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MGE Power Elm Road and MGE Power West Campus own electric generating assets and lease those assets to MGE. Both entities are variable interest entities under applicable authoritative accounting guidance. MGE is considered the primary beneficiary of these entities as a result of contractual agreements. As a result, MGE has consolidated MGE Power Elm Road and MGE Power West Campus.

The following table presents the components of total cash, cash equivalents and restricted cash on the consolidated balance sheets.<table style="border-collapse: collapse; border: none; margin-bottom: 0.001pt; width: 100%; margin-left: 0.00pt"><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 3%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 36%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="3" style="vertical-align: bottom; width: 27%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">MGE Energy</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="3" style="vertical-align: bottom; width: 27%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">MGE</td><td style="vertical-align: bottom; width: 3%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 3%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 36%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 13%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">March 31,</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 13%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">December 31,</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 13%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">March 31,</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 13%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">December 31,</td><td style="vertical-align: bottom; width: 3%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 3%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 36%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">(In thousands)</td><td style="vertical-align: top; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 13%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">2020</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 13%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">2019</td><td style="vertical-align: top; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 13%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">2020</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 13%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">2019</td><td style="vertical-align: bottom; width: 3%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 3%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 36%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Cash and cash equivalents</td><td style="vertical-align: top; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">$</td><td style="vertical-align: bottom; width: 13%; border-top: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">17,451</td><td style="vertical-align: top; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">$</td><td style="vertical-align: bottom; width: 13%; border-top: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">23,481</td><td style="vertical-align: top; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">$</td><td style="vertical-align: bottom; width: 13%; border-top: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">3,321</td><td style="vertical-align: top; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">$</td><td style="vertical-align: bottom; width: 13%; border-top: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">3,196</td><td style="vertical-align: bottom; width: 3%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 3%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 36%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Restricted cash</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 13%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">473</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 13%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">619</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 13%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">473</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 13%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">619</td><td style="vertical-align: bottom; width: 3%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 3%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 36%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Receivable - margin account</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 13%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,870</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 13%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,714</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 13%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,870</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 13%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,714</td><td style="vertical-align: bottom; width: 3%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 3%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 36%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Cash, cash equivalents, and restricted cash</td><td style="vertical-align: top; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">$</td><td style="vertical-align: bottom; width: 13%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">19,794</td><td style="vertical-align: top; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">$</td><td style="vertical-align: bottom; width: 13%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">25,814</td><td style="vertical-align: top; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">$</td><td style="vertical-align: bottom; width: 13%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">5,664</td><td style="vertical-align: top; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">$</td><td style="vertical-align: bottom; width: 13%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">5,529</td><td style="vertical-align: bottom; width: 3%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr></table>

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Cash EquivalentsMGE Energy and MGE consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Restricted CashMGE has certain cash accounts that are restricted to uses other than current operations and designated for a specific purpose. MGE's restricted cash accounts include cash held by trustees for certain employee benefits and cash deposits held by third parties. These are included in "Other current assets" on the consolidated balance sheets.

Receivable – Margin AccountCash amounts held by counterparties as margin collateral for certain financial transactions are recorded as Receivable – margin account in "Other current assets" on the consolidated balance sheets. The costs being hedged are fuel for electric generation, purchased power, and cost of gas sold.

Trade accounts receivable are recorded at the invoiced amount and do not bear interest. A 1% late payment charge is recorded on all receivables unpaid after the due date. However, the 1% late payment charge was temporarily suspended in late March 2020 in response to the PSCW's COVID-19 order. MGE has also suspended disconnection or refusal of services to any customer, with limited exceptions, in response to the order. See Footnote 9.c. for further information. The allowance for credit losses associated with these receivables represents our best estimate of the amount of probable credit losses in our existing accounts receivable. MGE manages concentration of credit risk through its credit and collection policies, which are consistent with state regulatory requirements. The allowance for credit losses is estimated based on historical write-off experience, regional economic data, review of the accounts receivable aging, and reasonable and supportable forecasts that affect the collectability of the reported amount. MGE has considered the effects of COVID-19 developments, including suspension of disconnections for non-payment, in its estimate of allowance for credit losses by applying data from historical recessions and other significant economic downturns. There was no material increase in the allowance for credit losses as of March 31, 2020, as a result of these developments. However, if adverse conditions continue for extended periods, they may result in a material increase in the allowance for credit losses in future periods. This potential increase cannot be reasonably estimated at this time. The PSCW issued a deferral accounting order for deferral of incremental COVID-19-related costs. Recovery of these costs will be addressed in future rate proceedings. See Footnote 9.c. for further information.

0.01

900000

500000

3700000

Investment in ATC and ATC Holdco - MGE Energy and MGE.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 as required by Wisconsin law. That interest is presently held by MGE Transco, which, as of December 1, 2016, is owned by MGE Energy. ATC Holdco was formed by several members of ATC, including MGE Energy, to pursue electric transmission development and investments outside of Wisconsin. The ownership interest in ATC Holdco is held by MGEE Transco, a subsidiary of MGE Energy. MGE Transco and MGEE Transco have accounted for their investments in ATC and ATC Holdco, respectively, under the equity method of accounting. Equity earnings from investments are recorded as "Other income" on the consolidated statements of income of MGE Energy. MGE Transco recorded the following amounts related to its investment in ATC:<table style="border-collapse: collapse; border: none; margin-bottom: 0.001pt; width: 100%; margin-left: 0.00pt"><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="3" style="vertical-align: bottom; width: 25%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Three Months Ended</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="3" style="vertical-align: bottom; width: 25%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">March 31,</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">(In thousands)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">2020</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">2019</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Equity earnings from investment in ATC</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">2,266</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">2,218</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Dividends from ATC</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">2,391</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">2,012</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Capital contributions to ATC</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">178</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">178</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr></table>ATC Holdco was formed in December 2016. In the near term, it is expected that ATC Holdco will be pursuing transmission development opportunities that typically have long development and investment lead times before becoming operational. In April 2020, MGE Transco made a $0.4 million capital contribution to ATC. ATC's summarized financial data is as follows:<table style="border-collapse: collapse; border: none; margin-bottom: 0.001pt; width: 100%; margin-left: 0.00pt"><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="3" style="vertical-align: bottom; width: 25%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Three Months Ended</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="3" style="vertical-align: bottom; width: 25%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">March 31,</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">(In thousands)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">2020</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">2019</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Operating revenues</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">186,801</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">177,715</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Operating expenses</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 12%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(95,211)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 12%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(90,387)</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Other income, net</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">375</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">260</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Interest expense, net</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 12%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(28,888)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 12%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(29,118)</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Earnings before members' income taxes</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">63,077</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">58,470</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr></table>MGE receives transmission and other related services from ATC. During the three months ended March 31, 2020 and 2019, MGE recorded $7.7 million and $7.6 million, respectively, for transmission services received from ATC. MGE also provides a variety of operational, maintenance, and project management services for ATC, which is reimbursed by ATC. As of March 31, 2020, and December 31, 2019, MGE had a receivable due from ATC of $1.3 and $1.6 million, respectively. The receivable includes expenditures to fund transmission infrastructure upgrades at Badger Hollow I and Two Creeks. MGE will be reimbursed for these costs after the new generation assets have been placed into service.

MGE Transco and MGEE Transco have accounted for their investments in ATC and ATC Holdco, respectively, under the equity method of accounting. Equity earnings from investments are recorded as "Other income" on the consolidated statements of income of MGE Energy. MGE Transco recorded the following amounts related to its investment in ATC:<table style="border-collapse: collapse; border: none; margin-bottom: 0.001pt; width: 100%; margin-left: 0.00pt"><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="3" style="vertical-align: bottom; width: 25%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Three Months Ended</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="3" style="vertical-align: bottom; width: 25%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">March 31,</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">(In thousands)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">2020</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">2019</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Equity earnings from investment in ATC</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">2,266</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">2,218</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Dividends from ATC</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">2,391</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">2,012</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Capital contributions to ATC</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">178</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">178</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr></table>ATC's summarized financial data is as follows:<table style="border-collapse: collapse; border: none; margin-bottom: 0.001pt; width: 100%; margin-left: 0.00pt"><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="3" style="vertical-align: bottom; width: 25%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Three Months Ended</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="3" style="vertical-align: bottom; width: 25%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">March 31,</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">(In thousands)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">2020</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">2019</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Operating revenues</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">186,801</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">177,715</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Operating expenses</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 12%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(95,211)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 12%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(90,387)</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Other income, net</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">375</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">260</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Interest expense, net</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 12%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(28,888)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 12%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(29,118)</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Earnings before members' income taxes</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">63,077</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">58,470</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr></table>

