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<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">1.       Basis of Presentation - MGE Energy and MGE</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">       This report is a combined report of MGE Energy and MGE. References in this report to "MGE Energy" are to MGE Energy, Inc., and its subsidiaries. References in this report to "MGE" are to Madison Gas and Electric Company.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">       </font><font style="font-family:Times New Roman;font-size:10pt;">MGE Power </font><font style="font-family:Times New Roman;font-size:10pt;">Elm Road </font><font style="font-family:Times New Roman;font-size:10pt;">and MGE Power </font><font style="font-family:Times New Roman;font-size:10pt;">West Campus</font><font style="font-family:Times New Roman;font-size:10pt;"> own electric generating assets and lease those assets to MGE. </font><font style="font-family:Times New Roman;font-size:10pt;">Both entities are variable interest entities under applicable authoritative guidance. MGE is considered the primary beneficiary of these entities as a result of contractual agreements.</font><font style="font-family:Times New Roman;font-size:10pt;"> As a result, </font><font style="font-family:Times New Roman;font-size:10pt;">MGE has consolidated MGE Power </font><font style="font-family:Times New Roman;font-size:10pt;">Elm Road and MGE Power </font><font style="font-family:Times New Roman;font-size:10pt;">West Campus</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">       The accompanying consolidated financial statements as of </font><font style="font-family:Times New Roman;font-size:10pt;">September 30, </font><font style="font-family:Times New Roman;font-size:10pt;">2012</font><font style="font-family:Times New Roman;font-size:10pt;">, and for the </font><font style="font-family:Times New Roman;font-size:10pt;">three and nine months ended</font><font style="font-family:Times New Roman;font-size:10pt;">, are unaudited, but include all adjustments that MGE Energy and MGE management consider necessary for a fair statement of their respective financial statements. All adjustments are of a normal, recurring nature except as otherwise disclosed. The year-end consolidated balance sheet information was derived from the audited balance sheet appearing in MGE Energy's and MGE's </font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;"> Annual Report on Form 10-K, but does not include all disclosures required by accounting principles in the United States of America. These notes should be read in conjunction with the financial statements and the notes on pages </font><font style="font-family:Times New Roman;font-size:10pt;">54</font><font style="font-family:Times New Roman;font-size:10pt;"> through 1</font><font style="font-family:Times New Roman;font-size:10pt;">07</font><font style="font-family:Times New Roman;font-size:10pt;"> of the </font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;"> Annual Report on Form 10-K.</font></p>
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">MGE Power </font><font style="font-family:Times New Roman;font-size:10pt;">Elm Road </font><font style="font-family:Times New Roman;font-size:10pt;">and MGE Power </font><font style="font-family:Times New Roman;font-size:10pt;">West Campus</font><font style="font-family:Times New Roman;font-size:10pt;"> own electric generating assets and lease those assets to MGE. </font><font style="font-family:Times New Roman;font-size:10pt;">Both entities are variable interest entities under applicable authoritative guidance. MGE is considered the primary beneficiary of these entities as a result of contractual agreements.</font><font style="font-family:Times New Roman;font-size:10pt;"> As a result, </font><font style="font-family:Times New Roman;font-size:10pt;">MGE has consolidated MGE Power </font><font style="font-family:Times New Roman;font-size:10pt;">Elm Road and MGE Power </font><font style="font-family:Times New Roman;font-size:10pt;">West Campus</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p>
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">2</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.       </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity and Financing Arrangements</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:27px;">a.       Common Stock</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> - MGE Energy.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">MGE Energy </font><font style="font-family:Times New Roman;font-size:10pt;">purchases</font><font style="font-family:Times New Roman;font-size:10pt;"> stock in the open market for issuance pursuant to its Stock Plan</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">All MGE Energy common stock issued un</font><font style="font-family:Times New Roman;font-size:10pt;">der the Stock Plan is</font><font style="font-family:Times New Roman;font-size:10pt;"> sold pursuant to a registration statement that has been filed with the SEC and is currently effective.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">MGE Energy can</font><font style="font-family:Times New Roman;font-size:10pt;"> issue new shares of its common stock through the Stock Plan. For both the </font><font style="font-family:Times New Roman;font-size:10pt;">nine months ended September 30, 2012</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">2011,</font><font style="font-family:Times New Roman;font-size:10pt;"> MGE Energy did not issue any new shares of common stock under the Stock Plan</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:27px;">b.       Preferred Stock – MGE Energy and MGE.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">As of </font><font style="font-family:Times New Roman;font-size:10pt;">September 30, 2012</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">and December 31, </font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;">, MGE has 1,175,000 shares of $25 par value redeemable preferred stock (cumulative) that is authorized but unissued. On October 25, 2012, MGE amended and restated its existing Restated Articles of Incorporation, which eliminated the previously authorized cumulative preferred stock. There were no shares of cumulative preferred stock issued and outstanding at the date of the amendment</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:27px;">c</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.       Dilutive Shares Calculation - MGE Energy.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">MGE Energy does not hold any dilutive securities.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:27px;">d</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.       Long-term </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Debt </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">- MGE Energy </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">and MGE.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:10pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45.35px;">On April 2, 2012, MGE issued $</font><font style="font-family:Times New Roman;font-size:10pt;">28</font><font style="font-family:Times New Roman;font-size:10pt;"> million in principal amount of its </font><font style="font-family:Times New Roman;font-size:10pt;">4.38</font><font style="font-family:Times New Roman;font-size:10pt;">% senior notes, due April 1, 2042. The Notes were issued pursuant t</font><font style="font-family:Times New Roman;font-size:10pt;">o a Note Purchase Agreement. </font><font style="font-family:Times New Roman;font-size:10pt;">The Notes are unsecured and are not issued under, or governed by, MGE's Indenture dated as of September 1, 1998, which go</font><font style="font-family:Times New Roman;font-size:10pt;">verns MGE's Medium-Term Notes. </font><font style="font-family:Times New Roman;font-size:10pt;">MGE used the net proceeds from the sale of the Notes, together with other available corporate funds, to repay and retire on April 3, 2012, its obligations under a Loan Agreement dated as of April 1, 2002 with the City of Madison, Wisconsin, under which MGE received the net</font><font style="font-family:Times New Roman;font-size:10pt;"> proceeds from the issuance of $</font><font style="font-family:Times New Roman;font-size:10pt;">28</font><font style="font-family:Times New Roman;font-size:10pt;"> million aggregate principal amount of </font><font style="font-family:Times New Roman;font-size:10pt;">5.875</font><font style="font-family:Times New Roman;font-size:10pt;">%</font><font style="font-family:Times New Roman;font-size:10pt;"> Series</font><font style="font-family:Times New Roman;font-size:10pt;"> 2002A</font><font style="font-family:Times New Roman;font-size:10pt;">, Industrial Development Revenue Bonds</font><font style="font-family:Times New Roman;font-size:10pt;"> that were issued by the City of Madi</font><font style="font-family:Times New Roman;font-size:10pt;">son for MGE's benefit. The </font><font style="font-family:Times New Roman;font-size:10pt;">5.875</font><font style="font-family:Times New Roman;font-size:10pt;">%</font><font style="font-family:Times New Roman;font-size:10pt;"> Series</font><font style="font-family:Times New Roman;font-size:10pt;"> 2002A</font><font style="font-family:Times New Roman;font-size:10pt;"> Bonds were redeemed and retired on April 3, 2012 at </font><font style="font-family:Times New Roman;font-size:10pt;">100</font><font style="font-family:Times New Roman;font-size:10pt;">% of their principal amount plus accrued interest with the proceeds of that loan repayment.</font><font style="font-family:Times New Roman;font-size:10pt;"> Any interest savings in 2012 will be deferred.</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:27px;">e</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.       </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Remarketing </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">of 4.875% </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Series</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> 2002B</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">, Indus</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">trial Development Revenue Bonds </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">- MGE Energy </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">and MGE.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45.35px;">On April 2, 2012, $</font><font style="font-family:Times New Roman;font-size:10pt;">19.3</font><font style="font-family:Times New Roman;font-size:10pt;"> million of </font><font style="font-family:Times New Roman;font-size:10pt;">4.875</font><font style="font-family:Times New Roman;font-size:10pt;">% Series</font><font style="font-family:Times New Roman;font-size:10pt;"> 2002B</font><font style="font-family:Times New Roman;font-size:10pt;">, Industrial Development Revenue Bonds were remarketed</font><font style="font-family:Times New Roman;font-size:10pt;"> at an interest rate of </font><font style="font-family:Times New Roman;font-size:10pt;">3.45</font><font style="font-family:Times New Roman;font-size:10pt;">%. </font><font style="font-family:Times New Roman;font-size:10pt;">The net proceeds of the </font><font style="font-family:Times New Roman;font-size:10pt;">4.875</font><font style="font-family:Times New Roman;font-size:10pt;">%</font><font style="font-family:Times New Roman;font-size:10pt;"> Series </font><font style="font-family:Times New Roman;font-size:10pt;">2002B </font><font style="font-family:Times New Roman;font-size:10pt;">Bonds were </font><font style="font-family:Times New Roman;font-size:10pt;">originally </font><font style="font-family:Times New Roman;font-size:10pt;">loaned to MGE pursuant to a Loan Agreement dated as of April 1, 2002 with the City of Madison, </font><font style="font-family:Times New Roman;font-size:10pt;">which issued the Series 2002B Bonds in 2002. </font><font style="font-family:Times New Roman;font-size:10pt;">MGE is responsible for the payment of principal, premium, if any, and interest on the </font><font style="font-family:Times New Roman;font-size:10pt;">Bonds. </font><font style="font-family:Times New Roman;font-size:10pt;">The </font><font style="font-family:Times New Roman;font-size:10pt;">4.875</font><font style="font-family:Times New Roman;font-size:10pt;">% Series </font><font style="font-family:Times New Roman;font-size:10pt;">2002B </font><font style="font-family:Times New Roman;font-size:10pt;">Bonds were originally issued bearing an interest rate of </font><font style="font-family:Times New Roman;font-size:10pt;">4.875</font><font style="font-family:Times New Roman;font-size:10pt;">% per annum for a period that ended April 1, 2012, at which point the Bonds were subject to mandatory tender by </font><font style="font-family:Times New Roman;font-size:10pt;">their holders and remarketing. </font><font style="font-family:Times New Roman;font-size:10pt;">The </font><font style="font-family:Times New Roman;font-size:10pt;">Series 2002B </font><font style="font-family:Times New Roman;font-size:10pt;">Bonds were remarketed and </font><font style="font-family:Times New Roman;font-size:10pt;">carry an interest rate of </font><font style="font-family:Times New Roman;font-size:10pt;">3.45</font><font style="font-family:Times New Roman;font-size:10pt;">% per annum, which is payable semi-annually on April 1 and October 1, until thei</font><font style="font-family:Times New Roman;font-size:10pt;">r maturity on October 1, 2027. </font><font style="font-family:Times New Roman;font-size:10pt;">The </font><font style="font-family:Times New Roman;font-size:10pt;">Series 2002B </font><font style="font-family:Times New Roman;font-size:10pt;">Bonds are redeemable on or after April 1, 2017, at a redemption price equal to </font><font style="font-family:Times New Roman;font-size:10pt;">100</font><font style="font-family:Times New Roman;font-size:10pt;">% of the principal amount of the Bonds to be redeemed, plus accrued interest to the redemption date.</font></p>
0
0
0
28000000
28000000
0.0438
1
0.05875
19300000
0.04875
0.0345
1
1175000
25
0
0
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">3</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.       Investment in ATC</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> - MGE Energy and MGE.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:27px;">ATC owns and operates electric transmission facilities primarily in Wisconsin. MGE received an interest in ATC when it, like other Wisconsin electric utilities, contributed its electric transmission facilities to ATC. That interest is presently held by MGE Transco, which is jointly owned by MGE Energy and MGE.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:27px;">MGE Transco has accounted for its investment in ATC under the equity method of accounting. For the </font><font style="font-family:Times New Roman;font-size:10pt;">nine months ended</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">September 30, 2012</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">and </font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;">, MGE Transco recorded equity earnings fr</font><font style="font-family:Times New Roman;font-size:10pt;">om the investment in ATC of $</font><font style="font-family:Times New Roman;font-size:10pt;">6.8</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">million</font><font style="font-family:Times New Roman;font-size:10pt;"> and $</font><font style="font-family:Times New Roman;font-size:10pt;">6.4</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">million, respectively</font><font style="font-family:Times New Roman;font-size:10pt;">. D</font><font style="font-family:Times New Roman;font-size:10pt;">ividend i</font><font style="font-family:Times New Roman;font-size:10pt;">ncome received from ATC was</font><font style="font-family:Times New Roman;font-size:10pt;"> $</font><font style="font-family:Times New Roman;font-size:10pt;">5.3</font><font style="font-family:Times New Roman;font-size:10pt;"> million</font><font style="font-family:Times New Roman;font-size:10pt;"> and $</font><font style="font-family:Times New Roman;font-size:10pt;">5.0</font><font style="font-family:Times New Roman;font-size:10pt;"> million</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">for</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">the </font><font style="font-family:Times New Roman;font-size:10pt;">nine months ended</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">September 30, 2012</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">and </font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;">, respectively</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">In addition, d</font><font style="font-family:Times New Roman;font-size:10pt;">uring the </font><font style="font-family:Times New Roman;font-size:10pt;">nine months ended</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">September 30, 2012</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">and </font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;">, MGE Transco</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">made </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">1.8</font><font style="font-family:Times New Roman;font-size:10pt;"> million</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">0.9</font><font style="font-family:Times New Roman;font-size:10pt;"> million</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">in capital</font><font style="font-family:Times New Roman;font-size:10pt;"> contributions to ATC</font><font style="font-family:Times New Roman;font-size:10pt;">, respectively</font><font style="font-family:Times New Roman;font-size:10pt;">. </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:27px;">MGE Energy and MGE's investment in ATC as of </font><font style="font-family:Times New Roman;font-size:10pt;">September 30, 2012</font><font style="font-family:Times New Roman;font-size:10pt;"> and December 31, </font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;"> was $</font><font style="font-family:Times New Roman;font-size:10pt;">60.3</font><font style="font-family:Times New Roman;font-size:10pt;"> million and $</font><font style="font-family:Times New Roman;font-size:10pt;">57.0</font><font style="font-family:Times New Roman;font-size:10pt;"> million, respectively.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:27px;">At </font><font style="font-family:Times New Roman;font-size:10pt;">September 30, 2012</font><font style="font-family:Times New Roman;font-size:10pt;">, MGE is the majority owner, and MGE Energy, the holding company, is the minority owner of MGE Transco. MGE Energy's proportionate share of the equity and net income of MGE Transco is classified within the MGE financial statements as noncontrolling interest. </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:27px;">ATC's summarized financial data for the </font><font style="font-family:Times New Roman;font-size:10pt;">three and nine months ended</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">September 30, 2012</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">and </font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;">, is as </font><font style="font-family:Times New Roman;font-size:10pt;">follows:</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td colspan="3" style="width: 158px; text-align:center;border-color:#000000;min-width:158px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Three Months Ended</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td colspan="3" style="width: 158px; text-align:center;border-color:#000000;min-width:158px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Nine Months Ended</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(In thousands)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td colspan="3" style="width: 158px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:158px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">September 30,</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td colspan="3" style="width: 158px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:158px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">September 30,</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 74px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 74px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2011</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 74px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 74px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2011</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Operating revenues</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 74px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">150,303</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 74px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">142,741</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 74px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">450,136</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 74px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">420,562</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Operating expenses</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 74px; text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(68,813)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 74px; text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(66,413)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 74px; text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(210,139)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 74px; text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(192,491)</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Other expense, net</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 74px; text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(5)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 74px; text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(173)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 74px; text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(832)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 74px; text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(665)</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Interest expense, net</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 74px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(20,983)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 74px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(19,517)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 74px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(61,260)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 74px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(60,893)</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Earnings before members' income taxes</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 74px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">60,502</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 74px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">56,638</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 74px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">177,905</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 74px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">166,513</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr></table></div>
20983000
5000
68813000
60502000
150303000
142741000
173000
19517000
56638000
66413000
6800000
6400000
5000000
5300000
1800000
900000
60300000
57000000
<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td colspan="3" style="width: 158px; text-align:center;border-color:#000000;min-width:158px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Three Months Ended</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td colspan="3" style="width: 158px; text-align:center;border-color:#000000;min-width:158px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Nine Months Ended</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(In thousands)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td colspan="3" style="width: 158px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:158px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">September 30,</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td colspan="3" style="width: 158px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:158px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">September 30,</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 74px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 74px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2011</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 74px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 74px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2011</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Operating revenues</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 74px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">150,303</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 74px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">142,741</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 74px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">450,136</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 74px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">420,562</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Operating expenses</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 74px; text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(68,813)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 74px; text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(66,413)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 74px; text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(210,139)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 74px; text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(192,491)</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Other expense, net</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 74px; text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(5)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 74px; text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(173)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 74px; text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(832)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 74px; text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(665)</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Interest expense, net</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 74px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(20,983)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 74px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(19,517)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 74px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(61,260)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 74px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(60,893)</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Earnings before members' income taxes</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 74px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">60,502</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 74px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">56,638</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 74px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">177,905</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 74px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">166,513</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr></table></div>
450136000
210139000
832000
61260000
177905000
665000
192491000
60893000
420562000
166513000
