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MGE Energy Reports Third-Quarter 2023 Earnings
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0 KommentareMGE Energy, Inc. (Nasdaq: MGEE), today reported financial results for the third quarter of 2023.
MGE Energy's GAAP (Generally Accepted Accounting Principles) earnings for the third quarter of 2023 were $37.9 million, or $1.05 per share, compared to $33.7 million, or $0.93 per share, for the same period in the prior year.
Our third-quarter results were primarily driven by an increase in investments included in rate base. Also, warmer-than-normal weather led to an increase in electric residential sales of approximately 5% compared to the third quarter of 2022.
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 the third quarter of 2023. The timing of depreciation expense also contributed to higher electric earnings in the third quarter of 2023. Depreciation costs are expected to increase after significant capital projects are completed, including the second phase of Badger Hollow and Paris solar projects.
In the third quarter of 2023, earnings from our investment in ATC increased $0.9 million, driven by an estimated possible loss recorded in 2022 from filed complaints regarding MISO transmission owners' authorized return on equity.
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Gas net income in the third quarter of 2023 remained relatively flat compared to the third quarter of 2022.
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MGE Energy, Inc. |
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(In thousands, except per-share amounts) |
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(Unaudited) |
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Three Months Ended September 30, |
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2023 |
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2022 |
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Operating revenues |
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$ |
160,528 |
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$ |
163,400 |
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Operating income |
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$ |
43,792 |
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$ |
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