MGE Energy Reports Second-Quarter Earnings

Nachrichtenquelle: Business Wire (engl.)
06.08.2020, 18:52  |  116   |   |   

MGE Energy, Inc. (Nasdaq: MGEE) today reported financial results for the second quarter of 2020.

MGE Energy's earnings for the second quarter of 2020 were $18.8 million, or 53 cents per share, compared to $15.5 million, or 45 cents per share, for the same period in the prior year.

During the second quarter of 2020, electric net income increased $2.3 million compared to the second quarter of 2019 primarily due to Allowance for funds used during construction (AFUDC) earned from the construction of Two Creeks and Badger Hollow I and II solar generation projects and savings in operating and maintenance costs. AFUDC equity for the Two Creeks and Badger Hollow I and II solar projects increased $1.0 million compared to the same period in the prior year.

A reduction of retail sales driven by the impacts of COVID-19 and associated governmental regulations negatively impacted electric earnings in the second quarter of 2020. Electric commercial retail sales dropped approximately 10% in the second quarter of 2020 compared to the same period in the prior year. However, some businesses shifted their workforce to a remote work environment which led to higher residential sales. Warmer weather primarily in June of 2020 also contributed to increased electric residential sales and mitigated the impact of COVID-19. Second quarter electric residential sales increased by approximately 20% compared to the second quarter of 2019.

Gas net income in the second quarter of 2020 remained relatively flat compared to the second quarter of 2019.

The situation around the COVID-19 pandemic remains fluid. We have been subject to, and are following, local, state and federal public health and safety regulations and guidance to address the pandemic. We have operated continuously throughout the pandemic and have not suffered any material disruptions in service or employment. We continue to monitor the situation and manage our response.

 

MGE Energy, Inc.

 

 

(In thousands, except per share amounts)

 

 

(Unaudited)

 

 

 

 

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