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">4</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.       Columbia</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> Environmental Project Construction</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> - MGE Energy and MGE.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:27px;">MGE and two other utilities jointly own Columbia, a coal-fired generating facility. WPL is the plant operator and permit holder, and owns </font><font style="font-family:Times New Roman;font-size:10pt;">46.2</font><font style="font-family:Times New Roman;font-size:10pt;">% of Columbia. </font><font style="font-family:Times New Roman;font-size:10pt;">WPSC</font><font style="font-family:Times New Roman;font-size:10pt;"> owns a </font><font style="font-family:Times New Roman;font-size:10pt;">31.8</font><font style="font-family:Times New Roman;font-size:10pt;">% interest, and MGE owns a </font><font style="font-family:Times New Roman;font-size:10pt;">22</font><font style="font-family:Times New Roman;font-size:10pt;">% interest in Columbia. In early 2011, the PSCW issued a </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Certificate and Order</font><font style="font-family:Times New Roman;font-size:10pt;"> authorizing the construction of scrubbers and bag houses and associated equipment on Columbia Units 1 and 2 to reduce SO</font><font style="font-family:Times New Roman;font-size:10pt;">2</font><font style="font-family:Times New Roman;font-size:10pt;"> and mercury emissions. The scrubbers and bag houses are expected to support compliance obligations for current and anticipated air quality regulations, including CAIR or CSAPR, the Utility MACT Rule and the Wisconsin Mercury Rule. The operator's current estimate shows that MGE's share of the capital expenditures required for this project will be approximately $</font><font style="font-family:Times New Roman;font-size:10pt;">140</font><font style="font-family:Times New Roman;font-size:10pt;"> million. </font><font style="font-family:Times New Roman;font-size:10pt;">As of </font><font style="font-family:Times New Roman;font-size:10pt;">September 30, 2012</font><font style="font-family:Times New Roman;font-size:10pt;">, MGE had accumulated $</font><font style="font-family:Times New Roman;font-size:10pt;">42.3</font><font style="font-family:Times New Roman;font-size:10pt;"> million (excluding carrying costs) related to its share of the project</font><font style="font-family:Times New Roman;font-size:10pt;">, which</font><font style="font-family:Times New Roman;font-size:10pt;"> is reflected in the Construction Work in Progress balance on MGE Energy's and MGE's consolidated balance sheets. </font><font style="font-family:Times New Roman;font-size:10pt;">MGE expects to incur capital expenditures as follows: $</font><font style="font-family:Times New Roman;font-size:10pt;">18</font><font style="font-family:Times New Roman;font-size:10pt;"> million for the remainder of 2012, $</font><font style="font-family:Times New Roman;font-size:10pt;">68</font><font style="font-family:Times New Roman;font-size:10pt;"> million in 2013, </font><font style="font-family:Times New Roman;font-size:10pt;">and </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">12</font><font style="font-family:Times New Roman;font-size:10pt;"> million in 2014. These amounts may change as a result of modifications to the project estimate or timing difference</font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">MGE has recognized $</font><font style="font-family:Times New Roman;font-size:10pt;">0.7</font><font style="font-family:Times New Roman;font-size:10pt;"> million</font><font style="font-family:Times New Roman;font-size:10pt;"> (after tax) </font><font style="font-family:Times New Roman;font-size:10pt;">in AFUDC equity related to this project for the </font><font style="font-family:Times New Roman;font-size:10pt;">nine months ended</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">September 30, 2012</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:27px;">MGE expects that the costs pertaining to this project will be fully recoverable through rates. Additionally, MGE is entitled to a carrying cost on the </font><font style="font-family:Times New Roman;font-size:10pt;">related construction costs at </font><font style="font-family:Times New Roman;font-size:10pt;">100</font><font style="font-family:Times New Roman;font-size:10pt;">% of the determined AFUDC rate.</font></p>
0.22
0.462
0.318
18000000
140000000
68000000
12000000
1
42300000
700000
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">5</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.       </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Taxes </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">- MGE Energy</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> and MGE</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:27px;">a.       </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Accounting for Uncertainty in Income Taxes</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">MGE Energy and MGE account for the difference between the tax benefit amount taken on prior year tax returns, or expected to be taken on a current year tax return, and the tax benefit amount recognized in the financial statements as an unrecognized tax benefit. </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">MGE Energy </font><font style="font-family:Times New Roman;font-size:10pt;">has</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">adopted a</font><font style="font-family:Times New Roman;font-size:10pt;"> tax method of accounting </font><font style="font-family:Times New Roman;font-size:10pt;">to</font><font style="font-family:Times New Roman;font-size:10pt;"> accelerate</font><font style="font-family:Times New Roman;font-size:10pt;"> tax deductions for repairs in accordance with Treasury Regulations and case law, as compared to the prior method of claiming tax depreciation on project costs.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">The method change for electric generation and transmission and distribution repairs was included on the 2009 tax return while the change for gas distribution repairs was included on the 2010 return. During 2011, the IRS issued guidance on the treatment of electric transmission and distribution repairs. This guidance prompted the reversal of a portion of the unrecognized tax benefits for these repairs during 2011. </font><font style="font-family:Times New Roman;font-size:10pt;">MGE Energy and MGE have an unrecognized t</font><font style="font-family:Times New Roman;font-size:10pt;">ax benefit a</font><font style="font-family:Times New Roman;font-size:10pt;">t </font><font style="font-family:Times New Roman;font-size:10pt;">September 30, 2012</font><font style="font-family:Times New Roman;font-size:10pt;"> and December 31, </font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">in the amount of $</font><font style="font-family:Times New Roman;font-size:10pt;">3.2</font><font style="font-family:Times New Roman;font-size:10pt;"> million</font><font style="font-family:Times New Roman;font-size:10pt;"> and $</font><font style="font-family:Times New Roman;font-size:10pt;">2.4</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">million</font><font style="font-family:Times New Roman;font-size:10pt;">, respectively,</font><font style="font-family:Times New Roman;font-size:10pt;"> for the tax uncertainty </font><font style="font-family:Times New Roman;font-size:10pt;">primarily </font><font style="font-family:Times New Roman;font-size:10pt;">related to the change in tax method of accounting for</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">electric generation and gas distribution </font><font style="font-family:Times New Roman;font-size:10pt;">repairs.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:27px;">b.       </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Effective Tax Rate.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">MGE Ene</font><font style="font-family:Times New Roman;font-size:10pt;">rgy's effective income tax rate</font><font style="font-family:Times New Roman;font-size:10pt;"> for the </font><font style="font-family:Times New Roman;font-size:10pt;">three and nine months ended</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">September 30, 2012,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">is</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">37.6</font><font style="font-family:Times New Roman;font-size:10pt;">%</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">37.7</font><font style="font-family:Times New Roman;font-size:10pt;">%</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> respectively,</font><font style="font-family:Times New Roman;font-size:10pt;"> compared to </font><font style="font-family:Times New Roman;font-size:10pt;">37.3</font><font style="font-family:Times New Roman;font-size:10pt;">%</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">and </font><font style="font-family:Times New Roman;font-size:10pt;">37.3</font><font style="font-family:Times New Roman;font-size:10pt;">% </font><font style="font-family:Times New Roman;font-size:10pt;">for the same period</font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;"> in </font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;">; and MGE's effective income tax rate for the </font><font style="font-family:Times New Roman;font-size:10pt;">three and nine months ended</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">September 30, 2012,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">is</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">37.6</font><font style="font-family:Times New Roman;font-size:10pt;">% and </font><font style="font-family:Times New Roman;font-size:10pt;">37.7</font><font style="font-family:Times New Roman;font-size:10pt;">%, respectively, compared to </font><font style="font-family:Times New Roman;font-size:10pt;">37.1</font><font style="font-family:Times New Roman;font-size:10pt;">% and </font><font style="font-family:Times New Roman;font-size:10pt;">37.3</font><font style="font-family:Times New Roman;font-size:10pt;">% for the same periods in </font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p>
0.376
0.373
0.371
0.376
2400000
3200000
0.377
0.377
0.373
0.373
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.350000000000001px;">6</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.       Pension and Other Postretirement </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Plans</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> - MGE Energy and MGE.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:27.35px;">MGE maintains qualified and nonqualified pension plans, health care, and life insurance benefits. Additionally, MGE has def</font><font style="font-family:Times New Roman;font-size:10pt;">ined</font><font style="font-family:Times New Roman;font-size:10pt;"> contribution 401(k) benefit plans.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:27.35px;">The following table presents the components of MGE Energy's and MGE's net periodic benefit costs recognized for the </font><font style="font-family:Times New Roman;font-size:10pt;">three and nine months ended September 30, 2012</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;">. A portion of the net periodic benefit cost is capitalized within the consolidated balance </font><font style="font-family:Times New Roman;font-size:10pt;">sheets</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td colspan="3" style="width: 156px; text-align:center;border-color:#000000;min-width:156px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Three Months Ended</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td colspan="3" style="width: 156px; text-align:center;border-color:#000000;min-width:156px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Nine Months Ended</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(In thousands)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td colspan="3" style="width: 156px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:156px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">September 30,</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td colspan="3" style="width: 156px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:156px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">September 30,</font></td><td style="width: 24px; text-align:center;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2011</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2011</font></td><td style="width: 24px; text-align:center;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Pension Benefits</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Components of net periodic benefit cost:</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Service cost</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,871</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,527</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">5,613</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">4,581</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Interest cost</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">3,236</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">3,055</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">9,711</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">9,165</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Expected return on assets</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(3,917)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(3,502)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(11,756)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(10,507)</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Amortization of:</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Prior service cost</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">111</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">108</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">333</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">324</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Actuarial loss</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">2,058</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">939</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">6,177</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">2,816</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Net periodic benefit cost</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 73px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">3,359</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 73px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">2,127</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 73px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">10,078</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 73px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">6,379</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Postretirement Benefits</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Components of net periodic benefit cost:</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Service cost</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">626</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">500</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,879</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,501</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Interest cost</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,089</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,010</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">3,267</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">3,028</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Expected return on assets</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(421)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(407)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(1,263)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(1,221)</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Amortization of:</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Transition obligation</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">103</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">110</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">309</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">329</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Prior service cost</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">27</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">28</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">81</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">85</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Actuarial loss</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">601</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">114</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,802</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">342</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Net periodic benefit cost</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 73px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">2,025</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 73px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,355</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 73px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">6,075</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 73px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">4,064</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:27.35px;">The PSCW allowed MGE to defer the 2009 incremental pension and OPRB costs above the amounts recovered in rates. </font><font style="font-family:Times New Roman;font-size:10pt;">During </font><font style="font-family:Times New Roman;font-size:10pt;">the </font><font style="font-family:Times New Roman;font-size:10pt;">three months ended</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">September 30,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">2012</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;">, $</font><font style="font-family:Times New Roman;font-size:10pt;">0.3</font><font style="font-family:Times New Roman;font-size:10pt;"> million</font><font style="font-family:Times New Roman;font-size:10pt;"> and $</font><font style="font-family:Times New Roman;font-size:10pt;">0.7</font><font style="font-family:Times New Roman;font-size:10pt;"> million, respectively, </font><font style="font-family:Times New Roman;font-size:10pt;">has been recovered in rates</font><font style="font-family:Times New Roman;font-size:10pt;">. During the </font><font style="font-family:Times New Roman;font-size:10pt;">nine months ended September 30, 2012</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;">, $</font><font style="font-family:Times New Roman;font-size:10pt;">0.9</font><font style="font-family:Times New Roman;font-size:10pt;"> million and $</font><font style="font-family:Times New Roman;font-size:10pt;">2.0</font><font style="font-family:Times New Roman;font-size:10pt;"> million, respectively, has been recovered in rates</font><font style="font-family:Times New Roman;font-size:10pt;">. These costs are not reflected in the table above</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p>
27000
2025000
-601000
1089000
103000
626000
421000
3917000
3236000
-2058000
1871000
111000
108000
3502000
-114000
110000
1355000
-939000
407000
500000
1010000
28000
1527000
3055000
3359000
2127000
700000
300000
<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td colspan="3" style="width: 156px; text-align:center;border-color:#000000;min-width:156px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Three Months Ended</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td colspan="3" style="width: 156px; text-align:center;border-color:#000000;min-width:156px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Nine Months Ended</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(In thousands)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td colspan="3" style="width: 156px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:156px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">September 30,</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td colspan="3" style="width: 156px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:156px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">September 30,</font></td><td style="width: 24px; text-align:center;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2011</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2011</font></td><td style="width: 24px; text-align:center;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Pension Benefits</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Components of net periodic benefit cost:</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Service cost</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,871</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,527</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">5,613</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">4,581</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Interest cost</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">3,236</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">3,055</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">9,711</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">9,165</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Expected return on assets</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(3,917)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(3,502)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(11,756)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(10,507)</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Amortization of:</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Prior service cost</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">111</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">108</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">333</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">324</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Actuarial loss</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">2,058</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">939</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">6,177</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">2,816</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Net periodic benefit cost</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 73px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">3,359</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 73px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">2,127</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 73px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">10,078</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 73px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">6,379</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Postretirement Benefits</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Components of net periodic benefit cost:</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Service cost</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">626</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">500</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,879</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,501</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Interest cost</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,089</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,010</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">3,267</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">3,028</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Expected return on assets</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(421)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(407)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(1,263)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(1,221)</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Amortization of:</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"> </td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Transition obligation</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">103</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">110</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">309</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">329</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Prior service cost</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">27</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">28</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">81</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">85</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Actuarial loss</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">601</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">114</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,802</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 73px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">342</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr><tr style="height: 15px"><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Net periodic benefit cost</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 73px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">2,025</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 73px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,355</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 73px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">6,075</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 73px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:73px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">4,064</font></td><td style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"> </td></tr></table></div>
5613000
9711000
3267000
11756000
1263000
309000
333000
81000
-6177000
-1802000
10078000
6075000
1879000
9165000
4064000
4581000
85000
-2816000
10507000
1221000
324000
6379000
329000
-342000
3028000
1501000
2000000
900000
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">7</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.       Share-Based Compensation - MGE Energy and MGE.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:27px;">Under MGE Energy's</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Performance Unit Plan, eligible </font><font style="font-family:Times New Roman;font-size:10pt;">participants may receive performance units that entitle the holder to receive a cash payment equal to the value of a designated number of shares of MGE Energy's common stock, plus dividend equivalent payments thereon, at the end of the set performance period. </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:27px;">In a</font><font style="font-family:Times New Roman;font-size:10pt;">ddition to units granted in 2008</font><font style="font-family:Times New Roman;font-size:10pt;"> through </font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;">, on February 17, 2012</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> 16,693</font><font style="font-family:Times New Roman;font-size:10pt;"> units were granted based on the MGE Energy closing stock price as of that date. These units are subject to a five-year graded vesting schedule. </font><font style="font-family:Times New Roman;font-size:10pt;">On the grant d</font><font style="font-family:Times New Roman;font-size:10pt;">ate, MGE Energy and MGE measure</font><font style="font-family:Times New Roman;font-size:10pt;"> the cost of the employee services received in exchange for the award based on </font><font style="font-family:Times New Roman;font-size:10pt;">the </font><font style="font-family:Times New Roman;font-size:10pt;">current market value of MGE Energy common stock. The fair value of the awards has been subsequently re-measured at </font><font style="font-family:Times New Roman;font-size:10pt;">September 30, 2012</font><font style="font-family:Times New Roman;font-size:10pt;">, as required by applicable accounting standards. Changes in fair value have been recognized as compensation cost. Since this amount </font><font style="font-family:Times New Roman;font-size:10pt;">is</font><font style="font-family:Times New Roman;font-size:10pt;"> re-measured</font><font style="font-family:Times New Roman;font-size:10pt;"> quarterly</font><font style="font-family:Times New Roman;font-size:10pt;"> throughout the vesting period, the compensation cost is subject to variability. </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:27.35px;">For nonretirement eligible employees, stock based compensation costs are accrued and recognized using the graded vesting method. Compensation cost for retirement eligible employees or employees that will become retirement eligible during the vesting schedule are recognized on an abridged horizon</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:27.35px;">In April 2011, the MGE Energy Board approved an amendment to the outstanding awards under the Performance Unit Plan to provide for the continued vesting of those awards in the event of a bona fide retirement, provided the retired individual does not provide services to a competitor. The amendment did not change the number of performance units covered by an</font><font style="font-family:Times New Roman;font-size:10pt;">y</font><font style="font-family:Times New Roman;font-size:10pt;"> outstanding awards currently held by any of the participants. </font><font style="font-family:Times New Roman;font-size:10pt;">As a result of the changes made by the amendment, the Company accelerated the recognition of costs associated with the outstanding awards resulting in a compensation-related charge of $</font><font style="font-family:Times New Roman;font-size:10pt;">0.5</font><font style="font-family:Times New Roman;font-size:10pt;"> million in the second quarter of 2011.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:27.35px;">During the </font><font style="font-family:Times New Roman;font-size:10pt;">nine months ended September 30, 2012</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;">, MGE recorded $</font><font style="font-family:Times New Roman;font-size:10pt;">1.4</font><font style="font-family:Times New Roman;font-size:10pt;"> mill</font><font style="font-family:Times New Roman;font-size:10pt;">ion </font><font style="font-family:Times New Roman;font-size:10pt;">and $</font><font style="font-family:Times New Roman;font-size:10pt;">0.9</font><font style="font-family:Times New Roman;font-size:10pt;"> million, respectively, </font><font style="font-family:Times New Roman;font-size:10pt;">in compensation expense as a result of the Performance Unit Plan. </font><font style="font-family:Times New Roman;font-size:10pt;">In </font><font style="font-family:Times New Roman;font-size:10pt;">January</font><font style="font-family:Times New Roman;font-size:10pt;"> 2012</font><font style="font-family:Times New Roman;font-size:10pt;">, cash payments of $</font><font style="font-family:Times New Roman;font-size:10pt;">0.6</font><font style="font-family:Times New Roman;font-size:10pt;"> million were distributed </font><font style="font-family:Times New Roman;font-size:10pt;">relating</font><font style="font-family:Times New Roman;font-size:10pt;"> to awards that</font><font style="font-family:Times New Roman;font-size:10pt;"> were granted in 2007 and</font><font style="font-family:Times New Roman;font-size:10pt;"> became payable under</font><font style="font-family:Times New Roman;font-size:10pt;"> the Performance Unit Plan. </font><font style="font-family:Times New Roman;font-size:10pt;">No forfeitures occurred during the </font><font style="font-family:Times New Roman;font-size:10pt;">nine months ended September 30, 2012</font><font style="font-family:Times New Roman;font-size:10pt;"> or </font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;">. At </font><font style="font-family:Times New Roman;font-size:10pt;">September 30, 2012</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">3.1</font><font style="font-family:Times New Roman;font-size:10pt;"> million of </font><font style="font-family:Times New Roman;font-size:10pt;">outstanding awards are</font><font style="font-family:Times New Roman;font-size:10pt;"> vested.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p>
