2024-04-08 05:30:00 ET
Summary
- WEC Energy is a $26 billion (by market cap) major power utility player that provides electricity to 1.6 million customers and natural gas to 3 million customers across several states.
- The company has been growing at a relatively fast clip for years, which has helped to fuel faster-than-average dividend growth, with a 10-year dividend growth rate of 8%.
- With a payout ratio of 79.1% - elevated but not uncommonly so for a power utility - the dividend should continue to grow at a rate that roughly matches business growth.
WEC Energy Group Inc. ( WEC ) is an American energy company. Founded in 1896, WEC Energy is now a $26 billion (by market cap) major power utility player.
WEC Energy provides electricity to 1.6 million customers across the states of Michigan and Wisconsin. It also provides natural gas to 3 million customers across the states of Illinois, Michigan, Minnesota, and Wisconsin. The company does this by using 71,700 miles of electric distribution and transmission lines, 7,700 megawatts of power capacity, and 52,000 miles of natural gas distribution and transmission pipeline. Electric supply mix for 2023 was: 37%, natural gas; 32%, coal; 22%, nuclear; and 9%, renewables. I’ll note that WEC Energy plans to eliminate coal as an energy source by the end of 2032....
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WEC Energy: A Standout Utility Company With Strong Dividend Growth And Yield