Highlights

• GAAP earnings per share were $2.73 in 2022 compared to $2.63 in 2021

WEC Energy Group executives say the Wisconsin-based utility holding company will lead a test of a new type of long-duration energy storage at its 266.6MW Valley natural gas plant in Milwaukee. The nonprofit Electric Power Research Institute and German manufacturer CMBlu Energy AG will use the site to run a flow battery made with components from abundant, recyclable materials. The battery will be tested for discharge durations of up to 10 hours, starting in the fourth quarter of 2023. "We believe it can store energy for up to twice as long as the typical batteries in use today," Gale Klappa, WEC's Executive Chairman, said during a Feb. 2 earnings call. "We plan to launch the project at our Valley Power Plant near downtown Milwaukee in the fourth quarter of this year when temperatures turn cold. The results will be shared in early 2024 across the industry.

"These batteries are expected to provide safe and reliable operation, with a high energy density that will enable compact solutions for a variety of applications for electric utilities," the company said in its news release. WEC is yet another U.S. utility searching for reliability solutions to replace fossil fuel generation with billions of dollars worth of new intermittent wind and solar plants over the decade. WEC is also partnering with the EPRI on a hydrogen project. Citing the availability of new U.S. tax credits for renewable energy projects, WEC in late 2022 announced a revised five-year capital plan of $20.1 billion. It will allocate $7.3 billion to building up to 3,300 MW in new wind, solar and storage projects as it retires its coal capacity by 2035.”

Klappa said the company expects the five-year investment plan to drive compound earnings growth of 6.5 percent to seven percent per year over the period 2023 through 2027.

Xcel Energy's Wisconsin and Michigan’s new President, Karl Hoesly, recently announced the promotion of Mara Ascheman as Regional Vice President of Rates and Regulatory Affairs and Tyrel Zich as Regional Vice President of Regulatory Policy. Both will report directly to President Hoesly.

Ms. Ascheman is currently a principal regulatory attorney with more than 12 years’ experience representing Xcel Energy before the Wisconsin and Minnesota state regulatory commissions in a wide variety of electric and natural gas proceedings. In her new role she will direct the development of regulatory rate case filings and Public Service Commission permitting and oversee the revenue requirements for the Wisconsin and Michigan Company.

American Transmission Company has promoted four executives who reflect the company’s commitment to the strategic vision of providing safe, reliable transmission service in an increasingly complex electric grid. Jared Winters has been named Vice President, construction and asset maintenance. Debbie Masbruch has been named Vice President, Project Controls, Supply Chain and Analytics. Sarah Justus has been named Director, Major Project Development. Michelle Stokes has been named Director, Field Services.

Chairman of the Board, President and CEO Mike Rowe said, “Promoting these individuals sets ATC up for success as we meet the business challenges of the evolving energy landscape and our strategic priorities.”

Alliant Energy Corporation has announced the appointment of Lisa M. Barton to the newly created role of President and Chief Operating Officer, effective February 27, 2023. In this role, Ms. Barton will work closely with John O. Larsen, Alliant Energy’s Chair and Chief Executive Officer, to execute the company’s investment growth plan and continue advancing Alliant Energy’s work to enable a clean energy future for the customers and communities Alliant Energy serves. She will oversee the company’s two public utility subsidiaries, Interstate Power and Light and Wisconsin Power and Light, as well as Alliant Energy’s customer experience, sustainability and regulatory strategies.

Ms. Barton most recently served as Executive Vice President and Chief Operating Officer of American Electric Power, one of the largest electric utility companies in the United States. She was responsible for all of AEP’s regulated operations across eleven states and for the health and safety of 16,700 employees. Ms. Barton is known as a passionate advocate for a responsible clean energy transition. She is credited with guiding AEP’s expansion into regulated renewables and shaping the company’s grid reliability and resiliency initiatives.

Alliant Energy was recognized as a top-25 company in the energy and utility industry based on a combination of its environmental, social and governance scores. This ranking accounts for the progress made in renewable energy, inclusivity in the workplace and social causes.

Nearly fifty employees from We Energies and its sister company Wisconsin Public Service were sent to California, working to get the lights back on for tens of thousands of people who lost power from a recent series of strong storms. 

The We Energies and WPS crews were part of mutual aid efforts to help Pacific Gas and Electric address outages from storms, flooding and mudslides. The crews loaded their trucks and left Wisconsin Saturday, January 7. Brendan Conway, WEC Energy Group Media Relations Director, reported that as the crew was leaving California after completing their work, they stopped at the scene of an accident and were instrumental in saving a woman's life.

ATC has collectively awarded $65,000 to 18 recipients across its service area to plant trees and low-growing vegetation through its Community Planting and Pollinator Habitat programs. Now in its 10th year, ATC has given over 300 community awards for these projects totaling more than $625,000.

Vegetation funded through the Community Planting Program requires that communities plant trees outside of high-voltage transmission line rights-of-way. Low growing, compatible vegetation funded through the Pollinator Habitat Program allows entities to cultivate species within the rights-of-way that benefit pollinator food and habitat. Both programs help maintain electric reliability of the transmission system by keeping tall-growing vegetation outside the rights-of-way. Recipients of both programs commit to comply with ATC’s maintenance standards for all current and future planting plans, and urban forestry activities near high-voltage electric transmission lines.

