MGE Releases Annual Corporate Responsibility and Sustainability Report

Report features company's plans to achieve industry-leading carbon reduction goals, grow its use of clean energy and engage its communities as your community energy company.

MADISON, Wis.--(BUSINESS WIRE)-- Madison Gas and Electric (MGE) has published its annual Corporate Responsibility and Sustainability Report, detailing its environmental, social and governance (ESG) commitments and progress toward the company's sustainability goals. The report is a comprehensive overview of the company's activities and performance in fulfilling its role as a critical services provider, environmental steward, and community resource and partner.

"MGE was one of the first utilities nationwide to set a goal of net-zero carbon electricity by 2050, and we continue to work toward our goal of reducing carbon at least 80% by the end of this decade," said Chairman, President and CEO Jeff Keebler. "We're working aggressively toward these goals while ensuring that we continue to provide safe and reliable service and that all of our customers enjoy the economic and environmental benefits of our clean energy transition. That is part of our fundamental commitment to serve our customers as your community energy company."

Report highlights

The 2022 report and our ESG Data Center feature information about MGE's corporate strategy and climate-related matters, safety and operations, customer and employee engagement, risk management, and governance and oversight. Highlights include:

• MGE's plans and strategies to reduce carbon at least 80% by 2030 as it works with customers toward achieving net-zero carbon electricity by 2050.
• MGE's plans to eliminate coal-fired generation from its portfolio by the end of 2035. By the end of 2030, MGE expects coal to be used only as a backup fuel at the Elm Road Generating Station, which plans to transition to natural gas. MGE is a minority owner of the Elm Road power plant.
• An estimated $700 million in clean energy projects announced since 2015. These projects are expected to increase MGE's owned renewable capacity by more than nine times when completed.
• The company's Statement on Human Rights adopted in 2022 by the Board of Directors.
• Industry leadership. MGE continues to be top-ranked for electric reliability, placing first in the two main industry reliability metrics, according to results from an annual industry survey including more than 75 electric utilities. MGE crews also continue to earn high marks when notified of a potential natural gas emergency with MGE's total response time ranking in the top 11% of a nationwide industry survey, based on 2021 data.
• MGE's Occupational Health and Safety Policy. Introduced in 2022, the policy recognizes the risks inherent to occupational health and safety and embraces safe work practices and environments as fundamental values at MGE.
• The company's charitable giving benefiting local communities. In the last five years, the company's philanthropic arm, the MGE Foundation, has given more than $7.3 million to more than 400 nonprofit organizations.

Commitment to transparency and disclosure

MGE is committed to helping customers, investors and other stakeholders better understand the company's goals, long-term strategies and progress toward achieving its goals as it transitions to a more sustainable, net-zero carbon future.

CDP (Carbon Disclosure Project)

To advance transparency and disclosure in company operations and governance, MGE submits data to the global environmental impact disclosure platform CDP. The company's climate change questionnaire is available online.

Edison Electric Institute (EEI)

MGE also continues to participate in EEI's ESG and sustainability reporting templates. EEI, which represents all U.S. investor-owned electric companies, developed the voluntary, industry-specific templates to provide more uniform and consistent reporting of data and information from the electric sector. The templates include data related to MGE's portfolio (generation and capacity), emissions, capital expenditures, human and natural resources, and other matters.

CDP and EEI disclosure information is available in our ESG Data Center.

About MGE

MGE generates and distributes electricity to 159,000 customers in Dane County, Wisconsin, and purchases and distributes natural gas to 169,000 customers in seven south‐central and western Wisconsin counties. MGE's parent company is MGE Energy, Inc. The company's roots in the Madison area date back more than 150 years.

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Kaya Freiman

Corporate Communications Manager

608-252-7276 | kfreiman@mge.com

Source: Madison Gas and Electric