2266000

2218000

2391000

2012000

178000

400000

186801000

177715000

95211000

90387000

375000 260000 -28888000 -29118000 63077000 58470000

7700000

7600000

1300000

1600000

Taxes - MGE Energy and MGE. Effective Tax Rate. The consolidated income tax provision differs from the amount computed by applying the statutory federal income tax rate to income before income taxes, as follows:<table style="border-collapse: collapse; border: none; margin-bottom: 0.001pt; width: 100%; margin-left: 0.00pt"><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 44%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="5" style="vertical-align: bottom; width: 20%; border-bottom: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: center">MGE Energy</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="5" style="vertical-align: bottom; width: 20%; border-bottom: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: center">MGE</td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 44%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">Three Months Ended March 31,</td><td colspan="2" style="vertical-align: bottom; width: 9%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: center">2020</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="2" style="vertical-align: bottom; width: 9%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: center">2019</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="2" style="vertical-align: bottom; width: 9%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: center">2020</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="2" style="vertical-align: bottom; width: 9%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: center">2019</td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 44%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">Statutory federal income tax rate</td><td style="vertical-align: bottom; width: 7%; border-top: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">21.0</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; border-top: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">21.0</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; border-top: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">21.0</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; border-top: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">21.0</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">%</td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 44%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">State income taxes, net of federal benefit</td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">6.3</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">6.3</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">6.3</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">6.2</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 44%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">Amortized investment tax credits</td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">(0.1)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">(0.1)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">(0.1)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">(0.1)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 44%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">Credit for electricity from wind energy</td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">(6.9)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">(5.9)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">(7.5)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">(6.5)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 44%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">AFUDC equity, net</td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">(1.6)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">(0.2)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">(1.7)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">(0.2)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 44%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">Amortization of utility excess deferred tax - tax reform(a)</td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">(2.6)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">(2.4)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">(2.8)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">(2.6)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 44%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">Other, net, individually insignificant</td><td style="vertical-align: bottom; width: 7%; border-bottom: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 2%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; border-bottom: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">0.5</td><td style="vertical-align: bottom; width: 2%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; border-bottom: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">(0.1)</td><td style="vertical-align: bottom; width: 2%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; border-bottom: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">0.5</td><td style="vertical-align: bottom; width: 2%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 44%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">Effective income tax rate</td><td style="vertical-align: bottom; width: 7%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">16.1</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">19.2</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">15.1</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">18.3</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">%</td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr></table>(a)Included are impacts of the Tax Cuts and Jobs Act for the regulated utility for excess deferred taxes recognized using a normalization method of accounting. For the three months ended March 31, 2020 and 2019, MGE recognized $0.7 million and $0.6 million, respectively. The amount and timing of the cash impacts will depend on the period over which certain income tax benefits are provided to customers, which will be determined by the PSCW.

The consolidated income tax provision differs from the amount computed by applying the statutory federal income tax rate to income before income taxes, as follows:<table style="border-collapse: collapse; border: none; margin-bottom: 0.001pt; width: 100%; margin-left: 0.00pt"><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 44%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="5" style="vertical-align: bottom; width: 20%; border-bottom: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: center">MGE Energy</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="5" style="vertical-align: bottom; width: 20%; border-bottom: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: center">MGE</td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 44%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">Three Months Ended March 31,</td><td colspan="2" style="vertical-align: bottom; width: 9%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: center">2020</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="2" style="vertical-align: bottom; width: 9%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: center">2019</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="2" style="vertical-align: bottom; width: 9%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: center">2020</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="2" style="vertical-align: bottom; width: 9%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: center">2019</td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 44%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">Statutory federal income tax rate</td><td style="vertical-align: bottom; width: 7%; border-top: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">21.0</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; border-top: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">21.0</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; border-top: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">21.0</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; border-top: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">21.0</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">%</td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 44%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">State income taxes, net of federal benefit</td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">6.3</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">6.3</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">6.3</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">6.2</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 44%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">Amortized investment tax credits</td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">(0.1)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">(0.1)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">(0.1)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">(0.1)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 44%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">Credit for electricity from wind energy</td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">(6.9)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">(5.9)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">(7.5)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">(6.5)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 44%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">AFUDC equity, net</td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">(1.6)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">(0.2)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">(1.7)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">(0.2)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 44%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">Amortization of utility excess deferred tax - tax reform(a)</td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">(2.6)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">(2.4)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">(2.8)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">(2.6)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 44%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">Other, net, individually insignificant</td><td style="vertical-align: bottom; width: 7%; border-bottom: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 2%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; border-bottom: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">0.5</td><td style="vertical-align: bottom; width: 2%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; border-bottom: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">(0.1)</td><td style="vertical-align: bottom; width: 2%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; border-bottom: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">0.5</td><td style="vertical-align: bottom; width: 2%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 44%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">Effective income tax rate</td><td style="vertical-align: bottom; width: 7%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">16.1</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">19.2</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">15.1</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">18.3</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">%</td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr></table>(a)Included are impacts of the Tax Cuts and Jobs Act for the regulated utility for excess deferred taxes recognized using a normalization method of accounting. For the three months ended March 31, 2020 and 2019, MGE recognized $0.7 million and $0.6 million, respectively. The amount and timing of the cash impacts will depend on the period over which certain income tax benefits are provided to customers, which will be determined by the PSCW.

0.210

0.063

0.062

0.001

0.069

0.059

0.075

0.065

0.016

0.002

0.017

0.002

0.026

0.024

0.028

0.026

-0.005

0.001

-0.005

0.161

0.192

0.151

0.183

700000 600000

MGE maintains qualified and nonqualified pension plans, health care, and life insurance benefits and defined contribution 401(k) benefit plans for its employees and retirees. The components of net periodic benefit cost, other than the service cost component, are recorded in "Other income, net" on the consolidated statements of income. The service cost component is recorded in "Other operations and maintenance" on the consolidated statements of income. MGE has regulatory treatment and recognizes regulatory assets or liabilities for timing differences between when net periodic benefit costs are recovered and when costs are recognized.

The following table presents the components of net periodic benefit costs recognized.<table style="border-collapse: collapse; border: none; margin-bottom: 0.001pt; width: 100%; margin-left: 0.00pt"><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="3" style="vertical-align: bottom; width: 25%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Three Months Ended</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="3" style="vertical-align: bottom; width: 25%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">March 31,</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">(In thousands)</td><td style="vertical-align: top; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">2020</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">2019</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Pension Benefits</td><td style="vertical-align: top; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 12%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: top; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 12%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Components of net periodic benefit cost:</td><td style="vertical-align: top; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 12%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Service cost</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,316</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,141</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Interest cost</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">3,023</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">3,452</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Expected return on assets</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(6,811)</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(5,547)</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Amortization of:</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Prior service credit</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(31)</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(28)</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Actuarial loss</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,286</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,729</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Net periodic benefit (credit) cost</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(1,217)</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">747</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-top: double #000000 2.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-top: double #000000 2.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Postretirement Benefits</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Components of net periodic benefit cost:</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Service cost</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">311</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">219</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Interest cost</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">573</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">577</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Expected return on assets</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(790)</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(681)</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Amortization of:</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Transition obligation</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Prior service credit</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(667)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(667)</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Actuarial loss</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">70</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">106</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 39%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Net periodic benefit (credit) cost</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(502)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(445)</td><td style="vertical-align: bottom; width: 17%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr></table>

1316000

1141000

3023000

3452000

6811000

5547000

-31000

-28000

-1286000

-1729000

-1217000

747000

311000

219000

573000

577000

790000

681000

-1000

-667000

-70000

-106000

-502000

-445000

6200000 -400000 0 Equity and Financing Arrangements. a.Common Stock - MGE Energy. MGE Energy sells shares of its common stock through its Direct Stock Purchase and Dividend Reinvestment Plan (the Stock Plan). Those shares may be newly issued shares or shares that are purchased in the open market by an independent agent for participants in the Stock Plan. All sales under the Stock Plan are covered by a shelf registration statement that MGE Energy filed with the SEC. During the three months ended March 31, 2020 and 2019, MGE Energy issued no new shares of common stock under the Stock Plan.b.Dilutive Shares Calculation - MGE Energy. MGE Energy has no dilutive securities issued.c.Long-term Debt - MGE Energy and MGE. In April 2020, MGE borrowed $19.3 million from the City of Madison, Wisconsin's issuance of Industrial Development Revenue Refunding Bonds (Madison Gas and Electric Company Project), Series 2020A. The bonds carry an interest rate of 2.05% per annum with interest payable semi-annually on April 1 and October 1 of each year, commencing on October 1, 2020. The bonds require the holder to tender on April 30, 2023, at which time the bonds will either be repriced and remarketed or redeemed and retired. MGE used the proceeds to redeem $19.3 million of existing Industrial Development Revenue Refunding Bonds (Madison Gas and Electric Company Project), Series 2002B due October 1, 2027. The funds for the loan were provided by a purchaser of the bonds pursuant to a Bond Purchase Agreement between that purchaser and MGE. The Bond Purchase and Covenants Agreement requires MGE to maintain a ratio of consolidated indebtedness to consolidated total capitalization not to exceed a maximum of 65%. Both consolidated indebtedness and consolidated total capitalization are to be determined in accordance with GAAP, except that amounts included within MGE's indebtedness and capitalization from "variable interest entities" are excluded. A change of control constitutes a default under the Bond Purchase Agreement. Change in control events are defined as (i) a failure by MGEE to hold 100% of the outstanding voting equity interest in MGE or (ii) the acquisition of beneficial ownership of 30% or more of the outstanding voting stock of MGEE by one person or two or more persons acting in concert.

MGE Energy sells shares of its common stock through its Direct Stock Purchase and Dividend Reinvestment Plan (the Stock Plan). Those shares may be newly issued shares or shares that are purchased in the open market by an independent agent for participants in the Stock Plan. All sales under the Stock Plan are covered by a shelf registration statement that MGE Energy filed with the SEC.

