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MGE Energy Reports Fourth-Quarter and Full Year 2022 Earnings
MADISON, Wis.--(BUSINESS WIRE)-- MGE Energy, Inc. (Nasdaq: MGEE), today reported financial results for the fourth quarter of 2022 and for the full year of
About this update from Mge Energy Inc.
[{"type":"text","content":" MADISON, Wis.--(BUSINESS WIRE)--\nMGE Energy, Inc. (Nasdaq: MGEE), today reported financial results for the fourth quarter of 2022 and for the full year of 2022.\n\nMGE Energy's earnings for the full year of 2022 were $111.0 million, or $3.07 per share, compared to $105.8 million, or $2.92 per share, for the same period in the prior year.\n\nMGE's investments in new, cost-effective, and carbon-free renewable generation are helping to fuel the Company's asset growth. These investments are steps toward achieving 80% carbon reduction by 2030, from 2005 levels, and net-zero carbon electricity by 2050. The Badger Hollow I solar project was completed in November 2021, which contributed to increased electric earnings in 2022. The second phase of the Badger Hollow (solar), Red Barn (wind), and Paris (solar) projects are expected to be completed in 2023.\n\nMGE's new customer information system contributed to electric and gas asset growth, which drove additional earnings in 2022 compared to the prior year. The new system went live in September 2021.\n\nDuring 2022, gas retail therm deliveries increased approximately 15 percent compared to the prior year, primarily due to colder weather in 2022. Gas use by commercial and industrial customers was approximately 16 percent higher during 2022 and gas residential consumption increased by approximately 14 percent.\n\nMGE Energy's earnings for the fourth quarter of 2022 were $21.1 million, or 58 cents per share, compared to $13.1 million, or 36 cents per share, for the same period in the prior year. This increase is primarily due to increased earnings from the growth of electric and gas asset base and the timing of costs in 2021. Fourth quarter earnings were lower in 2021 due to the timing of when 2021 depreciation and other operations and maintenance costs were collected in rates and when the costs were incurred. Significant capital projects were placed in service near the end of 2021.\n\n\n\nMGE Energy, Inc.\n\n\n\n\n\n(In thousands, except per share amounts)\n\n\n\n\n\n(Unaudited)\n\n\n\n\n\nThree Months Ended December 31,\n\n\n\n \n\n\n\n2022\n\n\n\n \n\n\n\n \n\n\n\n2021\n\n\n\n\n\nOperating Revenues\n\n\n\n \n\n\n\n$\n\n\n\n189,833\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n162,066\n\n\n\n\n\nOperating Income\n\n\n\n \n\n\n\n$\n\n\n\n27,935\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n17,249\n\n\n\n\n\nNet I...