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MGE Energy Inc. reports developments for an investor-owned public utility holding company whose principal subsidiary, Madison Gas and Electric, generates and distributes electricity in Dane County, Wisconsin, and purchases and distributes natural gas in south-central and western Wisconsin.
Recurring news covers quarterly and annual earnings, electric and gas segment performance, rate-base investment, renewable generation and battery storage projects, regular common-stock dividends, investor communications, and capital-structure actions such as public equity offerings and related agreements.
MGE Energy, Inc. (Nasdaq: MGEE) will present at the 2020 EEI Virtual Financial Conference from November 9-11, 2020. The presentation can be accessed on their website via a dedicated link. MGE Energy, based in Madison, Wisconsin, is an investor-owned public utility that manages Madison Gas and Electric. With assets valued at approximately $2 billion, they reported revenues of around $569 million in 2019, focusing on electricity generation and natural gas distribution in various Wisconsin counties.
MGE Energy, Inc. (Nasdaq: MGEE) released its third-quarter 2020 financial update today. The comprehensive update can be accessed on MGE Energy's website. As a public utility holding company based in Madison, Wisconsin, MGE Energy oversees Madison Gas and Electric, which operates in Dane County and several other Wisconsin counties. The company reported approximately $2 billion in assets and generated about $569 million in revenues for 2019.
Madison Gas and Electric (MGE) has completed Wisconsin's first large-scale solar project, the 150-MW Two Creeks Solar facility, co-owned with Wisconsin Public Service (WPS). MGE operates 50 MW, while WPS operates 100 MW. This facility, featuring 500,000 solar panels across 800 acres, powers over 33,000 homes. MGE aims for net-zero carbon electricity by 2050, having announced a 40% carbon reduction target by 2030. The project supports MGE's strategy for deep decarbonization and renewable energy growth.
MGE Energy reported its financial results for Q3 2020, with net income of $31.8 million or 88 cents per share, a slight increase from $30.7 million in Q3 2019. The rise in electric net income by $1 million was attributed to AFUDC equity from solar project constructions. However, COVID-19 negatively impacted commercial retail sales, down 8%, while residential sales increased 9%. Operating revenue was $135.2 million, down from $138.2 million in the previous year.
MGE Energy, Inc. (Nasdaq: MGEE) celebrates 45 years of consecutive dividend increases in its investor newsletter, Inside View. Key highlights include recent leadership changes, ambitious investments in renewable energy aimed at driving asset growth, proposed rate changes for 2021, and plans to electrify its fleet. With assets totaling approximately $2 billion and 2019 revenues of $569 million, MGE Energy continues to strengthen its position in the market.
MGE Energy, Inc. (Nasdaq: MGEE) declared a quarterly dividend of $0.37 per share on common stock, payable on December 15, 2020, to shareholders of record as of December 1, 2020. This marks the company's 45th consecutive year of annual dividend increases and extends its history of cash dividends to over 110 years. MGE Energy operates as a public utility holding company, providing electricity and natural gas services to customers in Wisconsin.
Madison Gas and Electric (MGE) has received approval from the Public Service Commission of Wisconsin for a 20-MW solar array, the O'Brien Solar Fields, in Fitchburg, Wisconsin. This project is set to provide cost-effective, carbon-free energy to local businesses and institutions through MGE's Renewable Energy Rider (RER). Construction is expected to begin this year, with completion projected for 2021 at an estimated cost of $32 million. The solar fields will be the largest in Dane County, supporting MGE’s goal of achieving net-zero carbon electricity by 2050.