EXHIBIT 99.1
News
MGE Energy Reports Third-Quarter Earnings
Madison, Wis., Nov. 4, 2010—MGE Energy, Inc. (Nasdaq: MGEE) today reported earnings for the three months ended Sept. 30, 2010, of $19.9 million or 86 cents per share, compared to $12.7 million or 55 cents per share for the same period in the prior year.
During the third quarter of 2010, the company experienced an increase in electric retail sales volumes due to much warmer weather than the same period in 2009. The weather in the third quarter of 2010 was the warmest in recent history, with cooling degree days (a measure for determining the impact of weather during the summer months) 44% higher than normal. In contrast, July 2009 was the coolest July on record in Madison. By comparison, cooling degree days in the third quarter of 2010 were nearly three times higher than the same period in 2009. The Elm Road Unit 1 entered commercial operation in February 2010 which also improved third-quarter 2010 earnings compared to 2009.
MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric (MGE), generates and distributes electricity to 138,000 customers in Dane County, Wis., and purchases and distributes natural gas to 142,000 customers in seven south-central and western Wisconsin counties. MGE's roots in the Madison area date back more than 150 years.
MGE Energy Inc.
(In thousands, except per-share amounts)
(Unaudited)
| 2010 |
| 2009 |
Three Months Ended September 30 |
|
|
|
Operating revenue | $127,938 |
| $109,297 |
Operating income | $34,352 |
| $21,109 |
Net income | $19,909 |
| $12,722 |
Earnings per share (basic and diluted) | $0.86 |
| $0.55 |
Weighted average shares outstanding (basic and diluted) | 23,114 |
| 23,114 |
|
|
|
|
Nine Months Ended September 30 |
|
|
|
Operating revenue | $396,663 |
| $397,997 |
Operating income | $76,249 |
| $62,119 |
Net income | $45,721 |
| $37,567 |
Earnings per share (basic and diluted) | $1.98 |
| $1.63 |
Weighted average shares outstanding (basic and diluted) | 23,114 |
| 23,055 |
Contact:
Steve Kraus
Manager - Media Relations
608-252-7907
skraus@mge.com