Company Quick10K Filing
MGE Energy
Price75.14 EPS2
Shares35 P/E30
MCap2,605 P/FCF23
Net Debt432 EBIT109
TEV3,037 TEV/EBIT28
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-02-22
10-Q 2018-09-30 Filed 2018-11-06
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-02-23
10-Q 2017-09-30 Filed 2017-11-03
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-05
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-06
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-02-27
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-06
10-Q 2013-03-31 Filed 2013-05-03
10-K 2012-12-31 Filed 2013-02-26
10-Q 2012-09-30 Filed 2012-11-06
10-Q 2012-06-30 Filed 2012-08-07
10-Q 2012-03-31 Filed 2012-05-07
10-K 2011-12-31 Filed 2012-02-24
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-02-24
10-Q 2010-09-30 Filed 2010-11-04
10-Q 2010-06-30 Filed 2010-08-05
10-Q 2010-03-31 Filed 2010-05-06
10-K 2009-12-31 Filed 2010-02-25
8-K 2020-05-19
8-K 2020-05-15
8-K 2020-05-12
8-K 2020-05-07
8-K 2020-04-20
8-K 2020-03-20
8-K 2020-02-26
8-K 2019-11-06
8-K 2019-08-29
8-K 2019-08-28
8-K 2019-08-16
8-K 2019-08-07
8-K 2019-05-14
8-K 2019-05-08
8-K 2019-02-22
8-K 2019-02-07
8-K 2019-01-28
8-K 2018-11-06
8-K 2018-08-17
8-K 2018-08-07
8-K 2018-07-16
8-K 2018-05-18
8-K 2018-05-08
8-K 2018-02-23
8-K 2018-01-19

MGEE 10Q Quarterly Report

Part I. Financial Information.
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information.
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31 ex311.htm
EX-31 ex312.htm
EX-31 ex313.htm
EX-31 ex314.htm
EX-32 ex321.htm
EX-32 ex322.htm
EX-32 ex323.htm
EX-32 ex324.htm