The Public Service Commission has voted 2-1 to approve a petition on third-party financing of small-scale solar power systems. PSC’s order will allow North Wind Renewable Energy Cooperative to build solar panels on a family’s home and lease them to the family. Renewable developers and environmental advocates supported the decision, while utilities argued that solar financers are effectively building power infrastructure and selling energy to the public through leases and power purchase agreements. PSC has yet to issue a full written order, and the legal implications of its decision are still unclear.

WUI and utilities had opposed the action and questioned whether the Commission had the authority to make the decision without legislative action.

Animals at the Henry Vilas Zoo recently received a donation of roughly ten logs and stumps for enrichment purposes, courtesy of American Transmission Company., Asplundh Tree Expert LLC, and some village of Oregon property owners.

“We are so grateful to ATC, and their contractor Asplundh, for bringing their specialized equipment and staff to the Zoo to place these huge logs and stumps in some of our animal exhibits,” said Beth Petersen, general curator of animals at the Henry Vilas Zoo. “As a free zoo, it is vital for us to have strong community partnerships like these that have an immediate benefit to animal welfare.”

Wisconsin utility regulators have approved rate hikes for electric and natural gas customers served by two of the state’s largest utilities, but they reduced returns utilities can collect. The Wisconsin Public Service Commission has approved overall electric rate hikes of 8.8 percent for We Energies and nine percent for Wisconsin Public Service, according to commission staff. The increase is higher than utilities had initially proposed, but less than changes they suggested later that would have shifted more costs to residential customers.

This fall, the utilities owned by Milwaukee-based WEC Energy Group asked for electric rate hikes of thirteen percent for We Energies residential customers and a nearly fifteen percent increase for Wisconsin Public Service.

The Board of Directors of Xcel Energy has declared a quarterly dividend on its common stock of 48.75 cents per share. The dividends are payable January 20, 2023, to shareholders of record on December 29, 2022.

Madison Gas and Electric has been approved by the Public Service Commission of Wisconsin to purchase more solar energy and battery storage.

MGE can now purchase solar energy and battery storage from the Darien Solar Energy Center and will own 25 megawatts (MW) of solar energy and 7.5 MW of battery storage from a solar battery storage facility in Rock and Walworth counties in southern Wisconsin.

Mark Stoering, President, Xcel Energy-Wisconsin and Michigan, is retiring at the end of the year after more than 33 years of service to the company. He played key roles in laying the foundation for the company’s clean energy strategy, including leading the development of community solar in Wisconsin and the first company-owned wind farms.

 “Mark has had a tremendous impact on our company and, more importantly, the hundreds of communities we serve in Wisconsin and Michigan,” said Bob Frenzel, Chairman, President and CEO of Xcel Energy, Inc. “He has always been a great innovator and leader and has built a strong team that will carry on his legacy.”

WEC Energy and EPRI have announced the successful demonstration of blending hydrogen in a natural gas generator. The project is the first hydrogen power test of a utility-scale, grid-connected reciprocating engine generator in the world.

During two weeks of testing in mid-October, hydrogen and natural gas were tested in blends up to 25/75 percent by volume to power one of the reciprocating engine generating units that serves customers of Upper Michigan Energy Resources, a WEC Energy Group subsidiary. The testing was performed on an 18-megawatt unit that uses a technology known as RICE — reciprocating internal combustion engines. The RICE unit was continually monitored during the test to measure performance, output and emissions data.

Xcel Energy is pleased to announce that Karl Hoesly will succeed Mark Stoering as the next President for Xcel Energy-Wisconsin and Michigan beginning December 1, 2022.

Hoesly has worked for Xcel Energy for 15 years and currently serves as the Regional Vice President for Rates and Regulatory Affairs, a position he has held since 2018. In this role, he provides overall direction and leadership of Xcel Energy’s regulatory affairs function in Wisconsin and Michigan. He is also part of the senior management team that develops the company’s strategy and policies in the regulatory, legislative and customer service areas. Hoesly was previously Manager of Regulatory Affairs. 

Alliant Energy has announced U.S. (GAAP) and non-GAAP consolidated unaudited earnings per share (EPS) for the three months ended September 30.

Utilities and Corporate Services - Alliant Energy’s Utilities and Alliant Energy Corporate Services, Inc. (Corporate Services) operations generated $0.99 per share of GAAP EPS in the third quarter of 2022, which was $0.02 per share lower than the third quarter of 2021. The primary drivers of lower EPS were higher interest expense and timing of income tax expense.

WEC Energy Group has reported net income of $302.0 million, or 96 cents per share, for the third quarter of 2022 — up from $290.0 million, or 92 cents per share, in last year's third quarter.

For the first nine months of 2022, the company recorded net income of $1.16 billion, or $3.65 per share, up from $1.08 billion, or $3.40 per share, in the corresponding period a year ago.

Consolidated revenues totaled $7.0 billion for the first nine months of 2022, up $924.9 million over revenues for the first nine months of 2021.