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:27px;">In a</font><font style="font-family:Times New Roman;font-size:10pt;">ddition to units granted in 2008</font><font style="font-family:Times New Roman;font-size:10pt;"> through </font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;">, on February 17, 2012</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> 16,693</font><font style="font-family:Times New Roman;font-size:10pt;"> units were granted based on the MGE Energy closing stock price as of that date. These units are subject to a five-year graded vesting schedule. </font><font style="font-family:Times New Roman;font-size:10pt;">On the grant d</font><font style="font-family:Times New Roman;font-size:10pt;">ate, MGE Energy and MGE measure</font><font style="font-family:Times New Roman;font-size:10pt;"> the cost of the employee services received in exchange for the award based on </font><font style="font-family:Times New Roman;font-size:10pt;">the </font><font style="font-family:Times New Roman;font-size:10pt;">current market value of MGE Energy common stock. The fair value of the awards has been subsequently re-measured at </font><font style="font-family:Times New Roman;font-size:10pt;">September 30, 2012</font><font style="font-family:Times New Roman;font-size:10pt;">, as required by applicable accounting standards. Changes in fair value have been recognized as compensation cost. Since this amount </font><font style="font-family:Times New Roman;font-size:10pt;">is</font><font style="font-family:Times New Roman;font-size:10pt;"> re-measured</font><font style="font-family:Times New Roman;font-size:10pt;"> quarterly</font><font style="font-family:Times New Roman;font-size:10pt;"> throughout the vesting period, the compensation cost is subject to variability. </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:27.35px;">For nonretirement eligible employees, stock based compensation costs are accrued and recognized using the graded vesting method. Compensation cost for retirement eligible employees or employees that will become retirement eligible during the vesting schedule are recognized on an abridged horizon</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p>
16693
1400000
900000
600000
3100000
0
0
500000
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">8</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.       </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Commitments and Contingencies</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:27px;">a</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.       Environmental - MGE Energy and MGE.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:27.35px;">       </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Water quality</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">Water quality regulations promulgated by the EPA and WDNR in accordance with the Federal Water Pollution Control Act, or more commonly known as the Clean Water Act (CWA), impose restrictions on emissions of various pollutants into surface waters. The CWA also regulates surface water quality issues that affect aquatic life, such as water temperatures, intake structures, and wetlands filling. The CWA regulates discharges from "point sources" such as power plants </font><font style="font-family:Times New Roman;font-size:10pt;">by</font><font style="font-family:Times New Roman;font-size:10pt;"> establishing discharge limits in water discharge permits. MGE's power plants operate under Wisconsin Pollution Discharge Elimination System (WPDES) permits to ensure compliance with these discharge limits.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;margin-left:45.35px;">EPA Cooling Water Intake Rules (Section 316(b))</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">In April 2011, the EPA proposed and asked for public comment on standards to reduce entrainment (drawing aquatic life into a plant's cooling system) and impingement (trapping aquatic life on screens) from existing structures designed to take in cooling water for plants such as power plants. This rule is commonly referred to as Phase II of Section 316(b)</font><font style="font-family:Times New Roman;font-size:10pt;"> of the CWA</font><font style="font-family:Times New Roman;font-size:10pt;">. Both our Blount and </font><font style="font-family:Times New Roman;font-size:10pt;">Columbia</font><font style="font-family:Times New Roman;font-size:10pt;"> generating plants are subject to the impingement and entrainment aspects of the current proposed rule. Our WCCF plant is subject to the impingement aspect only. Under the current proposed rule, equipment would need to be installed at Blount, WCCF and </font><font style="font-family:Times New Roman;font-size:10pt;">Columbia</font><font style="font-family:Times New Roman;font-size:10pt;"> to meet these new standards. </font><font style="font-family:Times New Roman;font-size:10pt;">The EPA has until June 27, 2013 to issue the final rule, pursuant to a recently announced settlement agreement. </font><font style="font-family:Times New Roman;font-size:10pt;">It is not </font><font style="font-family:Times New Roman;font-size:10pt;">presently </font><font style="font-family:Times New Roman;font-size:10pt;">possible to estimate the potential costs associated with the implementation of any of these initiatives </font><font style="font-family:Times New Roman;font-size:10pt;">because</font><font style="font-family:Times New Roman;font-size:10pt;"> the rule </font><font style="font-family:Times New Roman;font-size:10pt;">has not been</font><font style="font-family:Times New Roman;font-size:10pt;"> finalized.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:27.35px;">       </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;">WPDES Thermal Discharge Rule</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">WDNR rules to regulate thermal effluent discharges from point sources in </font><font style="font-family:Times New Roman;font-size:10pt;">Wisconsin</font><font style="font-family:Times New Roman;font-size:10pt;"> became effective on October 1, 2010. </font><font style="font-family:Times New Roman;font-size:10pt;">We will need to meet the revised rule requirement a</font><font style="font-family:Times New Roman;font-size:10pt;">s MGE's WPDES permits are issued or renewed. </font><font style="font-family:Times New Roman;font-size:10pt;">Blount's WPDES permit was renewed effective October 1, 2012 with thermal effluent discharge limits in place. We believe that the thermal limits set are achievable without additional capital expenditures. We will continue to monitor this requirement as our other plant permits come up for renewal. </font><font style="font-family:Times New Roman;font-size:10pt;">If</font><font style="font-family:Times New Roman;font-size:10pt;"> we</font><font style="font-family:Times New Roman;font-size:10pt;">, in the case of WCCF, or the plant operator, in the cases of Columbia and Elm Road,</font><font style="font-family:Times New Roman;font-size:10pt;"> are unable to demonstrate that</font><font style="font-family:Times New Roman;font-size:10pt;"> any of </font><font style="font-family:Times New Roman;font-size:10pt;">these permitted plants</font><font style="font-family:Times New Roman;font-size:10pt;"> are </font><font style="font-family:Times New Roman;font-size:10pt;">able to comply</font><font style="font-family:Times New Roman;font-size:10pt;"> with its associated WPDES permit requirements, then we may </font><font style="font-family:Times New Roman;font-size:10pt;">face</font><font style="font-family:Times New Roman;font-size:10pt;"> operational controls and/or incur capital costs associated with plant modifications to meet discharge requirements.</font><font style="font-family:Times New Roman;font-size:10pt;"> Those expenditures could be material</font><font style="font-family:Times New Roman;font-size:10pt;">, but would be anticipated to be recoverable in rates</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:27.35px;">       </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;">WPDES Phosphorus Nutrient Standards</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:27.35px;">       </font><font style="font-family:Times New Roman;font-size:10pt;">In December 2010, the WDNR established water quality standards for phosphorus and effluent limitations for permitted discharges into specific waterbodies. Phosphorus limitations will be added to water effluent discharge permits</font><font style="font-family:Times New Roman;font-size:10pt;">, as applicable,</font><font style="font-family:Times New Roman;font-size:10pt;"> as they are issued or renewed. The WDNR will be developing site-specific phosphorus limits. MGE's facilities subject to these standards include Blount, Columbia, Elm Road and WCCF. </font><font style="font-family:Times New Roman;font-size:10pt;">Blount's WPDES permit was renewed effective October 1, 2012 with phosphorus discharge limits in place. We believe that the phosphorus limits set are achievable without additional capital expenditures. We will continue to monitor this requirement as our other plant permits come up for renewal</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">MGE may incur additional capital or operational expenditures and/or need to install additional pollution controls to meet </font><font style="font-family:Times New Roman;font-size:10pt;">any</font><font style="font-family:Times New Roman;font-size:10pt;"> new phosphorus limits.</font><font style="font-family:Times New Roman;font-size:10pt;"> MGE has, however, identified potential compliance options and believes compliance can be managed without significant capital investments.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:27.35px;">       Air quality</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:27.35px;">       Air quality regulations promulgated by the EPA and the WDNR in accordance with the Federal Clean Air Act and the Clean Air Act Amendments of 1990 impose restrictions on emission of particulates, sulfur dioxide (SO</font><font style="font-family:Times New Roman;font-size:10pt;">2</font><font style="font-family:Times New Roman;font-size:10pt;">), nitrogen oxides (NO</font><font style="font-family:Times New Roman;font-size:10pt;">x</font><font style="font-family:Times New Roman;font-size:10pt;">), and other pollutants and require permits for operation of emission sources. These permits have been obtained by MGE and must be renewed periodically. </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:27.35px;">       Various initiatives, including the EPA's </font><font style="font-family:Times New Roman;font-size:10pt;">interstate transport rules</font><font style="font-family:Times New Roman;font-size:10pt;">, are expected to result in additional operating and capital expenditure costs for electric generating units.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;margin-left:45.35px;">Maximum Achi</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;">evable Control Technology (MACT</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;">) for Utility Boilers (Also Referred to as the Mercury and Air Toxics Standards or MATS)</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45.35px;">In December 2011, the EPA finalized its Mercury and Air Toxics Standards for coal and oil-burning electric generating unit (EGU) boilers. </font><font style="font-family:Times New Roman;font-size:10pt;">MATS will require emissions standards for mercury, non-mercury HAPs metals, and acid gases. MGE's </font><font style="font-family:Times New Roman;font-size:10pt;">Columbia</font><font style="font-family:Times New Roman;font-size:10pt;"> and Elm Road Units are subject to MATS. The Elm Road Unit's current pollution controls and Columbia's planned mercury pollution controls </font><font style="font-family:Times New Roman;font-size:10pt;">are expected to</font><font style="font-family:Times New Roman;font-size:10pt;"> allow both facilities to comply with the MATS rule (see the discussion regarding Columbia below). </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;margin-left:45.35px;">Reciprocating Internal Combustion Engine (RICE) MACT</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45.35px;">In December 2011, the EPA finalized its RICE MACT standard. RICE MACT applies to </font><font style="font-family:Times New Roman;font-size:10pt;">an industrial or electrical engine</font><font style="font-family:Times New Roman;font-size:10pt;"> that </font><font style="font-family:Times New Roman;font-size:10pt;">is classified as</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">a </font><font style="font-family:Times New Roman;font-size:10pt;">reciprocating internal combustion engine. Under the current RICE MACT, MGE may have to adjust its dispatching of several small generation units used for emergency and backup generation or install pollution controls. In </font><font style="font-family:Times New Roman;font-size:10pt;">June</font><font style="font-family:Times New Roman;font-size:10pt;"> 2012, the EPA </font><font style="font-family:Times New Roman;font-size:10pt;">introduced a proposed rule that revised</font><font style="font-family:Times New Roman;font-size:10pt;"> RICE MACT </font><font style="font-family:Times New Roman;font-size:10pt;">and introduced a</font><font style="font-family:Times New Roman;font-size:10pt;">n amendment to the </font><font style="font-family:Times New Roman;font-size:10pt;">New Source Performance Standard for RICE </font><font style="font-family:Times New Roman;font-size:10pt;">based on a settlement agreement with several power companies. MGE </font><font style="font-family:Times New Roman;font-size:10pt;">is currently reviewing the proposed rule and evaluating potential</font><font style="font-family:Times New Roman;font-size:10pt;"> impacts </font><font style="font-family:Times New Roman;font-size:10pt;">associated with complying with</font><font style="font-family:Times New Roman;font-size:10pt;"> the proposed</font><font style="font-family:Times New Roman;font-size:10pt;"> RICE MACT.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;margin-left:45.35px;">Vacation </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;">of EPA's Cross State Air Pollution Rule (CSAPR) and Reinstatement of the Clean Air Interstate Rule (CAIR)</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45.35px;">EPA has so far promulgated three interstate air pollution rules [the NO</font><font style="font-family:Times New Roman;font-size:10pt;">x</font><font style="font-family:Times New Roman;font-size:10pt;"> SIP Call, the Clean Air Interstate Rule (CAIR) and </font><font style="font-family:Times New Roman;font-size:10pt;">the Cross-State Air Pollution Rule (</font><font style="font-family:Times New Roman;font-size:10pt;">CSAPR)] which were each designed to reduce nitrogen oxide (NO</font><font style="font-family:Times New Roman;font-size:10pt;">x</font><font style="font-family:Times New Roman;font-size:10pt;">) and/or sulphur dioxide (SO</font><font style="font-family:Times New Roman;font-size:10pt;">2</font><font style="font-family:Times New Roman;font-size:10pt;">) air emissions from electric generating units (EGUs) located i</font><font style="font-family:Times New Roman;font-size:10pt;">n Wisconsin and other states. </font><font style="font-family:Times New Roman;font-size:10pt;">NO</font><font style="font-family:Times New Roman;font-size:10pt;">x</font><font style="font-family:Times New Roman;font-size:10pt;"> and SO</font><font style="font-family:Times New Roman;font-size:10pt;">2</font><font style="font-family:Times New Roman;font-size:10pt;"> interact in the atmosphere to form ambient ozone and fine</font><font style="font-family:Times New Roman;font-size:10pt;"> particulate matter pollution. </font><font style="font-family:Times New Roman;font-size:10pt;">As explained below, only the CAIR currently affects MGE's generation assets. </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45.35px;">In 2000, the U.S. Court of Appeals for the D.C. Circuit held that Wisconsin had been illegally included in a portion of the NO</font><font style="font-family:Times New Roman;font-size:10pt;">x</font><font style="font-family:Times New Roman;font-size:10pt;"> SIP Call, but stayed the remaining legal challenges to the rule pending EPA's development of additional interst</font><font style="font-family:Times New Roman;font-size:10pt;">ate transport rules. </font><font style="font-family:Times New Roman;font-size:10pt;">At this time, the requirements of the NO</font><font style="font-family:Times New Roman;font-size:10pt;">x</font><font style="font-family:Times New Roman;font-size:10pt;"> SIP Call and the costs of compliance remain uncertain. </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45.35px;">In 2005, EPA promulgated the CAIR imposing additional controls on NO</font><font style="font-family:Times New Roman;font-size:10pt;">x</font><font style="font-family:Times New Roman;font-size:10pt;"> and SO</font><font style="font-family:Times New Roman;font-size:10pt;">2 </font><font style="font-family:Times New Roman;font-size:10pt;">emissions</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">from EGUs located in Wisconsin and other states.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">However, in December 2008, the U.S. Court of Appeals for the D.C. Circuit remanded the CAIR to the EPA with directions to revise or replace the rule. The Court's remand order directed that the CAIR remain in effect until the EPA promulgated a replacement rule. The Court's order did not include a deadline for the EPA to act</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45.35px;">In August 2011, </font><font style="font-family:Times New Roman;font-size:10pt;">the EPA </font><font style="font-family:Times New Roman;font-size:10pt;">responded to the remand</font><font style="font-family:Times New Roman;font-size:10pt;"> of the CAIR by promulgating the CSAPR</font><font style="font-family:Times New Roman;font-size:10pt;">. However, in August, 2012, the U.S. Court of Appeals for the D.C. Circuit vacated CSAPR and</font><font style="font-family:Times New Roman;font-size:10pt;"> instructed the EPA to continue administering the CAIR pending finalizing a valid replacement rule. The EPA has petitioned the </font><font style="font-family:Times New Roman;font-size:10pt;">U.S. Court of Appeals for the D.C. Circuit to reconsider its decision </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">en banc</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">At this time, the CAIR remains currently effective.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45.35px;">The CAIR, which became effective in 2009</font><font style="font-family:Times New Roman;font-size:10pt;"> and remains effective currently</font><font style="font-family:Times New Roman;font-size:10pt;">, generally requires NO</font><font style="font-family:Times New Roman;font-size:10pt;">x</font><font style="font-family:Times New Roman;font-size:10pt;"> and SO</font><font style="font-family:Times New Roman;font-size:10pt;">2</font><font style="font-family:Times New Roman;font-size:10pt;"> emission reductions from fossil fuel-fired electric generating units (25 MW or greater) (EGUs) in the eastern half of the United States in two phases and includes a regional cap-and-trade system. The first phase (currently in place) requires annual regional emission reductions from 2003 levels of 55% for NO</font><font style="font-family:Times New Roman;font-size:10pt;">x</font><font style="font-family:Times New Roman;font-size:10pt;"> and 40% for SO</font><font style="font-family:Times New Roman;font-size:10pt;">2</font><font style="font-family:Times New Roman;font-size:10pt;">. The second phase (beginning in 2015) reduces regional NO</font><font style="font-family:Times New Roman;font-size:10pt;">x</font><font style="font-family:Times New Roman;font-size:10pt;"> and SO</font><font style="font-family:Times New Roman;font-size:10pt;">2</font><font style="font-family:Times New Roman;font-size:10pt;"> emissions further from 2003 levels to 65% and 70%, respectively. MGE owns or has partial ownership in several generation units currently subject to the CAIR: Blount, Columbia, Elm Road, and its combustion turbines located in West Marinette and Fitchburg. </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45.35px;">Our evaluation of the CAIR demonstrates that MGE will be in compliance with the CAIR's Phase I requirements without capital expenditures or modifications to our operations. We have also evaluated our potential expenditures if the CAIR remains in place for the Phase II reductions. New SO</font><font style="font-family:Times New Roman;font-size:10pt;">2</font><font style="font-family:Times New Roman;font-size:10pt;"> controls at Columbia are already underway and are planned to be completed by mid to late 2014 (see the discussion regarding the Columbia Environmental Project below). Once the new environmental control project is completed at Columbia, it is expected that the plant will emit below anticipated Phase II CAIR allocation levels. MGE expects that any costs incurred to meet Phase II of the CAIR will be fully recoverable through rates.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45.35px;">MGE will continue monitoring the EPA's actions in response to the August 2012 CSAPR vacature and the stayed </font><font style="font-family:Times New Roman;font-size:10pt;">NO</font><font style="font-family:Times New Roman;font-size:10pt;">x</font><font style="font-family:Times New Roman;font-size:10pt;"> SIP Call litigation, but MGE is unable to predict the outcome of these matters and its impact on its operations or financial condition</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;margin-left:45.35px;">Clean Air Visibility Rule (CAVR)</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45.35px;">Air modeling indicates that SO</font><font style="font-family:Times New Roman;font-size:10pt;">2</font><font style="font-family:Times New Roman;font-size:10pt;"> and NO</font><font style="font-family:Times New Roman;font-size:10pt;">x</font><font style="font-family:Times New Roman;font-size:10pt;"> emissions (and to a lesser extent particulate matter, or PM) from Columbia may impair visibility at certain Class I Scenic Areas and may therefore be subject to the best available retrofit technology (BART) regulations, a subsection of the EPA's Clean Air Visibility Rule (CAVR), which requires pollution retrofits. The EPA ha</font><font style="font-family:Times New Roman;font-size:10pt;">d</font><font style="font-family:Times New Roman;font-size:10pt;"> proposed that </font><font style="font-family:Times New Roman;font-size:10pt;">Columbia's </font><font style="font-family:Times New Roman;font-size:10pt;">compliance with </font><font style="font-family:Times New Roman;font-size:10pt;">emissions limitations in the </font><font style="font-family:Times New Roman;font-size:10pt;">CAIR and </font><font style="font-family:Times New Roman;font-size:10pt;">the</font><font style="font-family:Times New Roman;font-size:10pt;"> CSAPR could also serve as compliance with </font><font style="font-family:Times New Roman;font-size:10pt;">the </font><font style="font-family:Times New Roman;font-size:10pt;">BART </font><font style="font-family:Times New Roman;font-size:10pt;">regulations </font><font style="font-family:Times New Roman;font-size:10pt;">for SO</font><font style="font-family:Times New Roman;font-size:10pt;">2</font><font style="font-family:Times New Roman;font-size:10pt;"> and NO</font><font style="font-family:Times New Roman;font-size:10pt;">x</font><font style="font-family:Times New Roman;font-size:10pt;"> emissions. However, </font><font style="font-family:Times New Roman;font-size:10pt;">this proposal is now uncertain because of the D.C. Circuit remanding the CAIR to EPA and vacating the CSAPR. At this time the</font><font style="font-family:Times New Roman;font-size:10pt;"> BART regulat</font><font style="font-family:Times New Roman;font-size:10pt;">ory obligations, </font><font style="font-family:Times New Roman;font-size:10pt;">compliance strategies and costs </font><font style="font-family:Times New Roman;font-size:10pt;">remain</font><font style="font-family:Times New Roman;font-size:10pt;"> uncertain.