19300000

0.0205

19300000

0.65

1 0.30

2013 Director Incentive Plan and 2006 Performance Unit Plan Under MGE Energy's 2013 Director Incentive Plan (the 2013 Plan) and its 2006 Performance Unit Plan (the 2006 Plan), non-employee directors and eligible employees, respectively, 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 performance period set in the award. In accordance with the plans' provisions, these awards are subject to prescribed vesting schedules and must be settled in cash. Accordingly, no shares of common stock will be issued in connection with the plans. In 2020, 5,048 units were granted under the 2013 Plan and are subject to a three-year graded vesting schedule. No units were granted under the 2006 Plan in 2020 in view of the adoption of the 2020 Performance Unit Plan described below. On the grant date, the cost of the director or employeeservices received in exchange for a performance unit award is measured based on the current market value of MGE Energy common stock. The fair value of the awards is remeasured quarterly, including as of March 31, 2020, as required by applicable accounting standards. Changes in fair value as well as the original grant are recognized as compensation cost. Since this amount is remeasured throughout the vesting period, the compensation cost is subject to variability. For nonretirement-eligible employees under the 2006 Plan, 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 as retirement eligibility accelerates vesting.2020 Performance Unit Plan The 2020 Performance Unit Plan (the 2020 Plan) was adopted in February 2020 for eligible employees. Plan participants may receive awards of performance units, restricted units, or both. Performance units 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, based upon achievement of specified performance goals during a performance period set by the Compensation Committee of the Board of Directors. Restricted units 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 a defined time period. Awards are subject to vesting provisions providing for 100% vesting at the end of the performance period in the case of performance units and at the end of the time period in the case of restricted units. The performance units and restricted units will be paid out in cash and are accounted for as a liability award. No shares of common stock will be issued in connection with the 2020 Plan.

5048

-600000

1200000

2000000.0

3400000

9822

0 2

-0.0224

-9200000

-0.0084

-3400000

0.0106

1700000

0.0146

2400000

0.098

0.566

0.561

Fuel rules require the PSCW and Wisconsin utilities to defer electric fuel-related costs that fall outside a symmetrical cost tolerance band around the amount approved for a utility in its annual fuel proceedings. Any over- or under-recovery of the actual costs is determined in the following year and is then reflected in future billings to electric retail customers. The fuel rules bandwidth is currently set at plus or minus 2%. Under fuel rules, MGE would defer costs, less any excess revenues, if its actual electric fuel costs exceeded 102% of the electric fuel costs allowed in its latest rate order. Excess revenues are defined as revenues in the year in question that provide MGE with a greater return on common equity than authorized by the PSCW in MGE's latest rate order. Conversely, MGE is required to defer the benefit of lower costs if actual electric fuel costs were less than 98% of the electric fuel costs allowed in that order. These costs are subject to the PSCW's annual review of fuel costs completed in the year following the deferral. 0.02 1.02 0.98 9500000 0 1500000

200000

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. 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, the derivatives are recognized in the consolidated balance sheets at fair value. MGE's financial commodity 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 is four years. If the derivative qualifies for regulatory deferral, the derivatives are marked to fair value and are offset with a corresponding regulatory asset or liability depending on whether the derivative is in a net loss or net gain position, respectively. The deferred gain or loss is recognized in earnings in thedelivery 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.

The gross notional volume of open derivatives is as follows:<table style="border-collapse: collapse; border: none; margin-bottom: 0.001pt; width: 100%; margin-left: 0.00pt"><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 8%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 37%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="2" style="vertical-align: middle; width: 23%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">March 31, 2020</td><td style="vertical-align: middle; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="2" style="vertical-align: middle; width: 23%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">December 31, 2019</td><td style="vertical-align: bottom; width: 8%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 8%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 37%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Commodity derivative contracts</td><td style="vertical-align: bottom; width: 16%; border-top: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">498,960</td><td style="vertical-align: bottom; width: 7%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> MWh</td><td style="vertical-align: top; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 16%; border-top: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">417,840</td><td style="vertical-align: bottom; width: 7%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> MWh</td><td style="vertical-align: bottom; width: 8%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 8%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 37%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Commodity derivative contracts</td><td style="vertical-align: bottom; width: 16%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">4,650,000</td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Dth</td><td style="vertical-align: top; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 16%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">6,605,000</td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Dth</td><td style="vertical-align: bottom; width: 8%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 8%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 37%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">FTRs</td><td style="vertical-align: bottom; width: 16%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,108</td><td style="vertical-align: bottom; width: 7%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> MW</td><td style="vertical-align: top; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 16%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">2,750</td><td style="vertical-align: bottom; width: 7%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> MW</td><td style="vertical-align: bottom; width: 8%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 8%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 37%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">PPA</td><td style="vertical-align: bottom; width: 16%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,300</td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> MW</td><td style="vertical-align: top; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 16%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,450</td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> MW</td><td style="vertical-align: bottom; width: 8%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr></table>

498960

417840

4650000 6605000 1108 2750 1300 1450

-1700000

-1400000

-23600000

-25400000

The following table summarizes the fair value of the derivative instruments on the consolidated balance sheets. 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, instruments are netted with the same counterparty under a master netting agreement as well as the netting of collateral.<table style="border-collapse: collapse; border: none; margin-bottom: 0.001pt; width: 100%; margin-left: 0.00pt"><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 30%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: middle; width: 12%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Derivative </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: middle; width: 12%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Derivative </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 28%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 30%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">(In thousands)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: middle; width: 12%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Assets</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: middle; width: 12%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Liabilities</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 28%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Balance Sheet Location</td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 30%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">March 31, 2020</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 28%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 30%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Commodity derivative contracts(a)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">599</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">2,159</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 28%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Derivative liability (current)(b)</td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 30%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Commodity derivative contracts(a)</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">74</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">240</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 28%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Derivative liability (long-term)</td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 30%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">FTRs</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">9</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 28%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Other current assets</td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 30%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">PPA</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">N/A</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">10,740</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 28%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Derivative liability (current)</td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 30%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">PPA</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">N/A</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">12,870</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 28%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Derivative liability (long-term)</td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 30%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 28%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 30%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">December 31, 2019</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 28%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 30%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Commodity derivative contracts(a)</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">157</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,521</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 28%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Derivative liability (current)(b)</td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 30%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Commodity derivative contracts(a)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">73</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">217</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 28%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Derivative liability (long-term)</td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 30%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">FTRs</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">73</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 28%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Other current assets</td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 30%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">PPA</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">N/A</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">10,100</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 28%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Derivative liability (current)</td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 30%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">PPA</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">N/A</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">15,340</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 28%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Derivative liability (long-term)</td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr></table>(a) As of March 31, 2020, and December 31, 2019, collateral of $1.7 million and $1.5 million, respectively, was posted against and netted with derivative liability positions on the consolidated balance sheets.(b) As of March 31, 2020, and December 31, 2019, MGE posted $0.3 million and $0.1 million, respectively, as other current assets on the consolidated balance sheets.

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, instruments are netted with the same counterparty under a master netting agreement as well as the netting of collateral.

599000

2159000

74000

240000

9000

10740000

12870000

157000

1521000

73000

217000

73000

10100000

15340000

1700000

1500000

300000

100000

The following tables show the effect of netting arrangements for recognized derivative assets and liabilities that are subject to a master netting arrangement or similar arrangement on the consolidated balance sheets.<table style="border-collapse: collapse; border: none; margin-bottom: 0.001pt; width: 100%; margin-left: 0.00pt"><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="9" style="vertical-align: bottom; width: 96%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Offsetting of Derivative Assets</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.26in"><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 29%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">(In thousands)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 15%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Gross Amounts</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 15%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Gross Amounts Offset in Balance Sheets</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 15%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Collateral Posted Against Derivative Positions</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 15%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Net Amount Presented in Balance Sheets</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 29%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">March 31, 2020</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 15%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 15%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 15%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 15%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 29%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Commodity derivative contracts</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 15%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">673</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 15%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(652)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 15%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 15%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">21</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 29%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">FTRs</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 15%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">9</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 15%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 15%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 15%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">9</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 29%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 15%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 15%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 15%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 15%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 29%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">December 31, 2019</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 15%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 15%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 15%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 15%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 29%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Commodity derivative contracts</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 15%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">230</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 15%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(192)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 15%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 15%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">38</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 29%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">FTRs</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 15%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">73</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 15%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 15%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 15%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">73</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr></table>

673000

652000

21000

9000

230000

192000

38000

73000

<table style="border-collapse: collapse; border: none; margin-bottom: 0.001pt; width: 100%; margin-left: 0.00pt"><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="9" style="vertical-align: bottom; width: 96%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Offsetting of Derivative Liabilities</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.26in"><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 29%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">(In thousands)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 15%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Gross Amounts</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 15%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Gross Amounts Offset in Balance Sheets</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 15%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Collateral Posted Against Derivative Positions</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 15%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Net Amount Presented in Balance Sheets</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 29%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">March 31, 2020</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 15%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 15%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 15%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 15%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 29%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Commodity derivative contracts</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 15%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">2,399</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 15%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(652)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 15%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(1,747)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 15%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 29%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">PPA</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 15%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">23,610</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 15%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 15%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 15%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">23,610</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 29%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 15%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 15%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 15%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 15%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 29%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">December 31, 2019</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 15%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 15%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 15%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 15%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 29%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Commodity derivative contracts</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 15%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,738</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 15%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(192)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 15%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(1,546)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 15%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 29%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">PPA</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 15%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">25,440</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 15%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 15%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 15%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">25,440</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr></table>

