WEC Energy profit up 9.7% despite stormy quarter

Electricity use declines in most segments

WEC Energy Group headquarters building
WEC Energy Group's Milwaukee corporate headquarters.

Milwaukee-based WEC Energy Group Inc.’s second quarter profits increased 9.7 percent year-over year, which the company said it achieved through cost controls and despite a stormy spring.

WEC Energy Group headquarters building
WEC Energy Group’s Milwaukee corporate headquarters.

Net income was $199.4 million, or 63 cents per diluted share, up from $181.7 million, or 57 cents per share, in the second quarter of 2016.

Operating income was $362.2 million, up from $332.1 million in the same period a year ago.

Revenue totaled $1.6 billion, flat from the second quarter of 2016.

During the second quarter, the company spent $226 million on the acquisition of Bluewater Gas Holding LLC, which it announced in February.

At the close of the quarter, WEC had added 9,000 electric and 13,000 natural gas customers to its service year-over-year.

“Our continued focus on controlling costs contributed to our results in the second quarter,” said Allen Leverett, chief executive officer. “We achieved those results while safely and reliably restoring power in the wake of relentless storm activity.”

The company also disclosed electricity use for the first half of the year. Residential use was down 1.1 percent compared to the first six months of 2016. Small commercial and industrial usage was up 1 percent, while large C&I usage was down 0.5 percent, excluding the iron ore mines in Michigan’s Upper Peninsula. And retail consumption was down 0.9 percent year-over-year, excluding the mines.

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Molly Dill, former BizTimes Milwaukee managing editor.

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