MGE Energy Increases Dividend for 47th Consecutive Year

Rhea-AI Summary

MGE Energy, Inc. (Nasdaq: MGEE) has raised its quarterly dividend by approximately 5% to $0.4075 per share, effective Sept. 15, 2022, with a record date of Sept. 1, 2022. This increase marks the 47th consecutive year of dividend growth, raising the annual dividend to $1.63 per share. Chairman Jeff Keebler emphasized the company's commitment to shareholder value and its clean energy goals, aiming for net-zero carbon emissions by 2050 and an 80% reduction by 2030. MGE Energy has a legacy of over 110 years of cash dividend payments.

Positive

• Dividend increased by approximately 5% to $0.4075 per share.
• 47 consecutive years of dividend growth.
• Annual dividend raised to $1.63 per share, an increase of 8 cents.

Negative

• None.

MADISON, Wis.--(BUSINESS WIRE)-- The board of directors of MGE Energy, Inc. (Nasdaq: MGEE), today increased the regular quarterly dividend rate approximately 5% to $0.4075 per share on the outstanding shares of the company's common stock. The dividend is payable Sept. 15, 2022, to shareholders of record Sept. 1, 2022. This raises the annualized dividend rate by 8 cents from $1.55 per share to $1.63 per share.

"Today's dividend increase marks the company's 47th consecutive year of increasing its dividend, an accomplishment that everyone at MGE Energy can be proud of. We recognize the importance of dividend growth to the overall shareholder value proposition," Chairman, President and CEO Jeff Keebler said. "We continue to move forward in our clean energy transition to achieve our goals of net-zero carbon emissions by 2050 and carbon reductions of at least 80% by 2030. Today's action by our board demonstrates the continued strength and resilience of MGE Energy's long-term business strategy in building your community energy company for the future."

MGE Energy has increased its dividend annually for the past 47 years and has paid cash dividends for more than 110 years.

About MGE Energy

MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric (MGE), generates and distributes electricity to 159,000 customers in Dane County, Wis., and purchases and distributes natural gas to 169,000 customers in seven south-central and western Wisconsin counties. MGE's roots in the Madison area date back more than 150 years.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220819005331/en/

Steve Schultz

Corporate Communications Manager

608-252-7219 | sbschultz@mge.com

Ken Frassetto

Investor Relations

608-252-4723 | kfrassetto@mge.com

Source: MGE Energy, Inc.

FAQ

What is the new dividend amount for MGE Energy (MGEE)?

The new quarterly dividend amount for MGE Energy is $0.4075 per share.

When will the dividend be paid to MGE Energy shareholders?

The dividend will be paid on Sept. 15, 2022.

What is the annualized dividend rate for MGE Energy after the increase?

The annualized dividend rate for MGE Energy is now $1.63 per share.

How many years has MGE Energy increased its dividend?

MGE Energy has increased its dividend for 47 consecutive years.

What are MGE Energy's carbon reduction goals?

MGE Energy aims for net-zero carbon emissions by 2050 and a carbon reduction of at least 80% by 2030.