WEC Energy Group Poised for Modest Revenue Recovery and Increased CapEx in 2024

U.S. electric utility WEC Energy Group (NYSE: WEC) is expected to see a modest growth recovery in 2024. Visible Alpha consensus forecasts a +2.3% year-over-year increase in WEC’s operating revenues, reaching $9.1 billion. This growth follows a challenging 2023 when operating revenues fell by -7.3% due to external pressures and regulatory issues. In the second quarter of 2024, WEC reported a revenue decline of -3.2%, and analysts expect a further decline of -0.8% in the third quarter before a rebound in the fourth quarter. After the 2Q earnings report, analysts have adjusted their estimates; previously, operating revenues were estimated at $2.1 billion, however, the current estimates are down by -5.8%.

Earlier this year, WEC Energy announced plans to significantly increase its capital expenditures (CapEx), with approximately 30% allocated to renewable energy projects. Analysts expect WEC’s CapEx to rise by +68% year-over-year in 2024, reaching $4.2 billion.