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Dec 31, 2020
MGEE Q4 2020 Earnings Report
MGE Energy's earnings decreased due to lower electric retail sales, but were partially offset by AFUDC equity earned from solar projects.
Key Takeaways
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.
Q4 2020 GAAP earnings were $15.8 million, or $0.44 per share.
Electric net income decreased due to lower electric retail sales.
COVID-19 and governmental regulations reduced electric retail sales.
AFUDC equity from solar projects partially offset the negative impact of COVID-19.