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;margin-left:45px;">Wisconsin State Mercury Rule</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">Beginning January 1, 2015, phase two of the </font><font style="font-family:Times New Roman;font-size:10pt;">Wisconsin mercury </font><font style="font-family:Times New Roman;font-size:10pt;">rule will require large coal-fired electric generating units (larger than 150 MW) to reduce mercury emissions by 90%, or choose a multi-pollutant reduction approach, which allows a stepped approach to mercury reduction while reducing NO</font><font style="font-family:Times New Roman;font-size:10pt;">x</font><font style="font-family:Times New Roman;font-size:10pt;"> and SO</font><font style="font-family:Times New Roman;font-size:10pt;">2 </font><font style="font-family:Times New Roman;font-size:10pt;">emissions at prescribed rates. Elm Road currently meets this requirement. The Columbia </font><font style="font-family:Times New Roman;font-size:10pt;">co-owners </font><font style="font-family:Times New Roman;font-size:10pt;">expect </font><font style="font-family:Times New Roman;font-size:10pt;">to meet the 90% reduction option by installing </font><font style="font-family:Times New Roman;font-size:10pt;">bag</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">houses and scrubbers by mid to late 2014</font><font style="font-family:Times New Roman;font-size:10pt;"> (see the discussion regarding </font><font style="font-family:Times New Roman;font-size:10pt;">the </font><font style="font-family:Times New Roman;font-size:10pt;">Columbia</font><font style="font-family:Times New Roman;font-size:10pt;"> Environmental Project</font><font style="font-family:Times New Roman;font-size:10pt;"> below). </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:27.35px;">       </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;">National Ambient Air Quality Standards (NAAQS) </font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:27.35px;">       </font><font style="font-family:Times New Roman;font-size:10pt;">The EPA has developed National Ambient Air Quality Standards (NAAQS) for six compounds currently identified as criteria pollutants: nitrogen dioxide (NO</font><font style="font-family:Times New Roman;font-size:10pt;">2</font><font style="font-family:Times New Roman;font-size:10pt;">), particulate matter (PM), ozone, SO</font><font style="font-family:Times New Roman;font-size:10pt;">2</font><font style="font-family:Times New Roman;font-size:10pt;">, lead and carbon monoxide. The NAAQS for criteria pollutants establish acceptable ambient air levels based on effects to human health and the environment, and changes to those NAAQS can affect compliance requirements and associated capital and operating costs. The EPA is required to review NAAQS every five years. MGE is currently tracking two NAAQS developments: (1) EPA's </font><font style="font-family:Times New Roman;font-size:10pt;">proposed changes to the PM2.5 </font><font style="font-family:Times New Roman;font-size:10pt;">NAAQS </font><font style="font-family:Times New Roman;font-size:10pt;">announced in</font><font style="font-family:Times New Roman;font-size:10pt;"> June 2012</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">which</font><font style="font-family:Times New Roman;font-size:10pt;"> would lower the primary annual limit and add a secondary PM2.5 standard </font><font style="font-family:Times New Roman;font-size:10pt;">pertaining </font><font style="font-family:Times New Roman;font-size:10pt;">to a measure of visibility</font><font style="font-family:Times New Roman;font-size:10pt;">, and (2) the WDNR</font><font style="font-family:Times New Roman;font-size:10pt;"> attainment/nonattainment designations associated with the EPA's June 2010 final revisions to its SO</font><font style="font-family:Times New Roman;font-size:10pt;">2</font><font style="font-family:Times New Roman;font-size:10pt;"> NAAQS. Because of uncertainties in how these NAAQS developments will be implemented in Wisconsin</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> we are tracking developments and evaluating potential costs at our generation facilities. </font><font style="font-family:Times New Roman;font-size:10pt;">Based on our current evaluation, t</font><font style="font-family:Times New Roman;font-size:10pt;">hese two NAAQS developments </font><font style="font-family:Times New Roman;font-size:10pt;">have the most potential to affect capital and maintenance costs at our</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Columbia plant</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">However, the potential impact</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">at any of our plants </font><font style="font-family:Times New Roman;font-size:10pt;">will not be known until </font><font style="font-family:Times New Roman;font-size:10pt;">implementation of the</font><font style="font-family:Times New Roman;font-size:10pt;"> rules </font><font style="font-family:Times New Roman;font-size:10pt;">is</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">finalized</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;margin-left:45.35px;">EPA's Prevention of Significant Deterioration and Title V Greenhouse Gas Tailoring Rule</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45.35px;">The EPA's Greenhouse Gas "Tailoring Rule" regulates stationary sources for GHG emissions by "phasing in" over time different types of facilities subject to Prevention of Significant Deterioration (PSD) pre-construction program or Title V permitting (i.e. new facilities and existing facilities with certain qualifying modifications). MGE facilities may become subject to this rule </font><font style="font-family:Times New Roman;font-size:10pt;">in the future </font><font style="font-family:Times New Roman;font-size:10pt;">if modifications at any facilities trigger PSD or if MGE invests in new facilities that trigger PSD</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;margin-left:45.35px;">GHG New Source Performance Standards for Electric Generating Units (EGU GHG NSPS)</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45.35px;">On March 27, 2012, the EPA proposed greenhouse gas (GHG) New Source Performance Standards (NSPS) for coal fired and natural gas combined cycle (NGCC) electric generation units (EGUs). The proposal applies to new EGUs only; the EPA has stated that it does not intend for these rules to apply to modified or existing units at this time. The proposed NSPS may </font><font style="font-family:Times New Roman;font-size:10pt;">yet </font><font style="font-family:Times New Roman;font-size:10pt;">be finalized in 2012</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">but</font><font style="font-family:Times New Roman;font-size:10pt;"> is not anticipated to significantly effect MGE's existing generation units. </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:45.35px;">Columbia</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45.35px;">MGE and two other utilities jointly own </font><font style="font-family:Times New Roman;font-size:10pt;">Columbia</font><font style="font-family:Times New Roman;font-size:10pt;">, a coal-fired generating facility, which accounts for 225 MW (29%) of MGE's net summer generating capability. WPL is the plant operator and permit holder, and owns </font><font style="font-family:Times New Roman;font-size:10pt;">46.2</font><font style="font-family:Times New Roman;font-size:10pt;">% of </font><font style="font-family:Times New Roman;font-size:10pt;">Columbia</font><font style="font-family:Times New Roman;font-size:10pt;">. Wisconsin Public Service Corporation (WPSC) owns a 31.8% interest, and MGE owns a 22% interest in </font><font style="font-family:Times New Roman;font-size:10pt;">Columbia</font><font style="font-family:Times New Roman;font-size:10pt;">. Based upon current available information, compliance with various environmental requirements and initiatives is expected to result in significant additional operating and capital expenditures at </font><font style="font-family:Times New Roman;font-size:10pt;">Columbia</font><font style="font-family:Times New Roman;font-size:10pt;">. </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;margin-left:45.35px;">Columbia Environmental Project</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45.35px;">In early 2011, the PSCW issued a </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Certificate and Order</font><font style="font-family:Times New Roman;font-size:10pt;"> authorizing the construction of scrubbers and bag houses and associated equipment on Columbia Units 1 and 2 to reduce SO</font><font style="font-family:Times New Roman;font-size:10pt;">2</font><font style="font-family:Times New Roman;font-size:10pt;"> and mercury emissions. The scrubbers and bag houses are expected to support compliance obligations for current and anticipated air quality regulations, including CAIR</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">CAIR's eventual replacement</font><font style="font-family:Times New Roman;font-size:10pt;">, the </font><font style="font-family:Times New Roman;font-size:10pt;">Mercury and Air Toxics Standards</font><font style="font-family:Times New Roman;font-size:10pt;"> and the Wisconsin Mercury Rule. The operator's current estimate shows that MGE's share of the capital expenditures required for this project will</font><font style="font-family:Times New Roman;font-size:10pt;"> be approximately $140 million</font><font style="font-family:Times New Roman;font-size:10pt;">. The project is underway and estimated to be completed in mid to late 2014</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45.35px;">As of </font><font style="font-family:Times New Roman;font-size:10pt;">September</font><font style="font-family:Times New Roman;font-size:10pt;"> 30</font><font style="font-family:Times New Roman;font-size:10pt;">, 2012, various contractual commitments </font><font style="font-family:Times New Roman;font-size:10pt;">have been entered for the project. </font><font style="font-family:Times New Roman;font-size:10pt;">MGE's s</font><font style="font-family:Times New Roman;font-size:10pt;">har</font><font style="font-family:Times New Roman;font-size:10pt;">e of these commitments </font><font style="font-family:Times New Roman;font-size:10pt;">as of </font><font style="font-family:Times New Roman;font-size:10pt;">September 30, 2012</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">is $</font><font style="font-family:Times New Roman;font-size:10pt;">89.1</font><font style="font-family:Times New Roman;font-size:10pt;"> million. These costs are expected to be capitalized and included in the consolidated balance sheets of MGE Energy and MGE.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">See Footnote 4 for further info</font><font style="font-family:Times New Roman;font-size:10pt;">rmation regarding the Columbia e</font><font style="font-family:Times New Roman;font-size:10pt;">nvironmental construction project.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;margin-left:45.35px;">Title V Operating Permit Petition</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45.35px;">In September 2008, the WDNR issued a Title V renewal operating permit to WPL for </font><font style="font-family:Times New Roman;font-size:10pt;">Columbia</font><font style="font-family:Times New Roman;font-size:10pt;">. A citizen group petitioned the EPA to object to the issuance of the permit renewal. In October 2009, the EPA issued an order granting in part and denying in part the petition and sent the operating permit back to the WDNR for further review based on the EPA order. The WDNR took various preliminary actions </font><font style="font-family:Times New Roman;font-size:10pt;">but has not yet fully responded to the EPA's order.</font><font style="font-family:Times New Roman;font-size:10pt;"> In February 2011, the citizen group involved filed an action against the EPA in the U.S. District Court for the Western District of Wisconsin seeking to have the EPA take over the permit process. </font><font style="font-family:Times New Roman;font-size:10pt;">In June 2012, the EPA notified </font><font style="font-family:Times New Roman;font-size:10pt;">the plant operator</font><font style="font-family:Times New Roman;font-size:10pt;"> of its intent to assume responsibility f</font><font style="font-family:Times New Roman;font-size:10pt;">or issuing the renewed operating</font><font style="font-family:Times New Roman;font-size:10pt;"> permit for Columbia, but agreed to provide </font><font style="font-family:Times New Roman;font-size:10pt;">the plant operator</font><font style="font-family:Times New Roman;font-size:10pt;"> with more time to potentially resolve the issues raised in the EPA's order. </font><font style="font-family:Times New Roman;font-size:10pt;">MGE believes the permits currently in effect for Columbia remain in place at this time. MGE continues to follow these developments and is unable to predict the outcome of this matter and its impact on its </font><font style="font-family:Times New Roman;font-size:10pt;">operations or </font><font style="font-family:Times New Roman;font-size:10pt;">financial</font><font style="font-family:Times New Roman;font-size:10pt;"> condition</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;margin-left:45.35px;">Columbia Clean Air Act Litigation</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">In December 2009, the EPA sent a </font><font style="font-family:Times New Roman;font-size:10pt;">n</font><font style="font-family:Times New Roman;font-size:10pt;">otice of </font><font style="font-family:Times New Roman;font-size:10pt;">v</font><font style="font-family:Times New Roman;font-size:10pt;">iolation (NOV) to MGE as one of the co-owners of </font><font style="font-family:Times New Roman;font-size:10pt;">the </font><font style="font-family:Times New Roman;font-size:10pt;">Columbia</font><font style="font-family:Times New Roman;font-size:10pt;"> generating station</font><font style="font-family:Times New Roman;font-size:10pt;">. The NOV alleges that WPL, as operator, and the co-owners failed to comply with appropriate pre-construction review and permitting requirements and</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> as a result</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> violated the PSD program requirements, </font><font style="font-family:Times New Roman;font-size:10pt;">the </font><font style="font-family:Times New Roman;font-size:10pt;">Title V </font><font style="font-family:Times New Roman;font-size:10pt;">o</font><font style="font-family:Times New Roman;font-size:10pt;">perating </font><font style="font-family:Times New Roman;font-size:10pt;">p</font><font style="font-family:Times New Roman;font-size:10pt;">ermit requirements of</font><font style="font-family:Times New Roman;font-size:10pt;"> the CAA and the Wisconsin S</font><font style="font-family:Times New Roman;font-size:10pt;">tate </font><font style="font-family:Times New Roman;font-size:10pt;">I</font><font style="font-family:Times New Roman;font-size:10pt;">mplementation </font><font style="font-family:Times New Roman;font-size:10pt;">P</font><font style="font-family:Times New Roman;font-size:10pt;">lan (SIP). In </font><font style="font-family:Times New Roman;font-size:10pt;">September 2010, Sierra Club filed a lawsuit against WPL alleging violations of the CAA at Columbia and other </font><font style="font-family:Times New Roman;font-size:10pt;">WPL-operated </font><font style="font-family:Times New Roman;font-size:10pt;">Wisconsin facilities.</font><font style="font-family:Times New Roman;font-size:10pt;"> WPL has </font><font style="font-family:Times New Roman;font-size:10pt;">stated it </font><font style="font-family:Times New Roman;font-size:10pt;">believes the projects at Columbia were routine</font><font style="font-family:Times New Roman;font-size:10pt;">, or </font><font style="font-family:Times New Roman;font-size:10pt;">not projected to increase emissions</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> and therefore did not violate the permitting requirements of the CAA. MGE and the other </font><font style="font-family:Times New Roman;font-size:10pt;">Columbia </font><font style="font-family:Times New Roman;font-size:10pt;">co-owners </font><font style="font-family:Times New Roman;font-size:10pt;">are</font><font style="font-family:Times New Roman;font-size:10pt;"> defending against these allegations while actively pursuing settlement options with the EPA and Sierra Club.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">MGE believes that </font><font style="font-family:Times New Roman;font-size:10pt;">the parties have</font><font style="font-family:Times New Roman;font-size:10pt;"> reached a tentative agreement on the </font><font style="font-family:Times New Roman;font-size:10pt;">general </font><font style="font-family:Times New Roman;font-size:10pt;">terms of a settlement with the EPA and Sierra Club</font><font style="font-family:Times New Roman;font-size:10pt;"> regarding various facilities, including Columbia</font><font style="font-family:Times New Roman;font-size:10pt;">. Sierra Club </font><font style="font-family:Times New Roman;font-size:10pt;">has </font><font style="font-family:Times New Roman;font-size:10pt;">stipulated to </font><font style="font-family:Times New Roman;font-size:10pt;">a </font><font style="font-family:Times New Roman;font-size:10pt;">dismissal of its lawsuit, without prejudice, while the parties attempt to reach a final settlement.</font><font style="font-family:Times New Roman;font-size:10pt;"> The parties are currently negotiating a consent decree based upon those general terms</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">which</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">may</font><font style="font-family:Times New Roman;font-size:10pt;"> change </font><font style="font-family:Times New Roman;font-size:10pt;">during the</font><font style="font-family:Times New Roman;font-size:10pt;"> negotiations. </font><font style="font-family:Times New Roman;font-size:10pt;">Once the parties agree to final terms, the </font><font style="font-family:Times New Roman;font-size:10pt;">c</font><font style="font-family:Times New Roman;font-size:10pt;">ourt must approve the settlement agreement</font><font style="font-family:Times New Roman;font-size:10pt;"> before it becomes final and effective</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">In accordance with applicable accounting standards, MGE has accrued an amount for this matter representing its best estimate of its probable liability, based upon its assessment of the settlement discussions. That accrued amount is not material to the financial statements</font><font style="font-family:Times New Roman;font-size:10pt;">. MGE believes the likelihood of a materially greater liability than the accrued amount is remote based upon the current status of the settlement discussions</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:27px;">b</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.       Chattel Paper Agreement and Other Guarantees - MGE Energy and MGE.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">MGE makes available to qualifying customers a financing program for the purchase and installation of energy-related equipment that will provide more efficient use of utility service at the customer</font><font style="font-family:Times New Roman;font-size:10pt;">'</font><font style="font-family:Times New Roman;font-size:10pt;">s property. MGE is party to a chattel paper purchase agreement with a financial institution under which it can sell or finance an undivided interest with recourse, in up to $</font><font style="font-family:Times New Roman;font-size:10pt;">10.0</font><font style="font-family:Times New Roman;font-size:10pt;"> million</font><font style="font-family:Times New Roman;font-size:10pt;"> of the financing program receivables, until </font><font style="font-family:Times New Roman;font-size:10pt;">July</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">31, 20</font><font style="font-family:Times New Roman;font-size:10pt;">13</font><font style="font-family:Times New Roman;font-size:10pt;">. At </font><font style="font-family:Times New Roman;font-size:10pt;">September 30, 2012</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">MGE has outstanding a $</font><font style="font-family:Times New Roman;font-size:10pt;">3.9</font><font style="font-family:Times New Roman;font-size:10pt;"> million interest in these receivables. MGE retains the servicing responsibility for these receivables. As of </font><font style="font-family:Times New Roman;font-size:10pt;">September 30, 2012</font><font style="font-family:Times New Roman;font-size:10pt;">, the servicing asset recognized by MGE is $</font><font style="font-family:Times New Roman;font-size:10pt;">0.2</font><font style="font-family:Times New Roman;font-size:10pt;"> million.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">MGE accounts for servicing rights under the amortization method. Initial determination of the servicing asset fair value is based on the present value of the estimated future cash flows. The discount rate is based on the PSCW authorized weighted cost of capital.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">MGE would be required to perform under its guarantee if a customer defaulted on its loan. The energy-related equipment installed at the customer sites is used to secure the customer loans. The loan balances outstanding at </font><font style="font-family:Times New Roman;font-size:10pt;">September 30, 2012</font><font style="font-family:Times New Roman;font-size:10pt;">, approximate the fair value of the energy-related equipment acting as collateral. The length of the MGE guarantee to the financial institution varies from one to ten years depending on the term of the </font><font style="font-family:Times New Roman;font-size:10pt;">underlying </font><font style="font-family:Times New Roman;font-size:10pt;">customer loan. Principal payments for the </font><font style="font-family:Times New Roman;font-size:10pt;">remainder of </font><font style="font-family:Times New Roman;font-size:10pt;">2012</font><font style="font-family:Times New Roman;font-size:10pt;"> and the next four</font><font style="font-family:Times New Roman;font-size:10pt;"> years on the loans are</font><font style="font-family:Times New Roman;font-size:10pt;">:</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 15px"><td style="width: 38px; text-align:left;border-color:#000000;min-width:38px;"> </td><td style="width: 179px; text-align:left;border-color:#000000;min-width:179px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(In thousands)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:64px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:64px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2013</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:64px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2014</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:64px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:64px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2016</font></td><td style="width: 38px; text-align:left;border-color:#000000;min-width:38px;"> </td></tr><tr style="height: 15px"><td style="width: 38px; text-align:left;border-color:#000000;min-width:38px;"> </td><td style="width: 179px; text-align:left;border-color:#000000;min-width:179px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Chattel Paper</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 64px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">126</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 64px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">669</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 64px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">484</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 64px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">796</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 64px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">721</font></td><td style="width: 38px; text-align:left;border-color:#000000;min-width:38px;"> </td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:27px;">c</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.       </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Purchase Power Agreement Contract Dispute</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> - MGE Energy and MGE.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45.35px;">MGE</font><font style="font-family:Times New Roman;font-size:10pt;"> is seeking resolution to a contract dispute regarding its Purchase Power Agreement with Riverside Energy Center LLC, a Calpine subsidiary, for capacity and energy from the Riverside Energy Center</font><font style="font-family:Times New Roman;font-size:10pt;"> located in Beloit, Wisconsin</font><font style="font-family:Times New Roman;font-size:10pt;">. MGE declared the PPA terminated. </font><font style="font-family:Times New Roman;font-size:10pt;">A</font><font style="font-family:Times New Roman;font-size:10pt;">ny savings in capacity costs that </font><font style="font-family:Times New Roman;font-size:10pt;">ultimately </font><font style="font-family:Times New Roman;font-size:10pt;">result from the termination of the Riverside PPA </font><font style="font-family:Times New Roman;font-size:10pt;">will </font><font style="font-family:Times New Roman;font-size:10pt;">flow through to the Company's customers. MGE is currently deferring amounts equal to the capacity payments MGE would be making under the terms of the Riverside PPA if it were still in effect. This deferral will create a liability to MGE's customers for a future credit, assuming </font><font style="font-family:Times New Roman;font-size:10pt;">MGE's right to terminate the PPA is ultimately upheld</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">If MGE does not prevail in the dispute, the capacity payment deferred will be paid to Riverside Energy Center, LLC.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:27px;">d</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.       Legal Matters </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">-</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> MGE Energy and MGE.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">MGE is involved in various legal matters that are being defended and handled in the normal course of business</font><font style="font-family:Times New Roman;font-size:10pt;"> including the Columbia matters discussed above. </font><font style="font-family:Times New Roman;font-size:10pt;">MGE maintains accruals for such costs that are probable of being incurred and subject to reasonable estimation. </font><font style="font-family:Times New Roman;font-size:10pt;">The accrued amount for these matters is not material to the financial statements</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:27px;">e</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.       Purchase Contracts - MGE Energy and MGE.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">MGE Energy and MGE have entered into various commodity supply, transportation and storage contracts to meet their obligations to deliver electricity and natural gas to customers. As of </font><font style="font-family:Times New Roman;font-size:10pt;">September 30, 2012</font><font style="font-family:Times New Roman;font-size:10pt;">, the future commitments related to these purchase contracts were as follows:</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 15px"><td style="width: 38px; text-align:left;border-color:#000000;min-width:38px;"> </td><td style="width: 179px; text-align:left;border-color:#000000;min-width:179px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(In thousands)</font><sup></sup></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:64px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:64px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2013</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:64px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2014</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:64px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:64px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2016</font></td><td style="width: 38px; text-align:center;border-color:#000000;min-width:38px;"> </td></tr><tr style="height: 15px"><td style="width: 38px; text-align:left;border-color:#000000;min-width:38px;"> </td><td style="width: 179px; text-align:left;border-color:#000000;min-width:179px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Coal</font><sup>(a)</sup></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 64px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">2,483</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 64px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">21,884</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 64px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">9,459</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 64px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">6,340</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 64px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">1,623</font></td><td style="width: 38px; text-align:left;border-color:#000000;min-width:38px;"> </td></tr><tr style="height: 15px"><td style="width: 38px; text-align:left;border-color:#000000;min-width:38px;"> </td><td style="width: 179px; text-align:left;border-color:#000000;min-width:179px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Natural gas supply</font><sup>(b)</sup></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">12,872</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">13,192</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">0</font></td><td style="width: 38px; text-align:left;border-color:#000000;min-width:38px;"> </td></tr><tr style="height: 15px"><td style="width: 38px; text-align:left;border-color:#000000;min-width:38px;"> </td><td style="width: 179px; text-align:left;border-color:#000000;min-width:179px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Purchase power</font><sup>(c)</sup></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">39,266</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">51,455</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">49,372</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">47,523</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">48,491</font></td><td style="width: 38px; text-align:left;border-color:#000000;min-width:38px;"> </td></tr><tr style="height: 15px"><td style="width: 38px; text-align:left;border-color:#000000;min-width:38px;"> </td><td style="width: 179px; text-align:left;border-color:#000000;min-width:179px;"> <sup></sup></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 64px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">54,621</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 64px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">86,531</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 64px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">58,831</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 64px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">53,863</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 64px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">50,114</font></td><td style="width: 38px; text-align:left;border-color:#000000;min-width:38px;"> </td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:36px;">(</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">a</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">)</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">       </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Total coal commitments for the Columbia and Elm Road Units, including transportation. Fuel procurement for MGE's jointly owned Columbia and Elm Road Units are handled by WPL and WEPCO, respectively, who are the operators of those facilities. If any minimum purchase obligations must be paid under these contracts, management believes these obligations would be considered costs of service and recoverable in rates.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:36px;">(b)</font><font style="font-family:Times New Roman;font-size:10pt;">       </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">These commitments include market-based pricing. Management expects to recover these costs in future customer rates</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:36px;">(</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">c</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">)</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">       MGE has several purchase power agreements to help meet future electric supply requirements. Management expects to recover these cos</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">ts in future customer rates.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:27px;">f</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.       </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Smart Grid Investment Grant </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">- MGE Energy and MGE</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">MGE was</font><font style="font-family:Times New Roman;font-size:10pt;"> approved </font><font style="font-family:Times New Roman;font-size:10pt;">in 2010 </font><font style="font-family:Times New Roman;font-size:10pt;">by the U.S. Department of Energy (DOE) under the federal stimulus program for a $</font><font style="font-family:Times New Roman;font-size:10pt;">5.5</font><font style="font-family:Times New Roman;font-size:10pt;"> million</font><font style="font-family:Times New Roman;font-size:10pt;"> grant for smart grid projects. The DOE grant requires MGE to match the grant funding, bringing</font><font style="font-family:Times New Roman;font-size:10pt;"> the total cost of the </font><font style="font-family:Times New Roman;font-size:10pt;">projects to more than $</font><font style="font-family:Times New Roman;font-size:10pt;">11</font><font style="font-family:Times New Roman;font-size:10pt;"> million</font><font style="font-family:Times New Roman;font-size:10pt;">. The </font><font style="font-family:Times New Roman;font-size:10pt;">projects </font><font style="font-family:Times New Roman;font-size:10pt;">involve the installation of</font><font style="font-family:Times New Roman;font-size:10pt;"> technologies to boost efficiency, enhance service and improve reliability for customers. The stimulus grant </font><font style="font-family:Times New Roman;font-size:10pt;">is being used to</font><font style="font-family:Times New Roman;font-size:10pt;"> fund the following projects: advanced metering infrastructure, plug-in hybrid electric vehicles support, and distribution management. </font><font style="font-family:Times New Roman;font-size:10pt;">As of </font><font style="font-family:Times New Roman;font-size:10pt;">September 30,</font><font style="font-family:Times New Roman;font-size:10pt;"> 2012,</font><font style="font-family:Times New Roman;font-size:10pt;"> MGE has spent</font><font style="font-family:Times New Roman;font-size:10pt;"> $</font><font style="font-family:Times New Roman;font-size:10pt;">7.9</font><font style="font-family:Times New Roman;font-size:10pt;"> million r</font><font style="font-family:Times New Roman;font-size:10pt;">elated to these projects and has</font><font style="font-family:Times New Roman;font-size:10pt;"> outstan</font><font style="font-family:Times New Roman;font-size:10pt;">ding agreements to purchase $</font><font style="font-family:Times New Roman;font-size:10pt;">0.6</font><font style="font-family:Times New Roman;font-size:10pt;"> million in smart grid related products</font><font style="font-family:Times New Roman;font-size:10pt;"> for the remainder of </font><font style="font-family:Times New Roman;font-size:10pt;">2012</font><font style="font-family:Times New Roman;font-size:10pt;"> and $</font><font style="font-family:Times New Roman;font-size:10pt;">1.3</font><font style="font-family:Times New Roman;font-size:10pt;"> million in </font><font style="font-family:Times New Roman;font-size:10pt;">2013</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><div style="text-align:right;"> </div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:27px;">g</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.       </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Other Commitments</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">- MGE Energy</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">On January 31, 2012, MGE Energy entered a subscription agreement to</font><font style="font-family:Times New Roman;font-size:10pt;"> invest in a nonpublic venture capital fund</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">From time to time, this entity will require capital</font><font style="font-family:Times New Roman;font-size:10pt;"> infusions from its investors. </font><font style="font-family:Times New Roman;font-size:10pt;">MGE Energy has committed to contribute $</font><font style="font-family:Times New Roman;font-size:10pt;">2.0</font><font style="font-family:Times New Roman;font-size:10pt;"> million </font><font style="font-family:Times New Roman;font-size:10pt;">in capital for such infusions. </font><font style="font-family:Times New Roman;font-size:10pt;">The timing of these infusions is dependent on the needs of the investee and is therefore uncertain at this time</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><div style="text-align:right;"> </div>
