MGEE Earnings Reports

MGE Energy reported increased earnings for the fourth quarter of 2024, driven by investments in renewable generation and contributions from electric rate base. Full-year earnings also increased compared to the prior year. Gas retail therm deliveries decreased due to warmer-than-normal weather.

MGE Energy reported GAAP earnings of $40.9 million, or $1.13 per share, for the third quarter of 2024, compared to $37.9 million, or $1.05 per share, for the same period in the prior year. The increase in electric net income was driven by higher electric investments in rate base and lower fuel costs.

MGE Energy reported GAAP earnings of $23.8 million, or $0.66 per share, for the second quarter of 2024, compared to $28.7 million, or $0.79 per share, for the same period in the prior year. The decrease was driven by higher fuel costs and lower electric and gas sales, although the company continues to benefit from increased investments in rate base.

MGE Energy reported GAAP earnings of $33.8 million, or $0.93 per share, for the first quarter of 2024, compared to $31.1 million, or $0.86 per share, for the same period in the prior year. The increase was primarily driven by an increase in investments included in rate base.

MGE Energy reported earnings of $20.1 million, or 55 cents per share, for the fourth quarter of 2023, compared to $21.1 million, or 58 cents per share, for the same period in the prior year. The decrease in gas net income was due to lower gas sales, influenced by warmer-than-normal weather, which reduced gas retail therm deliveries by approximately 15%.

MGE Energy reported third-quarter 2023 GAAP earnings of $37.9 million, or $1.05 per share, compared to $33.7 million, or $0.93 per share, for the same period in the prior year. The results were primarily driven by an increase in investments included in rate base and warmer-than-normal weather, which led to an increase in electric residential sales.

MGE Energy reported GAAP earnings of $28.7 million, or $0.79 per share, for the second quarter of 2023, compared to $21.8 million, or $0.60 per share, for the same period in the prior year. The increase was primarily driven by an increase in investments included in rate base.

MGE Energy reported GAAP earnings of $31.1 million, or $0.86 per share, for the first quarter of 2023, compared to $34.4 million, or $0.95 per share, for the same period in the prior year. Warmer-than-normal weather led to lower gas and electric retail sales.

MGE Energy reported fourth-quarter earnings of $21.1 million, or 58 cents per share, compared to $13.1 million, or 36 cents per share, for the same period in the prior year. The increase is primarily attributed to increased earnings from the growth of electric and gas asset base and the timing of costs in 2021.

MGE Energy's GAAP earnings for the third quarter of 2022 were $33.7 million, or $0.93 cents per share, compared to $34.9 million, or $0.97 cents per share, for the same period in the prior year.

MGE Energy's GAAP earnings for the second quarter of 2022 were $21.8 million, or $0.60 cents per share, compared to $22.9 million, or $0.63 cents per share, for the same period in the prior year.

MGE Energy reported GAAP earnings of $34.4 million, or $0.95 per share, for the first quarter of 2022, compared to $34.9 million, or $0.97 per share, for the same period in the prior year.

MGE Energy reported GAAP earnings of $13.1 million, or 36 cents per share, for the fourth quarter of 2021, compared to $15.8 million, or 44 cents per share, for the same period in the prior year. The decrease was primarily attributable to lower gas retail sales. Full year 2021 GAAP earnings were $105.8 million, or $2.92 per share, compared to $92.4 million, or $2.60 per share, for the same period in the prior year.

MGE Energy reported GAAP earnings of $22.9 million, or $0.63 per share, for the second quarter of 2021, compared to $18.8 million, or $0.53 per share, for the same period in the prior year. The increase was attributed to warmer weather, economic recovery, and increased investments included in rate base. Electric commercial and residential kilowatt-hour sales increased by 9.4% and 1.4%, respectively.

MGE Energy reported GAAP earnings of $34.9 million, or $0.97 per share, for the first quarter of 2021, compared to $26.0 million, or $0.75 per share, for the same period in the prior year. Increased electric and gas investments and higher retail sales contributed to the increase.

MGE Energy reported GAAP earnings of $15.8 million, or $0.44 per share, for Q4 2020, compared to $16.7 million, or $0.48 per share, for Q4 2019. The decrease in electric net income was primarily attributable to lower electric retail sales due to COVID-19, which was partially mitigated by AFUDC equity earned from the construction of solar projects. Gas net income remained relatively flat compared to the prior year.

MGE Energy reported third-quarter earnings of $31.8 million, or 88 cents per share, compared to $30.7 million, or 88 cents per share, for the same period in the prior year. Electric net income increased due to AFUDC equity earned from the construction of Two Creeks and Badger Hollow I and II, as well as savings in operating and maintenance costs. COVID-19 negatively impacted electric earnings due to a reduction in retail sales.

MGE Energy reported earnings of $18.8 million, or $0.53 per share, for the second quarter of 2020, compared to $15.5 million, or $0.45 per share, for the same period in the prior year. Electric net income increased due to AFUDC earned from solar generation projects and savings in operating and maintenance costs, while gas net income remained relatively flat.

MGE Energy reported first-quarter earnings of $26.0 million, or 75 cents per share, compared to $24.0 million, or 69 cents per share, for the same period in the prior year. Electric and gas net income increased due to lower fuel costs, savings in operating and maintenance costs, and customer growth.

MGE Energy reported GAAP earnings for the fourth quarter of 2019 were $16.7 million, or 48 cents per share, compared to $16.4 million, or 47 cents per share, in the fourth quarter of 2018. An increase in owned renewable generation assets contributed to higher electric earnings.