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Jun 30, 2020
MGEE Q2 2020 Earnings Report
MGE Energy reported increased earnings for Q2 2020, driven by electric net income growth, which offset the negative impacts of COVID-19.
Key Takeaways
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.
Earnings per share increased to $0.53 from $0.45 year-over-year.
Electric net income increased due to AFUDC from solar projects and lower operating costs.
COVID-19 impacts and governmental regulations negatively impacted electric retail sales.
Residential sales increased due to remote work and warmer weather, mitigating COVID-19 impact.