MGE Energy Earnings 2020-03-31

Balance SheetIncome StatementCash Flow

Form 10-Q
0.460.650.350.54FALSE--12-310.40.60.40.6-32822820328228204.54.4-0.098P4Y--Q100011617280000061339TRUEFALSE0.338P3YP3YP182D 0001161728 mgee:MgeMember 2019-12-31 0001161728 2019-12-31 0001161728 2020-01-01 2020-03-31 0001161728 us-gaap:CommodityContractMember 2020-01-01 2020-03-31 0001161728 us-gaap:CommodityContractMember 2019-01-01 2019-12-31 0001161728 us-gaap:OtherCurrentAssetsMember mgee:FinancialTransmissionRightsMember 2020-03-31 0001161728 mgee:DerivativeLiabilitiesCurrentMember mgee:PurchasedPowerAgreementMember 2020-03-31 0001161728 mgee:DerivativeLiabilitiesNoncurrentMember mgee:PurchasedPowerAgreementMember 2020-03-31 0001161728 us-gaap:OtherCurrentAssetsMember mgee:FinancialTransmissionRightsMember 2019-12-31 0001161728 mgee:DerivativeLiabilitiesCurrentMember mgee:PurchasedPowerAgreementMember 2019-12-31 0001161728 mgee:DerivativeLiabilitiesNoncurrentMember mgee:PurchasedPowerAgreementMember 2019-12-31 0001161728 us-gaap:CarryingReportedAmountFairValueDisclosureMember mgee:MgeMember 2020-03-31 0001161728 us-gaap:CarryingReportedAmountFairValueDisclosureMember mgee:MgeMember 2019-12-31 0001161728 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-03-31 0001161728 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-12-31 0001161728 us-gaap:ExchangeTradedMember us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0001161728 us-gaap:ExchangeTradedMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2020-03-31 0001161728 us-gaap:ExchangeTradedMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2020-03-31 0001161728 us-gaap:ExchangeTradedMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2020-03-31 0001161728 us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0001161728 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2020-03-31 0001161728 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2020-03-31 0001161728 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2020-03-31 0001161728 us-gaap:ExchangeTradedMember us-gaap:FairValueMeasurementsRecurringMember mgee:MgeMember 2020-03-31 0001161728 us-gaap:ExchangeTradedMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member mgee:MgeMember 2020-03-31 0001161728 us-gaap:ExchangeTradedMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member mgee:MgeMember 2020-03-31 0001161728 us-gaap:ExchangeTradedMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member mgee:MgeMember 2020-03-31 0001161728 us-gaap:FairValueMeasurementsRecurringMember mgee:MgeMember 2020-03-31 0001161728 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member mgee:MgeMember 2020-03-31 0001161728 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member mgee:MgeMember 2020-03-31 0001161728 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member mgee:MgeMember 2020-03-31 0001161728 us-gaap:FairValueMeasurementsRecurringMember mgee:MgeMember 2019-12-31 0001161728 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member mgee:MgeMember 2019-12-31 0001161728 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member mgee:MgeMember 2019-12-31 0001161728 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member mgee:MgeMember 2019-12-31 0001161728 us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001161728 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001161728 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001161728 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001161728 us-gaap:FairValueMeasurementsRecurringMember us-gaap:ExchangeTradedMember 2019-12-31 0001161728 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:ExchangeTradedMember 2019-12-31 0001161728 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:ExchangeTradedMember 2019-12-31 0001161728 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:ExchangeTradedMember 2019-12-31 0001161728 mgee:MgeMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:ExchangeTradedMember 2019-12-31 0001161728 mgee:MgeMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:ExchangeTradedMember 2019-12-31 0001161728 mgee:MgeMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:ExchangeTradedMember 2019-12-31 0001161728 mgee:MgeMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:ExchangeTradedMember 2019-12-31 0001161728 srt:MinimumMember 2020-01-01 2020-03-31 0001161728 srt:MaximumMember 2020-01-01 2020-03-31 0001161728 mgee:FinancialTransmissionRightsMember 2019-01-01 2019-12-31 0001161728 mgee:FinancialTransmissionRightsMember 2020-01-01 2020-03-31 0001161728 2020-03-31 0001161728 us-gaap:RetainedEarningsMember 2020-01-01 2020-03-31 0001161728 us-gaap:CommonStockMember 2020-03-31 0001161728 mgee:MgeMember 2020-03-31 0001161728 us-gaap:CommonStockMember mgee:MgeMember 2018-12-31 0001161728 mgee:MgeMember us-gaap:NoncontrollingInterestMember 2020-01-01 2020-03-31 0001161728 us-gaap:RetainedEarningsMember mgee:MgeMember 2020-01-01 2020-03-31 0001161728 us-gaap:CommonStockMember mgee:MgeMember 2020-03-31 0001161728 2019-03-31 0001161728 mgee:RegulatoryAssetMember 2020-01-01 2020-03-31 0001161728 us-gaap:OtherCurrentAssetsMember 2020-01-01 2020-03-31 0001161728 mgee:RegulatoryAssetMember 2019-03-31 0001161728 us-gaap:OtherCurrentAssetsMember 2019-03-31 0001161728 us-gaap:CommodityContractMember mgee:FuelForElectricGenerationPurchasedPowerMember 2020-01-01 2020-03-31 0001161728 mgee:FinancialTransmissionRightsMember mgee:FuelForElectricGenerationPurchasedPowerMember 2020-01-01 2020-03-31 0001161728 mgee:PurchasedPowerAgreementMember mgee:FuelForElectricGenerationPurchasedPowerMember 2020-01-01 2020-03-31 0001161728 us-gaap:CommodityContractMember mgee:CostOfGasSoldExpenseMember 2020-01-01 2020-03-31 0001161728 mgee:FinancialTransmissionRightsMember mgee:CostOfGasSoldExpenseMember 2020-01-01 2020-03-31 0001161728 mgee:PurchasedPowerAgreementMember mgee:CostOfGasSoldExpenseMember 2020-01-01 2020-03-31 0001161728 us-gaap:OperatingSegmentsMember mgee:ElectricMember 2020-01-01 2020-03-31 0001161728 us-gaap:OperatingSegmentsMember mgee:GasMember 2020-01-01 2020-03-31 0001161728 us-gaap:OperatingSegmentsMember mgee:NonRegulatedEnergyMember 2020-01-01 2020-03-31 0001161728 us-gaap:OperatingSegmentsMember mgee:TransmissionInvestmentMember 2020-01-01 2020-03-31 0001161728 us-gaap:CorporateAndOtherMember us-gaap:OperatingSegmentsMember 2020-01-01 2020-03-31 0001161728 us-gaap:IntersegmentEliminationMember 2020-01-01 2020-03-31 0001161728 mgee:MgeMember us-gaap:OperatingSegmentsMember mgee:ElectricMember 2020-01-01 2020-03-31 0001161728 mgee:MgeMember us-gaap:OperatingSegmentsMember mgee:GasMember 2020-01-01 2020-03-31 0001161728 mgee:MgeMember us-gaap:OperatingSegmentsMember mgee:NonRegulatedEnergyMember 2020-01-01 2020-03-31 0001161728 mgee:MgeMember us-gaap:IntersegmentEliminationMember 2020-01-01 2020-03-31 0001161728 us-gaap:PensionPlansDefinedBenefitMember 2020-01-01 2020-03-31 0001161728 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2020-01-01 2020-03-31 0001161728 srt:MinimumMember 2019-01-01 2019-12-31 0001161728 srt:MaximumMember 2019-01-01 2019-12-31 0001161728 2019-01-01 2019-03-31 0001161728 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0001161728 us-gaap:RetainedEarningsMember 2020-03-31 0001161728 us-gaap:AdditionalPaidInCapitalMember mgee:MgeMember 2018-12-31 0001161728 us-gaap:RetainedEarningsMember mgee:MgeMember 2018-12-31 0001161728 mgee:MgeMember us-gaap:NoncontrollingInterestMember 2018-12-31 0001161728 us-gaap:AdditionalPaidInCapitalMember mgee:MgeMember 2020-03-31 0001161728 us-gaap:RetainedEarningsMember mgee:MgeMember 2020-03-31 0001161728 mgee:MgeMember us-gaap:NoncontrollingInterestMember 2020-03-31 0001161728 mgee:ATCequitymethodinvesteememberMember 2020-01-01 2020-03-31 0001161728 mgee:ATCequitymethodinvesteememberMember mgee:MgeTranscoMember 2020-01-01 2020-03-31 0001161728 