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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, 2021

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, 2021

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.33

Item 3. Quantitative and Qualitative Disclosures About Market Risk.50

Item 4. Controls and Procedures.53

PART II. OTHER INFORMATION.54

Item 1. Legal Proceedings.54

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.54

Item 4. Mine Safety Disclosures.54

Item 5. Other Information.54

Item 6. Exhibits.55

Signatures - MGE Energy, Inc.56

Signatures - Madison Gas and Electric Company57

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' 2020 Annual Report on Form 10-K: Item 1A. Risk Factors, 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:

2017 Tax ActTax Cut and Jobs Act of 2017

2021 PlanMGE Energy's 2021 Long-Term Incentive Plan

ACE RuleAffordable Clean Energy Rule

AFUDCAllowance for Funds Used During Construction

AROAsset retirement obligation

ATCAmerican Transmission Company LLC

ATC HoldcoATC Holdco, LLC

Badger Hollow IBadger Hollow I Solar Farm

Badger Hollow IIBadger Hollow II Solar Farm

BlountBlount Station

BTABest technology available

CACertificate of Authority

CCRCoal Combustion Residual

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

CPP RuleClean Power Plan Rule

CSAPRCross-State Air Pollution Rule

DthDekatherms, a quantity measure for natural gas

ELGEffluent Limitations Guidelines

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

NOxNitrogen oxide

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

SCRSelective Catalytic Reduction

SECSecurities and Exchange Commission

SIPState Implementation Plan

SO2Sulfur dioxide

Stock PlanDirect Stock Purchase and Dividend Reinvestment Plan of MGE Energy

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,

 

 

2021

 

2020

 

2021

 

2020

Operating Revenues:

 

 

 

 

 

 

 

 

Electric revenues

$

102,076

$

93,961

$

202,721

$

186,989

Gas revenues

 

28,654

 

23,079

 

95,924

 

79,924

Total Operating Revenues

 

130,730

 

117,040

 

298,645

 

266,913

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

Fuel for electric generation

 

10,913

 

8,692

 

24,084

 

18,398

Purchased power

 

10,913

 

10,856

 

20,268

 

21,342

Cost of gas sold

 

11,504

 

6,339

 

48,948

 

37,137

Other operations and maintenance

 

50,387

 

46,224

 

96,069

 

90,593

Depreciation and amortization

 

18,595

 

18,434

 

36,977

 

36,601

Other general taxes

 

5,025

 

4,975

 

9,852

 

9,882

Total Operating Expenses

 

107,337

 

95,520

 

236,198

 

213,953

Operating Income

 

23,393

 

21,520

 

62,447

 

52,960

 

 

 

 

 

 

 

 

 

Other income, net

 

6,110

 

6,925

 

8,188

 

12,596

Interest expense, net

 

(5,771)

 

(5,914)

 

(11,511)

 

(11,975)

Income before income taxes

 

23,732

 

22,531

 

59,124

 

53,581

Income tax provision

 

(881)

 

(3,740)

 

(1,340)

 

(8,753)

Net Income

$

22,851

$

18,791

$

57,784

$

44,828

 

 

 

 

 

 

 

 

 

Earnings Per Share of Common Stock

 

 

 

 

 

 

 

 

Basic

$

0.63

$

0.53

$

1.60

$

1.28

Diluted

$

0.63

$

0.53

$

1.60

$

1.28

 

 

 

 

 

 

 

 

 

Dividends per share of common stock

$

0.370

$

0.353

$

0.740

$

0.705

 

 

 

 

 

 

 

 

 

Weighted Average Shares Outstanding

 

 

 

 

 

 

 

 

Basic

 

36,163

 

35,441

 

36,163

 

35,054

Diluted

 

36,168

 

35,441

 

36,170

 

35,054

 

 

 

 

 

 

 

 

 

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,

 

 

 

 

2021

 

2020

 

 

Operating Activities:

 

 

 

 

 

 

Net income

$

57,784

$

44,828

 

 

Items not affecting cash:

 

 

 

 

 

 

Depreciation and amortization

 

36,977

 