<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 15px"><td style="width: 38px; text-align:left;border-color:#000000;min-width:38px;"> </td><td style="width: 179px; text-align:left;border-color:#000000;min-width:179px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(In thousands)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:64px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:64px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2013</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:64px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2014</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:64px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:64px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2016</font></td><td style="width: 38px; text-align:left;border-color:#000000;min-width:38px;"> </td></tr><tr style="height: 15px"><td style="width: 38px; text-align:left;border-color:#000000;min-width:38px;"> </td><td style="width: 179px; text-align:left;border-color:#000000;min-width:179px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Chattel Paper</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 64px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">126</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 64px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">669</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 64px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">484</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 64px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">796</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 64px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">721</font></td><td style="width: 38px; text-align:left;border-color:#000000;min-width:38px;"> </td></tr></table></div>
126000
669000
484000
721000
796000
10000000
3900000
200000
12872000
13192000
0
0
0
39266000
51455000
49372000
47523000
48491000
54621000
86531000
58831000
53863000
50114000
<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 15px"><td style="width: 38px; text-align:left;border-color:#000000;min-width:38px;"> </td><td style="width: 179px; text-align:left;border-color:#000000;min-width:179px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">(In thousands)</font><sup></sup></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:64px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:64px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2013</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:64px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2014</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:64px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:64px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2016</font></td><td style="width: 38px; text-align:center;border-color:#000000;min-width:38px;"> </td></tr><tr style="height: 15px"><td style="width: 38px; text-align:left;border-color:#000000;min-width:38px;"> </td><td style="width: 179px; text-align:left;border-color:#000000;min-width:179px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Coal</font><sup>(a)</sup></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 64px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">2,483</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 64px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">21,884</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 64px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">9,459</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 64px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">6,340</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 64px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">1,623</font></td><td style="width: 38px; text-align:left;border-color:#000000;min-width:38px;"> </td></tr><tr style="height: 15px"><td style="width: 38px; text-align:left;border-color:#000000;min-width:38px;"> </td><td style="width: 179px; text-align:left;border-color:#000000;min-width:179px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Natural gas supply</font><sup>(b)</sup></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">12,872</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">13,192</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">0</font></td><td style="width: 38px; text-align:left;border-color:#000000;min-width:38px;"> </td></tr><tr style="height: 15px"><td style="width: 38px; text-align:left;border-color:#000000;min-width:38px;"> </td><td style="width: 179px; text-align:left;border-color:#000000;min-width:179px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Purchase power</font><sup>(c)</sup></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">39,266</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">51,455</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">49,372</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">47,523</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 64px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">48,491</font></td><td style="width: 38px; text-align:left;border-color:#000000;min-width:38px;"> </td></tr><tr style="height: 15px"><td style="width: 38px; text-align:left;border-color:#000000;min-width:38px;"> </td><td style="width: 179px; text-align:left;border-color:#000000;min-width:179px;"> <sup></sup></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 64px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">54,621</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 64px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">86,531</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 64px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">58,831</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 64px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">53,863</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 64px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">50,114</font></td><td style="width: 38px; text-align:left;border-color:#000000;min-width:38px;"> </td></tr></table></div>
2483000
21884000
9459000
6340000
1623000
2000000
5500000
11000000
7900000
600000
25
0.55
0.4
0.65
0.7
150
0.9
225
0.29
89100000
1300000
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">9</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.       Derivative and Hedging Instruments - MGE Energy and MGE.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:27px;">a.       Purpose.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">As part of its regular operations, MGE enters into contracts, including options, swaps, futures, forwards, and other contractual commitments, to manage its exposure to commodity prices and gas revenues. To the extent that these contracts are derivatives, MGE assesses whether or not the normal purchases or normal sales exclusion applies. For contracts to which this exclusion cannot be applied, MGE Energy and MGE recognize such derivatives in the consolidated balance sheets at fair value</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> The majority of MGE's derivative activities are conducted in accordance with its electric and gas risk management program, which is approved by the PSCW and limits the volume MGE can hedge with specific risk management strategies. The maximum length of time over which cash flows related to energy commodities can be hedged </font><font style="font-family:Times New Roman;font-size:10pt;">is </font><font style="font-family:Times New Roman;font-size:10pt;">four years.</font><font style="font-family:Times New Roman;font-size:10pt;"> If the derivative qualifies for regulatory deferral, the derivatives are marked to fair value and are offset with a corresponding regulatory asset or liability. The deferred gain or loss is recognized in earnings in the delivery month applicable to the instrument. Gains and losses related to hedges qualifying for regulatory treatment are recoverable in gas rates through the PGA or in electric rates as a component of the fuel rules mechanism.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:27px;">b.       Notional Amounts.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">The gross notional volume of open derivatives is as follows:</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 15px"><td style="width: 57px; text-align:left;border-color:#000000;min-width:57px;"> </td><td style="width: 251px; text-align:left;border-color:#000000;min-width:251px;"> </td><td style="width: 125px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:125px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">September 30, 2012</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 125px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:125px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">December 31, 2011</font><font style="FONT-FAMILY: Calibri;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 57px; text-align:left;border-color:#000000;min-width:57px;"> </td></tr><tr style="height: 15px"><td style="width: 57px; text-align:left;border-color:#000000;min-width:57px;"> </td><td style="width: 251px; text-align:left;border-color:#000000;min-width:251px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Commodity derivative contracts</font></td><td style="width: 125px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:125px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">440,320</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> MWh</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 125px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:125px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">482,545</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> MWh</font></td><td style="width: 57px; text-align:left;border-color:#000000;min-width:57px;"> </td></tr><tr style="height: 15px"><td style="width: 57px; text-align:left;border-color:#000000;min-width:57px;"> </td><td style="width: 251px; text-align:left;border-color:#000000;min-width:251px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Commodity derivative contracts</font></td><td style="width: 125px; text-align:center;border-color:#000000;min-width:125px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">4,170,000</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Dth</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 125px; text-align:center;border-color:#000000;min-width:125px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">4,030,000</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Dth</font></td><td style="width: 57px; text-align:left;border-color:#000000;min-width:57px;"> </td></tr><tr style="height: 15px"><td style="width: 57px; text-align:left;border-color:#000000;min-width:57px;"> </td><td style="width: 251px; text-align:left;border-color:#000000;min-width:251px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">FTRs</font></td><td style="width: 125px; text-align:center;border-color:#000000;min-width:125px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">4,069</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> MW</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 125px; text-align:center;border-color:#000000;min-width:125px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2,382</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> MW</font></td><td style="width: 57px; text-align:left;border-color:#000000;min-width:57px;"> </td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:27px;">c</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.       </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Financial Statement Presentation</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">MGE Energy and MGE offset fair value amounts recognized for the right to reclaim collateral (a receivable) or the obligation to return collateral (a payable) against fair value amounts recognized for derivative instruments executed with the same counterparty under a master netting agreement.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">At </font><font style="font-family:Times New Roman;font-size:10pt;">September 30, 2012</font><font style="font-family:Times New Roman;font-size:10pt;">, MGE Energy and MGE did not have any cash collateral netted against the net derivative positions. At</font><font style="font-family:Times New Roman;font-size:10pt;"> December 31, </font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">MGE Energy and MGE had </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">3.0</font><font style="font-family:Times New Roman;font-size:10pt;"> million</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">in collateral that was </font><font style="font-family:Times New Roman;font-size:10pt;">netted</font><font style="font-family:Times New Roman;font-size:10pt;"> against the</font><font style="font-family:Times New Roman;font-size:10pt;"> net</font><font style="font-family:Times New Roman;font-size:10pt;"> derivative positions </font><font style="font-family:Times New Roman;font-size:10pt;">with counterparties.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">MGE purchases and sells exchange-traded and over-the-counter options, swaps, and future contracts. These arrangements are primarily entered into to help stabilize the price risk associated with gas or power purchases. These transactions are employed by both MGE</font><font style="font-family:Times New Roman;font-size:10pt;">'</font><font style="font-family:Times New Roman;font-size:10pt;">s gas and electric segments. Additionally, as a result of the firm transmission agreements that MGE holds on transmission paths in the MISO market,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">MGE holds</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">FTRs. </font><font style="font-family:Times New Roman;font-size:10pt;">An FTR is a financial instrument that entitles the holder to a stream of revenues or charges based on the differences in hourly day-ahead energy prices between two p</font><font style="font-family:Times New Roman;font-size:10pt;">oints on the transmission grid. </font><font style="font-family:Times New Roman;font-size:10pt;">The fair values of these instruments are reflected as a regulatory asset/liability depending on whether they are in a net loss/gain position. Depending on the nature of the instrument, the gain or loss associated with these transactions will be reflected as cost of gas sold, fuel for electric generation, or purchased power expense in the delivery month applicable to the instrument. At </font><font style="font-family:Times New Roman;font-size:10pt;">September 30, 2012</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">the fair value of exchange traded derivatives and FTRs exceeded their cost basis by </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">1.8</font><font style="font-family:Times New Roman;font-size:10pt;"> million. At</font><font style="font-family:Times New Roman;font-size:10pt;"> December 31,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">the </font><font style="font-family:Times New Roman;font-size:10pt;">cost basis of exchange traded derivatives and FTRs exceeded their </font><font style="font-family:Times New Roman;font-size:10pt;">fair value</font><font style="font-family:Times New Roman;font-size:10pt;"> by </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">2.8</font><font style="font-family:Times New Roman;font-size:10pt;"> million</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">MGE has also entered into a ten-year</font><font style="font-family:Times New Roman;font-size:10pt;"> purchased power agreement </font><font style="font-family:Times New Roman;font-size:10pt;">that</font><font style="font-family:Times New Roman;font-size:10pt;"> provides MGE with firm capacity and energy during a base term from </font><font style="font-family:Times New Roman;font-size:10pt;">June </font><font style="font-family:Times New Roman;font-size:10pt;">1, 2012, through </font><font style="font-family:Times New Roman;font-size:10pt;">May </font><font style="font-family:Times New Roman;font-size:10pt;">31, 2022. The agreement also allows MGE an option to extend the contract after the base term. The agreement is </font><font style="font-family:Times New Roman;font-size:10pt;">accounted for as </font><font style="font-family:Times New Roman;font-size:10pt;">a derivative contract and is recognized at its fair value on the balance sheet. However, the derivative qualifies for regulatory deferral and is recognized with a corresponding regulatory asset or liability depending on whether the fair value is in a loss or gain position. The fair value of the contract at </font><font style="font-family:Times New Roman;font-size:10pt;">September 30, 2012</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">December 31, </font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;">, reflects a loss position of </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">77.1</font><font style="font-family:Times New Roman;font-size:10pt;"> million and </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">39.5</font><font style="font-family:Times New Roman;font-size:10pt;"> million</font><font style="font-family:Times New Roman;font-size:10pt;">, respectively</font><font style="font-family:Times New Roman;font-size:10pt;">. The actual fuel cost will be recognized in purchased power expense in the month of purchase.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">The following table summarizes the fair value of the derivative instruments on the balance sheet. </font><font style="font-family:Times New Roman;font-size:10pt;">All derivative instruments in this table are presented on a gross basis and are calculated prior to the netting of instruments with the same counterparty under a master netting agreement as well as the netting of collateral. For financial statement purposes, MGE Energy and MGE have netted instruments with the same counterparty under a master netting agreement as well as the netting of collateral.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 15px"><td style="width: 170px; text-align:center;border-color:#000000;min-width:170px;"> </td><td colspan="3" style="width: 215px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:215px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: center;">Asset Derivatives</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td colspan="3" style="width: 230px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:230px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: center;">Liability Derivatives</font></td></tr><tr style="height: 15px"><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">(In thousands)</font></td><td style="width: 145px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:145px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Balance Sheet Location</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: center;">Fair Value</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 160px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Balance Sheet Location</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: center;">Fair Value</font></td></tr><tr style="height: 15px"><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">September 30, 2012</font></td><td style="width: 145px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:145px;"> </td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:60px;"> </td><td rowspan="2" style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 160px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:160px;"> </td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:60px;"> </td></tr><tr style="height: 15px"><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Commodity derivative contracts</font></td><td style="width: 145px; text-align:left;border-color:#000000;min-width:145px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Other current assets</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">$</font></td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">1,463</font></td><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Derivative liability (current)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">$</font></td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">245</font></td></tr><tr style="height: 15px"><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Commodity derivative contracts</font></td><td style="width: 145px; text-align:left;border-color:#000000;min-width:145px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Other deferred charges</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">114</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Derivative liability (long-term)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">60</font></td></tr><tr style="height: 15px"><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">FTRs</font></td><td style="width: 145px; text-align:left;border-color:#000000;min-width:145px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Other current assets</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">561</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Derivative liability (current)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td></tr><tr style="height: 15px"><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Ten-year PPA</font></td><td style="width: 145px; text-align:left;border-color:#000000;min-width:145px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">N/A</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">N/A</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Derivative liability (current)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">9,600</font></td></tr><tr style="height: 15px"><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Ten-year PPA</font></td><td style="width: 145px; text-align:left;border-color:#000000;min-width:145px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">N/A</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">N/A</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Derivative liability (long-term)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">67,490</font></td></tr><tr style="height: 15px"><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;"> </td><td style="width: 145px; text-align:left;border-color:#000000;min-width:145px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"> </td></tr><tr style="height: 15px"><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">December 31, 2011</font></td><td style="width: 145px; text-align:left;border-color:#000000;min-width:145px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"> </td></tr><tr style="height: 15px"><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Commodity derivative contracts</font></td><td style="width: 145px; text-align:left;border-color:#000000;min-width:145px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Other current assets</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">$</font></td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">177</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Derivative liability (current)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">$</font></td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">3,060</font></td></tr><tr style="height: 15px"><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Commodity derivative contracts</font></td><td style="width: 145px; text-align:left;border-color:#000000;min-width:145px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Other deferred charges</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">92</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Derivative liability (long-term)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">231</font></td></tr><tr style="height: 15px"><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">FTRs</font></td><td style="width: 145px; text-align:left;border-color:#000000;min-width:145px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Other current assets</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">186</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Derivative liability (current)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td></tr><tr style="height: 15px"><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Ten-year PPA</font></td><td style="width: 145px; text-align:left;border-color:#000000;min-width:145px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">N/A</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">N/A</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Derivative liability (current)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">4,600</font></td></tr><tr style="height: 15px"><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Ten-year PPA</font></td><td style="width: 145px; text-align:left;border-color:#000000;min-width:145px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">N/A</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">N/A</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Derivative liability (long-term)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">34,920</font></td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45.35px;">The following table</font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;"> summarize the unrealized and realized </font><font style="font-family:Times New Roman;font-size:10pt;">gains (</font><font style="font-family:Times New Roman;font-size:10pt;">losses</font><font style="font-family:Times New Roman;font-size:10pt;">)</font><font style="font-family:Times New Roman;font-size:10pt;"> related to the derivative instruments on the balance sheet at </font><font style="font-family:Times New Roman;font-size:10pt;">September 30, 2012</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;">, and the income statement for the </font><font style="font-family:Times New Roman;font-size:10pt;">three and nine months ended</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">September 30, 2012</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 15px"><td style="width: 245px; text-align:center;border-color:#000000;min-width:245px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td colspan="3" style="width: 178px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:178px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td><td