Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 | |
Document And Entity Information [Line Items] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Registrant Name | MGE Energy, Inc. |
Entity Central Index Key | 0001161728 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Pay vs Performance Disclosure [Table] | ||||
Pay vs Performance [Table Text Block] | Pay Versus Performance Value of Initial Fixed $100 Investment Based on: Company Selected Measure Year Summary Compensation Table Total for PEO Compensation Actually Paid to PEO Average Summary Compensation Table Total for Non-PEO NEOs Average Compensation Actually Paid to Non-PEO NEOs Total Shareholder Return Peer Group Total Shareholder Return Net Income Earnings Per Share - Basic and Diluted 2022 1,678,867 1,590,003 797,155 731,318 95 117 110,882,000 3.07 2021 2,628,028 2,189,827 863,501 766,775 109 116 105,761,000 2.92 2020 2,711,113 1,522,389 1,589,557 709,072 91 99 92,418,000 2.60 (1) Reflects amounts reported in the "Summary Compensation Table" for J. Keebler (PEO) . (2) Compensation Actually Paid (CAP) includes adjustments in accordance with the SEC methodology to the total executive compensation reported from the summary compensation table. The adjustments include a deduction for actuarial present value of accumulated benefit of all defined benefit and actuarial pension plans reported in the summary compensation table; addition of actuarially determined service costs for services rendered by the executive during the covered fiscal period, deduction of grant date fair value of equity award amounts reported in the summary compensation table; and addition or subtraction of the change in fair value of the equity awards unvested and vested during the fiscal period. Compensation "actually paid" is prescribed by the rules of the disclosure and does not represent the compensation actually received by the table participants on a cash basis for any time period shown above. (3) To calculate CAP for the PEO, the following adjustments were made to Summary Compensation Table total compensation, calculated in accordance with the SEC methodology for determining CAP for each year shown: Year Deduction for Actuarial Pension Present Value Addition for Service Cost for Pension Deduction Grant Date Fair Value of Awards Granted in FY Addition of Fair Value of Equity Awards Granted in FY Change in Fair Value of Prior Years’ Unvested Equity Awards Change in Fair Value of Prior Years’ Awards Vested in FY Total Adjustment to CAP 2022 — 196,419 ( 504,032 ) 477,751 ( 192,116 ) ( 66,886 ) ( 88,864 ) 2021 ( 1,005,511 ) 173,740 ( 494,528 ) 645,344 192,223 50,531 ( 438,201 ) 2020 ( 1,213,448 ) 122,838 ( 420,052 ) 448,918 ( 113,636 ) ( 13,344 ) ( 1,188,724 ) (4) For fiscal years 2020 through 2022, J. Bushek, L. Hobbie, C.A. Renlund, and T. Johnson are included as other named executive officers. For fiscal year 2021 D. Peterson and for fiscal year 2020 J. Newman were also included as other named executive officers . (5) To calculate CAP for the average named executive officers, the following average adjustments were made to Summary Compensation Table total compensation, calculated in accordance with the SEC methodology for determining CAP for each year shown: Year Deduction for Actuarial Pension Present Value Addition for Service Cost for Pension Deduction Grant Date Fair Value of Awards Granted in FY Addition of Fair Value of Equity Awards Granted in FY Change in Fair Value of Prior Years’ Unvested Equity Awards Change in Fair Value of Prior Years’ Awards Vested in FY Total Adjustment to CAP 2022 — 17,142 ( 156,186 ) 148,042 ( 55,919 ) ( 18,916 ) ( 65,837 ) 2021 ( 245,375 ) 44,404 ( 140,180 ) 182,931 48,273 13,221 ( 96,726 ) 2020 ( 898,791 ) 56,167 ( 133,792 ) 142,986 ( 35,715 ) ( 11,340 ) ( 880,485 ) (6) Peer Group Total Shareholder Return of the Edison Electric Institute (EEI) Index companies . | |||
Named Executive Officers, Footnote [Text Block] | For fiscal years 2020 through 2022, J. Bushek, L. Hobbie, C.A. Renlund, and T. Johnson are included as other named executive officers. For fiscal year 2021 D. Peterson and for fiscal year 2020 J. Newman were also included as other named executive officers | |||
Peer Group Issuers, Footnote [Text Block] | Peer Group Total Shareholder Return of the Edison Electric Institute (EEI) Index companies | |||
PEO Total Compensation Amount | [1] | $ 1,678,867 | $ 2,628,028 | $ 2,711,113 |
PEO Actually Paid Compensation Amount | [2],[3] | $ 1,590,003 | 2,189,827 | 1,522,389 |
