WEC Energy Group, Inc. (NYSE:WEC) Q4 2018 Earnings Conference Call Transcript

Feb 12, 2019 • 07:00 am ET


WEC Energy Group, Inc. (NYSE:WEC) Q4 2018 Earnings Conference Call Transcript


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Good afternoon and welcome to WEC Energy Group's conference call for fourth quarter and year-end 2018 results. This call is being recorded for rebroadcast and all participants are in a listen-only mode at this time.

Before the conference call begins, I remind you all that statements in the presentation, other than historical facts, are forward-looking statements that involve risks and uncertainties that are subject to change at any time. Such statements are based on management's expectations at the time they are made.

In addition to the assumptions and other factors referred to in connection with the statements, factors described in WEC Energy Group's latest Form 10-K and subsequent reports filed with Securities and Exchange Commission could cause actual results to differ materially from those contemplated. During the discussions, referenced earnings per share will be based on diluted earnings per share unless otherwise noted.

After the presentation, the conference will be open to analysts for questions-and-answers. In conjunction with this call, a package of detailed financial information is posted at wecenergygroup.com. A replay will be available approximately two hours after the conclusion of this call.

And now, it is my pleasure to introduce Gale Klappa, Executive Chairman of WEC Energy Group.

Gale E. Klappa

Good afternoon, everyone. Thank you for joining us today as we review our results for calendar year 2018. First, I would like to make sure that everyone is familiar with the recent changes we made at the most senior level of our organization. Board of Directors has approved the creation of the Office of the Chair, staffed by four Company veterans. We will work together as a team to write the next chapter of our Company's growth and service to customers. As of February 1, my title changed to Executive Chairman. I've agreed to stay in this role for the next three years. And as Executive Chair, I'll take the lead on Board Governance, Corporate Strategy, Investor Relations and Economic Development.

I'm also delighted that Kevin Fletcher has been promoted to Chief Executive. Kevin is a Member of the Office of the Chair and will serve on the WEC Energy Group Board of Directors. Kevin will continue to report directly to me and his main focus will be the direction and performance of our seven customer facing utilities. In addition, the Office of the Chair includes Rick Kuester. Rick continues to serve as Senior Executive Vice President. He will have broad responsibility for the Company's capital investment plan, information technology and power generation. Last but not least, Scott Lauber. Scott has been named Senior Executive Vice President, Chief Financial Officer and Treasurer. He will be responsible for all of our finance-related functions.

This team, as you know, has delivered industry-leading results over many years, with a clear commitment to reliability, customer satisfaction and shareholder value. Our focus remains on the fundamentals of our business and on developing the next generation of leadership for our Company. And now, I would like to introduce the members of our management team who are here