style="width: 4px; text-align:center;border-color:#000000;min-width:4px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td colspan="3" style="width: 178px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:178px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2011</font></td></tr><tr style="height: 46px"><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(In thousands)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Current and long-term regulatory asset</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Other current assets</font></td><td style="width: 4px; text-align:center;border-color:#000000;min-width:4px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Current and long-term regulatory asset</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Other current assets</font></td></tr><tr style="height: 15px"><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Three Months Ended September 30:</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:84px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:84px;"> </td><td style="width: 4px; text-align:center;border-color:#000000;min-width:4px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:84px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:84px;"> </td></tr><tr style="height: 15px"><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Balance at July 1,</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">79,362</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">718</font></td><td style="width: 4px; text-align:center;border-color:#000000;min-width:4px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">22,604</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,001</font></td></tr><tr style="height: 15px"><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Change in unrealized loss</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(468)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 4px; text-align:center;border-color:#000000;min-width:4px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">3,839</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td></tr><tr style="height: 15px"><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Realized loss reclassified to a deferred account</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(223)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">223</font></td><td style="width: 4px; text-align:center;border-color:#000000;min-width:4px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(210)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">210</font></td></tr><tr style="height: 15px"><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Realized gain (loss) reclassified to income</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"> </td><td style="width: 4px; text-align:center;border-color:#000000;min-width:4px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"> </td></tr><tr style="height: 15px"><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">statement</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(3,414)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(161)</font></td><td style="width: 4px; text-align:center;border-color:#000000;min-width:4px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">350</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(233)</font></td></tr><tr style="height: 15px"><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Balance at September 30,</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 84px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">75,257</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 84px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">780</font></td><td style="width: 4px; text-align:center;border-color:#000000;min-width:4px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 84px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">26,583</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 84px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">978</font></td></tr><tr style="height: 15px"><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:84px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:84px;"> </td><td style="width: 4px; text-align:left;border-color:#000000;min-width:4px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:84px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:84px;"> </td></tr><tr style="height: 15px"><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Nine Months Ended September 30:</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:left;border-color:#000000;min-width:84px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:left;border-color:#000000;min-width:84px;"> </td><td style="width: 4px; text-align:center;border-color:#000000;min-width:4px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:left;border-color:#000000;min-width:84px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:left;border-color:#000000;min-width:84px;"> </td></tr><tr style="height: 15px"><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Balance at January 1,</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">42,356</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,604</font></td><td style="width: 4px; text-align:center;border-color:#000000;min-width:4px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">19,230</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,411</font></td></tr><tr style="height: 15px"><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Change in unrealized loss</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">42,633</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 4px; text-align:center;border-color:#000000;min-width:4px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">7,775</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td></tr><tr style="height: 15px"><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Realized loss reclassified to a deferred account</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(3,103)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">3,103</font></td><td style="width: 4px; text-align:center;border-color:#000000;min-width:4px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(1,484)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,484</font></td></tr><tr style="height: 15px"><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Realized gain (loss) reclassified to income</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"> </td><td style="width: 4px; text-align:center;border-color:#000000;min-width:4px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"> </td></tr><tr style="height: 15px"><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">statement</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(6,629)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(3,927)</font></td><td style="width: 4px; text-align:center;border-color:#000000;min-width:4px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,062</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(1,917)</font></td></tr><tr style="height: 15px"><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Balance at September 30,</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 84px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">75,257</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 84px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">780</font></td><td style="width: 4px; text-align:center;border-color:#000000;min-width:4px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 84px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">26,583</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 84px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">978</font></td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:center;border-color:#000000;min-width:239px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td colspan="5" style="width: 320px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:320px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Realized losses (gains)</font></td><td style="width: 28px; text-align:center;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:100px;"> </td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Fuel for electric </font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:100px;"> </td><td style="width: 28px; text-align:center;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Regulated</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">generation/</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Cost of </font></td><td style="width: 28px; text-align:center;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(In thousands)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">gas revenues</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">purchased power</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">gas sold</font></td><td style="width: 28px; text-align:center;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Three Months Ended September 30, 2012:</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:100px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:100px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:100px;"> </td><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Commodity derivative contracts</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">176</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 28px; text-align:right;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">FTRs</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(256)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 28px; text-align:right;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Ten-year PPA</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">3,655</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 28px; text-align:right;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"> </td><td style="width: 28px; text-align:right;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Three Months Ended September 30, 2011:</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"> </td><td style="width: 28px; text-align:right;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Commodity derivative contracts</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(94)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 28px; text-align:right;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">FTRs</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(23)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 28px; text-align:right;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Ten-year PPA</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 28px; text-align:right;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"> </td><td style="width: 28px; text-align:right;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Nine Months Ended September 30, 2012:</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;"> </td><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Commodity derivative contracts</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">2,685</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">3,090</font></td><td style="width: 28px; text-align:right;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">FTRs</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(93)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 28px; text-align:right;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Ten-year PPA</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">4,874</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 28px; text-align:right;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"> </td><td style="width: 28px; text-align:right;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Nine Months Ended September 30, 2011:</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"> </td><td style="width: 28px; text-align:right;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Commodity derivative contracts</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(465)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,315</font></td><td style="width: 28px; text-align:right;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">FTRs</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">5</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 28px; text-align:right;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Ten-year PPA</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 28px; text-align:right;border-color:#000000;min-width:28px;"> </td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45.35px;">MGE's commodity derivative contracts, FTRs, and ten-year PPA are subject to regulatory deferral. These derivatives are marked to fair value and are offset with a corresponding regulatory asset or liability. Realized gains and losses are deferred on the balance sheet and are recognized in earnings in the delivery month applicable to the instrument. As a result of the above described treatment, there are no unrealized gains or losses that flow through earnings. </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">The ten-year PPA has a provision that may require MGE to post collateral if MGE's debt rating falls below investment grade (i.e., below BBB-). The amount of collateral that it may be required to post varies from $</font><font style="font-family:Times New Roman;font-size:10pt;">20.0</font><font style="font-family:Times New Roman;font-size:10pt;"> million to $</font><font style="font-family:Times New Roman;font-size:10pt;">40.0</font><font style="font-family:Times New Roman;font-size:10pt;"> million, depending on MGE's nominated capacity amount. </font><font style="font-family:Times New Roman;font-size:10pt;">As of </font><font style="font-family:Times New Roman;font-size:10pt;">September 30, 2012</font><font style="font-family:Times New Roman;font-size:10pt;">, no collateral has been posted. </font><font style="font-family:Times New Roman;font-size:10pt;">Certain counterparties extend MGE a credit limit. If MGE exceeds these limits, the counterparties may require collateral to be posted.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">As of</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">September 30, 2012</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">December 31</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">no counterparties </font><font style="font-family:Times New Roman;font-size:10pt;">were</font><font style="font-family:Times New Roman;font-size:10pt;"> in a net liability po</font><font style="font-family:Times New Roman;font-size:10pt;">sition.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">Nonperformance of counterparties to the non-exchange traded derivatives could expose MGE to credit loss. However, MGE enters into transactions only with companies that meet or exceed strict credit guidelines, and it monitors these counterparties on an ongoing basis to mitigate nonperformance risk in its portfolio. As of </font><font style="font-family:Times New Roman;font-size:10pt;">September 30, 2012</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">no counterparties have defaulted.</font></p>
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">As part of its regular operations, MGE enters into contracts, including options, swaps, futures, forwards, and other contractual commitments, to manage its exposure to commodity prices and gas revenues. To the extent that these contracts are derivatives, MGE assesses whether or not the normal purchases or normal sales exclusion applies. For contracts to which this exclusion cannot be applied, MGE Energy and MGE recognize such derivatives in the consolidated balance sheets at fair value</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> The majority of MGE's derivative activities are conducted in accordance with its electric and gas risk management program, which is approved by the PSCW and limits the volume MGE can hedge with specific risk management strategies. The maximum length of time over which cash flows related to energy commodities can be hedged </font><font style="font-family:Times New Roman;font-size:10pt;">is </font><font style="font-family:Times New Roman;font-size:10pt;">four years.</font><font style="font-family:Times New Roman;font-size:10pt;"> If the derivative qualifies for regulatory deferral, the derivatives are marked to fair value and are offset with a corresponding regulatory asset or liability. The deferred gain or loss is recognized in earnings in the delivery month applicable to the instrument. Gains and losses related to hedges qualifying for regulatory treatment are recoverable in gas rates through the PGA or in electric rates as a component of the fuel rules mechanism.</font></p>
<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 15px"><td style="width: 57px; text-align:left;border-color:#000000;min-width:57px;"> </td><td style="width: 251px; text-align:left;border-color:#000000;min-width:251px;"> </td><td style="width: 125px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:125px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">September 30, 2012</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;" /></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 125px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:125px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">December 31, 2011</font><font style="FONT-FAMILY: Calibri;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 57px; text-align:left;border-color:#000000;min-width:57px;"> </td></tr><tr style="height: 15px"><td style="width: 57px; text-align:left;border-color:#000000;min-width:57px;"> </td><td style="width: 251px; text-align:left;border-color:#000000;min-width:251px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Commodity derivative contracts</font></td><td style="width: 125px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:125px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">440,320</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> MWh</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 125px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:125px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">482,545</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> MWh</font></td><td style="width: 57px; text-align:left;border-color:#000000;min-width:57px;"> </td></tr><tr style="height: 15px"><td style="width: 57px; text-align:left;border-color:#000000;min-width:57px;"> </td><td style="width: 251px; text-align:left;border-color:#000000;min-width:251px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Commodity derivative contracts</font></td><td style="width: 125px; text-align:center;border-color:#000000;min-width:125px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">4,170,000</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Dth</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 125px; text-align:center;border-color:#000000;min-width:125px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">4,030,000</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Dth</font></td><td style="width: 57px; text-align:left;border-color:#000000;min-width:57px;"> </td></tr><tr style="height: 15px"><td style="width: 57px; text-align:left;border-color:#000000;min-width:57px;"> </td><td style="width: 251px; text-align:left;border-color:#000000;min-width:251px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">FTRs</font></td><td style="width: 125px; text-align:center;border-color:#000000;min-width:125px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">4,069</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> MW</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 125px; text-align:center;border-color:#000000;min-width:125px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2,382</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> MW</font></td><td style="width: 57px; text-align:left;border-color:#000000;min-width:57px;"> </td></tr></table></div>
440320
482545
4030000
4170000
4069
2382
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">All derivative instruments in this table are presented on a gross basis and are calculated prior to the netting of instruments with the same counterparty under a master netting agreement as well as the netting of collateral. For financial statement purposes, MGE Energy and MGE have netted instruments with the same counterparty under a master netting agreement as well as the netting of collateral.</font></p>
<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 15px"><td style="width: 170px; text-align:center;border-color:#000000;min-width:170px;"> </td><td colspan="3" style="width: 215px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:215px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: center;">Asset Derivatives</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td colspan="3" style="width: 230px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:230px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: center;">Liability Derivatives</font></td></tr><tr style="height: 15px"><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">(In thousands)</font></td><td style="width: 145px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:145px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Balance Sheet Location</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: center;">Fair Value</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 160px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Balance Sheet Location</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: center;">Fair Value</font></td></tr><tr style="height: 15px"><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">September 30, 2012</font></td><td style="width: 145px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:145px;"> </td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:60px;"> </td><td rowspan="2" style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 160px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:160px;"> </td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:60px;"> </td></tr><tr style="height: 15px"><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Commodity derivative contracts</font></td><td style="width: 145px; text-align:left;border-color:#000000;min-width:145px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Other current assets</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">$</font></td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">1,463</font></td><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Derivative liability (current)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">$</font></td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">245</font></td></tr><tr style="height: 15px"><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Commodity derivative contracts</font></td><td style="width: 145px; text-align:left;border-color:#000000;min-width:145px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Other deferred charges</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">114</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Derivative liability (long-term)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">60</font></td></tr><tr style="height: 15px"><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">FTRs</font></td><td style="width: 145px; text-align:left;border-color:#000000;min-width:145px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Other current assets</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">561</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Derivative liability (current)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td></tr><tr style="height: 15px"><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Ten-year PPA</font></td><td style="width: 145px; text-align:left;border-color:#000000;min-width:145px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">N/A</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">N/A</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Derivative liability (current)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">9,600</font></td></tr><tr style="height: 15px"><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Ten-year PPA</font></td><td style="width: 145px; text-align:left;border-color:#000000;min-width:145px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">N/A</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">N/A</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Derivative liability (long-term)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">67,490</font></td></tr><tr style="height: 15px"><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;"> </td><td style="width: 145px; text-align:left;border-color:#000000;min-width:145px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"> </td></tr><tr style="height: 15px"><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">December 31, 2011</font></td><td style="width: 145px; text-align:left;border-color:#000000;min-width:145px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"> </td></tr><tr style="height: 15px"><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Commodity derivative contracts</font></td><td style="width: 145px; text-align:left;border-color:#000000;min-width:145px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Other current assets</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">$</font></td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">177</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Derivative liability (current)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">$</font></td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">3,060</font></td></tr><tr style="height: 15px"><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Commodity derivative contracts</font></td><td style="width: 145px; text-align:left;border-color:#000000;min-width:145px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Other deferred charges</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">92</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Derivative liability (long-term)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">231</font></td></tr><tr style="height: 15px"><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">FTRs</font></td><td style="width: 145px; text-align:left;border-color:#000000;min-width:145px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Other current assets</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">186</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Derivative liability (current)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td></tr><tr style="height: 15px"><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Ten-year PPA</font></td><td style="width: 145px; text-align:left;border-color:#000000;min-width:145px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">N/A</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">N/A</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;">Derivative liability (current)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">4,600</font></td></tr><tr style="height: 15px"><td style="width: 170px; text-align:left;border-color:#000000;min-width:170px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Ten-year PPA</font></td><td style="width: 145px; text-align:left;border-color:#000000;min-width:145px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">N/A</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">N/A</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: left;">Derivative liability (long-term)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8.5pt;COLOR: #000000;TEXT-ALIGN: right;">34,920</font></td></tr></table></div>
1463000
60000
114000
245000
561000
0
67490000
9600000
177000
231000
3060000
92000
0
186000
0
3000000
-2800000
-39500000
-1800000
-77100000
34920000
4600000
20000000
40000000
0
0
0