mgee:MgeMember 2020-01-01 2020-03-31 0001161728 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-12-31 0001161728 mgee:MgeMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-12-31 0001161728 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-03-31 0001161728 mgee:MgeMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-03-31 0001161728 mgee:PurchasedPowerAgreementMember 2019-01-01 2019-12-31 0001161728 mgee:PurchasedPowerAgreementMember 2020-01-01 2020-03-31 0001161728 mgee:MgeMember us-gaap:FairValueDisclosureItemAmountsDomain 2019-12-31 0001161728 mgee:MgeMember us-gaap:FairValueDisclosureItemAmountsDomain 2020-03-31 0001161728 mgee:RegulatoryAssetMember 2020-03-31 0001161728 us-gaap:OtherCurrentAssetsMember 2020-03-31 0001161728 us-gaap:PerformanceSharesMember 2019-01-01 2019-03-31 0001161728 mgee:ElectricMember mgee:ResidentialMember 2020-01-01 2020-03-31 0001161728 mgee:ElectricMember mgee:CommercialMember 2020-01-01 2020-03-31 0001161728 mgee:ElectricMember mgee:IndustrialMember 2020-01-01 2020-03-31 0001161728 mgee:ElectricMember mgee:OtherretailandmunicipalMember 2020-01-01 2020-03-31 0001161728 mgee:ElectricMember mgee:TotalretailMember 2020-01-01 2020-03-31 0001161728 mgee:ElectricMember mgee:SalestothemarketMember 2020-01-01 2020-03-31 0001161728 mgee:ElectricMember mgee:OtherrevenuesMember 2020-01-01 2020-03-31 0001161728 mgee:ElectricMember 2020-01-01 2020-03-31 0001161728 mgee:GasMember 2020-01-01 2020-03-31 0001161728 mgee:NonRegulatedEnergyMember 2020-01-01 2020-03-31 0001161728 mgee:TotaloperatingrevenueMember 2020-01-01 2020-03-31 0001161728 mgee:GasMember mgee:ResidentialMember 2020-01-01 2020-03-31 0001161728 mgee:GasMember mgee:CommercialandindustrialMember 2020-01-01 2020-03-31 0001161728 mgee:GasMember mgee:TotalretailMember 2020-01-01 2020-03-31 0001161728 mgee:GasMember mgee:GastransportationMember 2020-01-01 2020-03-31 0001161728 mgee:GasMember mgee:OtherrevenuesMember 2020-01-01 2020-03-31 0001161728 us-gaap:CommonStockMember 2018-12-31 0001161728 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001161728 us-gaap:RetainedEarningsMember 2018-12-31 0001161728 2018-12-31 0001161728 mgee:MgeMember 2018-12-31 0001161728 mgee:RegulatoryAssetMember 2018-12-31 0001161728 us-gaap:OtherCurrentAssetsMember 2018-12-31 0001161728 mgee:MgeMember mgee:PublicServiceCommissionOfWisconsinMember 2019-01-01 2019-12-31 0001161728 us-gaap:CommonStockMember 2019-12-31 0001161728 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001161728 us-gaap:RetainedEarningsMember 2019-12-31 0001161728 us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0001161728 us-gaap:CommodityContractMember 2020-03-31 0001161728 mgee:FinancialTransmissionRightsMember 2020-03-31 0001161728 us-gaap:CommodityContractMember 2019-12-31 0001161728 mgee:FinancialTransmissionRightsMember 2019-12-31 0001161728 mgee:PurchasedPowerAgreementMember 2019-12-31 0001161728 mgee:PurchasedPowerAgreementMember 2020-03-31 0001161728 us-gaap:CashFlowHedgingMember mgee:EnergyRelatedCommodityContractMember 2020-01-01 2020-03-31 0001161728 mgee:CommodityContractsAndFinancialTransimissionRightsMember 2020-03-31 0001161728 mgee:CommodityContractsAndFinancialTransimissionRightsMember 2019-12-31 0001161728 mgee:ATCequitymethodinvesteememberMember 2020-01-01 2020-03-31 0001161728 mgee:ATCequitymethodinvesteememberMember 2020-03-31 0001161728 mgee:MgeMember mgee:PublicServiceCommissionOfWisconsinMember mgee:ElectricRateProceedingMember 2019-01-01 2019-12-31 0001161728 mgee:MgeMember mgee:PublicServiceCommissionOfWisconsinMember mgee:GasRateProceedingMember 2019-01-01 2019-12-31 0001161728 mgee:MgeMember mgee:PublicServiceCommissionOfWisconsinMember mgee:GasRateProceedingMember 2020-01-01 2020-03-31 0001161728 mgee:MgeMember mgee:PublicServiceCommissionOfWisconsinMember 2020-01-01 2020-03-31 0001161728 mgee:MgeMember mgee:PublicServiceCommissionOfWisconsinMember 2019-12-31 0001161728 us-gaap:FairValueDisclosureItemAmountsDomain 2020-03-31 0001161728 2019-01-01 2019-12-31 0001161728 mgee:MgeMember mgee:TwocreeksunitsMember 2020-03-31 0001161728 mgee:MgeMember us-gaap:CommonStockMember 2019-12-31 0001161728 mgee:MgeMember us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001161728 mgee:MgeMember us-gaap:RetainedEarningsMember 2019-12-31 0001161728 mgee:MgeMember us-gaap:NoncontrollingInterestMember 2019-12-31 0001161728 mgee:MgeMember us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0001161728 mgee:MgeMember us-gaap:NoncontrollingInterestMember 2019-01-01 2019-03-31 0001161728 mgee:MgeMember 2019-01-01 2019-03-31 0001161728 mgee:PurchasedPowerExpenseMember 2020-01-01 2020-03-31 0001161728 mgee:CostOfGasSoldExpenseMember 2020-01-01 2020-03-31 0001161728 us-gaap:CommonStockMember mgee:MgeMember 2019-03-31 0001161728 mgee:MgeMember 2019-03-31 0001161728 us-gaap:AdditionalPaidInCapitalMember mgee:MgeMember 2019-03-31 0001161728 us-gaap:RetainedEarningsMember mgee:MgeMember 2019-03-31 0001161728 mgee:MgeMember us-gaap:NoncontrollingInterestMember 2019-03-31 0001161728 mgee:MgeMember mgee:BadgerHollowUnitsMember 2020-03-31 0001161728 us-gaap:CommonStockMember 2019-03-31 0001161728 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001161728 us-gaap:RetainedEarningsMember 2019-03-31 0001161728 mgee:ATCequitymethodinvesteememberMember mgee:MgeTranscoMember 2019-01-01 2019-03-31 0001161728 mgee:ATCequitymethodinvesteememberMember 2019-01-01 2019-03-31 0001161728 us-gaap:PensionPlansDefinedBenefitMember 2019-01-01 2019-03-31 0001161728 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2019-01-01 2019-03-31 0001161728 mgee:TotaloperatingrevenueMember 2019-01-01 2019-03-31 0001161728 mgee:ElectricMember 2019-01-01 2019-03-31 0001161728 mgee:ElectricMember mgee:ResidentialMember 2019-01-01 2019-03-31 0001161728 mgee:ElectricMember mgee:CommercialMember 2019-01-01 2019-03-31 0001161728 mgee:ElectricMember mgee:IndustrialMember 2019-01-01 2019-03-31 0001161728 mgee:ElectricMember mgee:OtherretailandmunicipalMember 2019-01-01 2019-03-31 0001161728 mgee:ElectricMember mgee:TotalretailMember 2019-01-01 2019-03-31 0001161728 mgee:ElectricMember mgee:SalestothemarketMember 2019-01-01 2019-03-31 0001161728 mgee:ElectricMember mgee:OtherrevenuesMember 2019-01-01 2019-03-31 0001161728 mgee:GasMember 2019-01-01 2019-03-31 0001161728 mgee:GasMember mgee:ResidentialMember 2019-01-01 2019-03-31 0001161728 mgee:GasMember mgee:CommercialandindustrialMember 2019-01-01 2019-03-31 0001161728 mgee:GasMember mgee:TotalretailMember 2019-01-01 2019-03-31 0001161728 mgee:GasMember mgee:GastransportationMember 2019-01-01 2019-03-31 0001161728 mgee:GasMember mgee:OtherrevenuesMember 2019-01-01 2019-03-31 0001161728 mgee:NonRegulatedEnergyMember 2019-01-01 2019-03-31 0001161728 us-gaap:OperatingSegmentsMember mgee:ElectricMember 2019-01-01 2019-03-31 0001161728 us-gaap:OperatingSegmentsMember mgee:GasMember 2019-01-01 2019-03-31 0001161728 us-gaap:OperatingSegmentsMember mgee:NonRegulatedEnergyMember 2019-01-01 2019-03-31 0001161728 us-gaap:OperatingSegmentsMember mgee:TransmissionInvestmentMember 2019-01-01 2019-03-31 0001161728 us-gaap:OperatingSegmentsMember us-gaap:CorporateAndOtherMember 2019-01-01 2019-03-31 0001161728 us-gaap:IntersegmentEliminationMember 2019-01-01 2019-03-31 0001161728 us-gaap:OperatingSegmentsMember mgee:MgeMember mgee:ElectricMember 2019-01-01 2019-03-31 0001161728 us-gaap:OperatingSegmentsMember mgee:MgeMember mgee:GasMember 2019-01-01 2019-03-31 0001161728 us-gaap:OperatingSegmentsMember mgee:MgeMember mgee:NonRegulatedEnergyMember 2019-01-01 2019-03-31 0001161728 us-gaap:OperatingSegmentsMember mgee:MgeMember 2019-01-01 2019-03-31 0001161728 us-gaap:IntersegmentEliminationMember mgee:MgeMember 2019-01-01 2019-03-31 0001161728 us-gaap:OperatingSegmentsMember mgee:MgeMember 2020-01-01 2020-03-31 0001161728 us-gaap:OperatingSegmentsMember 