MGEE Q1 2021 Earnings Report
Key Takeaways
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.
Electric investments in rate base contributed to increased electric earnings.
Two Creeks solar project completion in November 2020 boosted electric earnings.
Higher gas retail sales due to colder weather increased gas earnings.
Electric residential sales increased by approximately 9%, while commercial retail sales dropped approximately 4%.
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Forward Guidance
Depreciation and operations and maintenance costs are expected to increase during the remainder of 2021 after significant capital projects are completed, including Badger Hollow I solar project and a new customer information system. The situation around the COVID-19 pandemic remains fluid.