MILWAUKEE, WI (STL.News)- WEC Energy Group unveiled a report on the company’s strategy to reduce costs to customers, preserve fuel diversity and reduce carbon emissions through changes to its generation fleet.
The report – “Pathway to a Cleaner Energy Future” – illustrates the approach WEC Energy Group is taking to reduce emissions and presents a wide-ranging analysis of factors that will help shape future decision-making.
“At this pivotal time in the energy industry, we have made it a priority to reduce greenhouse gas emissions while maintaining a reliable, resilient and cost-effective energy system for our customers,” said Gale Klappa, executive chairman – WEC Energy Group.
The company’s long-term strategy reflects its focus on environmental stewardship. In 2016, WEC Energy Group set a goal to reduce total carbon emissions by 40 percent, compared to 2005 levels, by the year 2030. The company is on track to meet that goal by 2023 and has announced a new goal of reducing carbon emissions by 80 percent from 2005 levels by 2050.
“When we set a goal, you can count on the fact that we have analyzed the risks, benefits and feasibility,” said Kevin Fletcher, president and CEO – WEC Energy Group. “We’re confident in our ability to achieve our 80 percent reduction goal, but it will require significant effort, continued improvements in technology and reshaping our generation fleet.”
- By 2030, the company’s goal is to reduce total carbon emissions by 40 percent. To help achieve that goal, the company projects more than 70 percent of its electricity supply will come from low-and no-carbon sources.
- By 2050, the company’s goal is to reduce carbon emissions by 80 percent. To achieve that goal the company projects 100 percent of electricity supply to come from low- and no-carbon sources.
Investments – WEC Energy Group expects to invest more than $14 billion between 2019 and 2023, with a focus on:
- Reshaping its generation fleet for a clean, reliable future.
- Modernizing electric and natural gas delivery infrastructure.
- Launching advanced metering functionality and upgrading systems and equipment.
Business and climate strategy – the company strives to provide the best value for customers by embracing constructive change, demonstrating personal responsibility for results, and using creative solutions to meet or exceed customers’ expectations.
The report incorporates industry-specific research from the Electric Power Research Institute and global emissions scenarios used by the Intergovernmental Panel on Climate Change. It includes research and analyses testing the resilience of WEC Energy Group’s strategy in different climate-related scenarios – including scenarios consistent with limiting a global temperature rise to less than 2 degrees Celsius.
WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation’s premier energy companies, serving 4.5 million customers in Wisconsin, Illinois, Michigan and Minnesota.
The company’s principal utilities are We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources and Upper Michigan Energy Resources. The company’s other major subsidiary, We Power, designs, builds and owns electric generating plants.
WEC Energy Group is a Fortune 500 company and a component of the S&P 500. The company has approximately 50,000 stockholders of record, 8,000 employees and more than $33 billion of assets.