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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 (Nasdaq: MGEE) has announced a 5.3% increase in its regular quarterly dividend to $0.45 per share, payable on Sept. 15, 2024, to shareholders of record on Sept. 1, 2024. This raise bumps the annualized dividend rate from $1.71 to $1.80 per share, marking the company's 49th consecutive year of dividend increases. Chairman, President and CEO Jeff Keebler emphasized the company's commitment to sustainable dividend growth and its focus on providing safe, reliable, affordable, and sustainable energy. MGE Energy has maintained a remarkable track record of paying cash dividends for over 110 years, underlining its long-term business strategy and financial stability.
MGE Energy (Nasdaq: MGEE) reported Q2 2024 earnings of $23.8 million, or $0.66 per share, down from $28.7 million, or $0.79 per share, in Q2 2023. The decrease was primarily due to higher fuel costs and lower electric and gas sales influenced by weather conditions. Electric net income decreased by $6.0 million compared to Q2 2023. Electric residential sales fell by 4%, while gas retail sales dropped by 10% year-over-year. Despite lower earnings, MGE Energy continues to benefit from increased investments in rate base. For the first six months of 2024, net income was $57.6 million ($1.59 per share), compared to $59.8 million ($1.65 per share) in the same period of 2023.
MGE Energy (Nasdaq: MGEE) highlighted its recent Annual Meeting of shareholders in the June 2024 issue of 'Inside View,' their investor newsletter. Key topics included investments aimed at achieving carbon reduction goals, the appointment of three new Board of Directors members, historic investments in cleaner energy generation, the ongoing transition to clean energy, and new renewable energy options for customers, including a proposed community solar option and a renewable natural gas option. More details can be found on MGE Energy's website.
MGE Energy's board of directors declared a regular quarterly dividend of $0.4275 per share on its common stock. The dividend is payable on June 15, 2024, to shareholders who are on record as of June 1, 2024. MGE Energy has a long history of annual dividend increases, maintaining this trend for 48 consecutive years. Additionally, the company has consistently paid cash dividends for over 110 years.
MGE Energy, Inc. (Nasdaq: MGEE) reported GAAP earnings of $33.8 million, or $0.93 per share, for the first quarter of 2024, showing an increase from $31.1 million, or $0.86 per share, in the same period last year. Electric net income rose by $2.5 million due to investments in rate base. Gas net income remained stable despite warm weather. Operating revenues were $191.3 million in 2024 compared to $217.3 million in 2023.
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