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August 4, 2021updated 08 Nov 2021 5:04am

WEC Energy reports net increase in second-quarter income

WEC Energy’s consolidated revenues for the first six months of the year came to $4.4bn.

By Umesh Ellichipuram

US-based energy company WEC Energy Group has reported a net income of $276m, or $0.87 for each share, in the second quarter of this year.

This is an increase from $241.6m, or $0.76 for each share, in the same quarter of last year.

During the first six months of this year, WEC Energy recorded a net income of $786.1m, or $2.49 for each share. This was up from $694.1m, or $2.19 for each share, in the prior-year quarter.

The company’s consolidated revenues amounted to $4.4bn in the first half, up by $710.3m from the revenues reported in the first half of last year.

WEC Energy Group executive chairman Gale Klappa said: “A recovering economy, continued gains in operating efficiency and warmer-than-normal June temperatures were major factors in our strong performance.”

The company’s retail electricity supply, excluding the iron ore mine in Michigan’s Upper Peninsula, increased by 7.1% in the second quarter of the year compared with the same quarter of last year.

Small commercial and industrial customers consumed 10.4% more electricity during the quarter compared to the prior-year period.

Large commercial and industrial customers, excluding the Upper Peninsula iron ore mine, used 14.8% more than they did a year earlier.

Despite these increases, WEC Energy said that its residential electricity consumption had declined by 3% in the second quarter.

The company noted that on a weather-normal basis, the retail deliveries of electricity in the quarter, excluding the Upper Peninsula mine, registered a 5.8% increase.

At the end of June, the company delivered electricity to almost 4,000 new customers and 18,000 more natural gas customers compared with a year earlier.

Last January, WEC Energy acquired an 80% stake in the Blooming Grove Wind Farm in McLean County, Illinois, for $345m.

The 250MW wind farm is being developed by global sustainable energy project developer and operator Invenergy.

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