MGE Energy Inc ( (MGEE) ) has released its Q4 earnings. Here is a breakdown of the information MGE Energy Inc presented to its investors.
MGE Energy, Inc. is a public utility holding company based in Madison, Wisconsin. It primarily operates through its subsidiary, Madison Gas and Electric, providing electricity and natural gas services to customers in several counties in Wisconsin. With a history spanning over 150 years, MGE Energy is a significant player in the energy sector in the region.
MGE Energy has reported its financial results for the fourth quarter and full year of 2024, showing a steady increase in earnings. The company’s earnings for the full year reached $120.6 million, or $3.33 per share, up from $117.7 million, or $3.25 per share, in the previous year. The fourth quarter earnings also saw an increase, with $22.0 million, or 61 cents per share, compared to $20.1 million, or 55 cents per share, in the same period last year.
Key highlights from the report include a focus on renewable energy investments, which have contributed to the company’s asset growth. The completion of the Paris solar project in December 2024 marks a significant milestone in MGE’s renewable energy initiatives. Despite a decrease in gas retail therm deliveries by approximately 4% due to warmer weather, the company managed to maintain its financial performance through strategic electric investments.
Looking ahead, MGE Energy remains committed to expanding its renewable energy portfolio and enhancing its service offerings. The management’s outlook suggests a continued focus on sustainable growth and investment in cost-effective energy solutions, positioning the company well for future challenges and opportunities in the energy sector.