MGEE Q3 2020 Earnings Report
Key Takeaways
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.
Third-quarter earnings were $31.8 million, or 88 cents per share.
Electric net income increased due to AFUDC equity and savings in operating and maintenance costs.
COVID-19 negatively impacted electric earnings due to reduced retail sales.
Electric commercial retail sales dropped approximately 8%, while residential sales increased by approximately 9%.
MGEE
MGEE
Forward Guidance
The situation around the COVID-19 pandemic remains fluid, and the company continues to monitor the situation and manage its response while following local, state and federal public health and safety regulations and guidance.