WEC Energy : First Quarter 2026 MGU

About this update from Wec Energy Group, Inc.

[{"type":"text","content":"\n \n ‌MICHIGAN GAS UTILITIES CORPORATION\n \n \n (An Indirect Wholly Owned Subsidiary of WEC Energy Group, Inc.)\n \n \n \n FINANCIAL STATEMENTS\n \n \n \n For the Quarter Ended March 31, 2026\n \n \n \n ‌CONDENSED INCOME STATEMENTS (Unaudited) Three Months Ended March 31\n \n (in millions)\n \n \n 2026\n \n \n 2025\n \n \n Operating revenues\n \n \n $\n \n \n 97.3\n \n \n $\n \n \n 84.8\n \n \n Operating expenses\n \n \n Cost of natural gas sold\n \n \n 55.3\n \n \n 39.0\n \n \n Other operation and maintenance\n \n \n 9.9\n \n \n 9.1\n \n \n Depreciation and amortization\n \n \n 5.8\n \n \n 5.4\n \n \n Property and revenue taxes\n \n \n 2.5\n \n \n 2.4\n \n \n Total operating expenses\n \n \n 73.5\n \n \n 55.9\n \n \n Operating income\n \n \n 23.8\n \n \n 28.9\n \n \n Other income, net\n \n \n -\n \n \n 0.1\n \n \n Interest expense\n \n \n 2.4\n \n \n 2.3\n \n \n Other expense\n \n \n (2.4)\n \n \n (2.2)\n \n \n Income before income taxes\n \n \n 21.4\n \n \n 26.7\n \n \n Income tax expense\n \n \n 5.0\n \n \n 6.2\n \n \n Net income\n \n \n $\n \n \n 16.4\n \n \n $\n \n \n 20.5\n \n \n ‌CONDENSED BALANCE SHEETS (Unaudited)\n \n \n (in millions, except share amounts)\n \n \n March 31\n \n \n 2026\n \n \n December 31\n \n \n 2025\n \n \n Assets\n \n \n Current assets\n \n \n Cash and cash equivalents\n \n \n $\n \n \n 0.1\n \n \n $ -\n \n \n Accounts receivable and unbilled revenues, net of reserves of $2.0 and $2.8, respectively\n \n \n 47.3\n \n \n 48.7\n \n \n Accounts receivable from related parties\n \n \n 0.7\n \n \n 1.2\n \n \n Materials, supplies, and inventories:\n \n \n Natural gas in storage\n \n \n 8.1\n \n \n 14.6\n \n \n Materials and supplies\n \n \n 2.3\n \n \n 2.3\n \n \n Deferred property taxes\n \n \n 7.6\n \n \n 10.2\n \n \n Prepayments\n \n \n 0.6\n \n \n 0.8\n \n \n Amounts recoverable from customers\n \n \n 19.8\n \n \n 5.7\n \n \n Other\n \n \n 1.1\n \n \n 1.8\n \n \n Current assets\n \n \n 87.6\n \n \n 85.3\n \n \n Long-term assets\n \n \n Property, plant, and equipment, net of accumulated depreciation and amortization of $224.4 and\n \n \n $221.6, respectively\n \n \n 530.1\n \n \n 528.1\n \n \n Regulatory assets\n \n \n 26.7\n \n \n 27.4\n \n \n Goodwill\n \n \n 34.5\n \n \n 34.5\n \n \n Pension and OPEB assets\n \n \n 26.2\n \n \n 25.8\n \n \n Other\n \n \n 6.7\n \n \n 6.5\n \n \n Long-term assets\n \...

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