WEC Energy to take $0.41/share charge after ICC disallows $236.2M in utility capital costs

WEC ENERGY GROUP, INC.

ICC disallowed $236.2M capital costs for Peoples Gas and North Shore Gas, including $177.2M already incurred.
WEC records $178.9M pre-tax ($129.8M after-tax) non-cash charge, reducing EPS by $0.41.
GAAP 2023 EPS guidance revised to $4.17-$4.21; adjusted (ex-charge) guidance $4.58-$4.62, upper end expected.
ICC granted limited rehearing but disallowance stands; WEC plans to appeal to Illinois circuit court.
2024 earnings guidance and revised capital plan scheduled for Feb 1, 2024 year-end call.

item 2.02 item 2.06

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

WEC ENERGY GROUP, INC. reported 2023 results: EPS $4.17 to $4.21 per share.

Period: 2023
EPS: $4.17 to $4.21 per share
Result: guidance update

Exact text from the filing

As a result of this charge, WEC’s earnings guidance on a GAAP basis for 2023 is $4.17 to $4.21 per share.

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Source: SEC EDGAR

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