Latest news with #MGE
Business Wire
07-05-2025
- Business
- Business Wire
MGE Energy Reports First-Quarter 2025 Earnings
MADISON, Wis.--(BUSINESS WIRE)--MGE Energy, Inc. (Nasdaq: MGEE), today reported financial results for the first quarter of 2025. MGE Energy's GAAP (Generally Accepted Accounting Principles) earnings for the first quarter of 2025 were $41.6 million, or $1.14 per share, compared to $33.8 million, or $0.93 per share, for the same period in the prior year. Rate base investment growth and weather impacts drove our first-quarter results. MGE continues to invest in new, cost-effective renewable generation, which is helping to fuel the company's asset growth. An increase in electric investments included in rate base contributed to increased electric earnings for 2025. Darien solar project in Rock and Walworth counties became operational in March 2025, serving MGE electric customers with cost-effective, carbon-free energy. MGE owns 25 MW of solar capacity from the Darien Solar Project. Gas retail sales saw a significant increase of 19% in the first quarter of 2025, while electric retail sales rose by 3%. These changes occurred against a backdrop of relatively normal weather in the first quarter of 2025, compared to the milder conditions observed in the first quarter of 2024. About MGE Energy MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric, generates and distributes electricity to 167,000 customers in Dane County, Wis., and purchases and distributes natural gas to 178,000 customers in seven south-central and western Wisconsin counties. MGE's roots in the Madison area date back more than 150 years. Forward-looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on MGE Energy's current expectations, estimates and assumptions regarding future events, which are inherently uncertain. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to revise or update publicly any such forward-looking statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to our business in general, please refer to the "Risk Factors" sections in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission.
Business Wire
06-05-2025
- Business
- Business Wire
MGE to Add More Local Solar and Battery Storage with Sunnyside Solar Energy Center
MADISON, Wis.--(BUSINESS WIRE)--Madison Gas and Electric (MGE) received approval from the Public Service Commission of Wisconsin (PSCW) to build a 20-megawatt (MW) solar array and 40-MW battery storage system in Fitchburg, Wisconsin. Known as the Sunnyside Solar Energy Center, the project will provide locally generated solar energy to MGE's distribution system. "MGE shares with our customers the goal of a more sustainable energy future," said Jeff Keebler, MGE Chairman, President and CEO. "The Sunnyside Solar Energy Center builds on the progress we've already made reducing carbon emissions, increasing our use of cost-effective, locally generated renewable energy and advancing new technologies to benefit all our customers. By also working with customers to advance energy efficiency and electrification, we can achieve our sustainable energy goals." Sunnyside Solar Energy Center details The Sunnyside Solar Energy Center will be located off Whalen Road in Fitchburg. The 20 MW of solar capacity are expected to generate enough electricity annually to serve about 6,000 households. The 40 MW of four-hour battery storage will provide electricity during times when energy demand is greatest and when renewable capacity is insufficient to meet all customer needs. EDF Renewables is the project developer. The solar array is expected to begin serving customers in 2026; the battery storage is expected in 2027. Other nearby solar projects The Sunnyside Solar Energy Center will be one of a number of solar facilities in Fitchburg serving MGE customers. Strix Solar is a 6-MW facility that came online in early 2025. The project serves all MGE electric customers with locally generated, carbon-free energy. MGE has requested to assign two megawatts of the project to serve the company's proposed Shared Solar - Strix program. Shared Solar - Strix is based on MGE's original and fully subscribed community solar program, Shared Solar. Tyto Solar is a 6-MW solar array that came online in early 2024. Tyto Solar is a distributed energy resource that is connected to MGE's distribution system. It serves all MGE electric customers. The O'Brien Solar Fields is a 22-MW facility that came online in 2021. This project provides solar energy to seven local businesses, municipalities, government agencies and public institutions through separate Renewable Energy Rider agreements. Working toward 80% reduced carbon emissions by 2030 Reduced carbon emissions is MGE's goal. MGE is working to decarbonize the electricity we supply to customers, targeting carbon reductions consistent with global climate science as quickly, responsibly and cost-effectively as we can. By 2030, on behalf of all customers, MGE expects to deliver electricity with 80% fewer carbon emissions, and by 2050, we expect to deliver net-zero carbon electricity. MGE already is halfway to its 2030 goal to reduce carbon emissions by 80% compared to 2005 levels. Growing our use of cost-effective, cleaner energy and working with customers to advance energy efficiency and the electrification of transportation are all key strategies for deep decarbonization. Learn more about MGE's other solar projects. About MGE MGE generates and distributes electricity to 167,000 customers in Dane County, Wis., and purchases and distributes natural gas to 178,000 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.