36,601

 

 

Deferred income taxes

 

114

 

5,088

 

 

Provision for doubtful receivables

 

775

 

817

 

 

Employee benefit plan cost (credit)

 

319

 

(1,875)

 

 

Equity earnings in investments

 

(4,908)

 

(5,405)

 

 

Other items

 

3,994

 

(1,006)

 

 

Changes in working capital items:

 

 

 

 

 

 

(Increase) decrease in current assets

 

(4,999)

 

9,934

 

 

Decrease in current liabilities

 

(15,495)

 

(8,195)

 

 

Dividends from investments

 

3,900

 

4,581

 

 

Cash contributions to pension and other postretirement plans

 

(3,087)

 

(2,943)

 

 

Other noncurrent items, net

 

3,159

 

3,025

 

 

Cash Provided by Operating Activities

 

78,533

 

85,450

 

 

 

 

 

 

 

 

 

Investing Activities:

 

 

 

 

 

 

Capital expenditures

 

(75,667)

 

(85,217)

 

 

Capital contributions to investments

 

(2,340)

 

(2,577)

 

 

Other

 

(1)

 

(899)

 

 

Cash Used for Investing Activities

 

(78,008)

 

(88,693)

 

 

 

 

 

 

 

 

 

Financing Activities:

 

 

 

 

 

 

Issuance of common stock, net

 

-

 

79,635

 

 

Cash dividends paid on common stock

 

(26,761)

 

(24,968)

 

 

Repayments of long-term debt

 

(2,371)

 

(21,616)

 

 

Issuance of long-term debt

 

40,000

 

19,300

 

 

Net repayments of short-term debt

 

(21,500)

 

-

 

 

Other

 

(1,338)

 

(1,030)

 

 

Cash (Used for) Provided by Financing Activities

 

(11,970)

 

51,321

 

 

 

 

 

 

 

 

 

Change in cash, cash equivalents, and restricted cash

 

(11,445)

 

48,078

 

 

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

 

47,039

 

25,814

 

 

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

$

35,594

$

73,892

 

 

 

 

 

 

 

 

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

Significant noncash investing activities:

 

 

 

 

 

 

Accrued capital expenditures

$

12,426

$

15,762

 

 

 

 

 

 

 

 

 

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

 

2021

 

2020

Current Assets:

 

 

 

 

Cash and cash equivalents

$

34,025

$

44,738

Accounts receivable, less reserves of $4,809 and $5,787, respectively

 

37,483

 

41,384

Other accounts receivable, less reserves of $1,282 and $1,290, respectively

 

8,733

 

7,300

Unbilled revenues

 

25,735

 

27,511

Materials and supplies, at average cost

 

31,902

 

32,513

Fuel for electric generation, at average cost

 

6,224

 

6,356

Stored natural gas, at average cost

 

7,935

 

8,396

Prepaid taxes

 

15,087

 

15,179

Regulatory assets - current

 

13,842

 

14,748

Other current assets

 

10,427

 

11,394

Total Current Assets

 

191,393

 

209,519

Other long-term receivables

 

1,268

 

1,435

Regulatory assets

 

135,964

 

142,504

Pension benefit asset

 

21,690

 

13,873

Other deferred assets and other

 

27,268

 

22,259

Property, Plant, and Equipment:

 

 

 

 

Property, plant, and equipment, net

 

1,669,843

 

1,630,286

Construction work in progress

 

157,477

 

139,099

Total Property, Plant, and Equipment

 

1,827,320

 

1,769,385

Investments

 

97,182

 

94,676

Total Assets

$

2,302,085

$

2,253,651

 

 

 

 

 

LIABILITIES AND CAPITALIZATION

 

 

 

 

Current Liabilities:

 

 

 

 

Long-term debt due within one year

$

4,829

$

4,771

Short-term debt

 

31,000

 

52,500

Accounts payable

 

46,625

 

54,642

Accrued interest and taxes

 

8,658

 

8,539

Accrued payroll related items

 

11,452

 

12,635

Regulatory liabilities - current

 

27,476

 