2399000

652000

1747000

23610000

1738000

192000

1546000

25440000

The following tables summarize the unrealized and realized gains/losses related to the derivative instruments on the consolidated balance sheets and the consolidated statements of income.<table style="border-collapse: collapse; border: none; margin-bottom: 0.001pt; width: 100%; margin-left: 0.00pt"><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 42%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td colspan="3" style="vertical-align: bottom; width: 27%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">2020</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td colspan="3" style="vertical-align: bottom; width: 27%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">2019</td></tr><tr style="height: 0.21in"><td style="vertical-align: bottom; width: 42%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">(In thousands)</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 13%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Current and Long-Term Regulatory Asset</td><td style="vertical-align: bottom; width: 1%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 13%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Other Current Assets</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 13%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Current and Long-Term Regulatory Asset</td><td style="vertical-align: bottom; width: 1%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 13%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Other Current Assets</td></tr><tr style="height: 0.08in"><td style="vertical-align: middle; width: 42%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Three Months Ended March 31:</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 13%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 13%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: top; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 13%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 13%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: middle; width: 42%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Balance at January 1,</td><td style="vertical-align: middle; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: middle; width: 13%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">26,875</td><td style="vertical-align: middle; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: middle; width: 13%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,100</td><td style="vertical-align: middle; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: middle; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: middle; width: 13%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">31,830</td><td style="vertical-align: middle; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: middle; width: 13%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">377</td></tr><tr style="height: 0.08in"><td style="vertical-align: middle; width: 42%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Unrealized (gain) loss</td><td style="vertical-align: middle; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: middle; width: 13%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(689)</td><td style="vertical-align: middle; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: middle; width: 13%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: middle; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: middle; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: middle; width: 13%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(922)</td><td style="vertical-align: middle; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: middle; width: 13%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td></tr><tr style="height: 0.08in"><td style="vertical-align: middle; width: 42%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Realized (loss) gain reclassified to a deferred account</td><td style="vertical-align: middle; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: middle; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(1,063)</td><td style="vertical-align: middle; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: middle; width: 13%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,063</td><td style="vertical-align: middle; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: middle; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: middle; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(260)</td><td style="vertical-align: middle; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: middle; width: 13%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">260</td></tr><tr style="height: 0.08in"><td style="vertical-align: middle; width: 42%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Realized gain (loss) reclassified to income statement</td><td style="vertical-align: middle; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: middle; width: 13%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">204</td><td style="vertical-align: middle; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: middle; width: 13%; border-bottom: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(1,733)</td><td style="vertical-align: middle; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: middle; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: middle; width: 13%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">375</td><td style="vertical-align: middle; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: middle; width: 13%; border-bottom: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(378)</td></tr><tr style="height: 0.08in"><td style="vertical-align: middle; width: 42%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Balance at March 31,</td><td style="vertical-align: middle; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: middle; width: 13%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">25,327</td><td style="vertical-align: middle; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: middle; width: 13%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">430</td><td style="vertical-align: middle; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: middle; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: middle; width: 13%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">31,023</td><td style="vertical-align: middle; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: middle; width: 13%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">259</td></tr></table>

26875000

1100000

31830000

377000

689000

922000

1063000 -1063000 260000 -260000

-204000

1733000

-375000

378000

25327000

430000

31023000

259000

<table style="border-collapse: collapse; border: none; margin-bottom: 0.001pt; width: 100%; margin-left: 0.00pt"><tr style="height: 0.10in"><td style="vertical-align: bottom; width: 37%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="8" style="vertical-align: bottom; width: 61%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Realized losses (gains)</td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 37%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="3" style="vertical-align: bottom; width: 29%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">2020</td><td style="vertical-align: bottom; width: 1%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td colspan="3" style="vertical-align: bottom; width: 29%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">2019</td></tr><tr style="height: 0.23in"><td style="vertical-align: bottom; width: 37%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">(In thousands)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 14%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Fuel for Electric Generation/ Purchased Power</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 14%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Cost of Gas Sold</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 14%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Fuel for Electric Generation/ Purchased Power</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 14%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Cost of Gas Sold</td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 37%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Three Months Ended March 31:</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 14%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 14%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 14%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 14%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 37%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Commodity derivative contracts</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 14%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">680</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 14%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,607</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 14%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">270</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 14%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">277</td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 37%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">FTRs</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 14%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(65)</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 14%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 14%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(135)</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 14%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 37%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">PPA</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 14%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(693)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 14%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 14%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(409)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 14%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td></tr></table>

