Segment Information

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Information

Segment Information - MGE Energy and MGE

MGE Energy operates in the following business segments: electric utility, gas utility, nonregulated energy, transmission investment, and all other. See Footnote 22 to the consolidated financial statements included in Part II, Item 8 of the 2024 Annual Report on Form 10-K for additional discussion of each of these segments.

Fuel and purchased power and Purchased gas costs are significant segment expenses as defined in Segment Reporting. The CODM does not review disaggregated assets on a segment basis; therefore, such information is not presented.

The following table shows segment information for MGE Energy's and MGE's operations:

(In thousands) MGE Energy	Electric			Gas			Non-Regulated Energy			Transmission Investment			Total Reportable Segments			All Others			Consolidation/ Elimination			Consolidated Total
Three Months Ended March 31, 2025
Operating revenues	$	125,454		$	93,481		$	35		$	—		$	218,970		$	—		$	—		$	218,970
Interdepartmental revenues		(48	)		6,472			11,104			—			17,528			—			(17,528	)		—
Total operating revenues		125,406			99,953			11,139			—			236,498			—			(17,528	)		218,970
Fuel and purchased power		(23,106	)		—			—			—			(23,106	)		—			1,159			(21,947	)
Purchased gas costs		—			(59,290	)		—			—			(59,290	)		—			5,326			(53,964	)
Depreciation and amortization		(21,535	)		(4,232	)		(1,911	)		—			(27,678	)		—			—			(27,678	)
Interest expense		(6,493	)		(1,763	)		(906	)		—			(9,162	)		—			—			(9,162	)
Other segment items(a)		(55,979	)		(16,096	)		(44	)		—			(72,119	)		(436	)		11,043			(61,512	)
Income tax (provision) benefit		1,902			(4,987	)		(2,255	)		(867	)		(6,207	)		(89	)		—			(6,296	)
Equity in earnings of investments		—			—			—			3,181			3,181			—			—			3,181
Net income (loss)		20,195			13,585			6,023			2,314			42,117			(525	)		—			41,592
Three Months Ended March 31, 2024
Operating revenues	$	116,125		$	75,169		$	42		$	—		$	191,336		$	—		$	—		$	191,336
Interdepartmental revenues		(55	)		5,212			10,827			—			15,984			—			(15,984	)		—
Total operating revenues		116,070			80,381			10,869			—			207,320			—			(15,984	)		191,336
Fuel and purchased power		(23,070	)		—			—			—			(23,070	)		—			924			(22,146	)
Purchased gas costs		—			(46,173	)		—			—			(46,173	)		—			4,296			(41,877	)
Depreciation and amortization		(20,648	)		(4,083	)		(1,869	)		—			(26,600	)		—			—			(26,600	)
Interest expense		(6,328	)		(1,710	)		(974	)		—			(9,012	)		—			—			(9,012	)
Other segment items(a)		(53,546	)		(14,705	)		(23	)		(1	)		(68,275	)		(314	)		10,764			(57,825	)
Income tax (provision) benefit		3,286			(3,097	)		(2,180	)		(749	)		(2,740	)		(68	)		—			(2,808	)
Equity in earnings of investments		—			—			—			2,746			2,746			—			—			2,746
Net income (loss)		15,764			10,613			5,823			1,996			34,196			(382	)		—			33,814

(a)Other segment items include AFUDC Income, Other Income, Net, Other Operations and Maintenance, Other General Taxes, and Interest Revenue.

(In thousands) MGE	Electric			Gas			Non-Regulated Energy			Total Reportable Segments			Consolidation/ Elimination			Consolidated Total
Three Months Ended March 31, 2025
Operating revenues	$	125,454		$	93,481		$	35		$	218,970		$	—		$	218,970
Interdepartmental revenues		(48	)		6,472			11,104			17,528			(17,528	)		—
Total operating revenues		125,406			99,953			11,139			236,498			(17,528	)		218,970
Fuel and purchased power		(23,106	)		—			—			(23,106	)		1,159			(21,947	)
Purchased gas costs		—			(59,290	)		—			(59,290	)		5,326			(53,964	)
Depreciation and amortization		(21,535	)		(4,232	)		(1,911	)		(27,678	)		—			(27,678	)
Interest expense		(6,493	)		(1,763	)		(906	)		(9,162	)		—			(9,162	)
Other segment items(a)		(55,979	)		(16,096	)		(44	)		(72,119	)		11,043			(61,076	)
Income tax benefit (provision)		1,902			(4,987	)		(2,255	)		(5,340	)		—			(5,340	)
Net income attributable to noncontrolling interest, net of tax		—			—			—			—			(5,599	)		(5,599	)
Net income attributable to MGE		20,195			13,585			6,023			39,803			(5,599	)		34,204
Three Months Ended March 31, 2024
Operating revenues	$	116,125		$	75,169		$	42		$	191,336		$	—		$	191,336
Interdepartmental revenues		(55	)		5,212			10,827			15,984			(15,984	)		—
Total operating revenues		116,070			80,381			10,869			207,320			(15,984	)		191,336
Fuel and purchased power		(23,070	)		—			—			(23,070	)		924			(22,146	)
Purchased gas costs		—			(46,173	)		—			(46,173	)		4,296			(41,877	)
Depreciation and amortization		(20,648	)		(4,083	)		(1,869	)		(26,600	)		—			(26,600	)
Interest expense		(6,328	)		(1,710	)		(974	)		(9,012	)		—			(9,012	)
Other segment items(a)		(53,546	)		(14,705	)		(23	)		(68,274	)		10,764			(57,510	)
Income tax benefit (provision)		3,286			(3,097	)		(2,180	)		(1,991	)		—			(1,991	)
Net income attributable to noncontrolling interest, net of tax		—			—			—			—			(5,597	)		(5,597	)
Net income attributable to MGE		15,764			10,613			5,823			32,200			(5,597	)		26,603

(a)Other segment items include AFUDC Income, Other Income, Net, Other Operations and Maintenance, Other General Taxes, and Interest Revenue.

The following table shows segment information for MGE Energy's and MGE's capital expenditures:

	Utility				Consolidated
(In thousands) MGE Energy	Electric		Gas		Non-regulated Energy		Transmission Investment		All Others		Consolidation/ Elimination Entries		Total
Three Months Ended March 31, 2025	$	31,322	$	14,017	$	2,314	$	—	$	—	$	—	$	47,653
Three Months Ended March 31, 2024		32,964		8,560		3,247		—		—		—		44,771

	Utility				Consolidated
(In thousands) MGE	Electric		Gas		Non-regulated Energy		Consolidation/ Elimination Entries		Total
Three Months Ended March 31, 2025	$	31,322	$	14,017	$	2,314	$	—	$	47,653
Three Months Ended March 31, 2024		32,964		8,560		3,247		—		44,771