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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:

June 30, 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 July 31, 2020

MGE Energy, Inc.

Common stock, $1.00 par value, 36,163,370 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 INFORMATION3

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.34

Item 3. Quantitative and Qualitative Disclosures About Market Risk.53

Item 4. Controls and Procedures.56

PART II. OTHER INFORMATION.57

Item 1. Legal Proceedings.57

Item1A. Risk Factors.57

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.58

Item 4. Mine Safety Disclosures.58

Item 5. Other Information.58

Item 6. Exhibits.59

Signatures - MGE Energy, Inc.60

Signatures - Madison Gas and Electric Company61

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

cooling degree daysMeasure of the extent to which the average daily temperature is above 65 degrees Fahrenheit, which is considered an indicator of possible increased demand for energy to provide cooling

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

4


 

IRSInternal Revenue Service

kWhKilowatt-hour, a measure of electric energy produced

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

NOxNitrogen Oxide

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

PHMDCPublic Health Madison & Dane County

PHMDC DirectivesPublic Health Madison & Dane County's Forward Dane Plan and related emergency orders

PPAPurchased Power Agreement

PSCWPublic Service Commission of Wisconsin

RERRenewable Energy Rider

RiversideRiverside Energy Center

ROEReturn on Equity

SaratogaSaratoga Wind Farm

SCRSelective Catalytic Reduction

SECSecurities and Exchange Commission

SO2Sulfur Dioxide

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

WDNRWisconsin Department of Natural Resources

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

 

Six Months Ended

 

 

June 30,

 

June 30,

 

 

2020

 

2019

 

2020

 

2019

Operating Revenues:

 

 

 

 

 

 

 

 

Electric revenues

$

93,961

$

97,077

$

186,989

$

194,546

Gas revenues

 

23,079

 

25,070

 

79,924

 

95,170

Total Operating Revenues

 

117,040

 

122,147

 

266,913

 

289,716

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

Fuel for electric generation

 

8,692

 

10,403

 

18,398

 

24,320

Purchased power

 

10,856

 

11,036

 

21,342

 

21,887

Cost of gas sold

 

6,339

 

8,875

 

37,137

 

52,128

Other operations and maintenance

 

46,224

 

48,974

 

90,593

 

95,910

Depreciation and amortization

 

18,434

 

18,091

 

36,601

 

35,230

Other general taxes

 

4,975

 

4,985

 

9,882

 

9,948

Total Operating Expenses

 

95,520

 

102,364

 

213,953

 

239,423

Operating Income

 

21,520

 

19,783

 

52,960

 

50,293

 

 

 

 

 

 

 

 

 

Other income, net

 

6,925

 

5,019

 

12,596

 

9,870

Interest expense, net

 

(5,914)

 

(5,749)

 

(11,975)

 

(11,396)

Income before income taxes

 

22,531

 

19,053

 

53,581

 

48,767

Income tax provision

 

(3,740)

 

(3,505)

 

(8,753)

 

(9,213)

Net Income

$

18,791

$

15,548

$

44,828

$

39,554

 

 

 

 

 

 

 

 

 

Earnings Per Share of Common Stock

 

 

 

 

 

 

 

 

(basic and diluted)

$

0.53

$

0.45

$

1.28

$

1.14

 

 

 

 

 

 

 

 

 

Dividends per share of common stock

$

0.353

$

0.338

$

0.705

$

0.675

 

 

 

 

 

 

 

 

 

Weighted Average Shares Outstanding

 

 

 

 

 

 

 

 

(basic and diluted)

 

35,441

 

34,668

 

35,054

 

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)

 

 

 

 

 

 

 

 

 

 

Six Months Ended

 

 

 

 

June 30,

 

 

 

 

2020

 

2019

 

 

Operating Activities:

 

 

 

 

 

 

Net income

$

44,828

$

39,554

 

 

Items not affecting cash:

 

 

 

 

 

 

Depreciation and amortization

 

36,601

 

35,230

 

 

Deferred income taxes

 

5,088

 

2,306

 

 

Provision for doubtful receivables

 

817

 

732

 

 

Employee benefit plan credit

 

(1,875)

 

(1,920)

 

 

Equity earnings in ATC

 

(5,405)

 

(4,515)

 

 

Other items

 

(1,006)

 

(717)

 

 

Changes in working capital items:

 

 

 

 

 

 

Decrease in current assets

 

9,934

 

15,349

 

 

Decrease in current liabilities

 

(8,195)

 

(951)

