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Property, Plant, and Equipment (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant, and Equipment

Property, plant, and equipment consisted of the following as of December 31:

 

 

 

MGE Energy

 

 

MGE

 

(In thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Utility:

 

 

 

 

 

 

 

 

 

 

 

 

Electric(a)(b)

 

$

2,420,281

 

 

$

2,244,796

 

 

$

2,420,298

 

 

$

2,244,812

 

Gas

 

 

670,271

 

 

 

634,819

 

 

 

670,282

 

 

 

634,830

 

Utility property, plant, and equipment, gross

 

 

3,090,552

 

 

 

2,879,615

 

 

 

3,090,580

 

 

 

2,879,642

 

Less: Accumulated depreciation and amortization(b)

 

 

1,047,683

 

 

 

966,872

 

 

 

1,047,683

 

 

 

966,872

 

Utility property, plant, and equipment, net

 

 

2,042,869

 

 

 

1,912,743

 

 

 

2,042,897

 

 

 

1,912,770

 

Nonregulated:

 

 

 

 

 

 

 

 

 

 

 

 

Nonregulated

 

 

335,005

 

 

 

326,574

 

 

 

335,005

 

 

 

326,574

 

Less: Accumulated depreciation and amortization

 

 

97,975

 

 

 

90,179

 

 

 

97,975

 

 

 

90,179

 

Nonregulated property, plant, and equipment, net

 

 

237,030

 

 

 

236,395

 

 

 

237,030

 

 

 

236,395

 

Construction work in progress:

 

 

 

 

 

 

 

 

 

 

 

 

Utility construction work in progress(c)

 

 

288,310

 

 

 

134,642

 

 

 

288,310

 

 

 

134,642

 

Nonregulated construction work in progress

 

 

4,659

 

 

 

3,566

 

 

 

4,659

 

 

 

3,566

 

Total property, plant, and equipment

 

$

2,572,868

 

 

$

2,287,346

 

 

$

2,572,896

 

 

$

2,287,373

 

 

(a)
Includes Paris Battery and Darien Solar placed in service in 2025. See Footnote 6 for further information on Paris and Darien.
(b)
An asset that will be retired in the near future and substantially in advance of its previously expected retirement date is subject to abandonment accounting. As of December 31, 2024, coal operations at Columbia Units 1 and 2 were expected to conclude by the end of 2029, and therefore met the criteria to be considered probable of abandonment. The related net book value of $121,576 (in thousands) was presented separately in the 2024 Form 10-K. As a minority owner, MGE and the other Columbia co-owners currently plan to continue coal operations at least through 2029. Final timing and retirement dates continue to be evaluated, and depend upon operational regulatory considerations, capacity needs, and availability. As of December 31, 2025, early retirement of Columbia Unit 1 and 2 was no longer probable.
(c)
Includes Koshkonong (solar and battery), High Noon (solar and battery), Sunnyside (solar and battery), and Saratoga (solar and battery) projects. See Footnote 6 for further information on renewable projects.