2019-01-01 2019-03-31 0001161728 us-gaap:OperatingSegmentsMember 2020-01-01 2020-03-31 0001161728 us-gaap:CommodityContractMember mgee:DerivativeLiabilitiesCurrentMember 2019-12-31 0001161728 us-gaap:CommodityContractMember mgee:DerivativeLiabilitiesNoncurrentMember 2019-12-31 0001161728 us-gaap:CommodityContractMember mgee:DerivativeLiabilitiesCurrentMember 2020-03-31 0001161728 us-gaap:CommodityContractMember mgee:DerivativeLiabilitiesNoncurrentMember 2020-03-31 0001161728 mgee:RegulatoryAssetMember 2019-12-31 0001161728 us-gaap:OtherCurrentAssetsMember 2019-12-31 0001161728 mgee:RegulatoryAssetMember 2019-01-01 2019-03-31 0001161728 us-gaap:OtherCurrentAssetsMember 2019-01-01 2019-03-31 0001161728 mgee:FuelForElectricGenerationPurchasedPowerMember us-gaap:CommodityContractMember 2019-01-01 2019-03-31 0001161728 mgee:FuelForElectricGenerationPurchasedPowerMember mgee:FinancialTransmissionRightsMember 2019-01-01 2019-03-31 0001161728 mgee:FuelForElectricGenerationPurchasedPowerMember mgee:PurchasedPowerAgreementMember 2019-01-01 2019-03-31 0001161728 mgee:CostOfGasSoldExpenseMember us-gaap:CommodityContractMember 2019-01-01 2019-03-31 0001161728 mgee:CostOfGasSoldExpenseMember mgee:FinancialTransmissionRightsMember 2019-01-01 2019-03-31 0001161728 mgee:CostOfGasSoldExpenseMember mgee:PurchasedPowerAgreementMember 2019-01-01 2019-03-31 0001161728 mgee:PurchasedPowerExpenseMember 2019-01-01 2019-03-31 0001161728 mgee:CostOfGasSoldExpenseMember 2019-01-01 2019-03-31 0001161728 us-gaap:SubsequentEventMember mgee:ATCequitymethodinvesteememberMember mgee:MgeTranscoMember 2020-04-01 2020-04-30 0001161728 mgee:ATCequitymethodinvesteememberMember 2019-01-01 2019-03-31 0001161728 mgee:ATCequitymethodinvesteememberMember 2019-12-31 0001161728 mgee:ExcessDeferredTaxesTaxCutsAndJobsActMember 2020-01-01 2020-03-31 0001161728 mgee:ExcessDeferredTaxesTaxCutsAndJobsActMember 2019-01-01 2019-03-31 0001161728 srt:MinimumMember us-gaap:SubsequentEventMember mgee:TwoPointFiveIndustrialReveueBondDue2027Member 2020-04-20 0001161728 srt:MaximumMember us-gaap:SubsequentEventMember mgee:TwoPointFiveIndustrialReveueBondDue2027Member 2020-04-20 0001161728 us-gaap:SubsequentEventMember mgee:TwoPointFiveIndustrialReveueBondDue2027Member 2020-04-20 0001161728 mgee:ThreePointFourFivePercentIndustrialDevelopmentRevenueBondsDue2027Member 2020-03-31 0001161728 mgee:DirectorIncentiveAgreementMember 2020-01-01 2020-03-31 0001161728 2020-01-01 2020-01-31 0001161728 us-gaap:PerformanceSharesMember us-gaap:SubsequentEventMember mgee:PerformanceUnitPlan2020Member 2020-04-01 2020-04-30 0001161728 us-gaap:SubsequentEventMember mgee:PerformanceUnitPlan2020Member us-gaap:RestrictedStockUnitsRSUMember 2020-04-01 2020-04-30 0001161728 srt:MaximumMember us-gaap:PerformanceSharesMember us-gaap:SubsequentEventMember mgee:PerformanceUnitPlan2020Member 2020-04-01 2020-04-30 0001161728 srt:MinimumMember 2020-03-31 0001161728 mgee:BadgerHollowUnitsMember 2020-03-31 0001161728 mgee:TwocreeksunitsMember 2020-03-31 0001161728 mgee:MgeMember mgee:PublicServiceCommissionOfWisconsinMember mgee:TwocreeksunitsMember 2020-01-01 2020-03-31 0001161728 mgee:MgeMember mgee:PublicServiceCommissionOfWisconsinMember mgee:BadgerHollowUnitsMember 2020-01-01 2020-03-31 0001161728 mgee:TwocreeksunitsMember 2020-01-01 2020-03-31 0001161728 mgee:BadgerHollowUnitsMember 2020-01-01 2020-03-31 0001161728 mgee:MgeMember mgee:PublicServiceCommissionOfWisconsinMember mgee:ElectricRateProceedingMember 2020-01-01 2020-03-31 0001161728 mgee:MgeMember mgee:PublicServiceCommissionOfWisconsinMember 2020-03-31 0001161728 us-gaap:FairValueDisclosureItemAmountsDomain 2019-12-31 0001161728 us-gaap:USTreasuryBillSecuritiesMember 2020-01-01 2020-03-31 0001161728 srt:WeightedAverageMember 2019-01-01 2019-12-31 0001161728 srt:WeightedAverageMember 2020-01-01 2020-03-31 0001161728 mgee:MgeMember mgee:PublicServiceCommissionOfWisconsinMember mgee:FuelRulesRefund2018Member 2019-10-31 0001161728 2020-04-30 0001161728 mgee:MgeMember 2020-04-30 0001161728 us-gaap:CommodityContractMember us-gaap:CashFlowHedgingMember 2020-03-31 0001161728 us-gaap:CommodityContractMember us-gaap:CashFlowHedgingMember 2019-12-31 0001161728 us-gaap:CommodityContractMember us-gaap:OtherCurrentAssetsMember 2020-03-31 0001161728 us-gaap:CommodityContractMember us-gaap:OtherCurrentAssetsMember 2019-12-31 0001161728 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001161728 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0001161728 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0001161728 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-31 0001161728 us-gaap:AccumulatedOtherComprehensiveIncomeMember mgee:MgeMember 2018-12-31 0001161728 us-gaap:AccumulatedOtherComprehensiveIncomeMember mgee:MgeMember 2019-03-31 0001161728 us-gaap:AccumulatedOtherComprehensiveIncomeMember mgee:MgeMember 2019-12-31 0001161728 us-gaap:AccumulatedOtherComprehensiveIncomeMember mgee:MgeMember 2020-03-31 0001161728 mgee:DeferredCovidNineteenCostsMember 2020-03-31 0001161728 srt:MinimumMember us-gaap:PerformanceSharesMember us-gaap:SubsequentEventMember mgee:PerformanceUnitPlan2020Member 2020-04-01 2020-04-30 0001161728 mgee:PerformanceUnitPlan2020Member 2020-03-31 0001161728 us-gaap:PerformanceSharesMember mgee:PerformanceUnitPlanMember 2020-03-31 0001161728 mgee:PerformanceUnitPlanMember 2020-01-01 2020-03-31 0001161728 us-gaap:PerformanceSharesMember 2020-01-01 2020-03-31 0001161728 mgee:TransmissionInvestmentMember 2019-01-01 2019-03-31 0001161728 us-gaap:CorporateAndOtherMember 2019-01-01 2019-03-31 0001161728 mgee:TransmissionInvestmentMember 2020-01-01 2020-03-31 0001161728 us-gaap:CorporateAndOtherMember 2020-01-01 2020-03-31 0001161728 us-gaap:IntersegmentEliminationMember mgee:ElectricMember 2019-01-01 2019-03-31 0001161728 us-gaap:IntersegmentEliminationMember mgee:GasMember 2019-01-01 2019-03-31 0001161728 us-gaap:IntersegmentEliminationMember mgee:NonRegulatedEnergyMember 2019-01-01 2019-03-31 0001161728 us-gaap:IntersegmentEliminationMember mgee:TransmissionInvestmentMember 2019-01-01 2019-03-31 0001161728 us-gaap:CorporateAndOtherMember us-gaap:IntersegmentEliminationMember 2019-01-01 2019-03-31 0001161728 us-gaap:IntersegmentEliminationMember mgee:ElectricMember 2020-01-01 2020-03-31 0001161728 us-gaap:IntersegmentEliminationMember mgee:GasMember 2020-01-01 2020-03-31 0001161728 us-gaap:IntersegmentEliminationMember mgee:NonRegulatedEnergyMember 2020-01-01 2020-03-31 0001161728 us-gaap:IntersegmentEliminationMember mgee:TransmissionInvestmentMember 2020-01-01 2020-03-31 0001161728 us-gaap:CorporateAndOtherMember us-gaap:IntersegmentEliminationMember 2020-01-01 2020-03-31 0001161728 mgee:MgeMember mgee:ElectricMember 2019-01-01 2019-03-31 0001161728 mgee:MgeMember mgee:GasMember 2019-01-01 2019-03-31 0001161728 mgee:MgeMember mgee:NonRegulatedEnergyMember 2019-01-01 2019-03-31 0001161728 mgee:MgeMember mgee:ElectricMember 2020-01-01 2020-03-31 0001161728 mgee:MgeMember mgee:GasMember 2020-01-01 2020-03-31 0001161728 mgee:MgeMember mgee:NonRegulatedEnergyMember 2020-01-01 2020-03-31 0001161728 us-gaap:IntersegmentEliminationMember mgee:MgeMember mgee:ElectricMember 2019-01-01 2019-03-31 0001161728 us-gaap:IntersegmentEliminationMember mgee:MgeMember mgee:GasMember 2019-01-01 2019-03-31 0001161728 us-gaap:IntersegmentEliminationMember mgee:MgeMember mgee:NonRegulatedEnergyMember 2019-01-01 2019-03-31 0001161728 us-gaap:IntersegmentEliminationMember mgee:MgeMember mgee:ElectricMember 2020-01-01 2020-03-31 0001161728 us-gaap:IntersegmentEliminationMember mgee:MgeMember mgee:GasMember 2020-01-01 2020-03-31 0001161728 us-gaap:IntersegmentEliminationMember mgee:MgeMember mgee:NonRegulatedEnergyMember 2020-01-01 2020-03-31 iso4217:USD utr:MWh utr:MW xbrli:pure xbrli:shares iso4217:USD xbrli:shares mgee:Dth utr:counterparty