 

 

Dividends from ATC

 

4,581

 

3,745

 

 

Cash contributions to pension and other postretirement plans

 

(2,943)

 

(2,319)

 

 

Other noncurrent items, net

 

3,025

 

(610)

 

 

Cash Provided by Operating Activities

 

85,450

 

85,884

 

 

 

 

 

 

 

 

 

Investing Activities:

 

 

 

 

 

 

Capital expenditures

 

(85,217)

 

(79,092)

 

 

Capital contributions to investments

 

(2,577)

 

(3,386)

 

 

Other

 

(899)

 

(156)

 

 

Cash Used for Investing Activities

 

(88,693)

 

(82,634)

 

 

 

 

 

 

 

 

 

Financing Activities:

 

 

 

 

 

 

Issuance of common stock, net

 

79,635

 

-

 

 

Cash dividends paid on common stock

 

(24,968)

 

(23,401)

 

 

Repayments of long-term debt

 

(21,616)

 

(2,263)

 

 

Issuance of long-term debt

 

19,300

 

-

 

 

Net proceeds from short-term debt

 

-

 

10,500

 

 

Other

 

(1,030)

 

(1,193)

 

 

Cash Provided by (Used for) Financing Activities

 

51,321

 

(16,357)

 

 

 

 

 

 

 

 

 

Change in cash, cash equivalents, and restricted cash

 

48,078

 

(13,107)

 

 

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

 

25,814

 

84,929

 

 

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

$

73,892

$

71,822

 

 

 

 

 

 

 

 

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

Significant noncash investing activities:

 

 

 

 

 

 

Accrued capital expenditures

$

15,762

$

2,264

 

 

 

 

 

 

 

 

 

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

 

7


 

MGE Energy, Inc.

Consolidated Balance Sheets (unaudited)

(In thousands)

 

 

 

 

 

 

 

June 30,

December 31,

ASSETS

 

2020

 

2019

Current Assets:

 

 

 

 

Cash and cash equivalents

$

51,642

$

23,481

Accounts receivable, less reserves of $4,717 and $2,820, respectively

 

33,879

 

40,482

Other accounts receivable, less reserves of $349 and $438 , respectively

 

7,658

 

7,940

Unbilled revenues

 

23,118

 

25,899

Materials and supplies, at average cost

 

31,076

 

26,287

Fuel for electric generation, at average cost

 

8,008

 

8,358

Stored natural gas, at average cost

 

6,998

 

10,637

Prepaid taxes

 

14,887

 

16,892

Regulatory assets - current

 

10,475

 

11,432

Other current assets

 

30,009

 

10,233

Total Current Assets

 

217,750

 

181,641

Other long-term receivables

 

1,673

 

1,811

Regulatory assets

 

129,775

 

134,314

Pension benefit asset

 

19,109

 

13,630

Other deferred assets and other

 

17,555

 

19,093

Property, Plant, and Equipment:

 

 

 

 

Property, plant, and equipment, net

 

1,524,617

 

1,530,199

Construction work in progress

 

161,542

 

112,484

Total Property, Plant, and Equipment

 

1,686,159

 

1,642,683

Investments

 

91,698

 

88,492

Total Assets

$

2,163,719

$

2,081,664

 

 

 

 

 

LIABILITIES AND CAPITALIZATION

 

 

 

 

Current Liabilities:

 

 

 

 

Long-term debt due within one year

$

19,714

$

19,659

Accounts payable

 

40,701

 

55,161

Accrued interest and taxes

 

8,696

 

7,244

Accrued payroll related items

 

11,688

 

12,752

Regulatory liabilities - current

 

8,121

 

9,228

Derivative liabilities

 

10,430

 

10,100

Other current liabilities

 

10,273

 

14,676

Total Current Liabilities

 

109,623

 

128,820

Other Credits:

 

 

 

 

Deferred income taxes

 

251,050

 

243,302

Investment tax credit - deferred

 

721

 

763

Regulatory liabilities

 

166,469

 

164,965

Accrued pension and other postretirement benefits

 

68,550

 

68,665

Derivative liabilities

 

9,950

 

15,340

Finance lease liabilities

 

17,725

 

17,379

Other deferred liabilities and other

 

63,004

 

63,013

Total Other Credits

 

577,469

 

573,427

Capitalization:

 

 

 

 

Common shareholders' equity

 

955,171

 

855,676

Long-term debt

 

521,456

 

523,741

Total Capitalization

 

1,476,627

 

