MGE Energy, Inc. reported a significant increase in its financial performance for the fiscal year ending December 31, 2025, with net income rising to $135.9 million, or $3.72 per share, compared to $120.6 million, or $3.33 per share, in the previous year. The company's total operating revenues reached $743.7 million, a 9.9% increase from $676.9 million in 2024. This growth was primarily driven by higher electric and gas revenues, which were bolstered by increased customer counts and favorable weather conditions that enhanced residential sales.
The electric utility segment, which serves approximately 170,000 customers, generated $531.6 million in revenues, up from $497.7 million in 2024. This increase was attributed to a rise in the rate base due to investments approved in the 2024/2025 rate case, as well as a 7.2% increase in residential electric revenues. The gas utility segment also saw a notable increase in revenues, climbing to $211.4 million from $178.6 million, largely due to a 14% rise in retail gas sales driven by colder weather conditions.
Strategically, MGE Energy has been focusing on transitioning its energy portfolio towards sustainability. In October 2025, the company filed an application with the Public Service Commission of Wisconsin (PSCW) to transition the Elm Road Units from coal to natural gas, with plans to fully eliminate coal usage by 2032. Additionally, MGE Energy is investing in renewable energy projects, including solar and battery storage, with an estimated capital expenditure of $343.2 million in 2025. The company aims to achieve net-zero carbon electricity by 2050, aligning with broader environmental goals.
Operationally, MGE Energy's workforce consisted of 726 employees as of December 31, 2025, with a commitment to diversity and inclusion reflected in its employee demographics. The company has also been expanding its renewable energy initiatives, having added significant solar and wind capacity in recent years. MGE Energy's investments in renewable generation and storage are expected to continue, with plans for additional projects in the coming years.
Looking ahead, MGE Energy anticipates continued growth in both its electric and gas utility segments, supported by regulatory approvals for rate increases and ongoing investments in infrastructure. The company is also monitoring potential impacts from evolving environmental regulations and market conditions, which could affect its operational costs and strategic initiatives. Overall, MGE Energy remains focused on delivering reliable service while advancing its sustainability objectives.
About MGE ENERGY INC
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