 

 

United States

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended:

March 31, 2020

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from _______________ to _______________

Commission

File No.

 

Name of Registrant, State of Incorporation, Address

of Principal Executive Offices, and Telephone No.

 

IRS Employer

Identification No.

000-49965

 

MGE Energy, Inc.

(a Wisconsin Corporation)

133 South Blair Street

Madison, Wisconsin 53788

(608) 252-7000 | mgeenergy.com

 

39-2040501

000-1125

 

Madison Gas and Electric Company

(a Wisconsin Corporation)

133 South Blair Street

Madison, Wisconsin 53788

(608) 252-7000 | mge.com

 

39-0444025

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days:

MGE Energy, Inc. Yes ☒ No Madison Gas and Electric Company Yes ☒ No

Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit such files):

MGE Energy, Inc. Yes ☒ No Madison Gas and Electric Company Yes ☒ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer

Accelerated Filer

Non-accelerated Filer

Smaller Reporting Company

Emerging Growth Company

MGE Energy, Inc.

Madison Gas and Electric Company

If an emerging growth company, indicate by check mark if the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

MGE Energy, Inc. Madison Gas and Electric Company

Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act):

MGE Energy, Inc. Yes ☐ No Madison Gas and Electric Company Yes ☐ No

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading symbol(s)

 

Name of each exchange on which registered

Common Stock, $1 Par Value Per Share

 

MGEE

 

The NASDAQ Stock Market

Number of Shares Outstanding of Each Class of Common Stock as of April 30, 2020

MGE Energy, Inc.

Common stock, $1.00 par value, 34,668,370 shares outstanding.

Madison Gas and Electric Company

Common stock, $1.00 par value, 17,347,894 shares outstanding (all of which are owned beneficially and of record by MGE Energy, Inc.).

 

1


 

Table of Contents

 

 

PART I. FINANCIAL INFORMATION.3

Filing Format3

Forward-Looking Statements3

Where to Find More Information3

Definitions, Abbreviations, and Acronyms Used in the Text and Notes of this Report4

Item 1. Financial Statements.6

MGE Energy, Inc.6

Consolidated Statements of Income (unaudited)6

Consolidated Statements of Cash Flows (unaudited)7

Consolidated Balance Sheets (unaudited)8

Consolidated Statements of Common Equity (unaudited)9

Madison Gas and Electric Company10

Consolidated Statements of Income (unaudited)10

Consolidated Statements of Cash Flows (unaudited)11

Consolidated Balance Sheets (unaudited)12

Consolidated Statements of Equity (unaudited)13

MGE Energy, Inc., and Madison Gas and Electric Company14

Notes to Consolidated Financial Statements (unaudited)14

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.32

Item 3. Quantitative and Qualitative Disclosures About Market Risk.44

Item 4. Controls and Procedures.47

PART II. OTHER INFORMATION.48

Item 1. Legal Proceedings.48

Item 1A. Risk Factors.48

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.49

Item 4. Mine Safety Disclosures.49

Item 5. Other Information.49

Item 6. Exhibits.50

Signatures - MGE Energy, Inc.51

Signatures - Madison Gas and Electric Company52

 

 

2


 

PART I. FINANCIAL INFORMATION.