<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 15px"><td style="width: 245px; text-align:center;border-color:#000000;min-width:245px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td colspan="3" style="width: 178px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:178px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td><td style="width: 4px; text-align:center;border-color:#000000;min-width:4px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td colspan="3" style="width: 178px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:178px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2011</font></td></tr><tr style="height: 46px"><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(In thousands)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Current and long-term regulatory asset</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Other current assets</font></td><td style="width: 4px; text-align:center;border-color:#000000;min-width:4px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Current and long-term regulatory asset</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Other current assets</font></td></tr><tr style="height: 15px"><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Three Months Ended September 30:</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:84px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:84px;"> </td><td style="width: 4px; text-align:center;border-color:#000000;min-width:4px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:84px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:84px;"> </td></tr><tr style="height: 15px"><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Balance at July 1,</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">79,362</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">718</font></td><td style="width: 4px; text-align:center;border-color:#000000;min-width:4px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">22,604</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,001</font></td></tr><tr style="height: 15px"><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Change in unrealized loss</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(468)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 4px; text-align:center;border-color:#000000;min-width:4px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">3,839</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td></tr><tr style="height: 15px"><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Realized loss reclassified to a deferred account</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(223)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">223</font></td><td style="width: 4px; text-align:center;border-color:#000000;min-width:4px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(210)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">210</font></td></tr><tr style="height: 15px"><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Realized gain (loss) reclassified to income</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"> </td><td style="width: 4px; text-align:center;border-color:#000000;min-width:4px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"> </td></tr><tr style="height: 15px"><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">statement</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(3,414)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(161)</font></td><td style="width: 4px; text-align:center;border-color:#000000;min-width:4px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">350</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(233)</font></td></tr><tr style="height: 15px"><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Balance at September 30,</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 84px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">75,257</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 84px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">780</font></td><td style="width: 4px; text-align:center;border-color:#000000;min-width:4px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 84px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">26,583</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 84px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">978</font></td></tr><tr style="height: 15px"><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:84px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:84px;"> </td><td style="width: 4px; text-align:left;border-color:#000000;min-width:4px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:84px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:84px;"> </td></tr><tr style="height: 15px"><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Nine Months Ended September 30:</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:left;border-color:#000000;min-width:84px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:left;border-color:#000000;min-width:84px;"> </td><td style="width: 4px; text-align:center;border-color:#000000;min-width:4px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:left;border-color:#000000;min-width:84px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:left;border-color:#000000;min-width:84px;"> </td></tr><tr style="height: 15px"><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Balance at January 1,</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">42,356</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,604</font></td><td style="width: 4px; text-align:center;border-color:#000000;min-width:4px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">19,230</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,411</font></td></tr><tr style="height: 15px"><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Change in unrealized loss</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">42,633</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 4px; text-align:center;border-color:#000000;min-width:4px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">7,775</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td></tr><tr style="height: 15px"><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Realized loss reclassified to a deferred account</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(3,103)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">3,103</font></td><td style="width: 4px; text-align:center;border-color:#000000;min-width:4px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(1,484)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,484</font></td></tr><tr style="height: 15px"><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Realized gain (loss) reclassified to income</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"> </td><td style="width: 4px; text-align:center;border-color:#000000;min-width:4px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; text-align:right;border-color:#000000;min-width:84px;"> </td></tr><tr style="height: 15px"><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">statement</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(6,629)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(3,927)</font></td><td style="width: 4px; text-align:center;border-color:#000000;min-width:4px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,062</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 84px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(1,917)</font></td></tr><tr style="height: 15px"><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Balance at September 30,</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 84px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">75,257</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 84px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">780</font></td><td style="width: 4px; text-align:center;border-color:#000000;min-width:4px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 84px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">26,583</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 84px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:84px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">978</font></td></tr></table></div>
223000
-223000
210000
-210000
3414000
161000
-350000
233000
79362000
718000
22604000
1001000
-3839000
468000
0
0
75257000
26583000
780000
978000
42356000
1411000
1604000
19230000
-42633000
0
3103000
-3103000
6629000
3927000
-7775000
0
1484000
-1484000
-1062000
1917000
<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:center;border-color:#000000;min-width:239px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td colspan="5" style="width: 320px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:320px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Realized losses (gains)</font></td><td style="width: 28px; text-align:center;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:100px;"> </td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Fuel for electric </font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:100px;"> </td><td style="width: 28px; text-align:center;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Regulated</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">generation/</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Cost of </font></td><td style="width: 28px; text-align:center;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(In thousands)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">gas revenues</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">purchased power</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">gas sold</font></td><td style="width: 28px; text-align:center;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Three Months Ended September 30, 2012:</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:100px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:100px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:100px;"> </td><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Commodity derivative contracts</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">176</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 28px; text-align:right;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">FTRs</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(256)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 28px; text-align:right;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Ten-year PPA</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">3,655</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 28px; text-align:right;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"> </td><td style="width: 28px; text-align:right;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Three Months Ended September 30, 2011:</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"> </td><td style="width: 28px; text-align:right;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Commodity derivative contracts</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(94)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 28px; text-align:right;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">FTRs</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(23)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 28px; text-align:right;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Ten-year PPA</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 28px; text-align:right;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"> </td><td style="width: 28px; text-align:right;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Nine Months Ended September 30, 2012:</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;"> </td><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Commodity derivative contracts</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">2,685</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">3,090</font></td><td style="width: 28px; text-align:right;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">FTRs</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(93)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 28px; text-align:right;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Ten-year PPA</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">4,874</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 28px; text-align:right;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"> </td><td style="width: 28px; text-align:right;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Nine Months Ended September 30, 2011:</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"> </td><td style="width: 28px; text-align:right;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Commodity derivative contracts</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(465)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,315</font></td><td style="width: 28px; text-align:right;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">FTRs</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">5</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 28px; text-align:right;border-color:#000000;min-width:28px;"> </td></tr><tr style="height: 15px"><td style="width: 28px; text-align:left;border-color:#000000;min-width:28px;"> </td><td style="width: 239px; text-align:left;border-color:#000000;min-width:239px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Ten-year PPA</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 100px; text-align:right;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 28px; text-align:right;border-color:#000000;min-width:28px;"> </td></tr></table></div>
0
256000
0
-3655000
0
0
0
-176000
0
94000
0
0
23000
0
0
0
0
0
0
0
0
-2685000
93000
-4874000
-3090000
0
0
0
0
0
0
-5000
465000
0
-1315000
0
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">1</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">0</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.       Rate Matters - MGE Energy and MGE.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:27px;">a.       Rate </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">P</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">roceedings.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">On March 23, 2012, MGE filed an applicatio</font><font style="font-family:Times New Roman;font-size:10pt;">n with the PSCW requesting a </font><font style="font-family:Times New Roman;font-size:10pt;">5.8</font><font style="font-family:Times New Roman;font-size:10pt;">% increase to electric rates and a </font><font style="font-family:Times New Roman;font-size:10pt;">2.6</font><font style="font-family:Times New Roman;font-size:10pt;">% increase to gas rates. The proposed electric increase will cover costs for new environmental equipment at Columbia, final constructi</font><font style="font-family:Times New Roman;font-size:10pt;">on costs for the Elm Road Units</font><font style="font-family:Times New Roman;font-size:10pt;"> (including the prudence of construction costs incurred above a previously approved cap)</font><font style="font-family:Times New Roman;font-size:10pt;">, transmission reliability enhancements, and </font><font style="font-family:Times New Roman;font-size:10pt;">purchased power costs</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">MGE has</font><font style="font-family:Times New Roman;font-size:10pt;"> requested that these rates become effective January 1, 2013.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">On December 15, 2011</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> under a limited reopener of</font><font style="font-family:Times New Roman;font-size:10pt;"> MGE</font><font style="font-family:Times New Roman;font-size:10pt;">'s</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">last rate order, </font><font style="font-family:Times New Roman;font-size:10pt;">the PSCW </font><font style="font-family:Times New Roman;font-size:10pt;">authorized MGE to increase 2012 rates for retail electric customers by </font><font style="font-family:Times New Roman;font-size:10pt;">4.3</font><font style="font-family:Times New Roman;font-size:10pt;">% or $</font><font style="font-family:Times New Roman;font-size:10pt;">15.7</font><font style="font-family:Times New Roman;font-size:10pt;"> million and to increase gas rates by </font><font style="font-family:Times New Roman;font-size:10pt;">0.3</font><font style="font-family:Times New Roman;font-size:10pt;">% or $</font><font style="font-family:Times New Roman;font-size:10pt;">0.6</font><font style="font-family:Times New Roman;font-size:10pt;"> million</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">The change in retail electric rates was driven by MGE's electric fuel and purchased power costs, increased transmission costs, an update to the Elm Road Units' costs, and an increase for energy efficiency programs. The PSCW </font><font style="font-family:Times New Roman;font-size:10pt;">also </font><font style="font-family:Times New Roman;font-size:10pt;">approved</font><font style="font-family:Times New Roman;font-size:10pt;"> deferral of CSAPR costs. </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">On January 12, 2011</font><font style="font-family:Times New Roman;font-size:10pt;">, the PSCW</font><font style="font-family:Times New Roman;font-size:10pt;"> authorized MGE to increase </font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;"> rates for retail el</font><font style="font-family:Times New Roman;font-size:10pt;">ectric customers by </font><font style="font-family:Times New Roman;font-size:10pt;">2.3</font><font style="font-family:Times New Roman;font-size:10pt;">% or $</font><font style="font-family:Times New Roman;font-size:10pt;">8.0</font><font style="font-family:Times New Roman;font-size:10pt;"> million</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">to </font><font style="font-family:Times New Roman;font-size:10pt;">increase</font><font style="font-family:Times New Roman;font-size:10pt;"> gas rates </font><font style="font-family:Times New Roman;font-size:10pt;">by </font><font style="font-family:Times New Roman;font-size:10pt;">1.0</font><font style="font-family:Times New Roman;font-size:10pt;">% or $</font><font style="font-family:Times New Roman;font-size:10pt;">1.9</font><font style="font-family:Times New Roman;font-size:10pt;"> million</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">The increase in retail electric rates is driven by costs for MGE's share of the Elm Road Units</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">Pursuant to the provisions of this rate order, the fuel rules bandwidth effective January 1, 201</font><font style="font-family:Times New Roman;font-size:10pt;">1</font><font style="font-family:Times New Roman;font-size:10pt;">, will be plus or minus </font><font style="font-family:Times New Roman;font-size:10pt;">2</font><font style="font-family:Times New Roman;font-size:10pt;">%. See below for further description of fuel rules. Authorized return on common stock equity was set at </font><font style="font-family:Times New Roman;font-size:10pt;">10.3</font><font style="font-family:Times New Roman;font-size:10pt;">% based on a </font><font style="font-family:Times New Roman;font-size:10pt;">58.1</font><font style="font-family:Times New Roman;font-size:10pt;">% utility common equity</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:27px;">b.       Fuel </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">R</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">ules.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">The PSCW approved new fuel rules </font><font style="font-family:Times New Roman;font-size:10pt;">that became</font><font style="font-family:Times New Roman;font-size:10pt;"> effective January 1, 2011. The new rules require the PSCW and Wisconsin utilities to defer electric fuel-related costs that fall outside a symmetrical cost tolerance band</font><font style="font-family:Times New Roman;font-size:10pt;"> around the amount approved for a utility in its most recent base rate proceedings</font><font style="font-family:Times New Roman;font-size:10pt;">. Any over/under recovery of the </font><font style="font-family:Times New Roman;font-size:10pt;">actual</font><font style="font-family:Times New Roman;font-size:10pt;"> costs is determined on an annual basis and will be adj</font><font style="font-family:Times New Roman;font-size:10pt;">usted in future billings to </font><font style="font-family:Times New Roman;font-size:10pt;">electric retail customers. Under fuel rules, MGE </font><font style="font-family:Times New Roman;font-size:10pt;">would defer costs</font><font style="font-family:Times New Roman;font-size:10pt;">, less any excess revenues,</font><font style="font-family:Times New Roman;font-size:10pt;"> if its actual electric fuel costs exceeded </font><font style="font-family:Times New Roman;font-size:10pt;">102</font><font style="font-family:Times New Roman;font-size:10pt;">% of the electric fuel costs allowed in its latest rate order. </font><font style="font-family:Times New Roman;font-size:10pt;">Excess revenues are </font><font style="font-family:Times New Roman;font-size:10pt;">defined as revenues in the </font><font style="font-family:Times New Roman;font-size:10pt;">year</font><font style="font-family:Times New Roman;font-size:10pt;"> in question</font><font style="font-family:Times New Roman;font-size:10pt;"> that provide MGE with a greater return on common equity than authorized by the PSCW in MGE's latest rate order. </font><font style="font-family:Times New Roman;font-size:10pt;">Conversely, MGE </font><font style="font-family:Times New Roman;font-size:10pt;">is</font><font style="font-family:Times New Roman;font-size:10pt;"> required to </font><font style="font-family:Times New Roman;font-size:10pt;">defer the benefit of lower costs</font><font style="font-family:Times New Roman;font-size:10pt;"> if actual electric fuel costs were less than </font><font style="font-family:Times New Roman;font-size:10pt;">98</font><font style="font-family:Times New Roman;font-size:10pt;">% of the electric fuel costs allowed in that order.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">As of </font><font style="font-family:Times New Roman;font-size:10pt;">September 30, 2012</font><font style="font-family:Times New Roman;font-size:10pt;">, MGE </font><font style="font-family:Times New Roman;font-size:10pt;">has</font><font style="font-family:Times New Roman;font-size:10pt;"> defer</font><font style="font-family:Times New Roman;font-size:10pt;">red</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">5.9</font><font style="font-family:Times New Roman;font-size:10pt;"> million</font><font style="font-family:Times New Roman;font-size:10pt;"> (</font><font style="font-family:Times New Roman;font-size:10pt;">for </font><font style="font-family:Times New Roman;font-size:10pt;">credit back to customers)</font><font style="font-family:Times New Roman;font-size:10pt;"> of </font><font style="font-family:Times New Roman;font-size:10pt;">electric fuel-related </font><font style="font-family:Times New Roman;font-size:10pt;">savings that are </font><font style="font-family:Times New Roman;font-size:10pt;">outside the 98</font><font style="font-family:Times New Roman;font-size:10pt;">% range authorized by the PSCW in the most recent rate order</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p>
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">The PSCW approved new fuel rules </font><font style="font-family:Times New Roman;font-size:10pt;">that became</font><font style="font-family:Times New Roman;font-size:10pt;"> effective January 1, 2011. The new rules require the PSCW and Wisconsin utilities to defer electric fuel-related costs that fall outside a symmetrical cost tolerance band</font><font style="font-family:Times New Roman;font-size:10pt;"> around the amount approved for a utility in its most recent base rate proceedings</font><font style="font-family:Times New Roman;font-size:10pt;">. Any over/under recovery of the </font><font style="font-family:Times New Roman;font-size:10pt;">actual</font><font style="font-family:Times New Roman;font-size:10pt;"> costs is determined on an annual basis and will be adj</font><font style="font-family:Times New Roman;font-size:10pt;">usted in future billings to </font><font style="font-family:Times New Roman;font-size:10pt;">electric retail customers. Under fuel rules, MGE </font><font style="font-family:Times New Roman;font-size:10pt;">would defer costs</font><font style="font-family:Times New Roman;font-size:10pt;">, less any excess revenues,</font><font style="font-family:Times New Roman;font-size:10pt;"> if its actual electric fuel costs exceeded </font><font style="font-family:Times New Roman;font-size:10pt;">102</font><font style="font-family:Times New Roman;font-size:10pt;">% of the electric fuel costs allowed in its latest rate order. </font><font style="font-family:Times New Roman;font-size:10pt;">Excess revenues are </font><font style="font-family:Times New Roman;font-size:10pt;">defined as revenues in the </font><font style="font-family:Times New Roman;font-size:10pt;">year</font><font style="font-family:Times New Roman;font-size:10pt;"> in question</font><font style="font-family:Times New Roman;font-size:10pt;"> that provide MGE with a greater return on common equity than authorized by the PSCW in MGE's latest rate order. </font><font style="font-family:Times New Roman;font-size:10pt;">Conversely, MGE </font><font style="font-family:Times New Roman;font-size:10pt;">is</font><font style="font-family:Times New Roman;font-size:10pt;"> required to </font><font style="font-family:Times New Roman;font-size:10pt;">defer the benefit of lower costs</font><font style="font-family:Times New Roman;font-size:10pt;"> if actual electric fuel costs were less than </font><font style="font-family:Times New Roman;font-size:10pt;">98</font><font style="font-family:Times New Roman;font-size:10pt;">% of the electric fuel costs allowed in that order.</font></p>
0.058
0.026
0.043
0.003
15700000
600000
0.581
0.103
0.023
0.01
0.02
8000000
1900000
1.02
0.98
-5900000
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">1</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">1</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.       Fair Value of Financial Instruments - MGE Energy and MGE.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:27px;">a.       Fair Value of Financial Assets and Liabilities Recorded at the Carrying Amount.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">At </font><font style="font-family:Times New Roman;font-size:10pt;">September 30,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">2012</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">December 31, </font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;">, the carrying amount of cash</font><font style="font-family:Times New Roman;font-size:10pt;"> and</font><font style="font-family:Times New Roman;font-size:10pt;"> cash equivalents </font><font style="font-family:Times New Roman;font-size:10pt;">approximates fair market value due to the short maturity of those investments and obligations. The estimated fair market value of MGE Energy's and MGE</font><font style="font-family:Times New Roman;font-size:10pt;">'s</font><font style="font-family:Times New Roman;font-size:10pt;"> long-term debt is based on quoted market prices </font><font style="font-family:Times New Roman;font-size:10pt;">for similar financial instruments </font><font style="font-family:Times New Roman;font-size:10pt;">at </font><font style="font-family:Times New Roman;font-size:10pt;">September 30,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">2012</font><font style="font-family:Times New Roman;font-size:10pt;"> and December 31, </font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">Since the long-term debt is not </font><font style="font-family:Times New Roman;font-size:10pt;">traded in an active market, it is</font><font style="font-family:Times New Roman;font-size:10pt;"> classified as Level 2 (see discussion regarding the fair value level hierarchy below in section b).</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">The estimated fair market value</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> of MGE Energy's and MGE's financial instruments are as follows:</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"> </td><td style="width: 224px; text-align:left;border-color:#000000;min-width:224px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td colspan="3" style="width: 150px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:150px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">September 30, 2012</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td colspan="3" style="width: 150px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:150px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">December 31, 2011</font></td><td style="width: 35px; text-align:center;border-color:#000000;min-width:35px;"> </td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"> </td><td style="width: 224px; text-align:left;border-color:#000000;min-width:224px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Carrying</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Fair</font></td><td rowspan="2" style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Carrying</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Fair</font></td><td style="width: 35px; text-align:center;border-color:#000000;min-width:35px;"> </td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"> </td><td style="width: 224px; text-align:left;border-color:#000000;min-width:224px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(In thousands)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Amount</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Value</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Amount</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Value</font></td><td style="width: 35px; text-align:center;border-color:#000000;min-width:35px;"> </td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"> </td><td style="width: 224px; text-align:left;border-color:#000000;min-width:224px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">MGE Energy</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"> </td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"> </td><td style="width: 224px; text-align:left;border-color:#000000;min-width:224px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Assets:</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"> </td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"> </td><td style="width: 224px; text-align:left;border-color:#000000;min-width:224px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Cash and cash equivalents</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">59,203</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">59,203</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">41,169</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">41,169</font></td><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"> </td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"> </td><td style="width: 224px; text-align:left;border-color:#000000;min-width:224px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Liabilities: </font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"> </td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"> </td><td style="width: 224px; text-align:left;border-color:#000000;min-width:224px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Long-term debt*</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">362,473</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">436,747</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">364,473</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">432,515</font></td><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"> </td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"> </td><td style="width: 224px; text-align:left;border-color:#000000;min-width:224px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"> </td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"> </td><td style="width: 224px; text-align:left;border-color:#000000;min-width:224px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">MGE</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> </font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"> </td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"> </td><td style="width: 224px; text-align:left;border-color:#000000;min-width:224px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Assets:</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"> </td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"> </td><td style="width: 224px; text-align:left;border-color:#000000;min-width:224px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Cash and cash equivalents</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">29,536</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">29,536</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">13,898</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">13,898</font></td><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"> </td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"> </td><td style="width: 224px; text-align:left;border-color:#000000;min-width:224px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Liabilities:</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"> </td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"> </td><td style="width: 224px; text-align:left;border-color:#000000;min-width:224px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Long-term debt*</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">362,473</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">436,747</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">364,473</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">432,515</font></td><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"> </td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"> </td><td style="width: 224px; text-align:left;border-color:#000000;min-width:224px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"> </td></tr><tr style="height: 15px"><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"> </td><td colspan="3" style="width: 304px; text-align:center;border-color:#000000;min-width:304px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">*Includes long-term debt due within one year.