Hello, welcome to the WEC Energy Group annual meeting of stockholders. Please note that today's meeting is being recorded. During the meeting, we'll have a question and answer session. Stockholders who have entered the meeting using their control number can submit questions or comments at any time by selecting the Q&A icon. It is now my pleasure to turn today's meeting over to Gale Klappa. Mr. Klappa, the floor is yours.
Thank you very much. Good afternoon, ladies and gentlemen. It's just past 1:30 PM Central Daylight Time, the time set for convening WEC Energy Group's 2023 annual meeting of stockholders. I'm Gale Klappa, Executive Chairman of WEC Energy Group. I will serve as chairman for today's meeting. Before we begin, I'd like to call your attention to the rules of conduct for our meeting. They are available on the right side of the meeting page on your screen in the Documents folder. We've also provided a link if you'd like to reference our proxy materials. Now it's time to call our 2023 annual meeting to order. I've been given the inspector's report, which indicates that more than 87% of the company's outstanding shares are represented. This constitutes a quorum under the company's bylaws. This meeting, therefore, is duly convened to conduct business.
At the end of our formal program, we'll be happy to answer your questions. Some of the information you will receive at this meeting is forward-looking in nature and is based on our current expectations. Our projections, of course, involve risks and uncertainties. Factors discussed in the company's latest Form 10-K and in subsequent reports filed with the Securities and Exchange Commission could cause our actual results to differ materially from those discussed today. Now we'll begin our business session. All members of the WEC Energy Group board of directors who are standing for election are joining us today.
Also attending is John Ruocco from Computershare, the company that serves as our transfer agent and registrar. John has been appointed as the Inspector of Election for our meeting. Also with us today are Andy Coors and Tom Keefe from Deloitte & Touche. They're our independent auditors. Now I'll call on our Executive Vice President, General Counsel, and Corporate Secretary, Peggy Kelsey, to report on the proposals that we have before us. Peggy?
Thank you, Gale. On March 23, 2023, a notice of this meeting was sent to all stockholders of record as of February 23, 2023. We will now proceed with the vote for the 2023 annual meeting. If you previously voted your proxy, your vote has already been recorded. If you entered the meeting using your control number and have not yet voted, or you wish to change your vote, you may do so now by clicking on the Vote link in the online meeting center. The link is labeled Vote on the icon above. We will close the polls shortly. As set forth in your proxy statement, there are four items on which stockholders have been asked to vote.
Number one, election of 12 directors to serve for terms expiring at the annual meeting of stockholders in 2024, including Ave M. Bie, Curt S. Culver, Danny L. Cunningham, William M. Farrow III, Cristina A. Garcia-Thomas, Maria C. Green, Gale E. Klappa, Thomas K. Lane, Scott Lauber, Ulice Payne Jr., Mary Ellen Stanek, and Glen E. Tellock. Number two, ratification of Deloitte & Touche LLP as independent auditors for 2023. Number three, an advisory vote to establish the frequency of the say on pay vote. Number four, an advisory vote to approve compensation of the named executive officers, otherwise known as say on pay. I've been appointed to vote all of the shares represented by the proxy votes sent in by our stockholders. I have submitted the proxy ballot that reflects your instructions to the Inspector of Election. The polls are about to close, so if you have not finished voting, please do so now.
Thank you. The online voting is now closed. The preliminary inspector's report has been completed. Based on a preliminary review of the votes cast, I declare that all nominees for the board of directors have been elected, the appointment of Deloitte & Touche as independent auditors for 2023 has been ratified, the frequency of the say on pay vote has been ratified and will occur annually, and the advisory vote to approve the compensation of the named executive officers has passed. A final report will be filed with the Securities and Exchange Commission in the next few days. I will now turn the meeting back over to you, Gale.
Peggy, thank you very much. The formal business portion of our meeting is adjourned. now we'd like to provide you with a brief update on our company's progress. I'm pleased to report that on virtually every meaningful measure, from employee safety and the customer satisfaction to growth and earnings per share, we delivered another strong year. Three major factors shaped our record financial results for 2022. Favorable weather, solid performance in our infrastructure and transmission segments, and steady execution of our capital plan. as we turn the calendar to January of this year, the board of directors raised our dividend by 7.2%. This marks the 20th consecutive year that our company has rewarded shareholders with higher dividends. as you may have seen on Monday, we reported first quarter earnings of $1.61 a share.
Weather was a big factor in our lower results for the quarter. For example, this was the second warmest quarter in Milwaukee since way back in 1891. However, we're confident in our plan for the remainder of the year, and we're reaffirming our earnings guidance for 2023. As a reminder, we're guiding to a range of $4.58-$4.62 a share for the full year. Now I'd like to discuss the progress we're making in building a bright, sustainable future. As you may recall, we've announced some of the most aggressive goals in our industry for reducing carbon and methane emissions. These goals were established through thoughtful and thorough planning that supports our mission of providing affordable, reliable, and clean energy to the millions of customers who depend on us.
