The board of directors of Wisconsin Energy Corp. approved capital investments totaling $711 million for 2014 to continue upgrading and modernizing its electric and natural gas infrastructure across the region.
The board of the Milwaukee-based parent company of We Energies also reviewed a five-year capital budget that calls for investing between $3.2 billion and $3.5 billion over the period 2014 through 2018.
In addition, the directors authorized management to purchase – from 2014 through the end of 2017 – up to $300 million of the company’s common stock through open market purchases or privately negotiated transactions. The directors also reviewed management’s plan to maintain an appropriate capital structure by retiring up to $500 million of holding company obligations during the period 2014 through 2017.
“With the five-year construction plan that we presented today, we’re placing a greater focus on the basic building blocks of our delivery business – pipes, poles, wires, transformers and substations – and on initiatives at our power plants that will lower our operating costs for customers,” said Gale Klappa, chairman and chief executive officer of Wisconsin Energy Corp. “I’m confident that this plan will allow us to deliver a high level of service quality and maintain our position as one of the most reliable energy companies in America.”
The company also reaffirmed that it expects 2013 earnings to be in a range of $2.43 to $2.48 per share.