</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"> </td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:27px;">b.       Recurring Fair Value Measurements.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45px;">Fair value is defined as the price that would be received to sell an asset or would be paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The standard clarifies that fair value should be based on the assumptions market participants would use when pricing the asset or liability including assumptions about risk. The standard also establishes a three level fair value hierarchy based upon the observability of the assumptions used and requires the use of observable market data when available. The levels are:</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:72px;">Level 1 - Pricing inputs are quoted prices within active markets for identical assets or liabilities.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:72px;">Level 2 - Pricing inputs are quoted prices within active markets for similar assets or liabilities; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations that are correlated with or otherwise verifiable by observable market data.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:72px;">Level 3 - Pricing inputs are unobservable and reflect management's best estimate of what market participants would use in pricing the asset or liability.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45.35px;">The following table presents the balances of assets and liabilities measured at fair value on a recurring basis for MGE Energy and MGE.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"> <sup></sup></td><td colspan="8" style="width: 320px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:320px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Fair Value as of September 30, 2012</font></td><td style="width: 70px; text-align:center;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(In thousands)</font><sup></sup></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Total</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Level 1</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Level 2</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Level 3</font></td><td style="width: 70px; text-align:center;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">MGE Energy</font><sup></sup></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Assets:</font><sup></sup></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Exchange-traded investments</font><sup></sup></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">409</font></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">409</font></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Total Assets</font><sup></sup></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">409</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">409</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Liabilities:</font><sup></sup></td><td style="width: 10px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Derivatives, net</font><sup></sup></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">75,257</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(858)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">76,115</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Deferred compensation</font><sup></sup></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,922</font></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,922</font></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Total Liabilities</font><sup></sup></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">77,179</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(858)</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,922</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">76,115</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"> <sup></sup></td><td style="width: 10px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">MGE</font><sup></sup></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Assets:</font><sup></sup></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Exchange-traded investments</font><sup></sup></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">138</font></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">138</font></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Total Assets</font><sup></sup></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">138</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">138</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Liabilities:</font><sup></sup></td><td style="width: 10px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Derivatives, net</font><sup></sup></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">75,257</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(858)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">76,115</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Deferred compensation</font><sup></sup></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,922</font></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,922</font></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Total Liabilities</font><sup></sup></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">77,179</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(858)</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,922</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">76,115</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"> <sup></sup></td><td style="width: 10px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td colspan="9" style="width: 545px; text-align:left;border-color:#000000;min-width:545px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td colspan="9" style="width: 545px; text-align:left;border-color:#000000;min-width:545px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"> <sup></sup></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td colspan="9" style="width: 545px; text-align:left;border-color:#000000;min-width:545px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">No transfers were made in or out of Level 1 or Level 2 for the nine months ended September 30, 2012.</font></td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"> <sup></sup></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"> <sup></sup></td><td colspan="8" style="width: 320px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:320px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Fair Value as of December 31, 2011</font></td><td style="width: 70px; text-align:center;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(In thousands)</font><sup></sup></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Total</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Level 1</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Level 2</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Level 3</font></td><td style="width: 70px; text-align:center;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">MGE Energy</font><sup></sup></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Assets:</font><sup></sup></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Exchange-traded investments</font><sup></sup></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">350</font></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">350</font></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Total Assets</font><sup></sup></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">350</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">350</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Liabilities:</font><sup></sup></td><td style="width: 10px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Derivatives, net</font><sup>(a)</sup></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">42,356</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,695</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">40,661</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Deferred compensation</font><sup>(b)</sup></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,725</font></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,725</font></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Total Liabilities </font><sup></sup></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">44,081</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,695</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,725</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">40,661</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"> <sup></sup></td><td style="width: 10px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">MGE</font><sup></sup></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Assets:</font><sup></sup></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Exchange-traded investments</font><sup></sup></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">188</font></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">188</font></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Total Assets</font><sup></sup></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">188</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">188</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Liabilities:</font><sup></sup></td><td style="width: 10px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Derivatives, net</font><sup>(a)</sup></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">42,356</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,695</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">40,661</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Deferred compensation</font><sup>(b)</sup></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,725</font></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,725</font></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">0</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Total Liabilities</font><sup></sup></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">44,081</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,695</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">1,725</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">40,661</font></td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"> <sup></sup></td><td style="width: 10px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td colspan="9" style="width: 545px; text-align:left;border-color:#000000;min-width:545px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (a)     These amounts are shown gross and exclude $3.0 million of collateral that was posted </font></td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td colspan="9" style="width: 545px; text-align:left;border-color:#000000;min-width:545px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> against derivative positions with counterparties. </font></td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 225px; text-align:left;border-color:#000000;min-width:225px;"> <sup></sup></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td colspan="9" style="width: 545px; text-align:left;border-color:#000000;min-width:545px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> (b)     The deferred compensation liability at December 31, 2011, was transferred from Level 1</font></td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td colspan="9" style="width: 545px; text-align:left;border-color:#000000;min-width:545px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> to Level 2.</font></td><td style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"> </td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45.35px;">Investments include exchange-traded investment securities valued using quoted prices on active exchanges and are therefore classified as Level 1.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45.35px;">Derivatives include exchange-traded derivative contracts, over-the-counter party transactions, a ten-year purchased power agreement, and FTRs. Most exchange-traded derivative contracts are valued based on unadjusted quoted prices in active markets and are therefore classified as Level 1. A small number of exchange-traded derivative contracts are valued using quoted market pricing in markets with insufficient volumes and are therefore classified as Level 3. Transactions done with an over-the-counter party are on inactive markets and are therefore classified as Level 3. These transactions are valued based on quoted prices with markets with similar exchange traded transactions. </font><font style="font-family:Times New Roman;font-size:10pt;">FTRs are priced based upon monthly auction results for identical or similar instruments in a closed market with limited data available and are therefore classified as Level 3. </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45.35px;">The ten-year purchased </font><font style="font-family:Times New Roman;font-size:10pt;">power agreement (see Footnote 9</font><font style="font-family:Times New Roman;font-size:10pt;">) was valued using an internally-developed pricing model and therefore </font><font style="font-family:Times New Roman;font-size:10pt;">is </font><font style="font-family:Times New Roman;font-size:10pt;">classified as Level 3. The model </font><font style="font-family:Times New Roman;font-size:10pt;">projects future </font><font style="font-family:Times New Roman;font-size:10pt;">market en</font><font style="font-family:Times New Roman;font-size:10pt;">ergy prices</font><font style="font-family:Times New Roman;font-size:10pt;"> and compares those prices to the</font><font style="font-family:Times New Roman;font-size:10pt;"> projected </font><font style="font-family:Times New Roman;font-size:10pt;">power</font><font style="font-family:Times New Roman;font-size:10pt;"> costs</font><font style="font-family:Times New Roman;font-size:10pt;"> to be incurred under the contract. Inputs</font><font style="font-family:Times New Roman;font-size:10pt;"> to the model require significant management judgment and estimation. </font><font style="font-family:Times New Roman;font-size:10pt;">Future energy prices are based on a </font><font style="font-family:Times New Roman;font-size:10pt;">forward power pricing curve </font><font style="font-family:Times New Roman;font-size:10pt;">using</font><font style="font-family:Times New Roman;font-size:10pt;"> exchange-traded contracts in the electric futures market</font><font style="font-family:Times New Roman;font-size:10pt;">, where such exchange-traded contracts exist, and upon calculations</font><font style="font-family:Times New Roman;font-size:10pt;"> based on forward gas prices</font><font style="font-family:Times New Roman;font-size:10pt;">, where such exchange-traded contracts do not exist</font><font style="font-family:Times New Roman;font-size:10pt;">. A basis adjustment is applied to the market energy price to reflect the price differential between the market price </font><font style="font-family:Times New Roman;font-size:10pt;">delivery point</font><font style="font-family:Times New Roman;font-size:10pt;"> and the counterparty delivery point. The historical relationship between the delivery points is reviewed a</font><font style="font-family:Times New Roman;font-size:10pt;">nd a discount (below 100%) or </font><font style="font-family:Times New Roman;font-size:10pt;">premium (above 100%) is derived. This comparison is done for both peak times when demand is high and off peak times when demand is low. If the basis adjustment is lowered, the fair value measurement will decrease and if the basis adjustment is increased, the fair value measurement will increase.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45.35px;">The </font><font style="font-family:Times New Roman;font-size:10pt;">projected </font><font style="font-family:Times New Roman;font-size:10pt;">power</font><font style="font-family:Times New Roman;font-size:10pt;"> costs</font><font style="font-family:Times New Roman;font-size:10pt;"> anticipated to be</font><font style="font-family:Times New Roman;font-size:10pt;"> incurred </font><font style="font-family:Times New Roman;font-size:10pt;">under the purchased power agreement</font><font style="font-family:Times New Roman;font-size:10pt;"> are determined using many factors</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> including historical</font><font style="font-family:Times New Roman;font-size:10pt;"> generating costs</font><font style="font-family:Times New Roman;font-size:10pt;">, future prices, and expected fuel mix</font><font style="font-family:Times New Roman;font-size:10pt;"> of the counterparty. </font><font style="font-family:Times New Roman;font-size:10pt;">An </font><font style="font-family:Times New Roman;font-size:10pt;">increase in the</font><font style="font-family:Times New Roman;font-size:10pt;"> projected fuel costs would result in a </font><font style="font-family:Times New Roman;font-size:10pt;">decrease in the fair value measurement</font><font style="font-family:Times New Roman;font-size:10pt;"> of the purchased power agreement. </font><font style="font-family:Times New Roman;font-size:10pt;">A significant input that MGE estimates is the counterparty's fuel mix in determining the projected </font><font style="font-family:Times New Roman;font-size:10pt;">power</font><font style="font-family:Times New Roman;font-size:10pt;"> cost. </font><font style="font-family:Times New Roman;font-size:10pt;">MGE </font><font style="font-family:Times New Roman;font-size:10pt;">also </font><font style="font-family:Times New Roman;font-size:10pt;">considers the assumptions that market participants would use in valuing the asset or liability. This consideration includes assumptions about market risk such as liquidity, volatility and contract duration. The fair value model</font><font style="font-family:Times New Roman;font-size:10pt;"> uses a discount rate that</font><font style="font-family:Times New Roman;font-size:10pt;"> incorporates discounting, credit, and model risks.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45.35px;">This model is prepared by members of the Energy Supply group</font><font style="font-family:Times New Roman;font-size:10pt;">. It is reviewed</font><font style="font-family:Times New Roman;font-size:10pt;"> on a quarter</font><font style="font-family:Times New Roman;font-size:10pt;">ly basis by</font><font style="font-family:Times New Roman;font-size:10pt;"> management in Energy Supply and Finance </font><font style="font-family:Times New Roman;font-size:10pt;">to review</font><font style="font-family:Times New Roman;font-size:10pt;"> the assumptions, inputs and fair value measurements</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45.35px;">The following table presents the significant unobservable inputs</font><font style="font-family:Times New Roman;font-size:10pt;"> used in the pricing model</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 15px"><td style="width: 125px; text-align:left;border-color:#000000;min-width:125px;"> </td><td style="width: 265px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:265px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Significant Unobservable Inputs</font></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 101px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:101px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Model Input</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;" /></td><td style="width: 125px; text-align:left;border-color:#000000;min-width:125px;"> </td></tr><tr style="height: 15px"><td style="width: 125px; text-align:left;border-color:#000000;min-width:125px;"> </td><td style="width: 265px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:265px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Basis adjustment</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 101px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:101px;"> <font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 125px; text-align:left;border-color:#000000;min-width:125px;"> </td></tr><tr style="height: 15px"><td style="width: 125px; text-align:left;border-color:#000000;min-width:125px;"> </td><td style="width: 265px; text-align:left;border-color:#000000;min-width:265px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> On peak</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 101px; text-align:center;border-color:#000000;min-width:101px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">96.8</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">%</font></td><td style="width: 125px; text-align:left;border-color:#000000;min-width:125px;"> </td></tr><tr style="height: 15px"><td style="width: 125px; text-align:left;border-color:#000000;min-width:125px;"> </td><td style="width: 265px; text-align:left;border-color:#000000;min-width:265px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> Off peak</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 101px; text-align:center;border-color:#000000;min-width:101px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">94.8</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">%</font></td><td style="width: 125px; text-align:left;border-color:#000000;min-width:125px;"> </td></tr><tr style="height: 15px"><td style="width: 125px; text-align:left;border-color:#000000;min-width:125px;"> </td><td style="width: 265px; text-align:left;border-color:#000000;min-width:265px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Counterparty fuel mix:</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 101px; text-align:center;border-color:#000000;min-width:101px;"> <font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 125px; text-align:left;border-color:#000000;min-width:125px;"> </td></tr><tr style="height: 15px"><td style="width: 125px; text-align:left;border-color:#000000;min-width:125px;"> </td><td style="width: 265px; text-align:left;border-color:#000000;min-width:265px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> Internal generation</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 101px; text-align:center;border-color:#000000;min-width:101px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">49 % - 65 %</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 125px; text-align:left;border-color:#000000;min-width:125px;"> </td></tr><tr style="height: 15px"><td style="width: 125px; text-align:left;border-color:#000000;min-width:125px;"> </td><td style="width: 265px; text-align:left;border-color:#000000;min-width:265px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> Purchased power</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 101px; text-align:center;border-color:#000000;min-width:101px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">51 % - 35 %</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;" /></td><td style="width: 125px; text-align:left;border-color:#000000;min-width:125px;"> </td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45.35px;">The deferred compensation plan allows participants to defer certain cash compensation into a notional investment account. These amounts are included within other deferred liabilities in the balance sheets of MGE Energy and MGE. The notional investments earn interest based upon the semiannual rate of U.S. Treasury Bills having a </font><font style="font-family:Times New Roman;font-size:10pt;">26</font><font style="font-family:Times New Roman;font-size:10pt;"> w</font><font style="font-family:Times New Roman;font-size:10pt;">eek</font><font style="font-family:Times New Roman;font-size:10pt;"> maturity increased by </font><font style="font-family:Times New Roman;font-size:10pt;">1</font><font style="font-family:Times New Roman;font-size:10pt;">% compounded monthly</font><font style="font-family:Times New Roman;font-size:10pt;"> with a minimum annual rate of </font><font style="font-family:Times New Roman;font-size:10pt;">7</font><font style="font-family:Times New Roman;font-size:10pt;">%, compounded monthly. The notional investments</font><font style="font-family:Times New Roman;font-size:10pt;"> are based upon observable market data</font><font style="font-family:Times New Roman;font-size:10pt;">, however</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> since the deferred compensation obligations themselves are not exchanged in an active market</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> they are classified as Level 2</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:45.35px;">The following table summarizes the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for both MGE Energy and MGE.</font></p><p style='margin-top:0pt; margin-bottom:10pt'> </p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 15px"><td style="width: 305px; text-align:left;border-color:#000000;min-width:305px;"> <sup></sup></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td colspan="3" style="width: 150px; text-align:center;border-color:#000000;min-width:150px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Three Months Ended</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td colspan="3" style="width: 150px; text-align:center;border-color:#000000;min-width:150px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Nine Months Ended</font></td></tr><tr style="height: 15px"><td style="width: 305px; text-align:left;border-color:#000000;min-width:305px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">(In thousands)</font><sup></sup></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td colspan="3" style="width: 150px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:150px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">September 30,</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td colspan="3" style="width: 150px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:150px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">September 30,</font></td></tr><tr style="height: 15px"><td style="width: 305px; text-align:left;border-color:#000000;min-width:305px;"> <sup></sup></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2011</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2011</font></td></tr><tr style="height: 15px"><td style="width: 305px; text-align:left;border-color:#000000;min-width:305px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Beginning balance,</font><sup></sup></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(79,580)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(22,983)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(40,661)</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">(19,216)</font></td></tr><tr style="height: 15px"><td style="width: 305px; text-align:left;border-color:#000000;min-width:305px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">Realized and unrealized gains (losses):</font><sup></sup></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"> </td></tr><tr style="height: 15px"><td style="width: 305px; text-align:left;border-color:#000000;min-width:305px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> Included in regulatory liabilities (assets)</font><sup></sup></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;">3,465</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;