41,664

Derivative liabilities

 

6,650

 

10,160

Other current liabilities

 

8,999

 

6,015

Total Current Liabilities

 

145,689

 

190,926

Other Credits:

 

 

 

 

Deferred income taxes

 

235,645

 

231,471

Investment tax credit - deferred

 

29,792

 

21,821

Regulatory liabilities

 

146,400

 

142,239

Accrued pension and other postretirement benefits

 

77,881

 

78,168

Derivative liabilities

 

-

 

3,980

Finance lease liabilities

 

17,519

 

17,532

Other deferred liabilities and other

 

85,427

 

72,211

Total Other Credits

 

592,664

 

567,422

Capitalization:

 

 

 

 

Common shareholders' equity

 

1,007,301

 

976,000

Long-term debt

 

556,431

 

519,303

Total Capitalization

 

1,563,732

 

1,495,303

Commitments and contingencies (see Footnote 8)

 

 

 

 

Total Liabilities and Capitalization

$

2,302,085

$

2,253,651

 

 

 

 

 

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, 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

36,163

$

36,163

$

394,566

$

566,982

$

-

$

997,711

 

 

Net income

 

 

 

 

 

 

22,851

 

 

 

22,851

 

 

Common stock dividends declared

 

 

 

 

 

 

 

 

 

 

 

 

 

($0.3700 per share)

 

 

 

 

 

 

(13,381)

 

 

 

(13,381)

 

 

Equity-based compensation plans and other

 

 

 

 

120

 

 

 

 

 

120

 

 

Ending Balance - June 30, 2021

36,163

$

36,163

$

394,686

$

576,452

$

-

$

1,007,301

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

36,163

$

36,163

$

394,408

$

545,429

$

-

$

976,000

 

 

Net income

 

 

 

 

 

 

57,784

 

 

 

57,784

 

 

Common stock dividends declared

 

 

 

 

 

 

 

 

 

 

 

 

 

($0.7400 per share)

 

 

 

 

 

 

(26,761)

 

 

 

(26,761)

 

 

Equity-based compensation plans and other

 

 

 

 

278

 

 

 

 

 

278

 

 

Ending Balance - June 30, 2021

36,163

$

36,163

$

394,686

$

576,452

$

-

$

1,007,301

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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,

 

 

2021

 

2020

 

2021

 

2020

Operating Revenues:

 

 

 

 

 

 

 

 

Electric revenues

$

102,076

$

93,961

$

202,721

$

186,989

Gas revenues

 

28,654

 

23,079

 

95,924

 

79,924

Total Operating Revenues

 

130,730

 

117,040

 

298,645

 

266,913

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

Fuel for electric generation

 

10,913

 

8,692

 

24,084

 

18,398

Purchased power

 

10,913

 

10,856

 

20,268

 

21,342

Cost of gas sold

 

11,504

 

6,339

 

48,948

 

37,137

Other operations and maintenance

 

50,125

 

45,893

 

95,663

 

90,043

Depreciation and amortization

 

18,595

 

18,434

 

36,977

 

36,601

Other general taxes

 

5,025

 

4,975

 

9,852

 

9,882

Total Operating Expenses

 

107,075

 

95,189

 

235,792

 

213,403

Operating Income

 

23,655

 

21,851

 

62,853

 

53,510

 

 

 

 

 

 

 

 

 

Other income, net

 

3,173

 

3,531

 

3,069

 

6,911

Interest expense, net

 

(5,781)

 

(5,935)

 

(11,534)

 

(12,046)

Income before income taxes

 

21,047

 

19,447

 

54,388

 

48,375

Income tax provision

 

(293)

 

(3,046)

 

140

 

(7,417)

Net Income

$

20,754

$

16,401

$

54,528

$

40,958

Less: Net Income Attributable to Noncontrolling

 

 

 

 

 

 

 

 

Interest, net of tax

 

(5,627)

 

(5,768)

 

(11,128)

 

(11,261)

Net Income Attributable to MGE

$

15,127

$

10,633

$

43,400

$

29,697

 

 

 

 

 

 

 

 

 

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)