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Interim Report: December 2017

December 2017 Interim Report [881 kB PDF]

Third Quarter Financial Tables [343 kB PDF]

Partnering with our customers and communities is key to how we move forward. New opportunities, technologies and investments are opening the doors to a more sustainable future. It’s the power of working together.

Saratoga wind farm approved

Saratoga wind farm

State regulators approved in November MGE’s plans to own and operate a 66-megawatt (MW) wind farm near Saratoga, Iowa. The $107 million project advances MGE’s ongoing transition toward cleaner energy sources as outlined in its Energy 2030 framework.

The agricultural site is well situated due to its strong winds and proximity to transmission infrastructure. The Saratoga wind farm will feature 33 turbines, standing nearly 500 feet tall. Today’s larger wind turbines produce energy more efficiently and more cost effectively.

Under Energy 2030, MGE will transition to 30% renewable energy by 2030 and 25% by 2025. The Saratoga Wind Farm is one of a number of steps in MGE’s ongoing transition toward cleaner energy.

MGE Energy is committed to making responsible investments to provide value for customers and investors and to grow our asset base.

Board of Directors elects new members

The Boards of Directors of MGE Energy (MGEE) and MGE elected two new board members at their Oct. 20, 2017, meeting. Marcia M. Anderson and James G. Berbee were elected as members of both boards, effective March 1, 2018.

Ms. Anderson has a JD from Rutgers University School of Law and a Masters of Strategic Studies from the U.S. Army War College. She is currently the clerk of court of the Bankruptcy Court for the Western District of Wisconsin. Anderson retired from the Army in May 2016 with a rank of Major General. In addition to her legal and military experience, she also has worked for General Public Utilities Corp.

Mr. Berbee has an MS in Mechanical Engineering and an MBA from the University of Wisconsin. He was the Chairman and CEO of Berbee Information Networks Corp., which provided information technology support for large businesses. After selling the company, he attended medical school and graduated from the Stanford University School of Medicine. Berbee currently works as an emergency department physician and is vice chair of the Wisconsin Alumni Research Foundation.

Both Ms. Anderson and Mr. Berbee have been determined by the MGEE Board of Directors to be independent under guidelines adopted by the NASDAQ Stock Market, Inc.

Third-quarter earnings

MGE Energy produced earnings of 77 cents per share from July through September 2017, compared to 80 cents per share for the same period last year.

During the third quarter of 2017, electric net income decreased due to cooler weather, particularly in August, when compared to warmer weather in 2016.

Important changes coming in 2018

Tablet infographics

MGE Energy has some exciting changes coming in 2018 that will give registered shareholders new tools to manage their MGE Energy holdings more efficiently and effectively.

MGE Energy is partnering with Computershare, a leader in the transfer agent industry. Starting in early 2018, Computershare will administer MGE Energy’s Direct Stock Purchase and Dividend Reinvestment Plan.

Computershare will provide best-in-class technology solutions, including a customized shareholder account website, mobile capabilities, a new phone system with self-service options for convenience, and tailored online information.

MGE Energy also will continue to have its Shareholder Services staff available to provide the personal service our investors value.

Shareholders directly registered with MGE Energy will receive a packet of information along with the change in 2018. Investors owning shares through a brokerage firm are unaffected by this change.

Tax updates

Lobbying updates

We monitor federal, state and local legislation and regulations. On behalf of our regulated utility MGE, the company has lobbyists who advocate positions that are in the best interest of our customers and shareholders.

Federal lobbying efforts: We employ the lobbying firm Meguire Whitney, LLC, which files lobbying reports for its activities on our behalf with the U.S. House of Representatives and the U.S. Senate.

State lobbying efforts: The Wisconsin Ethics Commission requires lobbying reports be filed every six months detailing an organization’s time, expenses and the legislation or proposals lobbied.

Local lobbying efforts: The City of Madison posts each person registered to lobby and an expense statement on behalf of that person or organization. MGE typically does not incur lobbying expenses with the city at a level that would trigger a detailed report. If it does, information on its efforts would be available on the city’s website.

Reports of the company’s lobbying activities can be found online. For links to access these reports, visit mgeenergy.com/lobbying.

Gary Wolter signature

Gary J. Wolter, Chairman

Jeff Keebler signature

Jeffrey M. Keebler, President and CEO