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MGE Energy Inc. reports developments for an investor-owned public utility holding company whose principal subsidiary, Madison Gas and Electric, generates and distributes electricity in Dane County, Wisconsin, and purchases and distributes natural gas in south-central and western Wisconsin.
Recurring news covers quarterly and annual earnings, electric and gas segment performance, rate-base investment, renewable generation and battery storage projects, regular common-stock dividends, investor communications, and capital-structure actions such as public equity offerings and related agreements.
MGE Energy, Inc. (NASDAQ: MGEE) announced that its senior management will present at the 2022 B of A Power, Utilities and Clean Energy Leaders Conference on March 3, 2022. The presentation is accessible on MGE Energy's website. Headquartered in Madison, Wisconsin, MGE Energy is an investor-owned public utility holding company, with assets totaling approximately $2.4 billion and 2021 revenues around $607 million. The company is the parent of Madison Gas and Electric, which provides electricity and natural gas in Dane County and other regions in Wisconsin.
MGE Energy, Inc. (NASDAQ: MGEE) reported a net income of $105.8 million, or $2.92 per share for 2021, a notable increase from $92.4 million or $2.60 per share in 2020. This growth was attributed to enhanced investments and economic recovery. However, Q4 2021 net income decreased to $13.1 million, or 36 cents per share, down from $15.8 million, or 44 cents per share in Q4 2020, primarily due to lower gas retail sales. The firm continues to push for renewable energy projects.
MGE commits to reducing carbon emissions by 80% by 2030, aiming for net-zero carbon electricity by 2050.
In alignment with the Paris Agreement, the utility has accelerated its previous target of 40% carbon reduction, now expecting at least 65% reduction by 2030.
Plans include retiring the Columbia Energy Center early and investing in renewable energy and natural gas to meet customer needs while significantly cutting emissions.
MGE anticipates adding nearly 400 MW of wind, solar, and battery storage by 2024.
The board of directors of MGE Energy (NASDAQ: MGEE) declared a regular quarterly dividend of $0.3875 per share, payable on March 15, 2022, to shareholders of record by the close of business on March 1, 2022. MGE Energy has a strong dividend history, having increased its dividend annually for 46 years and paid cash dividends for over 110 years.
Madison Gas and Electric (MGE) has received approval from the Public Service Commission of Wisconsin to acquire 9.1 megawatts (MW) of the Red Barn Wind Farm, a 92-MW project in Grant County. This acquisition aligns with MGE's goal to provide sustainable energy solutions while aiming for net-zero carbon emissions by 2050. The wind farm, expected to serve 40,000 households, will feature 28 turbines and begin construction this year. MGE seeks a 65% reduction in carbon emissions by 2030, contributing to its commitment to cleaner energy sources.
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MGE Energy, Inc. (Nasdaq: MGEE) plans to cease coal usage at the Elm Road Generating Station, as detailed in its latest investor newsletter, "Interim Report." The report also highlights MGE's top ranking in electric reliability, the launch of an electric vehicle fast charger hub, and third-quarter earnings details. MGE Energy, headquartered in Madison, Wisconsin, has assets totaling approximately $2.3 billion and generated around $539 million in revenue for 2020. The Interim Report aims to keep investors informed about the company's developments.
Madison Gas and Electric (MGE) has announced the launch of the Badger Hollow Solar Farm Phase I, contributing to its sustainable energy initiatives. This facility adds 50 MW of locally generated, carbon-free electricity, enough to power approximately 16,500 households. MGE aims to reduce carbon emissions by 65% by 2030 and achieve net-zero carbon electricity by 2050. Additionally, MGE celebrates the one-year anniversary of the Two Creeks Solar project, which has produced enough energy to power 64 million smartphones in its first year. MGE continues to invest in renewable energy solutions.
MGE Energy (Nasdaq: MGEE) announced that its senior management will present at the 2021 EEI Financial Conference in Hollywood, Florida, from November 7-9, 2021. The presentation will be accessible on MGE Energy's official website. With assets totaling approximately $2.3 billion and 2020 revenues around $539 million, MGE Energy is a leading investor-owned public utility company based in Madison, Wisconsin, serving electricity and natural gas to multiple counties.
MGE Energy, Inc. (Nasdaq: MGEE) reported its Q3 2021 earnings showing a rise in net income to $34.9 million, or $0.97 per share, up from $31.8 million, or $0.88 for Q3 2020. This growth was attributed to increased investments in the rate base and recovery in economic activity within their service area. Revenue for Q3 was $145.9 million, a significant increase from $135.2 million year-over-year. However, depreciation and maintenance costs are projected to rise.