Adjustment To PEO Compensation, Footnote [Text Block] | calculate CAP for the PEO, the following adjustments were made to Summary Compensation Table total compensation, calculated in accordance with the SEC methodology for determining CAP for each year shown: Year Deduction for Actuarial Pension Present Value Addition for Service Cost for Pension Deduction Grant Date Fair Value of Awards Granted in FY Addition of Fair Value of Equity Awards Granted in FY Change in Fair Value of Prior Years’ Unvested Equity Awards Change in Fair Value of Prior Years’ Awards Vested in FY Total Adjustment to CAP 2022 — 196,419 ( 504,032 ) 477,751 ( 192,116 ) ( 66,886 ) ( 88,864 ) 2021 ( 1,005,511 ) 173,740 ( 494,528 ) 645,344 192,223 50,531 ( 438,201 ) 2020 ( 1,213,448 ) 122,838 ( 420,052 ) 448,918 ( 113,636 ) ( 13,344 ) ( 1,188,724 ) | |||
Non-PEO NEO Average Total Compensation Amount | [4] | $ 797,155 | 863,501 | 1,589,557 |
Non-PEO NEO Average Compensation Actually Paid Amount | [2],[4],[5] | $ 731,318 | 766,775 | 709,072 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | calculate CAP for the average named executive officers, the following average adjustments were made to Summary Compensation Table total compensation, calculated in accordance with the SEC methodology for determining CAP for each year shown: Year Deduction for Actuarial Pension Present Value Addition for Service Cost for Pension Deduction Grant Date Fair Value of Awards Granted in FY Addition of Fair Value of Equity Awards Granted in FY Change in Fair Value of Prior Years’ Unvested Equity Awards Change in Fair Value of Prior Years’ Awards Vested in FY Total Adjustment to CAP 2022 — 17,142 ( 156,186 ) 148,042 ( 55,919 ) ( 18,916 ) ( 65,837 ) 2021 ( 245,375 ) 44,404 ( 140,180 ) 182,931 48,273 13,221 ( 96,726 ) 2020 ( 898,791 ) 56,167 ( 133,792 ) 142,986 ( 35,715 ) ( 11,340 ) ( 880,485 ) | |||
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | The chart below illustrates the relationship of executive compensation actually paid and MGE Energy total shareholder return (TSR). Also included is the relationship of MGE Energy TSR and peer group TSR. | |||
Compensation Actually Paid vs. Net Income [Text Block] | The chart below illustrates the relationship of executive compensation actually paid and Net Income. | |||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | The chart below illustrates the relationship of executive compensation actually paid and Earnings Per Share (EPS). | |||
Total Shareholder Return Vs Peer Group [Text Block] | The chart below illustrates the relationship of executive compensation actually paid and MGE Energy total shareholder return (TSR). Also included is the relationship of MGE Energy TSR and peer group TSR. | |||
Tabular List [Table Text Block] | The following table identifies the financial and non-financial most important performance measures used by our Committee to link compensation actually paid to our named executive officers to company performance. See further discussion in the Compensation Discussion and Analysis for description of metrics and impact to executive compensation Performance Measures Earnings Per Share Return on Equity Relative Total Shareholder Return Customer Satisfaction Rating Service Reliability | |||
Total Shareholder Return Amount | $ 95 | 109 | 91 | |
Peer Group Total Shareholder Return Amount | [6] | 117 | 116 | 99 |
Net Income (Loss) | $ 110,882,000 | $ 105,761,000 | $ 92,418,000 | |
Company Selected Measure Amount | 3.07 | 2.92 | 2.60 | |
PEO Name | J. Keebler (PEO) | |||
Measure [Axis]: 1 | ||||
Pay vs Performance Disclosure [Table] | ||||
Measure Name | Earnings Per Share | |||
Measure [Axis]: 2 | ||||
Pay vs Performance Disclosure [Table] | ||||
Measure Name | Return on Equity | |||
Measure [Axis]: 3 | ||||
Pay vs Performance Disclosure [Table] | ||||
Measure Name | Relative Total Shareholder Return | |||
Measure [Axis]: 4 | ||||
Pay vs Performance Disclosure [Table] | ||||
Measure Name | Customer Satisfaction Rating | |||
Measure [Axis]: 5 | ||||
Pay vs Performance Disclosure [Table] | ||||
Measure Name | Service Reliability | |||
PEO [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | $ (88,864) | $ (438,201) | $ (1,188,724) | |
PEO [Member] | Deduction for Actuarial Pension Present Value [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | 0 | (1,005,511) | (1,213,448) | |
PEO [Member] | Addition for Service Cost for Pension [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | 196,419 | 173,740 | 122,838 | |
PEO [Member] | Deduction Grant Date Fair Value of Awards Granted in FY [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | (504,032) | (494,528) | (420,052) | |