-680000

-1607000

-270000

-277000

65000

135000

693000

409000

20000000.0 40000000.0

Fair Value of Financial Instruments - MGE Energy and MGE. 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 accounting 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: Level 1 - Pricing inputs are quoted prices within active markets for identical assets or liabilities. 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. Level 3 - Pricing inputs are unobservable and reflect management's best estimate of what market participants would use in pricing the asset or liability. a.Fair Value of Financial Assets and Liabilities Recorded at the Carrying Amount. The carrying amount of cash, cash equivalents, and outstanding commercial paper approximates fair market value due to the short maturity of those investments and obligations. The estimated fair market value of long-term debt is based on quoted market prices for similar financial instruments. Since long-term debt is not traded in an active market, it is classified as Level 2. The estimated fair market value of financial instruments are as follows:<table style="border-collapse: collapse; border: none; margin-bottom: 0.001pt; width: 100%; margin-left: 0.00pt"><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 34%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="3" style="vertical-align: bottom; width: 24%; border-bottom: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: center">March 31, 2020</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="3" style="vertical-align: bottom; width: 24%; border-bottom: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: center">December 31, 2019</td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td></tr><tr style="height: 0.17in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 34%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">(In thousands)</td><td style="vertical-align: top; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: center">Carrying Amount</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: center">Fair Value</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: center">Carrying Amount</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: center">Fair Value</td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 34%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">MGE Energy</td><td style="vertical-align: top; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 11%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 11%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 11%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 11%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 34%; padding-left: 2.00pt; padding-right: 2.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0">Assets:</td><td style="vertical-align: top; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 11%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 11%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 11%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 11%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 34%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0"> Cash and cash equivalents</td><td style="vertical-align: bottom; width: 2%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">17,451</td><td style="vertical-align: bottom; width: 2%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">17,451</td><td style="vertical-align: bottom; width: 2%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">23,481</td><td style="vertical-align: bottom; width: 2%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">23,481</td><td style="vertical-align: top; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 34%; padding-left: 2.00pt; padding-right: 2.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0">Liabilities: </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 34%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0"> Short-term debt - commercial paper</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">3,000</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">3,000</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">-</td><td style="vertical-align: top; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 34%; padding-left: 2.00pt; padding-right: 2.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0"> Long-term debt(a)</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right">546,724</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right">604,568</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right">547,879</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right">611,909</td><td style="vertical-align: top; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 34%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 34%; padding-left: 2.00pt; padding-right: 2.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0">MGE </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 34%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">Assets:</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 34%; padding-left: 2.00pt; padding-right: 2.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0"> Cash and cash equivalents</td><td style="vertical-align: bottom; width: 2%; padding-left: 2.00pt; padding-right: 2.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right">3,321</td><td style="vertical-align: bottom; width: 2%; padding-left: 2.00pt; padding-right: 2.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right">3,321</td><td style="vertical-align: bottom; width: 2%; padding-left: 2.00pt; padding-right: 2.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right">3,196</td><td style="vertical-align: bottom; width: 2%; padding-left: 2.00pt; padding-right: 2.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right">3,196</td><td style="vertical-align: top; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 34%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">Liabilities:</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 34%; padding-left: 2.00pt; padding-right: 2.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0"> Short-term debt - commercial paper</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right">3,000</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right">3,000</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right">-</td><td style="vertical-align: top; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 34%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0"> Long-term debt(a)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">546,724</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">604,568</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">547,879</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">611,909</td><td style="vertical-align: top; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr></table>(a) Includes long-term debt due within one year. Excludes debt issuance costs and unamortized discount of $4.4 million and $4.5 million as of March 31, 2020, and December 31, 2019, respectively.b.Recurring Fair Value Measurements. The following table presents the balances of assets and liabilities measured at fair value on a recurring basis.<table style="border-collapse: collapse; border: none; margin-bottom: 0.001pt; width: 100%; margin-left: 0.00pt"><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="7" style="vertical-align: bottom; width: 46%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Fair Value as of March 31, 2020</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">(In thousands)</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Total</td><td style="vertical-align: bottom; width: 1%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Level 1</td><td style="vertical-align: bottom; width: 1%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Level 2</td><td style="vertical-align: bottom; width: 1%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Level 3</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">MGE Energy</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.10in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Assets:</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Derivatives, net</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">682</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">634</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">48</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Exchange-traded investments</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,382</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,382</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Total Assets</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">2,064</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">2,016</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">48</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Liabilities:</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Derivatives, net(b)</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">26,009</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">314</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">25,695</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Deferred compensation</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">3,195</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">3,195</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Total Liabilities</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">29,204</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">314</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">3,195</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">25,695</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">MGE</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Assets:</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Derivatives, net</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">682</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">634</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">48</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Exchange-traded investments</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">227</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">227</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Total Assets</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">909</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">861</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">48</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Liabilities:</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Derivatives, net(b)</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">26,009</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">314</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">25,695</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Deferred compensation</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">3,195</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">3,195</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Total Liabilities</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">29,204</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">314</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">3,195</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">25,695</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr></table><table style="border-collapse: collapse; border: none; margin-bottom: 0.001pt; width: 100%; margin-left: 0.00pt"><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="7" style="vertical-align: bottom; width: 46%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Fair Value as of December 31, 2019</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">(In thousands)</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Total</td><td style="vertical-align: bottom; width: 1%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Level 1</td><td style="vertical-align: bottom; width: 1%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Level 2</td><td style="vertical-align: bottom; width: 1%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Level 3</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">MGE Energy</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.10in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Assets:</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Derivatives, net</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">303</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">189</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">114</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Exchange-traded investments</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,271</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,271</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Total Assets</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,574</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,460</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">114</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Liabilities:</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Derivatives, net(b)</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">27,178</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">608</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">26,570</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Deferred compensation</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">3,157</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">3,157</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Total Liabilities</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">30,335</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">608</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">3,157</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">26,570</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">MGE</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Assets:</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Derivatives, net</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">303</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">189</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">114</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Exchange-traded investments</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">209</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">209</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Total Assets</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">512</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">398</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">114</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Liabilities:</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Derivatives, net(b)</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">27,178</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">608</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">26,570</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Deferred compensation</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">3,157</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">3,157</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Total Liabilities</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">30,335</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">608</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">3,157</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">26,570</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr></table>(b) These amounts are shown gross and exclude $1.7 million and $1.5 million of collateral that was posted against derivative positions with counterparties as of March 31, 2020 and December 31, 2019, respectively.Investments include exchange-traded investment securities valued using quoted prices on active exchanges and are therefore classified as Level 1. 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 consolidated balance sheets. The notional investments earn interest based upon the semiannual rate of U.S. Treasury Bills having a 26-week maturity increased by 1% compounded monthly with a minimum annual rate of 7%, compounded monthly. The notional investments are based upon observable market data, however, since the deferred compensation obligations themselves are not exchanged in an active market, they are classified as Level 2. Derivatives include exchange-traded derivative contracts, over-the-counter transactions, a 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 considered unobservable and 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 from markets with similar exchange-traded transactions. 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. The purchased power agreement (see Footnote 10) was valued using an internal pricing model and therefore is classified as Level 3. The model projects future market energy prices and compares those prices to the projected power costs to be incurred under the contract. Inputs to the model require significant management judgment and estimation. Future energy prices are based on a forward power pricing curve using exchange-traded contracts in the electric futures market. A basis adjustment is applied to the market energy price to reflect the price differential between the market price delivery point and the counterparty delivery point. The historical relationship between the delivery points is reviewed and a discount (below 100%) or 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. The projected power costs anticipated to be incurred under the purchased power agreement are determined using many factors, including historical generating costs, future prices, and expected fuel mix of the counterparty. An increase in the projected fuel costs would result in a decrease in the fair value measurement of the purchased power agreement. A significant input that MGE estimates is the counterparty's fuel mix in determining the projected power cost. MGE also 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 uses a discount rate that incorporates discounting, credit, and model risks. The following table presents the significant unobservable inputs used in the pricing model.<table style="border-collapse: collapse; border: none; margin-bottom: 0.001pt; width: 100%; margin-left: 0.00pt"><tr style="height: 0.09in"><td style="vertical-align: bottom; width: 14%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 43%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="5" style="vertical-align: bottom; width: 40%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Model Input</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 14%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 43%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Significant Unobservable Inputs</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="2" style="vertical-align: bottom; width: 18%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">March 31, 2020</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td colspan="2" style="vertical-align: bottom; width: 20%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">December 31, 2019</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 14%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 43%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Basis adjustment:</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 16%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 18%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 14%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 43%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> On peak</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 16%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">92.8</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 18%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">92.1</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 14%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 43%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Off peak</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 16%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">93.5</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 18%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">92.7</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 14%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 43%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Counterparty fuel mix:</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 16%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 18%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 14%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 43%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Internal generation - range</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 16%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">46.0% - 65.0</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 18%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">40.0% - 60.0</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 14%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 43%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Internal generation - weighted average</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 16%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">55.9</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 18%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">52.2</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 14%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 43%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Purchased power - range</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 16%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">54.0% - 35.0</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 18%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">60.0% - 40.0</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 14%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 43%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Purchased power - weighted average</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 16%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">44.1</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 18%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">47.8</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr></table>The following table summarizes the changes in Level 3 commodity derivative assets and liabilities measured at fair value on a recurring basis.<table style="border-collapse: collapse; border: none; margin-bottom: 0.001pt; width: 100%; margin-left: 0.00pt"><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="3" style="vertical-align: bottom; width: 24%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Three Months Ended</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="3" style="vertical-align: bottom; width: 24%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">March 31,</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">(In thousands)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">2020</td><td style="vertical-align: top; width: 2%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">2019</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Beginning balance</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(26,456)</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(32,002)</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Realized and unrealized gains (losses):</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Included in regulatory assets</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">810</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">719</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Included in other comprehensive income</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Included in earnings</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(1,453)</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(644)</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Included in current assets</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">247</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">173</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Purchases</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">5,015</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">5,765</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Sales</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Issuances</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Settlements</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(3,810)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(5,294)</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.09in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Balance as of March 31,</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(25,647)</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(31,283)</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Total gains (losses) included in earnings attributed to the change in unrealized gains (losses) related to assets and liabilities held at March 31,(c)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; border-top: double #000000 2.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; border-top: double #000000 2.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr></table>The following table presents total realized and unrealized gains (losses) included in income for Level 3 assets and liabilities measured at fair value on a recurring basis(c).<table style="border-collapse: collapse; border: none; margin-bottom: 0.001pt; width: 100%; margin-left: 0.00pt"><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="3" style="vertical-align: bottom; width: 24%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Three Months Ended</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="3" style="vertical-align: bottom; width: 24%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">March 31,</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">(In thousands)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">2020</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 11%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">2019</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Purchased power expense</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(1,184)</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(556)</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Cost of gas sold expense</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(269)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(88)</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Total</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(1,453)</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(644)</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr></table>(c) MGE's exchange-traded derivative contracts, over-the-counter party transactions, purchased power agreement, and FTRs are subject to regulatory deferral. These derivatives are therefore marked to fair value and are offset in the financial statements with a corresponding regulatory asset or liability.

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 accounting 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: Level 1 - Pricing inputs are quoted prices within active markets for identical assets or liabilities. 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. Level 3 - Pricing inputs are unobservable and reflect management's best estimate of what market participants would use in pricing the asset or liability.The carrying amount of cash, cash equivalents, and outstanding commercial paper approximates fair market value due to the short maturity of those investments and obligations. The estimated fair market value of long-term debt is based on quoted market prices for similar financial instruments. Since long-term debt is not traded in an active market, it is classified as Level 2.Investments include exchange-traded investment securities valued using quoted prices on active exchanges and are therefore classified as Level 1. 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 consolidated balance sheets. The notional investments earn interest based upon the semiannual rate of U.S. Treasury Bills having a 26-week maturity increased by 1% compounded monthly with a minimum annual rate of 7%, compounded monthly. The notional investments are based upon observable market data, however, since the deferred compensation obligations themselves are not exchanged in an active market, they are classified as Level 2. Derivatives include exchange-traded derivative contracts, over-the-counter transactions, a 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 considered unobservable and 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 from markets with similar exchange-traded transactions. 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. The purchased power agreement (see Footnote 10) was valued using an internal pricing model and therefore is classified as Level 3. The model projects future market energy prices and compares those prices to the projected power costs to be incurred under the contract. Inputs to the model require significant management judgment and estimation. Future energy prices are based on a forward power pricing curve using exchange-traded contracts in the electric futures market. A basis adjustment is applied to the market energy price to reflect the price differential between the market price delivery point and the counterparty delivery point. The historical relationship between the delivery points is reviewed and a discount (below 100%) or 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. The projected power costs anticipated to be incurred under the purchased power agreement are determined using many factors, including historical generating costs, future prices, and expected fuel mix of the counterparty. An increase in the projected fuel costs would result in a decrease in the fair value measurement of the purchased power agreement. A significant input that MGE estimates is the counterparty's fuel mix in determining the projected power cost. MGE also 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 uses a discount rate that incorporates discounting, credit, and model risks. The following table presents the significant unobservable inputs used in the pricing model.<table style="border-collapse: collapse; border: none; margin-bottom: 0.001pt; width: 100%; margin-left: 0.00pt"><tr style="height: 0.09in"><td style="vertical-align: bottom; width: 14%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 43%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="5" style="vertical-align: bottom; width: 40%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Model Input</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 14%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 43%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Significant Unobservable Inputs</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="2" style="vertical-align: bottom; width: 18%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">March 31, 2020</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td colspan="2" style="vertical-align: bottom; width: 20%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">December 31, 2019</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 14%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 43%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Basis adjustment:</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 16%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 18%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 14%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 43%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> On peak</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 16%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">92.8</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 18%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">92.1</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 14%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 43%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Off peak</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 16%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">93.5</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 18%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">92.7</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 14%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 43%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Counterparty fuel mix:</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 16%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 18%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 14%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 43%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Internal generation - range</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 16%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">46.0% - 65.0</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 18%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">40.0% - 60.0</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 14%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 43%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Internal generation - weighted average</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 16%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">55.9</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 18%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">52.2</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 14%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 43%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Purchased power - range</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 16%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">54.0% - 35.0</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 18%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">60.0% - 40.0</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 14%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 43%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Purchased power - weighted average</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 16%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">44.1</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 18%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">47.8</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr></table>