 

Filing Format

 

This combined Form 10-Q is being filed separately by MGE Energy, Inc. (MGE Energy) and Madison Gas and Electric Company (MGE). MGE is a wholly owned subsidiary of MGE Energy and represents a majority of its assets, liabilities, revenues, expenses, and operations. Thus, all information contained in this report relates to, and is filed by, MGE Energy. Information that is specifically identified in this report as relating solely to MGE Energy, such as its financial statements and information relating to its nonregulated business, does not relate to, and is not filed by, MGE. MGE makes no representation as to that information. The terms "we" and "our," as used in this report, refer to MGE Energy and its consolidated subsidiaries unless otherwise indicated.

 

Forward-Looking Statements

 

This report, and other documents filed by MGE Energy and MGE with the Securities and Exchange Commission (SEC) from time to time, contain forward-looking statements that reflect management's current assumptions and estimates regarding future performance and economic conditions—especially as they relate to economic conditions, future load growth, revenues, expenses, capital expenditures, financial resources, regulatory matters, and the scope and expense associated with future environmental regulation. These forward-looking statements are made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "expect," "anticipate," "estimate," "could," "should," "intend," "will," and other similar words generally identify forward-looking statements. Both MGE Energy and MGE caution investors that these forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from those projected, expressed, or implied.

 

The factors that could cause actual results to differ materially from the forward-looking statements made by a registrant include: (a) those factors discussed in the registrants' 2019 Annual Report on Form 10-K: Item 1A. Risk Factors, as updated by Part II, Item 1A. Risk Factors in this report, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, as updated by Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations in this report, and Item 8. Financial Statements and Supplementary Data – Note 16, as updated by Part I, Item 1. Financial Statements – Note 8 in this report, and (b) other factors discussed herein and in other filings made by that registrant with the SEC.

 

Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this report. MGE Energy and MGE assume no obligation to release publicly any revision to these forward-looking statements to reflect events or circumstances after the date of this report, except as required by law.

 

Where to Find More Information

 

The public may read and copy any reports or other information that MGE Energy and MGE file with the SEC at the SEC's public reference room at 100 F Street, NE, Washington, D.C. 20549. The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. These documents also are available to the public from commercial document retrieval services, the website maintained by the SEC at sec.gov, MGE Energy's website at mgeenergy.com, and MGE's website at mge.com. Copies may be obtained from our websites free of charge. Information contained on MGE Energy's and MGE's websites shall not be deemed incorporated into, or to be a part of, this report.

3


 

Definitions, Abbreviations, and Acronyms Used in the Text and Notes of this Report

 

Abbreviations, acronyms, and definitions used in the text and notes of this report are defined below.

 

MGE Energy and Subsidiaries:

CWDCCentral Wisconsin Development Corporation

MAGAELMAGAEL, LLC

MGEMadison Gas and Electric Company

MGE EnergyMGE Energy, Inc.

MGE PowerMGE Power, LLC

MGE Power Elm RoadMGE Power Elm Road, LLC

MGE Power West CampusMGE Power West Campus, LLC

MGE ServicesMGE Services, LLC

MGE State Energy ServicesMGE State Energy Services, LLC

MGE TranscoMGE Transco Investment, LLC

MGEE TranscoMGEE Transco, LLC

North MendotaNorth Mendota Energy & Technology Park, LLC

Other Defined Terms:

2006 PlanMGE Energy's 2006 Performance Unit Plan

2013 PlanMGE Energy's 2013 Director Incentive Plan

2020 PlanMGE Energy's 2020 Performance Unit Plan

ACEAffordable Clean Energy

AFUDCAllowance for Funds Used During Construction

ATCAmerican Transmission Company LLC

ATC HoldcoATC Holdco, LLC

BARTBest Available Retrofit Technology

Badger Hollow IBadger Hollow I Solar Farm

Badger Hollow IIBadger Hollow II Solar Farm

BATBest Available Technology

BlountBlount Station

BSERBest System of Emissions Reductions

CAVRClean Air Visibility Rule

CCRCoal Combustion Residual

codificationFinancial Accounting Standards Board Accounting Standards Codification

ColumbiaColumbia Energy Center

COVID-19Coronavirus Disease 2019

CSAPRCross-State Air Pollution Rule

DthDekatherms, a quantity measure for natural gas

EGUsElectric Generating Units

electric marginElectric revenues less fuel for electric generation and purchase power costs, a non-GAAP measure

Elm Road UnitsElm Road Generating Station

EPAUnited States Environmental Protection Agency

FERCFederal Energy Regulatory Commission

FTRFinancial Transmission Rights

GAAPGenerally Accepted Accounting Principles

gas marginGas revenues less cost of gas sold, a non-GAAP measure

GHGGreenhouse Gas

heating degree days (HDD)Measure of the extent to which the average daily temperature is below 65 degrees Fahrenheit, which is considered an indicator of possible increased demand for energy to provide heating

IRSInternal Revenue Service

kWhKilowatt-hour, a measure of electric energy produced

4


 

MISOMidcontinent Independent System Operator (a regional transmission organization)

MWMegawatt, a measure of electric energy generating capacity

MWhMegawatt-hour, a measure of electric energy produced

NAAQSNational Ambient Air Quality Standards

PGAPurchased Gas Adjustment clause, a regulatory mechanism used to reconcile natural gas costs recovered in rates to actual costs

PPAPurchased Power Agreement

PSCWPublic Service Commission of Wisconsin

RiversideRiverside Energy Center

ROEReturn on Equity

SaratogaSaratoga Wind Farm

SCRSelective Catalytic Reduction

SECSecurities and Exchange Commission

Stock PlanDirect Stock Purchase and Dividend Reinvestment Plan of MGE Energy

Tax ActTax Cuts and Jobs Act

Two CreeksTwo Creeks Solar Farm

VIEVariable Interest Entity

WCCFWest Campus Cogeneration Facility

working capitalCurrent assets less current liabilities

WPLWisconsin Power and Light Company, a subsidiary of Alliant Energy Corporation

XBRLeXtensible Business Reporting Language

 

5


 

Item 1. Financial Statements.

MGE Energy, Inc.

