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Sep 30, 2023
MGEE Q3 2023 Earnings Report
MGE Energy reported GAAP earnings of $37.9 million, or $1.05 per share, for the third quarter of 2023.
Key Takeaways
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.
Third-quarter GAAP earnings were $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.
Increase in investments included in rate base primarily drove the third-quarter results.
Warmer-than-normal weather led to an increase in electric residential sales of approximately 5% compared to the third quarter of 2022.
Earnings from investment in ATC increased $0.9 million, driven by an estimated possible loss recorded in 2022 from filed complaints regarding MISO transmission owners' authorized return on equity.
Forward Guidance
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on MGE Energy's current expectations, estimates and assumptions regarding future events, which are inherently uncertain.
Historical Earnings Impact
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