The estimated fair market value of financial instruments are as follows:<table style="border-collapse: collapse; border: none; margin-bottom: 0.001pt; width: 100%; margin-left: 0.00pt"><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 34%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="3" style="vertical-align: bottom; width: 24%; border-bottom: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: center">March 31, 2020</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="3" style="vertical-align: bottom; width: 24%; border-bottom: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: center">December 31, 2019</td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td></tr><tr style="height: 0.17in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 34%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">(In thousands)</td><td style="vertical-align: top; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: center">Carrying Amount</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: center">Fair Value</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: center">Carrying Amount</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: center">Fair Value</td><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 34%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">MGE Energy</td><td style="vertical-align: top; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 11%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 11%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 11%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 11%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 34%; padding-left: 2.00pt; padding-right: 2.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0">Assets:</td><td style="vertical-align: top; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 11%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 11%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 11%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 11%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 34%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0"> Cash and cash equivalents</td><td style="vertical-align: bottom; width: 2%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">17,451</td><td style="vertical-align: bottom; width: 2%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">17,451</td><td style="vertical-align: bottom; width: 2%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">23,481</td><td style="vertical-align: bottom; width: 2%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">23,481</td><td style="vertical-align: top; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 34%; padding-left: 2.00pt; padding-right: 2.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0">Liabilities: </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 34%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0"> Short-term debt - commercial paper</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">3,000</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">3,000</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">-</td><td style="vertical-align: top; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 34%; padding-left: 2.00pt; padding-right: 2.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0"> Long-term debt(a)</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right">546,724</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right">604,568</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right">547,879</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right">611,909</td><td style="vertical-align: top; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 34%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 34%; padding-left: 2.00pt; padding-right: 2.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0">MGE </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 34%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">Assets:</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 34%; padding-left: 2.00pt; padding-right: 2.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0"> Cash and cash equivalents</td><td style="vertical-align: bottom; width: 2%; padding-left: 2.00pt; padding-right: 2.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right">3,321</td><td style="vertical-align: bottom; width: 2%; padding-left: 2.00pt; padding-right: 2.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right">3,321</td><td style="vertical-align: bottom; width: 2%; padding-left: 2.00pt; padding-right: 2.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right">3,196</td><td style="vertical-align: bottom; width: 2%; padding-left: 2.00pt; padding-right: 2.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right">3,196</td><td style="vertical-align: top; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 34%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0">Liabilities:</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: top; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 34%; padding-left: 2.00pt; padding-right: 2.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0"> Short-term debt - commercial paper</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right">3,000</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right">3,000</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right">-</td><td style="vertical-align: top; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 34%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0"> Long-term debt(a)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">546,724</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">604,568</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">547,879</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right">611,909</td><td style="vertical-align: top; width: 7%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr></table>(a) Includes long-term debt due within one year. Excludes debt issuance costs and unamortized discount of $4.4 million and $4.5 million as of March 31, 2020, and December 31, 2019, respectively.

17451000

23481000

3000000 3000000 0 0

546724000

604568000

547879000

611909000

3321000

3196000

3000000 3000000 0 0

546724000

604568000

547879000

611909000

4400000

4500000

The following table presents the balances of assets and liabilities measured at fair value on a recurring basis.<table style="border-collapse: collapse; border: none; margin-bottom: 0.001pt; width: 100%; margin-left: 0.00pt"><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="7" style="vertical-align: bottom; width: 46%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Fair Value as of March 31, 2020</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">(In thousands)</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Total</td><td style="vertical-align: bottom; width: 1%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Level 1</td><td style="vertical-align: bottom; width: 1%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Level 2</td><td style="vertical-align: bottom; width: 1%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Level 3</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">MGE Energy</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.10in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Assets:</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Derivatives, net</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">682</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">634</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">48</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Exchange-traded investments</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,382</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,382</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Total Assets</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">2,064</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">2,016</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">48</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Liabilities:</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Derivatives, net(b)</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">26,009</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">314</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">25,695</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Deferred compensation</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">3,195</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">3,195</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Total Liabilities</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">29,204</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">314</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">3,195</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">25,695</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">MGE</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Assets:</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Derivatives, net</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">682</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">634</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">48</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Exchange-traded investments</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">227</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">227</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Total Assets</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">909</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">861</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">48</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Liabilities:</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Derivatives, net(b)</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">26,009</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">314</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">25,695</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Deferred compensation</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">3,195</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">3,195</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Total Liabilities</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">29,204</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">314</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">3,195</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">25,695</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr></table><table style="border-collapse: collapse; border: none; margin-bottom: 0.001pt; width: 100%; margin-left: 0.00pt"><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="7" style="vertical-align: bottom; width: 46%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Fair Value as of December 31, 2019</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">(In thousands)</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Total</td><td style="vertical-align: bottom; width: 1%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Level 1</td><td style="vertical-align: bottom; width: 1%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Level 2</td><td style="vertical-align: bottom; width: 1%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Level 3</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">MGE Energy</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.10in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Assets:</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Derivatives, net</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">303</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">189</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">114</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Exchange-traded investments</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,271</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,271</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Total Assets</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,574</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,460</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">114</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Liabilities:</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Derivatives, net(b)</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">27,178</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">608</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">26,570</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Deferred compensation</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">3,157</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">3,157</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Total Liabilities</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">30,335</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">608</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">3,157</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">26,570</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">MGE</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Assets:</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Derivatives, net</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">303</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">189</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">114</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Exchange-traded investments</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">209</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">209</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Total Assets</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">512</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">398</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">114</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Liabilities:</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Derivatives, net(b)</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">27,178</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">608</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">26,570</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Deferred compensation</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">3,157</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">3,157</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 33%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Total Liabilities</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">30,335</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">608</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">3,157</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">26,570</td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr></table>(b) These amounts are shown gross and exclude $1.7 million and $1.5 million of collateral that was posted against derivative positions with counterparties as of March 31, 2020 and December 31, 2019, respectively.

682000

634000

48000

1382000

2064000

2016000

48000

26009000

314000

25695000

3195000 0 3195000 0

29204000

314000

3195000

25695000

682000

634000

48000

227000

909000

861000

48000

26009000

314000

25695000

3195000 0 3195000 0

29204000

314000

3195000

25695000

303000

189000

114000

1271000

1574000

1460000

114000

27178000

608000

26570000

3157000 0 3157000 0

30335000

608000

3157000

26570000

303000

189000

114000

209000

512000

398000

114000

27178000

608000

26570000

3157000 0 3157000 0

30335000

608000

3157000

26570000

1700000

1500000

0.01 0.07

The following table presents the significant unobservable inputs used in the pricing model.<table style="border-collapse: collapse; border: none; margin-bottom: 0.001pt; width: 100%; margin-left: 0.00pt"><tr style="height: 0.09in"><td style="vertical-align: bottom; width: 14%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 43%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="5" style="vertical-align: bottom; width: 40%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Model Input</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 14%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 43%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Significant Unobservable Inputs</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="2" style="vertical-align: bottom; width: 18%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">March 31, 2020</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td colspan="2" style="vertical-align: bottom; width: 20%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">December 31, 2019</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 14%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 43%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Basis adjustment:</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 16%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 18%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 14%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 43%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> On peak</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 16%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">92.8</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 18%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">92.1</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 14%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 43%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Off peak</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 16%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">93.5</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 18%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">92.7</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 14%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 43%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Counterparty fuel mix:</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 16%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 18%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 14%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 43%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Internal generation - range</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 16%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">46.0% - 65.0</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 18%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">40.0% - 60.0</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 14%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 43%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Internal generation - weighted average</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 16%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">55.9</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 18%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">52.2</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 14%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 43%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Purchased power - range</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 16%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">54.0% - 35.0</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 18%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">60.0% - 40.0</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 14%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 43%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Purchased power - weighted average</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 16%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">44.1</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 18%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">47.8</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">%</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr></table>

0.928 0.921 0.935 0.927 0.559 0.522 0.441 0.478 The following table summarizes the changes in Level 3 commodity derivative assets and liabilities measured at fair value on a recurring basis.<table style="border-collapse: collapse; border: none; margin-bottom: 0.001pt; width: 100%; margin-left: 0.00pt"><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="3" style="vertical-align: bottom; width: 24%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Three Months Ended</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="3" style="vertical-align: bottom; width: 24%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">March 31,</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">(In thousands)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">2020</td><td style="vertical-align: top; width: 2%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">2019</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Beginning balance</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(26,456)</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(32,002)</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Realized and unrealized gains (losses):</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Included in regulatory assets</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">810</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">719</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Included in other comprehensive income</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Included in earnings</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(1,453)</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(644)</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Included in current assets</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">247</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">173</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Purchases</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">5,015</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">5,765</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Sales</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Issuances</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Settlements</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(3,810)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(5,294)</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.09in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Balance as of March 31,</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(25,647)</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(31,283)</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Total gains (losses) included in earnings attributed to the change in unrealized gains (losses) related to assets and liabilities held at March 31,(c)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; border-top: double #000000 2.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; border-top: double #000000 2.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr></table>(c) MGE's exchange-traded derivative contracts, over-the-counter party transactions, purchased power agreement, and FTRs are subject to regulatory deferral. These derivatives are therefore marked to fair value and are offset in the financial statements with a corresponding regulatory asset or liability.

-26456000

-32002000

810000 719000

-1453000 -644000 247000 173000

5015000

5765000

3810000

5294000

-25647000

-31283000

0 0

The following table presents total realized and unrealized gains (losses) included in income for Level 3 assets and liabilities measured at fair value on a recurring basis(c).<table style="border-collapse: collapse; border: none; margin-bottom: 0.001pt; width: 100%; margin-left: 0.00pt"><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="3" style="vertical-align: bottom; width: 24%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Three Months Ended</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="3" style="vertical-align: bottom; width: 24%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">March 31,</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">(In thousands)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">2020</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 11%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">2019</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Purchased power expense</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(1,184)</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(556)</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Cost of gas sold expense</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(269)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(88)</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 48%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Total</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(1,453)</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(644)</td><td style="vertical-align: bottom; width: 13%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr></table>(c) MGE's exchange-traded derivative contracts, over-the-counter party transactions, purchased power agreement, and FTRs are subject to regulatory deferral. These derivatives are therefore marked to fair value and are offset in the financial statements with a corresponding regulatory asset or liability.