Across our generating fleet, we're targeting a 60% reduction in carbon emissions by the end of 2025, and an 80% reduction by the end of 2030, both from a 2005 baseline. In fact, by the end of 2030, we expect to use coal only as a backup fuel for power generation. We plan to completely exit from coal by the end of the year 2035. Of course, for the longer term, we remain focused on achieving net zero carbon emissions from power generation by 2050. I'd like to underscore that our goals are aligned with or surpass the effort across the globe to limit warming to 1.5 degrees Celsius. As we move forward, we're also working to help shape the future of clean energy.
To that end, we recently announced an important pilot project with the Electric Power Research Institute and a company called CMBlu Energy. CMBlu is a German designer of long-duration battery storage using common, low-cost, environmentally friendly materials. In simple English, it's a green battery. This pilot project will be one of the first of its kind to connect to the electric grid here in the United States. Our plan is to test the performance and the durability of this new battery system. We believe it can store energy for up to, we think, twice as long as the typical batteries in use today. We plan to launch the project at our Valley Power Plant near downtown Milwaukee in the fourth quarter of this year, when temperatures turn cold. The results will be shared across our industry. Switching gears now.
We're driving forward on our $20.1 billion ESG Progress Plan, the largest five-year investment plan in the company's history. The plan is focused on efficiency, sustainability, and growth. Highlights of the plan include a significant increase in renewable energy for our regulated utilities. We're also dedicating more capital to hardening our electric distribution networks so that we can continue to deliver a high level of reliability for our customers. Overall, we expect our ESG Progress Plan to support average growth in our asset base of 7.7% a year over the period 2023 to 2027, driving earnings growth, dividend growth, and dramatically improved environmental performance. Now I'll turn the meeting over to Scott Lauber, our President and Chief Executive. Scott will address the status of a number of important projects. Scott, all yours.
Thank you, Gail. As Gail mentioned, we're executing on our ESG Progress Plan, the transition of our generation fleet, and the strengthening of our energy infrastructure to assure reliability. I'm pleased to say that since last December, more than $1 billion of capital investment projects have been approved by the Public Service Commission of Wisconsin. Turning first to our renewable energy developments, we received regulatory approval for our purchase of the Darien and Koshkonong Solar-Battery Parks. Together, these projects will provide more than 700 MW of solar and battery capacity for our Wisconsin customers. We expect these projects to be completed in 2024 and 2025, respectively. On the solar front, work continues on the Badger Hollow II solar facility and the Paris Solar Battery Park. I'm pleased to report that the Red Barn Wind Park began operations just last month in Wisconsin.
The project will provide about 80 MV of renewable energy to our system. We're also dedicating significant resources to our capital investment plan to strengthen the reliability of our networks. Between 2023 and 2027, we expect to invest $3.6 billion to address aging electric infrastructure and further our system hardening. In addition, we're planning investments to meet the energy needs of our customers at times of peak energy demand. For example, construction is underway on two liquefied natural gas storage facilities in Wisconsin. These facilities are necessary to provide the natural gas our customers need during the coldest days of the year. The projects are on track to go into service later this year and in 2024. Turning now to our gas distribution business in Chicago. Our long-term safety modernization program is replacing old, corroded pipes with new state-of-the-art materials.
An independent study has determined that 80% of the iron pipes in the Peoples Gas delivery system have an average remaining life of less than 15 years. Our ongoing works is critical to making the delivery system safer and more reliable for our Chicago customers while reducing methane emissions. As you may recall, we have been working to source renewable natural gas, or RNG, from local dairy farms. The RNG will directly replace higher-emission methane from natural gas that would have entered our pipes. We signed another contract in January, which brings us to a planned total of 1 billion cubic feet of RNG that'll enter our system annually. We expect RNG to start flowing this year, supporting our aggressive goal to significantly reduce methane emissions. As Gale mentioned, we're also making strides to support low and no carbon technology.
I'm pleased to share with you that the hydrogen pilot we outlined for you last year was completed successfully. Hydrogen and natural gas were tested in blends of up to 25% hydrogen to power one of the most modern generating units. The results of this project are a strong indication that this technology, which produces energy on demand, could run efficiently on very low and no carbon fuels. Moving forward, our priorities can be summed up in three words: affordable, reliable, clean. I'll turn the meeting back to Gale.
Scott, thank you so much. Well, folks, as you've heard, we're moving forward and focused on providing value for our customers and for all of you. Now it's time for the question-and-answer portion of our meeting. Stockholders may submit questions online by clicking on the Q&A icon. Peggy Kelsey has kindly agreed to read the questions for us. Peggy?
All right, first things first. We've got a question that's in two parts. I will just read the first part, let you all take that one, and then we'll move to the second part since they're different from each other. Here's the first part. Given last winter's natural gas delivery breakdown, I am extremely concerned as to natural gas's reliability as compared to clean coal. I think we need to reevaluate our power mix and increase the use of clean coal, which goes against all of the climate change stuff. It would have been a major disaster if we had run out of natural gas.