1,379,417

Commitments and contingencies (see Footnote 8)

 

 

 

 

Total Liabilities and Capitalization

$

2,163,719

$

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 June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

34,668

$

34,668

$

316,268

$

478,014

$

-

$

828,950

 

 

Net income

 

 

 

 

 

 

15,548

 

 

 

15,548

 

 

Common stock dividends declared

 

 

 

 

 

 

 

 

 

 

 

 

 

($0.338 per share)

 

 

 

 

 

 

(11,701)

 

 

 

(11,701)

 

 

Ending Balance - June 30, 2019

34,668

$

34,668

$

316,268

$

481,861

$

-

$

832,797

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

34,668

$

34,668

$

316,268

$

518,556

$

-

$

869,492

 

 

Net income

 

 

 

 

 

 

18,791

 

 

 

18,791

 

 

Common stock dividends declared

 

 

 

 

 

 

 

 

 

 

 

 

 

($0.353 per share)

 

 

 

 

 

 

(12,747)

 

 

 

(12,747)

 

 

Common stock issued, net

1,495

 

1,495

 

78,140

 

 

 

 

 

79,635

 

 

Ending Balance - June 30, 2020

36,163

$

36,163

$

394,408

$

524,600

$

-

$

955,171

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

34,668

$

34,668

$

316,268

$

465,708

$

-

$

816,644

 

 

Net income

 

 

 

 

 

 

39,554

 

 

 

39,554

 

 

Common stock dividends declared

 

 

 

 

 

 

 

 

 

 

 

 

 

($0.675 per share)

 

 

 

 

 

 

(23,401)

 

 

 

(23,401)

 

 

Ending Balance - June 30, 2019

34,668

$

34,668

$

316,268

$

481,861

$

-

$

832,797

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

34,668

$

34,668

$

316,268

$

504,740

$

-

$

855,676

 

 

Net income

 

 

 

 

 

 

44,828

 

 

 

44,828

 

 

Common stock dividends declared

 

 

 

 

 

 

 

 

 

 

 

 

 

($0.705 per share)

 

 

 

 

 

 

(24,968)

 

 

 

(24,968)

 

 

Common stock issued, net

1,495

 

1,495

 

78,140

 

 

 

 

 

79,635

 

 

Ending Balance - June 30, 2020

36,163

$

36,163

$

394,408

$

524,600

$

-

$

955,171

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

Six Months Ended

 

 

June 30,

 

June 30,

 

 

2020

 

2019

 

2020

 

2019

Operating Revenues:

 

 

 

 

 

 

 

 

Electric revenues

$

93,961

$

97,077

$

186,989

$

194,546

Gas revenues

 

23,079

 

25,070

 

79,924

 

95,170

Total Operating Revenues

 

117,040

 

122,147

 

266,913

 

289,716

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

Fuel for electric generation

 

8,692

 

10,403

 

18,398

 

24,320

Purchased power

 

10,856

 

11,036

 

21,342

 

21,887

Cost of gas sold

 

6,339

 

8,875

 

37,137

 

52,128

Other operations and maintenance

 

45,893

 

48,673

 

90,043

 

95,335

Depreciation and amortization

 

18,434

 

18,091

 

36,601

 

35,230

Other general taxes

 

4,975

 

4,985

 

9,882

 

9,948

Total Operating Expenses

 

95,189

 

102,063

 

213,403

 

238,848

Operating Income

 

21,851

 

20,084

 

53,510

 

50,868

 

 

 

 

 

 

 

 

 

Other income, net

 

3,531

 

2,958

 

6,911

 

5,165

Interest expense, net

 

(5,935)

 

(6,133)

 

(12,046)

 

(12,128)

Income before income taxes

 

19,447

 

16,909

 

48,375

 

43,905

Income tax provision

 

(3,046)

 

(2,966)

 

(7,417)

 

(7,892)

Net Income

$

16,401

$

13,943

$

40,958

$

36,013

Less: Net Income Attributable to Noncontrolling

 

 

 

 

 

 

 

 

Interest, net of tax

 

(5,768)

 

(5,621)

 

(11,261)

 

(11,111)

Net Income Attributable to MGE

$

10,633

$

8,322

$

29,697

$

24,902

 

 

 

 

 

 

 

 

 

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)

 

 

 

 

 

 

 

 

 

 

Six Months Ended

 

 

 

 

June 30,

 

 

 

 

2020

 

2019

 

 

Operating Activities:

 

 

 

 

 

 

Net income