-1184000 -556000 -269000 -88000 -1453000 -644000 Joint Plant Ownership - MGE Energy and MGE. a. Two Creeks. In May 2019, MGE acquired a 33% ownership interest in a 150 MW solar generation array to be constructed in the Town of Two Creeks and the City of Two Rivers in Manitowoc and Kewaunee Counties, Wisconsin. MGE's sole principal asset will be the 33% undivided ownership interest in the solar generation facility that is being constructed. The estimated share of capital costs for MGE's ownership interest is approximately $65 million (excluding AFUDC). As of March 31, 2020, $44.2 million (excluding AFUDC) related to this project was reflected in "Construction work in progress" on the consolidated balance sheets. The project is anticipated to be completed by the end of 2020. MGE received specific approval to recover 100% AFUDC on the project. After tax, MGE has recognized $0.8 million in AFUDC equity related to this project for the three months ended March 31, 2020. MGE did not recognize any AFUDC equity related to this project for the three months ended March 31, 2019.b. Badger Hollow I. In July 2019, MGE acquired a 33% ownership interest in a 150 MW solar generation array to be constructed in southwestern Wisconsin in Iowa County, near the villages of Montfort and Cobb. MGE's sole principal asset will be the 33% undivided ownership interest in the solar generation facility that is being constructed. The estimated share of capital costs for MGE's ownership interest is approximately $65 million (excluding AFUDC). As of March 31, 2020, $22.3 million (excluding AFUDC) related to this project was reflected in "Construction work in progress" on the consolidated balance sheets. The project is anticipated to be completed in April 2021. MGE received specific approval to recover 100% AFUDC on the project. After tax, MGE has recognized $0.4 million in AFUDC equity related to this project for the three months ended March 31, 2020. MGE did not recognize any AFUDC equity related to this project for the three months ended March 31, 2019.

0.33

150

0.33

65000000

44200000

800000

0.33

150

0.33

65000000

22300000

400000

Revenue - MGE Energy and MGE. Revenues disaggregated by revenue source were as follows:<table style="border-collapse: collapse; border: none; margin-bottom: 0.001pt; width: 100%; margin-left: 0.00pt"><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="3" style="vertical-align: bottom; width: 25%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Three Months Ended</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">(In thousands)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="3" style="vertical-align: bottom; width: 25%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">March 31,</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Electric revenues</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">2020</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">2019</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Residential</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">33,428</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">34,581</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Commercial</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">47,634</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">49,253</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Industrial</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">2,800</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">2,931</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Other-retail/municipal</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">8,204</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">8,239</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Total retail</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">92,066</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">95,004</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Sales to the market</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">482</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,961</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Other revenues</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">442</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">451</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Total electric revenues</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">92,990</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">97,416</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Gas revenues</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Residential</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">33,487</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">40,317</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Commercial/Industrial</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">21,471</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">28,125</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Total retail</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">54,958</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">68,442</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Gas transportation</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,794</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,536</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Other revenues</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">93</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">122</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Total gas revenues</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">56,845</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">70,100</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Nonregulated energy revenues</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">38</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">53</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Total Operating Revenue</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">149,873</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">167,569</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr></table>Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The majority of MGE Energy's and MGE's contracts have a single performance obligation. Retail Revenue (Residential, Commercial, Industrial, and Other Retail/Municipal)Providing electric and gas utility service to retail customers represents MGE's core business activity. Tariffs are approved by the PSCW through a rate order and provide MGE's customers with standard terms and conditions, including pricing terms. The performance obligation to deliver electricity or gas is satisfied over time as the customer simultaneously receives and consumes the commodities provided by MGE. MGE recognizes revenues as the commodity is delivered to customers. Meters are read on a systematic basis throughout the month based on established meter-reading schedules and customers are subsequently billed for services received. At the end of the month, MGE accrues an estimate for unbilled commodities delivered to customers. The unbilled revenue estimate is based on daily system demand volumes, weather factors, estimated line losses, estimated customer usage by class, and applicable customer rates. Utility Cost Recovery MechanismsMGE's tariff rates include a provision for fuel cost recovery. The PSCW allows Wisconsin utilities to defer electric fuel-related costs, less excess revenues, that fall outside a symmetrical cost tolerance band. Any over- or under-recovery of the actual costs in a given year is determined in the following year and is then reflected in future billings to electric retail customers. Over-collection of fuel-related costs that are outside the approved range will be recognized as a reduction of revenue. Under-collection of these costs will be recognized in "Purchased power" expense in the consolidated statements of income. The cumulative effects of these deferred amounts will be recorded in "Regulatory assets" or "Regulatory liabilities" on the consolidated balance sheets until they are reflected in future billings to customers. See Footnote 9.b. for further information. MGE also has other cost recovery mechanisms. For example, any over-collection of the difference between actual costs incurred and the amount of costs collected from customers is recorded as a reduction of revenue in the period incurred. Sales to the MarketSales to the market include energy charges, capacity or demand charges, and ancillary charges represented by wholesale sales of electricity made to third parties who are not ultimate users of the electricity. Most of these sales are spot market transactions on the markets operated by MISO. Each transaction is considered a performance obligation and revenue is recognized in the period in which energy charges, capacity or demand charges, and ancillary services are sold into MISO. MGE reports, on a net basis, transactions on the MISO markets in which it buys and sells power within the same hour to meet electric energy delivery requirements. Transportation of GasMGE has contracts under which it provides gas transportation services to customers who have elected to purchase gas from a third party. MGE delivers this via pipelines within its service territory. Revenue is recognized as service is rendered or gas is delivered to customers. Tariffs are approved by the PSCW through a rate order and provide gas transportation customers with standard terms and conditions, including pricing terms.

Revenues disaggregated by revenue source were as follows:<table style="border-collapse: collapse; border: none; margin-bottom: 0.001pt; width: 100%; margin-left: 0.00pt"><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="3" style="vertical-align: bottom; width: 25%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Three Months Ended</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">(In thousands)</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td colspan="3" style="vertical-align: bottom; width: 25%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">March 31,</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Electric revenues</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">2020</td><td style="vertical-align: bottom; width: 2%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">2019</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Residential</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">33,428</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">34,581</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Commercial</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">47,634</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">49,253</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Industrial</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">2,800</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">2,931</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Other-retail/municipal</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">8,204</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">8,239</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Total retail</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">92,066</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">95,004</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Sales to the market</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">482</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,961</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Other revenues</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">442</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">451</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Total electric revenues</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">92,990</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">97,416</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Gas revenues</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Residential</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">33,487</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">40,317</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Commercial/Industrial</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">21,471</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">28,125</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Total retail</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">54,958</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">68,442</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Gas transportation</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,794</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,536</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Other revenues</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">93</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">122</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> Total gas revenues</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">56,845</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">70,100</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Nonregulated energy revenues</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">38</td><td style="vertical-align: bottom; width: 2%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 12%; border-bottom: solid #000000 0.5pt; padding-right: 3.00pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">53</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.08in"><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 27%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Total Operating Revenue</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">149,873</td><td style="vertical-align: bottom; width: 2%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; border-bottom: double #000000 2.5pt; padding-right: 3.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">167,569</td><td style="vertical-align: bottom; width: 23%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr></table>

33428000

34581000

47634000

49253000

2800000

2931000

8204000

8239000

92066000

95004000

482000

1961000

442000

451000

92990000

97416000

33487000

40317000

21471000

28125000

54958000

68442000

1794000

1536000

93000

122000

56845000

70100000

38000

53000

149873000

167569000

Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The majority of MGE Energy's and MGE's contracts have a single performance obligation. Retail Revenue (Residential, Commercial, Industrial, and Other Retail/Municipal)Providing electric and gas utility service to retail customers represents MGE's core business activity. Tariffs are approved by the PSCW through a rate order and provide MGE's customers with standard terms and conditions, including pricing terms. The performance obligation to deliver electricity or gas is satisfied over time as the customer simultaneously receives and consumes the commodities provided by MGE. MGE recognizes revenues as the commodity is delivered to customers. Meters are read on a systematic basis throughout the month based on established meter-reading schedules and customers are subsequently billed for services received. At the end of the month, MGE accrues an estimate for unbilled commodities delivered to customers. The unbilled revenue estimate is based on daily system demand volumes, weather factors, estimated line losses, estimated customer usage by class, and applicable customer rates. Utility Cost Recovery MechanismsMGE's tariff rates include a provision for fuel cost recovery. The PSCW allows Wisconsin utilities to defer electric fuel-related costs, less excess revenues, that fall outside a symmetrical cost tolerance band. Any over- or under-recovery of the actual costs in a given year is determined in the following year and is then reflected in future billings to electric retail customers. Over-collection of fuel-related costs that are outside the approved range will be recognized as a reduction of revenue. Under-collection of these costs will be recognized in "Purchased power" expense in the consolidated statements of income. The cumulative effects of these deferred amounts will be recorded in "Regulatory assets" or "Regulatory liabilities" on the consolidated balance sheets until they are reflected in future billings to customers. See Footnote 9.b. for further information. MGE also has other cost recovery mechanisms. For example, any over-collection of the difference between actual costs incurred and the amount of costs collected from customers is recorded as a reduction of revenue in the period incurred. Sales to the MarketSales to the market include energy charges, capacity or demand charges, and ancillary charges represented by wholesale sales of electricity made to third parties who are not ultimate users of the electricity. Most of these sales are spot market transactions on the markets operated by MISO. Each transaction is considered a performance obligation and revenue is recognized in the period in which energy charges, capacity or demand charges, and ancillary services are sold into MISO. MGE reports, on a net basis, transactions on the MISO markets in which it buys and sells power within the same hour to meet electric energy delivery requirements. Transportation of GasMGE has contracts under which it provides gas transportation services to customers who have elected to purchase gas from a third party. MGE delivers this via pipelines within its service territory. Revenue is recognized as service is rendered or gas is delivered to customers. Tariffs are approved by the PSCW through a rate order and provide gas transportation customers with standard terms and conditions, including pricing terms.

