
both below 2005 levels. The company is also planning to eliminate
coal as an energy source by the end of 2032 and have a
carbon-neutral electric generation fleet by 2050.
WEC Energy Group also has a goal to achieve net-zero methane
emissions across its natural gas distribution operations by the end
of 2030.
The report details the company's $23.7
billion capital plan to invest in efficiency, sustainability
and growth. The five-year capital plan includes $7 billion to build and own approximately 3,800
megawatts of additional renewable energy capacity for the company's
regulated utilities — more than quadrupling its carbon-free
generation.
Additional highlights in the report:
- Received a 2023 EPRI Technology Transfer Award and named the
2023 Top Hydrogen Plan Award winner by POWER magazine's selection
committee for the company's successful pilot project to test
hydrogen as a fuel source for power generation.
- Received the Wisconsin Department of Workforce Development's
Vets Ready Award for outstanding support of military veterans. This
is the fourth consecutive year the company has been honored with
this award.
- Spent more than $333 million in
2023 with diverse suppliers.
- Provided $20.7 million in
charitable grants and contributions to nonprofit organizations,
with a focus on the well-being of the communities it serves and the
preservation of the natural world.
- Added to S&P's High Yield Dividend Aristocrats Index.
- Strengthened the company's talent pipeline through innovative
programs and partnerships, including with Milwaukee Public Schools and the Chicago Urban
League.
The 2023 Corporate Responsibility Report and additional
information on WEC Energy Group's ESG efforts can be found online
at www.wecenergygroup.com/csr/.
WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation's premier
energy companies, serving 4.7 million customers in Wisconsin, Illinois, Michigan and Minnesota.
The company's principal utilities are We Energies, Wisconsin
Public Service, Peoples Gas, North Shore Gas, Michigan Gas
Utilities, Minnesota Energy Resources and Upper Michigan Energy
Resources. Another major subsidiary, We Power, designs, builds and
owns electric generating plants. In addition, WEC Infrastructure
LLC owns a growing fleet of renewable generation facilities in
states ranging from South Dakota
to Texas.
WEC Energy Group (wecenergygroup.com) is a Fortune 500
company and a component of the S&P 500. The company has
approximately 35,000 stockholders of record, 7,000 employees and
more than $44 billion of
assets.
Forward-looking statements
Certain statements contained in this press release are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These statements are based upon management's
current expectations and are subject to risks and uncertainties
that could cause actual results to differ materially from those
contemplated in the statements. Readers are cautioned not to place
undue reliance on these statements. Forward-looking statements
include, among other things, statements concerning management's
expectations and projections regarding capital plans and emission
reduction goals. In some cases, forward-looking statements may be
identified by reference to a future period or periods or by the use
of forward-looking terminology such as "anticipates," "believes,"
"estimates," "expects," "forecasts," "intends," "may,"
"objectives," "plans," "possible," "potential," "projects,"
"should," "targets," "will" or similar terms or variations of these
terms.
Factors that could cause actual results to differ materially
from those contemplated in any forward- looking statements include,
but are not limited to: general economic conditions, including
business and competitive conditions in the company's service
territories; timing, resolution and impact of rate cases and other
regulatory decisions, including rider reconciliations; the
company's ability to continue to successfully integrate the
operations of its subsidiaries; availability of the company's
generating facilities and/or distribution systems; unanticipated
changes in fuel and purchased power costs; key personnel changes;
unusual, varying or severe weather conditions; continued industry
restructuring and consolidation; continued advances in, and
adoption of, new technologies that produce power or reduce power
consumption; energy and environmental conservation efforts;
electrification initiatives, mandates and other efforts to reduce
the use of natural gas; the company's ability to successfully
acquire and/or dispose of assets and projects and to execute on its
capital plan; terrorist, physical or cyber-security threats or
attacks and data security breaches; construction risks; labor
disruptions; equity and bond market fluctuations; changes in the
company's and its subsidiaries' ability to access the capital
markets; changes in tax legislation or our ability to use certain
tax benefits and carryforwards; federal, state, and local
legislative and regulatory changes, including changes in
rate-setting policies or procedures and environmental standards,
the enforcement of these laws and regulations or permit conditions
and changes in the interpretation of regulations by regulatory
agencies; supply chain disruptions; inflation; political or
geopolitical developments, including impacts on the global economy,
supply chain and fuel prices, generally, from ongoing, escalating,
or expanding regional conflicts; the impact from any health crises,
including epidemics and pandemics; current and future litigation
and regulatory investigations, proceedings or inquiries; changes in
accounting standards; the financial performance of American
Transmission Company as well as projects in which the company's
energy infrastructure business invests; the ability of the company
to obtain additional generating capacity at competitive prices;
goodwill and its possible impairment; and other factors described
under the heading "Factors Affecting Results, Liquidity and Capital
Resources" in Management's Discussion and Analysis of Financial
Condition and Results of Operations and under the headings
"Cautionary Statement Regarding Forward-Looking Information" and
"Risk Factors" contained in the company's Form 10-K for the year
ended December 31, 2023, and in
subsequent reports filed with the Securities and Exchange
Commission. Except as may be required by law, the company expressly
disclaims any obligation to publicly update or revise any
forward-looking information.
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SOURCE WEC Energy Group
