On this page of StockholderLetter.com we present the latest annual shareholder letter from WEC ENERGY GROUP, INC. — ticker symbol WEC. Reading current and past WEC letters to shareholders can bring important insights into the investment thesis.

 •  3/28/2024 Letter Continued (Full PDF)
 •  3/23/2023 WEC Stockholder Letter
 •  More "Electric Utilities" Category Stockholder Letters
 •  WEC Benford's Law Stock Score = 100

WEC Shareholder/Stockholder Letter Transcript:

AFFORDABLE
RELIABLE
CLE AN
2023 Annual Report
Notice of 2024 Annual Meeting and Proxy Statement

Financial Snapshot
(In millions, except per share data and percentages)
$4.22
$4.45
-5.2%
$1,461.5
$1,408.1
3.8%
Adjusted earnings per share*
$4.63
$4.45
4.0%
Dividends per share
$3.12
$2.91
7.2%
Dividend yield
3.7%
3.1%
Diluted average shares outstanding
315.9
316.1
11.53%
12.63%
$37.17
$36.07
3.0%
$43,940
$41,872
4.9%
$84.17
$93.76
-10.2%
$26,550
$29,575
-10.2%
GAAP earnings per share
Adjusted earnings*
GAAP return on average common equity
Book value per share
Total assets
Market price per share at year-end
Market capitalization at year-end
(in dollars)
2021
2022
$4.63
-5.4%
Adjusted
$1,408.1
$4.22
$1,331.7
GAAP earnings
Earnings per share*
GAAP
Change
$4.45
2022
$4.11
2023
2023
* Full-year 2023 earnings include a non-cash
charge of $178.9 million, or 41 cents per
share, related to certain capital costs that
were disallowed by the Illinois Commerce
Commission. No adjustments were made in
2022. However, amounts were included for
comparative purposes.
Total Shareholder Return
Dividends per share
$280
(in dollars)
$2.71
$300
$3.12
A $100 investment
at the end of
2013 grew to a
total value of
$2.91
WEC Energy Group consistently delivers among the best
total returns in the industry. The illustration demonstrates
our stock price appreciation plus the compound effect of
dividend growth over the past decade.
$250
Dividends
$200
$150
$100
Stock price
One-year
Three-year
Five-year
Ten-year
2021
2022
2023

Gale Klappa
Executive Chairman
Scott Lauber
President and Chief Executive Officer
To our stockholders,
We   re pleased to report that in 2023, WEC Energy Group delivered another year of solid results on
virtually every meaningful measure     from customer satisfaction, to financial performance, to steady
execution of our capital plan. It was a year of growth and dedication to our mission     delivering
affordable, reliable and clean energy to millions of customers across the Midwest.
Through the questions and answers below, we   d like to update you on our progress and our path
forward.
What is important for stockholders to know
about the company   s performance?
Gale: We met or exceeded all of our key goals.
We delivered record net income and earnings per
share on an adjusted basis.* Then, at its January 2024
meeting, our board of directors raised our quarterly
cash dividend by 7 percent. This marks the 21st
consecutive year that our company will reward
shareholders with higher dividends.
And, I   m pleased to share that because of our
consistent track record of dividend growth,
WEC Energy Group has been added to S&P   s High
Dividend Aristocrats Index. This index is exclusively
comprised of companies that have raised their
dividends for at least 20 consecutive years.
Also, as we work to shape our energy future, we
continue to build new, efficient generation and
* See GAAP earnings and reconciliation on prior page.
infrastructure to better serve our customers. We
have significant growth opportunities ahead. And,
we will continue to add value with our focus on the
fundamentals     reliability, customer satisfaction,
financial discipline and environmental stewardship.
What investments are needed to meet those
growth opportunities?
Gale: We made important updates to our ESG
Progress Plan     a five-year investment plan totaling
$23.7 billion for efficiency, sustainability and growth.
It is the largest plan in the history of our company,
and we expect this plan to drive earnings growth of
6.5 to 7 percent a year from 2024 through 2028, on a
compound average annual basis.
This plan is laying the foundation for a complete exit
from coal. We now expect to fully remove coal as a
generation source by the end of 2032.
2 0 2 3 A N N UAL R EP O R T | 1

How does the five-year capital plan support
your longer-term strategy for your power
generation fleet?
Scott: Over the next five years, we will continue to
transform our generation fleet and reduce carbon
dioxide emissions. We are making a significant
commitment to new solar, wind and battery storage,
as well as modern, efficient natural gas generation
and liquefied natural gas (LNG) storage. And, to help
assure energy security for our customers, we   ll also
continue to strengthen our distribution network and
invest in the transmission infrastructure.
We project that our regulated electric business will
continue to grow as a percentage of our overall
enterprise. Economic development     particularly in
the southeastern part of Wisconsin     reliability and
decarbonization are driving that growth. By the end
of our five-year plan, we expect to quadruple our
carbon-free generation for our regulated utilities.
What progress have you made on enhancing
reliability and fuel diversity?
Scott: We added both renewable and natural gas
generation to our regulated fleet in 2023. The final
panels at the Badger Hollow Solar Park are now
in service, completing the largest solar project in
Wisconsin history. Our Wisconsin utilities own a total
of 200 megawatts of solar capacity at the site.
We expect natural gas to serve as a critical resource
in our energy transformation. In 2023, we brought
128 megawatts of highly efficient natural gas generation
online at our existing Weston power plant site, using
reciprocating internal combustion engines. We also
added 100 megawatts of combined-cycle generation
at West Riverside Energy Center.
In addition, LNG storage provides a solution to
meet peak customer demand for heating, as well
as gas supply needed for power generation. This
storage will be crucial to help maintain reliable
service during extreme weather events, like we
experienced this January. Our Bluff Creek LNG
storage facility went into service last year, and we
have dedicated $1 billion in our five-year plan for
more LNG capacity.
Looking to the future, what should we expect
from WEC Energy Group?
Scott: We understand that our energy infrastructure
must be designed not only to endure but to support
the environment and the future economy of the
areas we serve.
The five-year plan we outlined will do just that
as we also continue to look for ways to advance
and incorporate new technology. Our focus is on
delivering affordable, reliable and clean energy.
Gale: As Scott outlined, the future of our company
is bright. We have a deep and talented team focused
on building an enduring enterprise     serving the
4.7 million customers who depend on us every day.
In closing, this will be my last message to you as
executive chairman of the board. Effective May 10,
I plan to begin serving as non-executive chairman.
Thank you for the support you   ve so generously given
me over the past 21 years. It   s been a true privilege to
help lead our progress on a mission that matters.
Sincerely,
Gale E. Klappa
Executive Chairman
March 4, 2024
2 | WE C EN ER GY GRO U P
Scott J. Lauber
President and
Chief Executive Officer

Keeping our customers warm
on Wisconsin   s coldest days
Our Bluff Creek and Ixonia liquefied natural gas (LNG)
storage facilities are now in operation in Wisconsin.
These new facilities will help us provide natural gas
at times of extreme cold when demand is highest.
Bluff Creek project, Walworth County, Wisconsin
2 0 2 3 A N N UAL R EP O R T | 3



 3/28/2024 Letter Continued (Full PDF)