Welcome to our dedicated page for Mge Energy news (Ticker: MGEE), a resource for investors and traders seeking the latest updates and insights on Mge Energy stock.
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.
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Madison Gas and Electric (MGE) announces the full operation of the Red Barn Wind Farm, a 92-MW facility located in Grant County, which will generate cost-effective, carbon-free energy. MGE's share will serve around 5,000 households annually. The company aims for at least an 80% reduction in carbon emissions by 2030 and net-zero carbon electricity by 2050. Additionally, MGE is investing in solar and battery storage projects, including the Paris Solar-Battery Park and the Darien Solar Energy Center, expected to significantly expand its renewable capacity.
Madison Gas and Electric (MGE), in collaboration with We Energies and Wisconsin Public Service, received approval to purchase solar energy and battery storage from the Koshkonong Solar Energy Center. MGE will own 30 MW of solar energy and 16.5 MW of battery storage, sufficient to power 9,000 households. The project is part of MGE's goal to achieve a net-zero carbon electricity by 2050, targeting an 80% reduction in carbon emissions by 2030. The Koshkonong center is expected to begin operations in late 2025, contributing to MGE's significant expansion of renewable capacity by over nine times since 2015.
MGE Energy reported a strong performance for the fourth quarter and full year of 2022. Full-year earnings rose to $111.0 million, or $3.07 per share, compared to $105.8 million, or $2.92 per share in 2021. Q4 earnings also saw a significant increase, reaching $21.1 million, or 58 cents per share, up from $13.1 million, or 36 cents per share the prior year. Growth in electric and gas assets, driven by new projects and customer systems, propelled these results. MGE aims for an 80% carbon reduction by 2030 and net-zero carbon electricity by 2050.
The board of directors of MGE Energy (Nasdaq: MGEE) has declared a quarterly dividend of $0.4075 per share, payable on March 15, 2023, to shareholders of record by March 1, 2023. MGE Energy boasts a strong history, having increased its dividend annually for 47 years and paid cash dividends for over 110 years. The company serves 159,000 electricity customers and 169,000 natural gas customers across Wisconsin, demonstrating significant operational stability and commitment to returning value to shareholders.