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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:

September 30, 2019

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

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 October 31, 2019

MGE Energy, Inc.

Common stock, $1.00 par value, 34,668,370 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.37

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

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.57

Item 4. Mine Safety Disclosures.57

Item 6. Exhibits.58

Signatures - MGE Energy, Inc.59

Signatures - Madison Gas and Electric Company60

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' 2018 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 17, as updated by Part I, Item 1. Financial Statements – Note 9 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:

ACEAffordable Clean Energy

AFUDCAllowance for Funds Used During Construction

AROAsset Retirement Obligation

ATCAmerican Transmission Company LLC

ATC HoldcoATC Holdco, LLC

BARTBest Available Retrofit Technology

BlountBlount Station

BSERBest System of Emissions Reductions

CAAClean Air Act

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

CPPClean Power Plan

CSAPRCross-State Air Pollution Rule

DthDekatherms, a quantity measure used in respect of 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

FASBFinancial Accounting Standards Board

FERCFederal Energy Regulatory Commission

Forward WindForward Wind Energy Center

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 Oxides

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

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

UWUniversity of Wisconsin at Madison

VIEVariable Interest Entity

WCCFWest Campus Cogeneration Facility

WEPCOWisconsin Electric Power Company, a subsidiary of WEC Energy Group, Inc.

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

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

2019

 

2018

 

2019

 

2018

Operating Revenues:

 

 

 

 

 

 

 

 

Electric revenues

$

120,821

$

119,388

$

315,367

$

313,537

Gas revenues

 

17,377

 

18,407

 

112,547

 

106,152

Total Operating Revenues

 

138,198

 

137,795

 

427,914

 

419,689

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

Fuel for electric generation

 

15,901

 

16,793

 

40,221

 

43,944

Purchased power

 

9,126

 

13,024

 

31,013

 

43,036

Cost of gas sold

 

3,092

 

4,921

 

55,220

 

54,109

Other operations and maintenance

 

48,070

 

44,130

 

143,979

 

131,976

Depreciation and amortization

 

18,193

 

14,259

 

53,423

 

41,754

Other general taxes

 

5,078

 

4,870

 

15,026

 

14,653

Total Operating Expenses

 

99,460

 

97,997

 

338,882

 

329,472

Operating Income

 

38,738

 

39,798

 

89,032

 

90,217

 

 

 

 

 

 

 

 

 

Other income, net

 

5,204

 

4,330

 

15,074

 

13,980

Interest expense, net

 

(5,831)

 

(5,025)

 

(17,227)

 

(14,547)

Income before income taxes

 

38,111

 

39,103

 

86,879

 

89,650

Income tax provision

 

(7,454)

 

(9,597)

 

(16,667)

 

(21,792)

Net Income

$

30,657

$

29,506

$

70,212

$

67,858

 

 

 

 

 

 

 

 

 

Earnings Per Share of Common Stock

 

 

 

 

 

 

 

 

(basic and diluted)

$

0.88

$

0.85

$

2.03

$

1.96

 

 

 

 

 

 

 

 

 

Dividends per share of common stock

$

0.353

$

0.338

$

1.028

$

0.983

 

 

 

 

 

 

 

 

 

Weighted Average Shares Outstanding

 

 

 

 

 

 

 

 

(basic and diluted)

 

34,668

 

34,668

 

34,668

 

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)

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

 

 

 

September 30,

 

 

 

 

2019

 

2018

 

 

Operating Activities:

 

 

 

 

 

 

Net income

$

70,212

$

67,858

 

 

Items not affecting cash:

 

 

 

 

 

 

Depreciation and amortization

 

53,423

 

41,754

 

 

Deferred income taxes

 

4,864

 

2,352

 

 

Provision for doubtful receivables

 

978

 

642

 

 

Employee benefit plan credit

 

(2,866)

 

(1,544)

 

 

Equity earnings in ATC

 

(6,879)

 

(6,113)

 

 

Other items

 

692

 

31

 

 

Changes in working capital items:

 

 

 

 

 

 

Decrease in current assets

 

14,307

 

25,530

 

 

Increase (decrease) in current liabilities

 

(24,088)

 

6,026

 

 

Dividends from ATC

 

5,526

 

5,336

 

 

Cash contributions to pension and other postretirement plans

 