The following tables show segment information for MGE Energy's operations for the indicated periods:<table style="border-collapse: collapse; border: none; margin-bottom: 0.001pt; width: 100%; margin-left: 0.00pt"><tr style="height: 0.15in"><td style="vertical-align: top; width: 29%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">(In thousands)MGE Energy</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Electric</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 8%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Gas</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 9%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Nonregulated Energy</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 9%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Transmission Investment</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">All Others</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Consolidation/ Elimination</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 9%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Consolidated Total</td></tr><tr style="height: 0.07in"><td colspan="3" style="vertical-align: bottom; width: 38%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Three Months Ended March 31, 2020</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 8%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.07in"><td style="vertical-align: bottom; width: 29%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Operating revenues from external customers</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 9%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">92,990</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 8%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">56,845</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 9%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">38</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 9%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 9%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 9%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">149,873</td></tr><tr style="height: 0.07in"><td style="vertical-align: bottom; width: 29%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Interdepartmental revenues</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; border-bottom: solid #000000 0.5pt; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">191</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 8%; border-bottom: solid #000000 0.5pt; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">3,451</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; border-bottom: solid #000000 0.5pt; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">10,056</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; border-bottom: solid #000000 0.5pt; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; border-bottom: solid #000000 0.5pt; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(13,698)</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; border-bottom: solid #000000 0.5pt; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td></tr><tr style="height: 0.07in"><td style="vertical-align: bottom; width: 29%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Total operating revenues</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; border-top: solid #000000 0.5pt; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">93,181</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 8%; border-top: solid #000000 0.5pt; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">60,296</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; border-top: solid #000000 0.5pt; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">10,094</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; border-top: solid #000000 0.5pt; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; border-top: solid #000000 0.5pt; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(13,698)</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; border-top: solid #000000 0.5pt; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">149,873</td></tr><tr style="height: 0.07in"><td style="vertical-align: bottom; width: 29%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Equity in earnings of investments</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 8%; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">2,286</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">2,286</td></tr><tr style="height: 0.07in"><td style="vertical-align: bottom; width: 29%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Net income</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 9%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">11,463</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 8%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">8,034</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 9%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">5,060</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 9%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,663</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 9%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(183)</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 9%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">26,037</td></tr><tr style="height: 0.07in"><td style="vertical-align: middle; width: 29%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: middle; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: middle; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: middle; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: middle; width: 8%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: middle; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: middle; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: middle; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: middle; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: middle; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: middle; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: middle; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: middle; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: middle; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: middle; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.07in"><td colspan="3" style="vertical-align: bottom; width: 38%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Three Months Ended March 31, 2019</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 8%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.07in"><td style="vertical-align: bottom; width: 29%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Operating revenues from external customers</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 9%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">97,416</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 8%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">70,100</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 9%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">53</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 9%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 9%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 9%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">167,569</td></tr><tr style="height: 0.07in"><td style="vertical-align: bottom; width: 29%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Interdepartmental revenues</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 9%; border-bottom: solid #000000 0.5pt; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">199</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 8%; border-bottom: solid #000000 0.5pt; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">4,962</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; border-bottom: solid #000000 0.5pt; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">9,973</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; border-bottom: solid #000000 0.5pt; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; border-bottom: solid #000000 0.5pt; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(15,134)</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; border-bottom: solid #000000 0.5pt; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td></tr><tr style="height: 0.07in"><td style="vertical-align: bottom; width: 29%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Total operating revenues</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 9%; border-top: solid #000000 0.5pt; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">97,615</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 8%; border-top: solid #000000 0.5pt; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">75,062</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; border-top: solid #000000 0.5pt; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">10,026</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; border-top: solid #000000 0.5pt; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; border-top: solid #000000 0.5pt; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(15,134)</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; border-top: solid #000000 0.5pt; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">167,569</td></tr><tr style="height: 0.07in"><td style="vertical-align: bottom; width: 29%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Equity in earnings of investments</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 9%; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 8%; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">2,168</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 9%; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">2,168</td></tr><tr style="height: 0.07in"><td style="vertical-align: bottom; width: 29%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Net income</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 9%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">9,349</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 8%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">7,760</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 9%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">4,961</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 9%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">1,577</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 9%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">360</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 9%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">24,007</td></tr></table>The following tables show segment information for MGE's operations for the indicated periods:<table style="border-collapse: collapse; border: none; margin-bottom: 0.001pt; width: 100%; margin-left: 0.00pt"><tr style="height: 0.21in"><td style="vertical-align: top; width: 32%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">(In thousands)MGE</td><td style="vertical-align: middle; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Electric</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Gas</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Nonregulated Energy</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 11%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Consolidation/ Elimination</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">Consolidated Total</td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"> </td></tr><tr style="height: 0.07in"><td colspan="3" style="vertical-align: bottom; width: 43%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Three Months Ended March 31, 2020</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.07in"><td style="vertical-align: bottom; width: 32%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Operating revenues from external customers</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">92,990</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">56,845</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">38</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">149,873</td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.07in"><td style="vertical-align: bottom; width: 32%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Interdepartmental revenues</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">191</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">3,451</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">10,056</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(13,698)</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.07in"><td style="vertical-align: bottom; width: 32%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Total operating revenues</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">93,181</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">60,296</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">10,094</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(13,698)</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">149,873</td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.07in"><td style="vertical-align: bottom; width: 32%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Net income attributable to MGE</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">11,463</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">8,034</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">5,060</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(5,493)</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">19,064</td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.07in"><td style="vertical-align: middle; width: 32%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: middle; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: middle; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: middle; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: middle; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: middle; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: middle; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: middle; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: middle; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: middle; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: middle; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: middle; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.07in"><td colspan="3" style="vertical-align: bottom; width: 43%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Three Months Ended March 31, 2019</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 10%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0"> </td></tr><tr style="height: 0.07in"><td style="vertical-align: bottom; width: 32%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Operating revenues from external customers</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">97,416</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">70,100</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">53</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 11%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">$</td><td style="vertical-align: bottom; width: 10%; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">167,569</td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.07in"><td style="vertical-align: bottom; width: 32%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Interdepartmental revenues</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">199</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">4,962</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">9,973</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(15,134)</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-bottom: solid #000000 0.5pt; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">-</td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.07in"><td style="vertical-align: bottom; width: 32%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Total operating revenues</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">97,615</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">75,062</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">10,026</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; border-top: solid #000000 0.5pt; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(15,134)</td><td style="vertical-align: bottom; width: 1%; background: #CCEEFF; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; border-top: solid #000000 0.5pt; padding-right: 2.25pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">167,569</td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr><tr style="height: 0.07in"><td style="vertical-align: bottom; width: 32%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0">Net income attributable to MGE</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">9,349</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">7,760</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">4,961</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right">(5,490)</td><td style="vertical-align: bottom; width: 1%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td><td style="vertical-align: bottom; width: 10%; padding-right: 2.25pt; padding-top: 0; padding-bottom: 0; padding-left: 0; text-align: right">16,580</td><td style="vertical-align: bottom; width: 11%; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: right"> </td></tr></table>

92990000

56845000

38000

149873000

191000

3451000

10056000

-13698000

93181000

60296000

10094000

-13698000

149873000

2286000

11463000

8034000

5060000

1663000

-183000

26037000

97416000

70100000

53000

167569000

199000

4962000

9973000

-15134000

97615000

75062000

10026000

-15134000

167569000

2168000

9349000

7760000

4961000

1577000

360000

24007000

92990000

56845000

38000

149873000

191000

3451000

10056000

-13698000

93181000

60296000

10094000

-13698000

149873000

11463000

8034000

5060000

-5493000

19064000

97416000

70100000

53000

167569000

199000

4962000

9973000

-15134000

97615000

75062000

10026000

-15134000

167569000

9349000

7760000

4961000

-5490000

16580000

Includes long-term debt due within one year. Excludes debt issuance costs and unamortized discount of $4.4 million and $4.5 million as of March 31, 2020, and December 31, 2019, respectively. These amounts are shown gross and exclude $1.7 million and $1.5 million of collateral that was posted against derivative positions with counterparties as of March 31, 2020 and December 31, 2019, respectively. Included are impacts of the Tax Cuts and Jobs Act for the regulated utility for excess deferred taxes recognized using a normalization method of accounting. For the three months ended March 31, 2020 and 2019, MGE recognized $0.7 million and $0.6 million, respectively. The amount and timing of the cash impacts will depend on the period over which certain income tax benefits are provided to customers, which will be determined by the PSCW. MGE's exchange-traded derivative contracts, over-the-counter party transactions, purchased power agreement, and FTRs are subject to regulatory deferral. These derivatives are therefore marked to fair value and are offset in the financial statements with a corresponding regulatory asset or liability. As of March 31, 2020, and December 31, 2019, collateral of $1.7 million and $1.5 million, respectively, was posted against and netted with derivative liability positions on the consolidated balance sheets. As of March 31, 2020, and December 31, 2019, MGE posted $0.3 million and $0.1 million, respectively, as other current assets on the consolidated balance sheets.