Wisconsin Energy announces $711 million plan to upgrade infrastructure

Special to The Freeman

Dec. 6, 2013

MILWAUKEE – This week the Wisconsin Energy Corporation Board of Directors announced a capital investments plan totaling $711 million to continue to upgrade and modernize electric and natural gas infrastructure across the region in 2014. A five-year capital budget reviewed by the board includes investing between $3.2 billion and $3.5 billion from 2014 through 2018, according to a company statement.

The Board of Directors also announced a plan to purchase up to $300 million of the company's common stock through open market purchases or privately negotiated transactions from 2014 through the end of 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, on Thursday. “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 a share.
Milwaukee-based Wisconsin Energy Corporation serves more than 1.1 million electric customers in Wisconsin and Michigan's Upper Peninsula and 1.1 million natural gas customers in Wisconsin.