(3,707)

 

(3,967)

 

 

Other noncurrent items, net

 

(760)

 

527

 

 

Cash Provided by Operating Activities

 

111,702

 

138,432

 

 

 

 

 

 

 

 

 

Investing Activities:

 

 

 

 

 

 

Capital expenditures

 

(128,389)

 

(149,001)

 

 

Capital contributions to investments

 

(5,894)

 

(4,801)

 

 

Other

 

(248)

 

368

 

 

Cash Used for Investing Activities

 

(134,531)

 

(153,434)

 

 

 

 

 

 

 

 

 

Financing Activities:

 

 

 

 

 

 

Cash dividends paid on common stock

 

(35,622)

 

(34,062)

 

 

Repayments of long-term debt

 

(3,405)

 

(23,330)

 

 

Issuance of long-term debt

 

-

 

100,000

 

 

Proceeds from (repayments of) short-term debt

 

41,500

 

(4,000)

 

 

Other

 

(1,331)

 

(659)

 

 

Cash Provided by Financing Activities

 

1,142

 

37,949

 

 

 

 

 

 

 

 

 

Change in cash, cash equivalents, and restricted cash

 

(21,687)

 

22,947

 

 

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

 

84,929

 

112,094

 

 

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

$

63,242

$

135,041

 

 

 

 

 

 

 

 

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

Significant noncash investing activities:

 

 

 

 

 

 

Accrued capital expenditures

$

16,819

$

10,991

 

 

 

 

 

 

 

 

 

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

 

7


 

MGE Energy, Inc.

Consolidated Balance Sheets (unaudited)

(In thousands)

 

 

September 30,

December 31,

ASSETS

 

2019

 

2018

Current Assets:

 

 

 

 

Cash and cash equivalents

$

61,112

$

83,102

Accounts receivable, less reserves of $2,683 and $2,614, respectively

 

35,805

 

43,593

Other accounts receivable, less reserves of $456 and $540 , respectively

 

7,867

 

6,262

Unbilled revenues

 

20,926

 

28,243

Materials and supplies, at average cost

 

28,019

 

24,093

Fuel for electric generation, at average cost

 

8,339

 

6,599

Stored natural gas, at average cost

 

11,402

 

11,303

Prepaid taxes

 

11,518

 

16,215

Regulatory assets - current

 

10,777

 

9,477

Assets held for sale

 

-

 

3,080

Other current assets

 

8,631

 

8,593

Total Current Assets

 

204,396

 

240,560

Other long-term receivables

 

2,343

 

2,709

Regulatory assets

 

144,482

 

145,424

Other deferred assets and other

 

17,096

 

12,488

Property, Plant, and Equipment:

 

 

 

 

Property, plant, and equipment, net

 

1,524,925

 

1,369,766

Construction work in progress

 

88,050

 

139,671

Total Property, Plant, and Equipment

 

1,612,975

 

1,509,437

Investments

 

85,681

 

78,000

Total Assets

$

2,066,973

$

1,988,618

 

 

 

 

 

LIABILITIES AND CAPITALIZATION

 

 

 

 

Current Liabilities:

 

 

 

 

Long-term debt due within one year

$

4,632

$

4,553

Short-term debt

 

54,500

 

13,000

Accounts payable

 

39,139

 

46,158

Accrued interest and taxes

 

5,570

 

7,384

Accrued payroll related items

 

11,090

 

13,044

Regulatory liabilities - current

 

15,606

 

13,826

Derivative liabilities

 

10,390

 

8,550

Other current liabilities

 

11,124

 

14,113

Total Current Liabilities

 

152,051

 

120,628

Other Credits:

 

 

 

 

Deferred income taxes

 

239,433

 

231,952

Investment tax credit - deferred

 

786

 

818

Regulatory liabilities

 

162,088

 

165,638

Accrued pension and other postretirement benefits

 

64,274

 

67,483

Derivative liabilities

 

18,600

 

23,980

Finance lease liabilities

 

17,657

 

1,771

Other deferred liabilities and other

 

70,691

 

66,361

Total Other Credits

 

573,529

 

558,003

Capitalization:

 

 

 

 

Common shareholders' equity

 

851,234

 

816,644

Long-term debt

 

490,159

 

493,343

Total Capitalization

 