More nuclear is a good option, too, except for the disposal of its expended waste products. With coal, one can see how big the pile is outside of the plant versus natural gas that can't be stored in very large quantities on-site. We cannot depend on renewables slash natural gas under challenging conditions.
Okay. Well, thank you so much for the comment and the question, and we'll ask Scott to give you his view as well. Let me first say that what happened here in the upper Midwest, it was really Christmas weekend, this past Christmas, really was not, from our system, really was not an issue with power generation. We had all of the power generation resources we needed to meet a very strong customer demand. What really happened, on our gas distribution network was a mechanical failure on one of the major gas pipelines that delivers gas into our network. The good news is we did ask for a few hours for folks to turn down their thermostats, but the good news is no one lost the ability to heat their home, and we kept the lights on throughout.
Scott, would you like to add anything to that?
No, that's a very good summary of what happened. What we are in, and we talked about earlier in the meeting, we are adding two liquefied natural gas plant sites in the state of Wisconsin. If those sites would have been on, we would have not even had to ask for people to turn down the thermostats over the weekend of the Christmas weekend. Those projects are going very well. Just got an update the other day that one project is, in fact, ahead of schedule. We'll have it ready this fall.
Those will be very important to maintaining the stability of gas delivery at peak times, these two major LNG gas storage facilities that Scott mentioned. I hope that responds to the point or to the first part of the question. Peggy, is there a second part?
There is indeed. On a second note, we should consider placing technology in our wind farms so that the red lights can be extinguished at night unless airplanes are in the area. Apparently, some other states are installing this technology.
Well, we'll certainly look at the technology. I agree with you, although I will say that our wind farms in Wisconsin that we own and operate are in very, very rural areas. We have had no complaints whatsoever, from any of the nearby landowners about the flashing lights. We certainly understand the situation, and as we evaluate the technology, if it, if it's cost-effective for us, we would certainly go that route. Thank you.
The next question is directed more toward the chair of our audit committee or a representative of Deloitte. I will read the question, Gale, and then if you wish to direct one of them, Shannon at Computershare can unmute their mic.
Very good.
Here's the question slash comment. The Carpenters pension funds believe that audit firm independence is critical to protecting the integrity of corporate financial reporting. Given that audit firm and corporate client relationships are generally long-tenured, federal regulations require that the lead engagement partner be rotated out of that position every five years. Could the chair of the audit committee or a representative of Deloitte, which has been the company's audit firm since 2002, describe the lead audit partner rotation process and indicate who makes the decision in the selection of the new lead partner? Thank you.
Very good. Thank you for the question. Danny Cunningham is our Audit Committee Chair, a really experienced, highly qualified audit committee chair. Danny, would you like to opine on the question?
Thank you, Gale. First off, for the questioner, we on the audit committee clearly agree that auditor independence is critical. The process to select the lead audit partner starts with members of the audit committee meeting with representatives of the auditor, in this case, Deloitte, to discuss our expectations as to qualifications of the next lead audit partner. After Deloitte identifies one or more candidates, the audit committee chair, other audit committee members, and management perform interviews. Inputs are obtained from each interviewer and the audit committee is then responsible for the final decision.
Very good. I wonder if Tom Keefe would like to add any comment to your remarks, Danny. Tom Keefe, of course, from Deloitte, representing our independent auditor.
We take independence very seriously like the company. We have multiple professionals that serve power and utilities clients. As Danny said, we work with the company and management to find the professional that's the best fit and the best expertise for the company.
Yeah. Thank you, Tom, very much. Danny, thank you as well, and thank you for your question. All right, Peggy.
All right, Gale. This next one clearly directed to you. As an individual shareholder during these uncertain times, I greatly appreciate Mr. Klappa's leadership of the company. Can he tell us his future plans? Any succession planning at WEC? I'm hopeful Mr. Klappa will be with WEC for many years to come. Thank you.
Well, thank you very much for the compliment. I appreciate it. This actually is my 20th year at the company. That's a couple of decades and a lot of progress, thank goodness, at the company. Let me just say this. While I appreciate the compliment, I think it's important to point out that I'm just one part of a very strong, competent management team. We worked very hard over the last few years to basically groom and help put in place the next generation of leadership for this company as well, and I'm very comfortable with our senior leadership team as well. As far as my current plans, I think it's certainly public. We've announced that I currently plan to stay in this role until May of 2024.
I'm sure the board of directors and I will have continuing discussions, and we'll see where we go from there. Thank you again for your comment.
Gale, that's it. No more questions.
No more questions. Terrific. Well, we warn you out in a hurry. Thank you very much. This concludes our 2023 annual meeting. If you have any additional questions or you'd like more information, feel free to contact us at 414.221.2592, or you can email us at WEC Stockholder Services at wecenergygroup.com. Please be assured, ladies and gentlemen, that our management team will work hard in the year ahead to uphold your confidence. Thank you again for your support. Good afternoon, everyone.
You may now disconnect.