Regulatory Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Regulatory Assets and Liabilities Disclosure [Abstract]

Regulatory Assets and Liabilities

The following regulatory assets and liabilities are reflected in MGE's consolidated balance sheets as of December 31:

(In thousands)	Recovery/Refund Period	2025		2024
Regulatory Assets
Asset retirement obligation	ARO Asset lives	$	9,592	$	6,813
Bad debt expense	One to two years		2,250		5,200
Debt related costs	Term of related debt	$	6,077	$	6,538
Derivatives	One to four years		1,595		—
Leases	Lease term		5,031		4,598
Pension and other postretirement costs	One to four years		—		642
Tax recovery related to AFUDC equity	Plant lives		14,859		13,440
Transmission	One to two years		2,258		1,216
West Riverside	One to two years		3,453		1,276
Other	Various		6,522		5,563
Total Regulatory Assets		$	51,637	$	45,286

(In thousands)	Recovery/Refund Period	2025		2024
Regulatory Liabilities
Cost of removal	Various	$	46,022	$	41,714
Elm Road	One to two years		1,444		1,700
Fuel savings	One year		7,140		3,043
Income taxes	Various		90,963		94,110
Pension and other postretirement costs	One to four years		4,919		—
Pension and other postretirement non-service costs	Plant lives		23,115		20,342
Purchased gas adjustment	Less than one year		4,736		1,441
Renewable project savings	One to two years		5,407		5,222
Unfunded pension and other postretirement asset	Various		24,019		3,489
Other	Various		1,097		241
Total Regulatory Liabilities		$	208,862	$	171,302