MGE ENERGY INC
For the period ended Mar 31, 2024. Filed May 8, 2024.
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Mar 31, 2024 · Filed May 8, 2024
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12. Joint Plant Construction Project Ownership
uction Project Ownership - MGE Energy and MGE
MGE has ownership interests in generation projects with other co-owners, some of which are under construction, as shown in the following table. Incurred costs are reflected in "Property, plant, and equipment, net" or "Construction work in progress" on the consolidated balance sheets.
| Project | Ownership Interest | Source | Share of Generation | Share of Estimated Costs(a) | Costs incurred as of March 31, 2024(a) | Estimated Date of Commercial Operation |
|---|---|---|---|---|---|---|
| Paris(b) | 10% | Solar/Battery | 20 MW/11 MW | $61 million(d) | $35.7 million | 2024 Solar2025 Battery |
| Darien(c) | 10% | Solar | 25 MW | $48 million(d)(e) | $29.5 million | 2024 |
(a)
Excluding AFUDC.
(b)
Paris Solar-Battery Park is located in the Town of Paris in Kenosha County, Wisconsin.
(c)
Darien Solar Energy Center is located in Walworth and Rock Counties in southern Wisconsin.
(d)
Estimated costs are expected to exceed PSCW previously approved CA levels. Notifications are provided to the PSCW when costs increase above CA levels. MGE has and will continue to request recovery of the updates in its rate case proceedings.
(e)
As part of its order, the PSCW approved battery capacity with this project, which is no longer included in the current estimate. We will continue to evaluate timing, cost, and feasibility of the installation of batteries.
MGEreceived specific approval to recover 100% AFUDC on Paris and Darien. During the three months ended March 31, 2024, MGE recognized $1.2 million, after tax, in AFUDC for these projects compared to $0.4 million for the comparable period in 2023.
Reven
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