WEC Energy's quarterly net income falls on lower electricity demand - Energy News, Top Headlines, Commentaries, Features & Events

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(Reuters) – WEC Energy Group (WEC.N) reported a decline in its first-quarter net income on Monday, as the electric utility company struggled with lower electricity consumption amid unfavorable weather in key operating regions.

Warmer-than-normal weather during the quarter weighed on customers’ need for electricity to keep themselves warm during the colder months.

WEC Energy’s net income fell to $507.5 million for the three months ended March 31 from $565.9 million a year earlier.

However, peers Southern Co (SO.N) and DTE Energy Co (DTE.N), which reported first-quarter results last week, managed to beat profit estimates on higher prices and lower costs.

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While WEC Energy experienced “one of the mildest winters in history”, it expects the weather to assume its normal course for the rest of the year.

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The company reaffirmed its full-year earnings forecast of $4.58 per share to $4.62 per share.

WEC Energy, which serves 4.6 million customers in Wisconsin, Illinois, Michigan and Minnesota, reported revenue of $2.89 billion, down $20.0 million from a year earlier.

Analysts on average estimated the revenue at $2.86 billion, according to Refinitiv data.

Reporting by Saikeerthi in Bengaluru; Editing by Shilpi Majumdar