Investments (Tables)

12 Months Ended

Dec. 31, 2024

Investments Disclosure [Abstract]

Equity Method and Other Investments

a.Equity Securities, Equity Method Investments, and Other Investments.

	MGE Energy
(In thousands)	2024		2023
Equity securities	$	23,119	$	24,027
Equity method investments:
ATC and ATC Holdco		92,579		86,459
Other		39		39
Total equity method investments		92,618		86,498
Other investments		2,298		2,298
Total	$	118,035	$	112,823

For the years ended December 31, 2024, 2023, and 2022, there were no material liquidated investments for MGE. For the years ended December 31, 2024, 2023, and 2022, certain investments were liquidated for MGE Energy. As a result of these liquidations, the following was received:

(In thousands)	2024		2023			2022
Cash proceeds	$	2,554	$	995		$	924
Gain (loss) on sale		239		(899	)		1,382

Equity Method Investments Summarized Financial Data

For the following years ended December 31, MGE Transco recorded the following:

(In thousands)	2024		2023		2022
Equity earnings from investment in ATC	$	12,498	$	10,515	$	9,025
Dividends received from ATC		8,635		8,397		7,090
Capital contributions to ATC		2,679		3,750		2,678

ATC's summarized financial data is as follows:

(In thousands)
Income statement data for the year ended December 31,	2024			2023			2022
Operating revenues	$	911,314		$	818,921		$	751,158
Operating expenses		(442,359	)		(407,643	)		(381,528	)
Other income		1,407			2,452			1,171
Interest expense, net		(139,204	)		(134,107	)		(124,091	)
Earnings before members' income taxes	$	331,158		$	279,623		$	246,710
Balance sheet data as of December 31,	2024			2023
Current assets	$	126,628		$	115,236
Noncurrent assets		6,792,600			6,336,954
Total assets	$	6,919,228		$	6,452,190
Current liabilities	$	482,440		$	495,919
Long-term debt		3,083,409			2,735,985
Other noncurrent liabilities		544,973			585,173
Members' equity		2,808,406			2,635,113
Total members' equity and liabilities	$	6,919,228		$	6,452,190