Consolidated Statements of Income (unaudited)

(In thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

 

 

 

 

 

 

2020

 

2019

 

 

Operating Revenues:

 

 

 

 

 

 

Electric revenues

$

93,028

$

97,469

 

 

Gas revenues

 

56,845

 

70,100

 

 

Total Operating Revenues

 

149,873

 

167,569

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

Fuel for electric generation

 

9,706

 

13,917

 

 

Purchased power

 

10,486

 

10,851

 

 

Cost of gas sold

 

30,798

 

43,253

 

 

Other operations and maintenance

 

44,369

 

46,934

 

 

Depreciation and amortization

 

18,167

 

17,139

 

 

Other general taxes

 

4,907

 

4,963

 

 

Total Operating Expenses

 

118,433

 

137,057

 

 

Operating Income

 

31,440

 

30,512

 

 

 

 

 

 

 

 

 

Other income, net

 

5,671

 

4,851

 

 

Interest expense, net

 

(6,061)

 

(5,647)

 

 

Income before income taxes

 

31,050

 

29,716

 

 

Income tax provision

 

(5,013)

 

(5,709)

 

 

Net Income

$

26,037

$

24,007

 

 

 

 

 

 

 

 

 

Earnings Per Share of Common Stock

 

 

 

 

 

 

(basic and diluted)

$

0.75

$

0.69

 

 

 

 

 

 

 

 

 

Dividends per share of common stock

$

0.353

$

0.338

 

 

 

 

 

 

 

 

 

Weighted Average Shares Outstanding

 

 

 

 

 

 

(basic and diluted)

 

34,668

 

34,668

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of the above unaudited consolidated financial statements.

6


 

MGE Energy, Inc.

Consolidated Statements of Cash Flows (unaudited)

(In thousands)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

March 31,

 

 

 

 

2020

 

2019

 

 

Operating Activities:

 

 

 

 

 

 

Net income

$

26,037

$

24,007

 

 

Items not affecting cash:

 

 

 

 

 

 

Depreciation and amortization

 

18,167

 

17,139

 

 

Deferred income taxes

 

1,433

 

(1,359)

 

 

Provision for doubtful receivables

 

734

 

634

 

 

Employee benefit plan (credit) cost

 

(940)

 

474

 

 

Equity earnings in ATC

 

(2,266)

 

(2,218)

 

 

Other items

 

(1,974)

 

32

 

 

Changes in working capital items:

 

 

 

 

 

 

Decrease in current assets

 

14,089

 

13,665

 

 

(Decrease) increase in current liabilities

 

(2,738)

 

3,182

 

 

Dividends from ATC

 

2,700

 

2,012

 

 

Cash contributions to pension and other postretirement plans

 

(1,470)

 

(957)

 

 

Other noncurrent items, net

 

47

 

(3,416)

 

 

Cash Provided by Operating Activities

 

53,819

 

53,195

 

 

 

 

 

 

 

 

 

Investing Activities:

 

 

 

 

 

 

Capital expenditures

 

(46,758)

 

(31,933)

 

 

Capital contributions to investments

 

(1,643)

 

(740)

 

 

Other

 

(398)

 

(206)

 

 

Cash Used for Investing Activities

 

(48,799)

 

(32,879)

 

 

 

 

 

 

 

 

 

Financing Activities:

 

 

 

 

 

 

Cash dividends paid on common stock

 

(12,221)

 

(11,701)

 

 

Repayments of long-term debt

 

(1,155)

 

(1,129)

 

 

Net proceeds from (repayments of) short-term debt

 

3,000

 

(7,000)

 

 

Other

 

(664)

 

(999)

 

 

Cash Used for Financing Activities

 

(11,040)

 

(20,829)

 

 

 

 

 

 

 

 

 

Change in cash, cash equivalents, and restricted cash

 

(6,020)

 

(513)

 

 

Cash, cash equivalents, and restricted cash at beginning of period

 

25,814

 

84,929

 

 

Cash, cash equivalents, and restricted cash at end of period

$

19,794

$

84,416

 

 

 

 

 

 

 

 

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

Significant noncash investing activities:

 

 

 

 

 

 

Accrued capital expenditures

$

8,129

$

3,428

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of the above unaudited consolidated financial statements.

 

7


 

MGE Energy, Inc.

Consolidated Balance Sheets (unaudited)

(In thousands)

 

 

 

 

 

 

 

March 31,

December 31,

ASSETS

 

2020

 

2019

Current Assets:

 

 

 

 

Cash and cash equivalents

$

17,451

$

23,481

Accounts receivable, less reserves of $3,282 and $2,820, respectively

 

39,352

 

40,482

Other accounts receivable, less reserves of $370 and $438 , respectively

 

8,722

 

7,940

Unbilled revenues

 

22,633

 

25,899

Materials and supplies, at average cost

 

27,647

 

26,287

Fuel for electric generation, at average cost

 

8,354

 

8,358

Stored natural gas, at average cost

 

4,723

 

10,637

Prepaid taxes

 

11,888

 

16,892

Regulatory assets - current

 

12,182

 

11,432

Other current assets

 

9,241

 

10,233

Total Current Assets

 

162,193

 

181,641

Other long-term receivables

 

1,754

 

1,811

Regulatory assets

 

131,319

 

134,314

Pension benefit asset

 

16,480

 

13,630

Other deferred assets and other

 

18,518

 

19,093

Property, Plant, and Equipment:

 

 

 

 

Property, plant, and equipment, net

 

1,524,782

 

1,530,199

Construction work in progress

 

128,321

 

112,484

Total Property, Plant, and Equipment

 

1,653,103

 

1,642,683

Investments

 

89,330

 

88,492

Total Assets

$

2,072,697

$

2,081,664

 

 

 

 

 

LIABILITIES AND CAPITALIZATION

 

 

 

 

Current Liabilities:

 

 

 

 

Long-term debt due within one year

$

19,686

$

19,659

Short-term debt

 

3,000

 

-

Accounts payable

 

39,188

 

55,161

Accrued interest and taxes

 

7,568

 

7,244

Accrued payroll related items

 

9,243

 

12,752

Regulatory liabilities - current

 

11,369

 

9,228

Derivative liabilities

 

10,740

 

10,100

Other current liabilities

 

10,212

 

14,676

Total Current Liabilities

 

111,006

 

128,820

Other Credits:

 

 

 

 

Deferred income taxes

 

246,028

 

243,302

Investment tax credit - deferred

 

742

 

763

Regulatory liabilities

 

163,399

 

164,965

Accrued pension and other postretirement benefits

 

68,647

 

68,665

Derivative liabilities

 

12,870

 

15,340

Finance lease liabilities

 

17,581

 

17,379

Other deferred liabilities and other

 

60,318

 

63,013

Total Other Credits

 

569,585

 

573,427

Capitalization:

 

 

 

 

Common shareholders' equity

 

869,492

 

855,676

Long-term debt

 

522,614

 

523,741

Total Capitalization

 

1,392,106

 

1,379,417

Commitments and contingencies (see Footnote 8)

 

 

 

 

Total Liabilities and Capitalization

$

2,072,697

$

2,081,664

 

 

 

 

 

The accompanying notes are an integral part of the above unaudited consolidated financial statements.

8


 

MGE Energy, Inc.