1,341,393

 

1,309,987

Commitments and contingencies (see Footnote 9)

 

 

 

 

Total Liabilities and Capitalization

$

2,066,973

$

1,988,618

 

 

 

 

 

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 September 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

34,668

$

34,668

$

316,268

$

443,242

$

-

$

794,178

 

 

Net income

 

 

 

 

 

 

29,506

 

 

 

29,506

 

 

Common stock dividends declared

 

 

 

 

 

 

 

 

 

 

 

 

 

($0.338 per share)

 

 

 

 

 

 

(11,701)

 

 

 

(11,701)

 

 

Ending balance - September 30, 2018

34,668

$

34,668

$

316,268

$

461,047

$

-

$

811,983

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

34,668

$

34,668

$

316,268

$

481,861

$

-

$

832,797

 

 

Net income

 

 

 

 

 

 

30,657

 

 

 

30,657

 

 

Common stock dividends declared

 

 

 

 

 

 

 

 

 

 

 

 

 

($0.353 per share)

 

 

 

 

 

 

(12,220)

 

 

 

(12,220)

 

 

Ending balance - September 30, 2019

34,668

$

34,668

$

316,268

$

500,298

$

-

$

851,234

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

34,668

$

34,668

$

316,268

$

426,874

$

377

$

778,187

 

 

Cumulative effect of new accounting principle

 

 

 

 

 

 

377

 

(377)

 

-

 

 

Beginning balance - adjusted

 

 

 

 

 

 

427,251

 

-

 

778,187

 

 

Net income

 

 

 

 

 

 

67,858

 

 

 

67,858

 

 

Common stock dividends declared

 

 

 

 

 

 

 

 

 

 

 

 

 

($0.983 per share)

 

 

 

 

 

 

(34,062)

 

 

 

(34,062)

 

 

Ending balance - September 30, 2018

34,668

$

34,668

$

316,268

$

461,047

$

-

$

811,983

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

34,668

$

34,668

$

316,268

$

465,708

$

-

$

816,644

 

 

Net income

 

 

 

 

 

 

70,212

 

 

 

70,212

 

 

Common stock dividends declared

 

 

 

 

 

 

 

 

 

 

 

 

 

($1.028 per share)

 

 

 

 

 

 

(35,622)

 

 

 

(35,622)

 

 

Ending balance - September 30, 2019

34,668

$

34,668

$

316,268

$

500,298

$

-

$

851,234

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

2019

 

2018

 

2019

 

2018

Operating Revenues:

 

 

 

 

 

 

 

 

Electric revenues

$

120,821

$

119,388

$

315,367

$

313,537

Gas revenues

 

17,377

 

18,407

 

112,547

 

106,152

Total Operating Revenues

 

138,198

 

137,795

 

427,914

 

419,689

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

Fuel for electric generation

 

15,901

 

16,793

 

40,221

 

43,944

Purchased power

 

9,126

 

13,024

 

31,013

 

43,036

Cost of gas sold

 

3,092

 

4,921

 

55,220

 

54,109

Other operations and maintenance

 

47,947

 

43,987

 

143,282

 

131,175

Depreciation and amortization

 

18,193

 

14,259

 

53,423

 

41,754

Other general taxes

 

5,078

 

4,870

 

15,026

 

14,653

Total Operating Expenses

 

99,337

 

97,854

 

338,185

 

328,671

Operating Income

 

38,861

 

39,941

 

89,729

 

91,018

 

 

 

 

 

 

 

 

 

Other income, net

 

2,672

 

2,592

 

7,837

 

7,402

Interest expense, net

 

(6,095)

 

(5,500)

 

(18,223)

 

(15,727)

Income before income taxes

 

35,438

 

37,033

 

79,343

 

82,693

Income tax provision

 

(6,687)

 

(9,117)

 

(14,579)

 

(19,918)

Net Income

$

28,751

$

27,916

$

64,764

$

62,775

Less: Net Income Attributable to Noncontrolling

 

 

 

 

 

 

 

 

Interest, net of tax

 

(5,614)

 

(5,629)

 

(16,725)

 

(16,940)

Net Income Attributable to MGE

$

23,137

$

22,287

$

48,039

$

45,835

 

 

 

 

 

 

 

 

 

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)