Sign Up for FREE Daily Energy News
Canadian Flag CDN NEWS  |  US Flag US NEWS  | TIMELY. FOCUSED. RELEVANT. FREE
  • Stay Connected
  • linkedin
  • twitter
  • facebook
  • youtube2
BREAKING NEWS:

Copper Tip Energy Services
Hazloc Heaters
Copper Tip Energy
Hazloc Heaters


WEC Energy’s quarterly net income falls on lower electricity demand


These translations are done via Google Translate
(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.

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.

ROO.AI Oil and Gas Field Service Software
Tarco | Delivering Engineered Solutions
GLJ

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


Share This:



More News Articles


GET ENERGYNOW’S DAILY EMAIL FOR FREE