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WEC Energy Q2 Electricity Sales Drop on Lower Wholesale, Resale Volumes

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WEC Energy (WEC) reported Q2 earnings Wednesday, showing electricity sales of 10.2 million megawatt-hours, down from 10.7 million MWh a year earlier.

Retail electricity sales increased to 9 million MWh for the quarter ended June 30, up from 8.7 million MWh a year earlier.

Residential sales declined to 2.5 million MWh for the quarter, compared with 2.6 million MWh for the same quarter last year.

Small commercial and industrial sales remained broadly flat at 3.1 million MWh, while large commercial and industrial electricity sales rose to 3.3 million MWh, up from 3 million MWh a year earlier.

Wholesale sales declined to 395,100 MWh for the quarter, down from 417,700 MWh for the same quarter last year. Resale volumes fell to 770,400 MWh, down from 1.5 million MWh.

Natural gas sales totaled 1,057.2 million therms, down from 1,100.5 million therms a year earlier.

Retail gas sales fell to 447 million therms for the quarter, down from 497 million therms, while transportation volumes increased to 610.2 million therms, up from 604 million therms.

Residential natural gas sales declined to 282 million therms, down from 320 million therms, while commercial and industrial volumes decreased to 165 million therms from 177 million therms a year earlier, WEC added.

Heating degree days declined across most of WEC Energy Group's service territories during Q2, including a 20.4% drop for Wisconsin Gas and Wisconsin Electric and a 19.2% decline for Peoples Gas and North Shore Gas from a year earlier.

Price: $112.45, Change: $-1.17, Percent Change: -1.03%

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