Consolidated Statements of Common Equity (unaudited)

(In thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

Additional

 

 

 

Other

 

 

 

 

 

Common Stock

 

Paid-in

 

Retained

 

Comprehensive

 

 

 

 

 

Shares

 

Value

 

Capital

 

Earnings

 

Income/(Loss)

 

Total

 

 

Three Months Ended March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

34,668

$

34,668

$

316,268

$

465,708

$

-

$

816,644

 

 

Net income

 

 

 

 

 

 

24,007

 

 

 

24,007

 

 

Common stock dividends declared

 

 

 

 

 

 

 

 

 

 

 

 

 

($0.338 per share)

 

 

 

 

 

 

(11,701)

 

 

 

(11,701)

 

 

Ending Balance - March 31, 2019

34,668

$

34,668

$

316,268

$

478,014

$

-

$

828,950

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

34,668

$

34,668

$

316,268

$

504,740

$

-

$

855,676

 

 

Net income

 

 

 

 

 

 

26,037

 

 

 

26,037

 

 

Common stock dividends declared

 

 

 

 

 

 

 

 

 

 

 

 

 

($0.353 per share)

 

 

 

 

 

 

(12,221)

 

 

 

(12,221)

 

 

Ending Balance - March 31, 2020

34,668

$

34,668

$

316,268

$

518,556

$

-

$

869,492

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of the above unaudited consolidated financial statements.

 

9


 

Madison Gas and Electric Company

Consolidated Statements of Income (unaudited)

(In thousands)

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

March 31,

 

 

 

 

2020

 

2019

 

 

Operating Revenues:

 

 

 

 

 

 

Electric revenues

$

93,028

$

97,469

 

 

Gas revenues

 

56,845

 

70,100

 

 

Total Operating Revenues

 

149,873

 

167,569

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

Fuel for electric generation

 

9,706

 

13,917

 

 

Purchased power

 

10,486

 

10,851

 

 

Cost of gas sold

 

30,798

 

43,253

 

 

Other operations and maintenance

 

44,150

 

46,662

 

 

Depreciation and amortization

 

18,167

 

17,139

 

 

Other general taxes

 

4,907

 

4,963

 

 

Total Operating Expenses

 

118,214

 

136,785

 

 

Operating Income

 

31,659

 

30,784

 

 

 

 

 

 

 

 

 

Other income, net

 

3,380

 

2,207

 

 

Interest expense, net

 

(6,111)

 

(5,995)

 

 

Income before income taxes

 

28,928

 

26,996

 

 

Income tax provision

 

(4,371)

 

(4,926)

 

 

Net Income

$

24,557

$

22,070

 

 

Less Net Income Attributable to Noncontrolling Interest, net of tax

 

(5,493)

 

(5,490)

 

 

Net Income Attributable to MGE

$

19,064

$

16,580

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of the above unaudited consolidated financial statements.

10


 

Madison Gas and Electric Company

Consolidated Statements of Cash Flows (unaudited)

(In thousands)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

March 31,

 

 

 

 

2020

 

2019

 

 

Operating Activities:

 

 

 

 

 

 

Net income

$

24,557

$

22,070

 

 

Items not affecting cash:

 

 

 

 

 

 

Depreciation and amortization

 

18,167

 

17,139

 

 

Deferred income taxes

 

976

 

(2,002)

 

 

Provision for doubtful receivables

 

734

 

634

 

 

Employee benefit plan (credit) cost

 

(940)

 

474

 

 

Other items

 

(1,721)

 

604

 

 

Changes in working capital items:

 

 

 

 

 

 

Decrease in current assets

 

12,953

 

13,737

 

 

Increase in current liabilities

 

290

 

5,532

 

 

Cash contributions to pension and other postretirement plans

 

(1,470)

 

(957)

 

 

Other noncurrent items, net

 

(428)

 

(3,629)

 

 

Cash Provided by Operating Activities

 

53,118

 

53,602

 

 

 

 

 

 

 

 

 

Investing Activities:

 

 

 

 

 

 

Capital expenditures

 

(46,758)

 

(31,933)

 

 

Other

 

(406)

 

(228)

 

 

Cash Used for Investing Activities

 

(47,164)

 

(32,161)

 

 

 

 

 

 

 

 

 

Financing Activities:

 

 

 

 

 

 

Distributions to parent from noncontrolling interest

 

(7,000)

 

(7,500)

 

 

Repayments of long-term debt

 

(1,155)

 

(1,129)

 

 

Net proceeds from (repayments of) short-term debt

 

3,000

 

(7,000)

 

 

Other

 

(664)

 

(844)

 

 

Cash Used for Financing Activities

 

(5,819)

 

(16,473)

 

 

 

 

 

 

 

 

 

Change in cash, cash equivalents, and restricted cash

 

135

 

4,968

 

 

Cash, cash equivalents, and restricted cash at beginning of period

 

5,529

 

6,670

 

 

Cash, cash equivalents, and restricted cash at end of period

$

5,664

$

11,638

 

 

 

 

 

 

 

 

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

Significant noncash investing activities:

 

 

 

 

 

 

Accrued capital expenditures

$

8,129

$

3,428

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of the above unaudited consolidated financial statements.

 

 

 

 

 

 

 

 

11


 

Madison Gas and Electric Company

Consolidated Balance Sheets (unaudited)

(In thousands)

 

 

March 31,

December 31,

ASSETS

 

2020

 

2019

Current Assets:

 

 

 

 

Cash and cash equivalents

$

3,321

$

3,196

Accounts receivable, less reserves of $3,282 and $2,820, respectively

 

39,352

 

40,482

Affiliate receivables

 

645

 

530

Accounts receivable, less reserves of $370 and $438 , respectively

 

8,718

 

7,936

Unbilled revenues

 

22,633

 

25,899

Materials and supplies, at average cost

 

27,647

 

26,287

Fuel for electric generation, at average cost

 

8,354

 

8,358

Stored natural gas, at average cost

 

4,723

 

10,637

Prepaid taxes

 

11,786

 

15,463

Regulatory assets - current

 

12,182

 

11,432

Other current assets

 

8,767

 

10,065

Total Current Assets

 

148,128

 

160,285

Affiliate receivable long-term

 

2,515

 

2,648

Regulatory assets

 

131,319

 

134,314

Pension benefit asset

 

16,480

 

13,630

Other deferred assets and other

 

19,048

 

19,680

Property, Plant, and Equipment:

 

 

 

 

Property, plant, and equipment, net

 

1,524,810

 

1,530,227

Construction work in progress

 

128,321

 

112,484

Total Property, Plant, and Equipment

 

1,653,131

 

1,642,711

Investments

 

227

 

209

Total Assets

$

1,970,848

$

1,973,477

 

 

 

 

 

LIABILITIES AND CAPITALIZATION

 

 

 

 

Current Liabilities:

 

 

 

 

Long-term debt due within one year