MGE Energy Reports Third-Quarter Earnings

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 third quarter of 2021.\n\nMGE Energy's GAAP (Generally Accepted Accounting Principles) earnings for the third quarter of 2021 were $34.9 million, or $0.97 per share, compared to $31.8 million, or $0.88 per share, for the same period in the prior year.\n\nOur third-quarter results were driven by an increase in investments included in rate base and economic recovery in our service territory.\n\nMGE is investing in new, cost-effective, carbon-free renewable generation, which is helping to fuel the company's asset growth. An increase in electric investments included in rate base continues to contribute to the increase in electric earnings for 2021. The Two Creeks solar project was completed in November 2020 contributing to increased electric earnings in the third quarter of 2021.\n\nFor the quarter, electric retail kilowatt-hour sales increased 2.2 percent compared to the third quarter of 2020. Electricity use by commercial customers was 4.5 percent higher during the third quarter of 2021. Electric residential consumption declined by 3.9 percent.\n\nDepreciation and operations and maintenance costs are expected to increase during the remainder of 2021 after significant capital projects are completed. The new customer information system went live in September 2021. This multiyear capital investment to upgrade internal legacy systems is part of the Enterprise Forward initiative to transform MGE into a digitally integrated utility. Additionally, Badger Hollow I is expected to be completed in the fourth quarter of 2021.\n\n\n\n \n\n\nMGE Energy, Inc.\n\n\n(In thousands, except per share amounts)\n\n\n(Unaudited)\n\n\n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n\n\n \n\n\n\nThree Months Ended September 30,\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\n \n\n\n\nOperating Revenues\n\n\n\n \n\n\n\n$\n\n\n\n145,873\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n135,211\n\n\n\n \n\n\n\n \n\n\n\n\n\n \n\n\n\nOperating Income\n\n\n\n \n\n\n\n$\n\n\n\n37,598\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n38,325\n\n\n\n \n\n\n\n \n\n\n\n\n\n \n\n\n\nNet Income\n\n\n\n \n\n\n\n$\n\n\n\n34,917\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n31,794\n\n\n\n \n\n\n\n \n\n\n\n\n\n \n\n\n\nEarnings Per Share - basi...

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