MGE Energy Reports Second-Quarter Earnings

MGE Energy, Inc. (Nasdaq: MGEE) today reported financial results for the second quarter of 2021.

MGE Energy's GAAP (Generally Accepted Accounting Principles) earnings for the second quarter of 2021 were $22.9 million, or $0.63 per share, compared to $18.8 million, or $0.53 per share, for the same period in the prior year.

Our second-quarter results were driven by warmer weather, economic recovery in our service territory and increase in investments included in rate base.

MGE is investing 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 2021. The Two Creeks solar project was completed in November 2020 contributing to increased electric earnings in the second quarter of 2021. The timing of 2021 depreciation and other operations and maintenance costs also contributed to higher electric earnings in the second quarter of 2021. Depreciation and operations and maintenance costs are expected to increase during the remainder of 2021 after significant capital projects are completed, including Badger Hollow I solar project and a new customer information system.

For the quarter, electric commercial and electric residential kilowatt-hour sales increased 9.4% and 1.4%, respectively, compared to the second quarter of 2020.

	MGE Energy, Inc.
	(In thousands, except per share amounts)
	(Unaudited)
	Three Months Ended June 30,			2021			2020