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WEC Energy (NYSE:WEC) adjusts FY 2023 adjusted earnings guidance following the Illinois Commerce Commission’s decision to disallow $236.2M of capital costs related to the construction and improvement of Peoples Gas Light service centers and $1.7M of capital costs related to North Shore Gas’ construction of a gas infrastructure project.
Last week, the ICC granted a rehearing with a limited scope, and the disallowance of PGL’s and NSG’s capital costs will not be part of the rehearing; as a result, WEC (WEC) said it will take a $178.9M pre-tax, or $0.41/share, non-cash charge to earnings for 2023.
Following the charge, WEC (WEC) now expects FY 2023 GAAP EPS of $4.17-$4.21, while full-year adjusted EPS, excluding the impact of the $0.41/share, are forecast at $4.58-$4.62, with an expectation of reaching the upper end of the range.
WEC (WEC) said it expects to appeal the ICC’s disallowance of the capital costs to Illinois circuit court.