PEO [Member] | Addition of Fair Value of Equity Awards Granted in FY [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | 477,751 | 645,344 | 448,918 | |
PEO [Member] | Change in Fair Value of Prior Years Unvested Equity Awards [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | (192,116) | 192,223 | (113,636) | |
PEO [Member] | Change in Fair Value of Prior Years Awards Vested in FY [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | (66,886) | 50,531 | (13,344) | |
Non-PEO NEO [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | (65,837) | (96,726) | (880,485) | |
Non-PEO NEO [Member] | Deduction for Actuarial Pension Present Value [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | 0 | (245,375) | (898,791) | |
Non-PEO NEO [Member] | Addition for Service Cost for Pension [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | 17,142 | 44,404 | 56,167 | |
Non-PEO NEO [Member] | Deduction Grant Date Fair Value of Awards Granted in FY [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | (156,186) | (140,180) | (133,792) | |
Non-PEO NEO [Member] | Addition of Fair Value of Equity Awards Granted in FY [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | 148,042 | 182,931 | 142,986 | |
Non-PEO NEO [Member] | Change in Fair Value of Prior Years Unvested Equity Awards [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | (55,919) | 48,273 | (35,715) | |
Non-PEO NEO [Member] | Change in Fair Value of Prior Years Awards Vested in FY [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | $ (18,916) | $ 13,221 | $ (11,340) | |
[1] Reflects amounts reported in the "Summary Compensation Table" for J. Keebler (PEO) . Compensation Actually Paid (CAP) includes adjustments in accordance with the SEC methodology to the total executive compensation reported from the summary compensation table. The adjustments include a deduction for actuarial present value of accumulated benefit of all defined benefit and actuarial pension plans reported in the summary compensation table; addition of actuarially determined service costs for services rendered by the executive during the covered fiscal period, deduction of grant date fair value of equity award amounts reported in the summary compensation table; and addition or subtraction of the change in fair value of the equity awards unvested and vested during the fiscal period. Compensation "actually paid" is prescribed by the rules of the disclosure and does not represent the compensation actually received by the table participants on a cash basis for any time period shown above. To calculate CAP for the PEO, the following adjustments were made to Summary Compensation Table total compensation, calculated in accordance with the SEC methodology for determining CAP for each year shown: Year Deduction for Actuarial Pension Present Value Addition for Service Cost for Pension Deduction Grant Date Fair Value of Awards Granted in FY Addition of Fair Value of Equity Awards Granted in FY Change in Fair Value of Prior Years’ Unvested Equity Awards Change in Fair Value of Prior Years’ Awards Vested in FY Total Adjustment to CAP 2022 — 196,419 ( 504,032 ) 477,751 ( 192,116 ) ( 66,886 ) ( 88,864 ) 2021 ( 1,005,511 ) 173,740 ( 494,528 ) 645,344 192,223 50,531 ( 438,201 ) 2020 ( 1,213,448 ) 122,838 ( 420,052 ) 448,918 ( 113,636 ) ( 13,344 ) ( 1,188,724 ) For fiscal years 2020 through 2022, J. Bushek, L. Hobbie, C.A. Renlund, and T. Johnson are included as other named executive officers. For fiscal year 2021 D. Peterson and for fiscal year 2020 J. Newman were also included as other named executive officers . To calculate CAP for the average named executive officers, the following average adjustments were made to Summary Compensation Table total compensation, calculated in accordance with the SEC methodology for determining CAP for each year shown: Year Deduction for Actuarial Pension Present Value Addition for Service Cost for Pension Deduction Grant Date Fair Value of Awards Granted in FY Addition of Fair Value of Equity Awards Granted in FY Change in Fair Value of Prior Years’ Unvested Equity Awards Change in Fair Value of Prior Years’ Awards Vested in FY Total Adjustment to CAP 2022 — 17,142 ( 156,186 ) 148,042 ( 55,919 ) ( 18,916 ) ( 65,837 ) 2021 ( 245,375 ) 44,404 ( 140,180 ) 182,931 48,273 13,221 ( 96,726 ) 2020 ( 898,791 ) 56,167 ( 133,792 ) 142,986 ( 35,715 ) ( 11,340 ) ( 880,485 ) Peer Group Total Shareholder Return of the Edison Electric Institute (EEI) Index companies . |